The Underwriting Trilogy – Part I – What is a “Best Efforts” Underwriting?

The term “underwriting” is a technical securities law term that means a process whereby a dealer has been engaged by an issuer to raise capital from investors in connection with a particular offering. Generally, there are three types of underwriting models in Canada: (a) a “best efforts” underwriting; (b) a “bought deal” underwriting; and (c) […]

TSX Releases Guidance on Pricing of Pre-IPO Options

The Toronto Stock Exchange (the TSX) has recently published a Staff Notice  on the pricing of stock options (Options) granted prior to an initial public offering (an IPO). Subsection 613(h)(i) of the TSX Company Manual states that Options granted under a security based compensation agreement may not be granted with an exercise price which is […]