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TSX and TSX Venture Exchange Listing Costs
Actual individual and total costs will vary from these estimated ranges depending on the nature and complexity of the transaction and relative sophistication of the private company, its management, internal controls and reporting processes.
| Toronto Stock Exchange | TSX Venture Exchange | |
|---|---|---|
| Listing Fees | $10,000 - $200,000 | $7,500 - $40,000 |
| Accounting and Auditing Fees | $75,000 - $100,000 | $25,000 - $100,000 |
| Legal Fees | $400,000 - $750,000 | $75,000+ |
| Underwriters’ commission | 4 - 6 % | Up to 12 % |
Other fees to consider include:
Securities Commission fees ♦ Transfer agency fees ♦ Investor relations costs ♦ Geological or engineering reports ♦ Printing and translation costs ♦ Valuation reports ♦ Director and Officer liability insurance
Future expenses:
Going forward, the cost of fulfilling the securities commissions filing requirements, and the sustaining fees and additional listing fees of the Exchanges must be taken into account. The company will be required to file periodic, quarterly and annual reports with the securities commissions and the Exchanges that will require legal, accounting, printing and possibly translation costs. Executives will need to channel significant time away from their regular duties to oversee the preparation of these filings, and the CEO and the CFO will need to certify the accuracy of the financial statements. The company will also need to ensure the efficiency of its internal controls, which may require additional hiring or outsourcing.
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