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15 Years of Helping Early-Stage Companies Develop

December 12, 2014

Earlier this month, TSX Venture Exchange (TSXV) celebrated its 15th anniversary. Like any business, we have grown and matured during those years, and we have experienced our fair share of ups and downs. Through the bull and the bear markets, TSXV has remained dedicated to a guiding vision that has defined it from the outset: to provide early-stage companies with the access to capital they need to fuel their business strategies.

In 1999, Canadian Venture Exchange (CDNX) was formed when the Vancouver Stock Exchange, Alberta Stock Exchange, the Canadian Dealing Network and Winnipeg Stock Exchange merged. The junior listings on the Montréal Exchange were later moved to CDNX. In 2001, Toronto Stock Exchange (TSX) acquired CDNX and renamed it TSX Venture Exchange.

There is no other public venture market like TSXV anywhere in the world in terms of the total number of listed companies, the number of financings, market capitalization and equity capital raised. The Exchange is a global leader in providing public venture capital for emerging companies across a wide range of sectors, from mining and energy to technology and life sciences. TSXV provides companies with reliable access to a well-regulated marketplace to raise public venture capital, and many public investors are attracted to up-and-coming companies in the beginning stages of their lifecycles.

Companies choose to list on TSXV for a number of reasons, including the benefits of seeking graduation to TSX when they qualify for a senior listing, the increased access to capital, and the strong fundamentals in place in the Canadian capital markets. Regardless of the reason, the numbers speak for themselves:

  • TSXV is home to almost 2,000 listed companies with total market capitalization of over $28 billion as of November 30, 2014.
  • Since November 1999, TSXV-listed companies have raised more than $81 billion in equity capital, with over $4 billion of that total year-to-date November 2014.
  • Since January 2000, more than 600 companies have graduated from TSXV to TSX, and over 150 TSXV-listed companies have merged with companies listed on TSX. Taken together, these companies have raised $87 billion in equity capital since moving to TSX.

We see TSXV-listed companies as vital to the future of Canada's economy and as important contributors to our country's entrepreneurial success, especially for small and medium-sized enterprises (SMEs). The Exchange is a leading growth market for SMEs who may consider themselves too small to go public in other countries, including the U.S., but who are looking to access a quality North American public market.

Many entrepreneurs and ambitious business owners used to think that the public markets were reserved for billion-dollar companies. But, over the years, TSXV has flipped that notion on its head by creating what has become an effective platform for small, growth-oriented companies to raise public capital to take their business or bright idea to the next level. With a listing on TSXV, SMEs are also supported by a sophisticated community of professional advisors, analysts, brokers, regulators and investors who understand the unique needs of early-stage companies.

The fact that TSXV offers an early-stage public market alternative gives Canada's startups and early-stage companies an advantage over those in other parts of the world. After being in this business for 15 years, we are delighted to have been a part of TSXV's growth into a world leader and we remain committed helping Canada's SMEs grow and develop.

John McCoach, President, TSX Venture Exchange