Canadian National Stock Exchange (CNSX) extends invitation for listed companies to switch
CNSX continues offer of a reduced initial listing fee of $2,000
TORONTO – April 20, 2009 – CNSX Markets Inc. today announced that, due to customer demand, it has extended its initiative to enable companies already listed on another Canadian stock exchange to switch to CNSX. As an incentive to switch, CNSX originally offered these companies a reduced initial listing fee of just $2,000 for all applications received on or before March 31, 2009 (the standard CNSX initial listing fee is $10,000). Based on the level of interest and the fact that some companies could not meet the original deadline for applications, this incentive pricing has now been extended to all applications received on or before June 30, 2009.
This initiative highlights two of the major benefits for listed companies of switching to CNSX: CNSX’s streamlined regulatory model and the fixed maintenance fee of just $300 per month. CNSX’s regulatory model is premised on certified full disclosure, rather than time consuming pre-vetting and is proving extremely attractive to both new and existing listed companies. In today’s market conditions, a move to CNSX is particularly beneficial for companies that are contemplating a transaction or restructuring that will likely require extensive review and additional filing and or transaction fees on the company’s current exchange.
In addition to switching their listing, a significant number of companies are spinning projects out of an existing listed company and now recognizing the benefits of listing the spin out company on CNSX (e.g., Eurogas International CNSX:EI).
“The enthusiastic response from listed companies seeking to switch to CNSX illustrates the superior value proposition of being listed on the Canadian National Stock Exchange” said William Woods, Managing Director, “CNSX’s modern and effective regulatory regime saves considerable costs in terms of management’s time, exchange fees and related costs. In difficult market conditions, the CNSX advantage can be the critical factor that enables a company to stay listed and build shareholder value by allowing management to seize new opportunities without undue delay”, added Woods.
CNSX has posted on its website (www.cnsx.ca) a memorandum entitled “Switching your Listing to CNSX” to assist companies in understanding how easy the process of switching a listing is, and to highlight the low fees involved. A switch can take as little as 15 business days to complete, a company can use its existing public disclosures to create the application, and CNSX does not require an application to be sponsored, providing further cost reductions. CNSX charges a fixed maintenance fee of just $300 per month ($3,600 per annum) – with no additional filing or transactions fees being payable. When combined with the reduced initial listing fee of $2,000, companies that switch to CNSX will pay $5,600 to be listed on CNSX in the first year – irrespective of the number of filings and/or transactions made during the year.
For more information, please contact:
CNSX Markets Inc.
William Woods – Managing Director
T: (416) 572-2000 x 2636 E: [email protected]
Richard Smith – Listings Manager, Vancouver
T: (604) 331-1213 x 227 E: [email protected]
Or visit our website: www.cnsx.ca
For more information on CNSX listing requirements, please also feel free to contact our listing department directly: [email protected]