CSE25™

CSE Composite Index®

In this series, we delve deep into the experiences of CSE listed companies, exploring their past successes and future opportunities.

CSE Issuer Spotlight

**Follow us** for the **latest news** from the CSE

 The CSE provides a modern and efficient alternative for companies looking to access the Canadian public capital markets.

The Canadian Securities Exchange (CSE)

Learn how we streamline issuer regulation through enhanced disclosure, practical and effective regulatory oversight, and modern technology.

Listing on the CSE

Learn more about the companies we list and how to get started trading on the CSE.

Investing in Listed Companies

Learn how we lower costs, reduce complexity, and provide market making opportunities for the dealer community.

Trading on the CSE

Whether you’re an investor, business leader, or simply looking to learn more, start your journey with the CSE here.

Get Started

From announcements and market updates to in-depth interviews with company leaders - stay informed with the latest from the CSE.

Latest from the CSE

Discover newly listed companies on the CSE through our series of bite-sized interviews with company leaders.

Get to know our latest listings

Listed Company News

Market Activity

List with the CSE

Find a home for your next big idea.

Frequently Asked Questions

How does being listed on the CSE affect me as a shareholder?

Where do I get information and trade CSE listed securities?

Where can I find an RSS feed for listed company news?

Where is the CSE recognized?

Upcoming Events

join the list

Join our mailing list to receive buy-in notifications

The CSE provides a superior exchange experience by investing in our customers’ success with innovation, dedication, and passion.

Where innovation, passion, and trust intersect

We strive to be the most innovative exchange in Canada. We aim to offer unlimited global access and a customized client-centric experience while delivering the lowest cost of public capital. 

We are Canada's entrepreneurial exchange

The most searched CSE listed companies on thecse.com

Recent Quotes

Get the latest regulatory announcements from the CSE concerning its Listings Policies, Trading Rules and functionality and other important industry developments.

Notices

Get the latest information about new CSE listings, the appointment of Market Makers, market events, and other news.

Bulletins

Stay informed with CSE listed company news, providing transparency and accountability to shareholders and the public.

Company News

Stay Informed

The **total volume** traded on the CSE today is

Connect with our professionals and listing experts at industry events and conferences.

Meet us at upcoming events

The Innovation Centre

Summit on Responsible Investment (SoRI)

Quebec City view for ThE Mining Investment Event image

Centre des congrès de Québec

THE Mining Investment EVENT

Vancouver city image for Web Summit event

Vancouver Convention Centre

Web Summit Vancouver

Metro Toronto Convention Centre

PDAC 2026

Vancouver Resource Investment Conference (VRIC)

Park Hyatt Zurich

Precious Metals Summit Zurich

La Valle Coastal Club

Torrey Hills Capital Resource Executives Conference

JW Marriott Washington, DC

STA 92nd Annual Market Structure Conference

Arcadian Court

Planet MicroCap Showcase: TORONTO 2025

Calgary Petroleum Club

TAKESTOCK – Calgary Investor Forum

Beaver Creek Resort

Precious Metals Summit Beaver Creek

Halifax Marriott Harbourfront Hotel

Going Public and Raising Capital in Canada

Sheraton Centre Toronto Hotel

Red Cloud Fall Mining Showcase 2025

Saxon Woods Park

Wall Street Rides FAR

The St. Regis Toronto

ArcStone-Kingswood Growth Summit 2025

OTC Markets Center

The Global Markets Forum

Fairmont Château Laurier

CSTA Annual Conference 2025

Rixos Tersane Istanbul

The 64th WFE General Assembly & Annual Meeting

Sherbourne Common

Bay Street Rides FAR

The Omni King Edward Hotel

PCMA Conference

July 17, 2025

	CNSX Markets Inc., operator of the Canadian Securities Exchange (CSE or Exchange) is filing this Notice in accordance with the process for the Review and Approval of Rules and Information Contained in Form 21-101F1 and the Exhibits Thereto attached as Appendices to the Exchange’s recognition orders (the Protocol). CSE is proposing to amend CSE Listing Policies (Policies) to introduce an approval requirement for Major Acquisitions and broaden the application of its definition in the Policies (Proposed Amendments). These Proposed Amendments are Public Interest Rule Amendments under the Protocol and subject to public comment.

	A. Description of the Proposed Amendments

	CSE is proposing that its Policies be amended to introduce a specific approval process for a re-defined ‘Major Acquisition’ that is separate and apart from the process applicable to a Fundamental Change.&nbsp; Specifically, proposed CSE Policy 6.3(1)(a) would require a Listed Issuer intending to complete a Major Acquisition, based on the proposed re-definition, to obtain approval from the Exchange before completion of the transaction. The explicit approval requirement will impose a review process on Major Acquisitions that are not otherwise Fundamental Changes and therefore not subject to the review process and disclosure and escrow requirements that are applicable to Fundamental Changes.&nbsp; Proposed CSE Policy 6.3(e) would exclude Major Acquisitions from the existing deemed approval process.

	The Proposed Amendments broaden the scope of the definition of “Major Acquisition”. “Major Acquisition” is currently defined in CSE Policy 1 – Interpretation and General Provisions specifically in the context of a Fundamental Change, through the explicit reference to Policy 8 - Fundamental Changes and Changes of Business (Policy 8). The Proposed Amendments do not alter the core definition of a Major Acquisition but rather broaden its application beyond CSE Policy 8.

	There are other drafting amendments to 6.3(1)(b) to accommodate the new requirement in 6.3(1)(a). The amendment to CSE Policy 6.3(1) (d) is grammatical correction.

	The review of a Major Acquisition transaction may be subject to a fee, to be introduced by way of a separate filing.

	The blacklined text of the policies included in Appendix A and the amended clean text is attached as Appendix B.&nbsp; Current CSE Policies are available at: <a href="https://thecse.com/listing/fees-policies-forms/#listing-policies">Policies</a> | CSE - Canadian Securities Exchange (thecse.com)

	B. Expected Effective Date

	The Proposed Amendments will be effective following regulatory approval.

	C. Rationale for the Proposal and Supporting Analysis

	Currently, only an acquisition that is a Fundamental Change requires both Exchange and shareholder approval. For any other acquisition, shareholder approval would only be required for the issuance of shares if the consideration shares for the acquisition were to exceed specific ownership or dilution thresholds[1]. No other acquisition is explicitly subject to Exchange approval. A Fundamental Change is determined by two tests; the transaction must be a Major Acquisition accompanied by a Change of Control, with each of those terms defined explicitly and solely for that determination.&nbsp; A Fundamental Change requires disclosure consistent with prospectus requirements and is subject to the Exchange review and approval requirements of a new listing.

	CSE has identified potential gaps in the disclosure requirements for acquisitions that are material to an issuer, meeting the defined criteria for a Major Acquisition, but do not meet the Change of Control test for a Fundamental Change or the ownership/dilution tests for shareholder approval.&nbsp; The Proposed Amendments would introduce a separate and distinct approval process for Major Acquisitions.

	CSE is committed to upholding investor confidence and market integrity by ensuring that investors have access to relevant disclosure about Listed Issuers and the value of acquired assets. The proposed Exchange approval requirement seeks to address risks and public interest concerns associated with the materiality of transactions that meet the definition of a Major Acquisition.

	In our view, this approach is consistent with the public interest and fosters fair and efficient markets.

	D. Expected Impact

	The Proposed Amendments are expected to impact Listed Issuers contemplating a Major Acquisition and require approval by the Exchange before a Listed Issuer can proceed with a Major Acquisition. The effective result of the approval requirement will limit the issuance of shares as consideration for assets without comprehensive disclosure of the value of those underlying assets and could result in additional changes to the structure of, or the conditions on, the transaction. It would also require the Listed Issuer to liaise directly with the Exchange through the review process which may result in a longer period between the announcement and closing.

	E. Compliance with Ontario and British Columbia Securities Law

	The Proposed Amendments are consistent with Ontario and British Columbia securities law.

	F. Technology Changes

	No related technology changes are required.

	G. Alternatives Considered

	The alternative is to maintain the status quo whereby Listed Issuers could proceed with closing an acquisition, including a Major Acquisition, if within 5 (five) days there is no objection to the announcement and notice as required in CSE Policy 6.3(1)(d). An explicit approval process ensures that the appropriate disclosure is available to investors and provides clarity and transparency about the review process by the Exchange. The Exchange currently reviews all acquisitions, which, for larger acquisitions is often similar to an approval process. The proposed re-definition of ‘Major Acquisition’ will set a transparent threshold for Listed Issuers, on what CSE would consider to be material and require its approval.

	H. Other Markets or Jurisdictions

	TSX Venture Exchange (TSXV) has similar provisions in its policies, where transactions of this nature go through an approval process, with an exception for expedited transactions that are not subject to advance approval requirements. CSE requirements were intended to be comparable to the expedited process on the TSX V, with amendments in April 2023 to add a 5-day advance disclosure requirement. The Proposed Amendments will require Major Acquisitions to go through an approval process, comparable to the TSX V requirements that reviewable transactions are subject to Issuers obtaining prior TSXV acceptance.

	Comments

	Please submit comments on the proposed amendments no later than August 16, 2025 to:
<table border="1" cellpadding="1" cellspacing="1" height="183" >
<tbody>
<tr>
<td>

					Chioma Nwachukwu

					Legal Counsel

					CNSX Markets Inc.

					100 King Street West, Suite 7210

					Toronto, ON, M5X 1E1

					Email:&nbsp;<a href="mailto:GeneralCounsel@thecse.com">GeneralCounsel@thecse.com</a>
</td>
<td>

					Trading and Markets Division

					Ontario Securities Commission

					20 Queen Street West, 20th&nbsp;Floor

					Toronto, ON, M5H 3S8

					Email:&nbsp;<a href="mailto:TradingandMarkets@osc.gov.on.ca">TradingandMarkets@osc.gov.on.ca</a>
</td>
<td>

					Georgina Steffens

					Senior Oversight Analyst, Market and SRO Oversight

					Capital Markets Regulation

					British Columbia Securities Commission

					1200-701 West Georgia Street

					Vancouver, BC V7Y 1L2

					Email: <a href="mailto:GSteffens@bcsc.bc.ca">GSteffens@bcsc.bc.ca</a>
</td>
</tr>
</tbody>
</table>

	&nbsp;

	Full text of the notice here:&nbsp;<img alt="PDF icon" class="file-icon" src="/modules/file/icons/application-pdf.png" title="application/pdf" /> <a href="https://webfiles.thecse.com/EN_Notice_for_Comments_Public_Interest_Rule_Amendment_CSE_Listing_Policies_-_July_2025.pdf?3waNokdjAVzyQAWryPZHhAAK8Mgx7bHm" type="application/pdf; length=1142278">Notice for Comments Public Interest Rule Amendment CSE Listing Policies - July 2025</a>

	______________________________

	[1] If the consideration shares are 50% of the outstanding shares and there is a new control position, or if the consideration shares represent more than 100% of the outstanding shares.

	&nbsp;

	&nbsp;

	&nbsp;

	&nbsp;

	&nbsp;

Notice 2025-004 - Proposed Amendments To CSE Listing Policies - Notice And Request For Comments