Common use of Becoming an Established Issuer Clause in Contracts

Becoming an Established Issuer. If the Issuer is an emerging issuer on the date of this Agreement and, during this Agreement, the Issuer: (a) lists its securities on The Toronto Stock Exchange Inc.; (b) becomes a TSX Venture Exchange Inc. (TSX Venture) Tier 1 issuer; or (c) lists or quotes its securities on an exchange or market outside Canada that its “principal regulator” under National Policy 43-201 Mutual Reliance Review System for Prospectuses and Annual Information Forms (in Quebec under Staff Notice, Mutual Reliance Review System for Prospectuses and Annual Information Forms) or, if the Issuer has only filed its IPO prospectus in one jurisdiction, the securities regulator in that jurisdiction, is satisfied has minimum listing requirements at least equal to those of TSX Venture Tier 1, then the Issuer becomes an established issuer.

Becoming an Established Issuer. If the Issuer is an emerging issuer on the date of this Agreement and, during this Agreement, the Issuer: (a) lists its securities on The Toronto Stock Exchange Inc.; (b) becomes a TSX Venture Exchange Inc. (TSX Venture) Tier 1 issuer; or (c) lists or quotes its securities on an exchange or market outside Canada that its “"principal regulator” " under National Policy 43-201 Mutual Reliance Review System for Prospectuses and Annual Information Forms (in Quebec under Staff Notice, Mutual Reliance Review System for Prospectuses and Annual Information Forms) or, if the Issuer has only filed its IPO prospectus in one jurisdiction, the securities regulator in that jurisdiction, is satisfied has minimum listing requirements at least equal to those of TSX Venture Tier 1, then the Issuer becomes an established issuer.

Becoming an Established Issuer. If the Issuer is an emerging issuer on the date of this Agreement and, during this Agreement, the Issuer: (a) lists its securities on The the Toronto Stock Exchange Inc. or NEO Exchange Inc.; (b) becomes a TSX Venture Exchange Inc. (TSX Venture) Tier 1 issuer; or (c) lists or quotes its securities on an exchange or market outside Canada that its “principal regulator” under National Policy 43-201 Mutual Reliance Review System for Prospectuses and Annual Information Forms (in Quebec under Staff Notice, Mutual Reliance Review System for Prospectuses and Annual Information Forms) or, if the Issuer has only filed its IPO prospectus in one jurisdiction, the securities regulator in that jurisdiction, is satisfied has minimum listing requirements at least equal to those of TSX Venture Tier 1, then the Issuer becomes an established issuer.

Becoming an Established Issuer. If the Issuer is an emerging issuer on the date of this Agreement and, during this Agreement, the Issuer: (a) lists its securities on The Toronto Stock Exchange Inc.; (b) becomes a TSX Venture Exchange Inc. (TSX Venture) Tier 1 issuer; or (c) lists or quotes its securities on an exchange or market outside Canada that its “principal regulator” under National Policy 43-201 Mutual Reliance Review System for Prospectuses and Annual Information Forms (in Quebec under Staff Notice, Mutual Reliance Review System for Prospectuses and Annual Information Forms) or, if the Issuer has only filed its IPO Distribution prospectus in one jurisdiction, the securities regulator in that jurisdiction, is satisfied has minimum listing requirements at least equal to those of TSX Venture Tier 1, then the Issuer becomes an established issuer.

Becoming an Established Issuer. If the Issuer is an emerging issuer on the date of this Agreement and, during the term of this Agreement, the Issuer: (a) lists its securities on The the Toronto Stock Exchange Inc.; (b) becomes a TSX Venture Exchange Inc. (TSX Venture) Tier 1 issuer; or (c) lists or quotes its securities on an exchange or market outside Canada that its “"principal regulator” " under National Policy 43-201 – Mutual Reliance Review System for Prospectuses Propectuses and Annual Information Forms (in Quebec under Staff Notice, Mutual Reliance Review System for Prospectuses Propsectuses and Annual Information Forms) or, if the Issuer has only filed its IPO prospectus in one jurisdiction, the securities regulator in that jurisdiction, is satisfied has minimum listing requirements at least equal to those of a TSX Venture Tier 1, then the Issuer becomes an established issuer.

Becoming an Established Issuer. If the Issuer is an emerging issuer on the date of this Agreement and, during this Agreement, the Issuer: (a) lists its securities on The the Toronto Stock Exchange Inc.; (b) becomes a TSX Venture Exchange Inc. (the “TSX Venture”) Tier 1 issuer; or (c) lists or quotes its securities on an exchange or market outside Canada that its “principal regulator” under National Policy 43-201 Mutual Reliance Review System for Prospectuses and Annual Information Forms (in Quebec under Staff Notice, Mutual Reliance Review System for Prospectuses and Annual Information Forms) or, if the Issuer has only filed its IPO prospectus in one jurisdiction, the securities regulator in that jurisdiction, is satisfied has minimum listing requirements at least equal to those of TSX Venture Tier 1, then the Issuer becomes an established issuer.

Becoming an Established Issuer. If the Issuer is an emerging issuer on the date of this Agreement and, during this Agreement, the Issuer: (a) lists its securities on The Toronto Stock Exchange Inc.; (b) becomes a TSX Venture Exchange Inc. (TSX Venture) Tier 1 issuer; or (c) lists or quotes its securities on an exchange or market outside Canada that its “principal regulator” under National Policy 43-201 Mutual Reliance Review System for Prospectuses and Annual Information Forms (in Quebec under Staff Notice, Mutual Reliance Review System for Prospectuses and Annual Information Forms) or, if the Issuer has only filed its an IPO prospectus in one jurisdiction, the securities regulator in that jurisdiction, is satisfied has minimum listing requirements at least equal to those of TSX Venture Tier 1, then the Issuer becomes an established issuer.

Becoming an Established Issuer. If the Issuer is an emerging issuer on the date of this Agreement and, during this Agreement, the Issuer: (a) lists its securities on The the Toronto Stock Exchange Inc.; (b) becomes a TSX Venture Exchange Inc. (“TSX Venture”) Tier 1 issuer; or (c) lists or quotes its securities on an exchange or market outside Canada that its “principal regulator” under National Policy 43-201 Mutual Reliance Review System for Prospectuses and Annual Information Forms (in Quebec under Staff Notice, Mutual Reliance Review System for Prospectuses and Annual Information Forms) or, if the Issuer has only filed its IPO prospectus in one jurisdiction, the securities regulator in that jurisdiction, is satisfied has minimum listing requirements at least equal to those of TSX Venture Tier 1, then the Issuer becomes an “established issuer”.

Becoming an Established Issuer. If the Issuer is an emerging issuer on the date of this Agreement and, during this Agreement, the Issuer: (a) lists its securities on The the Toronto Stock Exchange Inc. or Aequitas NEO Exchange Inc.; (b) becomes a TSX Venture Exchange Inc. (the “TSX Venture”) Tier 1 issuer; or (c) lists or quotes its securities on an exchange or market outside Canada that its “principal regulator” under National Policy 43-201 Mutual Reliance Review System for Prospectuses and Annual Information Forms (in Quebec under Staff Notice, Mutual Reliance Review System for Prospectuses and Annual Information Forms) or, if the Issuer has only filed its IPO prospectus in one jurisdiction, the securities regulator in that jurisdiction, is satisfied has minimum listing requirements at least equal to those of TSX Venture Tier 1, then the Issuer becomes an “established issuer”.

Becoming an Established Issuer. If the Issuer is an emerging issuer on the date of this Agreement and, during this Agreement, the Issuer: (a) lists its securities on The the Toronto Stock Exchange Inc.; (b) becomes a TSX Venture Exchange Inc. (TSX Venture) Tier 1 issuer; or (c) lists or quotes its securities on an exchange or market outside Canada that its “principal regulator” under National Policy 43-201 Mutual Reliance Review System for Prospectuses and Annual Information Forms (in Quebec under Staff Notice, Mutual Reliance Review System for Prospectuses and Annual Information Forms) or, if the Issuer has only filed its IPO prospectus in one jurisdiction, the securities regulator in that jurisdiction, is satisfied has minimum listing requirements at least equal to those of TSX Venture Tier 1, then the Issuer becomes an established issuer.

Becoming an Established Issuer. If the Issuer is an emerging issuer on the date of this Agreement and, during this Agreement, the Issuer: (a) lists its securities on The Toronto Stock Exchange Inc.; (b) becomes a TSX Venture Exchange Inc. (TSX Venture) Tier 1 issuer; or (c) lists or quotes its securities on an exchange or market outside Canada that its “principal regulator” under National Policy 43-201 Mutual Reliance Review System for Prospectuses and Annual Information Forms (in Quebec under Staff Notice, Mutual Reliance Review System for Prospectuses and Annual Information Forms) or, if the Issuer has is only filed its IPO prospectus a reporting issuer in one jurisdiction, the securities regulator in that jurisdiction, is satisfied has that minimum listing requirements at least equal to those of TSX Venture Tier 1, then the Issuer becomes an established issuer.

Becoming an Established Issuer. If the Issuer is an emerging issuer on the date of this Agreement and, during this Agreement, the Issuer: (a) lists its securities on The Toronto Stock Exchange Inc.; (b) becomes a TSX Venture Exchange Inc. (“TSX Venture”) Tier 1 issuer; or (c) lists or quotes its securities on an exchange or market outside Canada that its “principal regulator” under National Policy 43-201 Mutual Reliance Review System for Prospectuses and Annual Information Forms (in Quebec under Staff Notice, Mutual Reliance Review System for Prospectuses and Annual Information Forms) or, if the Issuer has only filed its IPO prospectus in one jurisdiction, the securities regulator in that jurisdiction, is satisfied has minimum listing requirements at least equal to those of TSX Venture Tier 1, then the Issuer becomes an “established issuer” pursuant to the Policy.

Becoming an Established Issuer. If the Issuer is an emerging issuer on the date of this Agreement and, during this Agreement, the Issuer: (a) lists its securities on The the Toronto Stock Exchange Inc.Inc. or Aequitas NEO Exchange; (b) becomes a TSX Venture Exchange Inc. (TSX Venture) Tier 1 issuer; or (c) lists or quotes its securities on an exchange or market outside Canada that its “principal regulator” under National Policy 43-201 Mutual Reliance Review System for Prospectuses and Annual Information Forms (in Quebec under Staff Notice, Mutual Reliance Review System for Prospectuses and Annual Information Forms) or, if the Issuer has only filed its IPO prospectus in one jurisdiction, the securities regulator in that jurisdiction, is satisfied has minimum listing requirements at least equal to those of TSX Venture Tier 1, then the Issuer becomes an established issuer.

Becoming an Established Issuer. If the Issuer is an emerging issuer on the date of this Agreement and, during this Agreement, the Issuer: (a1) lists its securities on The the Toronto Stock Exchange Inc. or Aequitas NEO Exchange Inc.; (b2) becomes a TSX Venture Exchange Inc. (TSX Venture) Tier 1 issuer; or (c3) lists or quotes its securities on an exchange or market outside Canada that its “principal regulator” under National Policy 43-201 Mutual Reliance Review System for Prospectuses and Annual Information Forms (in Quebec under Staff Notice, Mutual Reliance Review System for Prospectuses and Annual Information Forms) or, if the Issuer has only filed its IPO prospectus in one jurisdiction, the securities regulator in that jurisdiction, is satisfied has minimum listing requirements at least equal to those of TSX Venture Tier 1, then the Issuer becomes an established issuer.

Becoming an Established Issuer. If the Issuer is an emerging issuer on the date of this Agreement and, during this Agreement, the Issuer: (a) lists its securities on The Toronto Stock Exchange Inc.;; 1006405.1 (b) becomes a TSX Venture Exchange Inc. (TSX Venture) Tier 1 issuer; or (c) lists or quotes its securities on an exchange or market outside Canada that its “principal regulator” under National Policy 43-201 Mutual Reliance Review System for Prospectuses and Annual Information Forms (in Quebec under Staff Notice, Mutual Reliance Review System for Prospectuses and Annual Information Forms) or, if the Issuer has only filed its IPO prospectus in one jurisdiction, the securities regulator in that jurisdiction, is satisfied has minimum listing requirements at least equal to those of TSX Venture Tier 1, then the Issuer becomes an established issuer.

Becoming an Established Issuer. If the Issuer is an emerging issuer on the date of this Agreement and, during this Agreement, the Issuer: (a) lists its securities on The the Toronto Stock Exchange Inc. or Aequitas NEO Exchange Inc.; (b) becomes a TSX Venture Exchange Inc. (TSX Venture) Tier 1 issuer; or (c) lists or quotes its securities on an exchange or market outside Canada that its “principal o regulator” under National Policy 43-201 Mutual Reliance Review System for Prospectuses under-201NMauttuial oRenliaancle RPevoiewlSiycsteym fo4r 3Prospectuses and Annual Information Forms (in Quebec under Staff Notice, Mutual Reliance Review System for Prospectuses and Annual Information Forms) or, if the Issuer has only filed its IPO prospectus in one jurisdiction, the securities regulator in that jurisdiction, is satisfied has minimum listing requirements at least equal to those of TSX Venture Tier 1, then the Issuer becomes an established issuer.

Becoming an Established Issuer. If the Issuer is an emerging issuer on the date of this Agreement and, during this Agreement, the Issuer: (a) lists its securities on The the Toronto Stock Exchange Inc.Inc. or Aequitas NEO Exchange; (b) becomes a TSX Venture Exchange Inc. (TSX Venture) Tier 1 issuer; or (c) lists or quotes its securities on an exchange or market outside Canada that its “principal regulator” under National Policy 43-201 Mutual Reliance Review System for Prospectuses and Annual Information Forms (in Quebec under Staff Notice, Mutual Reliance Review System for Prospectuses and Annual Information Forms) or, if the Issuer has only filed its IPO prospectus in one inone jurisdiction, the securities regulator in that jurisdiction, is satisfied has minimum listing requirements at least equal to those of TSX Venture Tier 1, then the Issuer becomes an established issuer.

Becoming an Established Issuer. If the Issuer is an emerging issuer on the date of this Agreement and, during this Agreement, the Issuer: (a) lists its securities on The Toronto Stock Exchange Inc.; (b) becomes a TSX Venture Exchange Inc. (“TSX Venture”) Tier 1 issuer; or (c) lists or quotes its securities on an exchange or market outside Canada that its “principal regulator” under National Policy 43-201 Mutual Reliance Review System for Prospectuses and Annual Information Forms (in Quebec under Staff Notice, Mutual Reliance Review System for Prospectuses and Annual Information Forms) or, if the Issuer has only filed its IPO prospectus in one jurisdiction, the securities regulator in that jurisdiction, is satisfied has minimum listing requirements at least equal to those of TSX Venture Tier 1, then the Issuer becomes an established issuer.

Becoming an Established Issuer. If the Issuer is an emerging issuer on the date of this Agreement and, during this Agreement, the Issuer: (a) lists its securities on The Toronto Stock Exchange Inc.; (b) becomes a TSX Venture Exchange Inc. (TSX Venture) Tier 1 issuer; or (c) [lists or quotes its securities on an exchange or market outside Canada that its “principal regulator” under National Policy 43-201 Mutual Reliance Review System for Prospectuses and Annual Information Forms (in Quebec under Staff Notice, Mutual Reliance Review System for Prospectuses and Annual Information Forms) or, if the Issuer has only filed its IPO prospectus in one jurisdiction, the securities regulator in that jurisdiction, is satisfied has minimum listing requirements at least equal to those of TSX Venture Tier 1, ,] [This provision will be considered when determining the interface to be established between CMR Jurisdictions and other jurisdictions.] then the Issuer becomes an established issuer.

Becoming an Established Issuer. If the Issuer is an emerging issuer on the date of this Agreement and, during this Agreement, the Issuer: (a1) lists its securities on The the Toronto Stock Exchange Inc. or Aequitas NEO Exchange Inc.; (b2) becomes a TSX Venture Exchange Inc. (TSX Venture) Tier 1 issuer; or (c3) lists or quotes its securities on an exchange or market outside Canada that its “principal regulator” under National Policy 43-201 Mutual Reliance Review System for Prospectuses and Annual Information Forms (in Quebec under Staff Notice, Mutual Reliance Review System for Prospectuses and Annual Information Forms) or, if the Issuer has only filed its IPO prospectus in one jurisdiction, the securities regulator in that jurisdiction, is satisfied has minimum listing requirements at least equal to those of TSX Venture Tier 1, then the Issuer becomes an “established issuer”.

Becoming an Established Issuer. If the Issuer is an emerging issuer on the date of this Agreement and, during this Agreement, the Issuer: (a) lists its securities on The Toronto Stock Exchange Inc.; (b) becomes a TSX Venture Exchange Inc. ("TSX VentureVENTURE") Tier 1 issuer; or (c) lists or quotes its securities on an exchange or market outside Canada that its “"principal regulator” " under National Policy 43-201 Mutual Reliance Review System for Prospectuses and Annual Information Forms (in Quebec under Staff Notice, Mutual Reliance Review System for Prospectuses and Annual Information Forms) or, if the Issuer has only filed its IPO prospectus in one jurisdiction, the securities regulator in that jurisdiction, is satisfied has minimum listing requirements at least equal to those of TSX Venture Tier 1, then the Issuer becomes an "established issuer".

Becoming an Established Issuer. If the Issuer is an emerging issuer on the date of this Agreement and, during this Agreement, the Issuer: (a) lists its securities on The Toronto Stock Exchange Inc.; (b) becomes a TSX Venture Exchange Inc. (TSX Venture) Tier 1 issuer; or (c) lists or quotes its securities on an exchange or market outside Canada that its “principal regulator” under National Policy 43-201 43‐201 Mutual Reliance Review System for Prospectuses and Annual Information Forms (in Quebec under Staff Notice, Mutual Reliance Review System for Prospectuses and Annual Information Forms) or, if the Issuer has only filed its IPO prospectus in one jurisdiction, the securities regulator in that jurisdiction, is satisfied has minimum listing requirements at least equal to those of TSX Venture Tier 1, then the Issuer becomes an established issuer.

Becoming an Established Issuer. If the Issuer is an emerging issuer on the date of this Agreement and, during this Agreement, the Issuer: (a) lists its securities on The Toronto Stock Exchange Inc.; (b) becomes a TSX Venture Exchange Inc. (TSX VentureVENTURE) Tier 1 issuer; or (c) lists or quotes its securities on an exchange or market outside Canada that its “"principal regulator” " under National Policy 43-201 Mutual Reliance Review System for Prospectuses and Annual Information Forms MUTUAL RELIANCE REVIEW SYSTEM FOR PROSPECTUSES AND ANNUAL INFORMATION FORMS (in Quebec under Staff Notice, Mutual Reliance Review System for Prospectuses and Annual Information FormsMUTUAL RELIANCE REVIEW SYSTEM FOR PROSPECTUSES AND ANNUAL INFORMATION FORMS) or, if the Issuer has only filed its IPO prospectus in one jurisdiction, the securities regulator in that jurisdiction, is satisfied has minimum listing requirements at least equal to those of TSX Venture Tier 1, then the Issuer becomes an established issuerESTABLISHED ISSUER.

Becoming an Established Issuer. If the Issuer is an emerging issuer on the date of this Agreement and, during this Agreement, the Issuer: (a) lists its securities on The the Toronto Stock Exchange Inc.Inc. or Aequitas NEO Exchange; (b) becomes a TSX Venture Exchange Inc. (TSX Venture) Tier 1 issuer; or (c) lists or quotes its securities on an exchange or market outside Canada that its “principal regulator” regulator under National Policy 43-201 Mutual Reliance Review System for Prospectuses and Annual Information Forms (in Quebec under Staff Notice, Mutual Reliance Review System for Prospectuses and Annual Information Forms) or, if the Issuer has only filed its IPO prospectus in one jurisdiction, the securities regulator in that jurisdiction, is satisfied has minimum listing requirements at least equal to those of TSX Venture Tier 1, then the Issuer becomes an established issuer.

Becoming an Established Issuer. If the Issuer is an emerging issuer on the date of this Agreement and, during this Agreement, the Issuer: (a) lists its securities on The Toronto Stock Exchange Inc.Exchange; (b) becomes a TSX Venture Exchange Inc. (TSX Venture) Tier 1 issuer; or (c) lists or quotes its securities on an exchange or market outside Canada that its “principal regulator” under National Policy 43-201 Mutual Reliance Review System for Prospectuses and Annual Information Forms (in Quebec Quebec, under Staff Notice, Mutual Reliance Review System for Prospectuses and Annual Information Forms) or, if the Issuer has only filed its IPO prospectus in one jurisdiction, the securities regulator in that jurisdiction, is satisfied has minimum listing requirements at least equal to those of TSX Venture Tier 1, then the Issuer becomes an established issuer.

Becoming an Established Issuer. If the The Issuer is an emerging issuer on the date of this Agreement andAgreement. If, during this Agreement, the Issuer: (a) lists its securities on The the Toronto Stock Exchange Inc. or NEO Exchange Inc.; (b) becomes a TSX Venture Exchange Inc. (TSX Venture) Tier 1 issuer; or (c) lists or quotes its securities on an exchange or market outside Canada that its “principal regulator” under National Policy 43-201 Mutual Reliance Review System for Prospectuses and Annual Information Forms (in Quebec under Staff Notice, Mutual Reliance Review System for Prospectuses and Annual Information Forms) or, if the Issuer has only filed its IPO Listing prospectus in one jurisdiction, the securities regulator in that jurisdiction, is satisfied has minimum listing requirements at least equal to those of TSX Venture Tier 1, then the Issuer becomes an “established issuer”.

Becoming an Established Issuer. If the Issuer is an emerging issuer on the date of this Agreement and, during this Agreement, the Issuer: (a) lists its securities on The the Toronto Stock Exchange Inc. or Aequitas NEO Exchange Inc.; (b) becomes a TSX Venture Exchange Inc. (TSX Venture) Tier 1 issuer; or (c) lists or quotes its securities on an exchange or market outside Canada that its “principal princ regulator” under National Policy 43-201 Mutual Reliance Review System for Prospectuses under-20N1 aMuttuialoRnelaianlce RPevoielwiScysytem 4for3Prospectuses and Annual Information Forms (in Quebec under Staff Notice, Mutual Reliance Review System for Prospectuses and Annual Information Forms) or, if the Issuer has only filed its IPO prospectus in one jurisdiction, the securities regulator in that jurisdiction, is satisfied has minimum listing requirements at least equal to those of TSX Venture Tier 1, then the Issuer becomes an established issuer.

Becoming an Established Issuer. If the Issuer is an emerging issuer on the date of this Agreement and, during this Agreement, the Issuer: (a) lists its securities on The Toronto Stock Exchange Inc.; (b) becomes a TSX Venture Exchange Inc. (TSX Venture) Tier 1 issuer; or (c) lists or quotes its securities on an exchange or market outside Canada that its “"principal regulator” " under National Policy 43-201 Mutual Reliance Review System for Prospectuses and Annual Information Forms (in Quebec under Staff Notice, Mutual Reliance Review System for Prospectuses and Annual Information Forms) or, if the Issuer has only filed its IPO prospectus NON-OFFERING PROSPECTUSprospectus in one jurisdiction, the securities regulator in that jurisdiction, is satisfied has minimum listing requirements at least equal to those of TSX Venture Tier 1, then the Issuer becomes an established issuer.

Becoming an Established Issuer. If the Issuer is an emerging issuer on the date of this Agreement and, during this Agreement, the Issuer: (a) lists its securities on The Toronto Stock Exchange Inc.; (b) becomes a TSX Venture Exchange Inc. (TSX Inc.(TSX Venture) Tier 1 issuer; or (c) lists or quotes its securities on an exchange or market outside Canada that its “principal regulator” under National Policy 43-201 Mutual Reliance Review System for Prospectuses and Annual Information Forms (in Quebec under Staff Notice, Mutual Reliance Review System for Prospectuses and Annual Information Forms) or, if the Issuer has only filed its IPO prospectus in one jurisdiction, the securities regulator in that jurisdiction, is satisfied has minimum listing requirements at least equal to those of TSX Venture Tier 1, then the Issuer becomes an established issuer.

Becoming an Established Issuer. If the Issuer is an emerging issuer on the date of this Agreement and, during this Agreement, the Issuer: (a) lists its securities on The Toronto Stock Exchange Inc.; (b) becomes a TSX Venture Exchange Inc. (TSX Venture) Tier 1 issuer; I Issuer, or (c) lists or quotes quote its securities on an exchange or market outside Canada that its “"principal regulator” " under National Policy 43-201 Mutual Reliance Review System for Prospectuses and Annual Information Forms (in Quebec under Staff Notice, Mutual Reliance Review System for Prospectuses and Annual Information Forms) or, if the Issuer has only filed its IPO prospectus in one jurisdiction, the securities regulator in that jurisdiction, jurisdiction is satisfied has minimum listing requirements at least equal to those of TSX Venture Tier 1, then the Issuer becomes an established issuer.

Becoming an Established Issuer. If the Issuer is an emerging issuer on the date of this Agreement and, during this Agreement, the Issuer: (a) lists its securities on The the Toronto Stock Exchange Inc.Inc. or Aequitas NEO Exchange; (b) becomes a TSX Venture Exchange Inc. (“TSX Venture”) Tier 1 issuer; or (c) lists or quotes its securities on an exchange or market outside Canada that its “principal regulator” under National Policy 43-201 Mutual Reliance Review System for Prospectuses and Annual Information Forms (in Quebec under Staff Notice, Mutual Reliance Review System for Prospectuses and Annual Information Forms) or, if the Issuer has only filed its IPO prospectus in one jurisdiction, the securities regulator in that jurisdiction, is satisfied has minimum listing requirements at least equal to those of TSX Venture Tier 1, then the Issuer becomes an established issuer.

Becoming an Established Issuer. If the Issuer is an emerging issuer on the date of this Agreement and, during this Agreement, the Issuer: (a) lists its securities on The Toronto Stock Exchange Inc.; (b) becomes a TSX Venture Exchange Inc. (TSX Venture) Tier 1 issuer; or (c) lists or quotes its securities on an exchange or market outside Canada that its “principal regulator” under National Policy 43-201 Mutual Reliance Review System for Prospectuses and Annual Information Forms (in Quebec under Staff Notice, Mutual Reliance Review System for Prospectuses and Annual Information Forms) or, if the Issuer has is only filed its IPO prospectus a reporting issuer in one jurisdiction, the securities regulator in that jurisdiction, is satisfied has minimum listing requirements at least equal to those of TSX Venture Tier 1, then the Issuer becomes an established issuer.

Becoming an Established Issuer. If the Issuer is an emerging issuer on the date of this Agreement andIf, during this Agreement, the Issuer: (a) lists its securities on The the Toronto Stock Exchange Inc. or Aequitas NEO Exchange Inc.; (b) becomes a TSX Venture Exchange Inc. (TSX Venture) Tier 1 issuer; or (c) lists or quotes its securities on an exchange or market outside Canada that its “principal regulator” under National Policy 43-201 Mutual Reliance Review System for Prospectuses and Annual Information Forms (in Quebec under Staff Notice, Mutual Reliance Review System for Prospectuses and Annual Information Forms) or, if the Issuer has only filed its IPO prospectus in one jurisdiction, the securities regulator in that jurisdiction, is satisfied has minimum listing requirements at least equal to those of TSX Venture Tier 1, then the Issuer becomes an established issuer.

Becoming an Established Issuer. If the Issuer is an emerging issuer on the date of this Agreement and, during this Agreement, the Issuer: (a) lists its securities on The Toronto Stock Exchange Inc.; (b) becomes a TSX Venture Exchange Inc. (“TSX Venture”) Tier 1 issuer; or (c) lists or quotes its securities on an exchange or market outside Canada that its “principal regulator” under National Policy 43-201 43‐201 Mutual Reliance Review System for Prospectuses and Annual Information Forms (in Quebec under Staff Notice, Mutual Reliance Review System for Prospectuses and Annual Information Forms) or, if the Issuer has only filed its IPO prospectus in one jurisdiction, the securities regulator in that jurisdiction, is satisfied has minimum listing requirements at least equal to those of TSX Venture Tier 1, then the Issuer becomes an “established issuer” as defined in the Policy.