Early Release on Change of Issuer Status. 3.1 Early Release -- Graduation to Tier 1
(1) When a Tier 2 Issuer becomes a Tier 1 Issuer, the release schedule for its escrow securities changes.
(2) If the Issuer reasonably believes that it meets the Minimum Listing Requirements of a Tier 1 Issuer as described in Policy 2.1 — Minimum Listing Requirements, the Issuer may make application to the Exchange to be listed as a Tier 1 Issuer. The Issuer must also concurrently provide notice to the Escrow Agent that it is making such an application.
(3) If the graduation to Tier 1 is accepted by the Exchange, the Exchange will issue an Exchange Bulletin confirming final acceptance for listing of the Issuer on Tier 1. Upon issuance of this Bulletin the Issuer must immediately:
(a) issue a news release:
(i) disclosing that it has been accepted for graduation to Tier 1; and
(ii) disclosing the number of escrow securities to be released and the dates of release under the new schedule; and
(b) provide the news release, together with a copy of the Exchange Bulletin, to the Escrow Agent.
(4) Upon completion of the steps in section 3.1(3) above, the Issuer's release schedule will be replaced as follows: Applicable Schedule Pre-Graduation Applicable Schedule Post-Graduation Schedule B(2) Schedule 13(1) Schedule B(4) Schedule B(3)
(5) Within 10 days' of the Exchange Bulletin confirming the Issuer's listing on Tier 1, the Escrow Agent must release any escrow securities from escrow securities which under the new release schedule would have been releasable at a date prior to the Exchange Bulletin.
Early Release on Change of Issuer Status. 3.1 Becoming an Established Issuer
3.2 Release of Escrow Securities
3.3 Filing Requirements
3.4 Amendment of Release Schedule
Early Release on Change of Issuer Status. 3.1. Becoming an Established Issuer If 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 In formation Forms) or, if the Issuer has only filed its IPO prospectus in one jurisdiction, and the securities regulator in that jurisdiction, is satisfied that the Issuer has minimum listing requirements at least equal to those TSX Venture Tier 1, then the Issuer becomes an established issuer.
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Early Release on Change of Issuer Status
