Tag archives: securities

Successful Mini-Tenders

By Kiri Buchanan on April 30, 2021 Posted in Corporate finance

While controversial, mini-tenders are permitted in the Canadian markets. This blog provides a brief overview of mini-tenders and summarizes two recent examples, which demonstrate the considerations surrounding whether or not a mini-tender will succeed. What is a mini-tender? A mini-tender is an unsolicited and widely disseminated offer to purchase less than 20% of the outstanding … Continue reading

The SPAC is back: going public in a pandemic

By nrfdigitalteam on August 21, 2020 Posted in Corporate finance, Finance

According to Axios, the first half of 2020 saw special purpose acquisition companies (“SPACs” for short) in the U.S. raise over US$20 billion, easily eclipsing the US$13.3 billion raised in all of 2019. A SPAC is a special purpose vehicle that does not have any assets or operations, but exists solely for the purpose of … Continue reading

Competition Bureau Issues Additional Guidance on Competitor Collaboration During COVID-19 Pandemic

By Kevin Ackhurst (Toronto) and Anisha Visvanatha on April 9, 2020 Posted in Antitrust, competition and regulatory, M&A

Canadian businesses continue to face unprecedented challenges in light of the rapid spread of COVID-19. On March 20, the commissioner of competition provided some guidance for industry on the continuing application of the Competition Act to competitor collaborations, which we summarized in a recent bulletin. In short, the statement indicated that the Competition Bureau’s pre-existing … Continue reading

Regulators comment on securities law implications for offerings of tokens

By Matthew Lau (Toronto) on June 19, 2018 Posted in Corporate finance, Technology and innovation

On June 11, 2018, the Canadian Securities Administrators (“CSA”) published Staff Notice 46-308 Securities Law Implications for Offerings of Tokens (“Notice”). The Notice follows from the CSA’s previous guidance in Staff Notice 46-307 Cryptocurrency Offerings, where the CSA explained that many cryptocurrency offerings involve the distribution of securities and are therefore subject to securities laws … Continue reading

Due diligence defence for distribution of securities in breach of securities law

By Nader Hasan (Toronto) on July 26, 2017 Posted in Corporate finance, M&A

In furtherance of a proposed merger or acquisition, it is common place for an issuer to complete a concurrent private placement in order to, among other things, fund its working capital and current operations, complete the transaction or satisfy regulatory or administrative requirements post-transaction i.e., exchange listing requirements upon completion of a reverse-take over. Notwithstanding … Continue reading

New reporting obligation for transactions affecting tax basis of securities

By guestauthor on April 20, 2012 Posted in Tax

As a result of new US reporting rules that came into effect on January 1, 2011, Canadian public and private issuers may be subject to a significant information reporting obligation when undertaking one of a wide range of transactions. The new rules are intended to increase compliance in reporting capital gains and losses for US … Continue reading