Stifel Financial Corp V.SF

Listing Requirements

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TSX-V – Tier Two - Industrial, Technology, Life Sciences, Real Estate and Investment Companies Listing Requirements
Requirements	Industrial, Technology & Life Sciences	Real Estate	Investment
Net Tangible Assets or Revenue or Arm’s Length Financing	C$750,000 net tangible assets; or C$500,000 revenue; or C$2,000,000 arm’s length financing If no revenue, two year management plan demonstrating reasonable likelihood of revenue within 24 months.	C$2,000,000 net tangible assets; or $3,000,000 arm’s length financing	C$2,000,000 net tangible assets; or $3,000,000 arm’s length financing
Minimum Cash in Treasury	Adequate to carry out stated work plan or execute business plan for 18 months following listing.	Adequate to carry out stated work plan or execute business plan for 18 months following listing.	Adequate to carry out stated work plan or execute business plan for 18 months following listing.
Minimum Additional Working Capital	C$100,000	C$100,000	C$100,000
Property	Significant interest in business or primary assets used to carry on business.	Significant interest in real property.	No requirement
Prior Expenditure and Work Program	History of operations or validation of business.	No requirement.	Disclosed investment policy and 50% of available funds must be allocated to at least 2 specific investments.
# of Public Board Lot Holders	200	200	200
Minimum Free Trading Public Float	1,000,000 or 10% of all issued and outstanding shares to be listed, whichever is greater.	1,000,000 or 10% of all issued and outstanding shares to be listed, whichever is greater.	1,000,000 or 10% of all issued and outstanding shares to be listed, whichever is greater.
Minimum % of Issued and Outstanding Listed Shares Held by Public	20%	20%	20%
Market value of Issued Securities to be Listed	No minimum	No minimum	No minimum
Minimum IPO Price Conducted Concurrent to Listing	C$0.15	C$0.15	C$0.15
Sponsor	Yes(1)	Yes	Yes

Note: (1) The TSX may waive the sponsorship requirement if sufficient 3rd party due diligence has been conducted (ie. underwriter review in concurrent initial public offering.)

The listing committee for the TSX Venture Exchange will also conduct a public interest standard review of all listing candidates looking at such things as:

Company's board of directors must agree to abide by the corporate governance requirements of the TSX Venture Exchange.