How does TSXV escrow work?

TSXV escrow places specified securities under an agreement that controls their release. Policy 5.4 uses staged releases for principals’ securities. Identify the issuer’s tier and the exchange bulletin confirming the transaction before placing dates on a calendar. The table percentages apply to the escrow block, not to all outstanding shares.

These are individual release tranches, not cumulative percentages. The exchange’s summary excludes Capital Pool Companies from this Tier 2 schedule. TSXV June 2025 presentation, slide 25. For the governing provisions, read Policy 5.4, section 3.5 and the issuer’s executed agreement.

What changed in June 2025?

Effective June 2, 2025, the exchange renamed Policy 5.4 to Capital Structure, Escrow and Resale Restrictions and removed the surplus-securities escrow regime for new arrangements. The principal escrow terms remained 18 months for Tier 1 and 36 months for Tier 2.

Existing agreements remained in force. Changes to those agreements require the applicable amendment process, including exchange acceptance and disinterested shareholder approval. A new policy date does not automatically rewrite an older issuer’s release calendar. TSXV June 2, 2025 bulletin and transition provisions.

Release, issuance and sale are different events

Releasing already-issued shares from escrow does not itself issue more shares. It also does not prove that a holder sold them. Keep a release calendar separate from the share-issuance calculation.

Check for other restrictions before describing stock as freely tradable. Seed share resale restrictions are a separate exchange regime and do not replace statutory hold periods. Policy 5.4, section 4.1. Use the actual agreement and issuer disclosures to resolve a particular holding; this summary is not clearance to transfer securities.