CSE Financing Report - July 2019

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CSE Financing July 2019

Prepared for the CSE by

Photo credit: MabelAmber via pixabay

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Financing Activities • 69 financings closed in July, up from 59 financings in June; $85.8 million raised in July, down from $181.1 million raised in June. With exception of 2016, July tends to be the slowest month in total amount raised. YTD: 471 financings raised $2.21

Highlights

billion.

• Two RTO/Non-offering financings closed in July for $1.2 million, down from $3.2 million in June. YTD, 43 RTO/Non-offering financings closed for $299.5 million, accounting for 14% of total amount, down from 51% in 2018.

July 2019 & Year-To-Date (YTD 7/31/2019) LEARN MORE

• Cannabis issuers raised $34.6 million through 20 financings in July and hemp issuers raised $2 million through 4 financing. YTD: Hemp issuers raised $74.1 million in 25 financings, up from $53.9 million in 17 financings for the whole 2018 year.

• YTD: BC based issuers raised $800 million or 36% of total amount. US based issuers and issuers with major US operations raised $1,394 million or 63% of total amount.

Listings •

8 new issuers listed in July, up from 7 in June; YTD: 65 new issuers listed

•

As of August 14, 2019, 76 issuers were seeking CSE listing approval.

3 CSE Financing – July 2019

Average deal size trends downward The average financing size for July was $1.243 million, down from $3,039M in June, slightly better than $1.001 million in January.

YTD: The average deal size was $4.686 million, down 21% from that of $5.914 million for 2018.

4 CSE Financing – July 2019

RTO type financing yet to recover Equity types of financing raised $46.9 million in July or 55% of the total amount, comparing to 40% for 2019 YTD and 34% for 2018.

RTO type of deals raised $1.2 million in July or 1% of total amount, comparing to 14% for 2019 YTD, 51% for 2018.

5 CSE Financing – July 2019

Canada based issuers increase share Canada headquartered (HQ’d) issuers raised $1,243 million or 56% of total amount. BC HQ’d issuers led with $800 million. US HQ’d issuers raised $963 million or 44% of total amount, down from 52% in 2018.

US HQ’d issuers or issuers with major US operations, raised $1,394 million or 63% of the total amount.

Issuers with foreign operations other than in USA captured 8%, up from 2% in 2018.

6 CSE Financing – July 2019

Hemp issuer fundraising increases Cannabis issuers raised $1,744 million YTD, continuing with 79% share of total amount, up slightly from its 78% share in 2018.

Hemp issuers captured $74 million YTD, or 3% of total amount, up from $54 million (1%) in 2018 and $48 million (3%) in 2017.

7 CSE Financing – July 2019

US cannabis/hemp issuers dominant US HQ’d cannabis/hemp issuers raised $895 million or 49% of total cannabis/hemp amount or 41% of total amount 2019 YTD. 2019 YTD: cannabis/hemp issuers based in US or with major operation in US captured $1,276 million or 70% of total cannabis/hemp amount or 58% of total amount.

By Major Assets

2016

2017

2018

2019

British Columbia

24.0

191.1

322.2

201.9

Ontario

89.7

227.7

421.3

118.8

Alberta

48.8

11.0

134.9

76.4

Quebec

0.1

13.1

73.6

14.4

New Brunswick

-

0.8

1.8

-

USA

45.7

257.6

3,204.5

1,276.5

Other Foreign

-

2.5

44.9

131.1

Total ($Mil)

208.3

703.8

4,203.2

1,819.0

8 CSE Financing – July 2019

New listings pending listings stable 8 new issuers listed on the CSE in July: 2 from TSX Venture Exchange, 2 IPO and 4 RTO/Non-offering.

As of August 14, 2019, 76 issuers were tracked to apply or seek listing on the CSE.

Mechanism

New Listings in July

Pending Listing (as of Aug 14, 2019)

IPO

2

17

TSX Venture

2

23

RTO/Non-offering/Other

4

25

OTC Cross Listing

0

11

Total

8

76

9

Other results

YTD 2019 (as of July 31, 2019)

• Non-traditional types of deals, including exercises of warrant,

• Cannabis vertical issuers raised $1,841 million, representing 83% of the

option, over-allotment option, incentive warrant exercise, raised

total; Hemp vertical issuers raised $68 million or 3% of the total amount.

$45 million or 2% of the total amount.

• • Exempt type of deals raised $2,065 million or 94% of the total

Investors from 84 jurisdictions participated in CSE financings (see full list for details).

amount.

• • $1,055 million raised through common share equity type, $555

Alberta ranked as top five funding sources. Canadian investors

million raised through convertible debenture type.

• $172.9 million raised by way of short-form prospectus offering, or 8% of the total amount.

Investors from United States (USA), Ontario, British Columbia, Bermuda, collectively invested $667 million accounting for 30% of total amount.

•

81 dealers/brokers, corporate finance or other firms assisted CSE issuers in fundraising (see full list for details).

10

Top 10 Financings - 2019 YTD Issuer Name

Symbol (s)

Deal Type

Public Type

Close Date

Currency

CDN $M HQ

Green Thumb Industries Inc.

CSE: GTII; OTCQX: GTBIF

Debt

Non-Brokered

2019-05-23

USD$

141

IL

Harvest Health & Recreation, Inc.

CSE: HARV, OTCQX: HRVSF

Convertible Debt

Brokered

2019-05-13

USD$

135

AZ

Trulieve Cannabis Corp.

CSE: TRUL; OTCQX: TCNNF

Debt

Short-Form Prospectus

2019-06-18

USD$

92

FL

Vireo Health International, Inc.

CSE: VREO; OTCQX: VREOF

QT/RTO

Brokered

2019-03-18

USD$

69

BC

Green Growth Brands, Inc.

CSE: GGB; OTCQB: GGBXF

Convertible Debt

Non-Brokered

2019-05-17

USD$

61

OH

Indus Holdings, Inc.

CSE: INDS

QT/RTO

Brokered

2019-04-02

CAD$

54

CA

ICC International Cannabis Corp.

CSE: WRLD.U; OTCPK: KNHBF

Convertible Debt

Non-Brokered

2019-03-18

USD$

51

BC

iAnthus Capital Holdings, Inc.

CSE: IAN; OTCQX: ITHUF

Equity

Non-Brokered

2019-03-18

USD$

47

NY

Valens GroWorks Corp.

CSE: VGW; OTCQB: VGWCF

Equity

Brokered

2019-04-09

CAD$

43

BC

TerrAscend Corp.

CSE: TER; OTCQX: TRSSF

Equity

Non-Brokered

2019-05-15

CAD$

40

ON

The Canadian Securities Exchange (CSE) Financing Activity 2016 - 2019

By Month January February March April May June July August September October November December Total

2016 # Deals $ Raised (K) 21 9,122 18 7,094 27 21,176 34 13,563 36 31,064 43 44,288 33 17,974 37 54,280 49 75,922 33 24,506 41 74,879 60 116,253 432 490,121

2017 # Deals $ Raised (K) 42 70,979 56 115,488 47 79,895 30 33,437 49 98,969 57 85,820 33 24,305 59 82,214 46 37,601 73 159,007 91 204,197 119 396,421 702 1,388,331

Prepared by CPE Media Inc. for The Canadian Securities Exchange (CSE)

2018 # Deals $ Raised (K) 86 228,027 55 210,116 103 372,954 78 235,093 56 307,380 66 306,931 56 172,949 59 397,436 63 335,304 103 1,168,973 88 1,227,793 83 335,804 896 5,298,761

2019 YTD # Deals $ Raised (K) 43 43,042 51 103,174 87 528,437 68 301,080 94 964,725 59 181,058 69 85,750

471

2,207,267

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The Canadian Securities Exchange (CSE) Financing Activity 2016 - 2019

By Deal Type IPO Equity Financing (NFT) FT Financing Private Placement - RTO* Convertible Debt Financing Debt Financing Debt Settlement Total * includes non-offering financing

IPO Equity Financing (NFT) FT Financing Private Placement - RTO* Convertible Debt Financing Debt Financing Debt Settlement Total

2016 # Deals $ Raised (K) 4 2,423 327 335,834 12 2,413 0 0 35 114,741 15 14,252 39 20,458 432 490,121

2017 # Deals $ Raised (K) 10 10,634 515 988,552 15 11,066 26 97,733 63 135,523 15 119,062 58 25,761 702 1,388,331

2018 # Deals $ Raised (K) 28 209,867 564 1,796,530 15 13,750 133 2,724,948 61 254,100 23 267,473 72 32,092 896 5,298,761

2019 YTD # Deals $ Raised (K) 17 85,863 250 875,759 15 25,620 43 299,450 71 447,849 23 433,728 52 38,998 471 2,207,267

July 2019 # Deals $ Raised (K) 2 1,773 39 46,879 1 281 2 1,236 10 11,575 4 20,883 11 3,123 69 85,750

June 2019 # Deals $ Raised (K) 2 740 32 68,204 3 951 3 3,160 11 8,972 3 94,875 5 4,156 59 181,058

2019 YTD # Deals $ Raised (K) 17 85,863 250 875,759 15 25,620 43 299,450 71 447,849 23 433,728 52 38,998 471 2,207,267

2019 # Deals

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$ Raised (K)

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The Canadian Securities Exchange (CSE) Financing Activity 2016 - 2019

By CSE Sector Life Sciences - non Cannabis Cannabis - Life Sciences Hemp - Life Sciences Technology - non Blockchain BlockchainCrypto - Technology Mining CleanTech Diversified Industries Oil & Gas Real Estate Total

2016 # Deals $ Raised (K) 37 18,305 65 203,993 5 4,340 93 85,099 5 1,638 135 99,867 20 7,830 56 45,021 14 23,038 2 990 432 490,121

2017 # Deals $ Raised (K) 38 49,797 147 656,244 13 47,578 136 181,133 27 66,525 198 208,407 49 29,423 70 122,008 21 26,501 3 715 702 1,388,331

2018 # Deals $ Raised (K) 38 47,824 292 4,149,277 17 53,908 121 110,299 42 139,314 235 225,717 26 30,335 108 522,910 9 7,785 8 11,391 896 5,298,761

Life Sciences - non Cannabis Cannabis - Life Sciences Hemp - Life Sciences Technology - non Blockchain BlockchainCrypto - Technology Mining CleanTech Diversified Industries Oil & Gas Real Estate Total

July 2019 # Deals $ Raised (K) 3 6,185 20 34,557 4 2,019 8 10,256 2 4,325 16 5,880 10 12,242 6 10,286 0 0 0 0 69 85,750

June 2019 # Deals $ Raised (K) 2 258 15 140,539 2 2,000 9 3,594 1 2,688 21 15,279 4 4,466 5 12,234 0 0 0 0 59 181,058

2019 YTD # Deals $ Raised (K) 19 17,719 183 1,744,867

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45 9 109 28 49 4 0 446

2019 YTD # Deals $ Raised (K) 19 17,719 183 1,744,867 25 74,113 45 44,835 9 9,601 109 135,673 28 34,626 49 144,142 4 1,691 0 0 471 2,207,267

44,835 9,601 135,673 34,626 144,142 1,691 0 2,133,154

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The Canadian Securities Exchange (CSE) Financing Activity 2016 - 2019

By Location - HQ - Province, State, Country British Columbia Ontario Alberta Quebec Nova Scotia Manitoba New Brunswick Saskatchewan California Florida Illinois Arizona New York Ohio Rhode Island Washington Colorado Massachusetts Oregon Nevada Pennsylvania Idaho Wyoming Israel All other foreign countries Total

2016 # Deals $ Raised (K) 259 239,522 125 182,948 4 10,537 22 22,383 0 0 8 5,889 2 345 3 3,280 5 3,017 0 0 0 0 0 0 2 21,526 0 0 0 0 0 0 1 415 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 259 432 490,121

2017 # Deals $ Raised (K) 455 667,881 171 590,620 15 11,492 40 50,313 1 175 10 6,139 3 2,051 0 0 0 0 0 0 0 0 0 0 3 40,308 0 0 0 0 0 0 1 145 0 0 0 0 0 0 2 9,207 0 0 0 0 0 0 1 10,000 702 1,388,331

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2018 # Deals $ Raised (K) 561 1,449,979 196 904,601 22 128,221 34 64,480 2 3,240 9 1,742 1 108 0 0 11 466,066 3 65,484 6 434,656 1 288,091 3 450,926 3 85,000 2 20,350 6 12,899 16 151,518 5 688,357 1 1,950 5 67,836 1 518 2 161 1 4,799 2 6,293 3 1,486 896 5,298,761

2019 YTD # Deals $ Raised (K) 289 799,989 95 341,938 20 71,133 27 27,876 1 1,261 2 1,132 0 0 0 0 9 253,991 9 238,888 1 141,488 1 134,830 2 80,300 2 78,420 0 0 2 22,291 4 6,041 3 5,776 1 586 0 0 0 0 0 0 0 0 0 0 3 1,327 471 2,207,267

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The Canadian Securities Exchange (CSE) Financing Activity 2016 - 2019

By Location - Major Assets - Provinces, Countries, Regions Alberta British Columbia Manitoba New Brunswick Newfoundland Northwest Territories Nova Scotia Nunavut Ontario PEI Quebec Saskatchewan Yukon USA Mexico Africa Asia Europe Middle East South America & Caribbeans Total

2016 # Deals $ Raised (K) 10 53,153 173 117,118 6 5,636 2 345 2 1,067 1 82 0 0 1 1,123 92 140,504 0 0 27 22,713 9 7,470 1 400 74 85,497 6 1,352 10 14,967 5 9,128 5 18,995 5 9,661 3 910 432 490,121

2017 # Deals $ Raised (K) 21 43,910 305 443,091 11 6,311 2 796 2 474 0 0 1 404 3 3,691 126 369,452 0 0 49 57,827 7 7,562 4 2,553 122 381,596 5 3,292 7 6,935 6 11,491 6 10,307 8 16,283 17 22,356 702 1,388,331

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2018 # Deals $ Raised (K) 26 217,665 339 698,654 11 1,611 2 1,765 3 3,478 6 2,420 6 3,413 1 3,227 108 637,508 0 0 52 98,231 4 2,794 4 2,117 273 3,524,575 5 3,625 9 12,906 6 4,955 13 30,813 3 6,693 25 42,310 896 5,298,761

2019 YTD # Deals $ Raised (K) 22 97,541 152 310,653 7 42,223 0 0 1 1,261 0 0 1 45 0 0 54 147,144 0 0 30 26,664 4 1,035 0 0 157 1,394,236 6 2,290 5 4,857 5 11,746 9 82,742 5 16,574 13 68,255 471 2,207,267

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The Canadian Securities Exchange (CSE) Financing Activity 2016 - 2019

Cannabis/Hemp - Life Sciences, By Province, State, Country (HQ) British Columbia Ontario Alberta Quebec Massachusetts Illinois New York Arizona California Colorado Ohio Nevada Florida Minnesota Rhode Island Washington Kentucky Wyoming Oregon Israel Total

2016 # Deals $ Raised (K) 43 75,556 25 111,251 0 0 0 0 0 0 0 0 2 21,526 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 70 208,333

2017 # Deals $ Raised (K) 121 290,179 34 371,107 1 2,083 0 0 0 0 0 0 3 40,308 0 0 0 0 1 145 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 160 703,822

2018 # Deals $ Raised (K) 181 775,430 61 625,015 6 52,193 5 39,735 4 686,687 6 434,656 3 450,926 1 288,091 8 440,716 14 149,482 3 85,000 5 67,836 3 65,484 0 0 2 20,350 4 10,492 0 0 1 4,799 0 0 2 6,293 309 4,203,185

2019 YTD # Deals $ Raised (K) 134 577,367 30 254,412 9 46,523 6 16,501 0 0 1 141,488 2 80,300 1 134,830 7 221,332 4 6,041 2 78,420 0 0 9 238,888 0 0 0 0 2 22,291 0 0 0 0 1 586 0 0 208 1,818,980

Canada USA Israel Total

2016 # Deals $ Raised (K) 68 186,807 2 21,526 0 0 70 208,333

2017 # Deals $ Raised (K) 156 663,369 4 40,453 0 0 160 703,822

2018 # Deals $ Raised (K) 253 1,492,373 54 2,704,519 2 6,293 309 4,203,185

2019 YTD # Deals $ Raised (K) 179 894,803 29 924,176 0 0 208 1,818,980

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The Canadian Securities Exchange (CSE) Financing Activity 2016 - 2019

Cannabis/Hemp - Life Sciences, By Major Assets - Province, State, Country British Columbia Ontario Alberta Quebec New Brunswick Canada Total

Massachusetts Illinois New York New Jersey Arizona California Colorado Ohio Nevada Florida Minnesota Rhode Island Washington Kentucky Oregon Montana USA Total

2016 # Deals $ Raised (K) 30 23,996 19 89,731 6 48,844 2 71 0 0 57 162,642

0 0 2 0 0 9 0 0 0 0 0 0 1 0 1 0 13

2017 # Deals $ Raised (K) 85 191,063 24 227,747 4 11,038 9 13,115 2 796 124 443,759

0 0 21,526 0 0 10,865 0 0 0 0 0 0 1,300 0 12,000 0 45,691

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0 0 3 0 4 11 4 0 7 0 0 0 3 0 3 0 35

0 0 40,308 0 76,024 57,308 8,081 0 13,551 0 0 0 2,510 0 59,781 0 257,563

2018 # Deals $ Raised (K) 88 322,190 27 421,331 11 134,892 18 73,646 2 1,765 146 953,824

3 8 3 1 9 42 17 4 28 2 3 2 17 0 9 0 148

166,603 436,021 450,926 520,084 351,679 639,555 158,756 85,157 182,311 62,363 31,522 20,350 28,714 0 70,431 0 3,204,472

2019 YTD # Deals $ Raised (K) 49 201,909 11 118,751 13 76,418 9 14,353 0 0 82 411,431

0 1 2 0 7 35 8 5 23 8 1 1 10 0 8 2 111

0 141,488 80,300 0 151,367 336,603 14,739 79,595 68,690 238,073 68,556 34,502 32,227 0 24,692 5,659 1,276,491

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The Canadian Securities Exchange (CSE) Financing Activity 2016 - 2019

Cannabis/Hemp - Life Sciences, By Major Assets - Province, State, Country (continued ..)

Serbia Denmark Germany Romania Japan Israel Congo DR Colombia Uruguay Other Foreign Total TOTAL

2016 # Deals $ Raised (K) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 70 208,333

2017 # Deals $ Raised (K) 1 2,500 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 2,500 160 703,822

2018 # Deals $ Raised (K) 4 14,019 4 6,972 1 1,778 0 0 0 0 3 6,693 2 7,079 1 8,348 0 0 15 44,889 309 4,203,185

2019 YTD # Deals $ Raised (K) 0 0 1 51,291 3 1,259 1 24,366 1 1,262 5 16,574 3 3,877 0 0 1 32,428 15 131,057 208 1,818,980

2018 # Deals $ Raised (K) 146 953,824 148 3,204,472 15 44,889 309 4,203,185

2019 YTD # Deals $ Raised (K) 82 411,431 111 1,276,491 15 131,057 208 1,818,980

Cannabis/Hemp - Life Sciences, By Major Assets - Country, Region Canada USA Other Foreign Total

2016 # Deals $ Raised (K) 57 162,642 13 45,691 0 0 70 208,333

2017 # Deals $ Raised (K) 124 443,759 35 257,563 1 2,500 160 703,822

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The Canadian Securities Exchange (CSE) Financing Activity 2016 - 2019

By Deal Classification Non-Brokered Brokered Prospectus Offering Short-Form Prospectus Shelf Prospectus Offering Memorandum Rights Offering Total

2016 # Deals $ Raised (K) 408 341,650 18 124,234 4 2,423 1 20,003 0 0 0 0 1 20,003 432 508,313

2017 # Deals $ Raised (K) 652 920,403 33 428,686 10 10,634 2 16,807 0 0 1 66 4 11,735 702 1,388,331

2018 # Deals $ Raised (K) 786 2,107,455 67 2,465,569 28 209,867 10 437,293 1 75,020 3 686 1 2,871 896 5,298,761

2019 YTD # Deals $ Raised (K) 405 1,363,660 36 580,493 17 85,863 7 172,878 0 0 5 4,093 1 279 471 2,207,267

2017 # Deals $ Raised (K) 36 53,662 0 0 1 8,274 21 13,012 644 1,313,383 702 1,388,331

2018 # Deals $ Raised (K) 52 62,209 2 9,762 3 5,728 30 15,530 809 5,205,532 896 5,298,761

2019 YTD # Deals $ Raised (K) 5 35,871 0 0 2 9,124 0 0 464 2,162,273 471 2,207,267

2018 # Deals $ Raised (K) 621 3,559,689 137 1,165,382 138 573,689 896 5,298,761

2019 YTD # Deals $ Raised (K) 357 1,301,263 85 764,515 29 141,489 471 2,207,267

By Warrant and Option Exercise Warrant Over Allotment* Incentive/Accelerated Option N/A Total

2016 # Deals $ Raised (K) 13 8,610 0 0 0 0 4 398 415 481,113 432 490,121

*does not include over-allotment exercise at the time of the closing of the financing

By Exempt Type* Exempt with breakdown Exempt with no breakdown Non Exempt Total

2016 # Deals $ Raised (K) 292 366,771 85 77,511 55 45,839 432 490,121

2017 # Deals $ Raised (K) 468 922,578 138 249,510 96 216,243 702 1,388,331

*numbers subject to change as information becomes available

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The Canadian Securities Exchange (CSE) Financing Activity 2016 - 2019

By Security Type Common shares Common units Common shares/units, FT shares/units Common shares/units, others FT shares/units Subscription Receipt Special Warrants Convertible Debt Prom. Note/Loan/Debt Total

Select Verticals 2019 YTD # Deals $ Raised (K) 111 402,253 203 531,215 6 1,906

14

98,052

7 26 5 79 20 471

21,721 310,469 2,309 555,368 283,974 2,207,267

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Cannabis Hemp GoldSilver

2019 YTD # Deals $ Raised (K) 213 1,841,246 15 67,758 54 61,175

BlockchainCrypto

14

46,522

CleanTech TechMetals Investment Biotech eSports AdTech eCommerce

33 24 17 11 4 2 1

38,766 16,797 9,677 9,065 1,858 5,302 1,414

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The Canadian Securities Exchange (CSE) Financing Activity 2016 - 2019

By To 10 Geo-Funding Sources United States (USA) Ontario British Columbia Bermuda Alberta Cayman Islands Quebec Manitoba United Kingdom (UK) Virgin Islands British (BVI)

2019 YTD # Deals* $ Invested (K) 126 331,627 250 301,022 318 213,811 9 142,060 166 91,598 32 78,288 91 26,930 27 21,275 40 17,921 12 17,672

*deal participated, not to add up

Funding Source - Provinces/Territories ON BC AB QC MB NB SK NS PEI YK NL NU NT Canada Total

2019 YTD # Deals* $ Invested (K) 250 301,022 318 213,811 166 91,598 91 26,930 27 21,275 15 7,558 32 2,464 10 1,937 5 343 3 234 5 70 1 50 0 0 667,291

Top 5 Brokers/Dealers/Finders - 2019 YTD Canaccord Genuity Corp.

Haywood Securities Inc. GMP Securities L.P. Eight Capital Mackie Research Capital

Underwriter/Finder # Deals $Total Deal (K)* 80 753,902 52 456,496 18 425,846 7 333,253 44 241,590

* sum of the value of all deals involved - not to be summed up. (Each of the participating dealer/finder is credited with the same deal value)

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The Canadian Securities Exchange (CSE) Financing Activity 2016 - 2019

New Listings: July 2019* Company Name Walcott Resources Ltd. Revive Therapeutics Ltd. GlobeX Data Ltd. MGX Renewables Inc. Bhang Inc. MustGrow Biologics Corp.

Blue Lagoon Resources Inc.

Symbol

Mechanism

CSE: WAL CSE: RVV CSE: SWIS CSE: MGXR CSE: BHNG CSE: MGRO CSE: BLLG

IPO TSX-V IPO Spinoff TSX-V Non-Offering Non-Offering

BevCanna Enterprises Inc.

CSE: BEV

Non-Offering

Other Listing

* excluded issuers that either underwent fundamental changes or simple name or symbol changes

New Issuers by Sector Category Cannabis/Hemp Mining Technology* Diversified and other Total

2016 4 10 15 7 36

2017 14 30 19 3 66

2018 55 37 24 7 123

2019 YTD 25 23 13 4 65

2017 10 8 48 66

2018 38 28 57 123

2019 YTD 23 17 25 65

*Technology, Non-Cannabis Life Sciences, Cleanteach

New Issuers by Listing Type Category TSX-V IPO RTO/Non-offering/Other Total

2016 1 2 33 36

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The Canadian Securities Exchange (CSE) Financing Activity 2016 - 2019

Methodology Included: exercises of warrant, option and over-allotment option, and debt settlement Excluded: secondary offering by selling shareholders US $ denominated deal: converted into Canadian $ at prevailing exchange rate at time of closing Equity vs FT: according the largest amount raised by either FT or NFT, in case of financing involving both FT and NFT offering Updating: numbers are subject to change as the database is being continuously updated

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The Canadian Securities Exchange (CSE) Financing Activity Full List of Geo Funding Sources - Year to Date ( July 31, 2019) United States (USA) Ontario British Columbia Bermuda Alberta Cayman Islands Quebec Manitoba United Kingdom (UK) Virgin Islands British (BVI) Australia Bahamas China New Brunswick Luxembourg Germany Thailand Hong Kong Switzerland Mexico Saint Kitts and Nevis Saskatchewan Nova Scotia Prepared by CPE Media Inc. for The Canadian Securities Exchange (CSE)

2019 # Deals* 126 250 318 9 166 32 91 27 40 12 33 15 13 15 10 32 21 18 30 5 4 32 10

$ Invested (K)

331,627 301,022 213,811 142,060 91,598 78,288 26,930 21,275 17,921 17,672 13,914 12,792 8,854 7,558 6,338 4,898 4,798 3,442 3,201 2,989 2,908 2,464 1,937 1 of 4

The Canadian Securities Exchange (CSE) Financing Activity Full List of Geo Funding Sources - Year to Date ( July 31, 2019) Ireland Sweden Barbados Singapore Netherlands Monaco Gibraltar South Africa United Arab Emirates (UAE) Israel Paraguay Malta Austria Portugal Malaysia Panama Dominican Republic Belgium Belize Prince Edward Island Liechtenstein Brazil Spain Prepared by CPE Media Inc. for The Canadian Securities Exchange (CSE)

2019 # Deals* 7 5 6 10 12 8 2 6 8 10 10 4 6 3 2 7 2 10 6 5 3 1 4

$ Invested (K)

1,635 1,632 1,385 1,341 1,190 1,165 1,030 1,017 1,009 810 740 675 670 585 520 434 400 397 391 343 327 300 269 2 of 4

The Canadian Securities Exchange (CSE) Financing Activity Full List of Geo Funding Sources - Year to Date ( July 31, 2019) Yukon Indonesia Cyprus Guernsey Antigua and Barbuda Hungary Taiwan Denmark Norway Saudi Arabia Chile New Zealand France Philippines Seychelles Japan India Andorra Dominica Lithuania Newfoundland and Labrador Colombia Poland Prepared by CPE Media Inc. for The Canadian Securities Exchange (CSE)

2019 # Deals* 3 3 2 3 2 1 1 3 3 4 2 5 2 1 1 3 2 1 1 1 5 1 2

$ Invested (K)

234 192 184 182 164 163 163 160 160 145 135 114 111 100 100 99 80 75 75 75 70 68 67 3 of 4

The Canadian Securities Exchange (CSE) Financing Activity Full List of Geo Funding Sources - Year to Date ( July 31, 2019) Estonia Peru Russian Federation Nunavut Guatemala Czech Republic Marshall Islands Costa Rica Anguilla Ghana Greece Aruba Bangladesh Italy Argentina

2019 # Deals* 1 1 3 1 1 1 1 1 1 1 2 1 1 1 1

$ Invested (K)

64 58 55 50 50 49 32 30 20 20 20 10 10 7 4

* sum of number of deals involved by each jurisdication - not to be summed up Example: if one deal involves 10 jurisdications - each of the 10 jurisdications will be allocated one deal

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The Canadian Securities Exchange (CSE) Financing Activity Brokers/Dealers - Year to Date (July 31, 2019) Canaccord Genuity Corp.

Haywood Securities Inc. GMP Securities L.P. Eight Capital Mackie Research Capital Corporation PI Financial Corp.

Beacon Securities Limited Cormark Securities Inc. Paradigm Capital Inc. Echelon Wealth Partners Inc. Industrial Alliance Securities Inc. AltaCorp Capital Inc. Leede Jones Gable Inc. Gravitas Securities Inc. FBN Securities, Inc First Republic Capital Corporation Clarus Securities Inc. INFOR Financial Inc. Raymond James Ltd. Scotia Capital Inc. BMO Nesbitt Burns Inc. Dominick Capital Corporation PowerOne Capital Markets Limited Silver Leaf Partners, LLC Acumen Capital Finance Partners Limited Hampton Securities Limited Eventus Capital Corp.

Zelos Capital Ltd. Desjardins Securities Inc. Laurentian Bank Securities Inc.

Prepared by CPE Media Inc. for The Canadian Securities Exchange (CSE)

Type Investment Dealer Investment Dealer Investment Dealer Investment Dealer Investment Dealer Investment Dealer Investment Dealer Investment Dealer Investment Dealer Investment Dealer Investment Dealer Investment Dealer Investment Dealer Investment Dealer Other Exempt Market Dealer Investment Dealer Investment Dealer Investment Dealer Investment Dealer Investment Dealer Investment Dealer Exempt Market Dealer Other Investment Dealer Investment Dealer Exempt Market Dealer Exempt Market Dealer Investment Dealer Investment Dealer

Underwriter/Finders # Deals 80 52 18 7 44 50 8 7 3 20 11 4 20 9 2 5 2 2 7 4 5 5 2 1 5 7 1 1 1 1

$ (K)*

753,902 456,496 425,846 333,253 241,590 230,377 180,578 157,241 141,827 130,301 94,521 91,109 84,675 68,996 68,941 62,669 59,928 55,367 54,158 46,142 44,811 41,199 40,428 40,169 38,885 35,127 35,088 35,088 35,088 29,000

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The Canadian Securities Exchange (CSE) Financing Activity Brokers/Dealers - Year to Date (July 31, 2019) Ascendant Alternative Strategies, LLC M.S. Howells & Co. Individual Finder Fee Catch-all Sprott Capital Partners LP Foundation Markets Inc. TD Securities Inc. National Bank Financial Inc. M Partners Inc. Richardson GMP Limited RBC Capital Markets, LLC Brant Securities Limited Terra Cotta Investment Counsel Inc. EDE Asset Management Inc. EMD Financial Inc. Retire First Ltd. Kingsdale Capital Markets Inc. Chippingham Financial Group Limited TD Waterhouse Canada Inc. LOM Corporate Finance Limited Tri View Capital Ltd. Enoch Wealth Inc. Odlum Brown Limited Red Cloud Klondike Strike Inc. Stevloc Management Inc. Ascenta Finance Corp.

CIBC World Markets Inc. Gravitas Financial Inc. Hunter Capital Advisors Pty Ltd Merchant Equities Capital Corp.

1557394 Alberta Ltd.

Prepared by CPE Media Inc. for The Canadian Securities Exchange (CSE)

Type Other Other Other Investment Dealer Exempt Market Dealer Investment Dealer Investment Dealer Investment Dealer Investment Dealer Other Investment Dealer Exempt Market Dealer Exempt Market Dealer Exempt Market Dealer Investment Dealer Other Investment Dealer Investment Dealer Other Exempt Market Dealer Exempt Market Dealer Investment Dealer Exempt Market Dealer Exempt Market Dealer Exempt Market Dealer Investment Dealer Other Other Other Other

Underwriter/Finders # Deals 1 1 13 2 5 3 2 2 5 1 1 1 2 8 5 2 1 1 1 2 1 1 3 5 5 1 1 1 3 1

$ (K)*

28,772 28,772 28,531 24,387 24,385 22,737 19,635 17,725 14,751 14,725 10,002 7,372 6,181 6,029 5,691 5,271 5,200 5,157 5,157 4,775 4,412 4,412 4,383 4,093 4,093 4,071 4,071 4,071 3,896 3,473

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The Canadian Securities Exchange (CSE) Financing Activity Brokers/Dealers - Year to Date (July 31, 2019) Boom Capital Markets Inc. Merlin Partners LLP Peak Asset Management Pty Ltd. StephenAvenue Securities Inc. Intrynsyc Capital Corporation A.G.P./Alliance Global Partners 2242257 Ontario Inc. Hatchette Holdings Ltd. Lacie Holdings Limited Emerging Equities Inc. Foster & Associates Financial Services Inc ECS Law Corporation GEM Yield Bahamas Ltd. Shard Capital Partners LLP Rastika Investment Corp.

Mine Equities Ltd. 1166450 BC Ltd. Accilent Capital Management Inc. Crowthorn Capital Corporation GloRes Capital Inc. 0846811 BC Ltd.

Type Other Other Other Investment Dealer Exempt Market Dealer Other Other Other Other Other Investment Dealer Other Other Other Other Other Other Exempt Market Dealer Other Other Other

Underwriter/Finders # Deals 1 1 1 2 1 1 1 1 1 1 1 1 1 1 1 1 2 1 1 1 1

$ (K)*

2,911 2,507 2,322 2,258 2,045 1,701 1,597 1,400 1,390 1,262 1,107 1,020 925 847 831 725 520 440 400 400 289

* sum of the total deal value involved by each dealer or firm - not to be summed up Example - if 10 brokers/finders pariticpated in a $100 million deal, each broker/finder will be credited wth $100 million in deal value.

Prepared by CPE Media Inc. for The Canadian Securities Exchange (CSE)

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