CSE Financing Report - March 2019

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CSE Financing March 2019

Prepared for the CSE by

Photo credit: susan-lu4esm via pixabay

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Financing Activities • 87 financings raised $570.0 million in March, up 74% in total number of deals and 450% in total amount raised in February; YTD: 180 financings raised $716.7

Highlights

million.

• RTO/Non-offering types of financing raised $120.0 million, up from $14.5 million in February, largest increase overall from February (727% vs average of 450%).

• Cannabis issuers raised $466.9 million or 82% of the total amount in March; YTD:

March 2019 & Year-to-Date (YTD) (March 31, 2019) LEARN MORE

cannabis issuers raised $550.8 million in 81 financings or 77% of the total amount and 47% of the total number of financings.

• YTD: BC based issuers raised $294.5 million (41% of the total); US issuers and issuers with major US assets raised $369.8 million (52% of the total).

New Listings •

11 new issuers listed in March; YTD: 34 new issuers listed

•

As of April 11, 2019, 72 issuers were seeking CSE listing approval.

3 CSE Financing – March 2019

Average deal size up substantially Both deal number and amount raised were up considerably in March from February. Average deal size in March up substantially from that of February.

The total amount raised in March was the third highest and the average deal size in March ranked the fourth largest since 2018.

Three largest deals in March, all cannabis issuers: Cansortium (CSE: TIUM.U; IPO - US $53.0M), Vireo Health (CSE: VREO; RTO - $68.6M), Flower One Holdings (CSE: FONE; $50M)

4 CSE Financing – March 2019

Share of RTO type going up 12 RTO type of deals raised $120.0 million in March, up from 7 financings for $14.5 million in February.

YTD: 21 RTO type of deals raised $135.2 million or 19% of the total amount, still down substantially from the high of 51% in 2018.

Cansortium’s US $53 million IPO is CSE’s second largest, behind the Charlotte's Web’s $115 million IPO in 2018.

Equity and convertible debenture types of deals accounted for 40% and 27% of total amount respectively.

5 CSE Financing – March 2019

US based issuers’ share up BC based issuers continue to led with $294.5 million or 41%, down from 55% YTD in February.

US based issuers raised $254.3 million YTD for 35%, up from 27% YTD in February, down from high of 52% in 2018.

US based issuers and issuers with major US operations raised $369.8 million or 52% of the total amount, approaching 63% in 2018.

6 CSE Financing – March 2019

Cannabis share up, YTD at par with 2018 level Driven by three largest deals, cannabis issuers raised $466.9 million in March and $550.8 million YTD. YTD share of 77% is slightly higher than 2018 share of 76%.

Diversified industry issuers and mining issuers, second and third active, raised $92.3 million and $39.8 million YTD, or 13% and 6% of the total amount respectively.

7 CSE Financing – March 2019

BC cannabis issuers down, US cannabis issuers’ share up BC based cannabis issuers raised $202.2 million or 37% of the total cannabis amount, down from Major Assets

2016

2017

2018

2019

Canada

170.8

503.1

1,017.9

224.1

USA

34.8

197.5

2,991.4

316.9

Serbia

0.0

2.5

14.0

0.0

Israel

0.0

0.0

6.7

8.8

US cannabis issuers and issuers with major US

Congo DR

0.0

0

7.1

1.0

cannabis operations raised $316.90 million, or

Colombia

0.0

0.0

12.7

0.0

Total

205.6

703.2

4,048.7

550.8

39% of the total amount YTD in February.

US cannabis issuers collectively raised $228.5 million or 41% of the total cannabis amount.

58% of total cannabis amount.

8 CSE Financing – March 2019

New listings stable, pending listings strong 11 new issuers listed on the CSE: 7 switch listings from TSX Venture Exchange, and 2 listings each from IPO and RTO/Non-offering.

As of April 11, 2019, 72 issuers were applying or sought to list on the CSE.

Mechanism

New Listings in March

Pending Listing (as of April 11, 2019)

IPO

2

23

TSX Venture

7

20

RTO/Non-offering

2

21

OTC Cross Listing

0

8

Total

11

72

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Other results – first 3 months, 2019 • Non-traditional types of deals, including exercises of warrant,

• Cannabis vertical issuers raised $597.7 million, representing 83% of the

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

total. Blockchain vertical issuers raised $37.1 million or 5% of the total.

$11.2 million or 1.6% of the total amount.

• • Exempt type of deals raised $612.3 million or 85% of the total

Investors from 63 jurisdictions participated in CSE financings (see full list for details).

amount.

• • Convertible debt type of deals led with $235.2 million or 33% of

Investors from Ontario, BC, USA, Alberta, and Cayman Islands were the top five funding sources, collectively investing $325.7 million or 45% of

the total amount. Common equity types of deals, collectively,

the total amount.

raised $356.9 million or 50% of the total.

• • Non-brokered type of deals led with $409.7 million or 57% of the total amount.

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

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 9,404 18 7,094 27 21,176 34 13,697 36 31,064 43 44,288 33 17,974 37 54,280 49 75,922 33 24,506 41 74,879 60 116,547 432 490,831

2017 # Deals $ Raised (K) 42 70,979 56 115,488 47 79,885 30 33,437 49 98,969 57 85,820 32 23,394 59 82,214 46 37,601 73 159,138 92 204,733 120 397,491 703 1,389,147

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2018 # Deals $ Raised (K) 86 228,027 56 212,816 104 379,954 79 235,173 57 308,496 66 306,931 55 157,613 60 413,119 63 335,304 102 1,168,930 88 1,227,793 84 340,165 900 5,314,322

2019 YTD # Deals $ Raised (K) 43 43,042 50 103,597 87 570,043

180

716,682

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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 2,423 327 336,250 12 2,413 0 0 35 114,741 15 14,252 39 20,752 432 490,831

2017 # Deals $ Raised (K) 10 10,634 518 993,339 15 11,066 23 93,236 63 135,513 15 119,062 59 26,297 703 1,389,147

2018 # Deals $ Raised (K) 28 209,867 567 1,806,310 15 13,750 134 2,730,729 61 254,100 23 267,473 72 32,092 900 5,314,322

2019 YTD # Deals $ Raised (K) 5 77,887 99 283,111 5 2,420 21 135,197 27 194,995 3 1,770 20 21,301 180 716,682

March 2019 # Deals $ Raised (K) 2 73,925 52 223,284 0 0 12 120,201 13 133,451 2 1,600 6 17,581 87 570,043

February 2019 # Deals $ Raised (K) 1 500 27 40,573 1 610 7 14,533 8 45,658 0 0 6 1,723 50 103,597

2019 YTD # Deals $ Raised (K) 5 77,887 99 283,111 5 2,420 21 135,197 27 194,995 3 1,770 20 21,301 180 716,682

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 Technology - non Blockchain BlockchainCrypto - Technology Mining CleanTech Diversified Industries Oil & Gas Real Estate Total

2016 # Deals $ Raised (K) 37 18,307 69 205,594 93 85,099 5 1,638 135 100,148 20 8,124 57 47,893 14 23,038 2 990 432 490,831

2017 # Deals $ Raised (K) 38 49,797 160 703,158 136 181,133 27 66,525 196 207,647 49 29,423 72 124,038 22 26,721 3 705 703 1,389,147

2018 # Deals $ Raised (K) 45 53,758 277 4,048,725 121 110,299 42 139,314 235 225,717 26 30,335 134 683,096 9 7,785 11 15,292 900 5,314,322

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

March 2019 # Deals $ Raised (K) 2 3,375 47 466,893 6 6,434 0 0 18 29,059 2 8,148 11 55,319 0 0 1 815 87 570,043

February 2019 # Deals $ Raised (K) 4 3,513 18 56,128 4 6,522 3 983 11 5,127 2 1,500 7 29,524 0 0 1 300 50 103,597

2019 YTD # Deals $ Raised (K) 8 7,152 81 550,819 16 14,642 4 1,083 40 39,755 5 9,673 23 92,328 1 115 2 1,115 180 716,682

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2019 YTD # Deals $ Raised (K) 8 7,152 81 550,819 16 14,642 4 1,083 40 39,755 5 9,673 23 92,328 1 115 2 1,115 180 716,682

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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 Massachusetts Illinois New York California Arizona Colorado Ohio Nevada Florida Minnesota Washington Rhode Island Texas Oregon Pennsylvania Idaho Kentucky Wyoming Israel All other foreign countries Total

2016 # Deals $ Raised (K) 261 261,051 125 183,655 4 10,537 22 22,383 0 0 8 5,889 2 345 3 3,280 0 0 0 0 0 0 5 3,017 0 0 1 415 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 1 259 432 490,831

2017 # Deals $ Raised (K) 463 720,507 166 578,898 15 11,492 40 50,313 1 175 11 6,359 3 2,051 0 0 0 0 0 0 0 0 0 0 0 0 1 145 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 9,207 0 0 0 0 0 0 0 0 1 10,000 703 1,389,147

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2018 # Deals $ Raised (K) 550 1,370,049 201 956,563 22 128,221 34 64,480 2 3,240 9 1,742 1 108 0 0 5 688,357 6 434,656 1 415,971 11 466,066 1 288,091 17 155,466 4 100,683 6 97,836 3 65,484 2 16,186 10 17,517 2 20,350 3 8,012 1 1,950 1 518 2 161 0 0 1 4,836 2 6,293 3 1,486 900 5,314,322

2019 YTD # Deals $ Raised (K) 100 294,513 37 140,371 7 17,524 16 7,381 1 1,261 2 1,132 0 0 0 0 0 0 0 0 1 46,638 5 50,488 0 0 3 6,725 0 0 0 0 4 80,986 1 68,556 0 0 0 0 0 0 0 0 0 0 0 0 2 886 0 0 0 0 1 222 180 716,682

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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) 4 4,309 185 167,381 6 5,636 2 345 2 1,067 1 82 0 0 1 1,123 96 147,710 0 0 25 22,642 9 7,470 1 400 66 77,653 6 1,352 10 14,967 5 9,128 5 18,995 5 9,661 3 910 432 490,831

2017 # Deals $ Raised (K) 19 35,235 327 519,672 12 6,531 0 0 2 474 0 0 1 404 3 3,691 125 368,636 0 0 45 53,063 7 7,562 4 2,553 109 320,662 5 3,292 7 6,935 6 11,491 6 10,307 8 16,283 17 22,356 703 1,389,147

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2018 # Deals $ Raised (K) 23 160,489 372 865,005 11 1,611 0 0 3 3,478 6 2,420 6 3,413 1 3,227 125 749,671 0 0 47 76,781 4 2,794 4 2,117 240 3,340,090 5 3,625 9 12,906 6 4,955 8 22,063 3 6,693 27 52,984 900 5,314,322

2019 YTD # Deals $ Raised (K) 7 14,674 66 219,336 3 20,700 0 0 1 1,261 0 0 0 0 0 0 26 67,649 0 0 13 6,435 1 426 0 0 48 369,788 4 1,029 1 1,012 2 2,369 1 1,172 3 8,844 4 1,987 180 716,682

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

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

2016 # Deals $ Raised (K) 45 97,083 24 108,511 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 0 0 0 0 0 0 0 0 69 205,594

2017 # Deals $ Raised (K) 124 329,823 34 371,107 1 2,083 0 0 0 0 0 0 0 0 0 0 0 0 1 145 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 160 703,158

2018 # Deals $ Raised (K) 153 703,643 65 626,968 2 7,257 1 2,310 4 686,687 6 434,656 1 415,971 1 288,091 8 440,716 15 153,430 4 100,683 5 67,836 2 62,363 2 16,186 2 20,350 3 10,449 0 0 1 4,836 2 6,293 277 4,048,725

2019 YTD # Deals $ Raised (K) 47 202,220 13 110,271 5 9,218 2 646 0 0 0 0 1 46,638 0 0 4 25,488 3 6,725 0 0 0 0 3 80,171 1 68,556 0 0 0 0 2 886 0 0 0 0 81 550,819

Canada USA Israel Total

2016 # Deals $ Raised (K) 69 205,594 0 0 0 0 69 205,594

2017 # Deals $ Raised (K) 159 703,013 1 145 0 0 160 703,158

2018 # Deals $ Raised (K) 221 1,340,178 54 2,702,254 2 6,293 277 4,048,725

2019 YTD # Deals $ Raised (K) 67 322,355 14 228,464 0 0 81 550,819

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

Cannabis - Life Sciences, By Major Assets - Province, State, Country British Columbia Ontario Alberta Quebec Massachusetts Illinois New York New Jersey Arizona California Colorado Ohio Nevada Florida Minnesota Rhode Island Washington Kentucky Oregon Wyoming Serbia Israel Congo DR Colombia Total

2016 # Deals $ Raised (K) 42 74,257 23 96,511 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 1 1,300 0 0 1 12,000 0 0 0 0 0 0 0 0 0 0 69 205,594

2017 # Deals $ Raised (K) 107 264,669 24 227,747 2 2,363 5 8,351 0 0 0 0 3 40,308 0 0 4 76,024 0 0 2 6,051 0 0 6 12,854 0 0 0 0 0 0 3 2,510 0 0 3 59,781 0 0 1 2,500 0 0 0 0 0 0 160 703,158

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2018 # Deals $ Raised (K) 114 483,230 41 479,733 5 39,130 9 14,771 3 166,603 8 436,021 3 450,926 1 520,084 4 347,055 15 465,410 15 153,430 4 100,683 21 163,105 2 62,363 2 16,186 2 20,350 8 18,751 0 0 9 70,431 0 0 4 14,019 3 6,693 2 7,079 2 12,672 277 4,048,725

2019 YTD # Deals $ Raised (K) 34 158,720 9 58,529 4 6,213 2 646 0 0 0 0 1 46,638 0 0 0 0 7 33,979 3 6,725 0 0 6 61,162 3 80,171 1 68,556 0 0 3 8,313 2 886 2 10,425 0 0 0 0 3 8,844 1 1,012 0 0 81 550,819

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

Cannabis - Life Sciences, By Major Assets - Province, State, Country Canada USA Serbia Israel Congo DR Colombia Total

2016 # Deals $ Raised (K) 65 170,768 4 34,826 0 0 0 0 0 0 0 0 69 205,594

2017 # Deals $ Raised (K) 138 503,130 21 197,528 1 2,500 0 0 0 0 0 0 160 703,158

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2018 # Deals $ Raised (K) 169 1,016,864 97 2,991,398 4 14,019 3 6,693 2 7,079 2 12,672 277 4,048,725

2019 YTD # Deals $ Raised (K) 49 224,108 28 316,855 0 0 3 8,844 1 1,012 0 0 81 550,819

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

By Deal Classification Non-Brokered Brokered Prospectus Offering Rights Offering Total

2016 # Deals $ Raised (K) 407 340,837 20 145,760 4 2,423 1 1,811 432 490,831

2017 # Deals $ Raised (K) 651 916,332 33 428,892 15 32,188 4 11,735 703 1,389,147

2018 # Deals $ Raised (K) 787 2,095,133 62 2,447,322 50 768,996 1 2,871 900 5,314,322

2019 YTD # Deals $ Raised (K) 156 409,737 14 166,489 9 140,177 1 279 180 716,682

2017 # Deals $ Raised (K) 36 53,662 0 0 1 8,274 21 13,012 645 1,314,199 703 1,389,147

2018 # Deals $ Raised (K) 52 62,209 2 9,762 3 5,728 30 15,530 813 5,221,093 900 5,314,322

2019 YTD # Deals $ Raised (K) 2 9,703 0 0 1 1,465 0 0 177 705,514 180 716,682

2018 # Deals $ Raised (K) 624 3,570,414 138 1,170,219 138 573,689 900 5,314,322

2019 YTD # Deals $ Raised (K) 135 431,354 33 180,898 12 104,430 180 716,682

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

2016 # Deals $ Raised (K) 13 8,610 0 0 0 0 4 398 415 481,823 432 490,831

*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) 289 364,583 95 88,511 48 37,737 432 490,831

2017 # Deals $ Raised (K) 461 897,703 148 292,157 94 199,287 703 1,389,147

*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 units/FT shares or FT units Common units or shares/others FT shares/units Subscription Receipt Special Warrants Convertible Debt Prom. Note/Loan/Debt Total

Select Verticals 2019 YTD # Deals $ Raised (K) 39 88,980 91 214,776 2 705

3

51,854

2 8 3 30 2 180

540 122,376 1,768 235,213 470 716,682

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Cannabis GoldSilver Investment

2019 YTD # Deals $ Raised (K) 94 597,732 20 11,302 8 5,115

TechMetals

8

4,772

BlockchainCrypto Biotech CleanTech AdTech eCommerce eSports

6 4 7 1 1 1

37,141 2,309 11,083 1,798 1,414 1,109

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

By To 10 Geo-Funding Sources Ontario British Columbia United States (USA) Alberta Cayman Islands Quebec United Kingdom (UK) Bahamas Australia New Brunswick

2019 YTD # Deals* $ Invested (K) 94 123,672 118 101,312 47 56,233 61 27,363 11 17,098 40 16,059 17 10,710 6 9,897 13 7,224 11 6,847

*deal participated, not to add up

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

2019 YTD # Deals* $ Invested (K) 94 123,672 118 101,312 61 27,363 40 16,059 11 6,847 6 1,163 4 244 2 121 2 96 3 36 1 20 0 0

Top 5 Brokers/Dealers/Finders - 2019 YTD Underwriter/Finder # Deals $Total Deal (K)* Canaccord Genuity Corp.

32 375,228 GMP Securities L.P. 7 197,336 Haywood Securities Inc. 20 187,689 PI Financial Corp.

18 153,650 Mackie Research Capital Corporation 16 140,534 * 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: March 2019* Company Name Cansortium Inc. MLI Marble Lending Inc. CB2 Insights Inc. DigiCrypts Blockchain Solutions Inc. Blackhawk Resource Corp.

California Gold Mining Inc.

Symbol

Mechanism

CSE: TIUM.U CSE: MRBL CSE: CBII CSE: DIGI

IPO IPO Non-offering Non-offering

CSE: BLR CSE: CGM

TSX-V TSX-V

City View Green Holdings Inc. CSE: CVGR

TSX-V

First Energy Metals Limited

CSE: FE

TSX-V

Orchid Ventures, Inc. Vireo Health International, Inc. World Class Extractions Inc.

CSE: ORCD CSE: VREO

TSX-V TSX-V

CSE: PUMP

TSX-V

Other Listing

* excluded : 8 issuers that either underwent fundamental changes or simple name or symbol changes

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

New Issuers by Sector Category Cannabis 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 15 9 6 4 34

2017 10 8 48 66

2018 38 28 57 123

2019 YTD 13 5 16 34

*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

Methodology Included: exercises of warrant, option and over-allotment option, and debt settlement 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 (March 31, 2019) Ontario British Columbia United States (USA) Alberta Cayman Islands Quebec United Kingdom (UK) Bahamas Australia New Brunswick Luxembourg Thailand Germany Mexico Switzerland Sweden Nova Scotia Hong Kong Singapore Saskatchewan Malta China Portugal Prepared by CPE Media Inc. for The Canadian Securities Exchange (CSE)

2019 # Deals* 94 118 47 61 11 40 17 6 13 11 5 9 14 4 14 3 6 9 6 11 3 6 2

$ Invested (K)

123,672 101,312 56,233 27,363 17,098 16,059 10,710 9,897 7,224 6,847 3,051 2,772 2,498 1,662 1,248 1,178 1,163 1,073 894 893 665 633 567 1 of 3

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

GMP Securities L.P. Haywood Securities Inc. PI Financial Corp.

Mackie Research Capital Corporation Eight Capital Industrial Alliance Securities Inc. Beacon Securities Limited Paradigm Capital Inc. Leede Jones Gable Inc. Echelon Wealth Partners Inc. Cormark Securities Inc. First Republic Capital Corporation BMO Nesbitt Burns Inc. Desjardins Securities Inc. Eventus Capital Corp.

Zelos Capital Ltd. Gravitas Securities Inc. Raymond James Ltd. Terra Cotta Investment Counsel Inc. Acumen Capital Finance Partners Limited Dominick Capital Corporation Scotia Capital Inc. TD Securities Inc. Richardson GMP Limited Chippingham Financial Group Limited AltaCorp Capital Inc. Tri View Capital Ltd. CIBC World Markets Inc. Gravitas Financial 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 Exempt Market Dealer Investment Dealer Investment Dealer Exempt Market Dealer Exempt Market Dealer Investment Dealer Investment Dealer Exempt Market Dealer Investment Dealer Investment Dealer Investment Dealer Investment Dealer Investment Dealer Investment Dealer Investment Dealer Exempt Market Dealer Investment Dealer Other

Underwriter/Finders # Deals 32 7 20 18 16 3 5 4 1 12 8 1 2 4 1 1 1 4 6 1 2 1 1 1 2 1 1 2 1 1

$ (K)*

375,228 197,336 187,689 153,650 140,534 123,651 89,581 87,683 70,925 55,183 53,203 50,000 42,460 39,901 35,088 35,088 35,088 10,983 10,554 7,372 5,615 5,415 5,415 5,415 5,261 5,200 5,095 4,775 4,071 4,071

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The Canadian Securities Exchange (CSE) Financing Activity Brokers/Dealers - Year to Date (March 31, 2019) Hunter Capital Advisors Pty Ltd Hampton Securities Limited EDE Asset Management Inc. Intrynsyc Capital Corporation Foundation Markets Inc. Kingsdale Capital Markets Inc. 2242257 Ontario Inc. INFOR Financial Inc. Hatchette Holdings Ltd. Emerging Equities Inc. Foster & Associates Financial Services Inc Accilent Capital Management Inc. Red Cloud Klondike Strike Inc. Crowthorn Capital Corporation EMD Financial Inc.

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

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

$ (K)*

4,071 3,838 3,270 2,045 1,920 1,798 1,597 1,597 1,400 1,262 1,107 440 426 400 200

* sum of the total deal value involved - 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.

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The Canadian Securities Exchange (CSE) Financing Activity Full List of Geo Funding Sources - Year to Date (March 31, 2019) United Arab Emirates (UAE) Malaysia Paraguay Manitoba Gibraltar Austria Belgium Monaco Liechtenstein Barbados Netherlands South Africa Spain Ireland Saint Kitts and Nevis Virgin Islands British (BVI) Indonesia Guernsey Norway Philippines Yukon Israel Dominica Prepared by CPE Media Inc. for The Canadian Securities Exchange (CSE)

2019 # Deals* 5 1 5 12 1 2 7 4 2 2 5 2 3 3 2 4 2 2 2 1 2 4 1

$ Invested (K)

518 500 500 401 360 338 333 330 325 300 298 272 264 252 250 149 140 127 124 100 96 87 75 2 of 3

The Canadian Securities Exchange (CSE) Financing Activity Full List of Geo Funding Sources - Year to Date (March 31, 2019) Lithuania Poland New Zealand Belize India Taiwan Prince Edward Island Russian Federation Denmark Japan Newfoundland and Labrador Antigua and Barbuda Ghana Bangladesh Greece Italy Saudi Arabia

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

$ Invested (K)

75 67 66 43 40 40 36 35 33 26 20 20 20 10 9 7 5

* sum of number of deals involved - 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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