1 TSX Presentation Final - January 9 2013 [Modo de compatibilidad]

1 TSX Presentation Final - January 9 2013 [Modo de compatibilidad]

Listing on the TSX and TSXV for Chilean
and other Latin American Companies
Darrell Podowski
Partner, McMillan LLP
Chair, National Mining Group
McMillan – Firm Profile
McMillan is a leading international business law firm
committed to client service and professional excellence for
over 100 years
Offices in Vancouver, Calgary, Toronto, Ottawa, Montréal
and Hong Kong, and nearly 350 lawyers
Particular expertise in corporate commercial law, Canadian
and US securities law and mining
2
McMillan – Perfil de la Empresa
McMillan es una firma internacional líder con más de 100
años de experiencia, y con un fuerte compromiso por el
servicio profesional de excelencia.
Con oficinas en Vancouver, Calgary, Toronto, Ottawa,
Montreal y Hong Kong, con cerca de 350 abogados
Con una vasta experiencia en derecho corporativo,
comercial y mercados de valores (Canadá y EE.UU).
3
Differences Between TSX and TSXV
Toronto Stock Exchange (TSX)
TSX Venture Exchange (TSXV)
4
Why Canada?
Economically stable
Ranked #1 in Forbes’ annual
review The Best Countries
for Business
Canada is the fourth largest
equity market by float
capitalization in the MSCI
World Index
World’s soundest banking system*
Lowest debt-to-GDP among G7
Strong equity culture
* World Economic Forum, 2011-2012, fourth year in a row
5
¿Por qué Canada?
Económicamente estable
Clasificado como No.1 en la revista
anual de Forbes Los mejores
países para hacer negocios (The
Best Countries for Business)
Canadá es el cuarto mercado de
valores más grande del mundo por
capital circulante en el Índice
Mundial de MSCI
El sistema bancario más sólido del
mundo*
Tiene la menor proporción
deuda-PIB entre los países del G7
Sólida cultura accionaria
* Fuente: Foro Económico Mundial, 2011-2012, por cuarto años consecutivos
6
The World Lists on TSX and TSXV
Total International Listings as at June 30, 2012 = 354
TSX = 194 listings • QMV = $157.6 B
TSXV = 158 listings • QMV = $3.0 B
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El Mundo Cotiza en el TSX y TSXV
Total de empresas internacionales que cotizan al 30 de junio de 2012 = 354
TSX = 194 empresas que cotizan • Precio de cotización (QMV)=$157,600 millones
TSXV = 160 empresas que cotizan • QMV= $3,000 millones
8
Why the World Lists on TSX and TSXV
Access to capital
Liquidity
Diverse issuer base
Service at all stages of growth
Partner with a global leader
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¿Por qué el Mundo Cotiza en el TSX y TSXV?
Acceso a capital
Liquidez
Base diversificada de emisores
Servicio en todas las etapas
del desarrollo
Asociación con un líder
mundial
10
Access to Capital
Source: Gamah International, 2011, compiled by Toronto Stock Exchange
11
Acceso a capital
Fuente: Gamah International, 2011, compilado por Toronto Stock Exchange
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Strong Liquidity
Source: TSX/TSXV and LSE/AIM Info. Amounts are in C$Billions
13
Liquidez Sólida
Fuente: Información de TSX/TSXV y LSE/AIM. Los montos se expresan en C$Billónes
14
Diverse Issuer Base
Source: Infomine
15
Diversidad de la base de emisores
Fuente: Infomine
16
Service at All Stages of Growth
Market Capitalization, December 31, 2011
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Servicio en todas las etapas del desarrollo
552
emisores
151
Capitalización bursátil,,31 de December de 2011
*Del 1 de enero de 2000 al 30 de junio de 2012
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Partner with a Global Leader
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Asociación con un líder mundial
20
TSX and TSXV Companies are Mining in Chile and South
America
Colombia
59
Number of TSX/TSXV
Mining Companies in Chile
Guyana Suriname
French Guyana
12
Venezuela
39
5
8
3
138
Ecuador
17
Brazil
Peru
50
89
Number of Chilean
Mining Properties
Bolivia
Chile
$218M
Amount of Equity Capital Raised
in 2012 on TSX and TSXV for
Chilean Mining Projects
17
59
Paraguay
4
3
67
Argentina
Date: As of June 30, 2012
21
4
Uruguay
Number of New Listings
in 2012 with Projects in Chile
Empresas del TSX y TSXV con Operaciones Mineras en
Chile y América del Sur
Guyana
Venezuela
Colombia
12 5
8
39
59
Surinam
Guyana Francesa
3
138
Ecuador
17
Número de empresas de minería de
TSX/TSXV en Chile
Perú
Brasil
89
50
Número de propiedades de
minería en Chile
Bolivia
17
Paraguay
$218M
Monto del capital accionario recaudado
en 2011 en TSX y TSXV
para proyectos de minería Chile
4
3
Chile
59
67
4
Argentina
Uruguay
Número de empresas de
minería que están
explorando en Sudamérica
Fecha: A partir del 30 de Junio de 2012
22
Número de nuevas empresas que
cotizaron en 2012 con proyectos en Chile
12 Nuevas en el primer semestre de 2012
Cómo cotizar en
TSX y TSXV
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How to List on the TSX and TSXV
Technical Listing Requirements (applied to all listing methods):
Management Track Record and Experience
Minimum Property Ownership
Work Program
Sufficient Working Capital and/or Mine Life
National Instrument 43-101 Technical Report
24
Criterios específicos para cotizar
Requisitos para cotizar en bolsa
Trayectoria y experiencia en la administración de
compañías mineras listadas.
Requerimiento mínimo de posesión de propiedades
Programas de trabajo
Capital de trabajo suficiente/Vida útil de la mina
Informe Técnico NI 43-101
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Listing Requirements for Mining
Companies
TSX:
exploration
stage
TSX:
producer
TSXV Tier 1
TSXV Tier 2
Property Requirements
Advanced
Exploration
Property
Minimum 50%
ownership in
the property
Three years proven
and probable
reserves as
estimated by an
independent
qualified person (if
not in production,
a production
decision made)
Material
interest in a
Tier 1 property
Significant interest in
a qualifying property
or, at discretion of
the Exchange, hold
rights to earn a
qualifying property
with sufficient
evidence of now less
than $100,000
expenditures in the
past three years prior
to Application for
Listing
Recommended Work Program
$750,00 on
advanced
exploration
property as
recommended
in independent
technical report
Bringing the mine
into commercial
production
$500,000 on
the Tier 1
property as
recommended
by geological
report
$200,000 on the
qualifying property as
recommended by
geological report
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Listing Requirements for Mining
Companies
TSX:
exploration stage
TSX:
producer
TSXV Tier 1
TSXV Tier 2
Working Capital and Financial
Resources
Minimum $2.0 million
working capital, but
sufficient to complete
recommended
programs, plus 18
months G&A,
anticipated property
payments and capital
expenditures.
Appropriate capital
structure
Adequate funds to
bring the property
into commercial
production; plus
adequate working
capital for all
budgeted capital
expenditures and
to carry on the
business.
Appropriate capital
structure
Adequate working
capital and financial
resources to carry out
stated work program
or execute business
plan for 18 months
following listing;
$200,000 unallocated
funds
Adequate working
capital and
financial resources
to carry out stated
work program or
execute business
plan for 12
months following
listing; $100,000
unallocated funds
Net Tangible Assets, Earnings
or Revenue
$3,000,000 net
tangible assets
$4,000,000 net
tangible assets;
evidence indicating
a reasonable
likelihood of future
profitability
supported by a
feasibility study or
historical
production and
financial
performance
$2,000,000 net
tangible assets
No requirement
Other criteria
Up-to-date, comprehensive technical report
prepared by independent qualified person
and 18 month projection (by quarter) of
sources and uses of funds, signed by CFO
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Geological report
recommending
completion of work
order
Listing Requirements for Mining
Companies
TSX:
exploration stage
TSX:
producer
TSXV Tier 1
TSXV Tier 2
Management and Board of
Directors
Management, including board of directors should have adequate experience and
technical expertise relevant to the company’s business and industry as well as
adequate public company experience. Companies are required to have at least
two independent directors.
Distribution, Market
Capitalization and Public
$4,000,000 publicly held 1,000,000
free trading public shares; 300 public
holders with board lots
Public float of
1,000,000 shares;
250 Public
Shareholders each
holding a Board Lot
and having no
Resale Restrictions
on their shares;
20% of issued and
outstanding shares
in the hands of
Public Shareholders
Required (may be waived if sufficient
previous 3rd party due diligence)
Sponsor report may be required
Float
Sponsorship
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Public float of
500,000 shares;
200 Public
Shareholders
each holding a
Board Lot and
having no
Resale
Restrictions on
their shares;
20% of issued
and outstanding
shares in the
hands of Public
Shareholders
29
30
National Instrument 43-101
Establishes standards for disclosure of scientific and
technical information in Canada regarding mineral projects
Requires that disclosure be based on a technical report or
other information prepared by or under the supervision of a
qualified person
31
Instrumento Nacional 43-101
Establece normas para la divulgación en Canadá de
información científica y técnica, con respecto a
determinados proyectos mineros.
Requiere que la divulgación de información se haga sobre la
base de un informe técnico u otro tipo de información
preparada, por o bajo la supervisión de una persona
calificada.
32
How Can International Mining Companies Access the
TSX and TSXV?
Dual Listing
Initial Public Offering
Reverse Take Over
Listing Application
Capital Pool Company (TSXV only)
33
¿Como hacen las compañías mineras internacionales
para acceder al TSX Y TSXV?
Las compañías mineras tienen una cotización dual, tanto en
una de las bolsa de valores TMX y otra en una bolsa de
valores local.
IPO.
RTO
Listarse directamente en la bolsa.
CPC (Empresa Capital Conjunto-TSXV)
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Canada wants you!
TSX and TSXV are mining friendly exchanges
Lots of opportunities for Chilean mining companies
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Canadá require a Chile!
TSX y TSXV son bolsas de valores amistosas a la industria minera
Muchas oportunidades para compañías mineras Chilenas
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Muchas Gracias
Darrell Podowski
Partner, McMillan LLP
Chair, National Mining Group
Vancouver, British Columbia, Canada
[email protected]
1-604.691.6857
www.mcmillan.ca