CSE Financing Report - April 2019

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CSE Financing April 2019

Prepared for the CSE by

Photo credit: Rupert Britton via unsplash

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Financing Activities • 64 financings raised $337.3 million in April, down 27% and 41% from the total number of deals and total amount raised in March respectively;

Highlights

• YTD: 245 financings for $1.056 billion.

• RTO/Non-offering types of financing raised $86.4 million in April, down 28% from $119.2 million in March.

• Cannabis issuers raised $247.8 million or 73% of the total amount in April; YTD:

April 2019 & Year-To-Date (YTD, L4/30/19) EARN MORE

cannabis issuers raised $797.9 million in 109 financings or 76% of the total amount and 44% of the total number of financings.

• YTD: BC based issuers raised $488.4 million (46% of the total); US issuers and issuers with major US assets raised $495.3 million (47% of the total amount).

Listings •

9 new issuers listed in April; YTD: 43 new issuers listed

•

As of May 13, 2019, 70 issuers were seeking CSE listing approval.

3 CSE Financing – April 2019

Average deal size down slightly Both deal number and amount raised in April were down from those of March, as a result, the average deal size was down 19% from that of March.

Three largest deals in April: Indus Holdings (CSE: INDS; RTO Financing - US $40M), Valens GroWorks (CSE: VGW; Bought Deal - $43M), Eco Oro Minerals (CSE: EOM; Debt Financing - US $28M)

4 CSE Financing – April 2019

RTO type share continues to trail that of 2018 11 RTO type of deals raised $86.4 million in April, down from 11 financings for $119.2 million in March.

YTD: 31 RTO type of deals raised $220.6 million or 21% of the total amount.

Indus Holding’s US $40 million or CDN $53.8 million Subscription Receipts financing, through an Ontario special purpose financing vehicle, so far is the largest RTO financing in 2019.

5 CSE Financing – April 2019

Share of issuers with foreign operations up BC based issuers continue to be the largest receipts of all funding with $488.4 million.

US based issuers raised $343.8 million for 33% of the total amount, down from 52% in 2018.

Issuers with major foreign operations increased fundraising activity, raising $104.6 million or 10% of the total amount.

US issuers and issuers with major US operations down in fundraising, capturing only 47% of the total amount.

6 CSE Financing – April 2019

Cannabis share of total amount stable - YTD Cannabis issuers raised $797.9 million or 76% of the total amount, identical to the cannabis share in 2018.

Mining issuers increased fundraising activity, raising $86.9 million or 8% of the total, up from 4% share in 2018.

Fundraising by blockchain issuers dropped substantially, capturing less than 0.15% of the total amount, comparing to 3% share in 2018.

7 CSE Financing – April 2019

Cannabis issuers with foreign operations up in fundraising Cannabis issuers with foreign operations are increasing their presence through listings and fundraising. This in turn drives the overall fundraising by all issuers with foreign operations.

US issuers and issuers with major US cannabis operations raised $414.2 million, or 52% of total cannabis amount, down from 74% in 2018.

Major Assets

2016

2017

2018

2019

Canada

170.8

503.1

1,017.9

326.3

USA

34.8

197.5

2,991.4

414.2

United Kingdom

0.0

0.0

0.0

24.4

Serbia

0.0

2.5

14.0

0.0

Israel

0.0

0.0

6.7

11.7

Congo DR

0.0

0

7.1

3.5

Colombia

0.0

0.0

12.7

17.8

Total

205.6

703.2

4,048.7

797.9

8 CSE Financing – April 2019

New listings and pending listings remain stable 9 new issuers listed on the CSE, including 4 switch

Mechanism

New Listings in April

Pending Listing (as of May 13, 2019)

IPO

4

19

TSX Venture

4

20

As of May 13, 2019, 70 issuers were applying or

RTO/Non-offering

1

22

sought to list on the CSE.

OTC Cross Listing

0

9

Total

9

70

listings from TSX Venture Exchange, 4 IPO listings and 1 RTO/Non-offering listing.

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Mega US cannabis M&As may impact major US listings and fundraising May 1, 2019

April 22, 2019

Curaleaf Holdings (CSE: CURA) to acquire Cura Partners, Inc. in an all-stock transaction valued at CDN $1.27B or US $948.8M

Harvest Health & Recreation (CSE: HARV) to acquire Verano Holdings, LLC for US $850M

IMPACT – Cura Partner raised US $75M in November 2018 in preparation for a likely listing on the CSE.

IMPACT – Verano was in the process of seeking CSE listing through a RTO with Newton Energy Corporation (TSX-V: NTN.H).

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Other results

first 4 months, 2019 • Non-traditional types of deals, including exercises of warrant,

• Cannabis vertical issuers raised $881.2 million, representing 83% of the

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

total. GoldSilver vertical issuers raised $53.1 million or 5% while

$12.1 million or 1% of the total amount.

Blockchain vertical issuers raised $38.0 million for 4% of the total.

• Exempt type of deals raised $946.7 million or 90% of the total

•

amount.

• Convertible debt type of deals raised $258.5 million or 24% of the

Investors from 74 jurisdictions participated in CSE financings (see full list for details).

•

Investors from Ontario, USA, BC, Alberta, and Cayman Islands were the

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

top five funding sources, collectively investing $510.1 million or 48% of

$510.0 million or 48% of the total.

the total amount.

• Non-brokered type of deals led with $621.1 million or 59% of the total amount.

•

56 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 88 571,846 64 337,320

245

1,055,805

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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) 9 81,687 129 430,107 7 3,025 31 220,568 35 237,059 6 60,338 28 23,020 245 1,055,805

April 2019 # Deals $ Raised (K) 4 1,550 30 163,637 2 605 11 86,383 6 24,858 3 58,568 8 1,719 64 337,320

March 2019 # Deals $ Raised (K) 2 76,175 53 221,685 0 0 11 119,189 14 135,615 2 1,600 6 17,581 88 571,846

2019 YTD # Deals $ Raised (K) 9 81,687 129 430,107 7 3,025 31 220,568 35 237,059 6 60,338 28 23,020 245 1,055,805

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

April 2019 # Deals $ Raised (K) 2 4,951 28 247,792 4 1,188 1 500 16 47,180 3 2,191 10 33,518 0 0 0 0 64 337,320

March 2019 # Deals $ Raised (K) 2 3,375 47 466,193 6 8,684 0 0 18 29,059 2 8,148 12 55,572 0 0 1 815 88 571,846

2019 YTD # Deals $ Raised (K) 10 12,103 109 797,911 20 18,080 5 1,583 56 86,935 8 11,864 34 126,099 1 115 2 1,115 245 1,055,805

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2019 YTD # Deals $ Raised (K) 10 12,103 109 797,911 20 18,080 5 1,583 56 86,935 8 11,864 34 126,099 1 115 2 1,115 245 1,055,805

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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) 146 488,373 47 185,010 10 28,595 17 7,426 1 1,261 2 1,132 0 0 0 0 0 0 0 0 1 46,638 8 136,499 0 0 3 6,725 0 0 0 0 4 80,986 1 68,556 1 2,911 0 0 0 0 1 586 0 0 0 0 2 886 0 0 0 0 1 222 245 1,055,805

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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) 13 54,965 96 298,946 4 20,900 0 0 1 1,261 0 0 1 45 0 0 29 72,151 0 0 15 6,597 3 1,031 0 0 60 495,306 5 1,555 2 3,519 3 10,384 2 25,538 4 11,664 7 51,943 245 1,055,805

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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 Oregon 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 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 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 0 0 2 6,293 277 4,048,725

2019 YTD # Deals $ Raised (K) 67 332,219 17 140,767 5 9,218 2 646 0 0 0 0 1 46,638 0 0 7 111,499 3 6,725 0 0 0 0 3 80,171 1 68,556 0 0 0 0 2 886 0 0 1 586 0 0 109 797,911

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) 91 482,850 18 315,061 0 0 109 797,911

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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 United Kingdom 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 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 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 0 0 4 14,019 3 6,693 2 7,079 2 12,672 277 4,048,725

2019 YTD # Deals $ Raised (K) 47 229,363 10 60,878 6 35,313 3 782 0 0 0 0 1 46,638 0 0 0 0 11 120,915 3 6,725 0 0 7 68,662 3 80,171 1 68,556 0 0 3 8,313 2 886 4 13,333 0 0 1 24,366 0 0 4 11,664 2 3,519 1 17,827 109 797,911

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

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

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

2017 # Deals $ Raised (K) 138 503,130 21 197,528 0 0 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 0 0 4 14,019 3 6,693 2 7,079 2 12,672 277 4,048,725

2019 YTD # Deals $ Raised (K) 66 326,336 35 414,199 1 24,366 0 0 4 11,664 2 3,519 1 17,827 109 797,911

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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) 211 621,066 19 282,790 14 151,670 1 279 245 1,055,805

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) 3 10,617 0 0 1 1,465 0 0 241 1,043,723 245 1,055,805

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

2019 YTD # Deals $ Raised (K) 185 633,654 43 313,007 17 109,144 245 1,055,805

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) 59 110,949 114 334,335 3 731

5

63,961

3 12 6 37 6 245

940 205,678 20,136 258,537 60,538 1,055,805

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Cannabis GoldSilver Investment

2019 YTD # Deals $ Raised (K) 132 881,193 29 53,078 9 5,125

TechMetals

14

9,776

BlockchainCrypto Biotech CleanTech AdTech eCommerce eSports

9 4 10 1 1 2

38,004 2,309 13,274 1,798 1,414 1,362

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

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

2019 YTD # Deals* $ Invested (K) 122 160,283 67 140,243 170 134,471 86 51,612 17 23,477 51 17,654 26 14,012 8 10,055 20 10,027 11 6,847

*deal participated, not to add up

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

2019 YTD # Deals* $ Invested (K) 122 160,283 170 134,471 86 51,612 51 17,654 11 6,847 6 1,163 16 1,226 14 673 2 96 3 36 1 20 1 50 0 0

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

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

Underwriter/Finder # Deals $Total Deal (K)* 47 532,960 27 317,502 10 265,657 27 225,753 6 213,921

* 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: April 2019* Symbol Company Name Aether Catalyst Solutions, Inc. CSE: ATHR

Mechanism

Bond Resources Inc. Indus Holdings, Inc. Karam Minerals Inc. POSaBIT Systems Corp.

Rain City Resources Inc.

CSE: BJB CSE: INDS CSE: KMI CSE: PBIT CSE: RAIN

IPO TSX-V IPO TSX-V IPO

Skyledger Tech Corp.

Talisker Resources Ltd.

CSE: SKYL CSE: TSK

IPO TSX-V

Vibe Bioscience Ltd.

CSE: VIBE

TSX-V

Other Listing

Non-offering

* excluded : 7 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 18 13 8 4 43

2017 10 8 48 66

2018 38 28 57 123

2019 YTD 17 9 17 43

*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 United States (USA) British Columbia Alberta Cayman Islands Quebec United Kingdom (UK) Bahamas Australia New Brunswick Luxembourg Thailand Germany Hong Kong Switzerland Mexico Saskatchewan Singapore Sweden Nova Scotia Bermuda China Manitoba Prepared by CPE Media Inc. for The Canadian Securities Exchange (CSE)

2019 # Deals* 122 67 170 86 17 51 26 8 20 11 6 12 20 10 19 4 16 9 3 6 3 10 14

$ Invested (K)

160,283 140,243 134,471 51,612 23,477 17,654 14,012 10,055 10,027 6,847 3,311 3,233 3,145 1,873 1,682 1,662 1,226 1,181 1,178 1,163 1,125 810 673 1 of 4

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

2019 # Deals* 3 3 2 5 1 5 8 7 9 1 6 4 2 2 3 4 3 2 1 4 2 2 2

$ Invested (K)

665 578 567 518 500 500 499 453 383 360 360 350 325 300 264 262 258 164 163 149 140 127 124 2 of 4

The Canadian Securities Exchange (CSE) Financing Activity Full List of Geo Funding Sources - Year to Date (March 31, 2019) Panama New Zealand Chile Philippines Yukon Saudi Arabia India Dominica Lithuania Poland Estonia Belize Nunavut Czech Republic Taiwan Prince Edward Island Russian Federation Denmark Japan Anguilla Ghana Newfoundland and Labrador Bangladesh Prepared by CPE Media Inc. for The Canadian Securities Exchange (CSE)

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

$ Invested (K)

109 104 100 100 96 90 80 75 75 67 64 51 50 49 40 36 35 33 26 20 20 20 10 3 of 4

The Canadian Securities Exchange (CSE) Financing Activity Full List of Geo Funding Sources - Year to Date (March 31, 2019) France Cyprus Greece Italy Argentina

2019 # Deals* 1 1 1 1 1

$ Invested (K)

10 9 9 7 4

* 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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The Canadian Securities Exchange (CSE) Financing Activity Brokers/Dealers - Year to Date (April 30, 2019) Canaccord Genuity Corp.

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

Beacon Securities Limited Industrial Alliance Securities Inc. Cormark Securities Inc. Paradigm Capital Inc. AltaCorp Capital Inc. Echelon Wealth Partners Inc. Leede Jones Gable Inc. Raymond James Ltd. INFOR Financial Inc. First Republic Capital Corporation BMO Nesbitt Burns Inc. Desjardins Securities Inc. Eventus Capital Corp.

Zelos Capital Ltd. Dominick Capital Corporation Laurentian Bank Securities Inc. Gravitas Securities Inc. Acumen Capital Finance Partners Limited Scotia Capital Inc. Hampton Securities Limited Individual Finder Fee Catch-all Integral Wealth Securities Limited Sprott Capital Partners LP Richardson GMP Limited

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

Underwriter/Finders # Deals 47 27 10 27 6 23 5 7 3 2 3 9 13 8 2 2 4 1 1 1 4 1 5 3 2 3 8 1 1 3

$ (K)*

532,960 317,502 265,657 225,753 213,921 182,284 141,453 113,081 111,270 88,752 77,220 58,770 57,883 55,719 55,367 42,460 39,901 35,088 35,088 35,088 31,197 29,000 26,983 21,615 21,415 19,838 19,802 17,827 17,827 10,828

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The Canadian Securities Exchange (CSE) Financing Activity Brokers/Dealers - Year to Date (April 30, 2019) Terra Cotta Investment Counsel Inc. EDE Asset Management Inc. TD Securities Inc. Chippingham Financial Group Limited Tri View Capital Ltd. Foundation Markets Inc. CIBC World Markets Inc. Gravitas Financial Inc. Hunter Capital Advisors Pty Ltd Boom Capital Markets Inc. Merlin Partners LLP Peak Asset Management Pty Ltd. Intrynsyc Capital Corporation Kingsdale Capital Markets Inc. Ascenta Finance Corp.

Stevloc Management Inc. 2242257 Ontario Inc. Hatchette Holdings Ltd. Lacie Holdings Limited Emerging Equities Inc. Foster & Associates Financial Services Inc Accilent Capital Management Inc. Red Cloud Klondike Strike Inc. Crowthorn Capital Corporation GloRes Capital Inc. EMD Financial Inc.

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

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

$ (K)*

7,372 6,181 5,415 5,200 4,775 4,740 4,071 4,071 4,071 2,911 2,507 2,322 2,045 1,798 1,653 1,653 1,597 1,400 1,390 1,262 1,107 440 426 400 400 200

* 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.

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

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