CSE Financing Report - June 2019

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CSE Financing June 2019

Prepared for the CSE by

Photo credit: canningd20020 via pixabay

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Financing Activities • June fundraising experienced a sharp downturn from that of May with 58 financings completing for $157 million, comparing to 94 financings for $980

Highlights June 2019 & Year-To-Date (YTD, 6/30/2019) LEARN MORE

million in May. YTD: 400 financings raised $2.116 billion.

• RTO/Non-offering types of financing raised $3.2 million in June down from $90.6 million in May. • Cannabis issuers raised $118.4 million through 16 financings in June, accounting for 76% of the total amount and 28% of the total number of deals; YTD: cannabis issuers raised $1,746 million in 168 financings for 83% of the total amount and 42% of the total number of deals.

• YTD: BC based issuers continue to lead in total fundraising with $679 million (32% of the total); US issuers and issuers with major US assets or operations raised $1,315 million (62% of the total amount).

Listings •

7 new issuers listed in May; YTD: 57 new issuers listed

•

As of July 12, 2019, 75 issuers were seeking CSE listing approval.

3 CSE Financing – June 2019

Average deal size down in June Both deal number and amount raised were down in June, the resulting average deal size was down sharply from that of May. The average deal size of $2.7 million in June is slight higher than that recorded in February 2019 and in January 2018.

4 CSE Financing – June 2019

Equity type financing gains ground Debt and equity types of financing led in June with $71.7 million and $68.2 million respectively. RTO type of deals captured $3.2 million.

YTD: equity type of deals captured $842.3 million or 40% of the total. RTO type of deals raised $303.1 million accounting for 14% of total, comparing to 51% recorded in 2018.

5 CSE Financing – June 2019

US issuers’ shares approach 2018 level BC based issuers remain the single largest receipt with $679.5 million.

US based issuers raised $1,058 million, slightly ahead of $1,056 million raised by Canadian issuers.

US based issuers or issuers with major US operations, captured $1,315 million or 62% of the total amount.

6 CSE Financing – June 2019

Cannabis issuers fundraising share stable Cannabis issuers captured $1,746 million for the first half of 2019, accounting for 83% of total fundraising.

Diversified and mining sector issuers remain as distant second and third ranked in fundraising, capturing 8% and 6% of the total fundraising respectively for the first half 2019.

7 CSE Financing – June 2019

US Cannabis issuers continue dominance Cannabis issuers based in US or with US operations captured $1,160 million or 66% of the total for the first half of 2019, over half (55%) of the total fundraising by all issuers.

Major Assets

2016

2017

2018

2019

Canada

170.8

503.1

1,016.8

509.6

USA

34.8

197.5

2,975.7

1,159.8

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

16.6

Congo DR

0.0

0

7.1

3.5

Colombia

0.0

0.0

8.3

0

Uruguay

0.0

0.0

0.0

32.4

Total

205.6

703.2

4,028.6

1,746.3

8 CSE Financing – June 2019

New listings, pending listings stable 7 new issuers listed on the CSE in June, including 3 switch listing from TSX Venture Exchange, 2 IPO listings and 2 RTO/Non-offering listing.

As of July 12, 2019, 75 issuers were reportedly applying or sought to list on the CSE.

Mechanism

New Listings in June

Pending Listing (as of July 12, 2019)

IPO

2

18

TSX Venture

3

23

RTO/Non-offering

2

23

OTC Cross Listing

0

11

Total

7

75

9

Other results

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

• Cannabis vertical issuers raised $1,858 million, representing 88% of the

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

total. GoldSilver vertical issuers raised $58 million or 3% while Blockchain

$37.3 million or 2% of the total amount.

vertical issuers raised $42 million for 2% of the total.

• Exempt type of deals raised $1,987 million or 94% of the total

•

amount.

• Convertible debt instrument type of deals raised $562.7 million or

Investors from 83 jurisdictions participated in CSE financings (see full list for details).

•

Investors from USA, Ontario, BC, Bermuda, Alberta ranked as top five

27% of the total amount. Common equity types of deals,

funding jurisdictions. Canadian investors collectively invested $648

collectively, raised $1,005 million or 48% of the total.

million accounting for 31% of the total investment amount.

• Non-brokered type of deals raised $1,293 million or 61% of the total amount.

•

79 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 78 235,093 57 308,496 66 306,931 55 157,613 59 397,436 63 335,304 103 1,168,973 88 1,227,793 83 335,804 898 5,294,241

2019 YTD # Deals $ Raised (K) 43 43,042 51 103,174 86 526,736 68 306,053 94 979,852 58 156,732

400

2,115,590

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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) 28 209,867 568 1,807,230 15 13,750 133 2,710,728 61 254,100 21 266,473 72 32,092 898 5,294,241

2019 YTD # Deals $ Raised (K) 15 83,950 210 842,306 14 25,339 41 303,162 60 435,279 19 389,679 41 35,875 400 2,115,590

June 2019 # Deals $ Raised (K) 2 600 32 68,204 3 951 3 3,160 10 7,952 3 71,709 5 4,156 58 156,732

May 2019 # Deals $ Raised (K) 4 1,663 48 344,856 4 21,363 7 90,623 14 237,046 10 281,103 7 3,199 94 979,852

2019 YTD # Deals $ Raised (K) 15 83,950 210 842,306 14 25,339 41 303,162 60 435,279 19 389,679 41 35,875 400 2,115,590

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 53,758 275 4,028,644 121 110,299 42 139,314 235 225,717 26 30,335 134 683,096 9 7,785 11 15,292 898 5,294,241

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

June 2019 # Deals $ Raised (K) 2 258 16 118,363 9 3,594 1 2,688 21 15,139 3 3,446 6 13,244 0 0 0 0 58 156,732

May 2019 # Deals $ Raised (K) 4 2,234 43 914,897 5 3,698 1 1,005 17 29,074 6 6,054 14 20,489 3 1,576 1 825 94 979,852

2019 YTD # Deals $ Raised (K) 18 15,229 168 1,746,253 37 34,604 7 5,276 93 129,653 17 21,364 53 159,579 4 1,691 3 1,940 400 2,115,590

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2019 YTD # Deals $ Raised (K) 18 15,229 168 1,746,253 37 34,604 7 5,276 93 129,653 17 21,364 53 159,579 4 1,691 3 1,940 400 2,115,590

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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 Minnesota Rhode Island Washington Colorado Massachusetts Kentucky Oregon Nevada Texas Pennsylvania Idaho 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 5 3,017 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 415 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 0 0 0 0 0 0 0 0 1 145 0 0 0 0 0 0 0 0 0 0 2 9,207 0 0 0 0 0 0 1 10,000 703 1,389,147

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2018 # Deals $ Raised (K) 550 1,399,969 200 952,239 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 1 415,971 3 85,000 2 16,186 2 20,350 11 17,560 17 155,466 5 688,357 0 0 1 1,950 5 67,836 3 8,012 1 518 2 161 1 4,799 2 6,293 3 1,486 898 5,294,241

2019 YTD # Deals $ Raised (K) 234 679,498 85 303,539 17 62,913 20 7,894 1 1,261 2 1,132 0 0 0 0 10 257,162 7 222,489 1 141,488 1 134,830 2 80,300 2 78,420 1 68,556 1 34,502 4 25,986 4 9,853 2 2,779 3 1,175 1 586 0 0 0 0 0 0 0 0 0 0 0 0 2 1,227 400 2,115,590

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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) 24 166,839 371 864,925 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 3,324,412 5 3,625 9 12,906 6 4,955 8 22,063 3 6,693 25 42,310 898 5,294,241

2019 YTD # Deals $ Raised (K) 17 74,469 156 410,231 0 0 0 0 1 1,261 0 0 1 45 0 0 56 175,418 0 0 21 8,966 4 1,035 0 0 113 1,314,770 5 1,555 3 4,366 3 10,384 4 28,367 5 16,574 11 68,150 400 2,115,590

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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) 152 703,563 64 622,644 2 7,257 1 2,310 4 686,687 6 434,656 1 415,971 1 288,091 8 440,716 15 153,430 3 85,000 5 67,836 2 62,363 2 16,186 2 20,350 4 10,492 0 0 1 4,799 0 0 2 6,293 275 4,028,644

2019 YTD # Deals $ Raised (K) 103 480,203 24 210,374 6 29,193 2 646 0 0 1 141,488 2 80,300 1 134,830 9 232,162 4 9,853 2 78,420 0 0 6 221,674 1 68,556 1 34,502 2 22,291 3 1,175 0 0 1 586 0 0 168 1,746,253

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) 219 1,335,774 54 2,686,577 2 6,293 275 4,028,644

2019 YTD # Deals $ Raised (K) 135 720,416 33 1,025,837 0 0 168 1,746,253

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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 Uruguay 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 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 0 0 160 703,158

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2018 # Deals $ Raised (K) 113 483,150 41 479,733 5 39,130 9 14,771 3 166,603 8 436,021 3 450,926 1 520,084 4 347,018 15 465,410 15 153,430 3 85,000 21 163,105 2 62,363 2 16,186 2 20,350 9 18,794 0 0 9 70,431 0 0 0 0 4 14,019 3 6,693 2 7,079 1 8,348 0 0 275 4,028,644

2019 YTD # Deals $ Raised (K) 70 314,397 17 150,277 7 44,150 3 782 0 0 1 141,488 2 80,300 0 0 2 140,979 19 289,297 4 9,853 2 78,420 8 39,784 6 221,674 1 68,556 1 34,502 6 30,940 3 1,175 7 22,792 0 0 1 24,366 0 0 5 16,574 2 3,519 0 0 1 32,428 168 1,746,253

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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 Uruguay Total

2016 # Deals $ Raised (K) 65 170,768 4 34,826 0 0 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 0 0 160 703,158

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2018 # Deals $ Raised (K) 168 1,016,784 97 2,975,721 0 0 4 14,019 3 6,693 2 7,079 1 8,348 0 0 275 4,028,644

2019 YTD # Deals $ Raised (K) 97 509,606 62 1,159,760 1 24,366 0 0 5 16,574 2 3,519 0 0 1 32,428 168 1,746,253

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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) 784 2,075,009 63 2,447,365 50 768,996 1 2,871 898 5,294,241

2019 YTD # Deals $ Raised (K) 337 1,293,033 33 584,642 29 237,635 1 279 400 2,115,590

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 15,530 811 5,201,012 898 5,294,241

2019 YTD # Deals $ Raised (K) 5 35,871 0 0 1 1,465 0 0 394 2,078,254 400 2,115,590

2018 # Deals $ Raised (K) 623 3,555,169 137 1,165,382 138 573,689 898 5,294,241

2019 YTD # Deals $ Raised (K) 306 1,253,104 70 733,769 24 128,717 400 2,115,590

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 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) 95 383,663 173 505,269 6 1,906

11

93,190

6 23 5 66 15 400

21,440 305,612 2,309 562,678 239,524 2,115,590

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Cannabis GoldSilver BlockchainCrypto

2019 YTD # Deals $ Raised (K) 201 1,857,808 44 58,085 11 41,697

CleanTech

22

25,504

TechMetals Investment Biotech eSports AdTech eCommerce

20 14 9 4 1 1

14,546 7,675 4,983 1,858 1,798 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 Virgin Islands British (BVI) Manitoba United Kingdom (UK)

2019 YTD # Deals* $ Invested (K) 112 307,067 221 298,282 280 203,838 9 142,060 150 88,255 31 79,902 79 24,435 10 21,665 27 21,275 37 16,879

*deal participated, not to add up

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

2019 YTD # Deals* $ Invested (K) 221 298,282 280 203,838 150 88,255 27 21,275 79 24,435 15 7,558 10 1,937 26 2,191 5 343 3 234 1 50 3 45 0 0 648,442

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)* 76 736,676 47 446,659 18 425,846 7 333,253 37 227,724

* 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: June 2019* Company Name Leocor Ventures Inc. Michelin Mining Corp.

TruTrace Technologies Inc. Project One Resources Ltd. GreenStar Biosciences Corp.

ICEsoft Technologies Canada Corp.

Pasha Brands Ltd.

Symbol

Mechanism

CSE: LECR CSE: MICH CSE: TTT CSE: PJO CSE: GSTR CSE: ISFT

IPO Non-offering TSX-V IPO TSX-V Non-offering

CSE: CRFT

TSX-V

Other Listing

* excluded 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 21 21 11 4 57

2017 10 8 48 66

2018 38 28 57 123

2019 YTD 21 15 21 57

*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 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 ( June 30, 2019) United States (USA) Ontario British Columbia Bermuda Alberta Cayman Islands Quebec Virgin Islands British (BVI) Manitoba United Kingdom (UK) Australia Bahamas China New Brunswick Luxembourg Thailand Germany Hong Kong Saint Kitts and Nevis Switzerland Mexico Saskatchewan Ireland Prepared by CPE Media Inc. for The Canadian Securities Exchange (CSE)

2019 # Deals* 112 221 280 9 150 31 79 10 27 37 29 15 13 15 9 19 28 17 4 27 5 26 7

$ Invested (K)

307,067 298,282 203,838 142,060 88,255 79,902 24,435 21,665 21,275 16,879 12,838 12,792 8,854 7,558 5,261 4,371 4,117 3,430 3,258 3,170 2,989 2,191 2,101 1 of 4

The Canadian Securities Exchange (CSE) Financing Activity Full List of Geo Funding Sources - Year to Date ( June 30, 2019) Nova Scotia Sweden Monaco Barbados Singapore Gibraltar Netherlands United Arab Emirates (UAE) South Africa Israel Austria Malta Paraguay Portugal Malaysia Panama Belgium Belize Prince Edward Island Liechtenstein Brazil Spain Yukon Prepared by CPE Media Inc. for The Canadian Securities Exchange (CSE)

2019 # Deals* 10 5 7 6 10 2 11 8 5 10 6 3 9 3 2 7 10 5 5 3 1 3 3

$ Invested (K)

1,937 1,632 1,425 1,385 1,341 1,263 1,140 1,009 850 810 670 665 649 585 520 434 397 351 343 327 300 264 234 2 of 4

The Canadian Securities Exchange (CSE) Financing Activity Full List of Geo Funding Sources - Year to Date ( June 30, 2019) Dominican Republic Indonesia Cyprus Guernsey Antigua and Barbuda Hungary Taiwan Denmark Norway Chile New Zealand France Saudi Arabia Philippines Seychelles Japan India Andorra Dominica Lithuania Colombia Poland Estonia Prepared by CPE Media Inc. for The Canadian Securities Exchange (CSE)

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

$ Invested (K)

200 192 184 182 164 163 163 160 160 135 114 111 105 100 100 99 80 75 75 75 68 67 64 3 of 4

The Canadian Securities Exchange (CSE) Financing Activity Full List of Geo Funding Sources - Year to Date ( June 30, 2019) Peru Russian Federation Guatemala Nunavut Czech Republic Newfoundland and Labrador Costa Rica Anguilla Ghana Greece Aruba Bangladesh Italy Argentina

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

$ Invested (K)

58 55 50 50 49 45 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 (June 30, 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 Eventus Capital Corp.

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

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

Underwriter/Finders # Deals 76 47 18 7 37 44 8 7 3 17 10 4 18 10 2 5 2 2 7 4 5 5 2 1 5 1 1 1 6 1

$ (K)*

736,676 446,659 425,846 333,253 227,724 222,735 180,578 157,241 154,476 123,242 92,820 91,109 80,890 72,124 68,941 62,669 59,928 55,367 54,158 46,142 44,811 41,199 40,428 40,169 38,885 35,088 35,088 35,088 34,673 29,000

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The Canadian Securities Exchange (CSE) Financing Activity Brokers/Dealers - Year to Date (June 30, 2019) Ascendant Alternative Strategies, LLC M.S. Howells & Co. 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. 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 CIBC World Markets Inc. Gravitas Financial Inc. Hunter Capital Advisors Pty Ltd Ascenta Finance Corp.

Stevloc Management Inc. EMD Financial Inc. 1557394 Alberta Ltd. Boom Capital Markets Inc. Retire First Ltd. Merlin Partners LLP Peak Asset Management Pty Ltd.

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

Underwriter/Finders # Deals 1 1 2 4 2 2 2 5 1 1 1 2 2 1 1 1 2 1 1 1 1 1 4 4 6 1 1 3 1 1

$ (K)*

28,772 28,772 24,387 23,786 20,140 19,635 17,725 14,751 14,725 10,002 7,372 6,181 5,271 5,200 5,157 5,157 4,775 4,412 4,412 4,071 4,071 4,071 3,973 3,973 3,923 3,473 2,911 2,815 2,507 2,322

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The Canadian Securities Exchange (CSE) Financing Activity Brokers/Dealers - Year to Date (June 30, 2019) StephenAvenue Securities Inc. Intrynsyc Capital Corporation Red Cloud Klondike Strike Inc. 2242257 Ontario Inc. Hatchette Holdings Ltd. Lacie Holdings Limited Emerging Equities Inc. Foster & Associates Financial Services Inc ECS Law Corporation Merchant Equities Capital Corp.

GEM Yield Bahamas Ltd. Shard Capital Partners LLP Rastika Investment Corp.

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

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

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

$ (K)*

2,258 2,045 1,786 1,597 1,400 1,390 1,262 1,107 1,020 1,020 925 847 831 725 440 400 400 289 213

* 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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