CSE Financing Report - May 2019

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CSE Financing May 2019

Prepared for the CSE by

Photo credit: Alicja via pixabay

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Financing Activities • 93 financings competed in May raising $979.4 million, up 39% and 204% in number of deals and total amount raised in April respectively; YTD: 341

Highlights May 2019 & Year-To-Date (YTD, 5/31/2019) LEARN MORE

financings raised $2.026 billion.

• RTO/Non-offering types of financing, generally associated with new listings, secured $90.6 million in May, up slightly from $86.4 million recorded in April.

• Cannabis issuers raised $914.9 million through 43 financings in May, accounting for 94% of the total amount and 46% of the total number of deals; YTD: cannabis issuers raised $1,694.8 million in 153 financings for 84% of the total amount and 45% of the total number of deals.

• YTD: BC based issuers continue to lead in total fundraising with $628.7 million (31% of the total); US issuers and issuers with major US assets raised $1,219.8 million (60% of the total amount).

Listings •

7 new issuers listed in May; YTD: 50 new issuers listed

•

As of June 14, 2019, 72 issuers were seeking CSE listing approval.

3 CSE Financing – May 2019

Average deal size up sharply Both deal number and amount raised in May were up sharply, making May the third best fundraising month since 2016.

The average deal size for May reached $10.5 million, also the third largest since 2016.

YTD: top five deals, all cannabis deals, captured $524 million, or 26% of the total amount.

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Top five deals - YTD Issuer

Deal Type

Close Date

Deal Currency

Green Thumb Industries Inc. (CSE: GTII; OTCQX: GTBIF)

Debt

2019-05-23

USD

141

Illinois

Illinois

Harvest Health & Recreation, Inc. (CSE: HARV; OTCQX: HRVSF) Convertible Debt

2019-05-13

CDN

135

Arizona

Arizona

MedMen Enterprises Inc. (CSE: MMEN; OTCQB: MMNFF; FSE: A2JM6N)

Debt

2019-05-23

USD

108

California

California

Cansortium Inc. (CSE: TIUM.U)

IPO

2019-03-21

USD

71

Florida

Florida

Vireo Health International, Inc. (CSE: VREO)

RTO

2019-03-18

CDN

69

Minnesota

Minnesota

CDN $ Millions

HQ

Major Asset

5 CSE Financing – May 2019

Convertible debenture type prominent, RTO type trails 7 RTO type of deals captured $90.6 million in May, up slightly from $86.4 million in April. YTD: 39 RTO type of deals raised $317.8 million or 16% of the total.

YTD: Convertible debenture type of deals captured $476.7 million or 24% of the total, up sharply from 5% of the total recorded in 2018.

6 CSE Financing – May 2019

US based issuers’ share of total funding up BC based issuers continue to be the single largest receipt with $628.7 million. US based issuers raised $989.5 million in aggregate for 49% of the total amount, up from 33% reported for the first four months.

Issuers based in US or with major US operations also increased their share of the total funding, captured $1,219.8 million or 60% of the total amount, up from 47% reported for the first four months.

7 CSE Financing – May 2019

Cannabis share of total funding increasing Driven by large deals, cannabis issuers raised $914.9 million in May, bringing the total amount raised by cannabis issuer for the year to $1,694.8 million or 84% of total fundraising.

Mining issuers continue to be the second active fundraising issuers, capturing 7% of the total fundraising for the year.

8 CSE Financing – May 2019

US Cannabis issuers dominate Cannabis issuers based in US or with US operations captured $1,119.3 million or 66% of the total cannabis fundraising, over half (55%) of the total fundraising by all issuers.

Ramm Pharma with major operations in Uruguay raised $32.4 million. The pending Ramm Pharma RTO with MTC Growth Fund-I Inc., an un-listed mutual fund corporation, marks for the first time the RTO target pool has expanded into “fund” type of companies.

Major Assets

2016

2017

2018

2019

Canada

170.8

503.1

1,017.9

480.8

USA

34.8

197.5

2,991.4

1,119.3

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

12.7

17.8

Uruguay

0.0

0.0

0.0

32.4

Total

205.6

703.2

4,048.7

1,694.8

9 CSE Financing – May 2019

New listings down, pending listings stable 7 new issuers listed in May, including 1 switch listing from TSX Venture Exchange, 4 IPO listings and 2 RTO/Non-offering listing.

As of June 14, 2019, 72 issuers were applying or sought to list on the CSE.

Mechanism

New Listings in May

Pending Listing (as of June 14, 2019)

IPO

4

16

TSX Venture

1

20

RTO/Non-offering

2

25

OTC Cross Listing

0

11

Total

7

72

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Other results

first 5 months, 2019 • Non-traditional types of deals, including exercises of warrant,

• Cannabis vertical issuers raised $1,794.6 million, representing 89% of the

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

total. GoldSilver vertical issuers raised $55.8 million or 3% while

$37.3 million or 2% of the total amount.

Blockchain vertical issuers raised $39.0 million for 2% of the total.

• Exempt type of deals raised $1,898.0 million or 94% of the total

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amount.

• Convertible debt instrument type of deals raised $603.4 million or

Investors from 79 jurisdictions participated in CSE financings (see full list for details).

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Investors from USA led all provinces, territories and countries, investing

30% of the total amount. Common equity types of deals,

$303.9 million. Ontario, BC, Bermuda and Alberta made up the rest of

collectively, raised $943.9 million or 47% of the total.

top five funding sources. Canadian investors invested $615.0 million accounting for 30% of the total investment amount.

• Non-brokered type of deals raised $1,269.9 million or 63% of the total amount.

•

72 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 88 578,231 67 321,886 93 979,402

341

2,026,159

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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) 13 83,350 176 774,456 11 24,388 39 317,829 51 476,700 16 317,970 35 31,466 341 2,026,159

May 2019 # Deals $ Raised (K) 4 1,663 47 344,406 4 21,363 7 90,623 15 237,299 10 281,103 6 2,946 93 979,402

April 2019 # Deals $ Raised (K) 4 1,550 30 163,580 2 605 11 86,383 8 27,452 3 35,097 9 7,219 67 321,886

2019 YTD # Deals $ Raised (K) 13 83,350 176 774,456 11 24,388 39 317,829 51 476,700 16 317,970 35 31,466 341 2,026,159

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

May 2019 # Deals $ Raised (K) 4 2,234 43 914,897 5 3,698 1 1,005 17 29,074 6 6,054 13 20,039 3 1,576 1 825 93 979,402

April 2019 # Deals $ Raised (K) 2 4,894 29 229,821 6 3,782 1 500 16 47,180 3 2,191 10 33,518 0 0 0 0 67 321,886

2019 YTD # Deals $ Raised (K) 14 14,280 153 1,694,837 28 31,010 6 2,588 73 116,009 14 17,918 46 145,885 4 1,691 3 1,940 341 2,026,159

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2019 YTD # Deals $ Raised (K) 14 14,280 153 1,694,837 28 31,010 6 2,588 73 116,009 14 17,918 46 145,885 4 1,691 3 1,940 341 2,026,159

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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 1,370,049 201 956,563 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 4 100,683 2 16,186 2 20,350 10 17,517 17 155,466 5 688,357 0 0 1 1,950 6 97,836 3 8,012 1 518 2 161 1 4,836 2 6,293 3 1,486 900 5,314,322

2019 YTD # Deals $ Raised (K) 193 628,747 72 353,958 14 42,514 19 7,794 1 1,261 2 1,132 0 0 0 0 10 257,162 6 153,889 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 1,227 341 2,026,159

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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) 16 73,300 123 369,408 6 42,123 0 0 1 1,261 0 0 1 45 0 0 44 164,030 0 0 19 7,927 4 1,035 0 0 96 1,219,832 5 1,555 3 4,366 3 10,384 3 28,342 5 16,574 12 85,977 341 2,026,159

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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) 90 450,788 24 276,948 5 9,218 2 646 0 0 1 141,488 2 80,300 1 134,830 9 232,162 4 9,853 2 78,420 0 0 5 153,074 1 68,556 1 34,502 2 22,291 3 1,175 0 0 1 586 0 0 153 1,694,837

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) 121 737,600 32 957,237 0 0 153 1,694,837

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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) 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 0 0 277 4,048,725

2019 YTD # Deals $ Raised (K) 61 291,225 14 145,487 7 43,380 3 782 0 0 1 141,488 2 80,300 0 0 2 140,979 16 267,722 4 9,853 2 78,420 9 89,784 5 153,074 1 68,556 1 34,502 5 30,604 3 1,175 7 22,792 0 0 1 24,366 0 0 5 16,574 2 3,519 1 17,827 1 32,428 153 1,694,837

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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) 169 1,016,864 97 2,991,398 0 0 4 14,019 3 6,693 2 7,079 2 12,672 0 0 277 4,048,725

2019 YTD # Deals $ Raised (K) 85 480,874 58 1,119,249 1 24,366 0 0 5 16,574 2 3,519 1 17,827 1 32,428 153 1,694,837

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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) 288 1,269,864 28 539,565 24 216,450 1 279 341 2,026,159

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) 5 35,871 0 0 1 1,465 0 0 335 1,988,823 341 2,026,159

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

2019 YTD # Deals $ Raised (K) 256 1,170,716 63 727,326 22 128,117 341 2,026,159

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) 83 376,435 147 452,646 3 841

12

93,216

4 19 6 55 12 341

20,803 290,913 20,136 603,355 167,815 2,026,159

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Cannabis GoldSilver Investment

2019 YTD # Deals $ Raised (K) 182 1,794,608 37 55,817 14 7,675

TechMetals

16

13,100

BlockchainCrypto Biotech CleanTech AdTech eCommerce eSports

10 6 17 1 1 2

39,009 4,142 20,658 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 United States (USA) Ontario British Columbia Bermuda Alberta Cayman Islands Virgin Islands British (BVI) Manitoba Quebec United Kingdom (UK)

2019 YTD # Deals* $ Invested (K) 102 303,852 194 288,489 240 185,135 9 142,060 137 87,813 28 72,772 10 21,665 24 21,117 72 20,627 34 15,497

*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) 194 288,489 240 185,135 137 87,813 24 21,117 72 20,627 14 7,528 10 1,937 23 1,693 4 337 3 234 1 50 2 25 0 0 614,984

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)* 70 697,373 40 404,609 16 395,869 8 383,253 36 267,327

* 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: May 2019* Company Name IM Exploration Inc. 12 Exploration Inc. Vapen MJ Ventures Corporation Golden Lake Exploration Inc. Rockcliff Metals Corporation Luxxfolio Holdings Inc.

Symbol

Mechanism

CSE: IM CSE: TWLV CSE: VAPN

IPO IPO RTO

CSE: GLM CSE: RCLF CSE: LUXX

IPO TSX-V RTO

Mariner Resources Corp.

CSE: RNR

IPO

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 19 18 9 4 50

2017 10 8 48 66

2018 38 28 57 123

2019 YTD 18 13 19 50

*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 ( May 31, 2019) United States (USA) Ontario British Columbia Bermuda Alberta Cayman Islands Virgin Islands British (BVI) Manitoba Quebec United Kingdom (UK) Australia Bahamas New Brunswick Thailand Germany Luxembourg Switzerland Hong Kong Ireland Nova Scotia Saskatchewan Mexico Saint Kitts and Nevis Prepared by CPE Media Inc. for The Canadian Securities Exchange (CSE)

2019 # Deals* 102 194 240 9 137 28 10 24 72 34 27 14 14 14 26 6 25 13 5 10 23 4 4

$ Invested (K)

303,852 288,489 185,135 142,060 87,813 72,772 21,665 21,117 20,627 15,497 12,817 12,592 7,528 3,933 3,792 3,311 3,100 2,864 2,069 1,937 1,693 1,662 1,614 1 of 4

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

2019 # Deals* 8 5 10 2 3 10 5 12 5 10 6 3 9 2 2 9 6 5 4 2 1 3 3

$ Invested (K)

1,525 1,355 1,341 1,263 1,178 1,113 878 854 850 810 718 665 649 567 520 383 369 351 337 325 300 264 234 2 of 4

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

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

$ Invested (K)

182 164 163 153 140 124 114 111 105 100 100 99 80 75 75 75 68 67 64 50 50 49 40 3 of 4

The Canadian Securities Exchange (CSE) Financing Activity Full List of Geo Funding Sources - Year to Date ( May 31, 2019) Russian Federation Costa Rica Newfoundland and Labrador Anguilla Ghana Greece Bangladesh Cyprus Italy Argentina

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

$ Invested (K)

35 30 25 20 20 20 10 9 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 (May 31, 2019) Canaccord Genuity Corp.

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

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

Zelos Capital Ltd. PowerOne Capital Markets Limited Dominick Capital Corporation Acumen Capital Finance Partners Limited Laurentian Bank Securities Inc. Ascendant Alternative Strategies, LLC

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

Underwriter/Finders # Deals 70 40 16 8 36 39 8 8 4 9 14 4 16 9 2 4 2 8 2 5 1 3 1 1 1 1 4 4 1 1

$ (K)*

697,373 404,609 395,869 383,253 267,327 250,872 207,241 180,578 172,303 128,406 91,195 91,109 77,079 71,674 68,941 62,355 59,928 55,662 55,367 44,811 40,169 36,140 35,088 35,088 35,088 32,428 31,197 30,885 29,000 28,772

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The Canadian Securities Exchange (CSE) Financing Activity Brokers/Dealers - Year to Date (May 31, 2019) M.S. Howells & Co. Hampton Securities Limited Individual Finder Fee Catch-all Foundation Markets Inc. TD Securities Inc. National Bank Financial Inc. Integral Wealth Securities Limited Sprott Capital Partners LP M Partners Inc. RBC Capital Markets, LLC Richardson GMP Limited Terra Cotta Investment Counsel Inc. EDE Asset Management Inc. Kingsdale Capital Markets Inc. Chippingham Financial Group Limited LOM Corporate Finance Limited TD Waterhouse Canada Inc. Tri View Capital Ltd. CIBC World Markets Inc. Gravitas Financial Inc. Hunter Capital Advisors Pty Ltd Ascenta Finance Corp.

Stevloc Management Inc. 1557394 Alberta Ltd. Boom Capital Markets Inc. Merlin Partners LLP Peak Asset Management Pty Ltd. Intrynsyc Capital Corporation Retire First Ltd. Red Cloud Klondike Strike Inc.

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

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

Underwriter/Finders # Deals 1 5 10 4 2 2 1 1 2 1 4 1 2 2 1 1 1 2 1 1 1 3 3 1 1 1 1 1 2 2

$ (K)*

28,772 24,671 24,635 23,786 20,140 19,635 17,827 17,827 17,725 14,725 14,301 7,372 6,181 5,271 5,200 5,157 5,157 4,775 4,071 4,071 4,071 3,552 3,552 3,473 2,911 2,507 2,322 2,045 1,795 1,786

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The Canadian Securities Exchange (CSE) Financing Activity Brokers/Dealers - Year to Date (May 31, 2019) 2242257 Ontario Inc. StephenAvenue Securities Inc. Hatchette Holdings Ltd. Lacie Holdings Limited Emerging Equities Inc. EMD Financial Inc. Foster & Associates Financial Services Inc Rastika Investment Corp.

Accilent Capital Management Inc. Crowthorn Capital Corporation GloRes Capital Inc. 0846811 BC Ltd.

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

Underwriter/Finders # Deals 1 1 1 1 1 3 1 1 1 1 1 1

$ (K)*

1,597 1,533 1,400 1,390 1,262 1,183 1,107 831 440 400 400 289

* 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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