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CSA Amend Prospectus-Exempt Rights Offering Rules

November 18, 2015

By Al Wiens, Andrea Hill and Ragu Anantharajah

On September 24, 2015 the Canadian Securities Administrators (the “CSA”) published CSA Notice of Amendments Relating to Rights Offerings (the “Notice”) which announced amendments (the “Amendments”) to Canada’s prospectus-exempt rights offering regime for reporting issuers.  The Amendments will come into effect on December 8, 2015.

A rights offering is a distribution by a reporting issuer to its existing securityholders of rights to purchase a proportionate number of additional securities of the issuer, generally at a discount to the market price or fair market value of the securities. 

Under this form of...

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