Location: TSX Company Manual > Part X Special Purpose Acquisition Corporations (SPACs) > B. Original listing Requirements > Prohibition of Debt Financing > Use of Proceeds Raised in the IPO and Escrow Requirements > Sec. 1010.

Use of Proceeds Raised in the IPO and Escrow Requirements Sec. 1011.

Sec. 1010.

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Dec 19 2008 - Oct 3 2018Oct 4 2018 onwards

Immediately upon listing on the Exchange, a SPAC must place at least 90% of the gross proceeds raised in its IPO; and the underwriter's deferred commissions (in accordance with Section 1013), in escrow with an escrow agent acceptable to the Exchange. The following entities, if Canadian, are examples of the types of escrow agents that are acceptable to the Exchange: trust companies, financial institutions and law firms.


Use of Proceeds Raised in the IPO and Escrow Requirements Sec. 1011.

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