A live tracker of every private placement financing on the TSX, TSX Venture Exchange (TSX-V), CSE and Cboe Canada (NEO). Deal size, unit pricing, warrant terms, brokered status and hold periods, updated as filings are made.
Reading the Terms
In a brokered deal, an investment dealer markets the placement and takes a commission. In a non-brokered deal, the company raises directly from investors it already knows. Most Canadian junior financings are non-brokered: typically three-quarters or more of the deals tracked here in a month. Brokered deals run larger and often signal institutional demand.
Many placements are sold as units: one common share plus a fraction of a warrant. A half warrant shows as “0.5 wt” in the table. Each full warrant lets you buy another share at a fixed strike price for a set term, usually 24 or 36 months. That’s the draw for experienced investors. More upside, no extra capital up front.
Placement pricing is negotiated off the market price, within exchange rules. TSX Venture Policy 4.1 caps how deep the discount can go. Watch the steep ones. A deal priced well under market can mean selling pressure the day the paper frees up. That’s why the hold period matters.
Shares bought under the accredited-investor exemption can’t be resold for four months and one day after closing. That’s the “4 mo” in the Hold column. Mark the date. When a large placement comes free-trading, the stock can take pressure, and deal-savvy traders track these unlocks closely.
Methodology
The monitor reads Canadian regulatory filings from SEDAR+ on a rolling basis. It cross-references exchange bulletins from the TSX, TSX-V, CSE and Cboe Canada, then reconciles them against issuer press releases. Each deal is tracked through its full lifecycle: announced, amended, partially closed, closed. Size, pricing, warrant terms, syndicate and hold dates are captured as they’re disclosed. Snapshots above refresh hourly. Inside the app, updates land as new filings are processed.
Go Deeper
Private placements are usually limited to accredited investors, and the risks are real. You can’t sell during the hold. Dilution is built in. And a financing priced at a steep discount can cap the stock for months. Read these before you put money in any deal:
FAQ
A private placement is a sale of securities directly to selected investors under a prospectus exemption, rather than through a public offering. In Canada, the accredited-investor exemption is the most common route. Companies choose placements because they’re faster and cheaper than a prospectus. Investors join because deals are often priced at a discount and frequently include warrants.
Yes. You can’t sell during the four-month hold. Existing shareholders get diluted. And issuer quality varies: early-stage companies raise this way precisely because they aren’t cash-flowing yet. Position sizing and due diligence matter more here than in open-market buying.
Most Canadian private placements close within two to eight weeks of announcement. Many close in tranches, which the monitor shows as “Partial.” Terms can also change between announcement and final close: upsized, downsized or repriced.
Shares issued in a Canadian private placement under most exemptions can’t be resold for four months and one day from closing. The shares carry a restrictive legend during that window. Once the hold expires, the stock trades freely. That’s why participants and traders both track unlock dates.
A brokered placement is marketed by an investment dealer for a commission, typically 6 to 7% in cash plus broker warrants. A non-brokered placement is sold directly by the company, with no dealer in the middle. Neither is automatically better. Brokered deals run larger and can signal institutional demand. Non-brokered deals dominate the junior market.
Often, yes. U.S. accredited investors can join many Canadian placements under exemptions such as Regulation S and Rule 506. The issuer has to permit U.S. subscribers, and extra resale restrictions can apply. Some deals on this monitor are priced in U.S. dollars for exactly this reason. Confirm eligibility with the issuer or your broker before wiring anything.
The Private Placement Monitor is for information only. It is not investment advice, an offer, or a solicitation to buy any security. Data comes from public filings and can contain errors or delays. Verify terms against the issuer’s own disclosure before you invest.
Katusa Research is an independent research firm founded by professional investor Marin Katusa focused on natural resource stock investments.
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