Exempt Market

Private issuance is an increasingly popular form of financing for start-ups or project financing vehicles. In Canada, the exempt market offers investment opportunities in private deals that are typically not available to the general investment public. Similarly, in the United States, private companies have a number of capital raising channels through regulatory exemptions. Many private issuers are now engaging independent research firms like BlackOre Research to provide an independent opinion to show investors how a professional equity research analyst would assess an issuance.

The exempt market in Canada remains vibrant in recent years. A total of 2,275 issuers raised $83 billion through the Canadian exempt markets in 2010. The province of Alberta has higher concentration of its offerings in oil & gas while British Columbia has more offerings in the mining and real estate sectors.

Exempt market offering by provinceExempt market product by industry in Alberta