TSX VENTURE EXCHANGE RULE BOOK TABLE OF CONTENTS Rule A. 1.00 – Interpretation .................................................................................................... 1 A1.01 – Definitions .................................................................................................................. 1 A1.02 – Rules of Construction: ..............................................................................................12 A1.03 – Interpretation Not Affected by Division, Heading, etc: ...............................................12 A1.04 – Application of Trading Rules and Policies .................................................................12 Rule B.1.00 – Power to List and Delist...................................................................................13 B.1.01 ....................................................................................................................................13 Rule B.2.00 – Sponsorship and Sponsor Report ..................................................................14 B.2.01 ....................................................................................................................................14 B.2.02 ....................................................................................................................................14 B.2.03 ....................................................................................................................................14 B.2.04 ....................................................................................................................................14 Rule C.1.00 – Governance of Trading Session .....................................................................15 C.1.01 – Date and Time of Session .......................................................................................15 C.1.02 – Trades Outside of Hours for Session .......................................................................15 C.1.03 – Changes in Sessions and Trading Suspensions ......................................................15 C.1.04 – Halt Rescinded ........................................................................................................15 C.1.05 – Trading in the Book .................................................................................................15 C.1.06 – Exercise of Exchange Powers .................................................................................16 Rule C.2.00 – Trading Procedures and Practices .................................................................16 Priority ...................................................................................................................................16 C.2.01 – Establishing Priority .................................................................................................16 C.2.02 – Board Lot Priority .....................................................................................................16 C.2.03 – Special Term Order Priority .....................................................................................16 Opening .................................................................................................................................17 C.2.04 – Execution of Trades at an Opening .........................................................................17 C.2.05 – Delayed Openings ...................................................................................................17 C.2.06 – Allocation of Trades .................................................................................................17 C.2.07 – Minimum Quotation Spread .....................................................................................18 C.2.08 – Responsibility for Odd Lots ......................................................................................18 C.2.09 – (Deleted) .................................................................................................................18 C.2.10 – Stop Loss Orders.....................................................................................................19 C.2.11 – Breach of Exchange Requirement ...........................................................................19 C.2.12 – Exchange Liability....................................................................................................19 C.2.13 – Transaction Prohibited .............................................................................................19 C.2.14 – Advantage Goes With Securities Sold .....................................................................19 C.2.15 – Accrued Interest Goes to Seller ...............................................................................19 C.2.16 – Ex-Dividend and Ex-Right Adjustment to Orders .....................................................19 C.2.17 – Shares Selling Ex-Dividends and Ex-Rights ............................................................19 C.2.18 – Expiry Date ..............................................................................................................20 C.2.19 – Trades on a "When Issued" Basis ...........................................................................20 C.2.20 – When Issue Delisted or Suspended or No Fair Market ............................................20 Table of Contents Page i Effective September 27, 2021 TSX Venture Exchange Rules and Trading Policies TSX Venture Exchange Approved Traders ............................................................................20 C.2.21 – Access to TSX Venture Exchange ...........................................................................20 C.2.22 – Appointment ............................................................................................................20 C.2.23 – Approval by Exchange .............................................................................................20 C.2.24 – Designated Member ................................................................................................20 C.2.25 – Approved Trader - Qualifications for Application ......................................................21 C.2.26 – Jurisdiction of the Exchange ....................................................................................21 C.2.27 – Compliance with Exchange Requirements ..............................................................21 C.2.28 – Continuance of Exchange Approval .........................................................................21 C.2.29 – Supervision of Assistant Traders .............................................................................21 C.2.30 – Non-Client Account (Non Commission Account) ......................................................22 C.2.31 – Suspension of Approved Trader ..............................................................................22 C.2.32 – Revocation of Approved Trader's Authority ..............................................................22 C.2.33 – Ceasing to be a Trader ............................................................................................22 C.2.34 – Report of Termination of Approved Trader ..............................................................22 C.2.35 – Trading to be Executed on TSX Venture Exchange .................................................22 C.2.49 – Inquiries ...................................................................................................................22 C.2.50 – (Deleted) .................................................................................................................23 Connection of Eligible Clients of Members .............................................................................23 C.2.51 - Third Party Electronic Access to Marketplaces .........................................................23 C.2.52 - Conditions for Connections ......................................................................................23 C.2.53 - Responsibility of Members .......................................................................................23 C.2.54 – Special Trading Session ..........................................................................................24 C.2.55 - Market-On-Close ......................................................................................................24 C.2.56 – Trading of Securities Not Listed by the Exchange ...................................................26 C.2.57 – Specialty Price Crosses ...........................................................................................26 RULE C.3.00 – CLEARING AND SETTLEMENT OF TRADES OF SECURITIES ....................27 C.3.01 – Definitions ...............................................................................................................27 C.3.02 – Trades to be Cleared ...............................................................................................27 C.3.03 – Trades to be Settled Through Clearing Corporation .................................................27 C.3.04 – Settlement of Cash Trades ......................................................................................27 C.3.05 – Buy-Ins ....................................................................................................................28 C.3.06 – Special Provisions for Buy-Ins from Securities Loans and Other Failed Positions....29 C.3.07 – Failed Trade in Rights, Warrants and Installment Receipts ......................................29 C.3.08 – Restrictions On Members' Involvement In Buy-Ins ...................................................30