%PDF-1.6 % 1 0 obj <>/Font<>/ProcSet[/PDF/Text]/ExtGState 182 0 R/XObject 183 0 R>>/Rotate 0/StructParents 8/Type/Page/Tabs/S>> endobj 2 0 obj <>stream /CS0 cs 1 scn 36 766.552 576 -694.552 re f /P <>BDC q 36 72 576 695 re W n BT 0 scn /TT0 1 Tf 0.016 Tw 10.5517 0 0 10.5517 60.8276 757.2414 Tm [(the)-22( risk)-33( faced)-25( by)-3( the)-22( corporation)-57( by)-3( participating)-21( in)-45( a)-32( new)-48( round)-31( of)-48( financing,)-14( thus)-51( eliminating)-45( the)]TJ ET EMC Q BT /P <>BDC 0 scn /TT0 1 Tf 0.016 Tw 10.5517 0 0 10.5517 60.8276 744.2069 Tm [(need)-11( of)-48( seeking)-25( funding)-14( from new)-48( investors.)]TJ EMC /P <>BDC 0 -2.176 TD [(Lastly,)-51( especially)-22( if)-29( one)-38( of)-48( the)-22( current)-6( investors)-58( is)-43( a)-32( venture)-18( capital)-51( fund)-54( or)-52( an)-6( active)-35( investor,)-45( it)-29( is)]TJ EMC /P <>BDC 0 -1.235 TD [(likely)-13( that)-38( the)-22( corporation)-57( has)-35( agreed)-5( to)-48( specific)-19( milestones)-44( with)-45( that)-38( investor)-28( that)-38( could)-22( add)-38( to)-48( the)]TJ EMC /P <>BDC 0 -1.235 TD [(difficulty)-35( of)-48( operating)-7( the)-22( business)-54( during)-44( a)-32( pandemic)-18( \(for)-29( example,)-2( aggressive)-47( sales)-19( or)-52( production)]TJ EMC /P <>BDC 0 -1.235 TD [(growth)-58( targets\).)-38( But)-28( it)-29( is)-43( possible)-38( that)-38( your)-55( investor)-28( will)-24( be)-6( understanding)-16( and)-38( accept)-54( to)-48( review)-52( these)]TJ EMC /P <>BDC 0 -1.235 TD [(milestones)-44( and)-38( associated)-44( timelines,)-12( which)-32( could)-22( lead)-51( to)-48( a)-32( positive)-22( impact)-55( on)-6( the)-22( corporation\222s)-41( burn)]TJ EMC /P <>BDC 0 -1.235 TD [(rate)-42( and)-38( give)-48( it)-29( more)-16( leeway)-6( to)-48( weather)-31( the)-22( crisis.)]TJ EMC /P <>BDC 0 -2.176 TD [(In)-48( all)-59( cases,)-51( we)-16( recommend)-15( transparency)-44( between)-43( the)-22( corporation)-57( and)-38( its investors,)-15( adopting)-46( a)]TJ EMC /P <>BDC 0 -1.235 TD [(\223partnership)-18( approach\224)-27( and,)-54( above)-41( all,)-16( not)-22( to)-48( try)-7( to)-48( hide)-51( the)-22( corporation\222s)-41( situation)-41( in)-45( its)]TJ EMC /P <>BDC T* [(communications)-11( with)-45( its investors.)]TJ EMC /H2 <>BDC /TT1 1 Tf 0 -2.176 TD [(Potential)-12( investors)]TJ EMC /P <>BDC /TT0 1 Tf T* [(If)-32( there)-15( is)-43( no)-6( other)-15( option)-41( than)-54( seeking)-25( funding)-14( from new)-48( financial)-38( partners,)-54( it)-29( will)-24( be)-6( crucial)-52( to)-48( know)]TJ EMC /P <>BDC 0 -1.235 TD [(the)-22( current)-6( situation)-41( of)-48( any)-35( targeted)-37( potential)-43( investor.)-44( As)-9( the)-22( current)-6( pandemic)-18( situation)-41( affects)]TJ EMC /P <>BDC 0 -1.235 TD [(everyone,)-21( understanding)-16( the)-22( constraints)-47( faced)-25( by)-3( a)-32( potential)-44( investor)-28( is)-43( key)-32( in)-45( order)-19( to)-48( optimize)-42( the)]TJ EMC /P <>BDC 0 -1.235 TD [(search)-58( for)-9( financing)-57( and)-38( the)-22( pitch)-6( process.)-44( )]TJ EMC /P <>BDC 0 -2.176 TD [(For)-29( example,)-2( if)-29( the)-22( potential)-44( investor)-28( has)-35( a)-32( specific)-19( investment)-47( thesis)-35( or)-52( policy,)-48( the)-22( investor)-28( may)-52( be)]TJ EMC /P <>BDC 0 -1.235 TD [(even)-8( more)-16( thesis)-35(-)-20(driven)-42( and)-38( show)-19( less)-45( flexibility)-45( than)-54( before.)-5( Conversely,)-15( the)-22( investment)-47( thesis)-35( may)]TJ EMC /P <>BDC T* [(be)-6( undergoing)-56( a)-32( re)-52(-)-20(evaluation.)]TJ EMC /P <>BDC 0 -2.176 TD [(In)-48( addition,)-43( many)-26( potential)-43( investors)-58( will)-24( be)-6( impacted)-2( by)-3( the)-22( type)-51( of)-48( clients)-48( they)-51( serve.)-42( For)-29( example,)]TJ EMC /P <>BDC 0 -1.235 TD [(a)-32( fund)-54( manager)-54( whose)-51( clients)-48( are)-26( government)-14( institutions)-41( may)-52( still)-27( have)-8( as)-3( much)-25( capital)-51( to)-48( deploy)]TJ EMC /P <>BDC 0 -1.235 TD [(in)-45( the)-22( current)-6( context)-11( as)-3( before)-47( Covid)-32(-)-20(19,)-22( unlike)-35( a)-32( fund)-54( manager)-54( whose)-51( clients)-48( are)-26( high)-51(-)-20(net)-22(-)-20(worth)]TJ EMC /P <>BDC T* [(individuals)-38( who)-48( face)-51( uncertainty)-50( and)-38( liquidity)-19( problems)-6( themselves)-2( and)-38( put)-22( pressure)-51( on)-6( the)-22( fund)]TJ EMC /P <>BDC 0 -1.235 TD [(manager)-54( to)-48( take)-51( a)-32( more)-16( conservative)-34( stance.)]TJ EMC /P <>BDC 0 -2.176 TD [(So,)-28( more)-16( than)-54( ever,)-12( you)-35( need)-11( to)-48( target)-31( your)-55( approach)-7( and)-38( make)-26( sure)-55( your)-55( potential)-44( investor)-28( is)]TJ EMC /P <>BDC 0 -1.235 TD [(available)-54( to)-48( enter)-15( into)-35( a)-32( transaction)-50( in)-45( the)-22( near)-58( future.)]TJ EMC /H2 <>BDC /TT1 1 Tf 0 -2.176 TD [(Assistance)-14( programs)]TJ EMC /P <>BDC /TT0 1 Tf T* [(The)-42( various)-12( levels)-32( of)-48( government)-14( and)-38( some)-26( Crown)-52( corporations)-27( have)-8( released)-47( several)-12( assistance)]TJ EMC /P <>BDC 0 -1.235 TD [(programs.)-28( In)-48( the)-22( context)-11( of)-48( a)-32( funding)-14( round,)-47( Export)-51( Development)-50( Canada)-27( \(\223)]TJ EMC /P <>BDC /TT1 1 Tf 0 Tw 34.059 0 Td (EDC)Tj EMC /P <>BDC /TT0 1 Tf 0.016 Tw 2.118 0 Td [(\224\))-40( and)-38( the)-22( Business)]TJ EMC /P <>BDC -36.176 -1.235 Td [(Development)-50( Bank)-15( of)-48( Canada)-27( \(\223)]TJ EMC /P <>BDC /TT1 1 Tf 0 Tw 14.529 0 Td (BDC)Tj EMC /P <>BDC /TT0 1 Tf 0.016 Tw 2.176 0 Td [(\224\))-40( both)-54( announced)-52( co)-3(-)-20(investment)-47( assistance)-41( programs)-12( to)]TJ EMC /P <>BDC -16.706 -1.235 Td [(provide)-15( access)-6( to)-48( additional)-14( financing)-57( for)-9( start)-55(-)-20(ups)-35( that)-38( already)-15( have)-8( a)-32( certain)-58( level)-3( of)-48( support)-18( from)]TJ EMC /P <>BDC T* [(private)-58( investors.)]TJ EMC /P <>BDC 0 -2.176 TD [(These)-44( programs)-12( are)-26( a)-32( good)-11( opportunity)-53( for)-9( entrepreneurs)-10( who)-48( need)-11( to)-48( complete)-2( or)-52( initiate)-51( a)-32( round)]TJ EMC /P <>BDC 0 -1.235 TD [(of)-48( financing,)-14( who)-48( are)-26( not)-22( eligible)-6( for)-9( certain)-58( other)-15( government)-14( assistance)-41( programs,)-28( and)-38( who)-48( are)-26( not)]TJ EMC /P <>BDC 0 -1.235 TD [(generating)-40( enough)-17( cashflow)-51( to)-48( finance)-11( their)-55( activities)-48( through)-21( credit)-26( facilities)-32( on)-6( conditions)-27( that)-38( are)]TJ EMC /P <>BDC 0 -1.235 TD [(viable)-35( for)-9( their)-55( business.)]TJ EMC /P <>BDC 0 -2.176 TD [(The)-42( program)-42( announced)-52( by)-3( EDC)-7( proposes)-5( a)-32( co)-3(-)-20(investment)-47( by)-3( EDC)-7( of)-48( an)-6( amount)-18( equivalent)-30( to)-48( that)]TJ EMC /P <>BDC 0 -1.235 TD [(considered)-50( in)-45( an)-6( eligible)-6( round)-31( of)-48( financing,)-14( up)-6( to)-48( a)-32( maximum)-20( of)-48( $5,000,000.)]TJ EMC /P <>BDC 0 -2.176 TD [(As)-9( for)-9( the)-22( program)-42( announced)-52( by)-3( the)-22( BDC,)-23( the)-22( BDC)-7( Capital)-6( Bridge)-51( Financing)-18( Program)-48( also)]TJ EMC /P <>BDC 0 -1.235 TD [(provides)-44( assistance)-41( in)-45( the)-22( form of)-48( co)-3(-)-20(investment)-47( in)-45( an)-6( amount)-18( equivalent)-30( to)-48( the)-22( amount)-18( the)]TJ EMC /P <>BDC 0 -1.235 TD [(company)-2( receives)-42( from qualified)-41( investors:)]TJ EMC /LI <>BDC 0 Tw 8.6897 0 0 8.6897 73.2414 94.9656 Tm (1)Tj 0.008 Tc -0.008 Tw 0.571 0 Td (. )Tj EMC /LBody <>BDC 0 Tc 0.008 Tw 0.857 0 Td [(BDC)-32( will)-40( offer)-70( financing)-69( as)-15( convertible)-22( notes)-54( whose)-39( default)-69( terms include)-46( a)-15( 20%)-70( discount)-62( rate)-63( on)-31( the)-39( price)-47( per)]TJ EMC /LBody <>BDC 0 -1.214 TD [(share)-70( of)-23( the)-39( next)-39( round)-14( of)-23( financing)-69( and)-46( a)-15( term of)-23( three)-7( years.)]TJ EMC ET endstream endobj 3 0 obj 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also)-23( have)-46( a)-15( proven)-14( business)-54( model)-63( and)-46( an)-31( existing)-39( customer)-31( base)-46( prior)-71( to)-23( the)-39( impact)-55( of)-23( COVID)-47(-)-24(19.)]TJ EMC /LI <>BDC 0 Tw -1.429 -1.214 Td (3)Tj 0.008 Tc -0.008 Tw 0.571 0 Td (. )Tj EMC /LBody <>BDC 0 Tc 0.008 Tw 0.857 0 Td [(The)-63( business)-54( must)-47( have)-46( been)-62( \223specifically)-47( impacted)-14( by)-15( COVID)-47(-)-24(19.\224)-63( Unlike)-8( some)-55( other)-7( government)-6( assistance)]TJ EMC /LBody <>BDC 0 -1.214 TD [(programs,)-70( this)-15( one)-46( does)-46( not)-39( have)-46( a)-15( fixed)-31( scale)-23( relative)-63( to)-23( this)-15( criterion.)-23( Businesses)-30( can)-31( demonstrate)-13( how)-23( the)]TJ EMC /LBody <>BDC T* [(current)-31( situation)-62( affects)-54( them)-63( through)-37( qualitative)-69( and)-46( quantitative)-29( indicators)-7( \(e.g.)-70( disruptions)-22( in)-8( their)-55( supply)-39( or)]TJ EMC /LBody <>BDC 0 -1.214 TD [(distribution)-22( chains,)-46( difficulties)-39( in)-8( getting)-69( paid\).)-70( The)-63( important)-46( thing)-46( will)-41( be)-31( to)-23( show)-23( that)-46( the)-39( lack)-8( of)-23( cashflow)-39( and)-46( the)]TJ EMC /LBody <>BDC 0 -1.214 TD [(difficulty)-31( of)-23( concluding)-6( a)-15( round)-14( of)-23( financing)-69( are)-55( related)-14( to)-23( the)-39( impact)-55( of)-23( COVID)-47(-)-24(19)-31( and)-46( not)-39( to)-23( a)-15( situation)-62( inherent)-30( to)]TJ EMC /LBody <>BDC 0 -1.214 TD [(the)-39( company.)]TJ EMC /LI <>BDC 0 Tw -1.429 -1.214 Td (4)Tj 0.008 Tc -0.008 Tw 0.571 0 Td (. )Tj EMC /LBody <>BDC 0 Tc 0.008 Tw 0.857 0 Td [(The)-63( round)-14( of)-23( financing)-69( for)-47( which)-15( co)-15(-)-24(investment)-22( is)-64( being)-54( sought)-69( must)-47( have)-46( started)-14( after)-70( February)-70( 1,)-23( 2020.)]TJ EMC /LI <>BDC 0 Tw -1.429 -1.214 Td (5)Tj 0.008 Tc -0.008 Tw 0.571 0 Td (. )Tj EMC /LBody <>BDC 0 Tc 0.008 Tw 0.857 0 Td [(The)-63( round)-14( of)-23( financing)-69( must)-47( be)-31( for)-47( a)-15( minimum)-16( amount)-22( of)-23( $250,000)-44( \(prior)-24( to)-23( investment)-22( by)-15( BDC\))-56( and)-46( the)-38( overall)]TJ EMC /LBody <>BDC T* [(round)-14( of)-23( financing)-69( must)-47( ensure)-14( 18)-31( months)-7( of)-23( runway)-63( before)-22( additional)-6( funding)-6( is)-64( required)-46( by)-15( the)-39( company.)]TJ EMC /P <>BDC 0.016 Tw 10.5517 0 0 10.5517 85.6552 595.2415 Tm [(For)-29( example,)-2( a)-32( business)-54( with)-45( a)-32( monthly)-28( operational)-53( burn)-58( rate)-42( of)-48( $30,000)-33( and)-38( $300,000)-6( in)]TJ EMC /P <>BDC 0 -1.235 TD [(financing)-57( would)-35( meet)-12( this)-32( criterion)-32( since)-19( \(1\))-13( the)-22( round,)-47( prior)-59( to)-48( BDC)-7( investment,)-5( is)-43( over)]TJ EMC /P <>BDC 0 -1.235 TD [($250,000,)-23( and)-38( \(2\))-13( the)-22( overall)-55( round)-31( of)-48( financing,)-14( including)-54( co)-3(-)-20(investment)-47( by)-3( BDC,)-23( would)-35( be)]TJ EMC /P <>BDC 0 -1.235 TD [($600,000)-6( and)-38( would)-35( ensure)-2( 20)-6( months)-15( of)-48( runway,)-28( based)-41( on)-6( its current)-6( burn)-58( rate.)]TJ EMC /LI <>BDC 0 Tw 8.6897 0 0 8.6897 73.2414 534.4139 Tm (6)Tj 0.008 Tc -0.008 Tw 0.571 0 Td (. )Tj EMC /LBody <>BDC 0 Tc 0.008 Tw 0.857 0 Td [(There)-31( are)-55( no)-31( fixed)-31( criteria)-71( for)-47( determining)-62( who)-23( is)-64( an)-31( \223eligible)-55( investor.\224)-31( We understand,)-5( however,)-14( that)-46( the)-39( investor)]TJ EMC /LBody <>BDC 0 -1.214 TD [(must)-47( be)-31( a)-15( private)-70( firm)-48( that)-46( has)-31( demonstrated)-29( its capacity)-46( as)-15( a)-15( lead)-38( investor)-70( for)-47( the)-39( funding)-6( round)-14( in)-8( question)-6( its)]TJ EMC /LBody <>BDC 0 -1.214 TD [(ability)-15( to)-23( conduct)-69( the)-38( due)-46( diligence)-54( process.)-7( The)-63( investor)-70( does)-46( not)-39( have)-46( to)-23( be)-31( Canadian)-6( but)-38( must)-47( be)-31( sufficiently)]TJ EMC /LBody <>BDC T* [(known)-39( and)-46( credible)-70( in)-8( Canada.)]TJ EMC /P <>BDC 0.016 Tw 10.5517 0 0 10.5517 60.8276 481.0346 Tm [(We)-29( consider)-45( this)-32( convertible)-47( note)-54( financing)-57( offer)-58( to)-48( have)-8( three)-15( main)-9( advantages)-6( in)-45( the)-22( current)]TJ EMC /P <>BDC 0 Tw 0 -1.235 TD (environment:)Tj EMC /LI <>BDC 8.6897 0 0 8.6897 73.2414 446.276 Tm (1)Tj 0.008 Tc -0.008 Tw 0.571 0 Td (. )Tj EMC /LBody <>BDC 0 Tc 0.008 Tw 0.857 0 Td [(It)-15( increases)-7( the)-39( total)-38( \223post)-63(-)-24(financing\224)-22( value)-39( of)-23( the)-39( business)-54( in)-8( the)-39( form of)-23( additional)-6( cash,)-39( and)-46( the)-39( size)-8( of)-23( the)-38( funding)]TJ EMC /LBody <>BDC 0 -1.214 TD [(round)-14( without)-46( increasing)-14( the)-39( principal)-63( investor\222s)-63( risk,)-24( thus)-39( making)-63( the)-39( investment)-22( more)-8( attractive.)]TJ EMC /LI <>BDC 0 Tw -1.429 -1.214 Td (2)Tj 0.008 Tc -0.008 Tw 0.571 0 Td (. )Tj EMC /LBody <>BDC 0 Tc 0.008 Tw 0.857 0 Td [(It)-15( avoids)-39( immediate)-31( valuation)-69( issues)-23( for)-47( the)-39( company,)-22( allowing)-31( the)-38( lead)-39( investor)-70( to)-23( maintain)-7( control)-70( over)-55( the)]TJ EMC /LBody <>BDC T* [(valuation)-69( process)-70( through)-38( the)-39( funding)-6( round.)]TJ EMC /LI <>BDC 0 Tw -1.429 -1.214 Td (3)Tj 0.008 Tc -0.008 Tw 0.571 0 Td (. )Tj EMC /LBody <>BDC 0 Tc 0.008 Tw 0.857 0 Td [(It)-15( is)-64( relatively)-55( simple,)-47( quick)-23( and)-46( inexpensive,)-13( and)-46( should)-54( not)-39( make)-55( the)-38( transaction)-37( process)-70( more)-8( complicated)-22( or)]TJ EMC /LBody <>BDC 0 -1.214 TD [(burdensom)-69( for)-47( the)-38( lead)-39( investor.)]TJ EMC /P <>BDC 0.016 Tw 10.5517 0 0 10.5517 60.8276 371.7932 Tm [(In)-48( short,)-28( these)-25( co)-3(-)-20(investment)-47(-)-20(based)-41( assistance)-41( programs)-12( are)-26( appealing)-17( as)-3( they)-51( can)-35( be)-6( presented)-24( to)]TJ EMC /P <>BDC 0 -1.235 TD [(an)-6( investor)-28( by)-3( a)-32( company)-2( with)-45( financing)-57( needs)-41( whose)-51( planned)-30( or)-52( ongoing)-30( funding)-14( round)-31( is)-43( currently)]TJ EMC /P <>BDC 0 -1.235 TD [(at)-48( a)-32( standstill)-51( due)-38( to)-48( the)-22( situation)-41( created)-18( by)-3( COVID)-9(-)-20(19.)]TJ EMC /P <>BDC 0 -2.176 TD [(The)-42( programs)-12( may)-52( also)-48( be)-6( interesting)-34( elements)-2( to)-48( consider)-44( for)-9( an)-6( investor)-28( who)-48( wishes)-3( to)-48( have)-8( a)-32( co)-3(-)]TJ EMC /P <>BDC 0 -1.235 TD [(investor)-28( or)-52( who)-48( would)-35( like)-29( the)-22( round)-31( of)-48( financing)-57( to)-48( reach)-28( a)-32( certain)-58( threshold)-5( to)-48( ensure)-2( that)-38( the)]TJ EMC /P <>BDC 0 -1.235 TD [(company)-2( being)-25( invested)-41( in)-46( has)-35( sufficient)-54( runway)-12( after)-58( the)-22( investment,)-5( especially)-22( in)-45( the)-22( current)]TJ EMC /P <>BDC 0 -1.235 TD [(context)-11( where)-42( it)-29( is)-43( difficult)-6( to)-48( predict)-58( subsequent)-6( rounds)-2( of)-48( financing.)]TJ EMC /P <>BDC 0 -2.176 TD [(However,)-12( the)-22( parties)-58( wishing)-19( to)-48( benefit)-57( from such)-6( programs)-12( will)-24( have)-8( to)-48( ensure)-2( that)-38( their)-55( situation)]TJ EMC /P <>BDC 0 -1.235 TD [(meets)-42( each)-8( program\222s)-26( criteria)-59( and)-38( that)-38( they)-51( evaluate)-43( the)-22( financing)-57( terms)-29( offered)-5( as)-3( part)-42( of)-48( the)]TJ EMC /P <>BDC 0 -1.235 TD [(assistance)-41( program)-42( in)-46( the)-22( context)-11( of)-48( the)-22( transaction.)]TJ EMC /H2 <>BDC /TT1 1 Tf 0 Tw 0 -2.176 TD (Conclusion)Tj EMC /P <>BDC /TT0 1 Tf 0.016 Tw T* [(Start)-6(-)-20(ups)-35( currently)-48( in)-45( need)-11( of)-48( financing)-57( should)-54( first)-36( discuss)-19( with)-45( their)-55( existing)-22( investors)-58( to)-48( try)-7( to)-48( find)]TJ EMC /P <>BDC 0 -1.235 TD [(room)-16( for)-9( manoeuvre)-57( and)-38( assess)-6( the)-22( 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