Each CSF offer must include a minimum amount they are looking to raise (‘minimum subscription’) and a maximum they are looking to raise (‘maximum subscription’) up to a total of $5,000,000.
A CSF offer closes after the earlier of the following times:
- 45 days from when the offer was made
- Any shorter period specified in the CSF offer document as the date that the offer will close
- The offer is fully subscribed to the maximum subscription amount
- The offering company withdraws the offer, or
- The intermediary becomes prohibited from continuing to publish the CSF offer document under its gatekeeper obligations
The offer is open for a set time before a specified close date and during this time it must raise at least the minimum subscription amount. If it does not raise the minimum subscription the offer will be declared unsuccessful and funds will be returned to investors. The refund will be paid back into the bank account from which you transferred the money.
If the offer has successfully reached the minimum subscription amount at the close date it will be considered successful and shares will be issued to investors (cash distributed to company). If an offer completes successfully, the offering company will issue your share certificate as soon as practicable after closing. Investment funds will only be released to the offering company after the share certificates have been provided.