Company: CSCIF
Filing Date: 2025-04-09
Form Type: 20-F
Source: 0001641172-25-003456
Chunk: 137

Company: COSCIENS Biopharma Inc.
Filing Date: 2025-04-09
Form: 20-F
Item: Item 6
Chunk 137
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 of the Canadian business is equal to the market capitalization of the entity, plus its liabilities (excluding
its operating liabilities), minus its cash and cash equivalents.

As
such, under the Investment Act, the acquisition of control of us (either through the acquisition of our Common Shares or all or substantially
all our assets) by a non-Canadian who is a World Trade Organization member country investor or a trade agreement investor, including
a U. S. investor, would be reviewable only if the enterprise value of our assets exceeds the specified threshold for review.

Where
the acquisition of control is a reviewable transaction, the Investment Act generally prohibits the implementation of the reviewable transaction
unless, after review, the relevant Minister is satisfied or deemed to be satisfied that the acquisition is likely to be of net benefit
to Canada.

The
acquisition of a majority of the voting interests of an entity is deemed to be acquisition of “control” of that entity. The
acquisition of less than a majority but one-third or more of the total number of votes attached to all of the voting shares of a corporation
or of an equivalent undivided ownership interest in the total number of votes attached to all of the voting shares of the corporation
is presumed to be an acquisition of control of that corporation unless it can be established that, on the acquisition, the corporation
is not controlled in fact by the acquiror through the ownership of voting shares. The acquisition of less than one-third of the total
number of votes attached to all of the voting shares of a corporation is deemed not to be acquisition of control of that corporation
subject to certain discretionary rights relative to investments involving state-owned enterprises. Other than in connection with a “national
security” review, discussed below, certain transactions in relation to our Common Shares would be exempt from the Investment Act
including:

  the                                                                                                                                 
  the                                                                                                                                 
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Under
the national security regime in the Investment Act, review on a discretionary basis may also be undertaken by the federal government
in respect of a much broader range of investments by a non-Canadian to “acquire, in whole or in part, or to establish an entity
carrying on all or any part of its operations in Canada”. The relevant test is whether such an investment by a non-Canadian could
be “injurious to national security”. The Minister of Innovation, Science and Economic Development has broad discretion to
determine whether an investor is a non-Canadian and therefore may be subject to national