Company: CSCIF
Filing Date: 2025-04-09
Form Type: 20-F
Source: 0001641172-25-003456
Chunk: 177

Company: COSCIENS Biopharma Inc.
Filing Date: 2025-04-09
Form: 20-F
Item: Item 10
Chunk 177
---
 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                                                                
    acquisition of our Common Shares by a person in the ordinary course of that person’s business as a trader or dealer in securities;
--------------------------------------------------------------------------------------------------------------------------------------
●   the                                                                                                                               
    acquisition or control of us in connection with the realization of security granted for a loan or other financial assistance and  
    not for any purpose related to the provisions of the Investment Act, if the acquisition is subject to approval under the Bank Act,
    the Cooperative Credit Associations Act, the Insurance Companies Act or the Trust and Loan Companies Act; and                     
●   the                                                                                                                               
    acquisition or control of us by reason of an amalgamation, merger, consolidation or corporate reorganization following which the  
    ultimate direct or indirect control in fact of us, through the ownership of our voting interests, remains unchanged.              
 
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 security review. Review on national security grounds is at the discretion of the federal government and may occur on a pre- or post-closing basis.
 
There is no law,