- Athabasca Atomic Corp. (AAC.V) raised $11M CAD at $0.50/share on TSX-V, funding uranium exploration across 48,400 hectares in Saskatchewan’s Athabasca Basin.
- NorthPath AI Inc. (NPAI) debuted on the CSE at $1.25/share, raising $7.5M CAD with $2.1M ARR already in place from 14 trucking carrier clients.
- Haywood Securities underwrote AAC.V; Canaccord Genuity and PI Financial co-led the NPAI offering, providing Bay Street distribution credibility to both deals.
- Insider lockups expire February 21, 2027 for AAC.V and April 21, 2027 for NPAI — key dates for retail investors to monitor potential selling pressure.
Two new issues landed on Canadian exchanges Wednesday as the TSX Venture Exchange and Canadian Securities Exchange welcomed a uranium explorer and a domestic AI software company to their rosters. Combined, the pair raised $18.5 million CAD in gross proceeds — modest by Bay Street standards, but a signal that the IPO pipeline is still open heading into Q4 2026, even as the TSX Composite sits at 36,108 (+0.50%) and rate-sensitive growth names remain volatile.
Athabasca Atomic Corp. (AAC.V) — TSX Venture Exchange
Athabasca Atomic Corp. (ticker: AAC.V) opened for trading Wednesday at $0.50 per share, the same price as its prospectus offering, after raising $11 million CAD through the sale of 22 million units. Each unit consists of one common share and one full warrant exercisable at $0.70 for 24 months. The Saskatoon-headquartered junior explorer holds three drill-ready claim blocks totalling 48,400 hectares in the eastern Athabasca Basin of Saskatchewan — the same geological belt that hosts Cameco’s McArthur River and Cigar Lake deposits, two of the world’s highest-grade uranium mines.
In plain terms, Athabasca Atomic is a pure-play exploration bet: the company has no revenue and no producing assets, but it controls ground with historical drill intercepts that management says warrant a 5,000-metre Phase 1 program slated to begin in February 2027. The uranium spot price has been hovering near US$87.50/lb (roughly CAD$122.92/lb at today’s 1.4051 exchange rate), keeping sentiment broadly supportive for Basin explorers. Haywood Securities acted as sole underwriter and retains a 15% over-allotment option exercisable within 30 days.
For retail investors, the stock is accessible at the $0.50 entry level, though it carries the full risk profile of a pre-revenue junior miner. Insiders — including the founding geology team and seed investors — are subject to a four-month hold period expiring February 21, 2027, in line with TSX-V policy. That lockup window coincides almost exactly with the planned drill start, meaning insider selling pressure and catalysts could arrive simultaneously. Investors should watch drill permit timelines and uranium spot moves closely.
NorthPath AI Inc. (NPAI) — Canadian Securities Exchange
NorthPath AI Inc. (ticker: NPAI) listed on the CSE Wednesday at $1.25 per share, raising $7.5 million CAD via a 6-million-share offering. The Ottawa-based company builds route-optimization and freight-matching software for mid-market Canadian trucking carriers, using a proprietary large-language-model layer trained on Canadian road, weather, and regulatory data. Its platform currently serves 14 carrier clients across Ontario and Québec, generating $2.1 million in annualized recurring revenue (ARR) as of September 2026 — making it one of the few revenue-positive AI companies to list on the CSE this year.
The listing was co-led by Canaccord Genuity and PI Financial, two dealers with strong CSE distribution networks among retail and high-net-worth investors. The proceeds are earmarked for sales headcount expansion into Western Canada, product development, and 12 months of working capital runway. NorthPath has no debt on its balance sheet, which management highlighted as a differentiator in the current rate environment.
The retail angle here is relatively straightforward: at $1.25, the share price is low enough for small accounts to build a meaningful position, and the company’s existing revenue base reduces the binary risk common to pre-revenue tech listings. The insider lockup runs six months from the listing date, expiring April 21, 2027, covering approximately 68% of shares outstanding. That six-month window gives the company time to post at least one quarterly update before founders can exit, a structure that Canaccord’s syndicate desk says was a deliberate signal to institutional allocators.
| Company | Ticker | Exchange | Sector | IPO Price | Funds Raised (CAD) | Underwriter | Insider Lockup |
|---|---|---|---|---|---|---|---|
| Athabasca Atomic Corp. | AAC.V | TSX-V | Uranium Exploration | $0.50 | $11.0M | Haywood Securities | 4 months (Feb 21, 2027) |
| NorthPath AI Inc. | NPAI | CSE | AI / Logistics Software | $1.25 | $7.5M | Canaccord / PI Financial | 6 months (Apr 21, 2027) |
Both listings arrive on a day when Canadian equities are showing modest strength, with the TSX Composite up 0.50% to 36,108. New issues tend to perform better when the broader tape is constructive, but investors are cautioned that small-cap and micro-cap IPOs can diverge sharply from index trends. Due diligence on each company’s prospectus — available on SEDAR+ — is strongly recommended before committing capital.
