An investor meeting income or net-worth thresholds, and therefore permitted to buy into private placements.
An investor who meets specific income or net worth requirements and is permitted to participate in certain private investment opportunities, including flow-through share financings. Requirements vary by jurisdiction but generally involve annual income over $200,000 or net worth over $1 million.
Placements are where juniors are funded, and they are largely closed to retail investors. Accreditation is the line that decides who gets to buy at the discount and who buys later in the open market.
Thresholds vary by jurisdiction but commonly involve income above $200,000 or net financial assets above $1 million. Other exemptions exist, including the Canadian listed-issuer financing exemption used by many recent raises.