The Voice of Canadian
Small-cap Public Issuers
"Necessity is the Mother of all Invention" - Plato
The Canadian Small-Cap Public Companies Association (CSPCA) was founded out of necessity. Canada’s outdated securities regulations are placing small-cap public companies at a significant disadvantage, threatening their ability to operate, grow, and compete. The CSPCA was created to address these challenges and to ensure that the unique needs of small-cap issuers are recognized and represented.
Small-cap public companies differ fundamentally from large-cap issuers. They are typically early‑stage businesses that rely heavily on continuous access to capital, making strong relationships with accredited investors essential. Their securities are often illiquid and more volatile, leaving them vulnerable to short‑selling pressures and other harmful market behaviours. Despite these realities, current regulatory frameworks treat small-cap issuers as though they operate under the same conditions as large, mature corporations.
For years, executives across the small-cap sector have voiced concerns about these regulatory mismatches. Without a unified voice, however, these concerns have gone largely unheard, resulting in unnecessary barriers, stalled growth, and, in many cases, company failures.
Canada is home to approximately 2,400 small-cap publicly traded companies with a combined market capitalization exceeding $142 billion. These companies drive innovation, discovery, and economic opportunity across mining, technology, biotech, clean energy, and numerous emerging industries. Their success is vital to Canada’s economic future.
The CSPCA’s mission is to unite this important sector, advocate for fair and modernized regulations, and ensure that small-cap public companies have the opportunity to thrive.
Mission, Vision & Values
To champion the interests of Canada’s small‑cap public companies by advocating for fair, modern, and effective securities regulations; strengthening the voice of small‑cap issuers within the capital markets ecosystem; and empowering our members with the support, resources, and representation they need to grow, innovate, and succeed.
A thriving Canadian marketplace where small‑cap public companies are recognized, supported, and valued for their essential role in driving innovation, economic growth, and opportunity, operating within a regulatory environment that reflects their unique realities and enables their long‑term success.
We uphold the highest standards of professionalism, transparency, and ethical conduct in all our actions and communications.
We are committed to being a strong, unified voice for small‑cap public companies, ensuring their needs and challenges are heard and addressed by regulators, policymakers, and market participants.
We believe progress happens when issuers, investors, regulators, and industry partners work together. We foster open dialogue and collective problem‑solving.
We support the entrepreneurial spirit of small‑cap companies and champion regulatory modernization that encourages discovery, growth, and competitiveness.
We empower our members and the broader market with knowledge, insights, and resources that strengthen understanding and improve decision‑making.
We build a strong, supportive network of leaders, professionals, and stakeholders dedicated to advancing the success of Canada’s small‑cap sector.
Leadership Team
Cathy Hume
Founder and Chief Executive Officer
Cathy Hume is a respected investor relations professional with deep expertise in small‑cap and emerging public companies. Her capital markets experience began with 11 years as a Toronto retail broker, where she gained a strong understanding of investor expectations and the needs of growth‑stage issuers.
Since founding her investor relations practice in 1993, Cathy has built a reputation for strategic communication, capital markets insight, and long‑standing client relationships—many developed through referrals. She has dedicated much of her career to supporting micro‑ and small‑cap companies as they navigate regulatory environments designed primarily for larger issuers.
Cathy has been an active contributor to the mining and capital markets community, serving multiple terms on the Board of Directors of the Prospectors & Developers Association of Canada (PDAC) and as Co‑Chair of Women in Mining Toronto.
She is also committed to education and mentorship, serving as a mentor in External Business for the Ted Rogers Leadership Centre and contributing to the development of Seneca Polytechnic’s Honours Bachelor of Communications and Media (BCMM) program.
D'Arcy Funfer
Co-Founder and Executive Vice-President
D’Arcy Funfer brings more than 40 years of investment industry experience, specializing in capital markets, financing, trading, and market liquidity programs. He has held senior leadership roles supporting public companies, investors, and financial institutions, aligning capital markets strategies with corporate growth and shareholder value.
His career began in 1982 as an original shareholder of National Independent Investment Firm, where he served as a floor trader, led the trading desk, and worked as a senior investment advisor. In 1988, he transitioned into investor and public relations advisory services for public companies.
D’Arcy has long been a champion of micro‑ and small‑cap issuers, helping them navigate the challenges of raising capital within regulatory systems built for larger corporations.
In 2003, he was appointed Chairman and Chief Operating Officer of CHF IR in Toronto, overseeing both Toronto and Calgary operations and leading the firm’s market liquidity programs. Over his career, he has directed investor relations and capital markets programs for more than 200 publicly traded companies worldwide.
A recognized industry voice, D’Arcy has spoken at investment conferences around the world and was an early adopter of social media in investor relations, building a following of more than 16,000 across multiple platforms.
He currently serves on the Board of Directors of the Dear Heart Foundation and Megalodon Energy North Inc.
Current Petition
Whether or not you are a member of the CSPCA, if you are a Canadian small-cap public company stakeholder, we need your help. If you care about our small-cap public companies and would like to see the implementation of regulations that work for them instead of against them, please click on the link below to access and sign our current petition.