Don't forget the current AUD/CAD exchange rate. Once this...

Don't forget the current AUD/CAD exchange rate. Once this is factored in, it should be the same MC quoted on both exchanges. The stock traded on both exchanges are different (significantly less SOI on the tsxv), however the quoted total shares on issue accounts for the sum of both exchanges together. As for the share price of each exchange, if one is higher than the other by more than a few pips (after accounting for the exchange rate) the gap in share price generally closes after traders take advantage of the difference and trade the arbitrage. Therefore with the same total shares on issue and roughly the same share price, you will get roughly the same MC. $100m CAD is $108m AUD. so that is only 4.5% lower than the current ASX MC of 113.5m. which is arguably not worth trading the difference and hence the gap. I hope this helps