Legal Prospectus (NI 41-101) — token consolidation rationale

Of the three legal-agreement-family source drafts, this one is the most extensively researched — 17 research passes, independently cross-checked against 5 real Canadian IPO law firms' public guidance, refined across 12 operator-reviewed rounds (JW1-JW12). Its underlying values were treated as highly reliable during consolidation.

Key findings

• Running header ("PRELIMINARY PROSPECTUS", 8.5pt, letter-spacing 0.5pt) is unique to this family among the three legal-document families — subscription-agreement and agency-suite have no running header.
• Red-herring notice (#c00000) is a real statutory filing convention (the "red herring" designation for a preliminary, unpriced prospectus), not brand-derived. Modeled as paper.primitive.color.regulatory-red-herring — deliberately outside any brand-color group, since this design system also ships to other tenants who must not inherit a securities-filing color as if it were a brand choice.
• Distribution shape: production convention for this family links CSS externally, differing from subscription-agreement's inline-CSS convention. Not yet normalized across the Paper pillar — flagged as an open question on the recipe, not resolved here.
• Shares the serif font stack byte-identically with legal-subscription-agreement; shares the rule ladder (with a +2pt double accounting-total extension) and the "- " counter(page) " -" footer format with the wider legal-agreement family.

Terminology precision

Per BRIEF-wcp-style-guide.md (project-documents' authoritative defined-terms glossary): "Agents"/"Agency Agreement" (never "Underwriters"/"Underwriting Agreement"); "CAD X" (never "$X"); "US" (never "U.S."); "Qualified Jurisdictions". Any exemplar copy built from this component should nonetheless use neutral placeholder terms, not real WCP-specific figures found in the source draft.