Analysis of Canadian PIPE issuance for 2007

Columns are amount in billions of dollars, count of deals, percentage of total in dollars.

Proceeds

	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007
Less than $1 million	0.005	0.006	0.006	0.003	0.009	0.009	0.004	0.008	0.007	0.012	0.019	0.011
$1-1.99 million	0.030	0.049	0.041	0.038	0.052	0.069	0.036	0.026	0.040	0.062	0.050	0.061
$2-2.99 million	0.046	0.046	0.053	0.061	0.076	0.067	0.045	0.026	0.036	0.062	0.086	0.062
$3-4.99 million	0.078	0.080	0.082	0.076	0.111	0.062	0.089	0.030	0.070	0.096	0.159	0.110
$5-9.99 million	0.082	0.254	0.210	0.188	0.210	0.161	0.164	0.068	0.122	0.184	0.198	0.135
$10-14.99 million	0.095	0.210	0.215	0.166	0.134	0.148	0.149	0.039	0.044	0.097	0.160	0.047
$15-$49.99 million	0.532	0.505	0.538	0.344	0.480	0.617	0.272	0.056	0.358	0.428	0.624	0.238
$50 million and higher	0.487	0.672	0.690	0.762	0.760	0.290	0	0.237	0.348	1.112	0.234	0.542
Total	1.354	1.820	1.836	1.638	1.833	1.422	0.760	0.491	1.026	2.053	1.529	1.206
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.017	24	0.021	35	0.020	29	0.042	74	0.099	162	0.099	162	0.58%
$1-1.99 million	0.120	89	0.159	117	0.102	74	0.173	124	0.554	404	0.554	404	3.26%
$2-2.99 million	0.144	61	0.203	86	0.108	46	0.211	91	0.666	284	0.666	284	3.93%
$3-4.99 million	0.240	62	0.249	69	0.189	50	0.365	100	1.043	281	1.043	281	6.15%
$5-9.99 million	0.546	81	0.559	86	0.354	52	0.516	75	1.975	294	1.975	294	11.64%
$10-14.99 million	0.519	46	0.449	39	0.232	19	0.304	26	1.505	130	1.505	130	8.87%
$15-$49.99 million	1.575	62	1.441	55	0.686	28	1.290	51	4.992	196	4.992	196	29.42%
$50 million and higher	1.849	14	1.812	13	0.586	4	1.888	18	6.135	49	6.135	49	36.16%
Total	5.010	439	4.893	500	2.276	302	4.788	559	16.968	1800	16.968	1800	100.00%
Type
	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007
convertible notes	0.018	0.038	0.036	0.168	0.023	0.063	0.037	0.010	0.035	0.049	0.104	0.064
convertible preferreds	0	0	0	0	0.005	0.025	0	0.007	0	0.001	0	0
equity line	0	0	0	0	0	0	0	0	0	0	0	0.015
notes with warrants	0.003	0.005	0.086	0	0	0.026	0	0	0.025	0.011	0.020	0.003
stock	0.733	0.772	0.976	0.802	0.707	0.700	0.287	0.299	0.703	0.966	0.910	0.627
units of stock and warrants	0.600	1.006	0.737	0.668	1.098	0.609	0.436	0.174	0.262	1.025	0.491	0.480
warrants	0	0	0	0	0	0	0	0	0	0	0.003	0.018
Total	1.354	1.820	1.836	1.638	1.833	1.422	0.760	0.491	1.026	2.053	1.529	1.206
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
convertible notes	0.092	17	0.255	18	0.082	17	0.217	20	0.646	72	0.646	72	3.81%
convertible preferreds	0	0	0.030	2	0.007	1	0.001	1	0.039	4	0.039	4	0.23%
equity line	0	0	0	0	0	0	0.015	1	0.015	1	0.015	1	0.09%
notes with warrants	0.094	4	0.026	2	0.025	1	0.034	5	0.179	12	0.179	12	1.05%
stock	2.481	144	2.208	141	1.290	112	2.504	217	8.484	614	8.484	614	50.00%
units of stock and warrants	2.343	274	2.374	337	0.872	171	1.995	313	7.585	1095	7.585	1095	44.70%
warrants	0	0	0	0	0	0	0.021	2	0.021	2	0.021	2	0.12%
Total	5.010	439	4.893	500	2.276	302	4.788	559	16.968	1800	16.968	1800	100.00%
Warrants
	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007
Yes	0.608	1.020	0.773	0.726	1.111	0.645	0.469	0.187	0.290	1.127	0.545	0.709
No	0.746	0.800	1.063	0.912	0.722	0.777	0.291	0.304	0.735	0.926	0.983	0.497
Total	1.354	1.820	1.836	1.638	1.833	1.422	0.760	0.491	1.026	2.053	1.529	1.206
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Yes	2.402	289	2.482	351	0.946	183	2.381	330	8.211	1153	8.211	1153	48.39%
No	2.609	150	2.411	149	1.331	119	2.407	229	8.757	647	8.757	647	51.61%
Total	5.010	439	4.893	500	2.276	302	4.788	559	16.968	1800	16.968	1800	100.00%
Use of Proceeds
	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007
Acquisition	0.225	0.546	0.077	0.574	0.555	0.200	0.056	0.118	0	0.437	0.047	0
Capex	0.468	0.805	0.595	0.541	0.500	0.550	0.277	0.108	0.352	0.460	0.396	0.385
GCP	0.194	0.197	0.241	0.185	0.301	0.156	0.087	0.120	0.067	0.273	0.106	0.095
Repay debt	0	0.034	0.040	0.036	0.002	0.112	0.028	0.010	0.002	0.100	0.032	0.011
Multiple/Other/NA	0.466	0.238	0.882	0.302	0.474	0.405	0.312	0.135	0.605	0.783	0.948	0.716
Total	1.354	1.820	1.836	1.638	1.833	1.422	0.760	0.491	1.026	2.053	1.529	1.206
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.849	24	1.328	37	0.174	13	0.484	10	2.834	84	2.834	84	16.70%
Capex	1.868	205	1.592	231	0.737	130	1.240	272	5.438	838	5.438	838	32.05%
GCP	0.632	77	0.642	89	0.274	35	0.474	60	2.022	261	2.022	261	11.92%
Repay debt	0.074	6	0.150	5	0.039	5	0.143	4	0.406	20	0.406	20	2.40%
Multiple/Other/NA	1.587	127	1.181	138	1.052	119	2.447	213	6.267	597	6.267	597	36.93%
Total	5.010	439	4.893	500	2.276	302	4.788	559	16.968	1800	16.968	1800	100.00%
Industry Sector (by SIC code)
	1/2007	2/2007	3/2007	4/2007	5/2007	6/2007	7/2007	8/2007	9/2007	10/2007	11/2007	12/2007
Agriculture (0xxx)	0.005	0	0.232	0	0	0	0.014	0	0	0.002	0	0
Mining (1xxx)	0.701	1.003	0.977	1.425	1.353	0.704	0.436	0.196	0.336	0.976	0.973	0.472
Oil and gas (13xx)	0.186	0.600	0.317	0.066	0.159	0.341	0.100	0.131	0.220	0.696	0.351	0.513
Construction (15xx)	0	0	0	0	0.001	0	0	0	0	0	0.010	0
Manufacturing (2xxx, 3xxx)	0.135	0.078	0.044	0.045	0.070	0.052	0.047	0.046	0.065	0.170	0.113	0.078
Pharmaceuticals (2834-6)	0.051	0.020	0.010	0.040	0.010	0.015	0.058	0	0.010	0.017	0.014	0.035
Transportation (4xxx)	0.001	0.002	0.040	0.008	0	0	0	0	0	0.005	0.001	0
Communications (48xx)	0.041	0	0.001	0	0.011	0.006	0.006	0	0.020	0	0.006	0.002
Electric, gas, sanitary services (49xx)	0	0.026	0.053	0.022	0.024	0.027	0.041	0.102	0.004	0.031	0	0.004
Wholesale (5xxx)	0.040	0.004	0.001	0.006	0.004	0.005	0	0	0	0	0	0.010
Finance, insurance, real estate (6xxx)	0.139	0.043	0.124	0.012	0.108	0.203	0.026	0.004	0.350	0.093	0.014	0.042
Services (7xxx)	0.026	0.034	0.026	0.002	0.066	0.052	0.013	0.006	0.007	0.043	0.046	0.050
Health services (8xxx)	0.026	0	0	0.002	0	0.007	0	0.001	0.002	0	0.002	0
Non-operating (9995)	0.002	0.010	0.009	0.010	0.027	0.010	0.017	0.005	0.010	0.019	0	0
Total	1.354	1.820	1.836	1.638	1.833	1.422	0.760	0.491	1.026	2.053	1.529	1.206
	Q1/2007	Count	Q2/2007	Count	Q3/2007	Count	Q4/2007	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.238	2	0	0	0.014	1	0.002	1	0.254	4	0.254	4	1.50%
Mining (1xxx)	2.681	250	3.482	328	0.968	176	2.421	359	9.552	1113	9.552	1113	56.29%
Oil and gas (13xx)	1.103	86	0.566	67	0.451	53	1.560	114	3.681	320	3.681	320	21.69%
Construction (15xx)	0	0	0.001	1	0	0	0.010	1	0.011	2	0.011	2	0.06%
Manufacturing (2xxx, 3xxx)	0.258	32	0.168	28	0.158	23	0.361	28	0.944	111	0.944	111	5.56%
Pharmaceuticals (2834-6)	0.081	11	0.064	14	0.068	7	0.066	9	0.280	41	0.280	41	1.65%
Transportation (4xxx)	0.043	5	0.008	1	0	0	0.006	3	0.057	9	0.057	9	0.34%
Communications (48xx)	0.042	3	0.017	6	0.026	2	0.008	4	0.093	15	0.093	15	0.55%
Electric, gas, sanitary services (49xx)	0.080	8	0.073	9	0.148	7	0.035	5	0.336	29	0.336	29	1.98%
Wholesale (5xxx)	0.045	3	0.016	3	0	0	0.010	1	0.071	7	0.071	7	0.42%
Finance, insurance, real estate (6xxx)	0.306	9	0.323	12	0.381	4	0.149	12	1.159	37	1.159	37	6.83%
Services (7xxx)	0.086	19	0.120	17	0.027	13	0.138	18	0.372	67	0.372	67	2.19%
Health services (8xxx)	0.026	1	0.009	2	0.003	2	0.002	1	0.039	6	0.039	6	0.23%
Non-operating (9995)	0.021	10	0.046	12	0.033	14	0.019	3	0.119	39	0.119	39	0.70%
Total	5.010	439	4.893	500	2.276	302	4.788	559	16.968	1800	16.968	1800	100.00%

Criteria

* The tables include all dollar-denominated offerings sold as private placements, excluding Rule 144A deals.

* Stock must be listed on a U.S. exchange or trade on the Bulletin Board or Pink Sheets.

* Offerings are included in the time period in which they price, if known, otherwise by settlement date or announcement date.

* Amounts are based on the total sales price (face amount or number of shares multiplied by the offering price).

* Each tranche is counted as a separate deal.

* Includes stock, securities convertible into stock, units of these securities and equity lines of credit.

* Minimum issue size $1 million (all tranches combined).

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