Analysis of Canadian PIPE issuance for 12 months through September 2008

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

Proceeds

	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008
Less than $1 million	0.012	0.020	0.012	0.009	0.004	0.003	0.006	0.005	0.005	0.005	0.005	0.003
$1-1.99 million	0.064	0.047	0.064	0.033	0.038	0.024	0.042	0.035	0.045	0.034	0.033	0.038
$2-2.99 million	0.062	0.086	0.071	0.020	0.055	0.033	0.024	0.036	0.056	0.028	0.023	0.013
$3-4.99 million	0.096	0.159	0.109	0.028	0.048	0.043	0.048	0.060	0.052	0.049	0.038	0.031
$5-9.99 million	0.196	0.198	0.149	0.043	0.148	0.128	0.080	0.090	0.106	0.124	0.040	0.050
$10-14.99 million	0.097	0.175	0.047	0.069	0.141	0.069	0.055	0.087	0.105	0.022	0.047	0.045
$15-$49.99 million	0.398	0.614	0.281	0.264	0.312	0.267	0.254	0.225	0.537	0.106	0.170	0.051
$50 million and higher	1.112	0.234	0.409	1.835	0.205	0.208	0.166	0.115	0.669	0.418	0.075	0.055
Total	2.036	1.532	1.142	2.299	0.951	0.776	0.674	0.652	1.575	0.787	0.431	0.285
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.044	77	0.016	26	0.016	31	0.013	25	0.045	82	0.088	159	0.53%
$1-1.99 million	0.175	124	0.096	71	0.122	90	0.106	80	0.323	241	0.498	365	3.83%
$2-2.99 million	0.219	94	0.108	47	0.115	49	0.065	28	0.288	124	0.507	218	3.42%
$3-4.99 million	0.364	100	0.119	32	0.160	43	0.118	32	0.397	107	0.761	207	4.71%
$5-9.99 million	0.543	78	0.319	47	0.275	43	0.213	33	0.807	123	1.350	201	9.57%
$10-14.99 million	0.319	27	0.278	24	0.247	22	0.113	10	0.638	56	0.956	83	7.57%
$15-$49.99 million	1.293	50	0.844	33	1.015	40	0.327	16	2.186	89	3.479	139	25.93%
$50 million and higher	1.755	16	2.247	11	0.950	10	0.548	5	3.746	26	5.500	42	44.44%
Total	4.711	566	4.026	291	2.901	328	1.503	229	8.430	848	13.141	1414	100.00%
Type
	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008
convertible notes	0.051	0.104	0.064	0.074	0.047	0.034	0.031	0.010	0.112	0.018	0.142	0.024
convertible preferreds	0.001	0	0	0	0	0	0	0.001	0	0	0	0
equity line	0	0	0.015	0	0	0	0	0	0.002	0	0	0
notes with warrants	0.011	0.020	0.003	0.080	0.005	0.048	0.046	0.028	0	0	0	0
stock	0.966	0.914	0.568	1.907	0.483	0.350	0.327	0.293	0.969	0.612	0.143	0.137
units of stock and warrants	1.006	0.491	0.474	0.238	0.347	0.204	0.269	0.301	0.404	0.157	0.146	0.124
warrants	0	0.003	0.018	0	0.070	0.139	0.001	0.019	0.088	0	0	0
Total	2.036	1.532	1.142	2.299	0.951	0.776	0.674	0.652	1.575	0.787	0.431	0.285
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
convertible notes	0.220	20	0.155	17	0.152	10	0.184	17	0.491	44	0.711	64	5.82%
convertible preferreds	0.001	1	0	0	0.001	1	0	0	0.001	1	0.003	2	0.01%
equity line	0.015	1	0	0	0.002	1	0	0	0.002	1	0.017	2	0.02%
notes with warrants	0.034	5	0.133	8	0.074	4	0	0	0.207	12	0.242	17	2.46%
stock	2.449	223	2.740	95	1.589	127	0.893	87	5.221	309	7.670	532	61.93%
units of stock and warrants	1.970	314	0.789	165	0.974	181	0.427	125	2.190	471	4.161	785	25.98%
warrants	0.021	2	0.209	6	0.108	4	0	0	0.317	10	0.338	12	3.76%
Total	4.711	566	4.026	291	2.901	328	1.503	229	8.430	848	13.141	1414	100.00%
Warrants
	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008
Yes	1.108	0.546	0.704	0.318	0.445	0.419	0.322	0.358	0.407	0.168	0.168	0.127
No	0.928	0.987	0.439	1.981	0.507	0.356	0.352	0.294	1.167	0.619	0.263	0.158
Total	2.036	1.532	1.142	2.299	0.951	0.776	0.674	0.652	1.575	0.787	0.431	0.285
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Yes	2.357	331	1.182	184	1.087	193	0.463	131	2.732	508	5.088	839	32.41%
No	2.354	235	2.844	107	1.814	135	1.041	98	5.699	340	8.053	575	67.60%
Total	4.711	566	4.026	291	2.901	328	1.503	229	8.430	848	13.141	1414	100.00%
Use of Proceeds
	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008
Acquisition	0.437	0.047	0	0	0.032	0.022	0.008	0.002	0.061	0.008	0.036	0.060
Capex	0.439	0.398	0.385	0.334	0.577	0.273	0.243	0.361	0.605	0.546	0.170	0.090
GCP	0.273	0.107	0.098	1.636	0.162	0.220	0.078	0.105	0.450	0.150	0.089	0.067
Refinance	0.100	0.032	0.012	0.105	0.006	0.027	0.046	0.033	0.025	0.022	0.027	0
Multiple/Other/NA	0.787	0.949	0.648	0.224	0.175	0.233	0.299	0.152	0.435	0.061	0.110	0.068
Total	2.036	1.532	1.142	2.299	0.951	0.776	0.674	0.652	1.575	0.787	0.431	0.285
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.484	10	0.054	5	0.071	5	0.104	8	0.229	18	0.712	28	2.72%
Capex	1.222	278	1.184	146	1.209	190	0.806	111	3.199	447	4.421	725	37.95%
GCP	0.478	61	2.018	62	0.632	73	0.306	50	2.956	185	3.435	246	35.07%
Refinance	0.143	4	0.138	4	0.103	5	0.049	2	0.290	11	0.433	15	3.44%
Multiple/Other/NA	2.384	213	0.632	74	0.886	55	0.238	58	1.756	187	4.140	400	20.83%
Total	4.711	566	4.026	291	2.901	328	1.503	229	8.430	848	13.141	1414	100.00%
Industry Sector (by SIC code)
	10/2007	11/2007	12/2007	1/2008	2/2008	3/2008	4/2008	5/2008	6/2008	7/2008	8/2008	9/2008
Agriculture (0xxx)	0.002	0	0	0	0	0	0	0	0	0	0	0
Mining (1xxx)	0.960	0.973	0.415	0.533	0.515	0.389	0.391	0.414	0.577	0.615	0.172	0.112
Oil and gas (13xx)	0.696	0.351	0.505	0.174	0.264	0.211	0.127	0.168	0.330	0.117	0.046	0.071
Construction (15xx)	0	0.010	0	0	0	0	0	0	0	0	0.010	0
Manufacturing (2xxx, 3xxx)	0.170	0.113	0.078	0.058	0.071	0.024	0.015	0.010	0.084	0.009	0.102	0.014
Pharmaceuticals (2834-6)	0.017	0.014	0.035	0	0.003	0.005	0.017	0.011	0.022	0.002	0.024	0.031
Transportation (4xxx)	0.005	0.001	0	0.004	0.004	0.002	0.050	0.001	0.020	0	0.006	0
Communications (48xx)	0	0.006	0.002	0	0	0.010	0	0	0.005	0	0	0.013
Electric, gas, sanitary services (49xx)	0.031	0	0.004	0	0.007	0.080	0.058	0.018	0.073	0.002	0.045	0.015
Wholesale (5xxx)	0	0	0.010	0.001	0.004	0.036	0	0.003	0.030	0.008	0.003	0
Finance, insurance, real estate (6xxx)	0.093	0.015	0.042	1.516	0.020	0.012	0.009	0.023	0.413	0.017	0.016	0.019
Services (7xxx)	0.043	0.046	0.050	0.002	0.060	0.005	0.006	0	0.005	0.007	0.003	0.009
Health services (8xxx)	0	0.002	0	0.011	0.003	0.001	0	0.004	0.015	0	0	0
Non-operating (9995)	0.019	0.002	0	0	0	0	0	0	0	0.011	0.005	0.001
Total	2.036	1.532	1.142	2.299	0.951	0.776	0.674	0.652	1.575	0.787	0.431	0.285
	Q4/2007	Count	Q1/2008	Count	Q2/2008	Count	Q3/2008	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.002	1	0	0	0	0	0	0	0	0	0.002	1	0.00%
Mining (1xxx)	2.348	364	1.437	165	1.382	188	0.898	144	3.717	497	6.066	861	44.09%
Oil and gas (13xx)	1.553	115	0.649	52	0.626	68	0.234	30	1.509	150	3.062	265	17.90%
Construction (15xx)	0.010	1	0	0	0	0	0.010	1	0.010	1	0.020	2	0.12%
Manufacturing (2xxx, 3xxx)	0.361	28	0.154	20	0.109	15	0.125	8	0.388	43	0.749	71	4.60%
Pharmaceuticals (2834-6)	0.066	9	0.008	3	0.050	7	0.057	8	0.115	18	0.181	27	1.36%
Transportation (4xxx)	0.006	3	0.010	3	0.071	4	0.006	1	0.088	8	0.094	11	1.04%
Communications (48xx)	0.008	4	0.010	3	0.005	2	0.013	3	0.028	8	0.036	12	0.33%
Electric, gas, sanitary services (49xx)	0.035	5	0.087	6	0.148	10	0.061	4	0.297	20	0.332	25	3.52%
Wholesale (5xxx)	0.010	1	0.042	5	0.033	5	0.011	3	0.086	13	0.096	14	1.02%
Finance, insurance, real estate (6xxx)	0.150	12	1.549	17	0.445	19	0.051	14	2.045	50	2.195	62	24.26%
Services (7xxx)	0.138	18	0.067	12	0.012	8	0.019	6	0.097	26	0.236	44	1.15%
Health services (8xxx)	0.002	1	0.015	5	0.019	2	0	0	0.033	7	0.035	8	0.39%
Non-operating (9995)	0.021	4	0	0	0	0	0.017	7	0.017	7	0.038	11	0.20%
Total	4.711	566	4.026	291	2.901	328	1.503	229	8.430	848	13.141	1414	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).

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.