Analysis of Canadian PIPE issuance for 12 months through October 2009

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

Proceeds

	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009
Less than $1 million	0.002	0.003	0.001	0.003	0.004	0.003	0.003	0.005	0.005	0.009	0.009	0.006
$1-1.99 million	0.029	0.033	0.018	0.020	0.020	0.026	0.034	0.045	0.038	0.030	0.051	0.046
$2-2.99 million	0.013	0.027	0.008	0.022	0.022	0.010	0.033	0.038	0.028	0.041	0.034	0.036
$3-4.99 million	0.040	0.034	0.009	0.021	0.029	0.038	0.029	0.036	0.092	0.051	0.042	0.057
$5-9.99 million	0.046	0.069	0.008	0.033	0.076	0.104	0.041	0.081	0.081	0.085	0.081	0.100
$10-14.99 million	0.023	0.010	0.044	0.052	0.070	0.026	0.070	0.117	0.025	0.047	0.089	0.054
$15-$49.99 million	0.054	0.079	0.081	0.125	0.093	0.153	0.171	0.063	0.109	0.211	0.214	0.210
$50 million and higher	0	2.258	0.112	0.485	0.155	0.105	0	0.371	2.283	0.144	0	0.167
Total	0.208	2.512	0.279	0.761	0.470	0.464	0.382	0.756	2.661	0.618	0.520	0.676
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.007	10	0.010	20	0.023	34	0.006	9	0.047	73	0.052	82	0.62%
$1-1.99 million	0.058	44	0.105	83	0.118	87	0.046	36	0.328	250	0.390	298	4.32%
$2-2.99 million	0.052	22	0.081	36	0.103	44	0.036	16	0.272	118	0.312	135	3.59%
$3-4.99 million	0.059	15	0.104	28	0.184	51	0.057	16	0.404	110	0.478	129	5.32%
$5-9.99 million	0.116	18	0.226	34	0.247	36	0.100	17	0.689	105	0.805	121	9.08%
$10-14.99 million	0.167	15	0.213	18	0.162	13	0.054	5	0.596	51	0.628	54	7.86%
$15-$49.99 million	0.299	11	0.386	16	0.534	23	0.210	8	1.429	58	1.562	64	18.83%
$50 million and higher	0.752	7	0.476	5	2.427	6	0.167	3	3.822	21	6.080	29	50.38%
Total	1.510	142	1.602	240	3.799	294	0.676	110	7.587	786	10.306	912	100.00%
Type
	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009
convertible notes	0.022	0.325	0.015	0.058	0.065	0.046	0.007	0.029	0.113	0.123	0.009	0.004
convertible preferreds	0	0.019	0	0	0	0.021	0.001	0.012	0	0	0	0.001
equity line	0	0	0.010	0	0	0	0	0	0.006	0.005	0.010	0
notes with stock	0	0	0	0	0	0	0	0.001	0.016	0	0	0
notes with warrants	0	0.003	0	0	0.001	0.011	0	0.003	0	0	0	0.003
preferreds with warrants	0	0.040	0	0.135	0	0	0.009	0.002	0	0	0	0
stock	0.119	1.937	0.142	0.460	0.232	0.251	0.238	0.516	2.317	0.272	0.245	0.488
units of stock and warrants	0.067	0.189	0.112	0.108	0.172	0.135	0.126	0.194	0.209	0.206	0.251	0.179
warrants	0	0	0	0	0	0	0	0	0	0.013	0.005	0
Total	0.208	2.512	0.279	0.761	0.470	0.464	0.382	0.756	2.661	0.618	0.520	0.676
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
convertible notes	0.138	13	0.082	15	0.245	16	0.004	3	0.470	47	0.817	63	6.19%
convertible preferreds	0	0	0.033	3	0	0	0.001	1	0.034	4	0.053	5	0.45%
equity line	0.010	1	0	0	0.021	3	0	0	0.031	4	0.031	4	0.41%
notes with stock	0	0	0.001	1	0.016	2	0	0	0.017	3	0.017	3	0.22%
notes with warrants	0.001	1	0.014	3	0	0	0.003	1	0.018	5	0.021	7	0.24%
preferreds with warrants	0.135	1	0.011	3	0	0	0	0	0.146	4	0.186	5	1.92%
stock	0.834	41	1.006	75	2.834	88	0.488	44	5.161	248	7.217	299	68.02%
units of stock and warrants	0.392	85	0.455	140	0.665	183	0.179	61	1.692	469	1.947	524	22.30%
warrants	0	0	0	0	0.018	2	0	0	0.018	2	0.018	2	0.24%
Total	1.510	142	1.602	240	3.799	294	0.676	110	7.587	786	10.306	912	100.00%
Warrants
	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009
Yes	0.079	0.442	0.136	0.329	0.200	0.276	0.153	0.199	0.247	0.247	0.259	0.189
No	0.129	2.070	0.143	0.431	0.270	0.188	0.228	0.558	2.414	0.371	0.261	0.487
Total	0.208	2.512	0.279	0.761	0.470	0.464	0.382	0.756	2.661	0.618	0.520	0.676
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Yes	0.665	99	0.628	153	0.753	194	0.189	63	2.235	509	2.756	575	29.46%
No	0.845	43	0.974	87	3.046	100	0.487	47	5.352	277	7.551	337	70.54%
Total	1.510	142	1.602	240	3.799	294	0.676	110	7.587	786	10.306	912	100.00%
Use of Proceeds
	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009
Acquisition	0	0.002	0.008	0	0	0	0.012	0.004	0.285	0	0	0.086
Capex	0.150	0.250	0.099	0.087	0.200	0.173	0.202	0.411	0.147	0.149	0.367	0.326
GCP	0.028	0.675	0.096	0.066	0.053	0.116	0.090	0.137	0.269	0.147	0.059	0.081
Refinance	0.001	0.002	0.035	0.135	0.033	0.110	0	0.051	1.769	0.008	0.004	0.006
Multiple/Other/NA	0.028	1.583	0.042	0.473	0.184	0.065	0.079	0.154	0.191	0.313	0.091	0.176
Total	0.208	2.512	0.279	0.761	0.470	0.464	0.382	0.756	2.661	0.618	0.520	0.676
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.008	1	0.016	4	0.285	2	0.086	4	0.394	11	0.396	12	5.19%
Capex	0.386	59	0.786	112	0.663	146	0.326	58	2.161	375	2.561	441	28.48%
GCP	0.215	37	0.343	72	0.476	64	0.081	21	1.115	194	1.818	220	14.70%
Refinance	0.203	7	0.161	7	1.781	8	0.006	2	2.150	24	2.153	26	28.34%
Multiple/Other/NA	0.699	38	0.297	45	0.595	74	0.176	25	1.766	182	3.378	213	23.28%
Total	1.510	142	1.602	240	3.799	294	0.676	110	7.587	786	10.306	912	100.00%
Industry Sector (by SIC code)
	11/2008	12/2008	1/2009	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009
Agriculture (0xxx)	0	0.100	0	0	0	0	0	0.002	0	0	0	0
Mining (1xxx)	0.093	0.390	0.173	0.517	0.377	0.146	0.195	0.517	2.062	0.443	0.350	0.372
Oil and gas (13xx)	0.066	0.056	0.005	0.016	0.018	0.193	0.126	0.087	0.122	0.020	0.070	0.225
Construction (15xx)	0	0	0	0	0.009	0	0	0	0.006	0	0	0
Manufacturing (2xxx, 3xxx)	0.019	0.161	0.056	0.003	0.001	0.041	0.025	0.066	0.025	0.009	0.032	0.014
Pharmaceuticals (2834-6)	0.014	0.007	0.001	0.002	0.049	0.013	0.004	0.013	0.007	0.003	0.020	0.013
Transportation (4xxx)	0.001	0	0.001	0	0	0	0	0.003	0.001	0.013	0	0.001
Communications (48xx)	0	0.002	0	0	0	0.002	0.001	0.001	0	0.001	0.002	0.001
Electric, gas, sanitary services (49xx)	0.001	0.019	0	0.081	0.006	0	0	0.004	0.199	0.004	0.014	0.030
Wholesale (5xxx)	0.001	0	0.025	0	0	0.001	0	0.003	0.003	0	0.001	0.003
Finance, insurance, real estate (6xxx)	0.007	1.775	0.010	0.141	0.004	0.062	0.021	0.036	0.213	0.109	0.029	0.009
Services (7xxx)	0.004	0.002	0.008	0.002	0.005	0.005	0.005	0.025	0.017	0.016	0.002	0.004
Health services (8xxx)	0.001	0	0	0	0	0	0.001	0	0	0	0	0.003
Non-operating (9995)	0	0	0	0	0	0	0.003	0	0.006	0	0	0
Total	0.208	2.512	0.279	0.761	0.470	0.464	0.382	0.756	2.661	0.618	0.520	0.676
	Q1/2009	Count	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0.002	1	0	0	0	0	0.002	1	0.102	2	0.03%
Mining (1xxx)	1.067	100	0.858	136	2.856	189	0.372	60	5.152	485	5.635	551	67.91%
Oil and gas (13xx)	0.039	10	0.406	34	0.211	34	0.225	25	0.881	103	1.003	125	11.61%
Construction (15xx)	0.009	2	0	0	0.006	1	0	0	0.016	3	0.016	3	0.21%
Manufacturing (2xxx, 3xxx)	0.060	8	0.133	22	0.067	17	0.014	5	0.273	52	0.453	65	3.60%
Pharmaceuticals (2834-6)	0.052	7	0.030	8	0.030	9	0.013	7	0.125	31	0.147	37	1.65%
Transportation (4xxx)	0.001	1	0.003	1	0.015	3	0.001	1	0.020	6	0.021	7	0.26%
Communications (48xx)	0	0	0.004	3	0.003	2	0.001	1	0.009	6	0.010	7	0.12%
Electric, gas, sanitary services (49xx)	0.087	3	0.004	2	0.217	7	0.030	3	0.338	15	0.358	17	4.45%
Wholesale (5xxx)	0.025	1	0.004	3	0.004	2	0.003	1	0.036	7	0.037	8	0.47%
Finance, insurance, real estate (6xxx)	0.155	6	0.119	16	0.350	24	0.009	3	0.634	49	2.416	56	8.36%
Services (7xxx)	0.015	4	0.035	11	0.034	5	0.004	3	0.088	23	0.095	28	1.16%
Health services (8xxx)	0	0	0.001	1	0	0	0.003	1	0.004	2	0.005	3	0.05%
Non-operating (9995)	0	0	0.003	2	0.006	1	0	0	0.009	3	0.009	3	0.12%
Total	1.510	142	1.602	240	3.799	294	0.676	110	7.587	786	10.306	912	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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