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Published on 9/2/2009 in the Prospect News PIPE Daily.

Analysis of Canadian PIPE issuance for 12 months through August 2009

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

Proceeds

9/200810/200811/200812/20081/20092/20093/20094/20095/20096/20097/20098/2009
Less than $1 million0.0040.0050.0020.0030.0010.0030.0040.0030.0030.0050.0050.008
$1-1.99 million0.0330.0170.0290.0330.0180.0200.0200.0260.0340.0450.0360.030
$2-2.99 million0.0150.0310.0130.0270.0080.0220.0220.0100.0330.0400.0280.041
$3-4.99 million0.0290.0370.0400.0340.0090.0210.0290.0380.0290.0360.0920.040
$5-9.99 million0.0470.0630.0460.0690.0080.0330.0760.1040.0410.0810.0810.089
$10-14.99 million0.0450.0470.0230.0100.0440.0520.0700.0260.0700.1170.0250.047
$15-$49.99 million0.0360.0700.0540.0790.0810.1250.0930.1530.1710.0630.1090.211
$50 million and higher0.055 0 02.2580.1120.4850.1550.105 00.3712.2830.125
Total0.2640.2700.2082.5120.2790.7610.4700.4640.3820.7582.6600.592
Q4/2008Count Q1/2009Count Q2/2009Count Q3/2009Count YTDCount TotalCountYTD Share
Less than $1 million0.011180.007100.010200.013210.031510.046770.49%
$1-1.99 million0.079610.058440.105830.066490.2291760.3412643.60%
$2-2.99 million0.070290.052220.083370.070300.205890.2911253.22%
$3-4.99 million0.111290.059150.104280.132360.295790.4351154.63%
$5-9.99 million0.178260.116180.226340.170250.512770.7361108.04%
$10-14.99 million0.07970.167150.213180.07360.453390.577507.12%
$15-$49.99 million0.20490.299110.386160.319121.004391.2445015.77%
$50 million and higher2.25880.75270.47652.40863.636185.9492757.12%
Total2.9891871.5101421.6042413.2521856.3665689.618818100.00%
Type
9/200810/200811/200812/20081/20092/20093/20094/20095/20096/20097/20098/2009
convertible notes0.0240.0110.0220.3250.0150.0580.0650.0460.0070.0290.1130.119
convertible preferreds 0 0 00.019 0 0 00.0210.0010.012 0 0
equity line 0 0 0 00.010 0 0 0 0 00.0060.005
notes with shares 0 0 0 0 0 0 0 0 0 00.015 0
notes with stock 0 0 0 0 0 0 0 0 00.0010.001 0
notes with warrants 00.003 00.003 0 00.0010.011 00.003 0 0
preferreds with warrants 0 0 00.040 00.135 0 00.0090.002 0 0
stock0.1380.1910.1191.9370.1420.4600.2320.2510.2380.5182.3180.252
units of stock and warrants0.1010.0660.0670.1890.1120.1080.1720.1340.1260.1940.2080.202
warrants 0 0 0 0 0 0 0 0 0 0 00.013
Total0.2640.2700.2082.5120.2790.7610.4700.4640.3820.7582.6600.592
Q4/2008Count Q1/2009Count Q2/2009Count Q3/2009Count YTDCount TotalCountYTD Share
convertible notes0.357180.138130.082150.232120.453400.835647.12%
convertible preferreds0.0191 000.0333 000.03330.05240.52%
equity line 000.0101 000.01120.02130.02130.33%
notes with shares 00 00 000.01510.01510.01510.24%
notes with stock 00 000.00110.00110.00220.00220.03%
notes with warrants0.00630.00110.0143 000.01540.02170.24%
preferreds with warrants0.04010.13510.0113 000.14640.18652.29%
stock2.246830.834411.008762.570544.4111716.79627769.29%
units of stock and warrants0.321810.392850.4551400.4101141.2563391.67945419.73%
warrants 00 00 000.01310.01310.01310.20%
Total2.9891871.5101421.6042413.2521856.3665689.618818100.00%
Warrants
9/200810/200811/200812/20081/20092/20093/20094/20095/20096/20097/20098/2009
Yes0.1010.0790.0790.4420.1360.3290.2000.2760.1530.1990.2450.240
No0.1620.1910.1292.0700.1430.4310.2700.1880.2280.5602.4150.352
Total0.2640.2700.2082.5120.2790.7610.4700.4640.3820.7582.6600.592
Q4/2008Count Q1/2009Count Q2/2009Count Q3/2009Count YTDCount TotalCountYTD Share
Yes0.600950.665990.6281530.4851211.7783732.47950427.93%
No2.389920.845430.976882.767644.5871957.13931472.05%
Total2.9891871.5101421.6042413.2521856.3665689.618818100.00%
Use of Proceeds
9/200810/200811/200812/20081/20092/20093/20094/20095/20096/20097/20098/2009
Acquisition0.060 0 00.0020.008 0 0 00.0120.0040.285 0
Capex0.0760.1890.1500.2500.0990.0870.2000.1730.2020.4130.1460.151
GCP0.0590.0630.0280.6750.0960.0660.0530.1160.0900.1370.2700.140
Refinance 0 00.0010.0020.0350.1350.0330.110 00.0511.7690.008
Multiple/Other/NA0.0680.0180.0281.5830.0420.4730.1840.0650.0790.1540.1910.292
Total0.2640.2700.2082.5120.2790.7610.4700.4640.3820.7582.6600.592
Q4/2008Count Q1/2009Count Q2/2009Count Q3/2009Count YTDCount TotalCountYTD Share
Acquisition0.00210.00810.01640.28520.30870.370114.84%
Capex0.5891110.386590.7881130.297851.4702572.13539523.09%
GCP0.766390.215370.343720.410400.9681491.79320115.21%
Refinance0.00320.20370.16171.77772.140212.1442333.62%
Multiple/Other/NA1.630340.699380.297450.483511.4791343.17718823.23%
Total2.9891871.5101421.6042413.2521856.3665689.618818100.00%
Industry Sector (by SIC code)
9/200810/200811/200812/20081/20092/20093/20094/20095/20096/20097/20098/2009
Agriculture (0xxx) 00.005 00.100 0 0 0 0 00.002 0 0
Mining (1xxx)0.1140.1520.0930.3900.1730.5170.3770.1460.1950.5172.0610.416
Oil and gas (13xx)0.0700.0650.0660.0560.0050.0160.0180.1930.1260.0890.1230.026
Construction (15xx) 0 0 0 0 0 00.009 0 0 00.006 0
Manufacturing (2xxx, 3xxx)0.0140.0330.0190.1610.0560.0030.0010.0410.0250.0670.0250.003
Pharmaceuticals (2834-6)0.0310.0050.0140.0070.0010.0020.0490.0120.0040.0130.0070.003
Transportation (4xxx) 00.0020.001 00.001 0 0 0 00.0030.0010.013
Communications (48xx)0.013 0 00.002 0 0 00.0020.0010.001 00.001
Electric, gas, sanitary services (49xx) 00.0020.0010.019 00.0810.006 0 00.0040.1990.004
Wholesale (5xxx) 00.0030.001 00.025 0 00.001 00.0030.003 0
Finance, insurance, real estate (6xxx)0.0110.0030.0071.7750.0100.1410.0040.0620.0210.0360.2130.109
Services (7xxx)0.009 00.0040.0020.0080.0020.0050.0050.0050.0250.0170.016
Health services (8xxx) 0 00.001 0 0 0 0 00.001 0 0 0
Non-operating (9995)0.001 0 0 0 0 0 0 00.003 00.006 0
Total0.2640.2700.2082.5120.2790.7610.4700.4640.3820.7582.6600.592
Q4/2008Count Q1/2009Count Q2/2009Count Q3/2009Count YTDCount TotalCountYTD Share
Agriculture (0xxx)0.1053 000.0021 000.00210.10740.03%
Mining (1xxx)0.6351071.0671000.8581362.4771204.4023565.15150069.15%
Oil and gas (13xx)0.187290.039100.408350.149190.596640.8531009.36%
Construction (15xx) 000.0092 000.00610.01630.01630.25%
Manufacturing (2xxx, 3xxx)0.213180.06080.133220.02890.221390.448603.47%
Pharmaceuticals (2834-6)0.02670.05270.02980.01050.092200.149311.45%
Transportation (4xxx)0.00330.00110.00310.01530.01950.02380.30%
Communications (48xx)0.0021 000.00430.00110.00540.02080.08%
Electric, gas, sanitary services (49xx)0.02130.08730.00420.20350.294100.315134.62%
Wholesale (5xxx)0.00420.02510.00430.00310.03250.03670.50%
Finance, insurance, real estate (6xxx)1.78580.15560.119160.322160.596382.392519.36%
Services (7xxx)0.00650.01540.035110.03340.083190.097271.30%
Health services (8xxx)0.0011 000.0011 000.00110.00220.02%
Non-operating (9995) 00 000.00320.00610.00930.01040.14%
Total2.9891871.5101421.6042413.2521856.3665689.618818100.00%
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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