Analysis of Canadian PIPE issuance for 13 months through September 2010

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

Proceeds

	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010
Less than $1 million	0.009	0.007	0.008	0.012	0.002	0.003	0.007	0.003	0.005	0.008	0.007	0.002	0.006
$1-1.99 million	0.050	0.046	0.053	0.073	0.041	0.025	0.027	0.057	0.039	0.044	0.033	0.022	0.047
$2-2.99 million	0.034	0.045	0.057	0.058	0.018	0.023	0.023	0.059	0.042	0.048	0.030	0.025	0.018
$3-4.99 million	0.045	0.066	0.097	0.103	0.046	0.047	0.051	0.059	0.078	0.061	0.055	0.030	0.085
$5-9.99 million	0.081	0.096	0.124	0.135	0.098	0.095	0.163	0.089	0.110	0.077	0.121	0.069	0.058
$10-14.99 million	0.089	0.045	0.093	0.111	0.075	0.056	0.107	0.068	0.013	0.055	0.059	0.043	0.118
$15-$49.99 million	0.214	0.245	0.147	0.044	0.032	0.203	0.329	0.159	0.178	0.106	0.104	0.126	0.151
$50 million and higher	0	0.167	0.245	0.305	0.486	0.252	1.040	0	0.735	0	0.110	0.413	0.050
Total	0.522	0.717	0.824	0.842	0.797	0.703	1.747	0.494	1.201	0.398	0.517	0.730	0.532
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than $1 million	0.027	43	0.012	19	0.016	27	0.015	23	0.043	69	0.079	123	0.070	112	0.60%
$1-1.99 million	0.172	131	0.094	69	0.140	107	0.102	77	0.336	253	0.557	420	0.508	384	4.72%
$2-2.99 million	0.160	68	0.063	28	0.149	63	0.073	32	0.285	123	0.479	205	0.445	191	4.00%
$3-4.99 million	0.266	74	0.143	38	0.197	53	0.170	45	0.510	136	0.821	223	0.776	210	7.16%
$5-9.99 million	0.356	56	0.356	55	0.276	45	0.248	39	0.880	139	1.317	207	1.236	195	12.36%
$10-14.99 million	0.249	21	0.237	20	0.136	12	0.219	19	0.592	51	0.931	79	0.841	72	8.31%
$15-$49.99 million	0.436	19	0.564	22	0.444	19	0.380	16	1.388	57	2.039	87	1.824	76	19.49%
$50 million and higher	0.717	10	1.778	10	0.735	3	0.572	5	3.085	18	3.802	28	3.802	28	43.33%
Total	2.383	422	3.247	261	2.093	329	1.779	256	7.120	846	10.025	1372	9.503	1268	100.00%
Type
	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010
convertible notes	0.012	0.004	0.025	0.006	0	0.015	0.165	0.018	0.013	0.015	0.122	0.028	0.012
convertible preferreds	0	0.001	0.022	0	0	0	0.004	0	0	0	0	0	0
equity line	0.010	0	0	0.029	0	0	0.030	0.010	0	0.016	0.010	0	0.025
notes with stock	0	0	0	0	0	0	0	0	0	0	0	0.002	0.005
notes with warrants	0	0.003	0	0.003	0.009	0	0.004	0	0	0.015	0.008	0	0
stock	0.245	0.503	0.281	0.504	0.446	0.362	1.208	0.222	0.896	0.208	0.217	0.143	0.253
units of stock and warrants	0.250	0.206	0.496	0.287	0.330	0.246	0.266	0.219	0.292	0.144	0.160	0.556	0.238
warrants	0.005	0	0	0.012	0.013	0.080	0.071	0.025	0	0	0	0.001	0
Total	0.522	0.717	0.824	0.842	0.797	0.703	1.747	0.494	1.201	0.398	0.517	0.730	0.532
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
convertible notes	0.036	11	0.180	5	0.047	10	0.162	18	0.389	33	0.437	48	0.425	44	5.46%
convertible preferreds	0.023	3	0.004	1	0	0	0	0	0.004	1	0.027	4	0.027	4	0.06%
equity line	0.029	2	0.030	1	0.026	3	0.035	4	0.091	8	0.130	11	0.120	10	1.28%
notes with stock	0	0	0	0	0	0	0.007	2	0.007	2	0.007	2	0.007	2	0.10%
notes with warrants	0.006	2	0.013	4	0.015	1	0.008	2	0.036	7	0.042	9	0.042	9	0.51%
stock	1.288	156	2.015	70	1.326	114	0.613	69	3.954	253	5.487	443	5.242	409	55.53%
units of stock and warrants	0.989	247	0.842	171	0.654	200	0.953	160	2.450	531	3.688	842	3.439	778	34.41%
warrants	0.012	1	0.164	9	0.025	1	0.001	1	0.190	11	0.207	13	0.202	12	2.67%
Total	2.383	422	3.247	261	2.093	329	1.779	256	7.120	846	10.025	1372	9.503	1268	100.00%
Warrants
	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010
Yes	0.258	0.215	0.579	0.297	0.351	0.294	0.293	0.222	0.301	0.192	0.194	0.583	0.242
No	0.264	0.502	0.245	0.545	0.446	0.409	1.454	0.272	0.900	0.207	0.323	0.147	0.291
Total	0.522	0.717	0.824	0.842	0.797	0.703	1.747	0.494	1.201	0.398	0.517	0.730	0.532
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.092	255	0.938	182	0.716	211	1.018	175	2.671	568	4.021	890	3.763	823	37.51%
No	1.291	167	2.309	79	1.378	118	0.761	81	4.448	278	6.004	482	5.740	445	62.47%
Total	2.383	422	3.247	261	2.093	329	1.779	256	7.120	846	10.025	1372	9.503	1268	100.00%
Use of Proceeds
	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010
Acquisition	0	0.091	0.038	0.007	0	0.081	0.145	0	0.060	0.035	0	0	0
Capex	0.367	0.363	0.280	0.457	0.261	0.302	1.354	0.338	0.315	0.228	0.284	0.262	0.389
GCP	0.061	0.077	0.102	0.053	0.081	0.177	0.128	0.075	0.699	0.050	0.047	0.047	0.091
Refinance	0.004	0.006	0	0	0	0	0	0.003	0.013	0	0.001	0.016	0.003
Multiple/Other/NA	0.091	0.180	0.403	0.325	0.455	0.143	0.119	0.078	0.114	0.085	0.184	0.406	0.049
Total	0.522	0.717	0.824	0.842	0.797	0.703	1.747	0.494	1.201	0.398	0.517	0.730	0.532
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.136	9	0.226	3	0.095	3	0	0	0.321	6	0.457	15	0.457	15	4.51%
Capex	1.101	227	1.917	146	0.881	205	0.935	164	3.733	515	5.200	800	4.833	742	52.43%
GCP	0.232	64	0.386	44	0.824	56	0.185	40	1.395	140	1.688	227	1.627	204	19.59%
Refinance	0.006	2	0	0	0.016	3	0.020	3	0.036	6	0.046	9	0.043	8	0.51%
Multiple/Other/NA	0.908	120	0.718	68	0.278	62	0.639	49	1.635	179	2.634	321	2.543	299	22.96%
Total	2.383	422	3.247	261	2.093	329	1.779	256	7.120	846	10.025	1372	9.503	1268	100.00%
Industry Sector (by SIC code)
	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010
Agriculture (0xxx)	0	0	0.022	0	0	0	0.009	0	0	0	0	0	0
Mining (1xxx)	0.349	0.381	0.480	0.554	0.295	0.362	1.266	0.327	0.859	0.187	0.350	0.643	0.358
Oil and gas (13xx)	0.073	0.259	0.219	0.118	0.178	0.159	0.162	0.108	0.162	0.077	0.078	0.033	0.077
Construction (15xx)	0	0	0	0.007	0	0	0	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.033	0.014	0.013	0.019	0.295	0.091	0.210	0.027	0.030	0.012	0.011	0.009	0.022
Pharmaceuticals (2834-6)	0.020	0.013	0.030	0.060	0	0.026	0.013	0.012	0.003	0.010	0.012	0.011	0.051
Transportation (4xxx)	0	0	0	0	0	0.002	0	0	0	0	0.002	0	0
Communications (48xx)	0.002	0.001	0	0	0.002	0	0	0.007	0	0	0.005	0	0
Electric, gas, sanitary services (49xx)	0.014	0.030	0.007	0.002	0.004	0	0.001	0	0.001	0	0.007	0.016	0.010
Wholesale (5xxx)	0.001	0.003	0.007	0	0	0	0.002	0	0	0	0	0	0
Finance, insurance, real estate (6xxx)	0.029	0.009	0.004	0.071	0.023	0.044	0.071	0.007	0.081	0.058	0.014	0.008	0.002
Services (7xxx)	0.002	0.004	0.040	0.003	0	0.018	0.013	0.007	0.064	0.053	0.034	0.004	0.012
Health services (8xxx)	0	0.003	0	0.007	0	0	0	0	0	0	0.005	0.006	0
Non-operating (9995)	0	0	0.002	0.002	0	0	0	0	0	0	0	0	0
Total	0.522	0.717	0.824	0.842	0.797	0.703	1.747	0.494	1.201	0.398	0.517	0.730	0.532
	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.022	2	0.009	1	0	0	0	0	0.009	1	0.030	3	0.030	3	0.13%
Mining (1xxx)	1.415	266	1.923	159	1.374	213	1.352	180	4.649	552	6.413	882	6.064	818	65.29%
Oil and gas (13xx)	0.596	78	0.499	46	0.348	49	0.189	29	1.036	124	1.704	218	1.631	202	14.55%
Construction (15xx)	0.007	2	0	0	0	0	0	0	0	0	0.007	2	0.007	2	0.00%
Manufacturing (2xxx, 3xxx)	0.045	14	0.597	15	0.069	16	0.042	11	0.708	42	0.786	63	0.753	56	9.94%
Pharmaceuticals (2834-6)	0.103	14	0.039	9	0.025	7	0.074	7	0.138	23	0.261	41	0.241	37	1.94%
Transportation (4xxx)	0	0	0.002	1	0	0	0.002	1	0.004	2	0.004	2	0.004	2	0.06%
Communications (48xx)	0.001	1	0.002	1	0.007	2	0.005	1	0.013	4	0.017	6	0.014	5	0.18%
Electric, gas, sanitary services (49xx)	0.040	5	0.005	2	0.001	1	0.033	5	0.039	8	0.093	15	0.079	13	0.55%
Wholesale (5xxx)	0.010	3	0.002	1	0	0	0	0	0.002	1	0.013	5	0.012	4	0.03%
Finance, insurance, real estate (6xxx)	0.084	20	0.138	18	0.146	27	0.023	6	0.307	51	0.420	79	0.391	71	4.31%
Services (7xxx)	0.048	12	0.031	8	0.124	14	0.050	14	0.206	36	0.255	49	0.253	48	2.89%
Health services (8xxx)	0.010	2	0	0	0	0	0.011	2	0.011	2	0.020	4	0.020	4	0.15%
Non-operating (9995)	0.004	3	0	0	0	0	0	0	0	0	0.004	3	0.004	3	0.00%
Total	2.383	422	3.247	261	2.093	329	1.779	256	7.120	846	10.025	1372	9.503	1268	100.00%

Criteria

* The tables include all Canadian dollar-denominated offerings sold as private placements.

* Stock must be listed on a Canadian exchange.

* 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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