Analysis of Canadian PIPE issuance for 12 months through January 2010

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

Proceeds

	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010
Less than $1 million	0.003	0.004	0.003	0.003	0.005	0.005	0.009	0.009	0.007	0.008	0.012	0.001
$1-1.99 million	0.020	0.020	0.026	0.034	0.045	0.038	0.030	0.050	0.046	0.053	0.073	0.039
$2-2.99 million	0.022	0.022	0.010	0.034	0.038	0.028	0.041	0.034	0.042	0.057	0.055	0.021
$3-4.99 million	0.021	0.029	0.038	0.029	0.045	0.092	0.051	0.045	0.070	0.097	0.106	0.042
$5-9.99 million	0.033	0.076	0.104	0.041	0.081	0.081	0.085	0.081	0.096	0.124	0.135	0.089
$10-14.99 million	0.052	0.070	0.026	0.070	0.131	0.025	0.047	0.089	0.045	0.093	0.125	0.058
$15-$49.99 million	0.125	0.093	0.153	0.171	0.045	0.109	0.211	0.214	0.245	0.147	0.025	0.035
$50 million and higher	0.485	0.155	0.105	0	0.371	2.283	0.251	0	0.167	0.245	0.305	0.475
Total	0.761	0.470	0.464	0.382	0.760	2.661	0.725	0.522	0.718	0.825	0.836	0.760
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.010	20	0.023	34	0.027	43	0.001	3	0.001	3	0.069	109	0.13%
$1-1.99 million	0.105	83	0.117	86	0.171	131	0.039	28	0.039	28	0.473	358	5.13%
$2-2.99 million	0.082	36	0.104	44	0.155	66	0.021	9	0.021	9	0.405	174	2.76%
$3-4.99 million	0.112	30	0.187	52	0.273	76	0.042	11	0.042	11	0.665	182	5.53%
$5-9.99 million	0.226	34	0.247	36	0.356	56	0.089	14	0.089	14	1.026	157	11.71%
$10-14.99 million	0.227	19	0.162	13	0.263	22	0.058	5	0.058	5	0.833	70	7.63%
$15-$49.99 million	0.369	15	0.534	23	0.417	18	0.035	2	0.035	2	1.572	66	4.61%
$50 million and higher	0.476	5	2.534	7	0.717	10	0.475	3	0.475	3	4.841	30	62.50%
Total	1.606	242	3.908	295	2.379	422	0.760	75	0.760	75	9.884	1146	100.00%
Type
	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010
convertible notes	0.327	0.065	0.046	0.007	0.029	0.113	0.123	0.012	0.004	0.026	0.006	0
convertible preferreds	0	0	0.021	0.001	0.012	0	0	0	0.001	0.022	0	0
equity line	0	0	0	0	0	0.006	0.005	0.010	0	0	0.029	0
notes with stock	0	0	0	0	0.001	0.016	0	0	0	0	0	0
notes with warrants	0	0.001	0.011	0	0.003	0	0	0	0.003	0	0.003	0.009
preferreds with warrants	0.135	0	0	0.009	0.002	0	0	0	0	0	0	0
stock	0.191	0.232	0.251	0.238	0.520	2.317	0.272	0.245	0.503	0.281	0.505	0.424
units of stock and warrants	0.108	0.172	0.135	0.127	0.194	0.209	0.312	0.250	0.207	0.496	0.280	0.314
warrants	0	0	0	0	0	0	0.013	0.005	0	0	0.012	0.013
Total	0.761	0.470	0.464	0.382	0.760	2.661	0.725	0.522	0.718	0.825	0.836	0.760
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
convertible notes	0.082	15	0.248	17	0.036	11	0	0	0	0	0.759	55	0.00%
convertible preferreds	0.033	3	0	0	0.023	3	0	0	0	0	0.056	6	0.00%
equity line	0	0	0.021	3	0.029	2	0	0	0	0	0.050	5	0.00%
notes with stock	0.001	1	0.016	2	0	0	0	0	0	0	0.017	3	0.00%
notes with warrants	0.014	3	0	0	0.006	2	0.009	2	0.009	2	0.030	8	1.18%
preferreds with warrants	0.011	3	0	0	0	0	0	0	0	0	0.146	4	0.00%
stock	1.010	77	2.834	88	1.289	157	0.424	16	0.424	16	5.981	367	55.79%
units of stock and warrants	0.456	140	0.771	183	0.983	246	0.314	56	0.314	56	2.803	694	41.32%
warrants	0	0	0.018	2	0.012	1	0.013	1	0.013	1	0.043	4	1.71%
Total	1.606	242	3.908	295	2.379	422	0.760	75	0.760	75	9.884	1146	100.00%
Warrants
	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010
Yes	0.329	0.200	0.276	0.154	0.199	0.247	0.354	0.258	0.216	0.579	0.290	0.336
No	0.431	0.270	0.188	0.228	0.562	2.414	0.371	0.264	0.502	0.245	0.546	0.424
Total	0.761	0.470	0.464	0.382	0.760	2.661	0.725	0.522	0.718	0.825	0.836	0.760
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	0.629	153	0.859	194	1.085	254	0.336	59	0.336	59	3.437	741	44.21%
No	0.978	89	3.049	101	1.293	168	0.424	16	0.424	16	6.446	405	55.79%
Total	1.606	242	3.908	295	2.379	422	0.760	75	0.760	75	9.884	1146	100.00%
Use of Proceeds
	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010
Acquisition	0	0	0	0.012	0.004	0.285	0	0	0.091	0.038	0.007	0
Capex	0.087	0.200	0.173	0.202	0.411	0.147	0.256	0.367	0.364	0.280	0.450	0.250
GCP	0.066	0.053	0.116	0.090	0.137	0.269	0.147	0.061	0.077	0.102	0.053	0.056
Refinance	0.135	0.033	0.110	0	0.051	1.769	0.008	0.004	0.006	0	0	0
Multiple/Other/NA	0.473	0.184	0.065	0.079	0.158	0.191	0.313	0.091	0.180	0.404	0.326	0.454
Total	0.761	0.470	0.464	0.382	0.760	2.661	0.725	0.522	0.718	0.825	0.836	0.760
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.016	4	0.285	2	0.136	9	0	0	0	0	0.437	15	0.00%
Capex	0.786	112	0.770	147	1.094	226	0.250	34	0.250	34	3.186	569	32.89%
GCP	0.344	72	0.478	64	0.233	64	0.056	12	0.056	12	1.229	238	7.37%
Refinance	0.161	7	1.781	8	0.006	2	0	0	0	0	2.115	22	0.00%
Multiple/Other/NA	0.301	47	0.595	74	0.909	121	0.454	29	0.454	29	2.916	302	59.74%
Total	1.606	242	3.908	295	2.379	422	0.760	75	0.760	75	9.884	1146	100.00%
Industry Sector (by SIC code)
	2/2009	3/2009	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010
Agriculture (0xxx)	0	0	0	0	0.002	0	0	0	0	0.022	0	0
Mining (1xxx)	0.517	0.377	0.146	0.196	0.517	2.062	0.550	0.349	0.381	0.480	0.552	0.276
Oil and gas (13xx)	0.016	0.018	0.193	0.126	0.087	0.122	0.020	0.073	0.259	0.219	0.118	0.174
Construction (15xx)	0	0.009	0	0	0	0.006	0	0	0	0	0.007	0
Manufacturing (2xxx, 3xxx)	0.003	0.001	0.041	0.025	0.066	0.025	0.009	0.033	0.014	0.013	0.020	0.281
Pharmaceuticals (2834-6)	0.002	0.049	0.013	0.004	0.013	0.007	0.003	0.020	0.013	0.030	0.054	0
Transportation (4xxx)	0	0	0	0	0.003	0.001	0.013	0	0	0	0	0
Communications (48xx)	0	0	0.002	0.001	0.001	0	0.001	0.002	0.001	0	0	0.002
Electric, gas, sanitary services (49xx)	0.081	0.006	0	0	0.004	0.199	0.004	0.014	0.030	0.007	0.002	0.004
Wholesale (5xxx)	0	0	0.001	0	0.003	0.003	0	0.001	0.003	0.007	0	0
Finance, insurance, real estate (6xxx)	0.141	0.004	0.062	0.021	0.036	0.213	0.109	0.029	0.009	0.004	0.071	0.023
Services (7xxx)	0.002	0.005	0.005	0.005	0.029	0.017	0.016	0.002	0.004	0.040	0.003	0
Health services (8xxx)	0	0	0	0.001	0	0	0	0	0.003	0	0.007	0
Non-operating (9995)	0	0	0	0.003	0	0.006	0	0	0	0.002	0.002	0
Total	0.761	0.470	0.464	0.382	0.760	2.661	0.725	0.522	0.718	0.825	0.836	0.760
	Q2/2009	Count	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.002	1	0	0	0.022	2	0	0	0	0	0.024	3	0.00%
Mining (1xxx)	0.858	136	2.961	189	1.414	265	0.276	50	0.276	50	6.404	722	36.32%
Oil and gas (13xx)	0.406	34	0.214	35	0.596	78	0.174	14	0.174	14	1.424	169	22.89%
Construction (15xx)	0	0	0.006	1	0.007	2	0	0	0	0	0.023	5	0.00%
Manufacturing (2xxx, 3xxx)	0.133	22	0.067	17	0.047	15	0.281	4	0.281	4	0.532	61	36.97%
Pharmaceuticals (2834-6)	0.030	8	0.030	9	0.097	14	0	0	0	0	0.209	37	0.00%
Transportation (4xxx)	0.003	1	0.015	3	0	0	0	0	0	0	0.018	4	0.00%
Communications (48xx)	0.004	3	0.003	2	0.001	1	0.002	1	0.002	1	0.010	7	0.26%
Electric, gas, sanitary services (49xx)	0.004	2	0.217	7	0.040	5	0.004	1	0.004	1	0.351	18	0.53%
Wholesale (5xxx)	0.004	3	0.004	2	0.010	3	0	0	0	0	0.017	8	0.00%
Finance, insurance, real estate (6xxx)	0.119	16	0.351	24	0.084	20	0.023	5	0.023	5	0.722	70	3.03%
Services (7xxx)	0.039	13	0.034	5	0.048	12	0	0	0	0	0.128	33	0.00%
Health services (8xxx)	0.001	1	0	0	0.010	2	0	0	0	0	0.011	3	0.00%
Non-operating (9995)	0.003	2	0.006	1	0.004	3	0	0	0	0	0.013	6	0.00%
Total	1.606	242	3.908	295	2.379	422	0.760	75	0.760	75	9.884	1146	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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