Analysis of Canadian PIPE issuance for 12 months through March 2010

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

Proceeds

	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010
Less than $1 million	0.003	0.003	0.005	0.005	0.009	0.009	0.007	0.008	0.012	0.002	0.003	0.007
$1-1.99 million	0.026	0.034	0.045	0.038	0.030	0.050	0.046	0.053	0.073	0.041	0.026	0.026
$2-2.99 million	0.010	0.034	0.038	0.026	0.041	0.034	0.045	0.057	0.058	0.018	0.023	0.025
$3-4.99 million	0.038	0.029	0.045	0.092	0.051	0.045	0.066	0.097	0.103	0.046	0.042	0.054
$5-9.99 million	0.104	0.041	0.081	0.081	0.085	0.081	0.096	0.124	0.135	0.099	0.102	0.141
$10-14.99 million	0.026	0.070	0.131	0.025	0.047	0.089	0.045	0.093	0.111	0.075	0.066	0.118
$15-$49.99 million	0.153	0.171	0.045	0.109	0.211	0.214	0.245	0.147	0.044	0.032	0.203	0.305
$50 million and higher	0.105	0	0.371	2.283	0.251	0	0.167	0.245	0.305	0.486	0.252	1.040
Total	0.464	0.382	0.760	2.658	0.725	0.522	0.717	0.824	0.842	0.797	0.716	1.715
	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	0.011	18	0.011	18	0.072	115	0.34%
$1-1.99 million	0.105	83	0.117	86	0.172	131	0.092	68	0.092	68	0.486	368	2.85%
$2-2.99 million	0.082	36	0.101	43	0.160	68	0.065	29	0.065	29	0.408	176	2.01%
$3-4.99 million	0.112	30	0.187	52	0.266	74	0.142	38	0.142	38	0.708	194	4.40%
$5-9.99 million	0.226	34	0.247	36	0.356	56	0.342	53	0.342	53	1.171	179	10.59%
$10-14.99 million	0.227	19	0.162	13	0.249	21	0.258	22	0.258	22	0.895	75	7.99%
$15-$49.99 million	0.369	15	0.534	23	0.436	19	0.540	21	0.540	21	1.879	78	16.73%
$50 million and higher	0.476	5	2.534	7	0.717	10	1.778	10	1.778	10	5.504	32	55.08%
Total	1.606	242	3.906	294	2.383	422	3.228	259	3.228	259	11.123	1217	100.00%
Type
	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010
convertible notes	0.046	0.007	0.029	0.113	0.123	0.012	0.004	0.025	0.006	0	0.015	0.165
convertible preferreds	0.021	0.001	0.012	0	0	0	0.001	0.022	0	0	0	0.004
equity line	0	0	0	0.006	0.005	0.010	0	0	0.029	0	0	0.030
notes with stock	0	0	0.001	0.016	0	0	0	0	0	0	0	0
notes with warrants	0.011	0	0.003	0	0	0	0.003	0	0.003	0.009	0	0.002
preferreds with warrants	0	0.009	0.002	0	0	0	0	0	0	0	0	0
stock	0.251	0.238	0.520	2.314	0.272	0.245	0.503	0.281	0.504	0.446	0.372	1.201
units of stock and warrants	0.135	0.127	0.194	0.209	0.312	0.250	0.206	0.496	0.287	0.330	0.249	0.266
warrants	0	0	0	0	0.013	0.005	0	0	0.012	0.013	0.080	0.047
Total	0.464	0.382	0.760	2.658	0.725	0.522	0.717	0.824	0.842	0.797	0.716	1.715
	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	0.180	5	0.180	5	0.546	48	5.58%
convertible preferreds	0.033	3	0	0	0.023	3	0.004	1	0.004	1	0.060	7	0.12%
equity line	0	0	0.021	3	0.029	2	0.030	1	0.030	1	0.080	6	0.93%
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	0.011	3	0.011	3	0.031	8	0.34%
preferreds with warrants	0.011	3	0	0	0	0	0	0	0	0	0.011	3	0.00%
stock	1.010	77	2.832	87	1.288	156	2.018	69	2.018	69	7.148	389	62.52%
units of stock and warrants	0.456	140	0.771	183	0.989	247	0.845	172	0.845	172	3.061	742	26.18%
warrants	0	0	0.018	2	0.012	1	0.140	8	0.140	8	0.170	11	4.34%
Total	1.606	242	3.906	294	2.383	422	3.228	259	3.228	259	11.123	1217	100.00%
Warrants
	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010
Yes	0.276	0.154	0.199	0.247	0.354	0.258	0.215	0.579	0.297	0.352	0.307	0.289
No	0.188	0.228	0.562	2.412	0.371	0.264	0.502	0.245	0.545	0.446	0.409	1.426
Total	0.464	0.382	0.760	2.658	0.725	0.522	0.717	0.824	0.842	0.797	0.716	1.715
	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	1.092	255	0.948	182	0.948	182	3.527	784	29.37%
No	0.978	89	3.047	100	1.291	167	2.281	77	2.281	77	7.597	433	70.66%
Total	1.606	242	3.906	294	2.383	422	3.228	259	3.228	259	11.123	1217	100.00%
Use of Proceeds
	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010
Acquisition	0	0.012	0.004	0.285	0	0	0.091	0.038	0.007	0	0.081	0.145
Capex	0.173	0.202	0.411	0.147	0.256	0.367	0.363	0.280	0.457	0.261	0.312	1.326
GCP	0.116	0.090	0.137	0.269	0.147	0.061	0.077	0.102	0.053	0.081	0.183	0.114
Refinance	0.110	0	0.051	1.769	0.008	0.004	0.006	0	0	0	0	0
Multiple/Other/NA	0.065	0.079	0.158	0.188	0.313	0.091	0.180	0.403	0.325	0.456	0.141	0.129
Total	0.464	0.382	0.760	2.658	0.725	0.522	0.717	0.824	0.842	0.797	0.716	1.715
	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	0.226	3	0.226	3	0.663	18	7.00%
Capex	0.786	112	0.770	147	1.101	227	1.899	147	1.899	147	4.555	633	58.83%
GCP	0.344	72	0.478	64	0.232	64	0.378	41	0.378	41	1.432	241	11.71%
Refinance	0.161	7	1.781	8	0.006	2	0	0	0	0	1.948	17	0.00%
Multiple/Other/NA	0.301	47	0.593	73	0.908	120	0.725	68	0.725	68	2.526	308	22.46%
Total	1.606	242	3.906	294	2.383	422	3.228	259	3.228	259	11.123	1217	100.00%
Industry Sector (by SIC code)
	4/2009	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010
Agriculture (0xxx)	0	0	0.002	0	0	0	0	0.022	0	0	0	0.010
Mining (1xxx)	0.146	0.196	0.517	2.062	0.550	0.349	0.381	0.480	0.554	0.295	0.368	1.274
Oil and gas (13xx)	0.193	0.126	0.087	0.122	0.020	0.073	0.259	0.219	0.118	0.178	0.159	0.121
Construction (15xx)	0	0	0	0.006	0	0	0	0	0.007	0	0	0
Manufacturing (2xxx, 3xxx)	0.041	0.025	0.066	0.023	0.009	0.033	0.014	0.013	0.019	0.295	0.092	0.210
Pharmaceuticals (2834-6)	0.013	0.004	0.013	0.007	0.003	0.020	0.013	0.030	0.060	0	0.033	0.013
Transportation (4xxx)	0	0	0.003	0.001	0.013	0	0	0	0	0	0.002	0
Communications (48xx)	0.002	0.001	0.001	0	0.001	0.002	0.001	0	0	0.002	0	0
Electric, gas, sanitary services (49xx)	0	0	0.004	0.199	0.004	0.014	0.030	0.007	0.002	0.004	0	0.001
Wholesale (5xxx)	0.001	0	0.003	0.003	0	0.001	0.003	0.007	0	0	0	0.004
Finance, insurance, real estate (6xxx)	0.062	0.021	0.036	0.213	0.109	0.029	0.009	0.004	0.071	0.023	0.044	0.071
Services (7xxx)	0.005	0.005	0.029	0.017	0.016	0.002	0.004	0.040	0.003	0	0.018	0.011
Health services (8xxx)	0	0.001	0	0	0	0	0.003	0	0.007	0	0	0
Non-operating (9995)	0	0.003	0	0.006	0	0	0	0.002	0.002	0	0	0
Total	0.464	0.382	0.760	2.658	0.725	0.522	0.717	0.824	0.842	0.797	0.716	1.715
	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	0.010	2	0.010	2	0.033	5	0.31%
Mining (1xxx)	0.858	136	2.961	189	1.415	266	1.938	161	1.938	161	7.172	752	60.04%
Oil and gas (13xx)	0.406	34	0.214	35	0.596	78	0.458	42	0.458	42	1.673	189	14.19%
Construction (15xx)	0	0	0.006	1	0.007	2	0	0	0	0	0.013	3	0.00%
Manufacturing (2xxx, 3xxx)	0.133	22	0.065	16	0.045	14	0.598	15	0.598	15	0.841	67	18.53%
Pharmaceuticals (2834-6)	0.030	8	0.030	9	0.103	14	0.046	10	0.046	10	0.209	41	1.43%
Transportation (4xxx)	0.003	1	0.015	3	0	0	0.002	1	0.002	1	0.020	5	0.06%
Communications (48xx)	0.004	3	0.003	2	0.001	1	0.002	1	0.002	1	0.010	7	0.06%
Electric, gas, sanitary services (49xx)	0.004	2	0.217	7	0.040	5	0.005	2	0.005	2	0.265	16	0.15%
Wholesale (5xxx)	0.004	3	0.004	2	0.010	3	0.004	1	0.004	1	0.022	9	0.12%
Finance, insurance, real estate (6xxx)	0.119	16	0.351	24	0.084	20	0.138	18	0.138	18	0.691	78	4.28%
Services (7xxx)	0.039	13	0.034	5	0.048	12	0.029	6	0.029	6	0.150	36	0.90%
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	3.906	294	2.383	422	3.228	259	3.228	259	11.123	1217	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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