Analysis of Canadian PIPE issuance for 12 months through April 2010

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

Proceeds

	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010
Less than $1 million	0.003	0.005	0.005	0.009	0.009	0.007	0.008	0.012	0.002	0.003	0.007	0.005
$1-1.99 million	0.034	0.045	0.038	0.030	0.050	0.046	0.053	0.073	0.041	0.025	0.025	0.042
$2-2.99 million	0.034	0.038	0.026	0.041	0.034	0.045	0.057	0.058	0.018	0.023	0.023	0.045
$3-4.99 million	0.029	0.045	0.092	0.051	0.045	0.066	0.097	0.103	0.046	0.047	0.051	0.069
$5-9.99 million	0.041	0.081	0.081	0.085	0.081	0.096	0.124	0.135	0.098	0.095	0.163	0.084
$10-14.99 million	0.070	0.131	0.025	0.047	0.089	0.045	0.093	0.111	0.075	0.066	0.119	0.054
$15-$49.99 million	0.171	0.045	0.109	0.211	0.214	0.245	0.147	0.044	0.032	0.203	0.329	0.155
$50 million and higher	0	0.371	2.283	0.251	0	0.167	0.245	0.305	0.486	0.252	1.040	0
Total	0.382	0.760	2.658	0.725	0.522	0.717	0.824	0.842	0.797	0.713	1.757	0.454
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.023	34	0.027	43	0.012	19	0.005	8	0.017	27	0.075	119	0.46%
$1-1.99 million	0.117	86	0.172	131	0.092	68	0.042	31	0.134	99	0.502	379	3.60%
$2-2.99 million	0.101	43	0.160	68	0.063	28	0.045	20	0.108	48	0.441	191	2.90%
$3-4.99 million	0.187	52	0.266	74	0.143	38	0.069	20	0.212	58	0.740	204	5.70%
$5-9.99 million	0.247	36	0.356	56	0.356	55	0.084	14	0.441	69	1.166	180	11.85%
$10-14.99 million	0.162	13	0.249	21	0.259	22	0.054	5	0.313	27	0.925	78	8.41%
$15-$49.99 million	0.534	23	0.436	19	0.564	22	0.155	8	0.719	30	1.905	80	19.32%
$50 million and higher	2.534	7	0.717	10	1.778	10	0	0	1.778	10	5.399	31	47.77%
Total	3.906	294	2.383	422	3.267	262	0.454	106	3.722	368	11.153	1262	100.00%
Type
	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010
convertible notes	0.007	0.029	0.113	0.123	0.012	0.004	0.025	0.006	0	0.015	0.165	0.018
convertible preferreds	0.001	0.012	0	0	0	0.001	0.022	0	0	0	0.004	0
equity line	0	0	0.006	0.005	0.010	0	0	0.029	0	0	0.030	0.010
notes with stock	0	0.001	0.016	0	0	0	0	0	0	0	0	0
notes with warrants	0	0.003	0	0	0	0.003	0	0.003	0.009	0	0.004	0
preferreds with warrants	0.009	0.002	0	0	0	0	0	0	0	0	0	0
stock	0.238	0.520	2.314	0.272	0.245	0.503	0.281	0.504	0.446	0.372	1.208	0.199
units of stock and warrants	0.127	0.194	0.209	0.312	0.250	0.206	0.496	0.287	0.330	0.246	0.276	0.203
warrants	0	0	0	0.013	0.005	0	0	0.012	0.013	0.080	0.071	0.025
Total	0.382	0.760	2.658	0.725	0.522	0.717	0.824	0.842	0.797	0.713	1.757	0.454
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
convertible notes	0.248	17	0.036	11	0.180	5	0.018	3	0.198	8	0.519	46	5.32%
convertible preferreds	0	0	0.023	3	0.004	1	0	0	0.004	1	0.039	6	0.11%
equity line	0.021	3	0.029	2	0.030	1	0.010	1	0.040	2	0.090	7	1.07%
notes with stock	0.016	2	0	0	0	0	0	0	0	0	0.017	3	0.00%
notes with warrants	0	0	0.006	2	0.013	4	0	0	0.013	4	0.021	7	0.35%
preferreds with warrants	0	0	0	0	0	0	0	0	0	0	0.011	3	0.00%
stock	2.832	87	1.288	156	2.025	71	0.199	34	2.223	105	7.102	407	59.73%
units of stock and warrants	0.771	183	0.989	247	0.852	171	0.203	67	1.055	238	3.136	770	28.34%
warrants	0.018	2	0.012	1	0.164	9	0.025	1	0.189	10	0.219	13	5.08%
Total	3.906	294	2.383	422	3.267	262	0.454	106	3.722	368	11.153	1262	100.00%
Warrants
	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010
Yes	0.154	0.199	0.247	0.354	0.258	0.215	0.579	0.297	0.351	0.304	0.303	0.206
No	0.228	0.562	2.412	0.371	0.264	0.502	0.245	0.545	0.446	0.409	1.454	0.249
Total	0.382	0.760	2.658	0.725	0.522	0.717	0.824	0.842	0.797	0.713	1.757	0.454
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	0.859	194	1.092	255	0.958	183	0.206	69	1.163	252	3.466	811	31.25%
No	3.047	100	1.291	167	2.309	79	0.249	37	2.558	116	7.687	451	68.73%
Total	3.906	294	2.383	422	3.267	262	0.454	106	3.722	368	11.153	1262	100.00%
Use of Proceeds
	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010
Acquisition	0.012	0.004	0.285	0	0	0.091	0.038	0.007	0	0.081	0.145	0
Capex	0.202	0.411	0.147	0.256	0.367	0.363	0.280	0.457	0.261	0.312	1.354	0.320
GCP	0.090	0.137	0.269	0.147	0.061	0.077	0.102	0.053	0.081	0.177	0.129	0.068
Refinance	0	0.051	1.769	0.008	0.004	0.006	0	0	0	0	0	0.003
Multiple/Other/NA	0.079	0.158	0.188	0.313	0.091	0.180	0.403	0.325	0.455	0.143	0.129	0.064
Total	0.382	0.760	2.658	0.725	0.522	0.717	0.824	0.842	0.797	0.713	1.757	0.454
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.285	2	0.136	9	0.226	3	0	0	0.226	3	0.663	18	6.07%
Capex	0.770	147	1.101	227	1.926	147	0.320	69	2.246	216	4.729	673	60.34%
GCP	0.478	64	0.232	64	0.387	44	0.068	16	0.454	60	1.392	237	12.20%
Refinance	1.781	8	0.006	2	0	0	0.003	2	0.003	2	1.841	17	0.08%
Multiple/Other/NA	0.593	73	0.908	120	0.728	68	0.064	19	0.791	87	2.528	317	21.25%
Total	3.906	294	2.383	422	3.267	262	0.454	106	3.722	368	11.153	1262	100.00%
Industry Sector (by SIC code)
	5/2009	6/2009	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010
Agriculture (0xxx)	0	0.002	0	0	0	0	0.022	0	0	0	0.009	0
Mining (1xxx)	0.196	0.517	2.062	0.550	0.349	0.381	0.480	0.554	0.295	0.372	1.277	0.286
Oil and gas (13xx)	0.126	0.087	0.122	0.020	0.073	0.259	0.219	0.118	0.178	0.159	0.162	0.109
Construction (15xx)	0	0	0.006	0	0	0	0	0.007	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.025	0.066	0.023	0.009	0.033	0.014	0.013	0.019	0.295	0.091	0.210	0.029
Pharmaceuticals (2834-6)	0.004	0.013	0.007	0.003	0.020	0.013	0.030	0.060	0	0.026	0.013	0.012
Transportation (4xxx)	0	0.003	0.001	0.013	0	0	0	0	0	0.002	0	0
Communications (48xx)	0.001	0.001	0	0.001	0.002	0.001	0	0	0.002	0	0	0.007
Electric, gas, sanitary services (49xx)	0	0.004	0.199	0.004	0.014	0.030	0.007	0.002	0.004	0	0.001	0
Wholesale (5xxx)	0	0.003	0.003	0	0.001	0.003	0.007	0	0	0	0.002	0
Finance, insurance, real estate (6xxx)	0.021	0.036	0.213	0.109	0.029	0.009	0.004	0.071	0.023	0.044	0.071	0.007
Services (7xxx)	0.005	0.029	0.017	0.016	0.002	0.004	0.040	0.003	0	0.018	0.013	0.005
Health services (8xxx)	0.001	0	0	0	0	0.003	0	0.007	0	0	0	0
Non-operating (9995)	0.003	0	0.006	0	0	0	0.002	0.002	0	0	0	0
Total	0.382	0.760	2.658	0.725	0.522	0.717	0.824	0.842	0.797	0.713	1.757	0.454
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0.022	2	0.009	1	0	0	0.009	1	0.032	4	0.24%
Mining (1xxx)	2.961	189	1.415	266	1.944	160	0.286	70	2.230	230	7.318	792	59.91%
Oil and gas (13xx)	0.214	35	0.596	78	0.499	46	0.109	19	0.608	65	1.631	202	16.34%
Construction (15xx)	0.006	1	0.007	2	0	0	0	0	0	0	0.013	3	0.00%
Manufacturing (2xxx, 3xxx)	0.065	16	0.045	14	0.597	15	0.029	6	0.626	21	0.828	63	16.82%
Pharmaceuticals (2834-6)	0.030	9	0.103	14	0.039	9	0.012	4	0.051	13	0.201	41	1.37%
Transportation (4xxx)	0.015	3	0	0	0.002	1	0	0	0.002	1	0.020	5	0.05%
Communications (48xx)	0.003	2	0.001	1	0.002	1	0.007	2	0.008	3	0.015	8	0.21%
Electric, gas, sanitary services (49xx)	0.217	7	0.040	5	0.005	2	0	0	0.005	2	0.265	16	0.13%
Wholesale (5xxx)	0.004	2	0.010	3	0.002	1	0	0	0.002	1	0.018	8	0.05%
Finance, insurance, real estate (6xxx)	0.351	24	0.084	20	0.138	18	0.007	2	0.144	20	0.636	72	3.87%
Services (7xxx)	0.034	5	0.048	12	0.031	8	0.005	3	0.036	11	0.152	39	0.97%
Health services (8xxx)	0	0	0.010	2	0	0	0	0	0	0	0.011	3	0.00%
Non-operating (9995)	0.006	1	0.004	3	0	0	0	0	0	0	0.013	6	0.00%
Total	3.906	294	2.383	422	3.267	262	0.454	106	3.722	368	11.153	1262	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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