Analysis of Canadian PIPE issuance for 13 months through July 2010

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

Proceeds

	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010
Less than $1 million	0.005	0.009	0.009	0.007	0.008	0.012	0.002	0.003	0.007	0.003	0.005	0.008	0.006
$1-1.99 million	0.038	0.030	0.050	0.046	0.053	0.073	0.041	0.025	0.027	0.057	0.039	0.041	0.034
$2-2.99 million	0.026	0.039	0.034	0.045	0.057	0.058	0.018	0.023	0.023	0.059	0.042	0.046	0.028
$3-4.99 million	0.092	0.051	0.045	0.066	0.097	0.103	0.046	0.047	0.051	0.059	0.078	0.056	0.053
$5-9.99 million	0.074	0.085	0.081	0.096	0.124	0.135	0.098	0.095	0.163	0.089	0.110	0.090	0.115
$10-14.99 million	0.025	0.047	0.089	0.045	0.093	0.111	0.075	0.066	0.107	0.068	0.013	0.055	0.059
$15-$49.99 million	0.109	0.211	0.214	0.245	0.147	0.044	0.032	0.203	0.329	0.159	0.178	0.106	0.079
$50 million and higher	2.283	0.251	0	0.167	0.245	0.305	0.486	0.252	0.795	0	0.735	0	0
Total	2.652	0.723	0.522	0.717	0.824	0.842	0.797	0.713	1.502	0.494	1.201	0.401	0.372
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.023	34	0.027	43	0.012	19	0.016	27	0.006	9	0.034	55	0.084	132	0.62%
$1-1.99 million	0.117	86	0.172	131	0.093	69	0.137	105	0.034	26	0.264	200	0.553	417	4.82%
$2-2.99 million	0.099	42	0.160	68	0.063	28	0.147	62	0.028	12	0.238	102	0.497	212	4.34%
$3-4.99 million	0.187	52	0.266	74	0.143	38	0.192	52	0.053	15	0.388	105	0.841	231	7.08%
$5-9.99 million	0.241	35	0.356	56	0.356	55	0.289	47	0.115	18	0.760	120	1.357	211	13.87%
$10-14.99 million	0.162	13	0.249	21	0.247	21	0.136	12	0.059	5	0.442	38	0.853	72	8.06%
$15-$49.99 million	0.534	23	0.436	19	0.564	22	0.444	19	0.079	4	1.087	45	2.057	87	19.83%
$50 million and higher	2.534	7	0.717	10	1.533	9	0.735	3	0	0	2.268	12	5.519	29	41.38%
Total	3.897	292	2.383	422	3.012	261	2.096	327	0.372	89	5.481	677	11.761	1391	100.00%
Type
	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010
convertible notes	0.106	0.123	0.012	0.004	0.025	0.006	0	0.015	0.165	0.018	0.013	0.016	0.011
convertible preferreds	0	0	0	0.001	0.022	0	0	0	0.004	0	0	0	0
equity line	0.006	0.005	0.010	0	0	0.029	0	0	0.030	0.010	0	0.016	0.010
notes with stock	0.016	0	0	0	0	0	0	0	0	0	0	0	0
notes with warrants	0	0	0	0.003	0	0.003	0.009	0	0.004	0	0	0.015	0.008
stock	2.314	0.272	0.245	0.503	0.281	0.504	0.446	0.372	0.963	0.222	0.896	0.208	0.190
units of stock and warrants	0.209	0.310	0.250	0.206	0.496	0.287	0.330	0.246	0.266	0.219	0.292	0.146	0.153
warrants	0	0.013	0.005	0	0	0.012	0.013	0.080	0.071	0.025	0	0	0
Total	2.652	0.723	0.522	0.717	0.824	0.842	0.797	0.713	1.502	0.494	1.201	0.401	0.372
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
convertible notes	0.241	16	0.036	11	0.180	5	0.047	10	0.011	5	0.238	20	0.516	47	4.34%
convertible preferreds	0	0	0.023	3	0.004	1	0	0	0	0	0.004	1	0.027	4	0.07%
equity line	0.021	3	0.029	2	0.030	1	0.026	3	0.010	2	0.066	6	0.116	11	1.20%
notes with stock	0.016	2	0	0	0	0	0	0	0	0	0	0	0.016	2	0.00%
notes with warrants	0	0	0.006	2	0.013	4	0.015	1	0.008	2	0.036	7	0.042	9	0.66%
stock	2.832	87	1.288	156	1.780	70	1.326	114	0.190	29	3.297	213	7.417	456	60.15%
units of stock and warrants	0.769	182	0.989	247	0.842	171	0.656	198	0.153	51	1.651	420	3.409	849	30.12%
warrants	0.018	2	0.012	1	0.164	9	0.025	1	0	0	0.189	10	0.219	13	3.45%
Total	3.897	292	2.383	422	3.012	261	2.096	327	0.372	89	5.481	677	11.761	1391	100.00%
Warrants
	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010
Yes	0.240	0.352	0.258	0.215	0.579	0.297	0.351	0.304	0.292	0.222	0.301	0.194	0.188
No	2.412	0.371	0.264	0.502	0.245	0.545	0.446	0.409	1.210	0.272	0.899	0.207	0.185
Total	2.652	0.723	0.522	0.717	0.824	0.842	0.797	0.713	1.502	0.494	1.201	0.401	0.372
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Yes	0.850	192	1.092	255	0.947	183	0.718	209	0.188	59	1.853	451	3.795	898	33.81%
No	3.047	100	1.291	167	2.065	78	1.378	118	0.185	30	3.627	226	7.966	493	66.17%
Total	3.897	292	2.383	422	3.012	261	2.096	327	0.372	89	5.481	677	11.761	1391	100.00%
Use of Proceeds
	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010
Acquisition	0.285	0	0	0.091	0.038	0.007	0	0.081	0.145	0	0.060	0.035	0
Capex	0.147	0.256	0.367	0.363	0.280	0.457	0.261	0.312	1.109	0.338	0.315	0.228	0.247
GCP	0.263	0.145	0.061	0.077	0.102	0.053	0.081	0.177	0.128	0.075	0.698	0.053	0.047
Refinance	1.769	0.008	0.004	0.006	0	0	0	0	0	0.003	0.013	0	0.001
Multiple/Other/NA	0.188	0.313	0.091	0.180	0.403	0.325	0.455	0.143	0.119	0.078	0.115	0.085	0.078
Total	2.652	0.723	0.522	0.717	0.824	0.842	0.797	0.713	1.502	0.494	1.201	0.401	0.372
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.285	2	0.136	9	0.226	3	0.095	3	0	0	0.321	6	0.742	17	5.86%
Capex	0.770	147	1.101	227	1.682	146	0.881	204	0.247	50	2.810	400	4.680	774	51.27%
GCP	0.469	62	0.232	64	0.386	44	0.825	54	0.047	15	1.258	113	1.960	239	22.95%
Refinance	1.781	8	0.006	2	0	0	0.016	3	0.001	1	0.018	4	1.805	14	0.33%
Multiple/Other/NA	0.593	73	0.908	120	0.718	68	0.279	63	0.078	23	1.074	154	2.574	347	19.59%
Total	3.897	292	2.383	422	3.012	261	2.096	327	0.372	89	5.481	677	11.761	1391	100.00%
Industry Sector (by SIC code)
	7/2009	8/2009	9/2009	10/2009	11/2009	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010
Agriculture (0xxx)	0	0	0	0	0.022	0	0	0	0.009	0	0	0	0
Mining (1xxx)	2.062	0.548	0.349	0.381	0.480	0.554	0.295	0.372	1.022	0.327	0.859	0.192	0.226
Oil and gas (13xx)	0.122	0.020	0.073	0.259	0.219	0.118	0.178	0.159	0.162	0.108	0.162	0.077	0.058
Construction (15xx)	0	0	0	0	0	0.007	0	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.023	0.009	0.033	0.014	0.013	0.019	0.295	0.091	0.210	0.027	0.030	0.013	0.012
Pharmaceuticals (2834-6)	0.007	0.003	0.020	0.013	0.030	0.060	0	0.026	0.013	0.012	0.003	0.010	0.012
Transportation (4xxx)	0.001	0.013	0	0	0	0	0	0.002	0	0	0	0	0.002
Communications (48xx)	0	0.001	0.002	0.001	0	0	0.002	0	0	0.007	0	0	0.005
Electric, gas, sanitary services (49xx)	0.199	0.004	0.014	0.030	0.007	0.002	0.004	0	0.001	0	0.001	0	0.005
Wholesale (5xxx)	0.003	0	0.001	0.003	0.007	0	0	0	0.002	0	0	0	0
Finance, insurance, real estate (6xxx)	0.213	0.109	0.029	0.009	0.004	0.071	0.023	0.044	0.071	0.007	0.081	0.058	0.014
Services (7xxx)	0.017	0.016	0.002	0.004	0.040	0.003	0	0.018	0.013	0.007	0.064	0.051	0.033
Health services (8xxx)	0	0	0	0.003	0	0.007	0	0	0	0	0	0	0.005
Non-operating (9995)	0.006	0	0	0	0.002	0.002	0	0	0	0	0	0	0
Total	2.652	0.723	0.522	0.717	0.824	0.842	0.797	0.713	1.502	0.494	1.201	0.401	0.372
	Q3/2009	Count	Q4/2009	Count	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0.022	2	0.009	1	0	0	0	0	0.009	1	0.030	3	0.16%
Mining (1xxx)	2.959	188	1.415	266	1.689	159	1.378	212	0.226	54	3.293	425	7.667	879	60.08%
Oil and gas (13xx)	0.214	35	0.596	78	0.499	46	0.348	49	0.058	11	0.905	106	1.715	219	16.51%
Construction (15xx)	0	0	0.007	2	0	0	0	0	0	0	0	0	0.007	2	0.00%
Manufacturing (2xxx, 3xxx)	0.065	16	0.045	14	0.597	15	0.070	16	0.012	3	0.679	34	0.789	64	12.39%
Pharmaceuticals (2834-6)	0.030	9	0.103	14	0.039	9	0.025	7	0.012	3	0.076	19	0.209	42	1.39%
Transportation (4xxx)	0.015	3	0	0	0.002	1	0	0	0.002	1	0.004	2	0.018	5	0.07%
Communications (48xx)	0.003	2	0.001	1	0.002	1	0.007	2	0.005	1	0.013	4	0.018	7	0.24%
Electric, gas, sanitary services (49xx)	0.217	7	0.040	5	0.005	2	0.001	1	0.005	3	0.012	6	0.268	18	0.22%
Wholesale (5xxx)	0.004	2	0.010	3	0.002	1	0	0	0	0	0.002	1	0.015	6	0.04%
Finance, insurance, real estate (6xxx)	0.351	24	0.084	20	0.138	18	0.146	27	0.014	3	0.297	48	0.732	92	5.42%
Services (7xxx)	0.034	5	0.048	12	0.031	8	0.122	13	0.033	9	0.187	30	0.268	47	3.41%
Health services (8xxx)	0	0	0.010	2	0	0	0	0	0.005	1	0.005	1	0.015	3	0.09%
Non-operating (9995)	0.006	1	0.004	3	0	0	0	0	0	0	0	0	0.010	4	0.00%
Total	3.897	292	2.383	422	3.012	261	2.096	327	0.372	89	5.481	677	11.761	1391	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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