Analysis of Canadian PIPE issuance for 13 months through December 2010

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

Proceeds

	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010
Less than $1 million	0.012	0.002	0.003	0.007	0.003	0.005	0.008	0.006	0.002	0.006	0.009	0.013	0.017
$1-1.99 million	0.073	0.041	0.025	0.027	0.057	0.039	0.045	0.033	0.024	0.051	0.052	0.078	0.097
$2-2.99 million	0.058	0.018	0.023	0.023	0.059	0.042	0.048	0.030	0.028	0.028	0.093	0.049	0.082
$3-4.99 million	0.103	0.046	0.047	0.051	0.059	0.078	0.058	0.055	0.030	0.089	0.096	0.109	0.105
$5-9.99 million	0.135	0.098	0.095	0.163	0.089	0.110	0.077	0.125	0.069	0.093	0.168	0.237	0.153
$10-14.99 million	0.111	0.075	0.056	0.107	0.068	0.013	0.055	0.059	0.043	0.153	0.066	0.149	0.133
$15-$49.99 million	0.044	0.032	0.203	0.329	0.159	0.178	0.106	0.104	0.126	0.106	0.189	0.475	0.242
$50 million and higher	0.305	0.486	0.252	1.040	0	0.735	0	0.110	0.413	0.101	0.131	0.951	0.479
Total	0.842	0.797	0.703	1.747	0.494	1.201	0.396	0.521	0.734	0.627	0.804	2.062	1.308
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than $1 million	0.012	19	0.016	27	0.014	22	0.038	60	0.080	128	0.092	146	0.080	128	0.70%
$1-1.99 million	0.094	69	0.141	108	0.107	80	0.228	170	0.570	427	0.643	483	0.570	427	5.00%
$2-2.99 million	0.063	28	0.149	63	0.086	37	0.223	95	0.522	223	0.580	247	0.522	223	4.58%
$3-4.99 million	0.143	38	0.194	52	0.174	46	0.310	84	0.822	220	0.925	249	0.822	220	7.21%
$5-9.99 million	0.356	55	0.276	45	0.288	44	0.558	86	1.478	230	1.613	250	1.478	230	12.97%
$10-14.99 million	0.237	20	0.136	12	0.255	22	0.349	30	0.977	84	1.088	93	0.977	84	8.57%
$15-$49.99 million	0.564	22	0.444	19	0.335	15	0.907	41	2.250	97	2.294	99	2.250	97	19.75%
$50 million and higher	1.778	10	0.735	3	0.623	6	1.562	13	4.698	32	5.002	36	4.698	32	41.23%
Total	3.247	261	2.091	329	1.883	272	4.174	579	11.395	1441	12.237	1603	11.395	1441	100.00%
Type
	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010
convertible notes	0.006	0	0.015	0.165	0.018	0.013	0.015	0.122	0.028	0.010	0.023	0.019	0.204
convertible preferreds	0	0	0	0.004	0	0	0	0	0	0	0.001	0	0
equity line	0.029	0	0	0.030	0.010	0	0.016	0.010	0	0.025	0.010	0	0
notes with stock	0	0	0	0	0	0	0	0	0.002	0.005	0	0.002	0.010
notes with warrants	0.003	0.009	0	0.004	0	0	0.015	0.008	0	0	0.006	0.004	0.032
stock	0.504	0.446	0.362	1.208	0.222	0.896	0.208	0.217	0.143	0.281	0.296	1.314	0.477
units of stock and warrants	0.287	0.330	0.246	0.266	0.219	0.292	0.142	0.163	0.561	0.300	0.403	0.658	0.585
warrants	0.012	0.013	0.080	0.071	0.025	0	0	0	0.001	0.006	0.065	0.065	0
Total	0.842	0.797	0.703	1.747	0.494	1.201	0.396	0.521	0.734	0.627	0.804	2.062	1.308
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
convertible notes	0.180	5	0.047	10	0.160	17	0.247	17	0.633	49	0.640	51	0.633	49	5.56%
convertible preferreds	0.004	1	0	0	0	0	0.001	1	0.005	2	0.005	2	0.005	2	0.04%
equity line	0.030	1	0.026	3	0.035	4	0.010	1	0.101	9	0.130	11	0.101	9	0.89%
notes with stock	0	0	0	0	0.007	2	0.011	2	0.018	4	0.018	4	0.018	4	0.16%
notes with warrants	0.013	4	0.015	1	0.008	2	0.042	3	0.078	10	0.081	11	0.078	10	0.68%
stock	2.015	70	1.326	114	0.641	73	2.087	188	6.069	445	6.573	509	6.069	445	53.26%
units of stock and warrants	0.842	171	0.652	200	1.024	172	1.646	364	4.164	907	4.451	999	4.164	907	36.54%
warrants	0.164	9	0.025	1	0.007	2	0.130	3	0.327	15	0.339	16	0.327	15	2.87%
Total	3.247	261	2.091	329	1.883	272	4.174	579	11.395	1441	12.237	1603	11.395	1441	100.00%
Warrants
	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010
Yes	0.297	0.351	0.294	0.293	0.222	0.301	0.190	0.198	0.587	0.286	0.413	0.741	0.618
No	0.545	0.446	0.409	1.454	0.272	0.900	0.207	0.323	0.147	0.341	0.391	1.320	0.691
Total	0.842	0.797	0.703	1.747	0.494	1.201	0.396	0.521	0.734	0.627	0.804	2.062	1.308
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.938	182	0.714	211	1.071	185	1.772	372	4.495	950	4.791	1045	4.495	950	39.45%
No	2.309	79	1.378	118	0.812	87	2.402	207	6.901	491	7.446	558	6.901	491	60.56%
Total	3.247	261	2.091	329	1.883	272	4.174	579	11.395	1441	12.237	1603	11.395	1441	100.00%
Use of Proceeds
	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010
Acquisition	0.007	0	0.081	0.145	0	0.060	0.035	0	0	0	0	0.051	0
Capex	0.457	0.261	0.302	1.354	0.338	0.315	0.228	0.283	0.265	0.448	0.492	0.901	0.746
GCP	0.053	0.081	0.177	0.128	0.075	0.699	0.048	0.047	0.047	0.101	0.155	0.241	0.177
Refinance	0	0	0	0	0.003	0.013	0	0.001	0.016	0.008	0	0.032	0.004
Multiple/Other/NA	0.325	0.455	0.143	0.119	0.078	0.114	0.085	0.189	0.407	0.069	0.158	0.837	0.381
Total	0.842	0.797	0.703	1.747	0.494	1.201	0.396	0.521	0.734	0.627	0.804	2.062	1.308
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.226	3	0.095	3	0	0	0.051	3	0.372	9	0.379	11	0.372	9	3.26%
Capex	1.917	146	0.881	205	0.997	172	2.138	398	5.932	921	6.389	1015	5.932	921	52.06%
GCP	0.386	44	0.822	56	0.195	43	0.573	87	1.976	230	2.029	245	1.976	230	17.34%
Refinance	0	0	0.016	3	0.025	4	0.036	3	0.078	10	0.078	10	0.078	10	0.68%
Multiple/Other/NA	0.718	68	0.278	62	0.665	53	1.376	88	3.037	271	3.362	322	3.037	271	26.65%
Total	3.247	261	2.091	329	1.883	272	4.174	579	11.395	1441	12.237	1603	11.395	1441	100.00%
Industry Sector (by SIC code)
	12/2009	1/2010	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010
Agriculture (0xxx)	0	0	0	0.009	0	0	0	0	0	0	0.003	0.011	0
Mining (1xxx)	0.554	0.295	0.362	1.266	0.327	0.859	0.187	0.354	0.647	0.432	0.536	0.943	0.843
Oil and gas (13xx)	0.118	0.178	0.159	0.162	0.108	0.162	0.075	0.078	0.035	0.096	0.187	0.987	0.071
Construction (15xx)	0.007	0	0	0	0	0	0	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.019	0.295	0.091	0.210	0.027	0.030	0.012	0.011	0.009	0.023	0.016	0.014	0.023
Pharmaceuticals (2834-6)	0.060	0	0.026	0.013	0.012	0.003	0.010	0.012	0.011	0.052	0.010	0.004	0.003
Transportation (4xxx)	0	0	0.002	0	0	0	0	0.002	0	0	0.004	0	0
Communications (48xx)	0	0.002	0	0	0.007	0	0	0.005	0	0	0	0.005	0.001
Electric, gas, sanitary services (49xx)	0.002	0.004	0	0.001	0	0.001	0	0.006	0.016	0.010	0.001	0.003	0.013
Wholesale (5xxx)	0	0	0	0.002	0	0	0	0	0	0	0	0	0
Finance, insurance, real estate (6xxx)	0.071	0.023	0.044	0.071	0.007	0.081	0.058	0.014	0.008	0.002	0.018	0.074	0.335
Services (7xxx)	0.003	0	0.018	0.013	0.007	0.064	0.053	0.034	0.004	0.013	0.027	0.017	0.017
Health services (8xxx)	0.007	0	0	0	0	0	0	0.005	0.006	0	0	0.002	0
Non-operating (9995)	0.002	0	0	0	0	0	0	0	0	0	0.002	0	0.002
Total	0.842	0.797	0.703	1.747	0.494	1.201	0.396	0.521	0.734	0.627	0.804	2.062	1.308
	Q1/2010	Count	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.009	1	0	0	0	0	0.015	2	0.023	3	0.023	3	0.023	3	0.20%
Mining (1xxx)	1.923	159	1.374	213	1.433	193	2.323	414	7.053	979	7.607	1094	7.053	979	61.90%
Oil and gas (13xx)	0.499	46	0.346	49	0.209	32	1.246	79	2.299	206	2.417	224	2.299	206	20.18%
Construction (15xx)	0	0	0	0	0	0	0	0	0	0	0.007	2	0	0	0.00%
Manufacturing (2xxx, 3xxx)	0.597	15	0.069	16	0.043	11	0.052	20	0.761	62	0.780	67	0.761	62	6.68%
Pharmaceuticals (2834-6)	0.039	9	0.025	7	0.075	8	0.017	9	0.156	33	0.216	37	0.156	33	1.37%
Transportation (4xxx)	0.002	1	0	0	0.002	1	0.004	2	0.008	4	0.008	4	0.008	4	0.07%
Communications (48xx)	0.002	1	0.007	2	0.005	1	0.007	3	0.020	7	0.020	7	0.020	7	0.18%
Electric, gas, sanitary services (49xx)	0.005	2	0.001	1	0.032	4	0.018	8	0.056	15	0.058	16	0.056	15	0.49%
Wholesale (5xxx)	0.002	1	0	0	0	0	0	0	0.002	1	0.002	1	0.002	1	0.02%
Finance, insurance, real estate (6xxx)	0.138	18	0.146	27	0.023	6	0.427	24	0.734	75	0.805	88	0.734	75	6.44%
Services (7xxx)	0.031	8	0.124	14	0.050	14	0.060	15	0.266	51	0.269	52	0.266	51	2.33%
Health services (8xxx)	0	0	0	0	0.011	2	0.002	1	0.013	3	0.019	4	0.013	3	0.11%
Non-operating (9995)	0	0	0	0	0	0	0.004	2	0.004	2	0.005	4	0.004	2	0.04%
Total	3.247	261	2.091	329	1.883	272	4.174	579	11.395	1441	12.237	1603	11.395	1441	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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