Analysis of Canadian PIPE issuance for 13 months through September 2011

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

Proceeds

	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011
Less than $1 million	0.006	0.009	0.015	0.018	0.005	0.004	0.005	0.007	0.007	0.005	0.010	0.003	0.002
$1-1.99 million	0.051	0.053	0.080	0.103	0.031	0.050	0.038	0.052	0.044	0.052	0.031	0.034	0.020
$2-2.99 million	0.028	0.093	0.049	0.081	0.025	0.044	0.048	0.044	0.028	0.024	0.051	0.022	0.034
$3-4.99 million	0.089	0.096	0.105	0.111	0.050	0.080	0.068	0.078	0.062	0.089	0.071	0.051	0.030
$5-9.99 million	0.093	0.158	0.237	0.160	0.124	0.238	0.156	0.134	0.135	0.106	0.097	0.041	0.049
$10-14.99 million	0.153	0.076	0.149	0.133	0.090	0.022	0.115	0.060	0.084	0.105	0.033	0.034	0.044
$15-$49.99 million	0.106	0.189	0.480	0.272	0.305	0.467	0.292	0.305	0.193	0.171	0.184	0.072	0.210
$50 million and higher	0.101	0.131	0.951	0.289	0.060	0.368	0.317	0.050	0	0.250	0.140	0.148	0.200
Total	0.627	0.806	2.066	1.167	0.689	1.273	1.039	0.729	0.553	0.801	0.617	0.405	0.588
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than $1 million	0.041	65	0.014	23	0.019	33	0.015	24	0.048	80	0.095	153	0.089	145	0.72%
$1-1.99 million	0.236	175	0.120	90	0.147	109	0.085	66	0.352	265	0.638	477	0.587	440	5.26%
$2-2.99 million	0.223	94	0.117	50	0.096	40	0.106	45	0.319	135	0.569	241	0.541	229	4.77%
$3-4.99 million	0.313	85	0.198	53	0.229	64	0.152	41	0.579	158	0.981	266	0.891	243	8.65%
$5-9.99 million	0.555	86	0.518	78	0.375	59	0.186	31	1.079	168	1.728	268	1.634	254	16.12%
$10-14.99 million	0.359	31	0.226	20	0.248	22	0.110	10	0.585	52	1.096	96	0.943	83	8.74%
$15-$49.99 million	0.942	42	1.064	42	0.669	29	0.467	19	2.200	90	3.247	136	3.141	132	32.87%
$50 million and higher	1.372	12	0.745	9	0.300	3	0.488	5	1.533	17	3.006	31	2.905	29	22.90%
Total	4.039	590	3.001	365	2.083	359	1.610	241	6.694	965	11.360	1668	10.733	1555	100.00%
Type
	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011
convertible notes	0.010	0.022	0.019	0.026	0.077	0.019	0.035	0.009	0.049	0.055	0.123	0.003	0.017
convertible preferreds	0	0.001	0	0	0	0	0	0	0.002	0	0	0	0
equity line	0.025	0.010	0	0	0.005	0.024	0.025	0.010	0	0.005	0	0	0.020
notes with stock	0.005	0	0.002	0.010	0	0	0	0	0	0	0	0	0
notes with warrants	0	0.006	0.004	0.032	0.015	0	0	0	0.004	0.003	0.015	0.050	0.001
stock	0.281	0.296	1.312	0.491	0.336	0.759	0.299	0.331	0.246	0.440	0.298	0.214	0.404
units of stock and warrants	0.300	0.405	0.664	0.608	0.245	0.471	0.680	0.379	0.252	0.298	0.181	0.138	0.146
warrants	0.006	0.065	0.065	0	0.011	0	0	0	0	0	0	0	0
Total	0.627	0.806	2.066	1.167	0.689	1.273	1.039	0.729	0.553	0.801	0.617	0.405	0.588
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
convertible notes	0.067	17	0.131	15	0.113	13	0.143	15	0.387	43	0.464	64	0.454	60	5.78%
convertible preferreds	0.001	1	0	0	0.002	1	0	0	0.002	1	0.003	2	0.003	2	0.03%
equity line	0.010	1	0.053	6	0.015	2	0.020	1	0.088	9	0.123	12	0.099	10	1.31%
notes with stock	0.011	2	0	0	0	0	0	0	0	0	0.017	3	0.011	2	0.00%
notes with warrants	0.042	3	0.015	1	0.007	2	0.066	3	0.088	6	0.130	9	0.130	9	1.31%
stock	2.099	191	1.394	114	1.017	96	0.916	68	3.327	278	5.707	502	5.426	469	49.70%
units of stock and warrants	1.678	372	1.396	228	0.929	245	0.465	154	2.790	627	4.768	1071	4.468	999	41.68%
warrants	0.130	3	0.011	1	0	0	0	0	0.011	1	0.148	5	0.142	4	0.16%
Total	4.039	590	3.001	365	2.083	359	1.610	241	6.694	965	11.360	1668	10.733	1555	100.00%
Warrants
	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011
Yes	0.286	0.415	0.747	0.641	0.302	0.445	0.731	0.383	0.320	0.329	0.209	0.178	0.124
No	0.341	0.391	1.319	0.525	0.387	0.828	0.308	0.346	0.234	0.472	0.408	0.226	0.464
Total	0.627	0.806	2.066	1.167	0.689	1.273	1.039	0.729	0.553	0.801	0.617	0.405	0.588
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.804	380	1.477	239	1.031	251	0.512	155	3.021	645	5.111	1095	4.825	1025	45.13%
No	2.235	210	1.524	126	1.052	108	1.098	86	3.673	320	6.249	573	5.908	530	54.87%
Total	4.039	590	3.001	365	2.083	359	1.610	241	6.694	965	11.360	1668	10.733	1555	100.00%
Use of Proceeds
	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011
Acquisition	0	0	0.051	0	0.019	0	0.028	0.044	0.024	0.057	0.039	0	0
Capex	0.448	0.492	0.905	0.768	0.375	0.794	0.486	0.396	0.215	0.437	0.326	0.189	0.146
GCP	0.101	0.156	0.241	0.177	0.143	0.282	0.181	0.119	0.197	0.069	0.091	0.062	0.241
Refinance	0.008	0	0.032	0.004	0.010	0	0	0	0.033	0.011	0.095	0.051	0
Multiple/Other/NA	0.069	0.158	0.837	0.217	0.143	0.197	0.343	0.170	0.085	0.227	0.066	0.102	0.201
Total	0.627	0.806	2.066	1.167	0.689	1.273	1.039	0.729	0.553	0.801	0.617	0.405	0.588
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.051	3	0.048	5	0.124	12	0.039	2	0.210	19	0.261	22	0.261	22	3.14%
Capex	2.165	404	1.655	231	1.049	181	0.661	117	3.365	529	5.979	1009	5.530	933	50.27%
GCP	0.575	88	0.606	77	0.385	57	0.394	51	1.385	185	2.061	293	1.960	273	20.69%
Refinance	0.036	3	0.010	1	0.044	4	0.146	4	0.200	9	0.245	14	0.236	12	2.99%
Multiple/Other/NA	1.211	92	0.683	51	0.482	105	0.369	67	1.534	223	2.814	330	2.745	315	22.92%
Total	4.039	590	3.001	365	2.083	359	1.610	241	6.694	965	11.360	1668	10.733	1555	100.00%
Industry Sector (by SIC code)
	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011
Agriculture (0xxx)	0	0.003	0.011	0	0.001	0	0	0.035	0	0.005	0.005	0	0
Mining (1xxx)	0.432	0.539	0.948	0.881	0.474	0.616	0.800	0.388	0.343	0.458	0.394	0.279	0.234
Oil and gas (13xx)	0.096	0.187	0.987	0.075	0.104	0.461	0.108	0.133	0.124	0.273	0.020	0.043	0.017
Construction (15xx)	0	0	0	0	0	0	0	0.002	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.023	0.015	0.014	0.026	0.034	0.045	0.046	0.039	0.020	0.007	0.055	0.005	0.035
Pharmaceuticals (2834-6)	0.052	0.010	0.004	0.003	0	0.002	0.045	0.010	0.005	0.017	0.002	0.003	0.025
Transportation (4xxx)	0	0.004	0	0	0	0	0	0	0	0	0.070	0.001	0
Communications (48xx)	0	0	0.005	0.003	0	0.006	0.017	0.002	0	0	0.005	0.002	0.005
Electric, gas, sanitary services (49xx)	0.010	0.001	0.003	0.014	0	0.020	0.004	0.001	0.002	0.004	0.012	0	0
Wholesale (5xxx)	0	0	0	0	0	0.004	0	0.001	0	0	0.002	0.001	0
Finance, insurance, real estate (6xxx)	0.002	0.018	0.074	0.146	0.051	0.001	0.001	0	0.013	0	0.030	0.020	0.240
Services (7xxx)	0.013	0.026	0.017	0.017	0.026	0.085	0.003	0.026	0.036	0.024	0.009	0.005	0.023
Health services (8xxx)	0	0	0.002	0	0	0.022	0	0.025	0	0.003	0	0	0
Non-operating (9995)	0	0.002	0	0.002	0	0.012	0.015	0.068	0.011	0.010	0.013	0.046	0.009
Total	0.627	0.806	2.066	1.167	0.689	1.273	1.039	0.729	0.553	0.801	0.617	0.405	0.588
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.015	2	0.001	1	0.040	2	0.005	1	0.046	4	0.060	6	0.060	6	0.69%
Mining (1xxx)	2.368	424	1.891	247	1.189	242	0.907	162	3.986	651	6.786	1162	6.354	1075	59.55%
Oil and gas (13xx)	1.249	81	0.672	60	0.530	52	0.080	27	1.283	139	2.628	231	2.532	220	19.17%
Construction (15xx)	0	0	0	0	0.002	1	0	0	0.002	1	0.002	1	0.002	1	0.03%
Manufacturing (2xxx, 3xxx)	0.055	20	0.124	17	0.066	16	0.095	12	0.285	45	0.363	70	0.340	65	4.26%
Pharmaceuticals (2834-6)	0.018	9	0.048	6	0.031	6	0.029	3	0.109	15	0.178	28	0.126	24	1.63%
Transportation (4xxx)	0.004	2	0	0	0	0	0.071	2	0.071	2	0.075	4	0.075	4	1.06%
Communications (48xx)	0.008	3	0.023	3	0.002	1	0.012	4	0.037	8	0.045	11	0.045	11	0.55%
Electric, gas, sanitary services (49xx)	0.019	8	0.024	2	0.007	4	0.012	4	0.044	10	0.072	19	0.062	18	0.66%
Wholesale (5xxx)	0	0	0.004	2	0.001	1	0.003	2	0.008	5	0.008	5	0.008	5	0.12%
Finance, insurance, real estate (6xxx)	0.238	23	0.053	6	0.013	2	0.290	7	0.356	15	0.596	39	0.594	38	5.32%
Services (7xxx)	0.060	15	0.113	14	0.085	17	0.037	9	0.236	40	0.308	59	0.295	55	3.53%
Health services (8xxx)	0.002	1	0.022	1	0.028	2	0	0	0.050	3	0.052	4	0.052	4	0.75%
Non-operating (9995)	0.004	2	0.027	6	0.089	13	0.068	8	0.184	27	0.187	29	0.187	29	2.75%
Total	4.039	590	3.001	365	2.083	359	1.610	241	6.694	965	11.360	1668	10.733	1555	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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