Analysis of Canadian PIPE issuance for 13 months through November 2011

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

Proceeds

	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011
Less than $1 million	0.015	0.018	0.005	0.004	0.005	0.007	0.007	0.005	0.010	0.003	0.002	0.006	0.010
$1-1.99 million	0.080	0.103	0.031	0.051	0.038	0.052	0.044	0.052	0.032	0.034	0.023	0.036	0.060
$2-2.99 million	0.049	0.081	0.025	0.044	0.048	0.044	0.028	0.024	0.056	0.022	0.033	0.048	0.041
$3-4.99 million	0.105	0.111	0.050	0.080	0.068	0.078	0.062	0.093	0.063	0.051	0.023	0.050	0.065
$5-9.99 million	0.237	0.160	0.124	0.238	0.156	0.134	0.135	0.106	0.107	0.046	0.061	0.122	0.145
$10-14.99 million	0.149	0.133	0.090	0.022	0.115	0.060	0.084	0.105	0.022	0.034	0.044	0.133	0.078
$15-$49.99 million	0.480	0.272	0.305	0.467	0.292	0.305	0.193	0.171	0.184	0.072	0.210	0.158	0.209
$50 million and higher	0.951	0.289	0.060	0.368	0.317	0.050	0	0.250	0.140	0.148	0.200	0.343	0
Total	2.066	1.167	0.689	1.274	1.039	0.729	0.554	0.804	0.614	0.409	0.596	0.895	0.609
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than $1 million	0.014	23	0.019	33	0.014	23	0.016	31	0.064	110	0.096	162	0.082	139	0.78%
$1-1.99 million	0.121	91	0.148	109	0.090	69	0.095	73	0.453	342	0.636	474	0.556	416	5.52%
$2-2.99 million	0.117	50	0.096	40	0.110	46	0.089	40	0.411	176	0.541	231	0.492	209	5.00%
$3-4.99 million	0.198	53	0.232	65	0.137	37	0.115	31	0.682	186	0.898	245	0.793	216	8.30%
$5-9.99 million	0.518	78	0.375	59	0.214	34	0.267	41	1.374	212	1.771	274	1.534	236	16.73%
$10-14.99 million	0.226	20	0.248	22	0.100	9	0.211	19	0.785	70	1.067	94	0.918	81	9.56%
$15-$49.99 million	1.064	42	0.669	29	0.467	19	0.368	16	2.567	106	3.319	138	2.840	117	31.26%
$50 million and higher	0.745	9	0.300	3	0.488	5	0.343	4	1.876	21	3.117	31	2.166	26	22.84%
Total	3.002	366	2.087	360	1.620	242	1.504	255	8.213	1223	11.446	1649	9.380	1440	100.00%
Type
	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011
convertible notes	0.019	0.026	0.077	0.019	0.035	0.009	0.049	0.055	0.123	0.003	0.018	0.011	0.017
convertible preferreds	0	0	0	0	0	0	0.002	0	0	0	0	0.013	0
equity line	0	0	0.005	0.024	0.025	0.010	0	0.005	0	0	0.020	0	0
notes with stock	0.002	0.010	0	0	0	0	0	0	0	0	0	0.001	0.001
notes with warrants	0.004	0.032	0.015	0	0	0	0.004	0.003	0.017	0.050	0.001	0.010	0
stock	1.312	0.491	0.336	0.760	0.299	0.331	0.246	0.440	0.298	0.219	0.405	0.617	0.351
units of stock and warrants	0.664	0.608	0.245	0.471	0.680	0.379	0.253	0.301	0.177	0.138	0.152	0.243	0.240
warrants	0.065	0	0.011	0	0	0	0	0	0	0	0	0	0
Total	2.066	1.167	0.689	1.274	1.039	0.729	0.554	0.804	0.614	0.409	0.596	0.895	0.609
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
convertible notes	0.131	15	0.113	13	0.144	16	0.028	9	0.416	53	0.461	60	0.442	56	5.07%
convertible preferreds	0	0	0.002	1	0	0	0.013	2	0.015	3	0.015	3	0.015	3	0.18%
equity line	0.053	6	0.015	2	0.020	1	0	0	0.088	9	0.088	9	0.088	9	1.07%
notes with stock	0	0	0	0	0	0	0.002	2	0.002	2	0.013	4	0.012	3	0.02%
notes with warrants	0.015	1	0.007	2	0.068	4	0.010	1	0.100	8	0.136	10	0.132	9	1.22%
stock	1.395	115	1.017	96	0.921	69	0.968	109	4.301	389	6.104	530	4.792	455	52.37%
units of stock and warrants	1.396	228	0.933	246	0.466	152	0.483	132	3.279	758	4.551	1030	3.887	904	39.92%
warrants	0.011	1	0	0	0	0	0	0	0.011	1	0.077	3	0.011	1	0.13%
Total	3.002	366	2.087	360	1.620	242	1.504	255	8.213	1223	11.446	1649	9.380	1440	100.00%
Warrants
	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011
Yes	0.747	0.641	0.302	0.446	0.731	0.383	0.320	0.333	0.207	0.178	0.132	0.278	0.250
No	1.319	0.525	0.387	0.828	0.308	0.346	0.234	0.472	0.408	0.231	0.464	0.618	0.359
Total	2.066	1.167	0.689	1.274	1.039	0.729	0.554	0.804	0.614	0.409	0.596	0.895	0.609
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.478	240	1.036	252	0.517	155	0.528	137	3.558	784	4.947	1061	4.200	931	43.32%
No	1.524	126	1.052	108	1.103	87	0.976	118	4.655	439	6.499	588	5.180	509	56.68%
Total	3.002	366	2.087	360	1.620	242	1.504	255	8.213	1223	11.446	1649	9.380	1440	100.00%
Use of Proceeds
	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011
Acquisition	0.051	0	0.019	0	0.028	0.044	0.024	0.057	0.039	0	0	0.085	0.002
Capex	0.905	0.768	0.375	0.794	0.486	0.396	0.215	0.437	0.327	0.091	0.133	0.231	0.300
GCP	0.241	0.177	0.143	0.282	0.181	0.119	0.196	0.069	0.089	0.067	0.265	0.213	0.140
Refinance	0.032	0.004	0.010	0	0	0	0.033	0.011	0.095	0.051	0	0.028	0.002
Working capital and general corporate purposes	0	0	0	0	0	0	0	0	0	0	0	0	0.002
Multiple/Other/NA	0.837	0.217	0.143	0.198	0.343	0.170	0.086	0.230	0.064	0.200	0.199	0.339	0.165
Total	2.066	1.167	0.689	1.274	1.039	0.729	0.554	0.804	0.614	0.409	0.596	0.895	0.609
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.048	5	0.124	12	0.039	2	0.087	4	0.297	23	0.348	26	0.297	23	3.62%
Capex	1.655	231	1.049	181	0.551	112	0.530	131	3.785	655	5.459	956	4.553	803	46.08%
GCP	0.606	77	0.384	56	0.421	54	0.353	67	1.763	254	2.182	309	1.941	283	21.47%
Refinance	0.010	1	0.044	4	0.146	4	0.030	4	0.229	13	0.266	16	0.234	14	2.79%
Working capital and general corporate purposes	0	0	0	0	0	0	0.002	1	0.002	1	0.002	1	0.002	1	0.02%
Multiple/Other/NA	0.684	52	0.487	107	0.463	70	0.504	48	2.137	277	3.190	341	2.354	316	26.02%
Total	3.002	366	2.087	360	1.620	242	1.504	255	8.213	1223	11.446	1649	9.380	1440	100.00%
Industry Sector (by SIC code)
	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011
Agriculture (0xxx)	0.011	0	0.001	0	0	0.035	0	0.005	0.005	0	0	0	0
Mining (1xxx)	0.948	0.881	0.474	0.616	0.800	0.388	0.343	0.458	0.391	0.279	0.238	0.561	0.391
Oil and gas (13xx)	0.987	0.075	0.104	0.461	0.108	0.133	0.124	0.273	0.020	0.043	0.021	0.249	0.144
Construction (15xx)	0	0	0	0	0	0.002	0	0	0	0	0	0.002	0
Manufacturing (2xxx, 3xxx)	0.014	0.026	0.034	0.045	0.046	0.039	0.020	0.007	0.055	0.005	0.035	0.016	0.013
Pharmaceuticals (2834-6)	0.004	0.003	0	0.002	0.045	0.010	0.005	0.020	0.002	0.003	0.025	0.022	0.020
Transportation (4xxx)	0	0	0	0	0	0	0	0	0.070	0.001	0	0	0
Communications (48xx)	0.005	0.003	0	0.006	0.017	0.002	0	0	0.005	0.002	0.005	0	0
Electric, gas, sanitary services (49xx)	0.003	0.014	0	0.020	0.004	0.001	0.003	0.004	0.012	0	0	0	0.005
Wholesale (5xxx)	0	0	0	0.004	0	0.001	0	0	0.002	0.001	0.002	0.025	0
Finance, insurance, real estate (6xxx)	0.074	0.146	0.051	0.001	0.001	0	0.013	0	0.030	0.020	0.240	0.003	0.025
Services (7xxx)	0.017	0.017	0.026	0.086	0.003	0.026	0.036	0.024	0.009	0.010	0.022	0.012	0.001
Health services (8xxx)	0.002	0	0	0.022	0	0.025	0	0.003	0	0	0	0.005	0
Non-operating (9995)	0	0.002	0	0.012	0.015	0.068	0.011	0.010	0.013	0.046	0.009	0.001	0.011
Total	2.066	1.167	0.689	1.274	1.039	0.729	0.554	0.804	0.614	0.409	0.596	0.895	0.609
	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	Q4/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.001	1	0.040	2	0.005	1	0	0	0.046	4	0.057	5	0.046	4	0.56%
Mining (1xxx)	1.891	247	1.189	242	0.907	160	0.951	172	4.938	821	6.766	1144	5.819	995	60.12%
Oil and gas (13xx)	0.672	60	0.530	52	0.084	28	0.394	53	1.680	193	2.742	246	1.755	210	20.46%
Construction (15xx)	0	0	0.002	1	0	0	0.002	1	0.004	2	0.004	2	0.004	2	0.05%
Manufacturing (2xxx, 3xxx)	0.124	17	0.066	16	0.095	12	0.028	9	0.313	54	0.353	64	0.339	60	3.81%
Pharmaceuticals (2834-6)	0.048	6	0.035	7	0.029	3	0.042	4	0.154	20	0.161	23	0.158	22	1.88%
Transportation (4xxx)	0	0	0	0	0.071	2	0	0	0.071	2	0.071	2	0.071	2	0.86%
Communications (48xx)	0.023	3	0.002	1	0.012	4	0	0	0.037	8	0.045	11	0.040	9	0.45%
Electric, gas, sanitary services (49xx)	0.024	2	0.008	4	0.012	4	0.005	2	0.049	12	0.066	19	0.063	17	0.60%
Wholesale (5xxx)	0.004	2	0.001	1	0.004	3	0.025	2	0.034	8	0.034	8	0.034	8	0.41%
Finance, insurance, real estate (6xxx)	0.053	6	0.013	2	0.290	7	0.028	3	0.384	18	0.604	36	0.530	25	4.68%
Services (7xxx)	0.114	15	0.085	17	0.041	10	0.013	4	0.253	46	0.287	52	0.270	50	3.08%
Health services (8xxx)	0.022	1	0.028	2	0	0	0.005	1	0.054	4	0.056	5	0.054	4	0.66%
Non-operating (9995)	0.027	6	0.089	13	0.068	8	0.013	4	0.196	31	0.198	32	0.198	32	2.39%
Total	3.002	366	2.087	360	1.620	242	1.504	255	8.213	1223	11.446	1649	9.380	1440	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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