Analysis of Canadian PIPE issuance for 13 months through February 2011

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

Proceeds

	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011
Less than $1 million	0.003	0.007	0.003	0.005	0.008	0.006	0.002	0.006	0.009	0.015	0.018	0.004	0.004
$1-1.99 million	0.025	0.027	0.057	0.039	0.045	0.033	0.024	0.051	0.052	0.080	0.103	0.029	0.047
$2-2.99 million	0.023	0.023	0.059	0.042	0.048	0.030	0.028	0.028	0.092	0.049	0.081	0.024	0.045
$3-4.99 million	0.047	0.051	0.059	0.078	0.058	0.055	0.030	0.089	0.096	0.105	0.111	0.046	0.086
$5-9.99 million	0.095	0.163	0.089	0.110	0.077	0.125	0.069	0.093	0.168	0.237	0.160	0.116	0.224
$10-14.99 million	0.056	0.107	0.068	0.013	0.055	0.059	0.043	0.153	0.066	0.149	0.133	0.090	0.035
$15-$49.99 million	0.203	0.329	0.159	0.178	0.106	0.104	0.126	0.106	0.189	0.480	0.268	0.336	0.458
$50 million and higher	0.252	1.040	0	0.735	0	0.110	0.413	0.101	0.131	0.951	0.289	0.060	0.251
Total	0.703	1.747	0.494	1.201	0.396	0.521	0.734	0.627	0.803	2.066	1.163	0.705	1.149
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than $1 million	0.016	27	0.014	22	0.041	65	0.008	11	0.008	11	0.090	141	0.087	136	0.43%
$1-1.99 million	0.141	108	0.107	80	0.234	174	0.076	57	0.076	57	0.611	459	0.586	440	4.10%
$2-2.99 million	0.149	63	0.086	37	0.222	94	0.068	30	0.068	30	0.571	244	0.548	234	3.67%
$3-4.99 million	0.194	52	0.174	46	0.312	85	0.132	36	0.132	36	0.910	245	0.863	233	7.12%
$5-9.99 million	0.276	45	0.288	44	0.565	87	0.341	54	0.341	54	1.727	270	1.632	255	18.38%
$10-14.99 million	0.136	12	0.255	22	0.348	30	0.125	11	0.125	11	1.026	89	0.971	84	6.74%
$15-$49.99 million	0.444	19	0.335	15	0.938	42	0.794	32	0.794	32	3.042	129	2.839	120	42.80%
$50 million and higher	0.735	3	0.623	6	1.372	12	0.311	5	0.311	5	4.333	33	4.081	30	16.77%
Total	2.091	329	1.883	272	4.032	589	1.855	236	1.855	236	12.311	1610	11.608	1532	100.00%
Type
	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011
convertible notes	0.015	0.165	0.018	0.013	0.015	0.122	0.028	0.010	0.023	0.019	0.026	0.068	0.019
convertible preferreds	0	0.004	0	0	0	0	0	0	0.001	0	0	0	0
equity line	0	0.030	0.010	0	0.016	0.010	0	0.025	0.010	0	0	0.005	0.024
notes with stock	0	0	0	0	0	0	0.002	0.005	0	0.002	0.010	0	0
notes with warrants	0	0.004	0	0	0.015	0.008	0	0	0.006	0.004	0.032	0.015	0
stock	0.362	1.208	0.222	0.896	0.208	0.217	0.143	0.281	0.293	1.312	0.491	0.347	0.626
units of stock and warrants	0.246	0.266	0.219	0.292	0.142	0.163	0.561	0.300	0.406	0.664	0.604	0.260	0.481
warants	0	0	0	0	0	0	0	0	0	0	0	0.011	0
warrants	0.080	0.071	0.025	0	0	0	0.001	0.006	0.065	0.065	0	0	0
Total	0.703	1.747	0.494	1.201	0.396	0.521	0.734	0.627	0.803	2.066	1.163	0.705	1.149
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
convertible notes	0.047	10	0.160	17	0.068	17	0.087	8	0.087	8	0.541	57	0.525	55	4.69%
convertible preferreds	0	0	0	0	0.001	1	0	0	0	0	0.005	2	0.005	2	0.00%
equity line	0.026	3	0.035	4	0.010	1	0.029	4	0.029	4	0.130	13	0.130	13	1.56%
notes with stock	0	0	0.007	2	0.011	2	0	0	0	0	0.018	4	0.018	4	0.00%
notes with warrants	0.015	1	0.008	2	0.042	3	0.015	1	0.015	1	0.084	9	0.084	9	0.81%
stock	1.326	114	0.641	73	2.095	190	0.973	70	0.973	70	6.605	501	6.243	481	52.45%
units of stock and warrants	0.652	200	1.024	172	1.674	372	0.740	152	0.740	152	4.603	1009	4.357	958	39.89%
warants	0	0	0	0	0	0	0.011	1	0.011	1	0.011	1	0.011	1	0.59%
warrants	0.025	1	0.007	2	0.130	3	0	0	0	0	0.314	14	0.234	9	0.00%
Total	2.091	329	1.883	272	4.032	589	1.855	236	1.855	236	12.311	1610	11.608	1532	100.00%
Warrants
	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011
Yes	0.294	0.293	0.222	0.301	0.190	0.198	0.587	0.286	0.416	0.748	0.637	0.308	0.454
No	0.409	1.454	0.272	0.900	0.207	0.323	0.147	0.341	0.388	1.319	0.525	0.397	0.695
Total	0.703	1.747	0.494	1.201	0.396	0.521	0.734	0.627	0.803	2.066	1.163	0.705	1.149
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.714	211	1.071	185	1.801	380	0.762	159	0.762	159	4.934	1056	4.640	1001	41.08%
No	1.378	118	0.812	87	2.231	209	1.093	77	1.093	77	7.377	554	6.968	531	58.92%
Total	2.091	329	1.883	272	4.032	589	1.855	236	1.855	236	12.311	1610	11.608	1532	100.00%
Use of Proceeds
	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011
Acquisition	0.081	0.145	0	0.060	0.035	0	0	0	0	0.051	0	0.030	0
Capex	0.302	1.354	0.338	0.315	0.228	0.283	0.265	0.448	0.492	0.905	0.764	0.372	0.737
GCP	0.177	0.128	0.075	0.699	0.048	0.047	0.047	0.101	0.154	0.241	0.177	0.143	0.217
Refinance	0	0	0.003	0.013	0	0.001	0.016	0.008	0	0.032	0.004	0.010	0
Multiple/Other/NA	0.143	0.119	0.078	0.114	0.085	0.189	0.407	0.069	0.157	0.837	0.217	0.151	0.195
Total	0.703	1.747	0.494	1.201	0.396	0.521	0.734	0.627	0.803	2.066	1.163	0.705	1.149
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.095	3	0	0	0.051	3	0.030	2	0.030	2	0.402	11	0.321	9	1.62%
Capex	0.881	205	0.997	172	2.161	404	1.109	145	1.109	145	6.803	1036	6.501	999	59.78%
GCP	0.822	56	0.195	43	0.573	87	0.360	53	0.360	53	2.256	270	2.078	255	19.41%
Refinance	0.016	3	0.025	4	0.036	3	0.010	1	0.010	1	0.088	11	0.088	11	0.54%
Multiple/Other/NA	0.278	62	0.665	53	1.210	92	0.346	35	0.346	35	2.763	282	2.619	258	18.65%
Total	2.091	329	1.883	272	4.032	589	1.855	236	1.855	236	12.311	1610	11.608	1532	100.00%
Industry Sector (by SIC code)
	2/2010	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011
Agriculture (0xxx)	0	0.009	0	0	0	0	0	0	0.003	0.011	0	0	0
Mining (1xxx)	0.362	1.266	0.327	0.859	0.187	0.354	0.647	0.432	0.536	0.948	0.877	0.487	0.589
Oil and gas (13xx)	0.159	0.162	0.108	0.162	0.075	0.078	0.035	0.096	0.187	0.987	0.075	0.105	0.366
Manufacturing (2xxx, 3xxx)	0.091	0.210	0.027	0.030	0.012	0.011	0.009	0.023	0.015	0.014	0.026	0.034	0.046
Pharmaceuticals (2834-6)	0.026	0.013	0.012	0.003	0.010	0.012	0.011	0.052	0.010	0.004	0.003	0	0.004
Transportation (4xxx)	0.002	0	0	0	0	0.002	0	0	0.004	0	0	0	0
Communications (48xx)	0	0	0.007	0	0	0.005	0	0	0	0.005	0.003	0	0.006
Electric, gas, sanitary services (49xx)	0	0.001	0	0.001	0	0.006	0.016	0.010	0.001	0.003	0.014	0	0.020
Wholesale (5xxx)	0	0.002	0	0	0	0	0	0	0	0	0	0	0.004
Finance, insurance, real estate (6xxx)	0.044	0.071	0.007	0.081	0.058	0.014	0.008	0.002	0.018	0.074	0.146	0.051	0
Services (7xxx)	0.018	0.013	0.007	0.064	0.053	0.034	0.004	0.013	0.027	0.017	0.017	0.029	0.085
Health services (8xxx)	0	0	0	0	0	0.005	0.006	0	0	0.002	0	0	0.019
Non-operating (9995)	0	0	0	0	0	0	0	0	0.002	0	0.002	0	0.012
Total	0.703	1.747	0.494	1.201	0.396	0.521	0.734	0.627	0.803	2.066	1.163	0.705	1.149
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0.015	2	0	0	0	0	0.023	3	0.023	3	0.00%
Mining (1xxx)	1.374	213	1.433	193	2.361	423	1.077	157	1.077	157	7.873	1095	7.511	1047	58.06%
Oil and gas (13xx)	0.346	49	0.209	32	1.249	81	0.471	39	0.471	39	2.596	232	2.437	221	25.39%
Manufacturing (2xxx, 3xxx)	0.069	16	0.043	11	0.055	20	0.079	12	0.079	12	0.548	69	0.457	65	4.26%
Pharmaceuticals (2834-6)	0.025	7	0.075	8	0.018	9	0.004	2	0.004	2	0.160	35	0.134	29	0.22%
Transportation (4xxx)	0	0	0.002	1	0.004	2	0	0	0	0	0.008	4	0.006	3	0.00%
Communications (48xx)	0.007	2	0.005	1	0.008	3	0.006	1	0.006	1	0.026	7	0.026	7	0.32%
Electric, gas, sanitary services (49xx)	0.001	1	0.032	4	0.019	8	0.020	1	0.020	1	0.073	15	0.073	15	1.08%
Wholesale (5xxx)	0	0	0	0	0	0	0.004	2	0.004	2	0.006	3	0.006	3	0.22%
Finance, insurance, real estate (6xxx)	0.146	27	0.023	6	0.238	23	0.051	4	0.051	4	0.572	73	0.528	68	2.75%
Services (7xxx)	0.124	14	0.050	14	0.060	15	0.113	12	0.113	12	0.379	63	0.361	60	6.09%
Health services (8xxx)	0	0	0.011	2	0.002	1	0.019	1	0.019	1	0.031	4	0.031	4	1.02%
Non-operating (9995)	0	0	0	0	0.004	2	0.012	5	0.012	5	0.015	7	0.015	7	0.65%
Total	2.091	329	1.883	272	4.032	589	1.855	236	1.855	236	12.311	1610	11.608	1532	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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