Analysis of Canadian PIPE issuance for year through September

Total: C$8.216 billion in 1,100 deals

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

Proceeds

	Jan 2005	Feb 2005	Mar 2005	Apr 2005	May 2005	Jun 2005	Jul 2005	Aug 2005	Sep 2005
Less than $1 million	0.003	0.007	0.016	0.010	0.003	0.008	0.009	0.009	0.007
$1-1.99 million	0.046	0.039	0.059	0.044	0.033	0.050	0.046	0.045	0.059
$2-2.99 million	0.032	0.039	0.056	0.037	0.022	0.046	0.021	0.056	0.030
$3-4.99 million	0.056	0.060	0.072	0.071	0.038	0.074	0.073	0.059	0.083
$5-9.99 million	0.084	0.137	0.161	0.046	0.124	0.119	0.081	0.189	0.167
$10-14.99 million	0.047	0.067	0.082	0.088	0.045	0.115	0.081	0.176	0.108
$15-$49.99 million	0.204	0.361	0.296	0.272	0.171	0.290	0.201	0.240	0.405
$50 million and higher	0.217	0.284	0.403	0.719	0	0.376	0.125	0.176	0.145
Total	0.691	0.992	1.145	1.284	0.438	1.078	0.633	0.949	1.004
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Total	Count	Share
Less than $1 million	0.026	44	0.021	41	0.025	37	0.070	122	0.74%
$1-1.99 million	0.143	111	0.127	98	0.152	112	0.420	321	4.70%
$2-2.99 million	0.126	55	0.104	44	0.106	44	0.336	143	4.05%
$3-4.99 million	0.188	50	0.183	50	0.214	57	0.586	157	7.24%
$5-9.99 million	0.382	55	0.289	46	0.438	67	1.110	168	13.52%
$10-14.99 million	0.196	17	0.248	22	0.365	32	0.808	71	9.82%
$15-$49.99 million	0.861	34	0.733	27	0.846	31	2.440	92	29.68%
$50 million and higher	0.904	9	1.095	10	0.446	7	2.445	26	29.77%
Total	2.828	375	2.801	338	2.586	387	8.216	1100	100.00%
Type
	Jan 2005	Feb 2005	Mar 2005	Apr 2005	May 2005	Jun 2005	Jul 2005	Aug 2005	Sep 2005
convertible notes	0.072	0.056	0.188	0.110	0.027	0.035	0.009	0.048	0.061
convertible preferreds	0	0.006	0.023	0	0.056	0.150	0	0.003	0
equity line of credit	0	0	0	0.100	0.010	0	0	0	0.060
notes with warrants	0	0.003	0.010	0	0	0.002	0.001	0.013	0.013
stock	0.338	0.596	0.629	0.804	0.254	0.602	0.418	0.573	0.598
units of stock and warrants	0.281	0.332	0.295	0.265	0.086	0.289	0.205	0.312	0.272
warrants	0	0	0	0.005	0.005	0	0	0	0
Total	0.691	0.992	1.145	1.284	0.438	1.078	0.633	0.949	1.004
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Total	Count	Share
convertible notes	0.316	32	0.172	21	0.119	19	0.607	72	7.39%
convertible preferreds	0.029	4	0.206	4	0.003	1	0.237	9	2.88%
equity line of credit	0	0	0.110	2	0.060	1	0.170	3	2.07%
notes with warrants	0.013	4	0.002	1	0.027	6	0.042	11	0.51%
stock	1.562	134	1.660	129	1.589	150	4.812	413	58.57%
units of stock and warrants	0.909	201	0.640	179	0.789	210	2.338	590	28.46%
warrants	0	0	0.010	2	0	0	0.010	2	0.12%
Total	2.828	375	2.801	338	2.586	387	8.216	1100	100.00%
Warrants
	Jan 2005	Feb 2005	Mar 2005	Apr 2005	May 2005	Jun 2005	Jul 2005	Aug 2005	Sep 2005
Yes	0.290	0.341	0.350	0.372	0.150	0.446	0.239	0.372	0.311
No	0.401	0.651	0.795	0.912	0.288	0.632	0.394	0.576	0.693
Total	0.691	0.992	1.145	1.284	0.438	1.078	0.633	0.949	1.004
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Total	Count	Share
Yes	0.981	218	0.969	194	0.923	230	2.873	642	34.97%
No	1.847	157	1.832	144	1.663	157	5.343	458	65.03%
Total	2.828	375	2.801	338	2.586	387	8.216	1100	100.00%
Use of Proceeds
	Jan 2005	Feb 2005	Mar 2005	Apr 2005	May 2005	Jun 2005	Jul 2005	Aug 2005	Sep 2005
Acquisition	0.100	0.301	0.471	0.794	0.125	0.184	0.109	0.072	0.099
Capex	0.187	0.298	0.302	0.153	0.123	0.418	0.212	0.372	0.431
GCP	0.112	0.185	0.185	0.125	0.069	0.138	0.054	0.176	0.233
Repay bank debt	0	0	0.033	0	0	0	0	0	0
Repay debt	0.001	0.001	0.011	0.011	0	0.013	0.008	0.006	0
Multiple/Other/NA	0.292	0.207	0.144	0.202	0.122	0.325	0.251	0.323	0.241
Total	0.691	0.992	1.145	1.284	0.438	1.078	0.633	0.949	1.004
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Total	Count	Share
Acquisition	0.872	32	1.102	36	0.281	25	2.255	93	27.45%
Capex	0.787	137	0.693	126	1.015	161	2.495	424	30.37%
GCP	0.481	112	0.332	64	0.463	76	1.276	252	15.53%
Repay bank debt	0.033	1	0	0	0	0	0.033	1	0.40%
Repay debt	0.014	6	0.024	3	0.014	3	0.052	12	0.64%
Multiple/Other/NA	0.642	87	0.648	109	0.814	122	2.105	318	25.62%
Total	2.828	375	2.801	338	2.586	387	8.216	1100	100.00%
Industry Sector (by SIC code)
	Jan 2005	Feb 2005	Mar 2005	Apr 2005	May 2005	Jun 2005	Jul 2005	Aug 2005	Sep 2005
Agriculture (0xxx)	0	0	0	0	0	0	0	0.010	0.006
Mining (1xxx)	0.236	0.281	0.296	0.303	0.103	0.255	0.203	0.274	0.361
Oil and gas (13xx)	0.290	0.347	0.610	0.642	0.198	0.468	0.241	0.427	0.541
Construction (15xx)	0	0	0.005	0.011	0	0	0.012	0	0
Manufacturing (2xxx, 3xxx)	0.022	0.038	0.123	0.016	0.046	0.117	0.053	0.057	0.036
Pharmaceuticals (2833-6)	0.008	0.010	0.001	0.154	0.002	0.005	0.002	0.030	0.006
Transportation (4xxx)	0.020	0	0	0.005	0	0	0	0	0
Communications (48xx)	0	0	0.001	0.001	0	0.006	0	0.008	0.001
Electric, gas, sanitary services (49xx)	0.004	0.003	0.003	0.009	0.004	0.011	0	0.001	0.015
Wholesale (5xxx)	0	0.032	0.002	0	0.008	0.002	0.010	0.015	0
Finance, insurance, real estate (6xxx)	0.102	0.269	0.048	0.103	0.046	0.195	0.037	0.071	0.007
Services (7xxx)	0.010	0.013	0.056	0.030	0.030	0.020	0.076	0.056	0.032
Health services (8xxx)	0	0	0	0.011	0	0	0	0	0
Total	0.691	0.992	1.145	1.284	0.438	1.078	0.633	0.949	1.004
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Total	Count	Share
Agriculture (0xxx)	0	0	0	0	0.016	2	0.016	2	0.19%
Mining (1xxx)	0.813	186	0.660	164	0.838	207	2.311	557	28.13%
Oil and gas (13xx)	1.246	93	1.308	83	1.208	106	3.763	282	45.80%
Construction (15xx)	0.005	2	0.011	1	0.012	1	0.027	4	0.33%
Manufacturing (2xxx, 3xxx)	0.183	39	0.179	30	0.146	21	0.508	90	6.18%
Pharmaceuticals (2833-6)	0.019	5	0.161	7	0.037	10	0.217	22	2.64%
Transportation (4xxx)	0.020	1	0.005	2	0	0	0.025	3	0.30%
Communications (48xx)	0.001	1	0.007	3	0.009	2	0.017	6	0.21%
Electric, gas, sanitary services (49xx)	0.010	7	0.024	9	0.016	6	0.050	22	0.61%
Wholesale (5xxx)	0.033	3	0.010	2	0.025	3	0.069	8	0.84%
Finance, insurance, real estate (6xxx)	0.418	18	0.344	18	0.115	14	0.877	50	10.67%
Services (7xxx)	0.079	20	0.080	18	0.164	15	0.324	53	3.94%
Health services (8xxx)	0	0	0.011	1	0	0	0.011	1	0.13%
Total	2.828	375	2.801	338	2.586	387	8.216	1100	100.00%

Criteria

* The tables include all Canadian dollar-denominated offerings sold as private placements.

* Stock must be listed on a Canadian or U.S. exchange or trade on the Bulletin Board or Pink Sheets.

* 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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