Analysis of Canadian PIPE issuance for 13 months through June 2011

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

Proceeds

	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011
Less than $1 million	0.008	0.006	0.002	0.006	0.009	0.015	0.018	0.005	0.004	0.005	0.007	0.007	0.003
$1-1.99 million	0.045	0.033	0.024	0.051	0.053	0.080	0.103	0.031	0.050	0.038	0.050	0.048	0.044
$2-2.99 million	0.048	0.030	0.028	0.028	0.093	0.049	0.081	0.025	0.044	0.048	0.044	0.026	0.037
$3-4.99 million	0.058	0.055	0.030	0.089	0.096	0.105	0.111	0.050	0.080	0.068	0.074	0.058	0.061
$5-9.99 million	0.077	0.125	0.069	0.093	0.158	0.237	0.160	0.124	0.238	0.151	0.133	0.126	0.104
$10-14.99 million	0.055	0.059	0.043	0.153	0.076	0.149	0.133	0.090	0.022	0.115	0.060	0.094	0.094
$15-$49.99 million	0.106	0.104	0.126	0.106	0.189	0.480	0.272	0.305	0.467	0.292	0.297	0.193	0.186
$50 million and higher	0	0.110	0.413	0.101	0.131	0.951	0.289	0.060	0.368	0.317	0.050	0	0.250
Total	0.396	0.521	0.734	0.627	0.806	2.066	1.167	0.689	1.273	1.034	0.714	0.552	0.779
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than $1 million	0.014	22	0.041	65	0.014	23	0.016	30	0.031	53	0.094	152	0.086	140	0.62%
$1-1.99 million	0.107	80	0.236	175	0.120	90	0.141	106	0.261	196	0.649	487	0.604	451	5.18%
$2-2.99 million	0.086	37	0.223	94	0.117	50	0.107	45	0.224	95	0.580	246	0.532	226	4.44%
$3-4.99 million	0.174	46	0.313	85	0.198	53	0.193	54	0.391	107	0.936	253	0.878	238	7.76%
$5-9.99 million	0.288	44	0.555	86	0.513	77	0.362	58	0.875	135	1.794	278	1.718	265	17.36%
$10-14.99 million	0.255	22	0.359	31	0.226	20	0.247	22	0.474	42	1.142	100	1.087	95	9.40%
$15-$49.99 million	0.335	15	0.942	42	1.064	42	0.676	30	1.740	72	3.123	134	3.017	129	34.52%
$50 million and higher	0.623	6	1.372	12	0.745	9	0.300	3	1.045	12	3.040	30	3.040	30	20.73%
Total	1.883	272	4.039	590	2.996	364	2.044	348	5.040	712	11.358	1680	10.961	1574	100.00%
Type
	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011
convertible notes	0.015	0.122	0.028	0.010	0.022	0.019	0.026	0.077	0.019	0.030	0.009	0.049	0.056
convertible preferreds	0	0	0	0	0.001	0	0	0	0	0	0	0.002	0
equity line	0.016	0.010	0	0.025	0.010	0	0	0.005	0.024	0.025	0.010	0	0.005
notes with stock	0	0	0.002	0.005	0	0.002	0.010	0	0	0	0	0	0
notes with warrants	0.015	0.008	0	0	0.006	0.004	0.032	0.015	0	0	0	0.004	0.002
stock	0.208	0.217	0.143	0.281	0.296	1.312	0.491	0.336	0.759	0.299	0.308	0.247	0.447
units of stock and warrants	0.142	0.163	0.561	0.300	0.405	0.664	0.608	0.245	0.471	0.680	0.387	0.249	0.268
warrants	0	0	0.001	0.006	0.065	0.065	0	0.011	0	0	0	0	0
Total	0.396	0.521	0.734	0.627	0.806	2.066	1.167	0.689	1.273	1.034	0.714	0.552	0.779
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
convertible notes	0.160	17	0.067	17	0.126	14	0.114	13	0.240	27	0.482	64	0.467	61	4.76%
convertible preferreds	0	0	0.001	1	0	0	0.002	1	0.002	1	0.003	2	0.003	2	0.04%
equity line	0.035	4	0.010	1	0.053	6	0.015	2	0.069	8	0.130	15	0.114	13	1.37%
notes with stock	0.007	2	0.011	2	0	0	0	0	0	0	0.018	4	0.018	4	0.00%
notes with warrants	0.008	2	0.042	3	0.015	1	0.006	2	0.021	3	0.086	9	0.071	8	0.42%
stock	0.641	73	2.099	191	1.394	114	1.002	93	2.396	207	5.344	509	5.136	471	47.54%
units of stock and warrants	1.024	172	1.678	372	1.396	228	0.904	237	2.301	465	5.145	1071	5.003	1009	45.65%
warrants	0.007	2	0.130	3	0.011	1	0	0	0.011	1	0.149	6	0.149	6	0.22%
Total	1.883	272	4.039	590	2.996	364	2.044	348	5.040	712	11.358	1680	10.961	1574	100.00%
Warrants
	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011
Yes	0.190	0.198	0.587	0.286	0.415	0.747	0.641	0.302	0.445	0.731	0.390	0.317	0.295
No	0.207	0.323	0.147	0.341	0.391	1.319	0.525	0.387	0.828	0.303	0.323	0.234	0.484
Total	0.396	0.521	0.734	0.627	0.806	2.066	1.167	0.689	1.273	1.034	0.714	0.552	0.779
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.071	185	1.804	380	1.477	239	1.002	243	2.479	482	5.544	1115	5.354	1047	49.19%
No	0.812	87	2.235	210	1.519	125	1.042	105	2.561	230	5.814	565	5.607	527	50.81%
Total	1.883	272	4.039	590	2.996	364	2.044	348	5.040	712	11.358	1680	10.961	1574	100.00%
Use of Proceeds
	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011
Acquisition	0.035	0	0	0	0	0.051	0	0.019	0	0.028	0.044	0.024	0.046
Capex	0.228	0.283	0.265	0.448	0.492	0.905	0.768	0.375	0.794	0.486	0.405	0.212	0.415
GCP	0.048	0.047	0.047	0.101	0.156	0.241	0.177	0.143	0.282	0.181	0.119	0.197	0.088
Refinance	0	0.001	0.016	0.008	0	0.032	0.004	0.010	0	0	0	0.033	0.011
Multiple/Other/NA	0.085	0.189	0.407	0.069	0.158	0.837	0.217	0.143	0.197	0.338	0.145	0.086	0.217
Total	0.396	0.521	0.734	0.627	0.806	2.066	1.167	0.689	1.273	1.034	0.714	0.552	0.779
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0	0	0.051	3	0.048	5	0.114	11	0.161	16	0.247	21	0.212	19	3.19%
Capex	0.997	172	2.165	404	1.655	231	1.032	175	2.688	406	6.078	1047	5.850	982	53.34%
GCP	0.195	43	0.575	88	0.606	77	0.405	57	1.011	134	1.830	282	1.781	265	20.06%
Refinance	0.025	4	0.036	3	0.010	1	0.044	4	0.054	5	0.115	12	0.115	12	1.07%
Multiple/Other/NA	0.665	53	1.211	92	0.678	50	0.449	101	1.127	151	3.088	318	3.003	296	22.36%
Total	1.883	272	4.039	590	2.996	364	2.044	348	5.040	712	11.358	1680	10.961	1574	100.00%
Industry Sector (by SIC code)
	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011
Agriculture (0xxx)	0	0	0	0	0.003	0.011	0	0.001	0	0	0.035	0	0.005
Mining (1xxx)	0.187	0.354	0.647	0.432	0.539	0.948	0.881	0.474	0.616	0.795	0.389	0.341	0.422
Oil and gas (13xx)	0.075	0.078	0.035	0.096	0.187	0.987	0.075	0.104	0.461	0.108	0.141	0.124	0.274
Construction (15xx)	0	0	0	0	0	0	0	0	0	0	0.002	0	0
Manufacturing (2xxx, 3xxx)	0.012	0.011	0.009	0.023	0.015	0.014	0.026	0.034	0.045	0.046	0.037	0.020	0.007
Pharmaceuticals (2834-6)	0.010	0.012	0.011	0.052	0.010	0.004	0.003	0	0.002	0.045	0.010	0.004	0.007
Transportation (4xxx)	0	0.002	0	0	0.004	0	0	0	0	0	0	0	0
Communications (48xx)	0	0.005	0	0	0	0.005	0.003	0	0.006	0.017	0.002	0	0
Electric, gas, sanitary services (49xx)	0	0.006	0.016	0.010	0.001	0.003	0.014	0	0.020	0.004	0.001	0.002	0.005
Wholesale (5xxx)	0	0	0	0	0	0	0	0	0.004	0	0.001	0	0
Finance, insurance, real estate (6xxx)	0.058	0.014	0.008	0.002	0.018	0.074	0.146	0.051	0.001	0.001	0	0.013	0.023
Services (7xxx)	0.053	0.034	0.004	0.013	0.026	0.017	0.017	0.026	0.085	0.003	0.026	0.036	0.024
Health services (8xxx)	0	0.005	0.006	0	0	0.002	0	0	0.022	0	0.025	0.001	0.003
Non-operating (9995)	0	0	0	0	0.002	0	0.002	0	0.012	0.015	0.045	0.011	0.010
Total	0.396	0.521	0.734	0.627	0.806	2.066	1.167	0.689	1.273	1.034	0.714	0.552	0.779
	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	0.015	2	0.001	1	0.040	2	0.041	3	0.055	5	0.055	5	0.81%
Mining (1xxx)	1.433	193	2.368	424	1.886	246	1.152	230	3.037	476	7.025	1159	6.838	1093	60.26%
Oil and gas (13xx)	0.209	32	1.249	81	0.672	60	0.539	53	1.211	113	2.744	240	2.669	226	24.03%
Construction (15xx)	0	0	0	0	0	0	0.002	1	0.002	1	0.002	1	0.002	1	0.04%
Manufacturing (2xxx, 3xxx)	0.043	11	0.055	20	0.124	17	0.064	15	0.188	32	0.298	67	0.286	63	3.73%
Pharmaceuticals (2834-6)	0.075	8	0.018	9	0.048	6	0.021	5	0.069	11	0.171	29	0.161	28	1.37%
Transportation (4xxx)	0.002	1	0.004	2	0	0	0	0	0	0	0.006	3	0.006	3	0.00%
Communications (48xx)	0.005	1	0.008	3	0.023	3	0.002	1	0.024	4	0.038	8	0.038	8	0.48%
Electric, gas, sanitary services (49xx)	0.032	4	0.019	8	0.024	2	0.008	4	0.033	6	0.083	18	0.083	18	0.65%
Wholesale (5xxx)	0	0	0	0	0.004	2	0.001	1	0.005	3	0.005	3	0.005	3	0.10%
Finance, insurance, real estate (6xxx)	0.023	6	0.238	23	0.053	6	0.036	4	0.089	10	0.409	53	0.350	39	1.77%
Services (7xxx)	0.050	14	0.060	15	0.113	14	0.085	17	0.199	31	0.362	67	0.309	60	3.95%
Health services (8xxx)	0.011	2	0.002	1	0.022	1	0.029	3	0.051	4	0.063	7	0.063	7	1.01%
Non-operating (9995)	0	0	0.004	2	0.027	6	0.066	12	0.093	18	0.096	20	0.096	20	1.85%
Total	1.883	272	4.039	590	2.996	364	2.044	348	5.040	712	11.358	1680	10.961	1574	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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