Analysis of Canadian PIPE issuance for year through October

Total: C$9.049 billion in 1,244 deals

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

Proceeds

	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005
Less than $1 million	0.003	0.007	0.016	0.010	0.003	0.008	0.009	0.008	0.008	0.013
$1-1.99 million	0.046	0.039	0.059	0.044	0.033	0.050	0.046	0.047	0.057	0.044
$2-2.99 million	0.032	0.039	0.056	0.037	0.022	0.046	0.021	0.051	0.026	0.046
$3-4.99 million	0.056	0.060	0.072	0.071	0.038	0.074	0.073	0.061	0.079	0.096
$5-9.99 million	0.084	0.137	0.161	0.046	0.124	0.119	0.081	0.198	0.175	0.152
$10-14.99 million	0.047	0.067	0.082	0.088	0.045	0.115	0.081	0.190	0.108	0.108
$15-$49.99 million	0.204	0.361	0.296	0.272	0.171	0.290	0.201	0.243	0.422	0.168
$50 million and higher	0.217	0.284	0.403	0.719	0	0.376	0.125	0.176	0.145	0.164
Total	0.691	0.992	1.145	1.284	0.438	1.078	0.633	0.973	1.021	0.792
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Less than $1 million	0.026	44	0.021	41	0.024	37	0.013	22	0.085	144	0.86%
$1-1.99 million	0.143	111	0.127	98	0.153	113	0.044	32	0.463	354	4.88%
$2-2.99 million	0.126	55	0.104	44	0.098	41	0.046	21	0.376	161	3.98%
$3-4.99 million	0.188	50	0.183	50	0.212	56	0.096	26	0.681	182	7.41%
$5-9.99 million	0.382	55	0.289	46	0.455	69	0.152	24	1.279	194	14.47%
$10-14.99 million	0.196	17	0.248	22	0.379	33	0.108	10	0.931	82	10.18%
$15-$49.99 million	0.861	34	0.733	27	0.866	32	0.168	6	2.628	99	29.07%
$50 million and higher	0.904	9	1.095	10	0.446	7	0.164	2	2.609	28	28.82%
Total	2.828	375	2.801	338	2.628	388	0.792	143	9.049	1244	100.00%
Type
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005
convertible notes	0.072	0.056	0.188	0.110	0.027	0.035	0.009	0.039	0.061	0.035
convertible preferreds	0	0.006	0.023	0	0.056	0.150	0	0.028	0	0
equity line of credit	0	0	0	0.100	0.010	0	0	0	0.060	0
notes with warrants	0	0.003	0.010	0	0	0.002	0.001	0.013	0.013	0.008
stock	0.338	0.596	0.629	0.804	0.254	0.602	0.418	0.582	0.602	0.472
units of stock and warrants	0.281	0.332	0.295	0.265	0.086	0.289	0.205	0.312	0.285	0.278
warrants	0	0	0	0.005	0.005	0	0	0	0	0
Total	0.691	0.992	1.145	1.284	0.438	1.078	0.633	0.973	1.021	0.792
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
convertible notes	0.316	32	0.172	21	0.109	20	0.035	6	0.632	79	6.98%
convertible preferreds	0.029	4	0.206	4	0.028	1	0	0	0.262	9	2.90%
equity line of credit	0	0	0.110	2	0.060	1	0	0	0.170	3	1.88%
notes with warrants	0.013	4	0.002	1	0.027	6	0.008	1	0.050	12	0.55%
stock	1.562	134	1.660	129	1.602	152	0.472	47	5.296	462	58.53%
units of stock and warrants	0.909	201	0.640	179	0.802	208	0.278	89	2.628	677	29.04%
warrants	0	0	0.010	2	0	0	0	0	0.010	2	0.11%
Total	2.828	375	2.801	338	2.628	388	0.792	143	9.049	1244	100.00%
Warrants
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005
Yes	0.290	0.341	0.350	0.372	0.150	0.446	0.239	0.388	0.326	0.295
No	0.401	0.651	0.795	0.912	0.288	0.632	0.394	0.585	0.695	0.497
Total	0.691	0.992	1.145	1.284	0.438	1.078	0.633	0.973	1.021	0.792
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Yes	0.981	218	0.969	194	0.953	230	0.295	93	3.198	735	35.34%
No	1.847	157	1.832	144	1.675	158	0.497	50	5.851	509	64.66%
Total	2.828	375	2.801	338	2.628	388	0.792	143	9.049	1244	100.00%
Use of Proceeds
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005
Acquisition	0.100	0.301	0.471	0.794	0.125	0.184	0.109	0.072	0.100	0.096
Capex	0.187	0.298	0.302	0.153	0.123	0.418	0.212	0.371	0.440	0.326
GCP	0.112	0.185	0.185	0.125	0.069	0.138	0.054	0.189	0.239	0.121
Repay debt	0.001	0.001	0.044	0.011	0	0.013	0.008	0.006	0	0.075
Multiple/Other/NA	0.292	0.207	0.144	0.202	0.122	0.325	0.251	0.335	0.242	0.173
Total	0.691	0.992	1.145	1.284	0.438	1.078	0.633	0.973	1.021	0.792
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Acquisition	0.872	32	1.102	36	0.281	25	0.096	12	2.352	105	25.99%
Capex	0.787	137	0.693	126	1.022	159	0.326	58	2.829	480	31.26%
GCP	0.481	112	0.332	64	0.483	76	0.121	34	1.417	286	15.66%
Repay debt	0.047	7	0.024	3	0.014	3	0.075	4	0.160	17	1.76%
Multiple/Other/NA	0.642	87	0.648	109	0.828	125	0.173	35	2.292	356	25.33%
Total	2.828	375	2.801	338	2.628	388	0.792	143	9.049	1244	100.00%
Industry Sector (by SIC code)
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005
Agriculture (0xxx)	0	0	0	0	0	0	0	0.010	0.006	0
Mining (1xxx)	0.236	0.281	0.296	0.303	0.103	0.255	0.203	0.274	0.370	0.233
Oil and gas (13xx)	0.290	0.347	0.610	0.642	0.198	0.468	0.241	0.438	0.549	0.266
Construction (15xx)	0	0	0.005	0.011	0	0	0.012	0	0	0
Manufacturing (2xxx, 3xxx)	0.022	0.038	0.123	0.016	0.046	0.117	0.053	0.046	0.035	0.017
Pharmaceuticals (2833-6)	0.008	0.010	0.001	0.154	0.002	0.005	0.002	0.054	0.006	0.031
Transportation (4xxx)	0.020	0	0	0.005	0	0	0	0	0	0.037
Communications (48xx)	0	0	0.001	0.001	0	0.006	0	0.008	0.001	0.013
Electric, gas, sanitary services (49xx)	0.004	0.003	0.003	0.009	0.004	0.011	0	0.001	0.015	0.114
Wholesale (5xxx)	0	0.032	0.002	0	0.008	0.002	0.010	0.015	0	0.008
Finance, insurance, real estate (6xxx)	0.102	0.269	0.048	0.103	0.046	0.195	0.037	0.071	0.007	0.046
Services (7xxx)	0.010	0.013	0.056	0.030	0.030	0.020	0.076	0.056	0.032	0.028
Health services (8xxx)	0	0	0	0.011	0	0	0	0	0	0
Total	0.691	0.992	1.145	1.284	0.438	1.078	0.633	0.973	1.021	0.792
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Agriculture (0xxx)	0	0	0	0	0.016	2	0	0	0.016	2	0.18%
Mining (1xxx)	0.813	186	0.660	164	0.848	207	0.233	76	2.553	633	28.21%
Oil and gas (13xx)	1.246	93	1.308	83	1.228	107	0.266	38	4.049	321	44.75%
Construction (15xx)	0.005	2	0.011	1	0.012	1	0	0	0.027	4	0.30%
Manufacturing (2xxx, 3xxx)	0.183	39	0.179	30	0.134	21	0.017	5	0.513	95	5.67%
Pharmaceuticals (2833-6)	0.019	5	0.161	7	0.061	10	0.031	7	0.272	29	3.01%
Transportation (4xxx)	0.020	1	0.005	2	0	0	0.037	1	0.062	4	0.69%
Communications (48xx)	0.001	1	0.007	3	0.009	2	0.013	1	0.030	7	0.33%
Electric, gas, sanitary services (49xx)	0.010	7	0.024	9	0.016	6	0.114	3	0.164	25	1.81%
Wholesale (5xxx)	0.033	3	0.010	2	0.025	3	0.008	1	0.077	9	0.85%
Finance, insurance, real estate (6xxx)	0.418	18	0.344	18	0.115	14	0.046	4	0.923	54	10.20%
Services (7xxx)	0.079	20	0.080	18	0.164	15	0.028	7	0.352	60	3.89%
Health services (8xxx)	0	0	0.011	1	0	0	0	0	0.011	1	0.12%
Total	2.828	375	2.801	338	2.628	388	0.792	143	9.049	1244	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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