Analysis of Canadian PIPE issuance for 13 months through September 2012

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

Proceeds

	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
Less than $1 million	0.002	0.009	0.012	0.008	0.002	0.009	0.002	0.004	0.002	0.008	0.002	0.003	0.008
$1-1.99 million	0.023	0.032	0.067	0.047	0.018	0.051	0.032	0.032	0.035	0.036	0.026	0.030	0.025
$2-2.99 million	0.033	0.048	0.047	0.054	0.027	0.035	0.031	0.017	0.038	0.035	0.022	0.026	0.027
$3-4.99 million	0.023	0.053	0.050	0.059	0.069	0.068	0.036	0.034	0.049	0.053	0.060	0.031	0.064
$5-9.99 million	0.061	0.112	0.129	0.068	0.079	0.069	0.058	0.088	0.137	0.115	0.074	0.033	0.085
$10-14.99 million	0.044	0.133	0.104	0.034	0.066	0.166	0.053	0.010	0.069	0	0.063	0.023	0.022
$15-$49.99 million	0.210	0.143	0.210	0.040	0.209	0.290	0.205	0.182	0.149	0.218	0.115	0.107	0.076
$50 million and higher	0.200	0.343	0	0.060	0	0.118	0.114	0	0.296	0.197	0.124	0.057	0.055
Total	0.596	0.872	0.619	0.370	0.469	0.805	0.531	0.366	0.774	0.662	0.485	0.310	0.362
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than $1 million	0.029	53	0.013	17	0.013	23	0.012	20	0.038	60	0.069	115	0.067	113	0.80%
$1-1.99 million	0.146	115	0.100	74	0.103	80	0.081	62	0.284	216	0.454	348	0.431	331	5.96%
$2-2.99 million	0.148	65	0.093	39	0.089	39	0.075	33	0.258	111	0.439	190	0.406	176	5.41%
$3-4.99 million	0.162	43	0.172	49	0.135	37	0.154	42	0.462	128	0.648	177	0.624	171	9.70%
$5-9.99 million	0.308	46	0.206	30	0.341	50	0.192	30	0.738	110	1.108	166	1.046	156	15.49%
$10-14.99 million	0.270	24	0.285	25	0.079	7	0.108	10	0.473	42	0.786	70	0.742	66	9.93%
$15-$49.99 million	0.394	17	0.705	29	0.549	24	0.298	12	1.552	65	2.156	91	1.946	82	32.57%
$50 million and higher	0.403	5	0.232	3	0.493	4	0.236	3	0.960	10	1.563	16	1.363	15	20.15%
Total	1.861	368	1.806	266	1.802	264	1.157	212	4.765	742	7.222	1173	6.626	1110	100.00%
Type
	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
convertible notes	0.018	0.011	0.019	0.001	0.018	0.024	0.008	0.031	0.020	0.026	0.083	0.020	0.018
convertible preferreds	0	0.013	0	0	0	0	0.001	0	0	0	0	0	0
equity line	0.020	0	0	0.010	0	0	0	0	0	0.020	0	0	0
notes with stock	0	0.001	0.001	0	0.005	0	0	0.007	0	0	0	0	0
notes with warrants	0.001	0.010	0.012	0	0.046	0	0	0.010	0.015	0.001	0	0	0
stock	0.405	0.604	0.344	0.173	0.283	0.488	0.341	0.174	0.464	0.377	0.288	0.224	0.195
units of stock and warrants	0.152	0.232	0.243	0.186	0.118	0.293	0.182	0.145	0.276	0.238	0.114	0.066	0.150
Total	0.596	0.872	0.619	0.370	0.469	0.805	0.531	0.366	0.774	0.662	0.485	0.310	0.362
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
convertible notes	0.031	11	0.050	11	0.077	16	0.121	15	0.247	42	0.296	57	0.278	53	5.18%
convertible preferreds	0.013	2	0.001	1	0	0	0	0	0.001	1	0.015	3	0.015	3	0.02%
equity line	0.010	1	0	0	0.020	2	0	0	0.020	2	0.050	4	0.030	3	0.42%
notes with stock	0.002	2	0.005	1	0.007	1	0	0	0.012	2	0.014	4	0.014	4	0.25%
notes with warrants	0.022	2	0.046	5	0.026	4	0	0	0.072	9	0.095	12	0.094	11	1.51%
stock	1.121	156	1.112	92	1.014	86	0.707	69	2.833	247	4.359	424	3.954	403	59.45%
units of stock and warrants	0.661	194	0.592	156	0.659	155	0.330	128	1.581	439	2.394	669	2.242	633	33.18%
Total	1.861	368	1.806	266	1.802	264	1.157	212	4.765	742	7.222	1173	6.626	1110	100.00%
Warrants
	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
Yes	0.132	0.271	0.265	0.186	0.164	0.288	0.190	0.196	0.302	0.252	0.220	0.073	0.148
No	0.464	0.601	0.354	0.184	0.306	0.518	0.342	0.171	0.472	0.409	0.265	0.237	0.214
Total	0.596	0.872	0.619	0.370	0.469	0.805	0.531	0.366	0.774	0.662	0.485	0.310	0.362
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.722	202	0.641	165	0.750	168	0.441	137	1.831	470	2.685	708	2.553	672	38.43%
No	1.139	166	1.165	101	1.052	96	0.716	75	2.934	272	4.537	465	4.073	438	61.57%
Total	1.861	368	1.806	266	1.802	264	1.157	212	4.765	742	7.222	1173	6.626	1110	100.00%
Use of Proceeds
	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
Acquisition	0	0.085	0.002	0	0.007	0	0.012	0.044	0.105	0.197	0.139	0	0.003
Capex	0.133	0.220	0.303	0.124	0.161	0.343	0.172	0.081	0.109	0.128	0.082	0.051	0.094
GCP	0.265	0.213	0.129	0.122	0.021	0.163	0.210	0.157	0.232	0.087	0.093	0.065	0.086
Refinance	0	0.016	0.002	0	0.002	0.032	0	0.022	0.020	0.011	0.014	0	0.003
Multiple/Other/NA	0.199	0.338	0.184	0.124	0.278	0.268	0.138	0.062	0.308	0.239	0.158	0.193	0.177
Total	0.596	0.872	0.619	0.370	0.469	0.805	0.531	0.366	0.774	0.662	0.485	0.310	0.362
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.087	4	0.019	4	0.347	4	0.141	4	0.507	12	0.593	16	0.593	16	10.64%
Capex	0.647	181	0.675	87	0.318	91	0.226	86	1.220	264	1.999	470	1.866	445	25.60%
GCP	0.464	92	0.393	58	0.476	81	0.244	57	1.114	196	1.842	301	1.577	288	23.38%
Refinance	0.018	4	0.035	2	0.053	5	0.017	3	0.105	10	0.123	14	0.123	14	2.20%
Multiple/Other/NA	0.646	87	0.684	115	0.608	83	0.527	62	1.820	260	2.665	372	2.466	347	38.20%
Total	1.861	368	1.806	266	1.802	264	1.157	212	4.765	742	7.222	1173	6.626	1110	100.00%
Industry Sector (by SIC code)
	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012
Mining (1xxx)	0.238	0.553	0.391	0.251	0.266	0.505	0.271	0.201	0.255	0.254	0.194	0.204	0.174
Oil and gas (13xx)	0.021	0.246	0.149	0.075	0.074	0.170	0.094	0.038	0.122	0.072	0.112	0.061	0.135
Construction (15xx)	0	0.002	0	0.002	0.002	0.013	0	0	0	0	0	0	0.004
Manufacturing (2xxx, 3xxx)	0.035	0.016	0.025	0.007	0.007	0.077	0.001	0.011	0.035	0.013	0.017	0.009	0.007
Pharmaceuticals (2834-6)	0.025	0.022	0.020	0.010	0.003	0.008	0.013	0.017	0.010	0.019	0	0.002	0.003
Transportation (4xxx)	0	0	0	0	0	0.001	0	0	0	0	0	0	0
Communications (48xx)	0.005	0	0	0	0	0	0	0.008	0	0	0	0.003	0.017
Electric, gas, sanitary services (49xx)	0	0	0.006	0.002	0.019	0	0.004	0	0.114	0.008	0.124	0.001	0
Wholesale (5xxx)	0.002	0.013	0	0	0	0	0	0.001	0.006	0.001	0.010	0.001	0.002
Finance, insurance, real estate (6xxx)	0.240	0.003	0.016	0.010	0.046	0.010	0.001	0.037	0.096	0.057	0.008	0.004	0
Services (7xxx)	0.022	0.012	0.001	0.005	0.023	0.011	0.125	0.038	0.112	0.218	0.020	0.010	0.011
Health services (8xxx)	0	0.005	0	0.001	0	0	0	0.015	0.011	0.001	0	0.005	0
Non-operating (9995)	0.009	0	0.011	0.007	0.029	0.010	0.021	0	0.013	0.018	0	0.010	0.011
Total	0.596	0.872	0.619	0.370	0.469	0.805	0.531	0.366	0.774	0.662	0.485	0.310	0.362
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	1.195	249	1.043	168	0.710	163	0.572	145	2.325	476	3.757	766	3.519	725	48.79%
Oil and gas (13xx)	0.470	74	0.338	38	0.232	38	0.309	24	0.879	100	1.370	182	1.349	174	18.45%
Construction (15xx)	0.004	3	0.015	2	0	0	0.004	1	0.019	3	0.023	6	0.023	6	0.40%
Manufacturing (2xxx, 3xxx)	0.048	11	0.085	10	0.059	12	0.032	12	0.177	34	0.259	47	0.224	45	3.71%
Pharmaceuticals (2834-6)	0.052	5	0.023	10	0.046	11	0.006	2	0.075	23	0.152	29	0.127	28	1.57%
Transportation (4xxx)	0	0	0.001	1	0	0	0	0	0.001	1	0.001	1	0.001	1	0.02%
Communications (48xx)	0	0	0	0	0.008	1	0.019	3	0.027	4	0.032	5	0.027	4	0.57%
Electric, gas, sanitary services (49xx)	0.008	3	0.024	7	0.122	3	0.125	2	0.270	12	0.278	15	0.278	15	5.67%
Wholesale (5xxx)	0.013	2	0	0	0.009	4	0.013	3	0.021	7	0.036	10	0.034	9	0.44%
Finance, insurance, real estate (6xxx)	0.029	7	0.057	4	0.191	8	0.012	3	0.260	15	0.529	25	0.290	22	5.46%
Services (7xxx)	0.018	6	0.160	14	0.368	14	0.040	10	0.569	38	0.608	47	0.586	44	11.94%
Health services (8xxx)	0.006	2	0	0	0.027	4	0.005	1	0.032	5	0.038	7	0.038	7	0.67%
Non-operating (9995)	0.018	6	0.060	12	0.031	6	0.021	6	0.111	24	0.138	33	0.129	30	2.33%
Total	1.861	368	1.806	266	1.802	264	1.157	212	4.765	742	7.222	1173	6.626	1110	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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