Analysis of Canadian PIPE issuance for 13 months through October 2012

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

Proceeds

	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012
Less than $1 million	0.009	0.012	0.008	0.002	0.009	0.002	0.004	0.002	0.008	0.002	0.003	0.009	0.003
$1-1.99 million	0.032	0.067	0.047	0.018	0.051	0.032	0.032	0.035	0.036	0.024	0.029	0.031	0.042
$2-2.99 million	0.048	0.047	0.054	0.027	0.035	0.031	0.017	0.038	0.035	0.024	0.024	0.032	0.023
$3-4.99 million	0.053	0.050	0.059	0.069	0.068	0.036	0.034	0.049	0.053	0.064	0.033	0.063	0.048
$5-9.99 million	0.112	0.129	0.068	0.079	0.069	0.058	0.088	0.137	0.115	0.074	0.028	0.088	0.082
$10-14.99 million	0.133	0.104	0.034	0.066	0.166	0.053	0.010	0.069	0	0.063	0.023	0.045	0.066
$15-$49.99 million	0.143	0.210	0.040	0.209	0.290	0.205	0.182	0.149	0.218	0.095	0.107	0.051	0.178
$50 million and higher	0.343	0	0.060	0	0.118	0.114	0	0.296	0.197	0.124	0.057	0.055	0.164
Total	0.872	0.619	0.370	0.469	0.805	0.531	0.366	0.774	0.662	0.470	0.304	0.374	0.605
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than $1 million	0.029	53	0.013	17	0.013	23	0.014	24	0.003	5	0.043	69	0.072	122	0.063	107	0.80%
$1-1.99 million	0.146	115	0.100	74	0.103	80	0.084	64	0.042	34	0.329	252	0.475	367	0.444	343	6.14%
$2-2.99 million	0.148	65	0.093	39	0.089	39	0.080	35	0.023	10	0.285	123	0.434	188	0.386	167	5.32%
$3-4.99 million	0.162	43	0.172	49	0.135	37	0.160	44	0.048	14	0.516	144	0.678	187	0.625	173	9.62%
$5-9.99 million	0.308	46	0.206	30	0.341	50	0.190	30	0.082	12	0.818	122	1.126	168	1.015	151	15.26%
$10-14.99 million	0.270	24	0.285	25	0.079	7	0.131	12	0.066	6	0.561	50	0.831	74	0.698	62	10.46%
$15-$49.99 million	0.394	17	0.705	29	0.549	24	0.253	10	0.178	7	1.684	70	2.078	87	1.935	81	31.41%
$50 million and higher	0.403	5	0.232	3	0.493	4	0.236	3	0.164	2	1.125	12	1.528	17	1.185	13	20.98%
Total	1.861	368	1.806	266	1.802	264	1.149	222	0.605	90	5.362	842	7.223	1210	6.351	1097	100.00%
Type
	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012
convertible notes	0.011	0.019	0.001	0.018	0.024	0.008	0.031	0.020	0.026	0.071	0.020	0.018	0.025
convertible preferreds	0.013	0	0	0	0	0.001	0	0	0	0	0	0	0
equity line	0	0	0.010	0	0	0	0	0	0.020	0	0	0	0
notes with stock	0.001	0.001	0	0.005	0	0	0.007	0	0	0	0	0	0
notes with warrants	0.010	0.012	0	0.046	0	0	0.010	0.015	0.001	0	0	0	0.001
stock	0.604	0.344	0.173	0.283	0.488	0.341	0.174	0.464	0.377	0.288	0.218	0.203	0.370
units of stock and warrants	0.232	0.243	0.186	0.118	0.293	0.182	0.145	0.276	0.238	0.112	0.066	0.153	0.209
Total	0.872	0.619	0.370	0.469	0.805	0.531	0.366	0.774	0.662	0.470	0.304	0.374	0.605
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
convertible notes	0.031	11	0.050	11	0.077	16	0.108	15	0.025	7	0.260	49	0.291	60	0.280	56	4.85%
convertible preferreds	0.013	2	0.001	1	0	0	0	0	0	0	0.001	1	0.015	3	0.001	1	0.02%
equity line	0.010	1	0	0	0.020	2	0	0	0	0	0.020	2	0.030	3	0.030	3	0.37%
notes with stock	0.002	2	0.005	1	0.007	1	0	0	0	0	0.012	2	0.014	4	0.013	3	0.22%
notes with warrants	0.022	2	0.046	5	0.026	4	0	0	0.001	1	0.073	10	0.095	12	0.085	11	1.36%
stock	1.121	156	1.112	92	1.014	86	0.709	73	0.370	35	3.206	286	4.327	442	3.723	390	59.79%
units of stock and warrants	0.661	194	0.592	156	0.659	155	0.331	134	0.209	47	1.790	492	2.451	686	2.219	633	33.38%
Total	1.861	368	1.806	266	1.802	264	1.149	222	0.605	90	5.362	842	7.223	1210	6.351	1097	100.00%
Warrants
	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012
Yes	0.271	0.265	0.186	0.164	0.288	0.19	0.196	0.302	0.252	0.198	0.073	0.151	0.235
No	0.601	0.354	0.184	0.306	0.518	0.342	0.171	0.472	0.409	0.272	0.231	0.223	0.370
Total	0.872	0.619	0.370	0.469	0.805	0.531	0.366	0.774	0.662	0.470	0.304	0.374	0.605
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.722	202	0.641	165	0.750	168	0.422	142	0.235	52	2.048	527	2.770	729	2.499	671	38.19%
No	1.139	166	1.165	101	1.052	96	0.726	80	0.370	38	3.314	315	4.453	481	3.852	426	61.81%
Total	1.861	368	1.806	266	1.802	264	1.149	222	0.605	90	5.362	842	7.223	1210	6.351	1097	100.00%
Use of Proceeds
	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012
Acquisition	0.085	0.002	0	0.007	0	0.012	0.044	0.105	0.197	0.139	0	0	0.001
Capex	0.220	0.303	0.124	0.161	0.343	0.172	0.081	0.109	0.128	0.082	0.050	0.118	0.091
GCP	0.213	0.129	0.122	0.021	0.163	0.210	0.157	0.232	0.087	0.089	0.060	0.090	0.156
Refinance	0.016	0.002	0	0.002	0.032	0	0.022	0.020	0.011	0.014	0	0.004	0.010
Multiple/Other/NA	0.338	0.184	0.124	0.278	0.268	0.138	0.062	0.308	0.239	0.146	0.194	0.162	0.347
Total	0.872	0.619	0.370	0.469	0.805	0.531	0.366	0.774	0.662	0.470	0.304	0.374	0.605
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.087	4	0.019	4	0.347	4	0.139	3	0.001	1	0.505	12	0.592	16	0.507	13	9.42%
Capex	0.647	181	0.675	87	0.318	91	0.250	90	0.091	27	1.334	295	1.981	476	1.760	418	24.88%
GCP	0.464	92	0.393	58	0.476	81	0.240	59	0.156	30	1.265	228	1.729	320	1.515	289	23.59%
Refinance	0.018	4	0.035	2	0.053	5	0.019	3	0.010	1	0.116	11	0.134	15	0.118	12	2.17%
Multiple/Other/NA	0.646	87	0.684	115	0.608	83	0.502	67	0.347	31	2.141	296	2.787	383	2.450	365	39.93%
Total	1.861	368	1.806	266	1.802	264	1.149	222	0.605	90	5.362	842	7.223	1210	6.351	1097	100.00%
Industry Sector (by SIC code)
	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012
Mining (1xxx)	0.553	0.391	0.251	0.266	0.505	0.271	0.201	0.255	0.254	0.191	0.198	0.208	0.349
Oil and gas (13xx)	0.246	0.149	0.075	0.074	0.170	0.094	0.038	0.122	0.072	0.100	0.061	0.112	0.173
Construction (15xx)	0.002	0	0.002	0.002	0.013	0	0	0	0	0	0	0.004	0.002
Manufacturing (2xxx, 3xxx)	0.016	0.025	0.007	0.007	0.077	0.001	0.011	0.035	0.013	0.018	0.009	0.006	0.004
Pharmaceuticals (2834-6)	0.022	0.020	0.010	0.003	0.008	0.013	0.017	0.010	0.019	0	0.002	0.003	0.007
Transportation (4xxx)	0	0	0	0	0.001	0	0	0	0	0	0	0	0
Communications (48xx)	0	0	0	0	0	0	0.008	0	0	0	0.003	0.017	0.001
Electric, gas, sanitary services (49xx)	0	0.006	0.002	0.019	0	0.004	0	0.114	0.008	0.124	0.001	0	0.003
Wholesale (5xxx)	0.013	0	0	0	0	0	0.001	0.006	0.001	0.010	0.001	0.003	0.005
Finance, insurance, real estate (6xxx)	0.003	0.016	0.010	0.046	0.010	0.001	0.037	0.096	0.057	0.008	0.004	0	0.051
Services (7xxx)	0.012	0.001	0.005	0.023	0.011	0.125	0.038	0.112	0.218	0.020	0.010	0.009	0.008
Health services (8xxx)	0.005	0	0.001	0	0	0	0.015	0.011	0.001	0	0.005	0	0
Non-operating (9995)	0	0.011	0.007	0.029	0.010	0.021	0	0.013	0.018	0	0.011	0.013	0.001
Total	0.872	0.619	0.370	0.469	0.805	0.531	0.366	0.774	0.662	0.470	0.304	0.374	0.605
	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	1.195	249	1.043	168	0.710	163	0.597	153	0.349	62	2.699	546	3.893	795	3.341	718	50.34%
Oil and gas (13xx)	0.470	74	0.338	38	0.232	38	0.273	24	0.173	10	1.016	110	1.486	184	1.240	162	18.95%
Construction (15xx)	0.004	3	0.015	2	0	0	0.004	1	0.002	1	0.021	4	0.025	7	0.023	6	0.39%
Manufacturing (2xxx, 3xxx)	0.048	11	0.085	10	0.059	12	0.032	11	0.004	2	0.180	35	0.228	46	0.212	41	3.36%
Pharmaceuticals (2834-6)	0.052	5	0.023	10	0.046	11	0.006	2	0.007	4	0.082	27	0.134	32	0.111	31	1.53%
Transportation (4xxx)	0	0	0.001	1	0	0	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	0.001	1	0.028	5	0.028	5	0.028	5	0.52%
Electric, gas, sanitary services (49xx)	0.008	3	0.024	7	0.122	3	0.125	2	0.003	1	0.273	13	0.281	16	0.281	16	5.09%
Wholesale (5xxx)	0.013	2	0	0	0.009	4	0.014	5	0.005	1	0.027	10	0.040	12	0.027	10	0.50%
Finance, insurance, real estate (6xxx)	0.029	7	0.057	4	0.191	8	0.012	3	0.051	2	0.312	17	0.341	24	0.338	23	5.82%
Services (7xxx)	0.018	6	0.160	14	0.368	14	0.039	10	0.008	5	0.576	43	0.593	49	0.582	46	10.74%
Health services (8xxx)	0.006	2	0	0	0.027	4	0.005	1	0	0	0.032	5	0.038	7	0.033	6	0.60%
Non-operating (9995)	0.018	6	0.060	12	0.031	6	0.024	7	0.001	1	0.115	26	0.133	32	0.133	32	2.14%
Total	1.861	368	1.806	266	1.802	264	1.149	222	0.605	90	5.362	842	7.223	1210	6.351	1097	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).

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.