Analysis of Canadian PIPE issuance for 13 months through November 2012

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

Proceeds

	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012
Less than $1 million	0.012	0.008	0.002	0.009	0.002	0.004	0.002	0.008	0.002	0.003	0.009	0.003	0.006
$1-1.99 million	0.067	0.047	0.018	0.051	0.032	0.032	0.035	0.036	0.024	0.029	0.030	0.036	0.037
$2-2.99 million	0.047	0.054	0.027	0.035	0.031	0.017	0.038	0.035	0.024	0.024	0.039	0.031	0.020
$3-4.99 million	0.050	0.059	0.069	0.068	0.036	0.034	0.049	0.053	0.064	0.033	0.061	0.043	0.064
$5-9.99 million	0.129	0.068	0.079	0.069	0.058	0.088	0.137	0.115	0.074	0.028	0.085	0.076	0.075
$10-14.99 million	0.104	0.034	0.066	0.166	0.053	0.010	0.069	0	0.063	0.023	0.045	0.056	0.046
$15-$49.99 million	0.210	0.040	0.209	0.290	0.205	0.182	0.149	0.218	0.095	0.107	0.051	0.178	0.101
$50 million and higher	0	0.060	0	0.118	0.114	0	0.296	0.197	0.124	0.057	0.055	0.164	0.487
Total	0.619	0.370	0.469	0.805	0.531	0.366	0.774	0.662	0.470	0.304	0.375	0.588	0.837
	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	0.013	17	0.013	23	0.014	24	0.009	17	0.049	81	0.070	119	0.058	94	0.79%
$1-1.99 million	0.100	74	0.103	80	0.083	63	0.074	58	0.360	275	0.474	366	0.407	313	5.82%
$2-2.99 million	0.093	39	0.089	39	0.087	38	0.052	22	0.322	138	0.422	182	0.375	162	5.21%
$3-4.99 million	0.172	49	0.135	37	0.158	43	0.107	31	0.573	160	0.682	189	0.632	176	9.27%
$5-9.99 million	0.206	30	0.341	50	0.187	29	0.151	23	0.884	132	1.080	161	0.951	142	14.30%
$10-14.99 million	0.285	25	0.079	7	0.131	12	0.103	9	0.598	53	0.735	65	0.631	56	9.67%
$15-$49.99 million	0.705	29	0.549	24	0.253	10	0.278	11	1.785	74	2.036	85	1.826	76	28.87%
$50 million and higher	0.232	3	0.493	4	0.236	3	0.651	6	1.611	16	1.671	17	1.671	17	26.06%
Total	1.806	266	1.802	264	1.149	222	1.425	177	6.182	929	7.171	1184	6.552	1036	100.00%
Type
	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012
convertible notes	0.019	0.001	0.018	0.024	0.008	0.031	0.020	0.026	0.071	0.020	0.018	0.027	0.028
convertible preferreds	0	0	0	0	0.001	0	0	0	0	0	0	0	0
equity line	0	0.010	0	0	0	0	0	0.020	0	0	0	0	0
notes with stock	0.001	0	0.005	0	0	0.007	0	0	0	0	0	0	0
notes with warrants	0.012	0	0.046	0	0	0.010	0.015	0.001	0	0	0	0.001	0.007
stock	0.344	0.173	0.283	0.488	0.341	0.174	0.464	0.377	0.288	0.218	0.207	0.367	0.619
units of stock and warrants	0.243	0.186	0.118	0.293	0.182	0.145	0.276	0.238	0.112	0.066	0.150	0.192	0.184
Total	0.619	0.370	0.469	0.805	0.531	0.366	0.774	0.662	0.470	0.304	0.375	0.588	0.837
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
convertible notes	0.050	11	0.077	16	0.108	15	0.055	12	0.289	54	0.310	61	0.290	55	4.67%
convertible preferreds	0.001	1	0	0	0	0	0	0	0.001	1	0.001	1	0.001	1	0.02%
equity line	0	0	0.020	2	0	0	0	0	0.020	2	0.030	3	0.030	3	0.32%
notes with stock	0.005	1	0.007	1	0	0	0	0	0.012	2	0.013	3	0.012	2	0.19%
notes with warrants	0.046	5	0.026	4	0	0	0.008	2	0.080	11	0.092	12	0.080	11	1.29%
stock	1.112	92	1.014	86	0.713	74	0.986	65	3.825	317	4.342	421	3.998	360	61.87%
units of stock and warrants	0.592	156	0.659	155	0.328	133	0.376	98	1.955	542	2.384	683	2.141	604	31.62%
Total	1.806	266	1.802	264	1.149	222	1.425	177	6.182	929	7.171	1184	6.552	1036	100.00%
Warrants
	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012
Yes	0.265	0.186	0.164	0.288	0.190	0.196	0.302	0.252	0.198	0.073	0.148	0.220	0.303
No	0.354	0.184	0.306	0.518	0.342	0.171	0.472	0.409	0.272	0.231	0.226	0.367	0.534
Total	0.619	0.370	0.469	0.805	0.531	0.366	0.774	0.662	0.470	0.304	0.375	0.588	0.837
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.641	165	0.750	168	0.419	141	0.523	105	2.333	579	2.784	723	2.519	641	37.74%
No	1.165	101	1.052	96	0.730	81	0.902	72	3.849	350	4.387	461	4.033	395	62.26%
Total	1.806	266	1.802	264	1.149	222	1.425	177	6.182	929	7.171	1184	6.552	1036	100.00%
Use of Proceeds
	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012
Acquisition	0.002	0	0.007	0	0.012	0.044	0.105	0.197	0.139	0	0	0.001	0.096
Capex	0.303	0.124	0.161	0.343	0.172	0.081	0.109	0.128	0.082	0.050	0.118	0.083	0.134
GCP	0.129	0.122	0.021	0.163	0.210	0.157	0.232	0.087	0.089	0.061	0.090	0.153	0.323
Refinance	0.002	0	0.002	0.032	0	0.022	0.020	0.011	0.014	0	0.004	0.005	0.016
Multiple/Other/NA	0.184	0.124	0.278	0.268	0.138	0.062	0.308	0.239	0.146	0.194	0.162	0.345	0.269
Total	0.619	0.370	0.469	0.805	0.531	0.366	0.774	0.662	0.470	0.304	0.375	0.588	0.837
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.019	4	0.347	4	0.139	3	0.097	5	0.601	16	0.602	17	0.601	16	9.72%
Capex	0.675	87	0.318	91	0.249	90	0.217	66	1.459	334	1.886	457	1.583	383	23.60%
GCP	0.393	58	0.476	81	0.240	59	0.477	50	1.586	248	1.836	309	1.708	272	25.66%
Refinance	0.035	2	0.053	5	0.019	3	0.022	4	0.128	14	0.130	15	0.128	14	2.07%
Multiple/Other/NA	0.684	115	0.608	83	0.502	67	0.614	52	2.408	317	2.717	386	2.533	351	38.95%
Total	1.806	266	1.802	264	1.149	222	1.425	177	6.182	929	7.171	1184	6.552	1036	100.00%
Industry Sector (by SIC code)
	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012
Mining (1xxx)	0.391	0.251	0.266	0.505	0.271	0.201	0.255	0.254	0.191	0.198	0.208	0.337	0.207
Oil and gas (13xx)	0.149	0.075	0.074	0.170	0.094	0.038	0.122	0.072	0.100	0.061	0.112	0.162	0.322
Construction (15xx)	0	0.002	0.002	0.013	0	0	0	0	0	0	0.004	0.002	0
Manufacturing (2xxx, 3xxx)	0.025	0.007	0.007	0.077	0.001	0.011	0.035	0.013	0.018	0.009	0.006	0.006	0.098
Pharmaceuticals (2834-6)	0.020	0.010	0.003	0.008	0.013	0.017	0.010	0.019	0	0.002	0.003	0.009	0.029
Transportation (4xxx)	0	0	0	0.001	0	0	0	0	0	0	0	0	0
Communications (48xx)	0	0	0	0	0	0.008	0	0	0	0.003	0.017	0.002	0
Electric, gas, sanitary services (49xx)	0.006	0.002	0.019	0	0.004	0	0.114	0.008	0.124	0.001	0	0.003	0
Wholesale (5xxx)	0	0	0	0	0	0.001	0.006	0.001	0.010	0.001	0.003	0.005	0.002
Finance, insurance, real estate (6xxx)	0.016	0.010	0.046	0.010	0.001	0.037	0.096	0.057	0.008	0.004	0	0.051	0.125
Services (7xxx)	0.001	0.005	0.023	0.011	0.125	0.038	0.112	0.218	0.020	0.010	0.009	0.008	0.046
Health services (8xxx)	0	0.001	0	0	0	0.015	0.011	0.001	0	0.005	0	0	0
Non-operating (9995)	0.011	0.007	0.029	0.010	0.021	0	0.013	0.018	0	0.011	0.013	0.001	0.009
Total	0.619	0.370	0.469	0.805	0.531	0.366	0.774	0.662	0.470	0.304	0.375	0.588	0.837
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	1.043	168	0.710	163	0.597	153	0.544	117	2.894	601	3.536	773	3.145	675	46.81%
Oil and gas (13xx)	0.338	38	0.232	38	0.273	24	0.485	24	1.328	124	1.552	176	1.403	142	21.48%
Construction (15xx)	0.015	2	0	0	0.004	1	0.002	1	0.021	4	0.023	6	0.023	6	0.34%
Manufacturing (2xxx, 3xxx)	0.085	10	0.059	12	0.032	11	0.105	6	0.281	39	0.313	45	0.288	40	4.55%
Pharmaceuticals (2834-6)	0.023	10	0.046	11	0.006	2	0.037	7	0.112	30	0.142	34	0.122	31	1.81%
Transportation (4xxx)	0.001	1	0	0	0	0	0	0	0.001	1	0.001	1	0.001	1	0.02%
Communications (48xx)	0	0	0.008	1	0.019	3	0.002	1	0.029	5	0.029	5	0.029	5	0.47%
Electric, gas, sanitary services (49xx)	0.024	7	0.122	3	0.125	2	0.003	1	0.273	13	0.281	16	0.275	14	4.42%
Wholesale (5xxx)	0	0	0.009	4	0.014	5	0.007	2	0.030	11	0.030	11	0.030	11	0.49%
Finance, insurance, real estate (6xxx)	0.057	4	0.191	8	0.012	3	0.176	5	0.436	20	0.463	26	0.447	24	7.05%
Services (7xxx)	0.160	14	0.368	14	0.039	10	0.054	9	0.622	47	0.628	50	0.627	49	10.06%
Health services (8xxx)	0	0	0.027	4	0.005	1	0	0	0.032	5	0.033	6	0.033	6	0.52%
Non-operating (9995)	0.060	12	0.031	6	0.024	7	0.010	4	0.124	29	0.142	35	0.130	32	2.01%
Total	1.806	266	1.802	264	1.149	222	1.425	177	6.182	929	7.171	1184	6.552	1036	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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