Analysis of Canadian PIPE issuance for 13 months through June 2012

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

Proceeds

	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012
Less than $1 million	0.005	0.010	0.003	0.002	0.009	0.012	0.008	0.002	0.009	0.002	0.004	0.002	0.006
$1-1.99 million	0.052	0.032	0.034	0.023	0.032	0.066	0.047	0.018	0.052	0.032	0.031	0.034	0.022
$2-2.99 million	0.024	0.056	0.022	0.033	0.048	0.047	0.054	0.027	0.035	0.031	0.017	0.040	0.040
$3-4.99 million	0.093	0.063	0.048	0.023	0.053	0.053	0.059	0.069	0.068	0.036	0.031	0.053	0.049
$5-9.99 million	0.106	0.107	0.054	0.061	0.112	0.129	0.068	0.079	0.069	0.058	0.099	0.131	0.118
$10-14.99 million	0.105	0.022	0.034	0.044	0.133	0.104	0.034	0.066	0.166	0.053	0.010	0.069	0.011
$15-$49.99 million	0.171	0.184	0.072	0.210	0.143	0.210	0.040	0.209	0.290	0.205	0.182	0.149	0.223
$50 million and higher	0.250	0.140	0.148	0.200	0.343	0	0.060	0	0.118	0.114	0	0.296	0.197
Total	0.804	0.614	0.414	0.596	0.872	0.622	0.370	0.469	0.807	0.531	0.373	0.774	0.667
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than $1 million	0.014	23	0.029	53	0.013	18	0.011	20	0.024	38	0.073	123	0.068	114	0.66%
$1-1.99 million	0.090	69	0.145	114	0.101	75	0.087	70	0.188	145	0.475	367	0.423	328	5.19%
$2-2.99 million	0.110	46	0.148	65	0.093	39	0.097	43	0.191	82	0.473	203	0.449	193	5.27%
$3-4.99 million	0.134	36	0.166	44	0.172	49	0.133	36	0.305	85	0.697	191	0.605	165	8.42%
$5-9.99 million	0.222	35	0.308	46	0.206	30	0.348	51	0.553	81	1.190	180	1.083	162	15.27%
$10-14.99 million	0.100	9	0.270	24	0.285	25	0.090	8	0.375	33	0.850	76	0.745	66	10.36%
$15-$49.99 million	0.467	19	0.394	17	0.705	29	0.554	24	1.258	53	2.290	97	2.119	89	34.74%
$50 million and higher	0.488	5	0.403	5	0.232	3	0.493	4	0.725	7	1.866	19	1.616	17	20.02%
Total	1.625	242	1.863	368	1.808	268	1.813	256	3.621	524	7.913	1256	7.109	1134	100.00%
Type
	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012
convertible notes	0.055	0.123	0.003	0.018	0.011	0.019	0.001	0.018	0.024	0.008	0.031	0.020	0.024
convertible preferreds	0	0	0	0	0.013	0	0	0	0	0.001	0	0	0
equity line	0.005	0	0	0.020	0	0	0.010	0	0	0	0	0	0.020
notes with stock	0	0	0	0	0.001	0.001	0	0.005	0	0	0.007	0	0
notes with warrants	0.003	0.017	0.050	0.001	0.010	0.012	0	0.046	0	0	0.010	0.015	0.001
stock	0.440	0.298	0.219	0.405	0.604	0.344	0.173	0.283	0.488	0.341	0.174	0.458	0.380
units of stock and warrants	0.301	0.177	0.143	0.152	0.232	0.245	0.186	0.118	0.295	0.182	0.151	0.281	0.241
Total	0.804	0.614	0.414	0.596	0.872	0.622	0.370	0.469	0.807	0.531	0.373	0.774	0.667
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
convertible notes	0.144	16	0.031	11	0.050	11	0.075	16	0.124	27	0.355	61	0.300	54	3.42%
convertible preferreds	0	0	0.013	2	0.001	1	0	0	0.001	1	0.015	3	0.015	3	0.03%
equity line	0.020	1	0.010	1	0	0	0.020	2	0.020	2	0.055	5	0.050	4	0.55%
notes with stock	0	0	0.002	2	0.005	1	0.007	1	0.012	2	0.014	4	0.014	4	0.33%
notes with warrants	0.068	4	0.022	2	0.046	5	0.026	4	0.072	9	0.165	16	0.162	15	1.99%
stock	0.921	69	1.121	156	1.112	92	1.012	83	2.124	175	4.606	432	4.167	400	58.66%
units of stock and warrants	0.471	152	0.664	194	0.594	158	0.674	150	1.268	308	2.704	735	2.402	654	35.02%
Total	1.625	242	1.863	368	1.808	268	1.813	256	3.621	524	7.913	1256	7.109	1134	100.00%
Warrants
	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012
Yes	0.333	0.207	0.183	0.132	0.271	0.268	0.186	0.164	0.289	0.190	0.202	0.307	0.263
No	0.472	0.408	0.231	0.464	0.601	0.354	0.184	0.306	0.518	0.342	0.171	0.467	0.404
Total	0.804	0.614	0.414	0.596	0.872	0.622	0.370	0.469	0.807	0.531	0.373	0.774	0.667
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.522	155	0.724	202	0.642	167	0.772	163	1.414	330	2.993	771	2.660	687	39.05%
No	1.103	87	1.139	166	1.165	101	1.041	93	2.207	194	4.921	485	4.449	447	60.95%
Total	1.625	242	1.863	368	1.808	268	1.813	256	3.621	524	7.913	1256	7.109	1134	100.00%
Use of Proceeds
	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012
Acquisition	0.057	0.039	0	0	0.085	0.002	0	0.007	0	0.012	0.044	0.105	0.204
Capex	0.437	0.327	0.091	0.133	0.220	0.305	0.124	0.161	0.343	0.172	0.087	0.110	0.123
GCP	0.069	0.089	0.072	0.265	0.213	0.129	0.122	0.021	0.163	0.210	0.157	0.226	0.081
Refinance	0.011	0.095	0.051	0	0.016	0.002	0	0.002	0.032	0	0.022	0.020	0.011
Multiple/Other/NA	0.230	0.064	0.200	0.199	0.338	0.184	0.124	0.278	0.269	0.138	0.062	0.313	0.248
Total	0.804	0.614	0.414	0.596	0.872	0.622	0.370	0.469	0.807	0.531	0.373	0.774	0.667
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.039	2	0.087	4	0.019	4	0.354	6	0.372	10	0.554	20	0.498	16	10.27%
Capex	0.551	112	0.649	181	0.675	87	0.320	86	0.995	173	2.633	528	2.196	466	27.48%
GCP	0.426	54	0.464	92	0.393	58	0.464	76	0.857	134	1.816	296	1.747	280	23.67%
Refinance	0.146	4	0.018	4	0.035	2	0.053	5	0.088	7	0.263	16	0.252	15	2.43%
Multiple/Other/NA	0.463	70	0.646	87	0.686	117	0.623	83	1.309	200	2.648	396	2.418	357	36.15%
Total	1.625	242	1.863	368	1.808	268	1.813	256	3.621	524	7.913	1256	7.109	1134	100.00%
Industry Sector (by SIC code)
	6/2011	7/2011	8/2011	9/2011	10/2011	11/2011	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012
Agriculture (0xxx)	0.005	0.005	0	0	0	0	0	0	0	0	0	0	0
Mining (1xxx)	0.458	0.391	0.284	0.238	0.553	0.394	0.251	0.266	0.507	0.271	0.206	0.260	0.266
Oil and gas (13xx)	0.273	0.020	0.043	0.021	0.246	0.149	0.075	0.074	0.170	0.094	0.040	0.122	0.069
Construction (15xx)	0	0	0	0	0.002	0	0.002	0.002	0.013	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.007	0.055	0.005	0.035	0.016	0.025	0.007	0.007	0.077	0.001	0.011	0.035	0.012
Pharmaceuticals (2834-6)	0.020	0.002	0.003	0.025	0.022	0.020	0.010	0.003	0.008	0.013	0.017	0.010	0.019
Transportation (4xxx)	0	0.070	0.001	0	0	0	0	0	0.001	0	0	0	0
Communications (48xx)	0	0.005	0.002	0.005	0	0	0	0	0	0	0.008	0	0
Electric, gas, sanitary services (49xx)	0.004	0.012	0	0	0	0.006	0.002	0.019	0	0.004	0	0.114	0.008
Wholesale (5xxx)	0	0.002	0.001	0.002	0.013	0	0	0	0	0	0.001	0.006	0
Finance, insurance, real estate (6xxx)	0	0.030	0.020	0.240	0.003	0.016	0.010	0.046	0.010	0.001	0.037	0.097	0.058
Services (7xxx)	0.024	0.009	0.010	0.022	0.012	0.001	0.005	0.023	0.011	0.125	0.038	0.112	0.215
Health services (8xxx)	0.003	0	0	0	0.005	0	0.001	0	0	0	0.015	0.011	0.001
Non-operating (9995)	0.010	0.013	0.046	0.009	0	0.011	0.007	0.029	0.010	0.021	0	0.006	0.018
Total	0.804	0.614	0.414	0.596	0.872	0.622	0.370	0.469	0.807	0.531	0.373	0.774	0.667
	Q3/2011	Count	Q4/2011	Count	Q1/2012	Count	Q2/2012	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.005	1	0	0	0	0	0	0	0	0	0.010	2	0.005	1	0.00%
Mining (1xxx)	0.912	160	1.197	249	1.044	170	0.732	160	1.776	330	4.343	831	3.886	739	49.05%
Oil and gas (13xx)	0.084	28	0.470	74	0.338	38	0.231	36	0.569	74	1.397	187	1.124	176	15.71%
Construction (15xx)	0	0	0.004	3	0.015	2	0	0	0.015	2	0.019	5	0.019	5	0.41%
Manufacturing (2xxx, 3xxx)	0.095	12	0.048	11	0.085	10	0.059	11	0.143	21	0.292	47	0.286	44	3.95%
Pharmaceuticals (2834-6)	0.029	3	0.052	5	0.023	10	0.046	11	0.069	21	0.171	33	0.151	29	1.91%
Transportation (4xxx)	0.071	2	0	0	0.001	1	0	0	0.001	1	0.072	3	0.072	3	0.03%
Communications (48xx)	0.012	4	0	0	0	0	0.008	1	0.008	1	0.020	5	0.020	5	0.22%
Electric, gas, sanitary services (49xx)	0.012	4	0.008	3	0.024	7	0.122	3	0.145	10	0.169	18	0.165	17	4.00%
Wholesale (5xxx)	0.004	3	0.013	2	0	0	0.007	3	0.007	3	0.025	8	0.025	8	0.19%
Finance, insurance, real estate (6xxx)	0.290	7	0.029	7	0.057	4	0.193	10	0.250	14	0.570	28	0.570	28	6.90%
Services (7xxx)	0.041	10	0.018	6	0.160	14	0.365	12	0.525	26	0.608	47	0.584	42	14.50%
Health services (8xxx)	0	0	0.006	2	0	0	0.027	4	0.027	4	0.036	7	0.033	6	0.75%
Non-operating (9995)	0.068	8	0.018	6	0.060	12	0.024	5	0.084	17	0.180	35	0.170	31	2.32%
Total	1.625	242	1.863	368	1.808	268	1.813	256	3.621	524	7.913	1256	7.109	1134	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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