Analysis of Canadian PIPE issuance for 13 months through December 2012

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

Proceeds

	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012
Less than $1 million	0.008	0.002	0.009	0.002	0.004	0.003	0.008	0.002	0.003	0.009	0.003	0.007	0.008
$1-1.99 million	0.047	0.018	0.051	0.032	0.032	0.035	0.036	0.024	0.030	0.032	0.038	0.043	0.035
$2-2.99 million	0.054	0.027	0.035	0.031	0.017	0.038	0.035	0.024	0.024	0.039	0.030	0.037	0.032
$3-4.99 million	0.059	0.069	0.068	0.036	0.034	0.046	0.053	0.064	0.037	0.058	0.041	0.064	0.037
$5-9.99 million	0.068	0.079	0.069	0.058	0.088	0.137	0.115	0.074	0.020	0.085	0.088	0.064	0.053
$10-14.99 million	0.034	0.066	0.166	0.053	0.010	0.069	0	0.063	0.023	0.045	0.044	0.046	0.010
$15-$49.99 million	0.040	0.209	0.290	0.205	0.182	0.149	0.218	0.095	0.107	0.051	0.178	0.106	0.045
$50 million and higher	0.060	0	0.118	0.114	0	0.296	0.197	0.124	0.057	0.055	0.164	0.487	0.480
Total	0.370	0.469	0.805	0.531	0.366	0.773	0.662	0.470	0.301	0.373	0.585	0.854	0.699
	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	0.015	25	0.014	24	0.017	33	0.059	99	0.067	112	0.059	99	0.86%
$1-1.99 million	0.100	74	0.103	80	0.086	64	0.116	92	0.404	310	0.451	348	0.404	310	5.86%
$2-2.99 million	0.093	39	0.089	39	0.087	38	0.099	42	0.368	158	0.422	182	0.368	158	5.34%
$3-4.99 million	0.172	49	0.132	36	0.158	43	0.142	40	0.605	168	0.664	184	0.605	168	8.78%
$5-9.99 million	0.206	30	0.341	50	0.179	28	0.205	31	0.930	139	0.998	149	0.930	139	13.50%
$10-14.99 million	0.285	25	0.079	7	0.131	12	0.100	9	0.596	53	0.629	56	0.596	53	8.65%
$15-$49.99 million	0.705	29	0.549	24	0.253	10	0.329	13	1.835	76	1.876	78	1.835	76	26.64%
$50 million and higher	0.232	3	0.493	4	0.236	3	1.131	8	2.091	18	2.151	19	2.091	18	30.35%
Total	1.806	266	1.801	265	1.145	222	2.138	268	6.889	1021	7.259	1128	6.889	1021	100.00%
Type
	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012
convertible notes	0.001	0.018	0.024	0.008	0.031	0.020	0.026	0.071	0.016	0.018	0.030	0.033	0.003
convertible preferreds	0	0	0	0.001	0	0	0	0	0	0	0	0	0
equity line	0.010	0	0	0	0	0	0.020	0	0	0	0	0	0
notes with stock	0	0.005	0	0	0.007	0	0	0	0	0	0	0	0
notes with warrants	0	0.046	0	0	0.010	0.015	0.001	0	0	0	0.001	0.007	0.030
stock	0.173	0.283	0.488	0.341	0.174	0.464	0.377	0.288	0.218	0.207	0.361	0.625	0.563
units of stock and warrants	0.186	0.118	0.293	0.182	0.145	0.275	0.238	0.112	0.067	0.149	0.192	0.189	0.103
Total	0.370	0.469	0.805	0.531	0.366	0.773	0.662	0.470	0.301	0.373	0.585	0.854	0.699
	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	0.104	15	0.066	13	0.296	55	0.298	56	0.296	55	4.30%
convertible preferreds	0.001	1	0	0	0	0	0	0	0.001	1	0.001	1	0.001	1	0.01%
equity line	0	0	0.020	2	0	0	0	0	0.020	2	0.030	3	0.020	2	0.29%
notes with stock	0.005	1	0.007	1	0	0	0	0	0.012	2	0.012	2	0.012	2	0.17%
notes with warrants	0.046	5	0.026	4	0	0	0.038	3	0.110	12	0.110	12	0.110	12	1.60%
stock	1.112	92	1.014	86	0.713	74	1.549	98	4.388	350	4.561	393	4.388	350	63.70%
units of stock and warrants	0.592	156	0.657	156	0.327	133	0.485	154	2.061	599	2.247	661	2.061	599	29.92%
Total	1.806	266	1.801	265	1.145	222	2.138	268	6.889	1021	7.259	1128	6.889	1021	100.00%
Warrants
	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012
Yes	0.186	0.164	0.288	0.190	0.196	0.300	0.252	0.198	0.070	0.147	0.220	0.310	0.120
No	0.184	0.306	0.518	0.342	0.171	0.472	0.409	0.272	0.231	0.226	0.364	0.544	0.579
Total	0.370	0.469	0.805	0.531	0.366	0.773	0.662	0.470	0.301	0.373	0.585	0.854	0.699
	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	0.748	169	0.415	141	0.650	161	2.454	636	2.640	698	2.454	636	35.62%
No	1.165	101	1.052	96	0.730	81	1.488	107	4.436	385	4.620	430	4.436	385	64.39%
Total	1.806	266	1.801	265	1.145	222	2.138	268	6.889	1021	7.259	1128	6.889	1021	100.00%
Use of Proceeds
	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012
Acquisition	0	0.007	0	0.012	0.044	0.105	0.197	0.139	0	0	0.001	0.096	0.004
Capex	0.124	0.161	0.343	0.172	0.081	0.108	0.128	0.082	0.050	0.117	0.084	0.142	0.202
GCP	0.122	0.021	0.163	0.210	0.157	0.232	0.087	0.089	0.061	0.090	0.156	0.332	0.446
Refinance	0	0.002	0.032	0	0.022	0.020	0.011	0.014	0	0.004	0.005	0.017	0
Multiple/Other/NA	0.124	0.278	0.268	0.138	0.062	0.308	0.239	0.146	0.191	0.162	0.339	0.268	0.047
Total	0.370	0.469	0.805	0.531	0.366	0.773	0.662	0.470	0.301	0.373	0.585	0.854	0.699
	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	0.101	7	0.605	18	0.605	18	0.605	18	8.78%
Capex	0.675	87	0.317	92	0.248	90	0.428	125	1.668	394	1.792	443	1.668	394	24.21%
GCP	0.393	58	0.476	81	0.240	59	0.935	67	2.044	265	2.166	289	2.044	265	29.67%
Refinance	0.035	2	0.053	5	0.019	3	0.021	4	0.128	14	0.128	14	0.128	14	1.86%
Multiple/Other/NA	0.684	115	0.608	83	0.499	67	0.653	65	2.445	330	2.569	364	2.445	330	35.49%
Total	1.806	266	1.801	265	1.145	222	2.138	268	6.889	1021	7.259	1128	6.889	1021	100.00%
Industry Sector (by SIC code)
	12/2011	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012
Mining (1xxx)	0.251	0.266	0.505	0.271	0.201	0.254	0.254	0.191	0.198	0.207	0.332	0.222	0.240
Oil and gas (13xx)	0.075	0.074	0.170	0.094	0.038	0.122	0.072	0.100	0.061	0.112	0.162	0.327	0.432
Construction (15xx)	0.002	0.002	0.013	0	0	0	0	0	0	0.004	0.002	0	0
Manufacturing (2xxx, 3xxx)	0.007	0.007	0.077	0.001	0.011	0.035	0.013	0.018	0.009	0.006	0.006	0.099	0.004
Pharmaceuticals (2834-6)	0.010	0.003	0.008	0.013	0.017	0.010	0.019	0	0.002	0.003	0.009	0.029	0.008
Transportation (4xxx)	0	0	0.001	0	0	0	0	0	0	0	0	0	0
Communications (48xx)	0	0	0	0	0.008	0	0	0	0.003	0.017	0.002	0	0.003
Electric, gas, sanitary services (49xx)	0.002	0.019	0	0.004	0	0.114	0.008	0.124	0.002	0	0.003	0	0
Wholesale (5xxx)	0	0	0	0	0.001	0.006	0.001	0.010	0.001	0.003	0.005	0.002	0
Finance, insurance, real estate (6xxx)	0.010	0.046	0.010	0.001	0.037	0.096	0.057	0.008	0.004	0	0.051	0.125	0.007
Services (7xxx)	0.005	0.023	0.011	0.125	0.038	0.112	0.218	0.020	0.006	0.009	0.011	0.042	0.004
Health services (8xxx)	0.001	0	0	0	0.015	0.011	0.001	0	0.005	0	0	0	0.001
Non-operating (9995)	0.007	0.029	0.010	0.021	0	0.013	0.018	0	0.011	0.013	0.001	0.009	0.001
Total	0.370	0.469	0.805	0.531	0.366	0.773	0.662	0.470	0.301	0.373	0.585	0.854	0.699
	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	0.709	164	0.596	153	0.794	186	3.141	671	3.392	745	3.141	671	45.59%
Oil and gas (13xx)	0.338	38	0.232	38	0.273	24	0.920	36	1.764	136	1.838	154	1.764	136	25.61%
Construction (15xx)	0.015	2	0	0	0.004	1	0.002	1	0.021	4	0.023	6	0.021	4	0.30%
Manufacturing (2xxx, 3xxx)	0.085	10	0.059	12	0.032	11	0.109	8	0.285	41	0.293	42	0.285	41	4.14%
Pharmaceuticals (2834-6)	0.023	10	0.046	11	0.006	2	0.046	8	0.121	31	0.131	32	0.121	31	1.76%
Transportation (4xxx)	0.001	1	0	0	0	0	0	0	0.001	1	0.001	1	0.001	1	0.01%
Communications (48xx)	0	0	0.008	1	0.019	3	0.005	2	0.032	6	0.032	6	0.032	6	0.46%
Electric, gas, sanitary services (49xx)	0.024	7	0.122	3	0.125	2	0.003	1	0.274	13	0.276	14	0.274	13	3.98%
Wholesale (5xxx)	0	0	0.009	4	0.014	5	0.007	2	0.030	11	0.030	11	0.030	11	0.44%
Finance, insurance, real estate (6xxx)	0.057	4	0.191	8	0.012	3	0.183	8	0.443	23	0.453	27	0.443	23	6.43%
Services (7xxx)	0.160	14	0.368	14	0.035	10	0.057	10	0.620	48	0.625	50	0.620	48	9.00%
Health services (8xxx)	0	0	0.027	4	0.005	1	0.001	1	0.033	6	0.034	7	0.033	6	0.48%
Non-operating (9995)	0.060	12	0.031	6	0.024	7	0.011	5	0.125	30	0.131	33	0.125	30	1.81%
Total	1.806	266	1.801	265	1.145	222	2.138	268	6.889	1021	7.259	1128	6.889	1021	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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