Analysis of Canadian PIPE issuance for 13 months through October 2013

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

Proceeds

	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013
Less than $1 million	0.003	0.006	0.008	0.005	0.002	0.003	0.002	0.001	0.001	0.003	0.002	0.001	0.003
$1-1.99 million	0.039	0.045	0.041	0.025	0.024	0.020	0.025	0.024	0.020	0.018	0.026	0.020	0.013
$2-2.99 million	0.028	0.035	0.039	0.015	0.020	0.020	0.022	0.021	0.011	0.019	0.020	0.017	0.017
$3-4.99 million	0.045	0.064	0.037	0.030	0.028	0.012	0.030	0.013	0.025	0.021	0.031	0.014	0.033
$5-9.99 million	0.082	0.069	0.051	0.030	0.052	0.073	0.099	0.059	0.071	0.086	0.033	0.036	0.029
$10-14.99 million	0.044	0.046	0	0.022	0.037	0.047	0.026	0.026	0.033	0.061	0.022	0.022	0.064
$15-$49.99 million	0.178	0.106	0.086	0.109	0.124	0.212	0.203	0.120	0.110	0	0.079	0.097	0.049
$50 million and higher	0.164	0.487	0.400	0	0	0.719	0.052	0.301	0.100	0.500	0	0.181	0.466
Total	0.582	0.859	0.662	0.235	0.287	1.107	0.458	0.564	0.370	0.707	0.212	0.389	0.673
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than $1 million	0.017	33	0.010	12	0.003	5	0.006	13	0.003	5	0.021	35	0.038	68	0.036	60	0.42%
$1-1.99 million	0.124	97	0.070	52	0.069	55	0.064	50	0.013	11	0.215	168	0.340	265	0.301	234	4.30%
$2-2.99 million	0.102	43	0.056	25	0.054	23	0.056	24	0.017	7	0.182	79	0.283	122	0.256	111	3.64%
$3-4.99 million	0.147	41	0.070	20	0.068	19	0.065	19	0.033	9	0.236	67	0.383	108	0.337	96	4.72%
$5-9.99 million	0.203	31	0.155	24	0.229	36	0.156	24	0.029	5	0.568	89	0.771	120	0.689	108	11.35%
$10-14.99 million	0.090	8	0.106	9	0.085	7	0.105	10	0.064	5	0.360	31	0.450	39	0.406	35	7.20%
$15-$49.99 million	0.370	14	0.445	17	0.433	16	0.176	9	0.049	2	1.102	44	1.472	58	1.295	51	22.03%
$50 million and higher	1.051	7	0.719	3	0.452	3	0.681	3	0.466	1	2.318	10	3.369	17	3.205	15	46.33%
Total	2.103	274	1.629	162	1.392	164	1.308	152	0.673	45	5.003	523	7.106	797	6.524	710	100.00%
Type
	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013
convertible notes	0.030	0.033	0.003	0.019	0.015	0.037	0.068	0.027	0.136	0.036	0.024	0	0.016
notes with stock	0	0	0	0	0	0.010	0	0	0	0	0	0	0
notes with warrants	0.001	0.007	0.030	0	0	0	0	0	0	0.008	0	0.030	0
stock	0.359	0.624	0.528	0.136	0.111	0.981	0.289	0.459	0.161	0.588	0.107	0.283	0.572
units of stock and warrants	0.191	0.196	0.101	0.080	0.160	0.079	0.101	0.079	0.074	0.075	0.081	0.076	0.085
Total	0.582	0.859	0.662	0.235	0.287	1.107	0.458	0.564	0.370	0.707	0.212	0.389	0.673
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
convertible notes	0.066	13	0.072	13	0.231	13	0.060	9	0.016	4	0.379	39	0.445	52	0.414	45	7.58%
notes with stock	0	0	0.010	1	0	0	0	0	0	0	0.010	1	0.010	1	0.010	1	0.20%
notes with warrants	0.038	3	0	0	0	0	0.038	2	0	0	0.038	2	0.076	5	0.075	4	0.76%
stock	1.511	100	1.229	58	0.908	68	0.977	58	0.572	19	3.687	203	5.197	303	4.838	269	73.70%
units of stock and warrants	0.488	158	0.319	90	0.254	83	0.233	83	0.085	22	0.890	278	1.378	436	1.187	391	17.79%
Total	2.103	274	1.629	162	1.392	164	1.308	152	0.673	45	5.003	523	7.106	797	6.524	710	100.00%
Warrants
	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013
Yes	0.220	0.316	0.124	0.079	0.180	0.08	0.105	0.08	0.110	0.089	0.107	0.117	0.100
No	0.362	0.543	0.538	0.156	0.107	1.027	0.353	0.484	0.261	0.618	0.105	0.272	0.573
Total	0.582	0.859	0.662	0.235	0.287	1.107	0.458	0.564	0.370	0.707	0.212	0.389	0.673
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.660	165	0.339	93	0.294	88	0.313	92	0.100	24	1.046	297	1.706	462	1.487	413	20.91%
No	1.443	109	1.291	69	1.098	76	0.995	60	0.573	21	3.957	226	5.400	335	5.038	297	79.09%
Total	2.103	274	1.629	162	1.392	164	1.308	152	0.673	45	5.003	523	7.106	797	6.524	710	100.00%
Use of Proceeds
	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013
Acquisition	0.001	0.096	0.004	0.002	0.010	0.09	0.015	0.347	0	0.516	0.003	0.016	0.030
Capex	0.083	0.142	0.164	0.046	0.117	0.067	0.274	0.14	0.086	0.072	0.087	0.133	0.517
GCP	0.156	0.331	0.449	0.097	0.077	0.145	0.086	0.023	0.092	0.048	0.065	0.158	0.053
Refinance	0.005	0.017	0	0	0	0	0	0	0.105	0	0.005	0.002	0
Multiple/Other/NA	0.337	0.275	0.045	0.089	0.083	0.805	0.082	0.054	0.088	0.072	0.053	0.08	0.074
Total	0.582	0.859	0.662	0.235	0.287	1.107	0.458	0.564	0.370	0.707	0.212	0.389	0.673
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.101	7	0.102	9	0.362	5	0.535	6	0.030	1	1.029	21	1.130	28	1.128	27	20.57%
Capex	0.389	126	0.230	52	0.500	89	0.292	62	0.517	18	1.539	221	1.928	347	1.844	321	30.76%
GCP	0.935	71	0.320	55	0.201	31	0.270	40	0.053	14	0.845	140	1.780	211	1.624	183	16.89%
Refinance	0.021	4	0	0	0.105	2	0.007	3	0	0	0.112	5	0.133	9	0.128	8	2.24%
Multiple/Other/NA	0.656	66	0.977	46	0.224	37	0.204	41	0.074	12	1.479	136	2.135	202	1.799	171	29.56%
Total	2.103	274	1.629	162	1.392	164	1.308	152	0.673	45	5.003	523	7.106	797	6.524	710	100.00%
Industry Sector (by SIC code)
	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013
Mining (1xxx)	0.330	0.22	0.208	0.157	0.189	0.125	0.246	0.14	0.142	0.12	0.142	0.169	0.125
Oil and gas (13xx)	0.162	0.327	0.420	0.02	0.066	0.245	0.047	0.055	0.130	0.019	0.037	0.11	0.497
Construction (15xx)	0.002	0	0	0	0.001	0	0.004	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.006	0.098	0.005	0.002	0.019	0.027	0.052	0.008	0.008	0.006	0.011	0.049	0.006
Pharmaceuticals (2834-6)	0.009	0.029	0.008	0.002	0.002	0.006	0.010	0.004	0.020	0	0.003	0.018	0.020
Communications (48xx)	0.002	0	0.003	0	0	0.009	0	0	0.004	0.011	0	0	0.013
Electric, gas, sanitary services (49xx)	0.003	0.002	0	0.011	0.005	0.003	0	0.002	0.001	0.002	0	0.002	0.003
Wholesale (5xxx)	0.005	0.002	0	0.003	0	0.03	0	0	0	0.503	0.004	0.001	0
Finance, insurance, real estate (6xxx)	0.051	0.125	0.010	0.002	0.002	0.649	0.009	0.354	0.001	0	0	0.03	0
Services (7xxx)	0.011	0.042	0.006	0.037	0.003	0.01	0.068	0.002	0.050	0.037	0.004	0.001	0.005
Health services (8xxx)	0	0	0.001	0.001	0	0.001	0.011	0	0.003	0.003	0.003	0.005	0.005
Non-operating (9995)	0.001	0.014	0.001	0	0.002	0.002	0.011	0	0.013	0.006	0.010	0.002	0
Total	0.582	0.859	0.662	0.235	0.287	1.107	0.458	0.564	0.370	0.707	0.212	0.389	0.673
	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	0.758	188	0.471	97	0.527	101	0.432	88	0.125	22	1.555	308	2.312	496	1.983	436	31.08%
Oil and gas (13xx)	0.908	36	0.331	23	0.232	22	0.166	19	0.497	12	1.227	76	2.135	112	1.973	103	24.53%
Construction (15xx)	0.002	1	0.001	1	0.004	1	0	0	0	0	0.005	2	0.007	3	0.005	2	0.10%
Manufacturing (2xxx, 3xxx)	0.110	9	0.048	12	0.067	9	0.065	9	0.006	2	0.186	32	0.296	41	0.290	39	3.72%
Pharmaceuticals (2834-6)	0.046	8	0.009	3	0.033	7	0.021	6	0.020	3	0.083	19	0.129	27	0.121	23	1.66%
Communications (48xx)	0.005	2	0.009	1	0.004	1	0.011	1	0.013	1	0.036	4	0.040	6	0.038	5	0.72%
Electric, gas, sanitary services (49xx)	0.005	2	0.019	3	0.003	2	0.004	2	0.003	2	0.028	9	0.033	11	0.030	10	0.56%
Wholesale (5xxx)	0.007	2	0.033	3	0	0	0.508	5	0	0	0.541	8	0.548	10	0.543	9	10.81%
Finance, insurance, real estate (6xxx)	0.186	8	0.653	6	0.365	6	0.030	2	0	0	1.047	14	1.233	22	1.182	20	20.93%
Services (7xxx)	0.059	11	0.050	9	0.119	7	0.043	9	0.005	2	0.217	27	0.276	38	0.265	33	4.34%
Health services (8xxx)	0.001	1	0.002	2	0.014	3	0.011	5	0.005	1	0.032	11	0.033	12	0.033	12	0.64%
Non-operating (9995)	0.016	6	0.004	2	0.024	5	0.018	6	0	0	0.046	13	0.062	19	0.061	18	0.92%
Total	2.103	274	1.629	162	1.392	164	1.308	152	0.673	45	5.003	523	7.106	797	6.524	710	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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