Analysis of Canadian PIPE issuance for 13 months through November 2013

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

Proceeds

	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013
Less than $1 million	0.006	0.008	0.005	0.002	0.003	0.002	0.001	0.001	0.003	0.002	0.001	0.003	0.004
$1-1.99 million	0.045	0.041	0.025	0.024	0.020	0.025	0.024	0.020	0.019	0.026	0.022	0.014	0.025
$2-2.99 million	0.035	0.039	0.015	0.020	0.020	0.022	0.021	0.011	0.016	0.020	0.018	0.019	0.013
$3-4.99 million	0.064	0.037	0.030	0.028	0.012	0.030	0.013	0.025	0.021	0.031	0.014	0.038	0.030
$5-9.99 million	0.069	0.051	0.030	0.052	0.073	0.099	0.059	0.071	0.086	0.033	0.030	0.024	0.054
$10-14.99 million	0.046	0	0.022	0.037	0.047	0.026	0.026	0.033	0.061	0.022	0.022	0.064	0
$15-$49.99 million	0.106	0.086	0.109	0.124	0.212	0.203	0.120	0.110	0	0.079	0.097	0.049	0.111
$50 million and higher	0.487	0.400	0	0	0.719	0.052	0.301	0.100	0.500	0	0.181	0.466	0
Total	0.859	0.662	0.235	0.287	1.107	0.458	0.564	0.370	0.707	0.212	0.385	0.677	0.238
	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	0.010	12	0.003	5	0.007	14	0.006	11	0.026	42	0.040	67	0.034	56	0.50%
$1-1.99 million	0.070	52	0.069	55	0.067	52	0.039	31	0.246	190	0.331	256	0.286	222	4.69%
$2-2.99 million	0.056	25	0.054	23	0.053	23	0.032	14	0.195	85	0.269	117	0.234	102	3.72%
$3-4.99 million	0.070	20	0.068	19	0.065	19	0.068	18	0.271	76	0.373	105	0.308	87	5.17%
$5-9.99 million	0.155	24	0.229	36	0.149	23	0.078	12	0.611	95	0.731	114	0.662	103	11.66%
$10-14.99 million	0.106	9	0.085	7	0.105	10	0.064	5	0.360	31	0.406	35	0.360	31	6.87%
$15-$49.99 million	0.445	17	0.433	16	0.176	9	0.161	7	1.214	49	1.406	56	1.300	52	23.17%
$50 million and higher	0.719	3	0.452	3	0.681	3	0.466	1	2.318	10	3.205	15	2.718	11	44.24%
Total	1.629	162	1.392	164	1.304	153	0.915	99	5.240	578	6.761	765	5.902	664	100.00%
Type
	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013
convertible notes	0.033	0.003	0.019	0.015	0.037	0.068	0.027	0.136	0.036	0.024	0	0.016	0.016
notes with stock	0	0	0	0	0.010	0	0	0	0	0	0	0	0
notes with warrants	0.007	0.030	0	0	0	0	0	0	0.008	0	0.030	0	0
stock	0.624	0.528	0.136	0.111	0.981	0.289	0.459	0.161	0.588	0.107	0.281	0.576	0.161
units of stock and warrants	0.196	0.101	0.080	0.160	0.079	0.101	0.079	0.074	0.075	0.081	0.073	0.085	0.061
Total	0.859	0.662	0.235	0.287	1.107	0.458	0.564	0.370	0.707	0.212	0.385	0.677	0.238
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
convertible notes	0.072	13	0.231	13	0.060	9	0.032	10	0.395	45	0.431	51	0.398	46	7.54%
notes with stock	0.010	1	0	0	0	0	0	0	0.010	1	0.010	1	0.010	1	0.19%
notes with warrants	0	0	0	0	0.038	2	0	0	0.038	2	0.075	4	0.068	3	0.73%
stock	1.229	58	0.908	68	0.976	58	0.737	40	3.849	224	5.001	290	4.377	256	73.45%
units of stock and warrants	0.319	90	0.254	83	0.230	84	0.146	49	0.948	306	1.245	419	1.049	358	18.09%
Total	1.629	162	1.392	164	1.304	153	0.915	99	5.240	578	6.761	765	5.902	664	100.00%
Warrants
	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013
Yes	0.316	0.124	0.079	0.18	0.080	0.105	0.080	0.11	0.089	0.107	0.114	0.101	0.062
No	0.543	0.538	0.156	0.107	1.027	0.353	0.484	0.261	0.618	0.105	0.270	0.576	0.176
Total	0.859	0.662	0.235	0.287	1.107	0.458	0.564	0.37	0.707	0.212	0.385	0.677	0.238
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.339	93	0.294	88	0.310	93	0.163	52	1.106	326	1.546	442	1.230	377	21.11%
No	1.291	69	1.098	76	0.994	60	0.752	47	4.134	252	5.215	323	4.672	287	78.89%
Total	1.629	162	1.392	164	1.304	153	0.915	99	5.240	578	6.761	765	5.902	664	100.00%
Use of Proceeds
	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013
Acquisition	0.096	0.004	0.002	0.01	0.090	0.015	0.347	0	0.516	0.003	0.016	0.03	0.011
Capex	0.142	0.164	0.046	0.117	0.067	0.274	0.140	0.086	0.071	0.087	0.130	0.517	0.106
GCP	0.331	0.449	0.097	0.077	0.145	0.086	0.023	0.092	0.048	0.065	0.158	0.055	0.063
Refinance	0.017	0	0	0	0	0	0	0.105	0	0.005	0.002	0	0
Multiple/Other/NA	0.275	0.045	0.089	0.083	0.805	0.082	0.054	0.088	0.072	0.053	0.078	0.075	0.057
Total	0.859	0.662	0.235	0.287	1.107	0.458	0.564	0.37	0.707	0.212	0.385	0.677	0.238
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.102	9	0.362	5	0.535	6	0.041	5	1.039	25	1.139	31	1.044	27	19.83%
Capex	0.230	52	0.500	89	0.289	63	0.623	38	1.642	242	1.948	342	1.806	294	31.34%
GCP	0.320	55	0.201	31	0.270	40	0.119	30	0.911	156	1.690	199	1.360	178	17.39%
Refinance	0	0	0.105	2	0.007	3	0	0	0.112	5	0.128	8	0.112	5	2.14%
Multiple/Other/NA	0.977	46	0.224	37	0.202	41	0.132	26	1.536	150	1.856	185	1.581	160	29.31%
Total	1.629	162	1.392	164	1.304	153	0.915	99	5.240	578	6.761	765	5.902	664	100.00%
Industry Sector (by SIC code)
	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013
Mining (1xxx)	0.220	0.208	0.157	0.189	0.125	0.246	0.140	0.142	0.120	0.142	0.165	0.126	0.154
Oil and gas (13xx)	0.327	0.42	0.020	0.066	0.245	0.047	0.055	0.13	0.019	0.037	0.110	0.498	0.021
Construction (15xx)	0	0	0	0.001	0	0.004	0	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.098	0.005	0.002	0.019	0.027	0.052	0.008	0.008	0.006	0.011	0.049	0.007	0.031
Pharmaceuticals (2834-6)	0.029	0.008	0.002	0.002	0.006	0.01	0.004	0.02	0	0.003	0.018	0.021	0.001
Communications (48xx)	0	0.003	0	0	0.009	0	0	0.004	0.011	0	0	0.013	0
Electric, gas, sanitary services (49xx)	0.002	0	0.011	0.005	0.003	0	0.002	0.001	0.002	0	0.002	0.003	0.002
Wholesale (5xxx)	0.002	0	0.003	0	0.030	0	0	0	0.503	0.004	0.001	0	0.004
Finance, insurance, real estate (6xxx)	0.125	0.01	0.002	0.002	0.649	0.009	0.354	0.001	0	0	0.030	0	0.006
Services (7xxx)	0.042	0.006	0.037	0.003	0.010	0.068	0.002	0.05	0.037	0.004	0.001	0.005	0.010
Health services (8xxx)	0	0.001	0.001	0	0.001	0.011	0	0.003	0.003	0.003	0.005	0.005	0.005
Non-operating (9995)	0.014	0.001	0	0.002	0.002	0.011	0	0.013	0.006	0.01	0.002	0	0.004
Total	0.859	0.662	0.235	0.287	1.107	0.458	0.564	0.37	0.707	0.212	0.385	0.677	0.238
	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	0.471	97	0.527	101	0.427	89	0.280	54	1.705	341	2.133	469	1.913	404	32.54%
Oil and gas (13xx)	0.331	23	0.232	22	0.166	19	0.519	17	1.249	81	1.995	108	1.669	92	23.84%
Construction (15xx)	0.001	1	0.004	1	0	0	0	0	0.005	2	0.005	2	0.005	2	0.10%
Manufacturing (2xxx, 3xxx)	0.048	12	0.067	9	0.065	9	0.038	5	0.218	35	0.322	42	0.223	38	4.16%
Pharmaceuticals (2834-6)	0.009	3	0.033	7	0.021	6	0.022	4	0.085	20	0.123	24	0.093	21	1.62%
Communications (48xx)	0.009	1	0.004	1	0.011	1	0.013	1	0.036	4	0.038	5	0.038	5	0.69%
Electric, gas, sanitary services (49xx)	0.019	3	0.003	2	0.004	2	0.004	3	0.029	10	0.032	11	0.029	10	0.55%
Wholesale (5xxx)	0.033	3	0	0	0.508	5	0.004	1	0.545	9	0.547	10	0.545	9	10.40%
Finance, insurance, real estate (6xxx)	0.653	6	0.365	6	0.030	2	0.006	3	1.054	17	1.188	23	1.064	20	20.11%
Services (7xxx)	0.050	9	0.119	7	0.043	9	0.015	7	0.227	32	0.275	38	0.233	34	4.33%
Health services (8xxx)	0.002	2	0.014	3	0.011	5	0.010	2	0.037	12	0.038	13	0.038	13	0.71%
Non-operating (9995)	0.004	2	0.024	5	0.018	6	0.004	2	0.050	15	0.066	20	0.052	16	0.95%
Total	1.629	162	1.392	164	1.304	153	0.915	99	5.240	578	6.761	765	5.902	664	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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