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Published on 3/3/2005 in the Prospect News PIPE Daily.

Analysis of Canadian PIPE issuance for year through February

Total: C$1.497 billion in 215 deals

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

Size

Less than $1 million0.008190.61%
$1-1.99 million0.090706.16%
$2-2.99 million0.070314.69%
$3-4.99 million0.115297.47%
$5-9.99 million0.2103014.05%
$10-14.99 million0.113107.56%
$15-$49.99 million0.5542136.97%
$50 million and higher0.336522.43%
Total1.497215
Type
convertible notes0.124158.29%
convertible preferreds0.00620.37%
notes with warrants0.00310.20%
stock0.7777251.90%
units of stock and warrants0.58812539.23%
Total1.497215
Warrants
Yes0.60313240.26%
No0.8958359.74%
Total1.497215
Use of proceeds
Acquisition0.2361615.75%
Capex0.4627130.87%
GCP0.2926919.50%
Refinance0.00240.16%
Multiple/Other/NA0.5045533.72%
Total1.497215
Industry sector (by SIC code)
Mining (1xxx)0.4949732.97%
Oil and gas (13xx)0.6276041.90%
Manufacturing (2xxx, 3xxx)0.055173.66%
Pharmaceuticals (2834-6)0.01951.29%
Transportation (4xxx)0.02121.40%
Electric, gas, sanitary services (49xx)0.00860.56%
Wholesale, retail (5xxx)0.03222.10%
Finance, insurance, real estate (6xxx)0.2181314.57%
Services (7xxx)0.023131.55%
Total1.497215
Criteria

* The tables include all Canadian dollar-denominated offerings sold as private placements.

* Stock must be listed on a Canadian or U.S. exchange or trade on the Bulletin Board or Pink Sheets.

* 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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