Analysis of Canadian PIPE issuance for 13 months through March 2013

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

Proceeds

	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013
Less than $1 million	0.002	0.004	0.003	0.008	0.002	0.003	0.009	0.003	0.006	0.008	0.005	0.002	0.004
$1-1.99 million	0.032	0.032	0.035	0.036	0.024	0.030	0.032	0.038	0.045	0.041	0.026	0.022	0.014
$2-2.99 million	0.031	0.017	0.038	0.035	0.024	0.024	0.039	0.030	0.035	0.036	0.015	0.015	0.022
$3-4.99 million	0.036	0.034	0.046	0.053	0.064	0.033	0.058	0.045	0.064	0.037	0.030	0.031	0.020
$5-9.99 million	0.058	0.088	0.137	0.115	0.074	0.028	0.085	0.082	0.069	0.051	0.030	0.060	0.073
$10-14.99 million	0.053	0.010	0.069	0	0.063	0.023	0.045	0.044	0.046	0	0.022	0.052	0.033
$15-$49.99 million	0.205	0.182	0.149	0.218	0.095	0.107	0.051	0.178	0.106	0.086	0.109	0.122	0.197
$50 million and higher	0.114	0	0.296	0.197	0.124	0.057	0.055	0.164	0.487	0.400	0	0	0.783
Total	0.531	0.366	0.773	0.662	0.470	0.305	0.373	0.582	0.860	0.659	0.236	0.305	1.146
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than $1 million	0.015	25	0.014	24	0.017	33	0.011	13	0.011	13	0.059	98	0.057	95	0.65%
$1-1.99 million	0.103	80	0.086	64	0.123	96	0.062	47	0.062	47	0.406	311	0.375	287	3.68%
$2-2.99 million	0.089	39	0.087	38	0.101	43	0.053	24	0.053	24	0.362	158	0.331	144	3.14%
$3-4.99 million	0.132	36	0.155	42	0.147	41	0.081	23	0.081	23	0.551	152	0.515	142	4.80%
$5-9.99 million	0.341	50	0.187	29	0.203	31	0.163	25	0.163	25	0.951	144	0.893	135	9.66%
$10-14.99 million	0.079	7	0.131	12	0.090	8	0.107	9	0.107	9	0.459	41	0.407	36	6.34%
$15-$49.99 million	0.549	24	0.253	10	0.370	14	0.427	16	0.427	16	1.804	73	1.599	64	25.31%
$50 million and higher	0.493	4	0.236	3	1.051	7	0.783	4	0.783	4	2.676	19	2.562	18	46.41%
Total	1.801	265	1.148	222	2.102	273	1.687	161	1.687	161	7.269	996	6.738	921	100.00%
Type
	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013
convertible notes	0.008	0.031	0.020	0.026	0.071	0.020	0.018	0.030	0.033	0.003	0.019	0.015	0.012
convertible preferreds	0.001	0	0	0	0	0	0	0	0	0	0	0	0
equity line	0	0	0	0.020	0	0	0	0	0	0	0	0	0
notes with stock	0	0.007	0	0	0	0	0	0	0	0	0	0	0.010
notes with warrants	0	0.010	0.015	0.001	0	0	0	0.001	0.007	0.030	0	0	0
stock	0.341	0.174	0.464	0.377	0.288	0.218	0.207	0.360	0.624	0.525	0.136	0.126	1.026
units of stock and warrants	0.182	0.145	0.275	0.238	0.112	0.067	0.149	0.191	0.197	0.101	0.081	0.163	0.098
Total	0.531	0.366	0.773	0.662	0.470	0.305	0.373	0.582	0.860	0.659	0.236	0.305	1.146
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
convertible notes	0.077	16	0.108	15	0.066	13	0.047	12	0.047	12	0.306	57	0.298	56	2.79%
convertible preferreds	0	0	0	0	0	0	0	0	0	0	0.001	1	0	0	0.00%
equity line	0.020	2	0	0	0	0	0	0	0	0	0.020	2	0.020	2	0.00%
notes with stock	0.007	1	0	0	0	0	0.010	1	0.010	1	0.017	2	0.017	2	0.59%
notes with warrants	0.026	4	0	0	0.038	3	0	0	0	0	0.064	7	0.064	7	0.00%
stock	1.014	86	0.713	74	1.509	99	1.289	57	1.289	57	4.865	342	4.524	316	76.41%
units of stock and warrants	0.657	156	0.327	133	0.489	158	0.341	91	0.341	91	1.996	585	1.815	538	20.21%
Total	1.801	265	1.148	222	2.102	273	1.687	161	1.687	161	7.269	996	6.738	921	100.00%
Warrants
	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013
Yes	0.190	0.196	0.300	0.252	0.198	0.074	0.147	0.22	0.317	0.124	0.080	0.182	0.100
No	0.342	0.171	0.472	0.409	0.272	0.231	0.226	0.363	0.543	0.535	0.156	0.122	1.046
Total	0.531	0.366	0.773	0.662	0.470	0.305	0.373	0.582	0.860	0.659	0.236	0.305	1.146
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.748	169	0.419	141	0.660	165	0.362	94	0.362	94	2.379	617	2.189	569	21.46%
No	1.052	96	0.730	81	1.441	108	1.325	67	1.325	67	4.890	379	4.549	352	78.54%
Total	1.801	265	1.148	222	2.102	273	1.687	161	1.687	161	7.269	996	6.738	921	100.00%
Use of Proceeds
	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013
Acquisition	0.012	0.044	0.105	0.197	0.139	0	0	0.001	0.096	0.004	0.002	0.01	0.090
Capex	0.172	0.081	0.108	0.128	0.082	0.05	0.117	0.083	0.142	0.164	0.046	0.117	0.079
GCP	0.210	0.157	0.232	0.087	0.089	0.061	0.090	0.156	0.331	0.446	0.098	0.102	0.203
Refinance	0	0.022	0.020	0.011	0.014	0	0.004	0.005	0.017	0	0	0	0
Multiple/Other/NA	0.138	0.062	0.308	0.239	0.146	0.194	0.162	0.337	0.275	0.045	0.089	0.076	0.774
Total	0.531	0.366	0.773	0.662	0.470	0.305	0.373	0.582	0.860	0.659	0.236	0.305	1.146
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.347	4	0.139	3	0.101	7	0.102	9	0.102	9	0.700	25	0.688	23	6.05%
Capex	0.317	92	0.248	90	0.389	126	0.243	52	0.243	52	1.368	381	1.197	360	14.40%
GCP	0.476	81	0.240	59	0.934	70	0.404	60	0.404	60	2.263	290	2.054	270	23.95%
Refinance	0.053	5	0.019	3	0.021	4	0	0	0	0	0.093	12	0.093	12	0.00%
Multiple/Other/NA	0.608	83	0.503	67	0.656	66	0.938	40	0.938	40	2.844	288	2.706	256	55.60%
Total	1.801	265	1.148	222	2.102	273	1.687	161	1.687	161	7.269	996	6.738	921	100.00%
Industry Sector (by SIC code)
	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013
Mining (1xxx)	0.271	0.201	0.254	0.254	0.191	0.198	0.207	0.33	0.220	0.208	0.157	0.208	0.137
Oil and gas (13xx)	0.094	0.038	0.122	0.072	0.100	0.061	0.112	0.162	0.327	0.42	0.020	0.064	0.268
Construction (15xx)	0	0	0	0	0	0	0.004	0.002	0	0	0	0.001	0
Manufacturing (2xxx, 3xxx)	0.001	0.011	0.035	0.013	0.018	0.009	0.006	0.006	0.099	0.005	0.002	0.019	0.027
Pharmaceuticals (2834-6)	0.013	0.017	0.010	0.019	0	0.002	0.003	0.009	0.029	0.008	0.002	0.002	0.008
Communications (48xx)	0	0.008	0	0	0	0.003	0.017	0.002	0	0.003	0.001	0	0.009
Electric, gas, sanitary services (49xx)	0.004	0	0.114	0.008	0.124	0.002	0	0.003	0.002	0	0.011	0.005	0.003
Wholesale (5xxx)	0	0.001	0.006	0.001	0.010	0.001	0.003	0.005	0.002	0	0.003	0	0.030
Finance, insurance, real estate (6xxx)	0.001	0.037	0.096	0.057	0.008	0.004	0	0.051	0.125	0.01	0.002	0.002	0.649
Services (7xxx)	0.125	0.038	0.112	0.218	0.020	0.01	0.009	0.011	0.042	0.004	0.037	0.003	0.013
Health services (8xxx)	0	0.015	0.011	0.001	0	0.005	0	0	0	0.001	0.001	0	0.001
Non-operating (9995)	0.021	0	0.013	0.018	0	0.011	0.013	0.001	0.014	0.001	0	0.002	0.002
Total	0.531	0.366	0.773	0.662	0.470	0.305	0.373	0.582	0.860	0.659	0.236	0.305	1.146
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	0.709	164	0.596	153	0.758	188	0.502	95	0.502	95	2.835	648	2.564	600	29.76%
Oil and gas (13xx)	0.232	38	0.273	24	0.908	36	0.352	21	0.352	21	1.860	128	1.766	119	20.87%
Construction (15xx)	0	0	0.004	1	0.002	1	0.001	1	0.001	1	0.007	3	0.007	3	0.06%
Manufacturing (2xxx, 3xxx)	0.059	12	0.032	11	0.110	9	0.048	12	0.048	12	0.250	45	0.249	44	2.85%
Pharmaceuticals (2834-6)	0.046	11	0.006	2	0.046	8	0.011	4	0.011	4	0.121	29	0.109	25	0.65%
Communications (48xx)	0.008	1	0.019	3	0.005	2	0.010	2	0.010	2	0.042	8	0.042	8	0.59%
Electric, gas, sanitary services (49xx)	0.122	3	0.125	2	0.005	2	0.019	3	0.019	3	0.276	12	0.271	10	1.13%
Wholesale (5xxx)	0.009	4	0.014	5	0.007	2	0.033	3	0.033	3	0.063	14	0.063	14	1.96%
Finance, insurance, real estate (6xxx)	0.191	8	0.012	3	0.186	8	0.653	6	0.653	6	1.042	26	1.041	25	38.71%
Services (7xxx)	0.368	14	0.039	10	0.057	10	0.052	10	0.052	10	0.642	50	0.517	44	3.08%
Health services (8xxx)	0.027	4	0.005	1	0.001	1	0.002	2	0.002	2	0.035	8	0.035	8	0.12%
Non-operating (9995)	0.031	6	0.024	7	0.016	6	0.004	2	0.004	2	0.096	25	0.074	21	0.24%
Total	1.801	265	1.148	222	2.102	273	1.687	161	1.687	161	7.269	996	6.738	921	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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