Analysis of Canadian PIPE issuance for 13 months through April 2013

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

Proceeds

	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013
Less than $1 million	0.004	0.003	0.008	0.002	0.003	0.009	0.003	0.006	0.008	0.005	0.002	0.003	0.003
$1-1.99 million	0.032	0.035	0.036	0.024	0.030	0.032	0.038	0.045	0.041	0.026	0.022	0.015	0.024
$2-2.99 million	0.017	0.038	0.035	0.024	0.024	0.039	0.030	0.035	0.039	0.015	0.020	0.020	0.019
$3-4.99 million	0.034	0.046	0.053	0.064	0.033	0.058	0.045	0.064	0.037	0.030	0.028	0.018	0.025
$5-9.99 million	0.088	0.137	0.115	0.074	0.028	0.085	0.082	0.069	0.051	0.030	0.060	0.073	0.110
$10-14.99 million	0.010	0.069	0	0.063	0.023	0.045	0.044	0.046	0	0.022	0.037	0.047	0.026
$15-$49.99 million	0.182	0.149	0.218	0.095	0.107	0.051	0.178	0.106	0.086	0.109	0.124	0.222	0.175
$50 million and higher	0	0.296	0.197	0.124	0.057	0.055	0.164	0.487	0.400	0	0	0.719	0.263
Total	0.366	0.773	0.662	0.470	0.305	0.373	0.582	0.860	0.662	0.236	0.294	1.118	0.643
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than $1 million	0.015	25	0.014	24	0.017	33	0.010	12	0.003	4	0.012	16	0.058	98	0.055	92	0.52%
$1-1.99 million	0.103	80	0.086	64	0.123	96	0.064	49	0.024	18	0.088	67	0.400	307	0.367	281	3.84%
$2-2.99 million	0.089	39	0.087	38	0.104	44	0.056	25	0.019	8	0.074	33	0.354	154	0.338	147	3.23%
$3-4.99 million	0.132	36	0.155	42	0.147	41	0.076	22	0.025	7	0.102	29	0.536	148	0.501	138	4.45%
$5-9.99 million	0.341	50	0.187	29	0.203	31	0.163	25	0.110	17	0.273	42	1.002	152	0.915	140	11.92%
$10-14.99 million	0.079	7	0.131	12	0.090	8	0.106	9	0.026	2	0.132	11	0.432	38	0.422	37	5.76%
$15-$49.99 million	0.549	24	0.253	10	0.370	14	0.454	17	0.175	6	0.629	23	1.801	71	1.619	63	27.46%
$50 million and higher	0.493	4	0.236	3	1.051	7	0.719	3	0.263	2	0.982	5	2.761	19	2.761	19	42.86%
Total	1.801	265	1.148	222	2.104	274	1.647	162	0.643	64	2.291	226	7.344	987	6.978	917	100.00%
Type
	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013
convertible notes	0.031	0.020	0.026	0.071	0.020	0.018	0.030	0.033	0.003	0.020	0.015	0.037	0.256
equity line	0	0	0.020	0	0	0	0	0	0	0	0	0	0
notes with stock	0.007	0	0	0	0	0	0	0	0	0	0	0.010	0
notes with warrants	0.010	0.015	0.001	0	0	0	0.001	0.007	0.030	0	0	0	0
stock	0.174	0.464	0.377	0.288	0.218	0.207	0.360	0.624	0.528	0.136	0.111	0.979	0.289
units of stock and warrants	0.145	0.275	0.238	0.112	0.067	0.149	0.191	0.197	0.101	0.080	0.167	0.092	0.099
Total	0.366	0.773	0.662	0.470	0.305	0.373	0.582	0.860	0.662	0.236	0.294	1.118	0.643
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
convertible notes	0.077	16	0.108	15	0.066	13	0.073	14	0.256	6	0.329	20	0.580	64	0.549	60	14.36%
equity line	0.020	2	0	0	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	0	0.010	1	0.017	2	0.010	1	0.44%
notes with warrants	0.026	4	0	0	0.038	3	0	0	0	0	0	0	0.064	7	0.054	6	0.00%
stock	1.014	86	0.713	74	1.511	100	1.227	57	0.289	29	1.515	86	4.753	346	4.580	326	66.13%
units of stock and warrants	0.657	156	0.327	133	0.489	158	0.338	90	0.099	29	0.437	119	1.910	566	1.766	522	19.07%
Total	1.801	265	1.148	222	2.104	274	1.647	162	0.643	64	2.291	226	7.344	987	6.978	917	100.00%
Warrants
	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013
Yes	0.196	0.3	0.252	0.198	0.074	0.147	0.220	0.317	0.124	0.08	0.186	0.094	0.106
No	0.171	0.472	0.409	0.272	0.231	0.226	0.363	0.543	0.538	0.156	0.107	1.024	0.537
Total	0.366	0.773	0.662	0.47	0.305	0.373	0.582	0.86	0.662	0.236	0.294	1.118	0.643
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.748	169	0.419	141	0.660	165	0.360	94	0.106	31	0.466	125	2.293	600	2.098	552	20.34%
No	1.052	96	0.730	81	1.444	109	1.288	68	0.537	33	1.825	101	5.051	387	4.880	365	79.66%
Total	1.801	265	1.148	222	2.104	274	1.647	162	0.643	64	2.291	226	7.344	987	6.978	917	100.00%
Use of Proceeds
	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013
Acquisition	0.044	0.105	0.197	0.139	0	0	0.001	0.096	0.004	0.002	0.010	0.09	0.015
Capex	0.081	0.108	0.128	0.082	0.050	0.117	0.083	0.142	0.164	0.046	0.117	0.079	0.272
GCP	0.157	0.232	0.087	0.089	0.061	0.09	0.156	0.331	0.449	0.098	0.084	0.147	0.270
Refinance	0.022	0.02	0.011	0.014	0	0.004	0.005	0.017	0	0	0	0	0
Multiple/Other/NA	0.062	0.308	0.239	0.146	0.194	0.162	0.337	0.275	0.045	0.089	0.083	0.802	0.087
Total	0.366	0.773	0.662	0.47	0.305	0.373	0.582	0.86	0.662	0.236	0.294	1.118	0.643
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.347	4	0.139	3	0.101	7	0.102	9	0.015	2	0.117	11	0.704	25	0.659	23	5.11%
Capex	0.317	92	0.248	90	0.389	126	0.243	52	0.272	42	0.515	94	1.468	402	1.388	371	22.48%
GCP	0.476	81	0.240	59	0.936	71	0.329	56	0.270	6	0.599	62	2.251	273	2.094	248	26.15%
Refinance	0.053	5	0.019	3	0.021	4	0	0	0	0	0	0	0.093	12	0.071	10	0.00%
Multiple/Other/NA	0.608	83	0.503	67	0.656	66	0.974	45	0.087	14	1.060	59	2.828	275	2.766	265	46.27%
Total	1.801	265	1.148	222	2.104	274	1.647	162	0.643	64	2.291	226	7.344	987	6.978	917	100.00%
Industry Sector (by SIC code)
	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013
Mining (1xxx)	0.201	0.254	0.254	0.191	0.198	0.207	0.330	0.22	0.208	0.157	0.195	0.137	0.431
Oil and gas (13xx)	0.038	0.122	0.072	0.1	0.061	0.112	0.162	0.327	0.420	0.02	0.066	0.244	0.047
Construction (15xx)	0	0	0	0	0	0.004	0.002	0	0	0	0.001	0	0.006
Manufacturing (2xxx, 3xxx)	0.011	0.035	0.013	0.018	0.009	0.006	0.006	0.099	0.005	0.002	0.019	0.027	0.052
Pharmaceuticals (2834-6)	0.017	0.01	0.019	0	0.002	0.003	0.009	0.029	0.008	0.002	0.002	0.006	0.010
Communications (48xx)	0.008	0	0	0	0.003	0.017	0.002	0	0.003	0.001	0	0.009	0
Electric, gas, sanitary services (49xx)	0	0.114	0.008	0.124	0.002	0	0.003	0.002	0	0.011	0.005	0.003	0
Wholesale (5xxx)	0.001	0.006	0.001	0.01	0.001	0.003	0.005	0.002	0	0.003	0	0.03	0
Finance, insurance, real estate (6xxx)	0.037	0.096	0.057	0.008	0.004	0	0.051	0.125	0.010	0.002	0.002	0.649	0.009
Services (7xxx)	0.038	0.112	0.218	0.02	0.010	0.009	0.011	0.042	0.006	0.037	0.003	0.01	0.067
Health services (8xxx)	0.015	0.011	0.001	0	0.005	0	0	0	0.001	0.001	0	0.001	0.011
Non-operating (9995)	0	0.013	0.018	0	0.011	0.013	0.001	0.014	0.001	0	0.002	0.002	0.011
Total	0.366	0.773	0.662	0.47	0.305	0.373	0.582	0.86	0.662	0.236	0.294	1.118	0.643
	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	0.709	164	0.596	153	0.758	188	0.490	97	0.431	41	0.920	138	2.982	643	2.781	597	40.16%
Oil and gas (13xx)	0.232	38	0.273	24	0.908	36	0.330	22	0.047	10	0.377	32	1.790	130	1.752	120	16.46%
Construction (15xx)	0	0	0.004	1	0.002	1	0.001	1	0.006	1	0.007	2	0.013	4	0.013	4	0.31%
Manufacturing (2xxx, 3xxx)	0.059	12	0.032	11	0.110	9	0.048	12	0.052	1	0.099	13	0.301	45	0.290	43	4.32%
Pharmaceuticals (2834-6)	0.046	11	0.006	2	0.046	8	0.009	3	0.010	2	0.019	5	0.117	26	0.100	21	0.83%
Communications (48xx)	0.008	1	0.019	3	0.005	2	0.010	2	0	0	0.010	2	0.042	8	0.034	7	0.44%
Electric, gas, sanitary services (49xx)	0.122	3	0.125	2	0.005	2	0.019	3	0	0	0.019	3	0.271	10	0.271	10	0.83%
Wholesale (5xxx)	0.009	4	0.014	5	0.007	2	0.033	3	0	0	0.033	3	0.063	14	0.061	13	1.44%
Finance, insurance, real estate (6xxx)	0.191	8	0.012	3	0.186	8	0.653	6	0.009	1	0.662	7	1.051	26	1.014	24	28.90%
Services (7xxx)	0.368	14	0.039	10	0.059	11	0.050	9	0.067	4	0.117	13	0.583	48	0.545	46	5.11%
Health services (8xxx)	0.027	4	0.005	1	0.001	1	0.002	2	0.011	2	0.013	4	0.046	10	0.031	9	0.57%
Non-operating (9995)	0.031	6	0.024	7	0.016	6	0.004	2	0.011	2	0.015	4	0.085	23	0.085	23	0.65%
Total	1.801	265	1.148	222	2.104	274	1.647	162	0.643	64	2.291	226	7.344	987	6.978	917	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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