Analysis of Canadian PIPE issuance for 13 months through June 2013

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

Proceeds

	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013
Less than $1 million	0.008	0.002	0.003	0.009	0.003	0.006	0.008	0.005	0.002	0.003	0.002	0.001	0.001
$1-1.99 million	0.036	0.024	0.030	0.033	0.038	0.045	0.041	0.025	0.024	0.020	0.025	0.021	0.020
$2-2.99 million	0.035	0.024	0.024	0.039	0.030	0.035	0.039	0.015	0.020	0.020	0.025	0.023	0.011
$3-4.99 million	0.053	0.064	0.033	0.058	0.045	0.064	0.037	0.030	0.028	0.007	0.029	0.013	0.031
$5-9.99 million	0.115	0.074	0.028	0.085	0.082	0.069	0.051	0.030	0.052	0.078	0.094	0.052	0.050
$10-14.99 million	0	0.063	0.023	0.045	0.044	0.046	0	0.022	0.037	0.047	0.026	0.026	0.033
$15-$49.99 million	0.218	0.095	0.107	0.051	0.178	0.106	0.086	0.109	0.124	0.212	0.203	0.120	0.110
$50 million and higher	0.197	0.124	0.057	0.055	0.164	0.487	0.400	0	0	0.719	0.052	0.301	0.070
Total	0.662	0.470	0.305	0.374	0.582	0.859	0.662	0.235	0.287	1.107	0.454	0.556	0.325
	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	0.014	24	0.017	33	0.010	12	0.003	5	0.013	17	0.052	86	0.044	74	0.44%
$1-1.99 million	0.086	64	0.123	96	0.070	52	0.066	52	0.135	104	0.380	291	0.344	264	4.55%
$2-2.99 million	0.087	38	0.104	44	0.056	25	0.058	25	0.114	50	0.340	148	0.305	132	3.84%
$3-4.99 million	0.155	42	0.147	41	0.065	19	0.073	20	0.139	39	0.493	135	0.440	122	4.69%
$5-9.99 million	0.187	29	0.203	31	0.160	25	0.196	30	0.356	55	0.861	133	0.745	115	12.01%
$10-14.99 million	0.131	12	0.090	8	0.106	9	0.085	7	0.191	16	0.412	36	0.412	36	6.44%
$15-$49.99 million	0.253	10	0.370	14	0.445	17	0.433	16	0.877	33	1.718	66	1.500	57	29.58%
$50 million and higher	0.236	3	1.051	7	0.719	3	0.422	3	1.141	6	2.625	17	2.428	16	38.48%
Total	1.149	222	2.104	274	1.629	162	1.336	158	2.965	320	6.880	912	6.218	816	100.00%
Type
	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013
convertible notes	0.026	0.071	0.020	0.018	0.030	0.033	0.003	0.019	0.015	0.037	0.068	0.027	0.103
equity line	0.020	0	0	0	0	0	0	0	0	0	0	0	0
notes with stock	0	0	0	0	0	0	0	0	0	0.010	0	0	0
notes with warrants	0.001	0	0	0	0.001	0.007	0.030	0	0	0	0	0	0
stock	0.377	0.288	0.218	0.207	0.360	0.624	0.528	0.136	0.111	0.981	0.286	0.457	0.156
units of stock and warrants	0.238	0.112	0.067	0.149	0.191	0.196	0.101	0.080	0.160	0.079	0.101	0.073	0.066
Total	0.662	0.470	0.305	0.374	0.582	0.859	0.662	0.235	0.287	1.107	0.454	0.556	0.325
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
convertible notes	0.108	15	0.066	13	0.072	13	0.197	13	0.269	26	0.469	58	0.443	54	9.08%
equity line	0	0	0	0	0	0	0	0	0	0	0.020	2	0	0	0.00%
notes with stock	0	0	0	0	0.010	1	0	0	0.010	1	0.010	1	0.010	1	0.34%
notes with warrants	0	0	0.038	3	0	0	0	0	0	0	0.039	4	0.038	3	0.00%
stock	0.713	74	1.511	100	1.229	58	0.899	66	2.128	124	4.729	330	4.352	298	71.77%
units of stock and warrants	0.328	133	0.488	158	0.319	90	0.240	79	0.558	169	1.613	517	1.375	460	18.82%
Total	1.149	222	2.104	274	1.629	162	1.336	158	2.965	320	6.880	912	6.218	816	100.00%
Warrants
	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013
Yes	0.252	0.198	0.074	0.147	0.220	0.316	0.124	0.079	0.180	0.08	0.104	0.074	0.097
No	0.409	0.272	0.231	0.226	0.363	0.543	0.538	0.156	0.107	1.027	0.351	0.482	0.228
Total	0.662	0.47	0.305	0.374	0.582	0.859	0.662	0.235	0.287	1.107	0.454	0.556	0.325
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.419	141	0.660	165	0.339	93	0.275	83	0.613	176	1.945	543	1.692	482	20.67%
No	0.730	81	1.444	109	1.291	69	1.062	75	2.352	144	4.935	369	4.526	334	79.33%
Total	1.149	222	2.104	274	1.629	162	1.336	158	2.965	320	6.880	912	6.218	816	100.00%
Use of Proceeds
	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013
Acquisition	0.197	0.139	0	0	0.001	0.096	0.004	0.002	0.010	0.09	0.015	0.347	0
Capex	0.128	0.082	0.050	0.117	0.083	0.142	0.164	0.046	0.117	0.067	0.271	0.133	0.066
GCP	0.087	0.089	0.061	0.09	0.156	0.331	0.449	0.097	0.077	0.145	0.086	0.023	0.087
Refinance	0.011	0.014	0	0.004	0.005	0.017	0	0	0	0	0	0	0.075
Multiple/Other/NA	0.239	0.146	0.194	0.162	0.337	0.275	0.045	0.089	0.083	0.805	0.082	0.054	0.098
Total	0.662	0.47	0.305	0.374	0.582	0.859	0.662	0.235	0.287	1.107	0.454	0.556	0.325
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.139	3	0.101	7	0.102	9	0.362	5	0.464	14	0.901	25	0.704	24	15.65%
Capex	0.249	90	0.389	126	0.230	52	0.470	85	0.700	137	1.466	387	1.338	353	23.61%
GCP	0.240	59	0.936	71	0.320	55	0.196	30	0.516	85	1.778	237	1.692	215	17.40%
Refinance	0.019	3	0.021	4	0	0	0.075	2	0.075	2	0.126	11	0.115	9	2.53%
Multiple/Other/NA	0.503	67	0.656	66	0.977	46	0.233	36	1.211	82	2.609	252	2.370	215	40.84%
Total	1.149	222	2.104	274	1.629	162	1.336	158	2.965	320	6.880	912	6.218	816	100.00%
Industry Sector (by SIC code)
	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013
Mining (1xxx)	0.254	0.191	0.198	0.207	0.330	0.22	0.208	0.157	0.189	0.125	0.245	0.141	0.142
Oil and gas (13xx)	0.072	0.1	0.061	0.112	0.162	0.327	0.420	0.02	0.066	0.245	0.045	0.046	0.100
Construction (15xx)	0	0	0	0.004	0.002	0	0	0	0.001	0	0.004	0	0
Manufacturing (2xxx, 3xxx)	0.013	0.018	0.009	0.006	0.006	0.098	0.005	0.002	0.019	0.027	0.052	0.008	0.007
Pharmaceuticals (2834-6)	0.019	0	0.002	0.003	0.009	0.029	0.008	0.002	0.002	0.006	0.010	0.004	0.005
Communications (48xx)	0	0	0.003	0.017	0.002	0	0.003	0	0	0.009	0	0	0.004
Electric, gas, sanitary services (49xx)	0.008	0.124	0.002	0	0.003	0.002	0	0.011	0.005	0.003	0	0.002	0.001
Wholesale (5xxx)	0.001	0.01	0.001	0.003	0.005	0.002	0	0.003	0	0.03	0	0	0
Finance, insurance, real estate (6xxx)	0.057	0.008	0.004	0	0.051	0.125	0.010	0.002	0.002	0.649	0.009	0.354	0.001
Services (7xxx)	0.218	0.02	0.010	0.009	0.011	0.042	0.006	0.037	0.003	0.01	0.067	0.002	0.050
Health services (8xxx)	0.001	0	0.005	0	0	0	0.001	0.001	0	0.001	0.011	0	0.003
Non-operating (9995)	0.018	0	0.011	0.013	0.001	0.014	0.001	0	0.002	0.002	0.011	0	0.013
Total	0.662	0.47	0.305	0.374	0.582	0.859	0.662	0.235	0.287	1.107	0.454	0.556	0.325
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	0.596	153	0.758	188	0.471	97	0.528	100	0.999	197	2.607	598	2.353	538	33.69%
Oil and gas (13xx)	0.273	24	0.908	36	0.331	23	0.191	20	0.522	43	1.776	114	1.704	103	17.61%
Construction (15xx)	0.004	1	0.002	1	0.001	1	0.004	1	0.005	2	0.011	4	0.011	4	0.17%
Manufacturing (2xxx, 3xxx)	0.032	11	0.110	9	0.048	12	0.067	9	0.114	21	0.269	46	0.256	41	3.84%
Pharmaceuticals (2834-6)	0.006	2	0.046	8	0.009	3	0.018	4	0.028	7	0.098	20	0.079	17	0.94%
Communications (48xx)	0.019	3	0.005	2	0.009	1	0.004	1	0.012	2	0.036	7	0.036	7	0.40%
Electric, gas, sanitary services (49xx)	0.125	2	0.005	2	0.019	3	0.003	2	0.022	5	0.160	10	0.152	9	0.74%
Wholesale (5xxx)	0.014	5	0.007	2	0.033	3	0	0	0.033	3	0.055	11	0.054	10	1.11%
Finance, insurance, real estate (6xxx)	0.012	3	0.186	8	0.653	6	0.365	6	1.017	12	1.273	26	1.216	23	34.30%
Services (7xxx)	0.039	10	0.059	11	0.050	9	0.119	7	0.168	16	0.485	45	0.267	37	5.67%
Health services (8xxx)	0.005	1	0.001	1	0.002	2	0.014	3	0.016	5	0.023	8	0.022	7	0.54%
Non-operating (9995)	0.024	7	0.016	6	0.004	2	0.024	5	0.028	7	0.086	23	0.068	20	0.94%
Total	1.149	222	2.104	274	1.629	162	1.336	158	2.965	320	6.880	912	6.218	816	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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