Analysis of Canadian PIPE issuance for 13 months through July 2013

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

Proceeds

	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
Less than $1 million	0.002	0.003	0.009	0.003	0.006	0.008	0.005	0.002	0.003	0.002	0.001	0.001	0.003
$1-1.99 million	0.024	0.030	0.033	0.038	0.045	0.041	0.025	0.024	0.020	0.024	0.021	0.020	0.015
$2-2.99 million	0.024	0.024	0.039	0.030	0.035	0.039	0.015	0.020	0.020	0.022	0.023	0.011	0.016
$3-4.99 million	0.064	0.033	0.058	0.045	0.064	0.037	0.030	0.028	0.012	0.029	0.013	0.025	0.028
$5-9.99 million	0.074	0.028	0.085	0.082	0.069	0.051	0.030	0.052	0.073	0.099	0.052	0.056	0.081
$10-14.99 million	0.063	0.023	0.045	0.044	0.046	0	0.022	0.037	0.047	0.026	0.026	0.033	0.071
$15-$49.99 million	0.095	0.107	0.051	0.178	0.106	0.086	0.109	0.124	0.212	0.203	0.120	0.110	0
$50 million and higher	0.124	0.057	0.055	0.164	0.487	0.400	0	0	0.719	0.052	0.301	0.100	0.500
Total	0.470	0.305	0.374	0.582	0.859	0.662	0.235	0.287	1.107	0.456	0.556	0.355	0.715
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	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	0.003	5	0.016	22	0.047	79	0.045	75	0.43%
$1-1.99 million	0.086	64	0.123	96	0.070	52	0.065	52	0.015	11	0.149	115	0.358	275	0.335	258	4.01%
$2-2.99 million	0.087	38	0.104	44	0.056	25	0.055	24	0.016	7	0.127	56	0.318	138	0.294	128	3.42%
$3-4.99 million	0.155	42	0.147	41	0.070	20	0.067	19	0.028	8	0.166	47	0.467	130	0.403	113	4.47%
$5-9.99 million	0.187	29	0.203	31	0.155	24	0.207	32	0.081	12	0.443	68	0.832	128	0.758	117	11.93%
$10-14.99 million	0.131	12	0.090	8	0.106	9	0.085	7	0.071	7	0.261	23	0.483	43	0.419	37	7.03%
$15-$49.99 million	0.253	10	0.370	14	0.445	17	0.433	16	0	0	0.877	33	1.500	57	1.405	53	23.63%
$50 million and higher	0.236	3	1.051	7	0.719	3	0.452	3	0.500	1	1.671	7	2.958	17	2.834	16	45.02%
Total	1.149	222	2.104	274	1.629	162	1.367	158	0.715	51	3.712	371	6.964	867	6.494	797	100.00%
Type
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
convertible notes	0.071	0.020	0.018	0.030	0.033	0.003	0.019	0.015	0.037	0.068	0.027	0.133	0.036
notes with stock	0	0	0	0	0	0	0	0	0.010	0	0	0	0
notes with warrants	0	0	0	0.001	0.007	0.030	0	0	0	0	0	0	0.008
stock	0.288	0.218	0.207	0.360	0.624	0.528	0.136	0.111	0.981	0.289	0.457	0.156	0.597
units of stock and warrants	0.112	0.067	0.149	0.191	0.196	0.101	0.080	0.160	0.079	0.100	0.073	0.066	0.074
Total	0.470	0.305	0.374	0.582	0.859	0.662	0.235	0.287	1.107	0.456	0.556	0.355	0.715
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
convertible notes	0.108	15	0.066	13	0.072	13	0.227	13	0.036	6	0.335	32	0.509	60	0.438	53	9.02%
notes with stock	0	0	0	0	0.010	1	0	0	0	0	0.010	1	0.010	1	0.010	1	0.27%
notes with warrants	0	0	0.038	3	0	0	0	0	0.008	1	0.008	1	0.046	4	0.046	4	0.22%
stock	0.713	74	1.511	100	1.229	58	0.901	66	0.597	20	2.727	144	4.951	318	4.664	292	73.46%
units of stock and warrants	0.328	133	0.488	158	0.319	90	0.239	79	0.074	24	0.632	193	1.448	484	1.336	447	17.03%
Total	1.149	222	2.104	274	1.629	162	1.367	158	0.715	51	3.712	371	6.964	867	6.494	797	100.00%
Warrants
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
Yes	0.198	0.074	0.147	0.22	0.316	0.124	0.079	0.18	0.080	0.103	0.074	0.097	0.088
No	0.272	0.231	0.226	0.363	0.543	0.538	0.156	0.107	1.027	0.353	0.482	0.258	0.628
Total	0.470	0.305	0.374	0.582	0.859	0.662	0.235	0.287	1.107	0.456	0.556	0.355	0.715
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.419	141	0.660	165	0.339	93	0.274	83	0.088	26	0.700	202	1.779	508	1.581	464	18.86%
No	0.730	81	1.444	109	1.291	69	1.093	75	0.628	25	3.012	169	5.185	359	4.913	333	81.14%
Total	1.149	222	2.104	274	1.629	162	1.367	158	0.715	51	3.712	371	6.964	867	6.494	797	100.00%
Use of Proceeds
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
Acquisition	0.139	0	0	0.001	0.096	0.004	0.002	0.01	0.090	0.015	0.347	0	0.516
Capex	0.082	0.05	0.117	0.083	0.142	0.164	0.046	0.117	0.067	0.273	0.133	0.086	0.072
GCP	0.089	0.061	0.090	0.156	0.331	0.449	0.097	0.077	0.145	0.086	0.023	0.087	0.045
Refinance	0.014	0	0.004	0.005	0.017	0	0	0	0	0	0	0.105	0
Multiple/Other/NA	0.146	0.194	0.162	0.337	0.275	0.045	0.089	0.083	0.805	0.082	0.054	0.078	0.082
Total	0.470	0.305	0.374	0.582	0.859	0.662	0.235	0.287	1.107	0.456	0.556	0.355	0.715
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.139	3	0.101	7	0.102	9	0.362	5	0.516	3	0.980	17	1.220	27	1.081	24	26.41%
Capex	0.249	90	0.389	126	0.230	52	0.491	86	0.072	23	0.794	161	1.431	377	1.349	352	21.39%
GCP	0.240	59	0.936	71	0.320	55	0.196	30	0.045	11	0.561	96	1.737	226	1.648	210	15.11%
Refinance	0.019	3	0.021	4	0	0	0.105	2	0	0	0.105	2	0.145	9	0.130	7	2.83%
Multiple/Other/NA	0.503	67	0.656	66	0.977	46	0.213	35	0.082	14	1.272	95	2.432	228	2.286	204	34.27%
Total	1.149	222	2.104	274	1.629	162	1.367	158	0.715	51	3.712	371	6.964	867	6.494	797	100.00%
Industry Sector (by SIC code)
	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013
Mining (1xxx)	0.191	0.198	0.207	0.33	0.220	0.208	0.157	0.189	0.125	0.244	0.141	0.142	0.126
Oil and gas (13xx)	0.100	0.061	0.112	0.162	0.327	0.42	0.020	0.066	0.245	0.047	0.046	0.13	0.024
Construction (15xx)	0	0	0.004	0.002	0	0	0	0.001	0	0.004	0	0	0
Manufacturing (2xxx, 3xxx)	0.018	0.009	0.006	0.006	0.098	0.005	0.002	0.019	0.027	0.052	0.008	0.007	0.006
Pharmaceuticals (2834-6)	0	0.002	0.003	0.009	0.029	0.008	0.002	0.002	0.006	0.01	0.004	0.005	0
Communications (48xx)	0	0.003	0.017	0.002	0	0.003	0	0	0.009	0	0	0.004	0.011
Electric, gas, sanitary services (49xx)	0.124	0.002	0	0.003	0.002	0	0.011	0.005	0.003	0	0.002	0.001	0.002
Wholesale (5xxx)	0.010	0.001	0.003	0.005	0.002	0	0.003	0	0.030	0	0	0	0.503
Finance, insurance, real estate (6xxx)	0.008	0.004	0	0.051	0.125	0.01	0.002	0.002	0.649	0.009	0.354	0.001	0
Services (7xxx)	0.020	0.01	0.009	0.011	0.042	0.006	0.037	0.003	0.010	0.067	0.002	0.05	0.037
Health services (8xxx)	0	0.005	0	0	0	0.001	0.001	0	0.001	0.011	0	0.003	0.003
Non-operating (9995)	0	0.011	0.013	0.001	0.014	0.001	0	0.002	0.002	0.011	0	0.013	0.003
Total	0.470	0.305	0.374	0.582	0.859	0.662	0.235	0.287	1.107	0.456	0.556	0.355	0.715
	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	Q2/2013	Count	Q3/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	0.596	153	0.758	188	0.471	97	0.527	100	0.126	30	1.124	227	2.477	568	2.286	522	30.28%
Oil and gas (13xx)	0.273	24	0.908	36	0.331	23	0.224	20	0.024	5	0.579	48	1.761	108	1.661	96	15.60%
Construction (15xx)	0.004	1	0.002	1	0.001	1	0.004	1	0	0	0.005	2	0.011	4	0.011	4	0.13%
Manufacturing (2xxx, 3xxx)	0.032	11	0.110	9	0.048	12	0.067	9	0.006	1	0.120	22	0.261	42	0.244	38	3.23%
Pharmaceuticals (2834-6)	0.006	2	0.046	8	0.009	3	0.018	4	0	0	0.028	7	0.079	17	0.079	17	0.75%
Communications (48xx)	0.019	3	0.005	2	0.009	1	0.004	1	0.011	1	0.023	3	0.047	8	0.047	8	0.62%
Electric, gas, sanitary services (49xx)	0.125	2	0.005	2	0.019	3	0.003	2	0.002	1	0.023	6	0.154	10	0.030	9	0.62%
Wholesale (5xxx)	0.014	5	0.007	2	0.033	3	0	0	0.503	3	0.536	6	0.557	13	0.547	12	14.44%
Finance, insurance, real estate (6xxx)	0.012	3	0.186	8	0.653	6	0.365	6	0	0	1.017	12	1.216	23	1.208	21	27.40%
Services (7xxx)	0.039	10	0.059	11	0.050	9	0.119	7	0.037	6	0.206	22	0.304	43	0.284	39	5.55%
Health services (8xxx)	0.005	1	0.001	1	0.002	2	0.014	3	0.003	2	0.019	7	0.025	9	0.025	9	0.51%
Non-operating (9995)	0.024	7	0.016	6	0.004	2	0.024	5	0.003	2	0.031	9	0.071	22	0.071	22	0.84%
Total	1.149	222	2.104	274	1.629	162	1.367	158	0.715	51	3.712	371	6.964	867	6.494	797	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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