Analysis of Canadian PIPE issuance for 13 months through February 2014

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

Proceeds

	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
Less than $1 million	0.002	0.003	0.002	0.001	0.001	0.003	0.002	0.002	0.003	0.005	0.004	0	0.004
$1-1.99 million	0.024	0.020	0.025	0.024	0.020	0.019	0.026	0.021	0.017	0.030	0.040	0.015	0.023
$2-2.99 million	0.020	0.020	0.022	0.021	0.011	0.016	0.020	0.018	0.017	0.016	0.021	0.014	0.016
$3-4.99 million	0.028	0.012	0.030	0.013	0.025	0.021	0.031	0.014	0.033	0.033	0.034	0.020	0.016
$5-9.99 million	0.052	0.073	0.099	0.059	0.071	0.086	0.033	0.030	0.024	0.046	0.057	0.062	0.051
$10-14.99 million	0.037	0.047	0.026	0.026	0.033	0.061	0.022	0.022	0.064	0.010	0.025	0.030	0.053
$15-$49.99 million	0.124	0.212	0.203	0.120	0.110	0	0.079	0.097	0.049	0.111	0.158	0.060	0.119
$50 million and higher	0	0.719	0.052	0.301	0.100	0.500	0	0.181	0.466	0	0.206	0.160	0.050
Total	0.287	1.107	0.458	0.564	0.370	0.707	0.212	0.384	0.673	0.252	0.545	0.361	0.332
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than $1 million	0.003	5	0.007	15	0.011	18	0.004	8	0.004	8	0.031	53	0.029	49	0.58%
$1-1.99 million	0.069	55	0.066	51	0.087	65	0.038	30	0.038	30	0.305	234	0.281	217	5.48%
$2-2.99 million	0.054	23	0.053	23	0.054	24	0.030	14	0.030	14	0.232	102	0.212	93	4.33%
$3-4.99 million	0.068	19	0.065	19	0.101	28	0.035	10	0.035	10	0.310	87	0.282	79	5.05%
$5-9.99 million	0.229	36	0.149	23	0.128	20	0.113	21	0.113	21	0.743	120	0.692	112	16.31%
$10-14.99 million	0.085	7	0.105	10	0.099	8	0.083	8	0.083	8	0.456	40	0.419	37	11.98%
$15-$49.99 million	0.433	16	0.176	9	0.319	13	0.179	8	0.179	8	1.442	60	1.318	55	25.83%
$50 million and higher	0.452	3	0.681	3	0.672	2	0.210	4	0.210	4	2.734	15	2.734	15	30.30%
Total	1.392	164	1.303	153	1.471	178	0.693	103	0.693	103	6.254	711	5.967	657	100.00%
Type
	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
convertible notes	0.015	0.037	0.068	0.027	0.136	0.036	0.024	0	0.016	0.021	0.215	0.009	0.033
notes with stock	0	0.010	0	0	0	0	0	0	0	0	0	0	0
notes with warrants	0	0	0	0	0	0.008	0	0.030	0	0	0.025	0	0.012
stock	0.111	0.981	0.289	0.459	0.161	0.588	0.107	0.281	0.575	0.168	0.155	0.209	0.194
units of stock and warrants	0.160	0.079	0.101	0.079	0.074	0.075	0.081	0.073	0.082	0.063	0.150	0.143	0.093
Total	0.287	1.107	0.458	0.564	0.370	0.707	0.212	0.384	0.673	0.252	0.545	0.361	0.332
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
convertible notes	0.231	13	0.060	9	0.252	17	0.043	7	0.043	7	0.638	53	0.622	50	6.20%
notes with stock	0	0	0	0	0	0	0	1	0	1	0.010	2	0.010	2	0.00%
notes with warrants	0	0	0.038	2	0.025	1	0.012	1	0.012	1	0.075	4	0.075	4	1.73%
stock	0.908	68	0.976	58	0.899	68	0.403	33	0.403	33	4.278	271	4.166	256	58.15%
units of stock and warrants	0.254	83	0.229	84	0.295	92	0.236	61	0.236	61	1.253	381	1.093	345	34.05%
Total	1.392	164	1.303	153	1.471	178	0.693	103	0.693	103	6.254	711	5.967	657	100.00%
Warrants
	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
Yes	0.180	0.08	0.105	0.08	0.110	0.089	0.107	0.114	0.098	0.064	0.181	0.147	0.132
No	0.107	1.027	0.353	0.484	0.261	0.618	0.105	0.27	0.576	0.188	0.364	0.214	0.200
Total	0.287	1.107	0.458	0.564	0.370	0.707	0.212	0.384	0.673	0.252	0.545	0.361	0.332
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.294	88	0.310	93	0.343	98	0.279	65	0.279	65	1.486	409	1.307	370	40.26%
No	1.098	76	0.994	60	1.128	80	0.414	38	0.414	38	4.768	302	4.660	287	59.74%
Total	1.392	164	1.303	153	1.471	178	0.693	103	0.693	103	6.254	711	5.967	657	100.00%
Use of Proceeds
	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
Acquisition	0.010	0.09	0.015	0.347	0	0.516	0.003	0.016	0.030	0.011	0.213	0.072	0.012
Capex	0.117	0.067	0.274	0.14	0.086	0.071	0.087	0.131	0.517	0.116	0.115	0.152	0.118
GCP	0.077	0.145	0.086	0.023	0.092	0.048	0.065	0.158	0.055	0.063	0.027	0.054	0.075
Refinance	0	0	0	0	0.105	0	0.005	0.002	0	0	0.033	0.002	0.028
Multiple/Other/NA	0.083	0.805	0.082	0.054	0.088	0.072	0.053	0.077	0.071	0.062	0.157	0.081	0.099
Total	0.287	1.107	0.458	0.564	0.370	0.707	0.212	0.384	0.673	0.252	0.545	0.361	0.332
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.362	5	0.535	6	0.254	9	0.084	5	0.084	5	1.335	32	1.325	30	12.12%
Capex	0.500	89	0.290	65	0.748	78	0.271	35	0.271	35	1.992	302	1.875	281	39.11%
GCP	0.201	31	0.270	40	0.145	42	0.129	35	0.129	35	0.968	186	0.891	170	18.61%
Refinance	0.105	2	0.007	3	0.033	1	0.030	2	0.030	2	0.175	8	0.175	8	4.33%
Multiple/Other/NA	0.224	37	0.201	39	0.291	48	0.180	26	0.180	26	1.784	183	1.701	168	25.97%
Total	1.392	164	1.303	153	1.471	178	0.693	103	0.693	103	6.254	711	5.967	657	100.00%
Industry Sector (by SIC code)
	2/2013	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014
Agriculture (0xxx)	0	0	0	0	0	0	0	0	0	0	0.001	0	0
Mining (1xxx)	0.189	0.125	0.246	0.14	0.142	0.12	0.142	0.164	0.125	0.16	0.198	0.188	0.157
Oil and gas (13xx)	0.066	0.245	0.047	0.055	0.130	0.019	0.037	0.11	0.498	0.026	0.076	0.068	0.045
Construction (15xx)	0.001	0	0.004	0	0	0	0	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.019	0.027	0.052	0.008	0.008	0.006	0.011	0.049	0.005	0.032	0.014	0.057	0.004
Pharmaceuticals (2834-6)	0.002	0.006	0.010	0.004	0.020	0	0.003	0.018	0.021	0.001	0.034	0.019	0.015
Communications (48xx)	0	0.009	0	0	0.004	0.011	0	0	0.013	0	0	0.003	0.025
Electric, gas, sanitary services (49xx)	0.005	0.003	0	0.002	0.001	0.002	0	0.002	0.003	0.002	0.206	0	0.055
Wholesale (5xxx)	0	0.03	0	0	0	0.503	0.004	0.001	0	0.002	0	0.001	0
Finance, insurance, real estate (6xxx)	0.002	0.649	0.009	0.354	0.001	0	0	0.03	0	0.009	0	0.002	0.006
Services (7xxx)	0.003	0.01	0.068	0.002	0.050	0.037	0.004	0.001	0.005	0.012	0.007	0.007	0.019
Health services (8xxx)	0	0.001	0.011	0	0.003	0.003	0.003	0.005	0.005	0.006	0.008	0.01	0
Non-operating (9995)	0.002	0.002	0.011	0	0.013	0.006	0.010	0.002	0	0.004	0	0.005	0.006
Total	0.287	1.107	0.458	0.564	0.370	0.707	0.212	0.384	0.673	0.252	0.545	0.361	0.332
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0	0	0	0	0.001	1	0	0	0	0	0.001	1	0.001	1	0.00%
Mining (1xxx)	0.527	101	0.427	89	0.482	101	0.345	60	0.345	60	2.095	418	1.907	383	49.78%
Oil and gas (13xx)	0.232	22	0.166	19	0.600	33	0.114	10	0.114	10	1.424	101	1.358	94	16.45%
Construction (15xx)	0.004	1	0	0	0	0	0	0	0	0	0.005	2	0.004	1	0.00%
Manufacturing (2xxx, 3xxx)	0.067	9	0.065	9	0.051	10	0.061	4	0.061	4	0.290	43	0.271	37	8.80%
Pharmaceuticals (2834-6)	0.033	7	0.021	6	0.056	6	0.034	8	0.034	8	0.152	29	0.150	28	4.91%
Communications (48xx)	0.004	1	0.011	1	0.013	1	0.028	2	0.028	2	0.064	6	0.064	6	4.04%
Electric, gas, sanitary services (49xx)	0.003	2	0.004	2	0.210	4	0.055	2	0.055	2	0.280	12	0.275	11	7.94%
Wholesale (5xxx)	0	0	0.508	5	0.002	1	0.001	1	0.001	1	0.540	8	0.540	8	0.14%
Finance, insurance, real estate (6xxx)	0.365	6	0.030	2	0.009	4	0.008	3	0.008	3	1.062	19	1.061	18	1.15%
Services (7xxx)	0.119	7	0.043	9	0.024	11	0.026	9	0.026	9	0.225	40	0.222	39	3.75%
Health services (8xxx)	0.014	3	0.011	5	0.019	4	0.010	1	0.010	1	0.055	14	0.055	14	1.44%
Non-operating (9995)	0.024	5	0.018	6	0.004	2	0.011	3	0.011	3	0.061	18	0.060	17	1.59%
Total	1.392	164	1.303	153	1.471	178	0.693	103	0.693	103	6.254	711	5.967	657	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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