Analysis of Canadian PIPE issuance for 13 months through March 2014

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

Proceeds

	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014
Less than $1 million	0.003	0.002	0.001	0.001	0.003	0.002	0.002	0.003	0.005	0.004	0	0.005	0.005
$1-1.99 million	0.020	0.025	0.024	0.020	0.019	0.026	0.021	0.017	0.030	0.038	0.017	0.022	0.021
$2-2.99 million	0.020	0.022	0.021	0.011	0.016	0.020	0.018	0.017	0.016	0.021	0.014	0.019	0.024
$3-4.99 million	0.012	0.030	0.013	0.025	0.021	0.031	0.014	0.033	0.033	0.034	0.020	0.020	0.043
$5-9.99 million	0.073	0.099	0.059	0.071	0.086	0.033	0.030	0.024	0.046	0.058	0.064	0.048	0.064
$10-14.99 million	0.047	0.026	0.026	0.033	0.061	0.022	0.022	0.064	0.010	0.025	0.020	0.056	0.042
$15-$49.99 million	0.212	0.203	0.120	0.110	0	0.079	0.097	0.049	0.111	0.158	0.064	0.120	0.078
$50 million and higher	0.719	0.052	0.301	0.100	0.500	0	0.181	0.466	0	0.206	0.160	0.050	0.501
Total	1.107	0.458	0.564	0.370	0.707	0.212	0.384	0.673	0.252	0.544	0.360	0.340	0.777
	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	0.009	16	0.009	16	0.034	57	0.031	54	0.61%
$1-1.99 million	0.069	55	0.066	51	0.085	64	0.059	46	0.059	46	0.301	232	0.280	216	3.99%
$2-2.99 million	0.054	23	0.053	23	0.054	24	0.058	25	0.058	25	0.239	104	0.219	95	3.93%
$3-4.99 million	0.068	19	0.065	19	0.101	28	0.083	22	0.083	22	0.330	91	0.318	88	5.62%
$5-9.99 million	0.229	36	0.149	23	0.128	20	0.177	30	0.177	30	0.756	121	0.683	109	11.98%
$10-14.99 million	0.085	7	0.105	10	0.099	8	0.118	11	0.118	11	0.454	40	0.407	36	7.99%
$15-$49.99 million	0.433	16	0.176	9	0.319	13	0.261	11	0.261	11	1.401	58	1.189	49	17.67%
$50 million and higher	0.452	3	0.681	3	0.672	2	0.711	9	0.711	9	3.235	20	2.516	17	48.14%
Total	1.392	164	1.303	153	1.470	177	1.477	170	1.477	170	6.749	723	5.642	664	100.00%
Type
	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014
convertible notes	0.037	0.068	0.027	0.136	0.036	0.024	0	0.016	0.021	0.216	0.009	0.033	0.021
notes with stock	0.010	0	0	0	0	0	0	0	0	0	0	0	0
notes with warrants	0	0	0	0	0.008	0	0.030	0	0	0.025	0	0.012	0
stock	0.981	0.289	0.459	0.161	0.588	0.107	0.281	0.575	0.168	0.155	0.207	0.196	0.619
units of stock and warrants	0.079	0.101	0.079	0.074	0.075	0.081	0.073	0.082	0.063	0.149	0.143	0.099	0.137
Total	1.107	0.458	0.564	0.370	0.707	0.212	0.384	0.673	0.252	0.544	0.360	0.340	0.777
	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	0.253	17	0.064	11	0.064	11	0.644	54	0.607	50	4.33%
notes with stock	0	0	0	0	0	0	0	1	0	1	0.010	2	0	1	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	0.81%
stock	0.908	68	0.976	58	0.899	68	1.022	57	1.022	57	4.786	280	3.805	251	69.19%
units of stock and warrants	0.254	83	0.229	84	0.294	91	0.379	100	0.379	100	1.234	383	1.155	358	25.66%
Total	1.392	164	1.303	153	1.470	177	1.477	170	1.477	170	6.749	723	5.642	664	100.00%
Warrants
	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014
Yes	0.080	0.105	0.080	0.11	0.089	0.107	0.114	0.098	0.064	0.18	0.147	0.138	0.138
No	1.027	0.353	0.484	0.261	0.618	0.105	0.270	0.576	0.188	0.364	0.213	0.202	0.639
Total	1.107	0.458	0.564	0.37	0.707	0.212	0.384	0.673	0.252	0.544	0.360	0.34	0.777
	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	0.342	97	0.423	105	0.423	105	1.450	409	1.369	383	28.64%
No	1.098	76	0.994	60	1.128	80	1.053	65	1.053	65	5.300	314	4.273	281	71.29%
Total	1.392	164	1.303	153	1.470	177	1.477	170	1.477	170	6.749	723	5.642	664	100.00%
Use of Proceeds
	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014
Acquisition	0.090	0.015	0.347	0	0.516	0.003	0.016	0.03	0.011	0.213	0.076	0.012	0
Capex	0.067	0.274	0.140	0.086	0.071	0.087	0.131	0.517	0.116	0.115	0.148	0.122	0.208
GCP	0.145	0.086	0.023	0.092	0.048	0.065	0.158	0.055	0.063	0.028	0.053	0.077	0.396
Refinance	0	0	0	0.105	0	0.005	0.002	0	0	0.033	0	0.028	0.050
Multiple/Other/NA	0.805	0.082	0.054	0.088	0.072	0.053	0.077	0.071	0.062	0.155	0.083	0.101	0.124
Total	1.107	0.458	0.564	0.37	0.707	0.212	0.384	0.673	0.252	0.544	0.360	0.34	0.777
	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	0.088	5	0.088	5	1.329	30	1.239	25	5.96%
Capex	0.500	89	0.290	65	0.748	78	0.477	59	0.477	59	2.082	305	2.015	291	32.30%
GCP	0.201	31	0.270	40	0.146	42	0.526	59	0.526	59	1.289	194	1.144	172	35.61%
Refinance	0.105	2	0.007	3	0.033	1	0.078	2	0.078	2	0.223	8	0.223	8	5.28%
Multiple/Other/NA	0.224	37	0.201	39	0.289	47	0.307	45	0.307	45	1.826	186	1.021	168	20.79%
Total	1.392	164	1.303	153	1.470	177	1.477	170	1.477	170	6.749	723	5.642	664	100.00%
Industry Sector (by SIC code)
	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014
Agriculture (0xxx)	0	0	0	0	0	0	0	0	0	0.001	0	0	0
Mining (1xxx)	0.125	0.246	0.140	0.142	0.120	0.142	0.164	0.125	0.160	0.196	0.187	0.162	0.126
Oil and gas (13xx)	0.245	0.047	0.055	0.13	0.019	0.037	0.110	0.498	0.026	0.077	0.068	0.046	0.231
Construction (15xx)	0	0.004	0	0	0	0	0	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.027	0.052	0.008	0.008	0.006	0.011	0.049	0.005	0.032	0.014	0.057	0.004	0.017
Pharmaceuticals (2834-6)	0.006	0.01	0.004	0.02	0	0.003	0.018	0.021	0.001	0.034	0.019	0.015	0.268
Communications (48xx)	0.009	0	0	0.004	0.011	0	0	0.013	0	0	0.002	0.025	0
Electric, gas, sanitary services (49xx)	0.003	0	0.002	0.001	0.002	0	0.002	0.003	0.002	0.206	0	0.055	0.001
Wholesale (5xxx)	0.030	0	0	0	0.503	0.004	0.001	0	0.002	0	0.001	0	0.016
Finance, insurance, real estate (6xxx)	0.649	0.009	0.354	0.001	0	0	0.030	0	0.009	0	0.002	0.006	0.011
Services (7xxx)	0.010	0.068	0.002	0.05	0.037	0.004	0.001	0.005	0.012	0.007	0.007	0.021	0.103
Health services (8xxx)	0.001	0.011	0	0.003	0.003	0.003	0.005	0.005	0.006	0.008	0.010	0	0
Non-operating (9995)	0.002	0.011	0	0.013	0.006	0.01	0.002	0	0.004	0	0.005	0.006	0.004
Total	1.107	0.458	0.564	0.37	0.707	0.212	0.384	0.673	0.252	0.544	0.360	0.34	0.777
	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	0.481	100	0.475	97	0.475	97	2.035	419	1.910	387	32.16%
Oil and gas (13xx)	0.232	22	0.166	19	0.601	33	0.346	21	0.346	21	1.590	105	1.345	95	23.43%
Construction (15xx)	0.004	1	0	0	0	0	0	0	0	0	0.004	1	0.004	1	0.00%
Manufacturing (2xxx, 3xxx)	0.067	9	0.065	9	0.051	10	0.077	7	0.077	7	0.288	40	0.261	35	5.21%
Pharmaceuticals (2834-6)	0.033	7	0.021	6	0.056	6	0.302	14	0.302	14	0.418	34	0.413	33	20.45%
Communications (48xx)	0.004	1	0.011	1	0.013	1	0.027	2	0.027	2	0.063	6	0.054	5	1.83%
Electric, gas, sanitary services (49xx)	0.003	2	0.004	2	0.210	4	0.056	3	0.056	3	0.276	12	0.273	11	3.79%
Wholesale (5xxx)	0	0	0.508	5	0.002	1	0.017	2	0.017	2	0.557	9	0.527	8	1.15%
Finance, insurance, real estate (6xxx)	0.365	6	0.030	2	0.009	4	0.019	5	0.019	5	1.072	20	0.423	17	1.29%
Services (7xxx)	0.119	7	0.043	9	0.024	11	0.131	14	0.131	14	0.327	44	0.317	41	8.87%
Health services (8xxx)	0.014	3	0.011	5	0.019	4	0.010	1	0.010	1	0.055	14	0.054	13	0.68%
Non-operating (9995)	0.024	5	0.018	6	0.004	2	0.015	4	0.015	4	0.064	18	0.061	17	1.02%
Total	1.392	164	1.303	153	1.470	177	1.477	170	1.477	170	6.749	723	5.642	664	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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