Analysis of Canadian PIPE issuance for 13 months through April 2014

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

Proceeds

	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014
Less than $1 million	0.002	0.001	0.001	0.003	0.002	0.002	0.003	0.005	0.004	0	0.005	0.005	0.001
$1-1.99 million	0.025	0.024	0.020	0.019	0.026	0.021	0.017	0.030	0.038	0.017	0.022	0.023	0.015
$2-2.99 million	0.022	0.021	0.011	0.016	0.020	0.018	0.017	0.016	0.021	0.014	0.019	0.020	0.022
$3-4.99 million	0.030	0.013	0.025	0.021	0.031	0.014	0.033	0.033	0.034	0.020	0.025	0.047	0.032
$5-9.99 million	0.099	0.059	0.071	0.086	0.033	0.030	0.024	0.046	0.058	0.065	0.043	0.073	0.051
$10-14.99 million	0.026	0.026	0.033	0.061	0.022	0.022	0.064	0.010	0.025	0.020	0.056	0.032	0.032
$15-$49.99 million	0.203	0.120	0.110	0	0.079	0.097	0.049	0.111	0.158	0.064	0.120	0.081	0.015
$50 million and higher	0.052	0.301	0.100	0.500	0	0.181	0.466	0	0.206	0.160	0.050	0.501	0
Total	0.458	0.564	0.370	0.707	0.212	0.384	0.673	0.252	0.544	0.360	0.339	0.780	0.169
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than $1 million	0.003	5	0.007	15	0.011	18	0.010	17	0.001	3	0.011	20	0.033	58	0.031	55	0.67%
$1-1.99 million	0.069	55	0.066	51	0.085	64	0.061	48	0.015	12	0.076	60	0.297	230	0.272	210	4.61%
$2-2.99 million	0.054	23	0.053	23	0.054	24	0.053	23	0.022	10	0.075	33	0.237	103	0.215	94	4.55%
$3-4.99 million	0.068	19	0.065	19	0.101	28	0.092	24	0.032	9	0.124	33	0.358	99	0.328	91	7.52%
$5-9.99 million	0.229	36	0.149	23	0.128	20	0.181	29	0.051	8	0.232	37	0.738	116	0.639	101	14.08%
$10-14.99 million	0.085	7	0.105	10	0.099	8	0.108	10	0.032	3	0.140	13	0.429	38	0.403	36	8.50%
$15-$49.99 million	0.433	16	0.176	9	0.319	13	0.264	11	0.015	1	0.279	12	1.206	50	1.004	43	16.93%
$50 million and higher	0.452	3	0.681	3	0.672	2	0.711	9	0	0	0.711	9	2.516	17	2.464	16	43.14%
Total	1.392	164	1.303	153	1.470	177	1.479	171	0.169	46	1.648	217	5.814	711	5.356	646	100.00%
Type
	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014
convertible notes	0.068	0.027	0.136	0.036	0.024	0	0.016	0.021	0.216	0.009	0.033	0.018	0.013
notes with stock	0	0	0	0	0	0	0	0	0	0	0	0	0
notes with warrants	0	0	0	0.008	0	0.030	0	0	0.025	0	0.012	0	0.001
stock	0.289	0.459	0.161	0.588	0.107	0.281	0.575	0.168	0.155	0.207	0.196	0.619	0.047
units of stock and warrants	0.101	0.079	0.074	0.075	0.081	0.073	0.082	0.063	0.149	0.144	0.098	0.142	0.108
Total	0.458	0.564	0.370	0.707	0.212	0.384	0.673	0.252	0.544	0.360	0.339	0.780	0.169
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
convertible notes	0.231	13	0.060	9	0.253	17	0.061	11	0.013	4	0.074	15	0.617	54	0.549	49	4.49%
notes with stock	0	0	0	0	0	0	0	1	0	0	0	1	0	1	0	1	0.00%
notes with warrants	0	0	0.038	2	0.025	1	0.012	1	0.001	1	0.013	2	0.076	5	0.076	5	0.79%
stock	0.908	68	0.976	58	0.899	68	1.022	57	0.047	9	1.069	66	3.852	260	3.563	231	64.87%
units of stock and warrants	0.254	83	0.229	84	0.294	91	0.384	101	0.108	32	0.492	133	1.269	391	1.167	360	29.85%
Total	1.392	164	1.303	153	1.470	177	1.479	171	0.169	46	1.648	217	5.814	711	5.356	646	100.00%
Warrants
	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014
Yes	0.105	0.08	0.110	0.089	0.107	0.114	0.098	0.064	0.180	0.148	0.137	0.143	0.122
No	0.353	0.484	0.261	0.618	0.105	0.27	0.576	0.188	0.364	0.213	0.202	0.637	0.047
Total	0.458	0.564	0.370	0.707	0.212	0.384	0.673	0.252	0.544	0.36	0.339	0.78	0.169
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.294	88	0.310	93	0.342	97	0.428	106	0.122	37	0.550	143	1.496	421	1.392	389	33.37%
No	1.098	76	0.994	60	1.128	80	1.051	65	0.047	9	1.098	74	4.318	290	3.964	257	66.63%
Total	1.392	164	1.303	153	1.470	177	1.479	171	0.169	46	1.648	217	5.814	711	5.356	646	100.00%
Use of Proceeds
	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014
Acquisition	0.015	0.347	0	0.516	0.003	0.016	0.030	0.011	0.213	0.076	0.012	0	0
Capex	0.274	0.14	0.086	0.071	0.087	0.131	0.517	0.116	0.115	0.148	0.121	0.206	0.029
GCP	0.086	0.023	0.092	0.048	0.065	0.158	0.055	0.063	0.028	0.054	0.077	0.397	0.085
Refinance	0	0	0.105	0	0.005	0.002	0	0	0.033	0	0.028	0.05	0
Multiple/Other/NA	0.082	0.054	0.088	0.072	0.053	0.077	0.071	0.062	0.155	0.083	0.100	0.127	0.055
Total	0.458	0.564	0.370	0.707	0.212	0.384	0.673	0.252	0.544	0.36	0.339	0.78	0.169
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	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	0	0.088	5	1.239	25	1.224	23	5.34%
Capex	0.500	89	0.290	65	0.748	78	0.475	59	0.029	11	0.504	70	2.041	302	1.767	258	30.58%
GCP	0.201	31	0.270	40	0.146	42	0.528	60	0.085	20	0.614	80	1.231	193	1.145	187	37.26%
Refinance	0.105	2	0.007	3	0.033	1	0.078	2	0	0	0.078	2	0.223	8	0.223	8	4.73%
Multiple/Other/NA	0.224	37	0.201	39	0.289	47	0.310	45	0.055	15	0.365	60	1.079	183	0.997	170	22.15%
Total	1.392	164	1.303	153	1.470	177	1.479	171	0.169	46	1.648	217	5.814	711	5.356	646	100.00%
Industry Sector (by SIC code)
	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014	4/2014
Agriculture (0xxx)	0	0	0	0	0	0	0	0	0.001	0	0	0	0
Mining (1xxx)	0.246	0.14	0.142	0.12	0.142	0.164	0.125	0.16	0.196	0.188	0.162	0.124	0.090
Oil and gas (13xx)	0.047	0.055	0.130	0.019	0.037	0.11	0.498	0.026	0.077	0.068	0.046	0.233	0.016
Construction (15xx)	0.004	0	0	0	0	0	0	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.052	0.008	0.008	0.006	0.011	0.049	0.005	0.032	0.014	0.057	0.004	0.017	0.011
Pharmaceuticals (2834-6)	0.010	0.004	0.020	0	0.003	0.018	0.021	0.001	0.034	0.019	0.015	0.268	0.006
Communications (48xx)	0	0	0.004	0.011	0	0	0.013	0	0	0.002	0.025	0	0
Electric, gas, sanitary services (49xx)	0	0.002	0.001	0.002	0	0.002	0.003	0.002	0.206	0	0.055	0.001	0
Wholesale (5xxx)	0	0	0	0.503	0.004	0.001	0	0.002	0	0.001	0	0.019	0.001
Finance, insurance, real estate (6xxx)	0.009	0.354	0.001	0	0	0.03	0	0.009	0	0.002	0.006	0.011	0.013
Services (7xxx)	0.068	0.002	0.050	0.037	0.004	0.001	0.005	0.012	0.007	0.007	0.021	0.103	0.022
Health services (8xxx)	0.011	0	0.003	0.003	0.003	0.005	0.005	0.006	0.008	0.01	0	0	0.010
Non-operating (9995)	0.011	0	0.013	0.006	0.010	0.002	0	0.004	0	0.005	0.006	0.004	0
Total	0.458	0.564	0.370	0.707	0.212	0.384	0.673	0.252	0.544	0.36	0.339	0.78	0.169
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	Q2/2014	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	0	0.001	1	0.001	1	0.00%
Mining (1xxx)	0.527	101	0.427	89	0.481	100	0.474	98	0.090	30	0.563	128	1.998	418	1.752	376	34.16%
Oil and gas (13xx)	0.232	22	0.166	19	0.601	33	0.348	21	0.016	4	0.364	25	1.363	99	1.316	89	22.09%
Construction (15xx)	0.004	1	0	0	0	0	0	0	0	0	0	0	0.004	1	0	0	0.00%
Manufacturing (2xxx, 3xxx)	0.067	9	0.065	9	0.051	10	0.077	7	0.011	2	0.088	9	0.272	37	0.220	36	5.34%
Pharmaceuticals (2834-6)	0.033	7	0.021	6	0.056	6	0.302	14	0.006	2	0.307	16	0.418	35	0.408	33	18.63%
Communications (48xx)	0.004	1	0.011	1	0.013	1	0.027	2	0	0	0.027	2	0.054	5	0.054	5	1.64%
Electric, gas, sanitary services (49xx)	0.003	2	0.004	2	0.210	4	0.056	3	0	0	0.056	3	0.273	11	0.273	11	3.40%
Wholesale (5xxx)	0	0	0.508	5	0.002	1	0.020	2	0.001	1	0.021	3	0.531	9	0.531	9	1.27%
Finance, insurance, real estate (6xxx)	0.365	6	0.030	2	0.009	4	0.019	5	0.013	3	0.033	8	0.436	20	0.427	19	2.00%
Services (7xxx)	0.119	7	0.043	9	0.024	11	0.131	14	0.022	3	0.153	17	0.339	44	0.271	40	9.28%
Health services (8xxx)	0.014	3	0.011	5	0.019	4	0.010	1	0.010	1	0.020	2	0.064	14	0.053	12	1.21%
Non-operating (9995)	0.024	5	0.018	6	0.004	2	0.015	4	0	0	0.015	4	0.061	17	0.050	15	0.91%
Total	1.392	164	1.303	153	1.470	177	1.479	171	0.169	46	1.648	217	5.814	711	5.356	646	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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