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Published on 1/6/2005 in the Prospect News PIPE Daily.

Analysis of Canadian PIPE issuance for December 2004

Total: C$0.525 billion in 118 deals

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

Size

Less than $1 million0.012192.28%
$1-1.99 million0.0564110.33%
$2-2.99 million0.029135.32%
$3-4.99 million0.0591611.23%
$5-9.99 million0.0951417.77%
$10-14.99 million0.076714.29%
$15-$49.99 million0.208838.78%
Total0.535118
Type
convertible notes0.00931.68%
stock0.3425463.86%
units of stock and warrants0.1846134.45%
Total0.535118
Warrants
Yes0.1926635.95%
No0.3435264.05%
Total0.535118
Use of proceeds
Acquisition0.1491027.78%
Capex0.1686731.36%
GCP0.1022218.99%
Multiple/Other/NA0.1171921.87%
Total0.535118
Industry sector (by SIC code)
Mining (1xxx)0.1165321.71%
Oil and gas (13xx)0.2884053.82%
Manufacturing (2xxx, 3xxx)0.0561110.40%
Communications (48xx)0.00310.51%
Electric, gas, sanitary services (49xx)0.01933.55%
Wholesale (5xxx)0.03526.54%
Finance, insurance, real estate (6xxx)0.01132.05%
Services (7xxx)0.00851.41%
Total0.535118
Criteria

* The tables include all Canadian dollar-denominated offerings sold as private placements.

* Stock must be listed on a Canadian or U.S. exchange or trade on the Bulletin Board or Pink Sheets.

* 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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