Analysis of Canadian PIPE issuance for 2005

Total: C$11.055 billion in 1,612 deals

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

Proceeds

	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005
Less than $1 million	0.003	0.007	0.016	0.010	0.003	0.008	0.009	0.008	0.009	0.015	0.006	0.018
$1-1.99 million	0.046	0.039	0.059	0.044	0.033	0.050	0.046	0.048	0.057	0.038	0.067	0.086
$2-2.99 million	0.032	0.039	0.056	0.037	0.022	0.046	0.021	0.049	0.025	0.052	0.051	0.058
$3-4.99 million	0.056	0.060	0.072	0.071	0.038	0.074	0.073	0.069	0.085	0.086	0.111	0.084
$5-9.99 million	0.084	0.137	0.161	0.046	0.124	0.119	0.081	0.198	0.168	0.152	0.211	0.170
$10-14.99 million	0.047	0.067	0.082	0.088	0.045	0.115	0.081	0.166	0.108	0.111	0.120	0.124
$15-$49.99 million	0.204	0.361	0.296	0.272	0.171	0.290	0.201	0.266	0.422	0.183	0.346	0.231
$50 million and higher	0.217	0.284	0.403	0.719	0	0.376	0.125	0.176	0.145	0.174	0.227	0.065
Total	0.691	0.992	1.145	1.284	0.438	1.078	0.633	0.979	1.022	0.813	1.139	0.840
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Less than $1 million	0.026	44	0.021	41	0.025	39	0.040	71	0.109	195	0.0107
$1-1.99 million	0.143	111	0.127	98	0.154	115	0.188	142	0.610	466	0.0582
$2-2.99 million	0.126	55	0.104	44	0.095	40	0.161	72	0.489	211	0.0466
$3-4.99 million	0.188	50	0.183	50	0.226	59	0.281	74	0.881	233	0.084
$5-9.99 million	0.382	55	0.289	46	0.448	68	0.534	80	1.655	249	0.1482
$10-14.99 million	0.196	17	0.248	22	0.355	31	0.355	31	1.154	101	0.1052
$15-$49.99 million	0.861	34	0.733	27	0.889	33	0.760	31	3.242	125	0.2933
$50 million and higher	0.904	9	1.095	10	0.446	7	0.466	6	2.911	32	0.2634
Total	2.828	375	2.801	338	2.634	392	2.791	507	11.055	1612	100.00%
Type
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005
convertible notes	0.072	0.056	0.188	0.110	0.027	0.035	0.009	0.052	0.061	0.046	0.035	0.043
convertible preferreds	0	0.006	0.023	0	0.056	0.150	0	0.028	0	0	0	0
equity line of credit	0	0	0	0.100	0.010	0	0	0	0.060	0	0.010	0
notes with warrants	0	0.003	0.010	0	0	0.002	0.001	0.013	0.013	0.008	0	0.021
stock	0.338	0.596	0.629	0.804	0.254	0.602	0.418	0.582	0.602	0.485	0.603	0.516
units of stock and warrants	0.281	0.332	0.295	0.265	0.086	0.289	0.205	0.305	0.287	0.274	0.491	0.259
warrants	0	0	0	0.005	0.005	0	0	0	0	0	0	0
Total	0.691	0.992	1.145	1.284	0.438	1.078	0.633	0.979	1.022	0.813	1.139	0.840
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
convertible notes	0.316	32	0.172	21	0.122	21	0.124	20	0.734	94	6.64%
convertible preferreds	0.029	4	0.206	4	0.028	1	0	0	0.262	9	2.37%
equity line of credit	0	0	0.110	2	0.060	1	0.010	1	0.180	4	1.63%
notes with warrants	0.013	4	0.002	1	0.027	6	0.029	5	0.071	16	0.64%
stock	1.562	134	1.660	129	1.601	152	1.604	212	6.428	627	58.15%
units of stock and warrants	0.909	201	0.640	179	0.796	211	1.024	269	3.369	860	30.47%
warrants	0	0	0.010	2	0	0	0	0	0.010	2	0.09%
Total	2.828	375	2.801	338	2.634	392	2.791	507	11.055	1612	100.00%
Warrants
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005
Yes	0.290	0.341	0.350	0.372	0.150	0.446	0.239	0.394	0.325	0.300	0.513	0.292
No	0.401	0.651	0.795	0.912	0.288	0.632	0.394	0.585	0.697	0.514	0.626	0.547
Total	0.691	0.992	1.145	1.284	0.438	1.078	0.633	0.979	1.022	0.813	1.139	0.840
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Yes	0.981	218	0.969	194	0.958	233	1.105	290	4.013	935	36.30%
No	1.847	157	1.832	144	1.676	159	1.686	217	7.042	677	63.70%
Total	2.828	375	2.801	338	2.634	392	2.791	507	11.055	1612	100.00%
Use of Proceeds
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005
Acquisition	0.100	0.301	0.471	0.794	0.125	0.184	0.109	0.072	0.100	0.096	0.169	0.059
Capex	0.187	0.298	0.302	0.153	0.123	0.418	0.212	0.370	0.443	0.346	0.517	0.286
GCP	0.112	0.185	0.185	0.125	0.069	0.138	0.054	0.196	0.241	0.125	0.098	0.140
Repay debt	0.001	0.001	0.044	0.011	0	0.013	0.008	0.006	0	0.073	0	0.004
Multiple/Other/NA	0.292	0.207	0.144	0.202	0.122	0.325	0.251	0.335	0.238	0.173	0.354	0.351
Total	0.691	0.992	1.145	1.284	0.438	1.078	0.633	0.979	1.022	0.813	1.139	0.840
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Acquisition	0.872	32	1.102	36	0.281	25	0.323	30	2.578	123	23.32%
Capex	0.787	137	0.693	126	1.024	160	1.149	219	3.654	642	33.05%
GCP	0.481	112	0.332	64	0.492	79	0.363	91	1.669	346	15.10%
Repay debt	0.047	7	0.024	3	0.014	3	0.077	4	0.162	17	1.46%
Multiple/Other/NA	0.642	87	0.648	109	0.824	125	0.878	163	2.992	484	27.06%
Total	2.828	375	2.801	338	2.634	392	2.791	507	11.055	1612	100.00%
Industry Sector (by SIC code)
	1/2005	2/2005	3/2005	4/2005	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005
Agriculture (0xxx)	0	0	0	0	0	0	0	0.010	0.006	0	0	0
Mining (1xxx)	0.236	0.281	0.296	0.303	0.103	0.255	0.203	0.267	0.371	0.245	0.409	0.357
Oil and gas (13xx)	0.290	0.347	0.610	0.642	0.198	0.468	0.241	0.438	0.552	0.266	0.587	0.306
Construction (15xx)	0	0	0.005	0.011	0	0	0.012	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.022	0.038	0.123	0.016	0.046	0.117	0.053	0.059	0.033	0.019	0.063	0.018
Pharmaceuticals (2833-6)	0.008	0.010	0.001	0.154	0.002	0.005	0.002	0.054	0.006	0.033	0.018	0.051
Transportation (4xxx)	0.020	0	0	0.005	0	0	0	0	0	0.037	0	0
Communications (48xx)	0	0	0.001	0.001	0	0.006	0	0.008	0.001	0.013	0.002	0.002
Electric, gas, sanitary services (49xx)	0.004	0.003	0.003	0.009	0.004	0.011	0	0.001	0.015	0.115	0.010	0.030
Wholesale (5xxx)	0	0.032	0.002	0	0.008	0.002	0.010	0.015	0	0.012	0	0.005
Finance, insurance, real estate (6xxx)	0.102	0.269	0.048	0.103	0.046	0.195	0.037	0.071	0.007	0.046	0.042	0.055
Services (7xxx)	0.010	0.013	0.056	0.030	0.030	0.020	0.076	0.056	0.032	0.026	0.008	0.013
Health services (8xxx)	0	0	0	0.011	0	0	0	0	0	0	0	0.002
Total	0.691	0.992	1.145	1.284	0.438	1.078	0.633	0.979	1.022	0.813	1.139	0.840
	Q1/2005	Count	Q2/2005	Count	Q3/2005	Count	Q4/2005	Count	Total	Count	Share
Agriculture (0xxx)	0	0	0	0	0.016	2	0	0	0.016	2	0.14%
Mining (1xxx)	0.813	186	0.660	164	0.841	209	1.011	272	3.325	831	30.08%
Oil and gas (13xx)	1.246	93	1.308	83	1.230	109	1.158	152	4.943	437	44.71%
Construction (15xx)	0.005	2	0.011	1	0.012	1	0	0	0.027	4	0.24%
Manufacturing (2xxx, 3xxx)	0.183	39	0.179	30	0.145	21	0.100	20	0.607	110	5.49%
Pharmaceuticals (2833-6)	0.019	5	0.161	7	0.061	10	0.103	17	0.344	39	3.11%
Transportation (4xxx)	0.020	1	0.005	2	0	0	0.037	1	0.062	4	0.56%
Communications (48xx)	0.001	1	0.007	3	0.009	2	0.017	3	0.034	9	0.31%
Electric, gas, sanitary services (49xx)	0.010	7	0.024	9	0.016	6	0.155	11	0.205	33	1.85%
Wholesale (5xxx)	0.033	3	0.010	2	0.025	3	0.017	2	0.086	10	0.78%
Finance, insurance, real estate (6xxx)	0.418	18	0.344	18	0.115	14	0.144	13	1.021	63	9.24%
Services (7xxx)	0.079	20	0.080	18	0.164	15	0.047	15	0.371	68	3.36%
Health services (8xxx)	0	0	0.011	1	0	0	0.002	1	0.013	2	0.12%
Total	2.828	375	2.801	338	2.634	392	2.791	507	11.055	1612	100.00%

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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