Analysis of Canadian PIPE issuance for January

Total: C$0.825 billion in 160 deals

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

Proceeds

1/2006

Less than $1 million 0.009

$1-1.99 million 0.063

$2-2.99 million 0.054

$3-4.99 million 0.081

$5-9.99 million 0.143

$10-14.99 million 0.100

$15-$49.99 million 0.321

$50 million and higher 0.050

Total 0.825

	Q1/2006	Count	Total	Count	Share
Less than $1 million	0.009	20	0.009	20	1.08%
$1-1.99 million	0.063	52	0.063	52	7.58%
$2-2.99 million	0.054	23	0.054	23	6.50%
$3-4.99 million	0.081	21	0.081	21	9.78%
$5-9.99 million	0.143	23	0.143	23	17.36%
$10-14.99 million	0.100	9	0.100	9	12.11%
$15-$49.99 million	0.321	11	0.321	11	38.92%
$50 million and higher	0.050	1	0.050	1	6.06%
Total	0.825	160	0.825	160	100.00%
Type
	1/2006
convertible notes	0.070
convertible preferreds	0.012
notes with warrants	0.005
stock	0.450
units of stock and warrants	0.273
warrants	0.015
Total	0.825
	Q1/2006	Count	Total	Count	Share
convertible notes	0.070	15	0.070	15	8.48%
convertible preferreds	0.012	1	0.012	1	1.45%
notes with warrants	0.005	1	0.005	1	0.61%
stock	0.450	49	0.450	49	54.55%
units of stock and warrants	0.273	93	0.273	93	33.09%
warrants	0.015	1	0.015	1	1.82%
Total	0.825	160	0.825	160	100.00%
Warrants
	1/2006
Yes	0.331
No	0.494
Total	0.825
	Q1/2006	Count	Total	Count	Share
Yes	0.331	107	0.331	107	40.12%
No	0.494	53	0.494	53	59.88%
Total	0.825	160	0.825	160	100.00%
Use of Proceeds
	1/2006
Acquisition	0.127
Capex	0.271
GCP	0.154
Multiple/Other/NA	0.274
Total	0.825
	Q1/2006	Count	Total	Count	Share
Acquisition	0.127	10	0.127	10	15.39%
Capex	0.271	62	0.271	62	32.85%
GCP	0.154	23	0.154	23	18.67%
Multiple/Other/NA	0.274	65	0.274	65	33.21%
Total	0.825	160	0.825	160	100.00%
Industry Sector (by SIC code)
	1/2006
Mining (1xxx)	0.369
Oil and gas (13xx)	0.188
Manufacturing (2xxx, 3xxx)	0.158
Pharmaceuticals (2833-6)	0.019
Electric, gas, sanitary services (49xx)	0.055
Finance, insurance, real estate (6xxx)	0.025
Services (7xxx)	0.011
Total	0.825
	Q1/2006	Count	Total	Count	Share
Mining (1xxx)	0.369	95	0.369	95	44.73%
Oil and gas (13xx)	0.188	30	0.188	30	22.79%
Manufacturing (2xxx, 3xxx)	0.158	18	0.158	18	19.15%
Pharmaceuticals (2833-6)	0.019	6	0.019	6	2.30%
Electric, gas, sanitary services (49xx)	0.055	6	0.055	6	6.67%
Finance, insurance, real estate (6xxx)	0.025	2	0.025	2	3.03%
Services (7xxx)	0.011	3	0.011	3	1.33%
Total	0.825	160	0.825	160	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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