Analysis of Canadian PIPE issuance for year to date and 12 months through April

Total year-to-date issuance: C$4.862 billion in 744 deals

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

Proceeds

	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006
Less than $1 million	0.003	0.008	0.009	0.008	0.009	0.015	0.005	0.019	0.009	0.007	0.012	0.016
$1-1.99 million	0.033	0.050	0.046	0.048	0.057	0.038	0.063	0.093	0.069	0.064	0.090	0.067
$2-2.99 million	0.022	0.044	0.021	0.052	0.025	0.049	0.047	0.047	0.060	0.070	0.076	0.076
$3-4.99 million	0.038	0.074	0.073	0.067	0.085	0.086	0.109	0.088	0.086	0.073	0.141	0.092
$5-9.99 million	0.124	0.119	0.081	0.191	0.157	0.165	0.220	0.157	0.144	0.124	0.190	0.184
$10-14.99 million	0.045	0.115	0.081	0.166	0.108	0.091	0.120	0.115	0.128	0.054	0.224	0.106
$15-$49.99 million	0.171	0.290	0.201	0.266	0.422	0.198	0.346	0.247	0.251	0.286	0.495	0.339
$50 million and higher	0	0.376	0.125	0.176	0.145	0.174	0.227	0.065	0.105	0.330	0.789	0.102
Total	0.438	1.076	0.633	0.973	1.011	0.819	1.138	0.832	0.855	1.011	2.020	0.977
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.025	39	0.039	72	0.027	59	0.016	25	0.044	84	0.116	217	0.88%
$1-1.99 million	0.154	115	0.191	144	0.224	172	0.067	48	0.290	220	0.714	544	5.85%
$2-2.99 million	0.098	41	0.145	65	0.208	84	0.076	32	0.282	116	0.592	251	5.69%
$3-4.99 million	0.224	59	0.284	75	0.302	83	0.092	23	0.393	106	1.017	270	7.96%
$5-9.99 million	0.430	66	0.543	82	0.459	73	0.184	29	0.643	102	1.861	289	13.03%
$10-14.99 million	0.355	31	0.326	28	0.406	36	0.106	9	0.512	45	1.353	118	10.62%
$15-$49.99 million	0.889	33	0.791	33	1.032	41	0.339	14	1.371	55	3.511	139	28.17%
$50 million and higher	0.446	7	0.466	6	1.224	15	0.102	1	1.326	16	2.614	33	27.28%
Total	2.617	391	2.789	505	3.885	563	0.977	181	4.862	744	11.782	1861	100.00%
Type
	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006
convertible notes	0.027	0.035	0.009	0.055	0.061	0.046	0.035	0.043	0.069	0.041	0.044	0.021
convertible preferreds	0.056	0.150	0	0.028	0	0	0	0	0.018	0	0	0.002
equity line of credit	0.010	0	0	0	0.060	0	0.010	0	0	0	0	0
notes with warrants	0	0.002	0.001	0.013	0.013	0.008	0	0.021	0.005	0	0.011	0.007
stock	0.254	0.602	0.418	0.580	0.602	0.485	0.605	0.518	0.463	0.595	1.053	0.507
units of stock and warrants	0.086	0.287	0.205	0.298	0.275	0.280	0.488	0.249	0.285	0.375	0.912	0.440
warrants	0.005	0	0	0	0	0	0	0	0.015	0	0	0
Total	0.438	1.076	0.633	0.973	1.011	0.819	1.138	0.832	0.855	1.011	2.020	0.977
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
convertible notes	0.125	22	0.124	20	0.153	38	0.021	4	0.174	42	0.485	98	3.58%
convertible preferreds	0.028	1	0	0	0.018	3	0.002	1	0.020	4	0.254	9	0.41%
equity line of credit	0.060	1	0.010	1	0	0	0	0	0	0	0.080	3	0.00%
notes with warrants	0.027	6	0.029	5	0.015	5	0.007	2	0.022	7	0.080	19	0.45%
stock	1.599	152	1.609	211	2.112	186	0.507	57	2.619	243	6.683	699	53.87%
units of stock and warrants	0.778	209	1.017	268	1.572	330	0.440	117	2.012	447	4.180	1031	41.38%
warrants	0	0	0	0	0.015	1	0	0	0.015	1	0.020	2	0.31%
Total	2.617	391	2.789	505	3.885	563	0.977	181	4.862	744	11.782	1861	100.00%
Warrants
	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006
Yes	0.150	0.444	0.239	0.389	0.314	0.305	0.510	0.282	0.349	0.393	0.939	0.453
No	0.288	0.632	0.394	0.583	0.697	0.514	0.628	0.549	0.506	0.618	1.080	0.524
Total	0.438	1.076	0.633	0.973	1.011	0.819	1.138	0.832	0.855	1.011	2.020	0.977
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	0.942	232	1.098	289	1.681	361	0.453	121	2.134	482	4.769	1121	43.89%
No	1.674	159	1.691	216	2.204	202	0.524	60	2.728	262	7.013	740	56.11%
Total	2.617	391	2.789	505	3.885	563	0.977	181	4.862	744	11.782	1861	100.00%
Use of Proceeds
	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006
Acquisition	0.125	0.184	0.109	0.072	0.100	0.099	0.169	0.059	0.128	0.184	0.385	0.093
Capex	0.123	0.418	0.212	0.363	0.431	0.351	0.516	0.270	0.296	0.636	0.878	0.584
GCP	0.069	0.138	0.054	0.197	0.241	0.123	0.098	0.146	0.150	0.045	0.142	0.054
Repay debt	0	0.013	0.008	0.006	0	0.073	0	0.004	0	0	0.178	0.003
Multiple/Other/NA	0.122	0.323	0.251	0.335	0.238	0.173	0.356	0.352	0.281	0.146	0.438	0.243
Total	0.438	1.076	0.633	0.973	1.011	0.819	1.138	0.832	0.855	1.011	2.020	0.977
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.281	25	0.327	31	0.697	48	0.093	16	0.790	64	1.706	141	16.25%
Capex	1.006	158	1.137	217	1.810	257	0.584	85	2.394	342	5.077	799	49.24%
GCP	0.493	80	0.367	89	0.337	73	0.054	14	0.391	87	1.458	296	8.04%
Repay debt	0.014	3	0.077	4	0.178	3	0.003	1	0.181	4	0.285	12	3.72%
Multiple/Other/NA	0.824	125	0.881	164	0.864	182	0.243	65	1.107	247	3.256	613	22.77%
Total	2.617	391	2.789	505	3.885	563	0.977	181	4.862	744	11.782	1861	100.00%
Industry Sector (by SIC code)
	5/2005	6/2005	7/2005	8/2005	9/2005	10/2005	11/2005	12/2005	1/2006	2/2006	3/2006	4/2006
Agriculture (0xxx)	0	0	0	0.010	0.006	0	0	0	0	0	0	0
Mining (1xxx)	0.103	0.253	0.203	0.260	0.370	0.243	0.405	0.346	0.384	0.511	1.102	0.631
Oil and gas (13xx)	0.198	0.468	0.241	0.438	0.552	0.278	0.590	0.309	0.209	0.378	0.384	0.213
Construction (15xx)	0	0	0.012	0	0	0	0	0	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.046	0.117	0.053	0.062	0.033	0.019	0.063	0.019	0.159	0.030	0.129	0.040
Pharmaceuticals (2833-6)	0.002	0.005	0.002	0.054	0.006	0.029	0.018	0.051	0.019	0.042	0.048	0.033
Transportation (4xxx)	0	0	0	0	0	0.037	0	0	0	0	0	0.001
Communications (48xx)	0	0.006	0	0.008	0.001	0.013	0.002	0.002	0	0	0.010	0
Electric, gas, sanitary services (49xx)	0.004	0.011	0	0.001	0.005	0.115	0.010	0.030	0.048	0.025	0.024	0.002
Wholesale (5xxx)	0.008	0.002	0.010	0.015	0	0.012	0	0.005	0	0	0.015	0
Finance, insurance, real estate (6xxx)	0.046	0.195	0.037	0.069	0.007	0.046	0.042	0.055	0.024	0.002	0.076	0.023
Services (7xxx)	0.030	0.020	0.076	0.056	0.032	0.026	0.008	0.013	0.012	0.017	0.225	0.031
Health services (8xxx)	0	0	0	0	0	0	0	0.002	0	0.003	0.003	0
Non-operating (9995)	0	0	0	0	0	0	0	0	0	0.003	0.003	0.004
Total	0.438	1.076	0.633	0.973	1.011	0.819	1.138	0.832	0.855	1.011	2.020	0.977
	Q3/2005	Count	Q4/2005	Count	Q1/2006	Count	Q2/2006	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0.016	2	0	0	0	0	0	0	0	0	0.016	2	0.00%
Mining (1xxx)	0.833	208	0.993	268	1.997	346	0.631	122	2.628	468	4.809	1051	54.05%
Oil and gas (13xx)	1.230	109	1.177	154	0.970	102	0.213	24	1.183	126	4.256	449	24.33%
Construction (15xx)	0.012	1	0	0	0	0	0	0	0	0	0.012	1	0.00%
Manufacturing (2xxx, 3xxx)	0.148	22	0.101	20	0.318	42	0.040	12	0.358	54	0.770	119	7.36%
Pharmaceuticals (2833-6)	0.061	10	0.099	17	0.110	19	0.033	4	0.143	23	0.310	53	2.94%
Transportation (4xxx)	0	0	0.037	1	0	0	0.001	1	0.001	1	0.038	2	0.02%
Communications (48xx)	0.009	2	0.017	3	0.010	1	0	0	0.010	1	0.041	8	0.21%
Electric, gas, sanitary services (49xx)	0.006	5	0.155	11	0.097	11	0.002	1	0.099	12	0.276	32	2.04%
Wholesale (5xxx)	0.025	3	0.017	2	0.015	1	0	0	0.015	1	0.068	8	0.31%
Finance, insurance, real estate (6xxx)	0.113	14	0.144	13	0.101	9	0.023	6	0.124	15	0.622	54	2.55%
Services (7xxx)	0.164	15	0.047	15	0.254	26	0.031	10	0.285	36	0.547	74	5.86%
Health services (8xxx)	0	0	0.002	1	0.006	4	0	0	0.006	4	0.008	5	0.12%
Non-operating (9995)	0	0	0	0	0.006	2	0.004	1	0.010	3	0.010	3	0.21%
Total	2.617	391	2.789	505	3.885	563	0.977	181	4.862	744	11.782	1861	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).

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.