Analysis of Canadian PIPE issuance for 13 months through August 2011

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

Proceeds

	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011
Less than $1 million	0.002	0.006	0.009	0.015	0.018	0.005	0.004	0.005	0.007	0.007	0.005	0.009	0.002
$1-1.99 million	0.024	0.051	0.053	0.080	0.103	0.031	0.050	0.038	0.052	0.044	0.052	0.034	0.032
$2-2.99 million	0.028	0.028	0.093	0.049	0.081	0.025	0.044	0.048	0.044	0.028	0.024	0.049	0.022
$3-4.99 million	0.030	0.089	0.096	0.105	0.111	0.050	0.080	0.068	0.078	0.062	0.086	0.064	0.053
$5-9.99 million	0.069	0.093	0.158	0.237	0.160	0.124	0.238	0.156	0.134	0.135	0.111	0.102	0.027
$10-14.99 million	0.043	0.153	0.076	0.149	0.133	0.090	0.022	0.115	0.060	0.084	0.105	0.033	0.034
$15-$49.99 million	0.126	0.106	0.189	0.480	0.272	0.305	0.467	0.292	0.305	0.193	0.171	0.184	0.072
$50 million and higher	0.413	0.101	0.131	0.951	0.289	0.060	0.368	0.317	0.050	0	0.250	0.140	0.050
Total	0.734	0.627	0.806	2.066	1.167	0.689	1.273	1.039	0.729	0.553	0.802	0.615	0.293
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than $1 million	0.041	65	0.014	23	0.019	33	0.011	18	0.045	74	0.094	151	0.092	147	0.75%
$1-1.99 million	0.236	175	0.120	90	0.147	109	0.066	52	0.333	251	0.643	481	0.619	463	5.56%
$2-2.99 million	0.223	94	0.117	50	0.096	40	0.071	29	0.283	119	0.561	237	0.534	225	4.72%
$3-4.99 million	0.313	85	0.198	53	0.225	63	0.118	32	0.541	148	0.973	264	0.943	256	9.03%
$5-9.99 million	0.555	86	0.518	78	0.380	60	0.129	21	1.027	159	1.744	270	1.675	259	17.13%
$10-14.99 million	0.359	31	0.226	20	0.248	22	0.067	6	0.541	48	1.095	96	1.053	92	9.03%
$15-$49.99 million	0.942	42	1.064	42	0.669	29	0.256	10	1.990	81	3.162	133	3.037	127	33.20%
$50 million and higher	1.372	12	0.745	9	0.300	3	0.190	3	1.235	15	3.121	32	2.708	29	20.60%
Total	4.039	590	3.001	365	2.085	359	0.908	171	5.994	895	11.394	1664	10.660	1598	100.00%
Type
	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011
convertible notes	0.028	0.010	0.022	0.019	0.026	0.077	0.019	0.035	0.009	0.049	0.055	0.123	0.003
convertible preferreds	0	0	0.001	0	0	0	0	0	0	0.002	0	0	0
equity line	0	0.025	0.010	0	0	0.005	0.024	0.025	0.010	0	0.005	0	0
notes with stock	0.002	0.005	0	0.002	0.010	0	0	0	0	0	0	0	0
notes with warrants	0	0	0.006	0.004	0.032	0.015	0	0	0	0.004	0.003	0.015	0.050
stock	0.143	0.281	0.296	1.312	0.491	0.336	0.759	0.299	0.331	0.246	0.440	0.295	0.116
units of stock and warrants	0.561	0.300	0.405	0.664	0.608	0.245	0.471	0.680	0.379	0.252	0.300	0.182	0.123
warrants	0.001	0.006	0.065	0.065	0	0.011	0	0	0	0	0	0	0
Total	0.734	0.627	0.806	2.066	1.167	0.689	1.273	1.039	0.729	0.553	0.802	0.615	0.293
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
convertible notes	0.067	17	0.131	15	0.113	13	0.126	12	0.370	40	0.475	68	0.447	61	6.17%
convertible preferreds	0.001	1	0	0	0.002	1	0	0	0.002	1	0.003	2	0.003	2	0.03%
equity line	0.010	1	0.053	6	0.015	2	0	0	0.069	8	0.103	11	0.103	11	1.15%
notes with stock	0.011	2	0	0	0	0	0	0	0	0	0.018	4	0.017	3	0.00%
notes with warrants	0.042	3	0.015	1	0.007	2	0.065	2	0.087	5	0.129	8	0.129	8	1.45%
stock	2.099	191	1.394	114	1.017	96	0.412	46	2.823	256	5.345	490	5.202	480	47.10%
units of stock and warrants	1.678	372	1.396	228	0.931	245	0.305	111	2.632	584	5.171	1075	4.610	1028	43.91%
warrants	0.130	3	0.011	1	0	0	0	0	0.011	1	0.149	6	0.148	5	0.18%
Total	4.039	590	3.001	365	2.085	359	0.908	171	5.994	895	11.394	1664	10.660	1598	100.00%
Warrants
	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011
Yes	0.587	0.286	0.415	0.747	0.641	0.302	0.445	0.731	0.383	0.320	0.331	0.210	0.164
No	0.147	0.341	0.391	1.319	0.525	0.387	0.828	0.308	0.346	0.234	0.472	0.405	0.129
Total	0.734	0.627	0.806	2.066	1.167	0.689	1.273	1.039	0.729	0.553	0.802	0.615	0.293
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.804	380	1.477	239	1.033	251	0.374	113	2.884	603	5.561	1107	4.974	1053	48.11%
No	2.235	210	1.524	126	1.052	108	0.534	58	3.110	292	5.833	557	5.686	545	51.89%
Total	4.039	590	3.001	365	2.085	359	0.908	171	5.994	895	11.394	1664	10.660	1598	100.00%
Use of Proceeds
	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011
Acquisition	0	0	0	0.051	0	0.019	0	0.028	0.044	0.024	0.057	0.039	0
Capex	0.265	0.448	0.492	0.905	0.768	0.375	0.794	0.486	0.396	0.215	0.439	0.330	0.085
GCP	0.047	0.101	0.156	0.241	0.177	0.143	0.282	0.181	0.119	0.197	0.069	0.091	0.062
Refinance	0.016	0.008	0	0.032	0.004	0.010	0	0	0	0.033	0.011	0.095	0.051
Multiple/Other/NA	0.407	0.069	0.158	0.837	0.217	0.143	0.197	0.343	0.170	0.085	0.227	0.060	0.095
Total	0.734	0.627	0.806	2.066	1.167	0.689	1.273	1.039	0.729	0.553	0.802	0.615	0.293
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.051	3	0.048	5	0.124	12	0.039	2	0.210	19	0.261	22	0.261	22	3.50%
Capex	2.165	404	1.655	231	1.050	181	0.415	84	3.120	496	5.999	1017	5.734	976	52.05%
GCP	0.575	88	0.606	77	0.385	57	0.153	42	1.144	176	1.867	293	1.820	284	19.09%
Refinance	0.036	3	0.010	1	0.044	4	0.146	4	0.200	9	0.260	15	0.245	14	3.34%
Multiple/Other/NA	1.211	92	0.683	51	0.482	105	0.155	39	1.320	195	3.007	317	2.600	302	22.02%
Total	4.039	590	3.001	365	2.085	359	0.908	171	5.994	895	11.394	1664	10.660	1598	100.00%
Industry Sector (by SIC code)
	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011	4/2011	5/2011	6/2011	7/2011	8/2011
Agriculture (0xxx)	0	0	0.003	0.011	0	0.001	0	0	0.035	0	0.005	0.005	0
Mining (1xxx)	0.647	0.432	0.539	0.948	0.881	0.474	0.616	0.800	0.388	0.343	0.459	0.390	0.176
Oil and gas (13xx)	0.035	0.096	0.187	0.987	0.075	0.104	0.461	0.108	0.133	0.124	0.273	0.022	0.033
Construction (15xx)	0	0	0	0	0	0	0	0	0.002	0	0	0	0
Manufacturing (2xxx, 3xxx)	0.009	0.023	0.015	0.014	0.026	0.034	0.045	0.046	0.039	0.020	0.007	0.055	0.005
Pharmaceuticals (2834-6)	0.011	0.052	0.010	0.004	0.003	0	0.002	0.045	0.010	0.005	0.017	0.002	0.003
Transportation (4xxx)	0	0	0.004	0	0	0	0	0	0	0	0	0.070	0.001
Communications (48xx)	0	0	0	0.005	0.003	0	0.006	0.017	0.002	0	0	0.005	0.002
Electric, gas, sanitary services (49xx)	0.016	0.010	0.001	0.003	0.014	0	0.020	0.004	0.001	0.002	0.004	0.012	0
Wholesale (5xxx)	0	0	0	0	0	0	0.004	0	0.001	0	0	0.002	0.001
Finance, insurance, real estate (6xxx)	0.008	0.002	0.018	0.074	0.146	0.051	0.001	0.001	0	0.013	0	0.030	0.020
Services (7xxx)	0.004	0.013	0.026	0.017	0.017	0.026	0.085	0.003	0.026	0.036	0.024	0.009	0.005
Health services (8xxx)	0.006	0	0	0.002	0	0	0.022	0	0.025	0	0.003	0	0
Non-operating (9995)	0	0	0.002	0	0.002	0	0.012	0.015	0.068	0.011	0.010	0.013	0.047
Total	0.734	0.627	0.806	2.066	1.167	0.689	1.273	1.039	0.729	0.553	0.802	0.615	0.293
	Q4/2010	Count	Q1/2011	Count	Q2/2011	Count	Q3/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.015	2	0.001	1	0.040	2	0.005	1	0.046	4	0.060	6	0.060	6	0.77%
Mining (1xxx)	2.368	424	1.891	247	1.190	242	0.566	114	3.647	603	7.093	1161	6.446	1114	60.84%
Oil and gas (13xx)	1.249	81	0.672	60	0.530	52	0.055	17	1.257	129	2.637	230	2.603	221	20.97%
Construction (15xx)	0	0	0	0	0.002	1	0	0	0.002	1	0.002	1	0.002	1	0.03%
Manufacturing (2xxx, 3xxx)	0.055	20	0.124	17	0.066	16	0.060	10	0.250	43	0.337	71	0.328	68	4.17%
Pharmaceuticals (2834-6)	0.018	9	0.048	6	0.031	6	0.004	2	0.084	14	0.164	28	0.153	27	1.40%
Transportation (4xxx)	0.004	2	0	0	0	0	0.071	2	0.071	2	0.075	4	0.075	4	1.18%
Communications (48xx)	0.008	3	0.023	3	0.002	1	0.007	3	0.032	7	0.040	10	0.040	10	0.53%
Electric, gas, sanitary services (49xx)	0.019	8	0.024	2	0.007	4	0.012	4	0.044	10	0.088	20	0.072	19	0.73%
Wholesale (5xxx)	0	0	0.004	2	0.001	1	0.003	2	0.008	5	0.008	5	0.008	5	0.13%
Finance, insurance, real estate (6xxx)	0.238	23	0.053	6	0.013	2	0.050	4	0.116	12	0.364	38	0.356	36	1.94%
Services (7xxx)	0.060	15	0.113	14	0.085	17	0.014	6	0.213	37	0.289	58	0.285	56	3.55%
Health services (8xxx)	0.002	1	0.022	1	0.028	2	0	0	0.050	3	0.057	5	0.052	4	0.83%
Non-operating (9995)	0.004	2	0.027	6	0.089	13	0.060	6	0.176	25	0.179	27	0.179	27	2.94%
Total	4.039	590	3.001	365	2.085	359	0.908	171	5.994	895	11.394	1664	10.660	1598	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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