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

Total year-to-date issuance: C$10.946 billion in 1,581 deals

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

Proceeds

	Dec-05	Jan-06	Feb-06	Mar-06	Apr-06	May-06	Jun-06	Jul-06	Aug-06	Sep-06	Oct-06	Nov-06
Less than $1 million	0.018	0.01	0.006	0.013	0.016	0.006	0.009	0.007	0.005	0.011	0.006	0.012
$1-1.99 million	0.092	0.071	0.066	0.089	0.069	0.051	0.035	0.025	0.048	0.022	0.035	0.059
$2-2.99 million	0.048	0.058	0.071	0.082	0.071	0.042	0.039	0.027	0.04	0.029	0.035	0.063
$3-4.99 million	0.101	0.082	0.076	0.139	0.088	0.095	0.058	0.04	0.047	0.037	0.066	0.139
$5-9.99 million	0.156	0.151	0.124	0.201	0.197	0.158	0.095	0.064	0.123	0.101	0.173	0.143
$10-14.99 million	0.116	0.138	0.054	0.215	0.088	0.101	0.084	0.065	0.032	0.074	0.126	0.134
$15-$49.99 million	0.247	0.323	0.285	0.495	0.38	0.492	0.406	0.21	0.198	0.206	0.247	0.433
$50 million and higher	0.065	0.055	0.329	0.799	0.152	0.108	0.059	0.272	0.325	0	0.115	0.32
Total	0.845	0.889	1.01	2.032	1.062	1.054	0.785	0.71	0.819	0.479	0.804	1.302
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Less than $1 million	0.029	59	0.031	51	0.023	41	0.018	28	0.101	179	0.119	211	0.92%
$1-1.99 million	0.227	171	0.155	114	0.094	70	0.094	70	0.57	425	0.662	491	5.21%
$2-2.99 million	0.211	87	0.152	63	0.096	40	0.098	42	0.557	232	0.606	254	5.09%
$3-4.99 million	0.297	81	0.241	64	0.124	34	0.205	54	0.868	233	0.969	260	7.93%
$5-9.99 million	0.475	75	0.45	68	0.287	44	0.317	46	1.529	233	1.685	254	13.97%
$10-14.99 million	0.406	36	0.273	24	0.171	15	0.26	24	1.11	99	1.226	109	10.14%
$15-$49.99 million	1.103	43	1.278	52	0.614	26	0.68	29	3.676	150	3.923	161	33.58%
$50 million and higher	1.183	14	0.32	4	0.597	6	0.435	6	2.535	30	2.6	31	23.16%
Total	3.931	566	2.9	440	2.008	276	2.107	299	10.946	1581	11.79	1771	100.00%
Type
	Dec-05	Jan-06	Feb-06	Mar-06	Apr-06	May-06	Jun-06	Jul-06	Aug-06	Sep-06	Oct-06	Nov-06
convertible notes	0.043	0.069	0.041	0.044	0.022	0.029	0.034	0.038	0.066	0.028	0.014	0.13
convertible preferreds	0	0.018	0	0	0.002	0	0.027	0	0	0	0	0
equity line of credit	0	0	0	0	0	0.04	0	0	0	0	0	0
notes with warrants	0.021	0.005	0	0.011	0.007	0.033	0.003	0.003	0.011	0.002	0.004	0.03
stock	0.52	0.485	0.595	1.053	0.563	0.623	0.506	0.202	0.556	0.256	0.481	0.797
units of stock and warrants	0.26	0.297	0.374	0.924	0.467	0.329	0.215	0.469	0.185	0.193	0.275	0.345
warrants	0	0.015	0	0	0	0	0	0	0	0	0.03	0
Total	0.845	0.889	1.01	2.032	1.062	1.054	0.785	0.71	0.819	0.479	0.804	1.302
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
convertible notes	0.153	38	0.085	12	0.132	20	0.144	16	0.514	86	0.557	93	4.70%
convertible preferreds	0.018	3	0.029	3	0	0	0	0	0.047	6	0.047	6	0.43%
equity line of credit	0	0	0.04	1	0	0	0	0	0.04	1	0.04	1	0.37%
notes with warrants	0.015	5	0.043	4	0.016	4	0.035	3	0.108	16	0.129	20	0.99%
stock	2.134	186	1.692	172	1.014	104	1.278	127	6.118	589	6.639	677	55.89%
units of stock and warrants	1.595	333	1.011	248	0.846	148	0.62	150	4.072	879	4.333	970	37.20%
warrants	0.015	1	0	0	0	0	0.03	3	0.045	4	0.045	4	0.41%
Total	3.931	566	2.9	440	2.008	276	2.107	299	10.946	1581	11.79	1771	100.00%
Warrants
	Dec-05	Jan-06	Feb-06	Mar-06	Apr-06	May-06	Jun-06	Jul-06	Aug-06	Sep-06	Oct-06	Nov-06
Yes	0.294	0.361	0.392	0.955	0.482	0.397	0.265	0.499	0.197	0.203	0.294	0.392
No	0.551	0.528	0.618	1.077	0.58	0.657	0.52	0.212	0.621	0.275	0.51	0.91
Total	0.845	0.889	1.01	2.032	1.062	1.054	0.785	0.71	0.819	0.479	0.804	1.302
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Yes	1.708	365	1.144	263	0.9	161	0.687	162	4.438	951	4.732	1051	40.54%
No	2.223	201	1.757	177	1.108	115	1.42	137	6.507	630	7.058	720	59.45%
Total	3.931	566	2.9	440	2.008	276	2.107	299	10.946	1581	11.79	1771	100.00%
Use of Proceeds
	Dec-05	Jan-06	Feb-06	Mar-06	Apr-06	May-06	Jun-06	Jul-06	Aug-06	Sep-06	Oct-06	Nov-06
Acquisition	0.059	0.128	0.184	0.382	0.094	0.186	0.098	0.124	0.439	0.055	0.156	0.167
Capex	0.283	0.319	0.637	0.888	0.648	0.481	0.339	0.467	0.185	0.26	0.317	0.714
GCP	0.146	0.16	0.045	0.143	0.062	0.19	0.073	0.034	0.052	0.038	0.081	0.163
Repay debt	0.004	0	0	0.178	0.003	0.004	0.012	0.014	0.022	0.012	0.086	0.05
Multiple/Other/NA	0.352	0.281	0.145	0.442	0.255	0.193	0.263	0.071	0.121	0.114	0.164	0.209
Total	0.845	0.889	1.01	2.032	1.062	1.054	0.785	0.71	0.819	0.479	0.804	1.302
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Acquisition	0.694	48	0.377	34	0.618	21	0.323	18	2.012	121	2.07	131	18.38%
Capex	1.844	258	1.468	204	0.912	135	1.031	150	5.255	747	5.538	828	48.01%
GCP	0.348	74	0.325	53	0.124	44	0.244	48	1.041	219	1.187	252	9.51%
Repay debt	0.178	3	0.019	4	0.048	6	0.136	3	0.38	16	0.384	17	3.47%
Multiple/Other/NA	0.868	183	0.711	145	0.306	70	0.373	80	2.258	478	2.61	543	20.63%
Total	3.931	566	2.9	440	2.008	276	2.107	299	10.946	1581	11.79	1771	100.00%
Industry Sector (by SIC code)
	Dec-05	Jan-06	Feb-06	Mar-06	Apr-06	May-06	Jun-06	Jul-06	Aug-06	Sep-06	Oct-06	Nov-06
Agriculture (0xxx)	0	0	0	0	0	0.008	0	0	0	0	0	0
Mining (1xxx)	0.358	0.418	0.511	1.117	0.712	0.404	0.26	0.228	0.159	0.252	0.292	0.529
Oil and gas (13xx)	0.31	0.209	0.378	0.382	0.214	0.448	0.325	0.412	0.211	0.146	0.328	0.467
Construction (15xx)	0	0	0	0	0	0	0.03	0	0.003	0	0	0
Manufacturing (2xxx, 3xxx)	0.019	0.159	0.03	0.128	0.043	0.039	0.05	0.021	0.047	0.06	0.017	0.047
Pharmaceuticals (2834-6)	0.051	0.019	0.042	0.049	0.027	0.082	0.011	0.017	0.01	0	0.051	0.046
Transportation (4xxx)	0	0	0	0	0.001	0	0.027	0	0	0	0	0.03
Communications (48xx)	0.002	0	0	0.01	0	0.005	0	0	0	0.003	0.014	0.001
Electric, gas, sanitary services (49xx)	0.03	0.048	0.025	0.024	0.002	0.01	0.001	0	0.013	0.008	0.052	0
Wholesale (5xxx)	0.005	0	0	0.015	0	0	0.001	0	0.002	0	0	0
Finance, insurance, real estate (6xxx)	0.055	0.024	0.002	0.076	0.023	0.037	0.039	0.011	0.358	0	0.032	0.163
Services (7xxx)	0.013	0.012	0.017	0.225	0.036	0.017	0.037	0.012	0.011	0.009	0.009	0.018
Health services (8xxx)	0.002	0	0.003	0.003	0	0	0	0.005	0	0.001	0	0.002
Non-operating (9995)	0	0	0.003	0.003	0.004	0.003	0.003	0.003	0.006	0	0.009	0
Total	0.845	0.889	1.01	2.032	1.062	1.054	0.785	0.71	0.819	0.479	0.804	1.302
	Q1/2006	Count	Q2/2006	Count	Q3/2006	Count	Q4/2006	Count	YTD	Count	Total	Count	YTD Share
Agriculture (0xxx)	0	0	0.008	1	0	0	0	0	0.008	1	0.008	1	0.07%
Mining (1xxx)	2.046	349	1.377	264	0.639	160	0.821	169	4.882	942	5.24	1045	44.60%
Oil and gas (13xx)	0.969	102	0.987	95	0.768	53	0.795	77	3.518	327	3.828	384	32.14%
Construction (15xx)	0	0	0.03	1	0.003	1	0	0	0.033	2	0.033	2	0.30%
Manufacturing (2xxx, 3xxx)	0.317	42	0.132	25	0.128	22	0.065	17	0.642	106	0.66	111	5.87%
Pharmaceuticals (2834-6)	0.11	19	0.12	8	0.027	6	0.097	8	0.354	41	0.405	48	3.23%
Transportation (4xxx)	0	0	0.029	3	0	0	0.03	2	0.058	5	0.058	5	0.53%
Communications (48xx)	0.01	1	0.005	1	0.003	1	0.015	4	0.034	7	0.036	8	0.31%
Electric, gas, sanitary services (49xx)	0.097	11	0.013	3	0.022	6	0.052	2	0.184	22	0.215	26	1.68%
Wholesale (5xxx)	0.015	1	0.001	1	0.002	1	0	0	0.018	3	0.023	4	0.16%
Finance, insurance, real estate (6xxx)	0.101	9	0.099	13	0.369	14	0.195	6	0.764	42	0.82	49	6.98%
Services (7xxx)	0.254	26	0.089	21	0.032	6	0.026	8	0.402	61	0.414	65	3.67%
Health services (8xxx)	0.006	4	0	0	0.006	3	0.002	1	0.014	8	0.016	9	0.13%
Non-operating (9995)	0.006	2	0.011	4	0.009	3	0.009	5	0.034	14	0.034	14	0.31%
Total	3.931	566	2.9	440	2.008	276	2.107	299	10.946	1581	11.79	1771	100.00%

Criteria

* The tables include all dollar-denominated offerings sold as private placements, excluding Rule 144A deals.

* Stock must be listed on a 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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