Analysis of Canadian PIPE issuance for 13 months through January 2013

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

Proceeds

	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
Less than $1 million	0.002	0.009	0.002	0.004	0.003	0.008	0.002	0.003	0.009	0.003	0.007	0.008	0.004
$1-1.99 million	0.018	0.051	0.032	0.032	0.035	0.036	0.024	0.030	0.032	0.038	0.045	0.039	0.021
$2-2.99 million	0.027	0.035	0.031	0.017	0.038	0.035	0.024	0.024	0.039	0.030	0.037	0.036	0.020
$3-4.99 million	0.069	0.068	0.036	0.034	0.046	0.053	0.064	0.033	0.058	0.040	0.064	0.037	0.027
$5-9.99 million	0.079	0.069	0.058	0.088	0.137	0.115	0.074	0.028	0.085	0.088	0.064	0.053	0.021
$10-14.99 million	0.066	0.166	0.053	0.010	0.069	0	0.063	0.023	0.045	0.044	0.046	0	0.021
$15-$49.99 million	0.209	0.290	0.205	0.182	0.149	0.218	0.095	0.107	0.051	0.178	0.106	0.045	0.054
$50 million and higher	0	0.118	0.114	0	0.296	0.197	0.124	0.057	0.055	0.164	0.487	0.480	0
Total	0.469	0.805	0.531	0.366	0.773	0.662	0.470	0.305	0.373	0.584	0.857	0.698	0.168
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Less than $1 million	0.013	17	0.015	25	0.014	24	0.017	33	0.004	4	0.004	4	0.063	103	0.061	101	2.38%
$1-1.99 million	0.100	74	0.103	80	0.086	64	0.121	95	0.021	17	0.021	17	0.431	330	0.414	317	12.50%
$2-2.99 million	0.093	39	0.089	39	0.087	38	0.103	44	0.020	9	0.020	9	0.393	169	0.366	158	11.90%
$3-4.99 million	0.172	49	0.132	36	0.155	42	0.142	40	0.027	8	0.027	8	0.628	175	0.560	156	16.07%
$5-9.99 million	0.206	30	0.341	50	0.187	29	0.205	31	0.021	3	0.021	3	0.959	143	0.880	132	12.50%
$10-14.99 million	0.285	25	0.079	7	0.131	12	0.090	8	0.021	2	0.021	2	0.607	54	0.540	48	12.50%
$15-$49.99 million	0.705	29	0.549	24	0.253	10	0.329	13	0.054	2	0.054	2	1.889	78	1.680	70	32.14%
$50 million and higher	0.232	3	0.493	4	0.236	3	1.131	8	0	0	0	0	2.091	18	2.091	18	0.00%
Total	1.806	266	1.801	265	1.148	222	2.139	272	0.168	45	0.168	45	7.061	1070	6.592	1000	100.00%
Type
	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
convertible notes	0.018	0.024	0.008	0.031	0.020	0.026	0.071	0.020	0.018	0.030	0.033	0.003	0.020
convertible preferreds	0	0	0.001	0	0	0	0	0	0	0	0	0	0
equity line	0	0	0	0	0	0.020	0	0	0	0	0	0	0
notes with stock	0.005	0	0	0.007	0	0	0	0	0	0	0	0	0
notes with warrants	0.046	0	0	0.010	0.015	0.001	0	0	0	0.001	0.007	0.030	0
stock	0.283	0.488	0.341	0.174	0.464	0.377	0.288	0.218	0.207	0.361	0.627	0.564	0.081
units of stock and warrants	0.118	0.293	0.182	0.145	0.275	0.238	0.112	0.067	0.149	0.191	0.190	0.101	0.067
Total	0.469	0.805	0.531	0.366	0.773	0.662	0.470	0.305	0.373	0.584	0.857	0.698	0.168
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
convertible notes	0.050	11	0.077	16	0.108	15	0.066	13	0.020	6	0.020	6	0.320	61	0.302	58	11.90%
convertible preferreds	0.001	1	0	0	0	0	0	0	0	0	0	0	0.001	1	0.001	1	0.00%
equity line	0	0	0.020	2	0	0	0	0	0	0	0	0	0.020	2	0.020	2	0.00%
notes with stock	0.005	1	0.007	1	0	0	0	0	0	0	0	0	0.012	2	0.007	1	0.00%
notes with warrants	0.046	5	0.026	4	0	0	0.038	3	0	0	0	0	0.110	12	0.064	7	0.00%
stock	1.112	92	1.014	86	0.713	74	1.552	99	0.081	11	0.081	11	4.472	362	4.189	338	48.21%
units of stock and warrants	0.592	156	0.657	156	0.327	133	0.482	157	0.067	28	0.067	28	2.126	630	2.009	593	39.88%
Total	1.806	266	1.801	265	1.148	222	2.139	272	0.168	45	0.168	45	7.061	1070	6.592	1000	100.00%
Warrants
	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
Yes	0.164	0.288	0.190	0.196	0.300	0.252	0.198	0.074	0.147	0.22	0.314	0.124	0.066
No	0.306	0.518	0.342	0.171	0.472	0.409	0.272	0.231	0.226	0.364	0.543	0.574	0.102
Total	0.469	0.805	0.531	0.366	0.773	0.662	0.470	0.305	0.373	0.584	0.857	0.698	0.168
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.641	165	0.748	169	0.419	141	0.657	165	0.066	27	0.066	27	2.531	667	2.367	625	39.29%
No	1.165	101	1.052	96	0.730	81	1.482	107	0.102	18	0.102	18	4.531	403	4.225	375	60.71%
Total	1.806	266	1.801	265	1.148	222	2.139	272	0.168	45	0.168	45	7.061	1070	6.592	1000	100.00%
Use of Proceeds
	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
Acquisition	0.007	0	0.012	0.044	0.105	0.197	0.139	0	0	0.001	0.096	0.004	0.001
Capex	0.161	0.343	0.172	0.081	0.108	0.128	0.082	0.05	0.117	0.083	0.144	0.203	0.044
GCP	0.021	0.163	0.210	0.157	0.232	0.087	0.089	0.061	0.090	0.156	0.331	0.439	0.086
Refinance	0.002	0.032	0	0.022	0.020	0.011	0.014	0	0.004	0.005	0.017	0	0
Multiple/Other/NA	0.278	0.268	0.138	0.062	0.308	0.239	0.146	0.194	0.162	0.338	0.270	0.052	0.036
Total	0.469	0.805	0.531	0.366	0.773	0.662	0.470	0.305	0.373	0.584	0.857	0.698	0.168
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.019	4	0.347	4	0.139	3	0.101	7	0.001	1	0.001	1	0.606	19	0.599	17	0.60%
Capex	0.675	87	0.317	92	0.248	90	0.430	127	0.044	16	0.044	16	1.714	412	1.553	392	26.19%
GCP	0.393	58	0.476	81	0.240	59	0.926	67	0.086	16	0.086	16	2.122	281	2.101	271	51.19%
Refinance	0.035	2	0.053	5	0.019	3	0.021	4	0	0	0	0	0.128	14	0.125	13	0.00%
Multiple/Other/NA	0.684	115	0.608	83	0.503	67	0.660	67	0.036	12	0.036	12	2.491	344	2.213	307	21.43%
Total	1.806	266	1.801	265	1.148	222	2.139	272	0.168	45	0.168	45	7.061	1070	6.592	1000	100.00%
Industry Sector (by SIC code)
	1/2012	2/2012	3/2012	4/2012	5/2012	6/2012	7/2012	8/2012	9/2012	10/2012	11/2012	12/2012	1/2013
Mining (1xxx)	0.266	0.505	0.271	0.201	0.254	0.254	0.191	0.198	0.207	0.331	0.222	0.242	0.100
Oil and gas (13xx)	0.074	0.17	0.094	0.038	0.122	0.072	0.100	0.061	0.112	0.162	0.327	0.427	0.020
Construction (15xx)	0.002	0.013	0	0	0	0	0	0	0.004	0.002	0	0	0
Manufacturing (2xxx, 3xxx)	0.007	0.077	0.001	0.011	0.035	0.013	0.018	0.009	0.006	0.006	0.099	0.005	0.002
Pharmaceuticals (2834-6)	0.003	0.008	0.013	0.017	0.010	0.019	0	0.002	0.003	0.009	0.029	0.008	0.002
Transportation (4xxx)	0	0.001	0	0	0	0	0	0	0	0	0	0	0
Communications (48xx)	0	0	0	0.008	0	0	0	0.003	0.017	0.002	0	0.003	0.001
Electric, gas, sanitary services (49xx)	0.019	0	0.004	0	0.114	0.008	0.124	0.002	0	0.003	0.002	0	0.011
Wholesale (5xxx)	0	0	0	0.001	0.006	0.001	0.010	0.001	0.003	0.005	0.002	0	0.003
Finance, insurance, real estate (6xxx)	0.046	0.01	0.001	0.037	0.096	0.057	0.008	0.004	0	0.051	0.125	0.007	0.002
Services (7xxx)	0.023	0.011	0.125	0.038	0.112	0.218	0.020	0.01	0.009	0.011	0.042	0.004	0.026
Health services (8xxx)	0	0	0	0.015	0.011	0.001	0	0.005	0	0	0	0.001	0.001
Non-operating (9995)	0.029	0.01	0.021	0	0.013	0.018	0	0.011	0.013	0.001	0.009	0.001	0
Total	0.469	0.805	0.531	0.366	0.773	0.662	0.470	0.305	0.373	0.584	0.857	0.698	0.168
	Q1/2012	Count	Q2/2012	Count	Q3/2012	Count	Q4/2012	Count	Q1/2013	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Mining (1xxx)	1.043	168	0.709	164	0.596	153	0.796	187	0.100	26	0.100	26	3.243	698	2.977	664	59.52%
Oil and gas (13xx)	0.338	38	0.232	38	0.273	24	0.915	37	0.020	6	0.020	6	1.778	143	1.704	128	11.90%
Construction (15xx)	0.015	2	0	0	0.004	1	0.002	1	0	0	0	0	0.021	4	0.019	3	0.00%
Manufacturing (2xxx, 3xxx)	0.085	10	0.059	12	0.032	11	0.110	9	0.002	1	0.002	1	0.288	43	0.281	41	1.19%
Pharmaceuticals (2834-6)	0.023	10	0.046	11	0.006	2	0.046	8	0.002	1	0.002	1	0.123	32	0.120	30	1.19%
Transportation (4xxx)	0.001	1	0	0	0	0	0	0	0	0	0	0	0.001	1	0.001	1	0.00%
Communications (48xx)	0	0	0.008	1	0.019	3	0.005	2	0.001	1	0.001	1	0.033	7	0.033	7	0.60%
Electric, gas, sanitary services (49xx)	0.024	7	0.122	3	0.125	2	0.005	2	0.011	1	0.011	1	0.287	15	0.268	10	6.55%
Wholesale (5xxx)	0	0	0.009	4	0.014	5	0.007	2	0.003	2	0.003	2	0.033	13	0.033	13	1.79%
Finance, insurance, real estate (6xxx)	0.057	4	0.191	8	0.012	3	0.183	8	0.002	2	0.002	2	0.445	25	0.399	23	1.19%
Services (7xxx)	0.160	14	0.368	14	0.039	10	0.057	10	0.026	4	0.026	4	0.650	52	0.627	48	15.48%
Health services (8xxx)	0	0	0.027	4	0.005	1	0.001	1	0.001	1	0.001	1	0.034	7	0.034	7	0.60%
Non-operating (9995)	0.060	12	0.031	6	0.024	7	0.011	5	0	0	0	0	0.125	30	0.096	25	0.00%
Total	1.806	266	1.801	265	1.148	222	2.139	272	0.168	45	0.168	45	7.061	1070	6.592	1000	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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