CleantechPitchbook

8/7/2019 CleantechPitchbook

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January 1, 2011

A Growth Market for Clean Technology Companies


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Disclaimer

This document is for information purposes only and is not an invitation to purchase securities

listed on Toronto Stock Exchange and/or TSX Venture Exchange or Natural Gas Exchange. TMX

Group Inc. and its affiliates do not endorse or recommend any securities referenced in this

document. Please seek professional advice to evaluate specific securities.

While the information herein is collected and compiled with care, neither TMX Group Inc. norany of its affiliated companies represents, warrants or guarantees the accuracy or the

completeness of the information. You agree not to rely on the information contained herein

for any trading, business or financial purpose.

This information is provided with the express condition, to which by making use thereof you

expressly consent, that no liability shall be incurred by TMX Group Inc. and/or any of itsaffiliates as a result of any errors or inaccuracies herein or any use or reliance upon this

information.

2011 TMX Group Inc.


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1. TSX and TSXV Globally Competitive Exchanges

2. The Clean Technology Sector on TSX and TSXV

3. Regulatory Regime, Listing Process, and Structures

4. Case Studies

Outline


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(53.8% Ownership)

(47% Ownership)

(19.9% Ownership)

Data

Energy

Derivatives

Fixed Income

Equities

Canadas financial system has

been ranked as the soundest in

the world for three years in arow by the World Economic

Forum

Lowest debt-to-GDP among G7

Called an Economic Star by

The Economist (May 6 2010)

Significant resource base

Strong fundamentals in Canada

TMX Group is a Multi-Asset Class Market Leader

(51% Ownership)


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TMX Groups Equity Exchanges Support a Diverse Issuer Base

Mining1531

Oil&Gas&

EnergyServices474

DiversifiedIndustrials379

Technology1

95

FinancialServices124

StructuredP

roducts224

LifeSciences127

CPC133

CleanTechn

ology132

RealEstate8

2

ETFs172

Comm&Media43

Utilities&Pipelines28

ForestProdu

cts26

Number of Issuers by Sector

Includes issuers on Toronto Stock Exchange and TSX Venture Exchange (100% = 3670)

As at December 31 2010


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TMX Group Serves Companies at all Stages of Growth

Market CapitalizationToronto Stock Exchange and TSX Venture Exchange

Unique feeder system

491graduates

+ 97 M&A*

*From January 1, 2000 December 31, 2010

7

Toronto Stock Exchange issuer base: 1,516 issuers, ~$2.2 trillion market cap

TSX Venture Exchange issuer base (excludes NEX): 2,154 issuers, ~$71.5 billion market cap

As at December 31, 2010

31%40%

86%

12%

2%

28%

< $5 0 Million $ 50 - $ 25 0 Million > $2 50 M illion

% of TSX Issuers

% of TSXV Issuers

428

Issuers

612

Issuers

476

Issuers

1847

Issuers 256

51Issuers


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International Investment Community Trades onToronto Stock Exchange

25 International Brokers including: Barclays Capital Citigroup CSFB Deutsche Bank Goldman Sachs HSBC JP Morgan

Macquarie Capital Markets Merrill Lynch Morgan Stanley Raymond James Thomas Weisel State Street UBS

80 Canadian Brokers including: BMO Nesbitt Burns Canaccord Genuity CIBC World Markets GMP Securities RBC Capital Markets Scotia Capital Markets TD Securities National Bank Financial

~ 4 0% of daily trading originates from

I nterna tional brokers

104.6

118.5

96.1

109.2

64.261.3

82.0

191.3 189.1

40.355.2

182.9

118.6

85.7

50.0

75.0

100.0

125.0

2004 2005 2006 2007 2008 2009 2010

0

50

100

150

200

Volume (B) Number of Transactions (M)

VolumeCAGR 9%

Transactions

CAGR 29%

Toronto Stock Exchange Volumeand Transactions (2004-2010)


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4. Case Studies

Outline


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TSX & TSXV Clean Technology Universe


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Clean Technology Market on TSX and TSXV

132Companies

32% of TSX IssuersGraduated from TSXV

$18BTotal Market Cap

$1.3B

Equity Capital Raised

Renewable

Energy

Technology &Manufacturing

16%

Waste Reduction& Water

Management21%

Low ImpactMaterial &

Products20 %

Renewable

Energy

Production &Distribution

20 %

Energy

Efficiency24%

As at and YTD December 31 2010

11New Listings


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Strong Growth in Key Market Metrics

Analyst CoverageAnalyst Coverage

Avg. Analyst Coverage for Clean Technology

Companies by Market Cap

Strong analyst coverage combined with growth in trading and liquidity provides positivemarket fundamentals for Clean Technology companies to finance and grow.

1

3

5

9

10

Market Capitalization (C$ Millions)

150-500 >100050-150


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CONSTITUENTS

Algonquin Power & UtilitiesCorp. (AQN)

ATS Automation Tooling SystemsInc. (ATA)

Azure Dynamics Corporation (AZD)

Ballard Power Systems Inc. (BLD)Boralex Inc. (BLX)

Brookfield Renewable PowerFund (BRC.UN)

Burcon NutraScience Corporation (BU)

Cascades Inc. (CAS)

Capital Power Income LP (CPA.UN)

5N Plus Inc. (VNP)

GLV Inc. (GLV.A)

Innergex Renewable Energy Inc. (INE)

S&P/TSX Clean Technology Index

Launched inMarch 2010

The S&P/TSX CleanTechnology Index

Measures theperformance of

companies listed onTSX that generateupwards of 50% oftheir revenue fromproducts or services

focused on reducing oreliminating negativeecological impacts,while at the same

time improving theproductive andresponsible use ofnatural resources.

Macquarie Power & InfrastructureCorporation (MPT)

Magma Energy Corp (MXY)

Newalta Corporation (NAL)

Northland Power Inc. (NPI)

Plutonic Power Corporation (PCC)

Ram Power Corp. (RPG)

RuggedCom Inc. (RCM)

Tembec Inc. (TMB)

WaterFurnace Renewable Energy Inc.(WFI)

Westport Innovations Inc. (WPT)


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TSX Venture 50 - Clean Technology Top 10

TOP 10 CLEAN TECHNOLOGY COMPANIES

266%Average One Year Market Cap Growth

95%Average Share Price Growth in 2010

132 MillionVolume of Shares Traded in 2010

1Average number of analysts covering the Top 10

TSX Venture 50 is a rankingof strong performers on TSXVenture Exchange. These

emerging companies have seentremendous growth over the past year,offered remarkable return to theirshareholders, are actively traded in the

market and are well-covered by theanalyst community. In short, they haveproven themselves to be the rising stars ofCanada's public markets.

Sector

Ranking Ticker Company Name

Listing

Date

Share

Price ($)

31-Dec-09

Share

Price ($)

31-Dec-10

Share Price

Change

2010

52 Week

High/Low

Market

Capitalization ($)

31-Dec-09

Market

Capitalization ($)

31-Dec-10

Market

Capitalization

Change

Number of

Shares O/S

31-Dec-10

2010

Trading

Volume

Analyst

Coverage1 FSH AgriMarine Holdings Inc. 03-Jun- 09 0.20 0.44 126% 0 .47/0.18 1,765,085 23,134,196 1211% 52, 577, 718 30,184,373 -

2 CLI Clearford Industries Inc. 26-Jan-06 0.10 0.43 330% 0 .43/0.07 2,570,617 21,330,082 730% 49,604,841 12,127,802 -

3 IC Innovative Composites International Inc. 20-Oct-09 0.28 0.78 179% 0 .78/0.23 9,314,990 32,567,074 250% 41,752,659 8,389,030 -

4 WMT West Mountain Capital Corp. 27-Dec-07 0.15 0.34 127% 0 .42/0.13 3,408,700 8,709,553 156% 25,616,332 7,225,203 1

5 OPL OPEL Solar International Inc. 05-Dec-07 0.25 0.33 30% 0.41/0.19 14,244,216 28,161,417 98% 86,650,514 21,835,572 -

6 OR I Org an ic Resou rce Man agement Inc. 14-Dec-09 1.20 2.28 90% 2.70/0.95 5,285,922 10,043,252 90% 4,404,935 725,525 -

7 EW S Env iron me ntal Was te I nte rn at ion al I nc . 27-Se p-01 0 .26 0.39 48% 0.48/0.16 20,282,164 30,398,955 50% 78,958,324 5,533,979 -

8 PUR Pure Technologies Ltd. 08-Jul-98 4.33 4.75 10% 5 .25/3 .98 143 ,482, 474 211,852,024 48% 44,600,426 7,627,651 5

9 NGP Nevada Geothermal Power Inc. 13-May-03 1.00 0.75 - 25% 1.03/0.52 94,582,504 87,233,628 - 8% 116,311,504 35,241,390 5

10 NAT Natu ral ly Advan ced Techn olo gies I nc . 08- Jul -08 1 .03 1.40 36% 1.53/0.66 33,480,719 47,321,922 41% 33,801,373 2,661,468 -


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4. Case Studies

Outline


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Proportionate Governance

TMX Group, Inc. has principle basedregulation

Proportionate Governance

TSX companies do not require externalauditor attestation regarding internalcontrols (SOX 404)

In addition, TSX Venture companies have

the benefit of a basic certification


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Methods for Going Public on Toronto Stock Exchangeor TSX Venture Exchange


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Since inception:Over 2140 CPCs were created80% have completed their QT over1700 companies

Currently:342 Graduates now trade on TSX103 of the grads were CPCs128 QTs in 2010

- 5 of 7 new Clean Technology listingsin 2010 were QTs

A new clean CPC shell has none ofthe hidden costs of a shell withprevious operating history

As at December 31 2010

Capital Pool Company (CPC) Program has a Strong Track Record


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Supporting Your GrowthOur comprehensive portfolio of additional products and services

IR Services Visibility/ Outreach Services

Research Services/Educational /Support Services Capital Market Intelligence

Equicom Group: Canadas leading IR consulting firmand strategic communication experts

Thomson ONE Investor Relations: Advanced marketdata, First Call research, Ownership and Contacts,iTarget

TMX/Equicom On the Radar: Issuer showcases

TMX Group Annual General Meeting Services

TMX Group Annual Report Services

CNW: Canadas premiere newswire service provider

S&P/TMX Market Access Program & Stock Reports:

Increases US visibilityInvestor Scorecards

Perception Audit: Investor Studies

Webinars / Webcasts / Research Papers

TSX Venture Mentorship Program

TSX Workshop Series

Exchange Filing Services

Market intelligence, IR analytics

Thomson Reuters Corporate Advisory Services stocksurveillance

Historical data

Shareholder reporting


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Companies can capitalize on TMX Leadership


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4. Case Studies

Outline


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BioExx Specialty Proteins Ltd.

8 Canadian Analysts / 1 US Analyst (Source: CapitalIQ)Analyst Coverage

Financing, Price &Trading Volume

History

(Sept06 Dec10)

*(Source: Capital IQ)

Technology company focused on the extraction of oil and high-value proteins from

oilseeds for the global food market.

Date of Listing Graduated from TSX Venture Exchange to Toronto Stock Exchange on January 22, 2010

MarketCapitalization

$450.2 million as of December 31, 2010

BXI

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

Sep-06 Dec-06 Mar-07 Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10

0

1m

2m

3m

4m

5m

6m

7m

8m

CPC IPO

$1.9 M

Sept'06

Qualifying

Transaction

May'07

$3.5 M PPJuly'08

$11.1 M PP

Mar'08

$15 M PP

Dec'09

$5.3 M PP

May'09

Graduated to

Toronto Stock Exchange

January 2010

$17 M SO

Mar'10

$30 M SO

Aug'10


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Magma Energy Corp.

8 Canadian Analysts / 2 US Analyst (Source: Capital IQ)Analyst Coverage

1 Year Price andTrading Volume

Historyas at Dec10*(Source: Capital IQ)

Vancouver-based Geothermal Energy Explorat ion & Development Company with off ices

in Reno, Nevada and Santiago, Chile.

Date of Listing Listed by Initial Public Offering on Toronto Stock Exchange July 7, 2009

Financings

$45.2 million Secondary Offering in July 2010

$21.6 million Private Placement in October 2009

$110 million Initial Public Offering in July 2009



MXY

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

Dec-09 Ja n-10 Ma r-1 0 Mar-10 Ap r-1 0 Ma y-1 0 Jun -10 Jul -10 Au g-10 Sep-1 0 Oct-10 Nov-10 De c-1 0

0

500,

000

1m

2m

2m

3m

3m

4m

4m

5m

5m


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RuggedCom Inc.

10 Canadian Analysts (Source: Capital IQ)Analyst Coverage

Price and TradingVolume

(Dec09 Dec10)*(Source: Capital IQ)

With operations in North America, Latin America, Europe, the Middle East, Africa and

Asia Pacif ic, RuggedCom designs and manufactures IP-based communicat ion networks.

Date of Listing Listed by Initial Public Offering on Toronto Stock Exchange on June 20, 2007

Financings $40 million raised by IPO in June 2007



RCM

0

5

10

15

20

25

D ec-09 Ja n-10 Ma r-10 Mar-10 Apr-10 Ma y-10 Ju n-1 0 Jul -1 0 Aug -1 0 Se p-1 0 Oct-1 0 N ov-10 D ec-10

0

100,000

200,000

300,000

400,000

500,000

600,000


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EnergyCindy Gray403 [email protected]

Clean TechnologyRobert Peterman416 [email protected]

ChinaGeorge Gao416 [email protected]

United StatesTala Zarbafi416 [email protected]

International Toll Free:Europe - 0800 5600 5700China - 00 800 258 9999North America - 1 888 873 8392

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CleantechPitchbook