105
Deal Structures 3.4
A ngels report using a variety of investment instru- ments, with none being dominant (Figure 15A). The most commonly used instrument is preferred shares (34%), followed by convertible debentures/notes (28%) and common shares (26%). SAFEs were used in just 7% of cases. Debt instruments are uncommon, used in just 4% of cases. The proportion of deals using preferred
shares have increased significantly compared with 2019 (19%) at the expense of common shares (38%). Figure 15A shows a breakdown of overall deal structures. Fig- ures 15B, C, D and E show deal structures in each of the following sectors: Cleantech, Energy, ICT, Life Sciences and Healthcare, Manufacturing, and Services.
202 1 ANNUAL REPORT ON ANGEL I NVEST I NG I N CANADA The Chang i ng Landscape
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