EX-4.3





 Exhibit 4.3 

DEFINITIVE AGREEMENT 

among 
 REG TECHNOLOGIES
INC. 
 and 

GRAPH BLOCKCHAIN LIMITED 

and 
 2659468 ONTARIO
INC. 
 November 6, 2018 












 TABLE OF CONTENTS 

 

							
	 Article 1 DEFINITIONS AND INTERPRETATION
	  	 	7	 
			
	 Section 1.1
	 	Definitions	  	 	7	 
			
	 Section 1.2
	 	Certain Rules of Interpretation	  	 	12	 
			
	 Section 1.3
	 	Governing Law	  	 	12	 
			
	 Section 1.4
	 	Entire Agreement	  	 	12	 
			
	 Section 1.5
	 	Knowledge	  	 	13	 
			
	 Section 1.6
	 	Schedules	  	 	13	 
		
	 Article 2 THE AMALGAMATION
	  	 	13	 
			
	 Section 2.1
	 	Amalgamation	  	 	13	 
			
	 Section 2.2
	 	Effect of Amalgamation	  	 	13	 
		
	 Article 3 REPRESENTATIONS AND WARRANTIES OF REGTECH
	  	 	14	 
			
	 Section 3.1
	 	Corporate Existence	  	 	14	 
			
	 Section 3.2
	 	Capacity to Enter Agreement	  	 	15	 
			
	 Section 3.3
	 	Binding Obligation	  	 	15	 
			
	 Section 3.4
	 	Absence of Conflict	  	 	15	 
			
	 Section 3.5
	 	No Business Operations	  	 	15	 
			
	 Section 3.6
	 	Constating Documents	  	 	16	 
			
	 Section 3.7
	 	Capacity and Power	  	 	16	 
			
	 Section 3.8
	 	Authorized and Issued Capital	  	 	16	 
			
	 Section 3.9
	 	Pre-Emptive Rights	  	 	16	 
			
	 Section 3.10
	 	Due Registration and Compliance	  	 	16	 
			
	 Section 3.11
	 	Prior Issuances of Securities, Foreign Registration, Cease Trade Orders	  	 	17	 
			
	 Section 3.12
	 	Non-Arm’s Length Loans, Loans to Insiders, etc.	  	 	17	 
			
	 Section 3.13
	 	Books and Records	  	 	17	 
			
	 Section 3.14
	 	Financial Statements	  	 	17	 
			
	 Section 3.15
	 	Tax Matters	  	 	18	 
			
	 Section 3.16
	 	Absence of Changes	  	 	18	 
			
	 Section 3.17
	 	Absence of Undisclosed Liabilities	  	 	18	 
			
	 Section 3.18
	 	Title to Assets	  	 	18	 
			
	 Section 3.19
	 	Absence of Unusual Transactions	  	 	18	 
			
	 Section 3.20
	 	Management Contracts	  	 	19	 














							
	 Section 3.21
	 	Litigation	  	 	19	 
			
	 Section 3.22
	 	No Expropriation	  	 	19	 
			
	 Section 3.23
	 	Finder’s Fees	  	 	19	 
			
	 Section 3.24
	 	Full and Complete Disclosure	  	 	19	 
			
	 Section 3.25
	 	Subco Share Capital	  	 	19	 
		
	 Article 4 REPRESENTATIONS AND WARRANTIES OF SUBCO
	  	 	20	 
			
	 Section 4.1
	 	Corporate Existence	  	 	20	 
			
	 Section 4.2
	 	Capacity to Enter Agreement	  	 	20	 
			
	 Section 4.3
	 	Binding Obligation	  	 	20	 
			
	 Section 4.4
	 	Absence of Conflict	  	 	21	 
			
	 Section 4.5
	 	No Business Operations	  	 	21	 
			
	 Section 4.6
	 	Authorized and Issued Capital	  	 	21	 
		
	 Article 5 REPRESENTATIONS AND WARRANTIES OF GRAPH
	  	 	21	 
			
	 Section 5.1
	 	Corporate Existence	  	 	21	 
			
	 Section 5.2
	 	Capacity to Enter Agreement	  	 	21	 
			
	 Section 5.3
	 	Binding Obligation	  	 	22	 
			
	 Section 5.4
	 	Absence of Conflict	  	 	22	 
			
	 Section 5.5
	 	No Limitation On Business Operations	  	 	22	 
			
	 Section 5.6
	 	Regulatory Approvals	  	 	22	 
			
	 Section 5.7
	 	Consents	  	 	23	 
			
	 Section 5.8
	 	Subsidiaries and Investments	  	 	23	 
			
	 Section 5.9
	 	Constating Documents	  	 	23	 
			
	 Section 5.10
	 	Capacity and Power	  	 	23	 
			
	 Section 5.11
	 	Jurisdictions	  	 	23	 
			
	 Section 5.12
	 	Authorized and Issued Capital	  	 	23	 
			
	 Section 5.13
	 	Pre-Emptive Rights	  	 	23	 
			
	 Section 5.14
	 	Prior Issuances of Securities, No Registration, No Cease Trade Orders	  	 	24	 
			
	 Section 5.15
	 	No Voting Trust, etc.	  	 	24	 
			
	 Section 5.16
	 	Non-Arm’s Length Loans, Loans to Insiders, etc.	  	 	24	 
			
	 Section 5.17
	 	Books and Records	  	 	24	 
			
	 Section 5.18
	 	Financial Statements	  	 	25	 
			
	 Section 5.19
	 	Tax Matters	  	 	25	 
			
	 Section 5.20
	 	Absence of Changes	  	 	25	 
			
	 Section 5.21
	 	Absence of Undisclosed Liabilities	  	 	25	 














							
	 Section 5.22
	 	Absence of Unusual Transactions	  	 	25	 
			
	 Section 5.23
	 	Title to Assets	  	 	26	 
			
	 Section 5.24
	 	Employees	  	 	26	 
			
	 Section 5.25
	 	Management Contracts	  	 	26	 
			
	 Section 5.26
	 	Material Contracts	  	 	26	 
			
	 Section 5.27
	 	Litigation	  	 	26	 
			
	 Section 5.28
	 	No Expropriation	  	 	27	 
			
	 Section 5.29
	 	Finder’s Fees	  	 	27	 
			
	 Section 5.30
	 	Full Disclosure	  	 	27	 
		
	 Article 6 COVENANTS
	  	 	27	 
			
	 Section 6.1
	 	Covenants of Graph	  	 	27	 
			
	 Section 6.2
	 	Covenants of RegTech	  	 	29	 
			
	 Section 6.3
	 	Access to Information and Confidentiality	  	 	32	 
		
	 Article 7 CLOSING CONDITIONS
	  	 	32	 
			
	 Section 7.1
	 	Mutual Conditions	  	 	32	 
			
	 Section 7.2
	 	RegTech Conditions	  	 	33	 
			
	 Section 7.3
	 	Graph Conditions	  	 	34	 
			
	 Section 7.4
	 	Consents-Merger	  	 	37	 
		
	 Article 8 SURVIVAL
	  	 	37	 
			
	 Section 8.1
	 	Survival	  	 	37	 
		
	 Article 9 CLOSING
	  	 	37	 
		
	 Article 10 TERM AND TERMINATION
	  	 	37	 
			
	 Section 10.1
	 	Term	  	 	37	 
			
	 Section 10.2
	 	Termination	  	 	37	 
			
	 Section 10.3
	 	Expenses	  	 	38	 
		
	 Article 11 GENERAL
	  	 	38	 
			
	 Section 11.1
	 	Costs and Expenses	  	 	38	 
			
	 Section 11.2
	 	Time of Essence	  	 	38	 
			
	 Section 11.3
	 	Notices	  	 	38	 
			
	 Section 11.4
	 	Further Assurances	  	 	39	 
			
	 Section 11.5
	 	No Broker	  	 	40	 
			
	 Section 11.6
	 	Public Notice	  	 	40	 
			
	 Section 11.7
	 	Independent Legal Advice	  	 	40	 
			
	 Section 11.8
	 	Amendment and Waiver	  	 	40	 














							
			
	 Section 11.9
	 	Assignment and Enurement	  	 	40	 
			
	 Section 11.10
	 	Severability	  	 	41	 
			
	 Section 11.11
	 	Counterparts	  	 	41	 
			
	 Section 11.12
	 	Facsimile Signatures	  	 	41	 













 DEFINITIVE AGREEMENT 

THIS AGREEMENT is dated the 6th day of November, 2018. 

AMONG: 
 REG TECHNOLOGIES INC., a corporation existing
under the Business Corporations Act (British Columbia), 
 (“RegTech”) 

AND: 
 GRAPH BLOCKCHAIN LIMITED. a corporation existing
under the Business Corporations Act (Ontario), 
 (“Graph”) 

AND: 
 2659468 ONTARIO INC., a corporation existing under
the Business Corporations Act (Ontario), 
 (“Subco”) 

WHEREAS: 
  

	A.	 RegTech and Graph entered into a letter of intent dated May 29, 2018 (the “Letter of
Intent”) concerning a proposed transaction to combine the businesses, operations and assets of RegTech and Graph (the “Transaction”); 



 

	B.	 Subco is a newly incorporated, wholly-owned subsidiary of RegTech; 



 

	C.	 It is intended that Graph and Subco will amalgamate under the provisions of the OBCA and the terms and
conditions of this Agreement and the Amalgamation Agreement (the “Amalgamation”) to form one corporation, which will continue under the name “Graph Blockchain Limited” (“Amalco”); 



 

	D.	 Upon the Amalgamation Effective Date, among other things, the outstanding Graph Common Shares will be exchanged
for Resulting Issuer Common Shares (as defined herein) in accordance with the provisions of this Agreement and the Amalgamation Agreement; and 


  

	E.	 The completion of the Transaction is intended to, among other things, result in the listing of the Resulting
Issuer Common Shares on the Canadian Securities Exchange (“CSE”). 














 NOW THEREFORE in consideration of the mutual covenants and agreements herein
contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each of the Parties, the Parties covenant and agree as follows: 

ARTICLE 1 

DEFINITIONS AND INTERPRETATION 

Section 1.1 Definitions 
 In this Agreement, the
following words and terms have the meanings ascribed to them below: 
 “Agreement” means this agreement, including all Schedules, as it may
be supplemented or amended by written agreement among the Parties; 
 “Amalco” has the meaning set forth in the recitals above; 

“Amalco Common Shares” means the common shares in the capital of Amalco; 

“Amalgamation” has the meaning set forth in the recitals above; 

“Amalgamation Agreement” means the agreement between RegTech, Graph and Subco to formally give effect to the Amalgamation attached as
Schedule “A” hereto; 
 “Amalgamation Effective Date” means the effective date of the Amalgamation as set forth in the
Certificate of Amalgamation issued to Amalco; 
 “Articles of Amalgamation” means the articles of amalgamation entered into as a result of
the Amalgamation Agreement; 
 “BCBCA” means the Business Corporations Act (British Columbia); 

“Books and Records” means books, ledgers, files, minute books, lists, reports, plans, logs, deeds, surveys, correspondence, operating
records, Tax Returns and other data and information, including all data and information stored on computer-related or other electronic media, maintained with respect to RegTech, Subco and Graph, as applicable; 

“Business Day” means any day excluding a Saturday, Sunday or statutory holiday in the Province of Ontario; 

“Claim” means any claim, demand, action, cause of action, suit, arbitration, investigation, proceeding, complaint, grievance, charge,
prosecution, assessment or reassessment, including any appeal or application for review; 
 “Closing” means the closing of the Transaction;


  
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 “Closing Date” means the date, subject to the terms and conditions hereof, the Parties
agree that the closing of the Transaction will occur prior to the issuance of the Final Exchange Bulletin; 
 “Closing Time” means the
time, subject to the terms and conditions hereof, the Parties agree that the closing of the Transaction will occur on the Closing Date; 

“Concurrent Financing” means the private placement of a minimum of 3,333,333 Financing Units and a maximum of 13,333,333 Financing Units at
$0.30 per Financing Unit for aggregate gross proceeds of a minimum of $1,000,000 and a maximum of $4,000,000 that shall close immediately before the Amalgamation; 

“Confidential Information” means information, whether in written or electronic form, or committed to memory, that is of a proprietary or
confidential nature, or not generally available to the public, relating to the business of Graph or RegTech; 
 “Consolidation” means the
consolidation of the issued and outstanding RegTech Common Shares on the basis of one New RegTech Common Share for every ten (10) RegTech Common Shares issued and outstanding on the effective date of the Consolidation; 

“Contract” means any agreement, understanding, undertaking, commitment, license or lease, whether written or oral; 

“CSE” has the meaning set forth in the recitals above; 

“Encumbrance” means any security interest, mortgage, charge, pledge, hypothec, lien, encumbrance, restriction, option, adverse claim, right
of others or other encumbrance of any kind (other than in respect of Taxes not yet due and payable); 
 “Final Exchange Bulletin” means the
bulletin issued by the CSE evidencing final CSE acceptance of the Transaction to be issued following the Closing Date; 
 “Financing Common
Share” means the Graph Common Shares issued pursuant to the Concurrent Financing; 
 “Financing Warrant” means warrants of Graph
that entitle the holder to acquire one Graph Common Share for each Financing Warrant held at a price of $0.40 per Graph Common Share for a period of 18 months from the closing of the Concurrent Financing; 

“Financing Unit” means a unit of Graph that is comprised of one Financing Common Share and one Financing Warrant; 

“Finder’s Fee” means the finder’s fee payable at the Closing to 514 Finance Inc. in shares of the Resulting Issuer at $0.30 per
share, which shall be equal to 0.5% of the pre-money valuation of Graph, subject to a maximum fee of $196,000; 

  
 - 8 - 













 “Governmental Entity” means any federal, provincial, state, local, municipal, regional,
territorial, aboriginal, or other government, governmental or public department, branch, ministry, or court, domestic or foreign, including any district, agency, commission, board, arbitration panel or authority exercising or entitled to exercise
any administrative, executive, judicial, ministerial, prerogative, legislative, regulatory or taxing authority or power of any nature as well as any quasi-governmental or private body exercising any regulatory, expropriation or taxing authority
under or for the account of any of them, and any subdivision of any of them; 
 “Graph” has the meaning set forth in the recitals above;

 “Graph Common Shares” means common shares in the capital of Graph; 

“Graph Financial Statements” means the audited financial statements of Graph prepared in accordance with IFRS for the financial period from
incorporation (November 22, 2017) to July 31, 2018; 
 “Graph Finder’s Warrants” means the 1,665,818 finder’s warrants
issued and outstanding on the date hereof, with each Graph Finder’s Warrant entitling the holder thereof to purchase one Graph Common Share at a price of $0.083 until January 10, 2020; 

“Graph Share Split” means the stock split of Graph Common Shares on the basis of 1.210976238250372 post-split Graph Common Shares for each pre-split Graph Common Share, with the result that there will be 123,333,333 Graph Common Shares issued and outstanding following completion of the Graph Share Split; 

“IFRS” means International Financial Reporting Standards; 

“Intellectual Property” means all domestic and foreign (a) inventions (whether patentable or unpatentable and whether or not reduced to
practice), all improvements thereto and all patents, patent applications, patent disclosures and industrial designs, together with all re-issuances, continuations, continuations-in-part, revisions, extensions and re-examinations thereof, (b) trademarks, service marks, trade dress, trading styles, logos, trade names and
business names, together with all translations, adaptations, derivations and combinations thereof and including all goodwill associated therewith and all applications, registrations and renewals in connection therewith, (c) copyrightable works,
copyrights and applications, registrations and renewals in connection therewith, (d) trade secrets and confidential business information (including ideas, research and development, know-how, formulas,
compositions, manufacturing and production processes and techniques, technical data, designs, drawings, specifications, customer and supplier lists, pricing and cost information and business and marketing plans and proposals), (e) computer systems,
software, data and related documentation, (f) other proprietary rights, (g) right, title and interest as licensee or authorized user of any of the aforementioned intellectual property, and (h) copies and tangible embodiments thereof
in whatever form or medium whether now known or hereafter developed; 

  
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 “Law” or “Laws” means all laws, statutes, codes, ordinances, decrees,
rules, regulations, by-laws, statutory rules, principles of law, published policies and guidelines, judicial or arbitral or administrative or ministerial or departmental or regulatory judgments, orders,
decisions, rulings or awards, including general principles of common and civil law, and the terms and conditions of any grant of approval, permission, authority or licence of any Governmental Entity, and the term “applicable” with respect
to Laws and in a context that refers to one or more Persons, means that the Laws apply to the Person or Persons, or its or their business, undertaking, property or securities, and emanate from a Governmental Entity having jurisdiction over the
Person or Persons or its or their business, undertaking, property or securities; 
 “Letter of Intent” has the meaning set forth in the
recitals above; 
 “Loss” means any loss, liability, damage, cost, expense, charge, fine, penalty or assessment including the costs and
expenses of any action, suit, proceeding, demand, assessment, judgment, settlement or compromise and all interest, punitive damages, fines, penalties and all reasonable professional fees and disbursements on a 100 percent, complete indemnity
basis, excluding loss of profits; 
 “Material Adverse Effect” means a material adverse effect on the business or financial position,
condition, assets or properties of Graph; 
 “Material Contract” means a Contract considered a material contract under applicable
securities laws and regulations; 
 “Name Change” has the meaning ascribed thereto in Section 7.1(a); 

“New RegTech Common Shares” means the new RegTech Common Shares issued to shareholders of RegTech pursuant to the Consolidation; 

“Notice” means any notice, demand, request, consent, approval or other communication which is required or permitted by this Agreement to be
given or made by a Party; 
 “OBCA” means the Business Corporations Act (Ontario); 

“Parties” means Graph, RegTech and Subco; 

“Person” means an individual, body corporate, sole proprietorship, partnership, trust, unincorporated association, unincorporated syndicate,
unincorporated organization, or another entity, and a natural person acting in his or her individual capacity or in his or her capacity as executor, trustee, administrator or legal representative, and any Governmental Entity; 

“RegTech” has the meaning set forth in the recitals above; 

“RegTech Common Shares” means the common shares in the capital of RegTech; 

  
 - 10 - 













 “RegTech Disclosure Documents” means documents filed by or on behalf of RegTech that are
publicly available in electronic form on the System for Electronic Document Analysis and Retrieval, commonly known as “SEDAR”, at www.sedar.com or on Electronic Data Gathering, Analysis, and Retrieval, commonly known as
“EDGAR” on https://www.sec.gov/edgar/searchedgar/companysearch.html; 
 “RegTech Financial Statements” means the
audited financial statements of RegTech for the financial years ended April 30, 2018, April 30, 2017 and April 30, 2016; 

“Resulting Issuer” means RegTech upon completion of the Amalgamation; 

“Resulting Issuer Common Shares” means common shares in the capital of Resulting Issuer; 

“Resulting Issuer Finder’s Warrants” means finder’s warrants to acquire Resulting Issuer Common Shares; 

“Resulting Issuer Warrants” means share purchase warrants to acquire Resulting Issuer Common Shares; 

“Securities Authorities” means any applicable securities regulatory authority in Canada; 

“Subco” has the meaning set forth in the recitals above; 

“Subco Common Shares” means common shares in the capital of Subco; 

“Subsidiary” means, with respect to a specified body corporate, any body corporate of which the specified body corporate is entitled to elect
a majority of the directors thereof and will include any body corporate, partnership, joint venture or other entity over which it exercises direction or control or which is in a like relation to such a body corporate, excluding any body corporate in
respect of which such direction or control is not exercised by the specified body corporate as a result of existing contracts, agreements and commitments, and, in the case of RegTech, includes Subco; 

“Tax” means all taxes, duties, fees, premiums, assessments, imposts, levies, rates, withholdings, dues, government contributions and other
charges of any kind whatsoever, whether direct or indirect, together with all interest, penalties, fines, additions to tax or other additional amounts, imposed by any Governmental Entity; 

“Tax Law” means any Law that imposes Taxes or that deals with the administration or enforcement of liabilities for Taxes; 

“Tax Return” means any return, report, declaration, designation, election, undertaking, waiver, notice, filing, information return,
statement, form, certificate or any other document or materials relating to Taxes, including any related or supporting information with respect to any of the foregoing, filed or to be filed with any Governmental Entity in connection with the
determination, assessment, collection or administration of Taxes; 

  
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 “Transaction” has the meaning set forth in the recitals above; 

“Transfer Agent” means Computershare Investor Services Inc.; 

Section 1.2 Certain Rules of Interpretation 
  

	(a)	 In this Agreement, words signifying the singular number include the plural and vice versa, and words signifying
gender include all genders. Every use of the word “including” in this Agreement is to be construed as meaning “including, without limitation”. 



 

	(b)	 The division of this Agreement into Articles and Sections, the insertion of headings and the provision of a
table of contents are for convenience of reference only and do not affect the construction or interpretation of this Agreement. 


  

	(c)	 References in this Agreement to an Article, Section, or Schedule are to be construed as references to an
Article, Section, or Schedule of or to this Agreement. 


  

	(d)	 Unless otherwise specified in this Agreement, time periods within which or following which any payment is to be
made or act is to be done will be calculated by excluding the day on which the period begins and including the day on which the period ends. If the last day of a time period is not a Business Day, the time period will end on the next Business Day.



  

	(e)	 Unless otherwise specified, any reference in this Agreement to any statute includes all regulations made under
or in connection with that statute from time to time, and is to be construed as a reference to that statute as amended, supplemented or replaced from time to time. 



 

	(f)	 In the event of any conflict or inconsistency between the statements in the body of the Agreement and the
Schedules, the statements in the body of this Agreement will prevail. 


 Section 1.3 Governing Law 

This Agreement is governed by, and is to be construed and interpreted exclusively in accordance with, the laws of the Province of Ontario and
the laws of Canada applicable therein. The Parties hereto irrevocably attorn to the exclusive jurisdiction of the courts of Ontario to resolve any disputes arising hereunder. 

Section 1.4 Entire Agreement 
 This
Agreement, together with the agreements and other documents to be delivered pursuant to this Agreement, constitutes the entire agreement among the Parties pertaining to the subject matter of this Agreement and supersedes all prior agreements,
understandings, negotiations and discussions, whether oral or written, of the Parties, including the Letter of Intent, and there are no representations, warranties or other 

  
 - 12 - 













 
agreements among the Parties in connection with the subject matter of this Agreement except as specifically set out in this Agreement or the other agreements and documents delivered pursuant to
this Agreement. No Party has been induced to enter into this Agreement in reliance on, and there will be no liability assessed, either in tort or contract, with respect to, any warranty, representation, opinion, advice or assertion of fact, except
to the extent it has been reduced to writing and included as a term in this Agreement or in one of the other agreements and documents delivered pursuant to this Agreement. 

Section 1.5 Knowledge 
 Where the
phrase “to the knowledge of Graph” or “to the knowledge of RegTech” is used, such phrase will mean, in respect of each representation and warranty or other statement which is qualified by such phrase, that such representation and
warranty or other statement is being made based upon, in the case of Graph, the collective knowledge of the directors and officers of Graph and in the case of RegTech, the collective knowledge of the directors and officers of RegTech and in all
cases, “knowledge” means the actual knowledge of such directors and officers after due inquiry. 
 Section 1.6 Schedules 

Schedule “A”, Form of Amalgamation Agreement, is attached to and incorporated by reference into this
Agreement.     
 ARTICLE 2 

THE AMALGAMATION 

Section 2.1 Amalgamation 
 RegTech,
Subco, and Graph will effect the Amalgamation on the terms and subject to the conditions contained in this Agreement and the Amalgamation Agreement. 

Section 2.2 Effect of Amalgamation 
  

	(a)	 The Amalgamation will become effective on the Amalgamation Effective Date and at such time, Subco and Graph
will amalgamate to form Amalco pursuant to the OBCA in the manner set out in the Amalgamation Agreement; 


  

	(b)	 immediately upon the Amalgamation pursuant to Section 2.2(a): 



 

	 	(i)	 each shareholder of Graph, including holders of Financing Common Shares, will receive, instead of Amalco Common
Shares, one (1) fully paid and non-assessable Resulting Issuer Common Share in exchange for each issued and outstanding Graph Common Share held by such shareholder and the Graph Common Shares thus
exchanged will be cancelled without reimbursement of the capital represented by such shares; 



  
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	 	(ii)	 the Resulting Issuer will receive one (1) fully paid and
non-assessable Amalco Common Share in exchange for each issued and outstanding Subco Common Share held by RegTech and the Subco Common Shares thus exchanged will be cancelled without reimbursement of the
capital represented by such shares; 


  

	 	(iii)	 holders of the Financing Warrants will receive, in exchange for each Financing Warrant held, one Resulting
Issuer Warrant, with each Resulting Issuer Warrant having the same terms as the Financing Warrant being exchanged therefor, and thereafter all of the outstanding Financing Warrants will be cancelled; 



 

	 	(iv)	 holders of the Graph Finder’s Warrants will receive, in exchange for each Graph Finder’s Warrant
held, one Resulting Issuer Finder’s Warrant, with each Resulting Issuer Finder’s Warrant having the same terms as the Graph Finder’s Warrant being exchanged therefor, and thereafter all of the outstanding Graph Finder’s Warrants
will be cancelled; 


  

	 	(v)	 in consideration of the issuance of Resulting Issuer Common Shares pursuant to Section 2.2(b)(i), Amalco
will issue to the Resulting Issuer 999,900 fully paid and non-assessable Amalco Common Shares for the Resulting Issuer Common Shares so issued; 



 

	 	(vi)	 the current officers and directors of RegTech will resign and the board of directors of the Resulting Issuer
will be reconstituted to consist of a minimum of three and a maximum of ten directors, all of whom shall be nominated by Graph. The senior management of the Resulting Issuer will include Peter Kim as President and Chief Executive Officer and Steve
Kang as Chief Financial Officer. 


 ARTICLE 3 

REPRESENTATIONS AND WARRANTIES OF REGTECH 

RegTech hereby represents and warrants to Graph and Subco as follows, and acknowledges that Graph and Subco are relying upon such
representations and warranties in connection with the transactions contemplated herein. The statements contained in this Article 3 are true and correct as of the date hereof, and RegTech covenants, represents and warrants with and in favour of Graph
and Subco that all of the representations and warranties set forth in this Article 3 will be true and correct at the time of Closing as if made on the Closing Date. 

Section 3.1 Corporate Existence 

RegTech is a company duly incorporated, validly existing and in good standing under the laws of British Columbia. No proceedings have been
taken or authorized by RegTech in respect of the bankruptcy, reorganization, insolvency, liquidation, dissolution or winding up of RegTech. 

  
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 Section 3.2 Capacity to Enter Agreement 

RegTech has the requisite corporate power and authority and capacity to enter into and perform its obligations under this Agreement. 

Section 3.3 Binding Obligation 
 The
execution, delivery and performance of this Agreement by RegTech and the consummation by it of the transactions contemplated hereby has been or, by the Closing Date, will be duly and validly authorized by all necessary corporate action, and no
further consent or authorization of the board of directors or shareholders of RegTech is or will be required. 
 This Agreement constitutes
or will, by the Closing Date, constitute a valid and binding obligation of RegTech, enforceable against RegTech in accordance with its terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium,
liquidation, conservatorship, receivership or other laws of general application limiting the enforcement of creditors’ rights generally and by the fact that equitable remedies, including specific performance, are discretionary and may not be
ordered in respect of certain defaults. 
 Section 3.4 Absence of Conflict 

None of the execution and delivery of this Agreement, the performance of the obligations of RegTech under this Agreement, or the completion of
the Transaction will: 
  

	(a)	 result in or constitute a breach of any terms or provision of, or constitute a default under, the notice of
articles or articles of RegTech, or any agreement or other commitment to which RegTech is a party or by which RegTech is bound; 


  

	(b)	 constitute an event which would permit any party to any material Contract with RegTech to terminate such
material Contract; or 


  

	(c)	 result in the creation or imposition of any Encumbrance on the RegTech Common Shares. 



Section 3.5 No Business Operations 

Except for transfer agent fees and escrow agent fees pursuant to agreements with the Transfer Agent, as well as legal, accounting, and other
fees and expenses in connection with remaining as a reporting issuer in British Columbia and Alberta, and as a company incorporated under the BCBCA, RegTech does not have any agreements, contracts, undertakings or commitments whatsoever of any kind,
and RegTech is not a party to, or bound or affected by, any Contract containing any covenant expressly limiting its respective abilities to compete in any line of business, or transfer or move any of its assets or operations. 

  
 - 15 - 













 Section 3.6 Constating Documents 

The certificate of incorporation, notice of articles and articles of RegTech constitute all of the constating documents of RegTech and are in
full force and effect, and no actions have been taken and no changes are planned to further amend such constating documents. 
 Section 3.7 Capacity
and Power 
 RegTech has all necessary corporate power, authority and capacity to own or lease its assets and carry on its business as
currently being conducted. 
 Section 3.8 Authorized and Issued Capital 

The authorized share capital of RegTech consists of an unlimited number of RegTech Common Shares, an unlimited number of preferred shares with
a par value of $1.00 and an unlimited number of Class “A” non-voting shares without par value, of which, as of the date hereof, following completion of the Consolidation, 5,954,715 New RegTech Common
Shares are validly issued and outstanding as fully paid and non-assessable shares in the capital of RegTech. 

Section 3.9 Pre-Emptive Rights 
  

	(a)	 No shareholder of RegTech is entitled to pre-emptive rights or
registration rights and there are no outstanding options, warrants, rights to subscribe for, call or commitments of any character whatsoever relating to, or securities or rights convertible into any RegTech Common Shares; 



 

	(b)	 There are no Contracts, commitments, understandings, or arrangements by which RegTech is or may become bound to
issue additional RegTech Common Shares or options, securities or rights convertible into RegTech Common Shares; 


  

	(c)	 RegTech is not a party to any agreement granting registration or anti-dilution rights to any person with
respect to any of its equity or debt securities; and 


  

	(d)	 RegTech is not a party to, and RegTech does not have any knowledge of, any agreement restricting the voting or
transfer of RegTech Common Shares. 


 Section 3.10 Due Registration and Compliance 

Except as disclosed to Graph, RegTech is a “reporting issuer” in good standing in Alberta and British Columbia. RegTech is in
compliance with all continuous disclosure and other applicable Laws and the RegTech Disclosure Documents are free from any misrepresentation. No securities commission or other authority of any government or self-regulatory organization, has issued
any order preventing the Transaction or the trading of any securities of RegTech. 

  
 - 16 - 













 Section 3.11 Prior Issuances of Securities, Foreign Registration, Cease Trade Orders 

 

	(a)	 The offer and sale of all RegTech Common Shares, convertible securities, rights, warrants or options of RegTech
issued and outstanding as of the date of this Agreement have complied with all applicable Laws; 


  

	(b)	 RegTech’s securities are registered with the U.S. Securities and Exchange Commission and RegTech is
required to file periodic reports with the U.S. Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934; and 


  

	(c)	 No order ceasing or suspending trading in any securities of RegTech, prohibiting the sale of securities of
RegTech or the trading of RegTech’s issued securities is issued and outstanding and, to the knowledge of RegTech, no proceedings for such purpose are pending, threatened or contemplated. 



Section 3.12 Non-Arm’s Length Loans, Loans to Insiders, etc. 

RegTech has made no payment or loan to, or borrowed any funds from or is otherwise indebted to, any officer, director, employee, shareholder or
any other person not dealing at arm’s length with RegTech, other than as disclosed in the RegTech Financial Statements. RegTech is not a party to any Contract with any officer, director, employee, shareholder or any other person not dealing at
arm’s length with RegTech, other than as disclosed in the RegTech Financial Statements as “related party transactions”. 

Section 3.13 Books and Records 
 The
Books and Records and minute books of RegTech are maintained substantially in accordance with all applicable Laws and the minute books are complete and accurate in all material respects. 

Section 3.14 Financial Statements 

The RegTech Financial Statements have been prepared in accordance with IFRS and present fairly the assets and liabilities (whether accrued,
absolute, contingent or otherwise) and the financial condition of RegTech as at the respective dates of such financial statements and have been maintained in accordance with good business practices on a basis consistent with prior years. 

  
 - 17 - 













 Section 3.15 Tax Matters 

RegTech has filed or will file, by the Closing Date, all Tax Returns, and has withheld or collected and remitted or will withhold or collect
and remit all amounts to be withheld or collected and remitted with respect to any Taxes as required under all applicable Tax Laws. There are no actions, suits or proceedings, in progress, pending, or, to the knowledge of RegTech threatened, in
connection with any Taxes. The provisions for Taxes shown on the RegTech Financial Statements are sufficient for the payment of all accrued and unpaid Taxes for all periods up to the end of the most recent financial period addressed in the RegTech
Financial Statements. 
 Section 3.16 Absence of Changes 

Since the most recent balance sheet and statement of loss included in the RegTech Financial Statements, there has not been: 

 

	(a)	 any change in the financial condition, operations, results of operations, or business of RegTech that has had a
Material Adverse Effect nor has there been any occurrence or circumstances which, with the passage of time might reasonably be expected to have a Material Adverse Effect; or 



 

	(b)	 any damage, destruction or loss, labour trouble, or other event, development or condition of any character
(whether or not covered by insurance) suffered by RegTech which has had, or may reasonably be expected to have a Material Adverse Effect. 



Section 3.17 Absence of Undisclosed Liabilities 

RegTech does not have any outstanding indebtedness or any liabilities or obligations (whether accrued, absolute, contingent or otherwise),
including under any guarantee of any debt except to the extent reflected or reserved in the RegTech Financial Statements. 
 Section 3.18 Title to
Assets 
 Subject to the security interest granted to Graph, RegTech owns, possesses and has good and marketable title to all of its
undertaking, property and assets including all the undertaking, property and assets to be reflected in the most recent balance sheet included in the RegTech Financial Statements, free and clear of all Encumbrances. The undertaking, property and
assets of RegTech comprise all of the undertaking, assets and property necessary for it to carry on its business as it is currently operated. 

Section 3.19 Absence of Unusual Transactions 

Since the most recent balance sheet and statement of loss included in the RegTech Financial Statements: 

 

	(a)	 RegTech has conducted its business only in the usual, ordinary and regular course and consistent with past
practice; 


  

	(b)	 no liability or obligation of any nature, other than those related to the Amalgamation and the Transaction,
whether absolute, accrued, contingent or otherwise that has had or is reasonably likely to have a Material Adverse Effect, has been incurred; and 



  
 - 18 - 














	(c)	 no event that has had or is reasonably likely to have a Material Adverse Effect has occurred.



 Section 3.20 Management Contracts 

RegTech is not a party to any written management contract or employment agreement, including without limitation, any contract which provides
for a right of payment in the event of a change of control of RegTech. 
 Section 3.21 Litigation 

There are no actions, suits, grievances or proceedings, whether judicial, arbitral or administrative, and whether or not purportedly on behalf
of RegTech, pending, commenced, or, to the knowledge of RegTech, pending, threatened or contemplated. There is no outstanding judgment, decree, order, ruling or injunction involving RegTech or relating in any way to the Transaction. 

Section 3.22 No Expropriation 
 No
property or asset of RegTech has been taken or expropriated by any Governmental Entity and no notice or proceeding in respect of any such expropriation has been given or commenced nor is there any intent or proposal to give any such notice or
commence any such proceeding. 
 Section 3.23 Finder’s Fees 

Except for the Finder’s Fee, no person or corporation is entitled to a finder’s fee or other form of compensation from the Resulting
Issuer with respect to the Transaction. 
 Section 3.24 Full and Complete Disclosure 

None of the foregoing representations, warranties and statements of fact and none of the RegTech Disclosure Documents contain any untrue
statement of a material fact or omit to state any material fact necessary to make such statement or representation not misleading to a prospective purchaser of RegTech Common Shares who is seeking full information concerning RegTech and its
properties, businesses and affairs. RegTech further represents and warrants that all public disclosures and filings required to be made by RegTech by applicable securities legislation in Canada or the United States have been made and filed by
RegTech as of the date hereof. 
 Section 3.25 Subco Share Capital 

RegTech is the registered and beneficial owner of all of the issued and outstanding shares of Subco and does not otherwise own or hold,
directly or indirectly, any securities of, or have any interest in, any corporation, partnership, joint venture or other entity. 

  
 - 19 - 













 ARTICLE 4 

REPRESENTATIONS AND WARRANTIES OF SUBCO 

Subco hereby represents and warrants to RegTech and Graph as follows, and acknowledges that RegTech and Graph are relying upon such
representations and warranties in connection with the transactions contemplated herein. The statements contained in this Article 4 are true and correct as of the date hereof, and Subco covenants, represents and warrants with and in favour of Graph
and RegTech that all of the representations and warranties set forth in this Article 4 will be true and correct at the time of Closing as if made on the Closing Date. 

Section 4.1 Corporate Existence 

Subco is a corporation duly incorporated, validly existing and in good standing under the laws of the Province of Ontario. No proceedings have
been taken or authorized by Subco in respect of the bankruptcy, reorganization, insolvency, liquidation, dissolution or winding up of Subco. 

Section 4.2 Capacity to Enter Agreement 

Subco has the requisite corporate power and authority and capacity to enter into and perform its obligations under this Agreement. 

Section 4.3 Binding Obligation 
 The
execution, delivery and performance of this Agreement by Subco and the consummation by it of the transactions contemplated hereby have been or will be, as of the Closing Date, duly and validly authorized by all necessary corporate action, and no
further consent or authorization of the board of directors or shareholders of Subco is or will be required. 
 This Agreement constitutes
or, by the Closing Date, will constitute a valid and binding obligation of Subco, enforceable against Subco in accordance with its terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium,
liquidation, conservatorship, receivership or other laws of general application limiting the enforcement of creditors’ rights generally and by the fact that equitable remedies, including specific performance, are discretionary and may not be
ordered in respect of certain defaults. 

  
 - 20 - 













 Section 4.4 Absence of Conflict 

None of the execution and delivery of this Agreement, the performance of Subco’s obligations under this Agreement, or the completion of
the Transaction will: 
  

	(a)	 result in or constitute a breach of any term or provision of, or constitute a default under, the articles or by-laws of Subco, or any agreement or other commitment to which Subco is a party or by which Subco is bound; 


  

	(b)	 constitute an event which would permit any party to any material contract with Subco to terminate that
agreement, or to accelerate the maturity of any indebtedness of Subco, or other obligation of Subco; or 


  

	(c)	 result in the creation or imposition of any Encumbrance on the Subco assets or the Subco Common Shares.



 Section 4.5 No Business Operations 

Subco has no agreements, liabilities (including in respect of Taxes), Contracts, undertakings or commitments whatsoever of any kind other than
this Agreement and does not carry out any active business and has been formed for the sole purpose of carrying out the Amalgamation. Subco does not own or hold, directly or indirectly, any securities of, or have any interest in, any corporation,
partnership, joint venture or other entity. 
 Section 4.6 Authorized and Issued Capital 

The authorized share capital of Subco consists of an unlimited number of Subco Common Shares. There is 100 Subco Common Shares issued and
outstanding. 
 ARTICLE 5 

REPRESENTATIONS AND WARRANTIES OF GRAPH 

Graph hereby represents and warrants to RegTech and Subco as follows, and acknowledges that RegTech and Subco are relying upon such
representations and warranties in connection with the transactions contemplated herein. The statements contained in this Article 5 are true and correct as of the date hereof, and Graph covenants, represents and warrants with and in favour of RegTech
and Subco that all of the representations and warranties set forth in this Article 5 will be true and correct at the time of Closing as if made on the Closing Date. 

Section 5.1 Corporate Existence 

Graph is a corporation duly incorporated, validly existing and in good standing under the laws of the Province of Ontario. No proceedings have
been taken or authorized by Graph in respect of the bankruptcy, reorganization, insolvency, liquidation, dissolution or winding up of Graph. 

Section 5.2 Capacity to Enter Agreement 

Graph has the requisite corporate power and authority and capacity to enter into and perform its obligations under this Agreement. 

  
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 Section 5.3 Binding Obligation 

The execution, delivery and performance of this Agreement by Graph and the consummation by it of the transactions contemplated hereby have been
or will be, by the Closing Date, duly and validly authorized by all necessary corporate action and no further consent or authorization of the board of directors or shareholders of Graph is or will be required. 

This Agreement constitutes or, by the Closing Date, will constitute a valid and binding obligation of Graph, enforceable against Graph in
accordance with its terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation, conservatorship, receivership or other laws of general application limiting the enforcement of
creditors’ rights generally and by the fact that equitable remedies, including specific performance, are discretionary and may not be ordered in respect of certain defaults. 

Section 5.4 Absence of Conflict 

None of the execution and delivery of this Agreement, the performance of Graph’s obligations under this Agreement, or the completion of
the Transaction will: 
  

	(a)	 result in or constitute a breach of any term or provision of, or constitute a default under, the constating
documents of Graph or any agreement or other commitment to which Graph is a party or by which Graph is bound; 


  

	(b)	 constitute an event which would permit any party to any Material Contract to terminate that agreement, or to
accelerate the maturity of any indebtedness of Graph, or other obligation of Graph; or 


  

	(c)	 result in the creation or imposition of any Encumbrance on the Graph Common Shares. 



Section 5.5 No Limitation On Business Operations 

Graph is not a party to, or bound or affected by, any Contract containing any covenant expressly limiting its respective abilities to compete
in any line of business, or transfer or move any of its assets or operations. 
 Section 5.6 Regulatory Approvals 

Other than with respect to the Concurrent Financing, no authorization, approval, order, consent of, or filing with, any Governmental Entity is
or will be, to the knowledge of Graph, required on the part of Graph in connection with the execution, delivery and performance of this Agreement or any other documents and agreements to be delivered under this Agreement. 

  
 - 22 - 













 Section 5.7 Consents 

There is no requirement to obtain any consent, approval or waiver of a party under any Material Contract to which Graph is a party in order to
complete the Transaction. 
 Section 5.8 Subsidiaries and Investments 

Graph does not own or hold, directly or indirectly, any securities of, or have any interest in, any corporation, partnership, joint venture or
other entity. 
 Section 5.9 Constating Documents 

The articles of incorporation and bylaws of Graph constitute all of the constating documents of Graph and are in full force and effect; no
action has been taken and no changes are planned to amend the articles or by-laws of Graph other than in conjunction with the Graph Share Split and the Amalgamation. 

Section 5.10 Capacity and Power 

Graph has all necessary corporate power, authority and capacity to own or lease its assets and carry on its business as currently being
conducted. 
 Section 5.11 Jurisdictions 

Graph is duly licensed, registered and qualified as a corporation to do business, is up-to-date in the filing of all required corporate returns and other notices and filings and is otherwise in good standing in all material respects, in each jurisdiction in which : (i) it owns or leases
property, or (ii) the nature or conduct of its business or any part thereof, or the nature of the property of Graph or any part thereof, makes such qualification necessary to enable the business to be carried on as now conducted, to enable the
property and assets of Graph to be owned, leased and operated by it, except where failure to be so licensed, registered and qualified or to make such filings would not have a Material Adverse Effect on Graph. 

Section 5.12 Authorized and Issued Capital 

Graph is authorized to issue an unlimited number of Graph Common Shares. As of the date hereof, 128,333,333 Graph Common Shares are issued and
outstanding (which excludes, for greater certainty, the Financing Common Shares). 
 Section 5.13
Pre-Emptive Rights 
  

	(a)	 No shareholder of Graph is entitled to pre-emptive rights or
registration rights and there are no outstanding options, warrants, rights to subscribe for, call or commitments of any character whatsoever relating to, or securities or rights convertible into, any Graph Common Shares, other than the Graph
Finder’s Warrants, the Financing Warrants and the Financing Broker Warrants; 



  
 - 23 - 














	(b)	 there are no contracts, commitments, understandings, or arrangements by which Graph is or may become bound to
issue additional Graph Common Shares or options, securities or rights convertible into Graph Common Shares, other than the Graph Finder’s Warrants, the Financing Warrants and the Financing Broker Warrants; 



 

	(c)	 Graph is not a party to any agreement granting registration or anti-dilution rights to any person with respect
to any of its equity or debt securities, other than the Graph Finder’s Warrants, the Financing Warrants and the Financing Broker Warrants; and 


  

	(d)	 Graph is not a party to, and Graph does not have any knowledge of, any agreement restricting the voting or
transfer of any Graph Common Shares. 


 Section 5.14 Prior Issuances of Securities, No Registration, No Cease Trade Orders

 The offer and sale of all Graph Common Shares issued and outstanding as of the date of this Agreement have complied with all
applicable Laws. Graph’s securities are not registered with any securities commission or with any securities regulator in Canada or other foreign jurisdiction. Graph is not required to file periodic reports with the U.S. Securities and Exchange
Commission pursuant to the Securities Exchange Act of 1934. No order ceasing or suspending trading in any securities of Graph, prohibiting the sale of securities of Graph or the trading of any of Graph’ issued securities has been issued and, to
the best of Graph’ knowledge, no proceedings for such purpose are pending, threatened or contemplated. 
 Section 5.15 No Voting Trust, etc.

 None of the issued and outstanding Graph Common Shares are, to the knowledge of Graph, subject to escrow restrictions, pooling
arrangements or voting trusts, whether voluntary or involuntary. 
 Section 5.16 Non-Arm’s Length
Loans, Loans to Insiders, etc. 
 Graph has not made any payment or loan to, or borrowed any funds from or is otherwise indebted to, any
officer, director, employee, shareholder or any other person not dealing at arm’s length with Graph except with respect to reasonable and bona fide expenses incurred by such persons relating to the business and affairs of Graph. Graph is not a
party to any contract with any officer, director, employee, shareholder or any other person not dealing at arm’s length with Graph. 

Section 5.17 Books and Records 
 The
Books and Records and minute books of Graph are maintained substantially in accordance with all applicable Laws and are complete and accurate in all respects. 

  
 - 24 - 













 Section 5.18 Financial Statements 

The Graph Financial Statements are prepared in accordance with IFRS and present fairly the assets, liabilities (whether accrued, absolute,
contingent or otherwise) and the financial condition of Graph as at the respective dates of such financial statements. 
 Section 5.19 Tax Matters

 Graph has withheld or collected and remitted all amounts to be withheld or collected and remitted with respect to any Taxes as
required under all applicable Tax Laws. There are no actions, suits or proceedings, in progress, pending, or, to the knowledge of Graph, threatened against Graph, in connection with any Taxes. The provisions for Taxes shown on the Graph Financial
Statements are sufficient for the payment of all accrued and unpaid Taxes for all periods up to the end of the most recent financial period addressed in the Graph Financial Statements. 

Section 5.20 Absence of Changes 

Since the most recent balance sheet and statement of income included in the Graph Financial Statements, there has not been: 

 

	(a)	 any change in the financial condition, operations, results of operations, or business of Graph that has had a
Material Adverse Effect nor has there been any occurrence or circumstances which, with the passage of time might reasonably be expected to have a Material Adverse Effect; or 



 

	(b)	 any damage, destruction or loss, labour trouble, or other event, development or condition of any character
suffered by Graph which has had, or may reasonably be expected to have a Material Adverse Effect. 


 Section 5.21 Absence of
Undisclosed Liabilities 
 Except to the extent reflected or reserved in the Graph Financial Statements or incurred in the ordinary
course of Graph’s business consistent with past practice, Graph does not have any outstanding indebtedness or any liabilities or obligations (whether accrued, absolute, contingent or otherwise), including under any guarantee of any debt. 

Section 5.22 Absence of Unusual Transactions 

Since the most recent balance sheet and statement of loss included in the Graph Financial Statements, except as contemplated in this Agreement:

  

	(a)	 Graph has conducted its business only in the usual, ordinary and regular course and consistent with past
practice; 



  
 - 25 - 














	(b)	 no liability or obligation of any nature, whether absolute, accrued, contingent or otherwise that has had or is
reasonably likely to have a Material Adverse Effect, has been incurred; and 


  

	(c)	 no event that has had or is reasonably likely to have a Material Adverse Effect has occurred.



 Section 5.23 Title to Assets 

Graph owns, possesses and has good and marketable title to all of its undertaking, property and assets including all the undertaking, property
and assets to be reflected in the most recent balance sheet included in the Graph Financial Statements, free and clear of all Encumbrances. The undertaking, property and assets of Graph comprise all of the undertaking, assets and property necessary
for it to carry on its business as it is currently operated. 
 Section 5.24 Employees 

There are no outstanding amounts payable to employees other than in the ordinary course of business or as disclosed in the Graph Financial
Statements. 
 Section 5.25 Management Contracts 

Graph is not a party to any written management contract, including without limitation, any contract which provides for a right of payment in
the event of a change in control of Graph. 
 Section 5.26 Material Contracts 

Graph is not in default or breach of any Material Contract, and to the knowledge of Graph, there exists no state of facts which, after notice
or lapse of time or both, would constitute such a default or breach. To the knowledge of Graph, no counterparty to any Material Contract is in default of any of its obligations under any Material Contract, Graph is entitled to all benefits under
each Material Contract, as applicable, and Graph has not received any notice of termination of any Material Contract and, to the best of Graph’s knowledge, no such terminations are pending, threatened or contemplated. 

Section 5.27 Litigation 
 There are
no actions, suits, grievances or proceedings, whether judicial, arbitral or administrative, and whether or not purportedly on behalf of Graph, pending, commenced, or, to the knowledge of Graph, threatened or contemplated that would have a Material
Adverse Effect on the business and operations of Graph. There is no outstanding judgment, decree, order, ruling or injunction involving Graph or relating in any way to the Transaction. 

  
 - 26 - 













 Section 5.28 No Expropriation 

To the knowledge of Graph, no property or asset of Graph has been taken or expropriated by any Governmental Entity and no notice or proceeding
in respect of any such expropriation has been given or commenced or is there any intent or proposal to give any such notice or commence any such proceeding. 

Section 5.29 Finder’s Fees 
 No
person or corporation is entitled to a finder’s fee or other form of compensation from Graph with respect to the Transaction. 
 Section 5.30
Full Disclosure 
 None of the foregoing representations, warranties and statements of fact contain any untrue statement of a material
fact or omit to state any material fact necessary to make such statement or representation not misleading to a prospective purchaser of Graph Common Shares who is seeking full information as to Graph and its properties, businesses and affairs. 

ARTICLE 6 
 COVENANTS

 Section 6.1 Covenants of Graph 

Graph covenants and agrees that, until the earlier of the Closing Date and the time that this Agreement is terminated in accordance with its
terms, it shall: 
  

	(a)	 not solicit, initiate, knowingly encourage, cooperate with or facilitate (including by way of furnishing any non-public information or entering into any form of agreement, arrangement or understanding) the submission, initiation or continuation of any oral or written inquiries or proposals or expressions of interest
regarding, constituting or that may reasonably be expected to lead to any activity, arrangement or transaction or propose any activities or solicitations in opposition to or in competition with the Transaction, and without limiting the generality of
the foregoing, not to induce or attempt to induce any other person to initiate any shareholder proposal or “takeover bid,” exempt or otherwise, within the meaning of the Securities Act (Ontario), for securities or assets of Graph,
nor to undertake any transaction or negotiate any transaction which would be or potentially could be in conflict with the Transaction, including, without limitation, allowing access to any third party to conduct due diligence, nor to permit any of
its officers or directors to authorize such access, except as required by statutory obligations. In the event Graph, including any of its officers or directors, receives any form of offer or inquiry, Graph shall forthwith (in any event within one
business day following receipt) notify RegTech of such offer or inquiry and provide RegTech with such details as it may request; 



  
 - 27 - 














	(b)	 prepare and complete the financial statements required by the CSE in connection with the completion of the
Transaction, which includes the Graph Financial Statements; 


  

	(c)	 not take any action contrary to, or in opposition of the Amalgamation and the Transaction;



  

	(d)	 use commercially reasonable efforts to obtain all necessary waivers, consents and approvals required to be
obtained from, and to deliver all notices required to be delivered to, other parties to any of its Material Contracts in connection with this Agreement, the Amalgamation or any of the other transactions contemplated herein; 



 

	(e)	 use commercially reasonable efforts to comply promptly with all requirements imposed by applicable Law with
respect to the Amalgamation and any other transactions contemplated herein; 


  

	(f)	 not knowingly take any action, refrain from taking any commercially reasonable action, or permit any action to
be taken or not taken, which is inconsistent with this Agreement or which is or could reasonably be expected to impede or delay the completion of the transactions contemplated under this Agreement except as specifically permitted by this Agreement;



  

	(g)	 use commercially reasonable efforts to fulfill all conditions to closing contained in this Agreement that are
within its power and satisfy all provisions of this Agreement and the Amalgamation applicable to Graph; 


  

	(h)	 conduct its business in a prudent and business-like manner and, except for transactions contemplated herein, in
the ordinary course and in a manner consistent with past practice; 


  

	(i)	 not issue any debt, equity or other securities without the prior written approval of RegTech, except in
connection with the Concurrent Financing or with respect to any options, warrants or other rights outstanding as of the date hereof; 


  

	(j)	 not borrow money or incur any indebtedness for money borrowed, except as agreed to by RegTech in writing;



  

	(k)	 not make loans, advances or other payments, excluding ordinary course compensation and routine advances to
employees of Graph for expenses incurred in the ordinary course, except as agreed to by RegTech in writing; 


  

	(l)	 not declare or pay any dividends or distribute any of Graph’s properties or assets; 



 

	(m)	 not amend Graph’s articles or by-laws in any manner which may
adversely affect the success of the Transaction, except as agreed by RegTech in writing or as required to give effect to the matters contemplated herein; 



  
 - 28 - 














	(n)	 except as permitted or contemplated herein, not enter into any transaction or Material Contract not in the
ordinary course of business and not engage in any business enterprise or activity different from that carried on as of the date hereof, unless written approval of RegTech is obtained; 



 

	(o)	 subject to the provisions hereof, to cooperate fully with RegTech and to use all reasonable commercial efforts
to assist RegTech in its efforts to complete the Transaction, unless such cooperation and efforts would subject Graph to liability or would be in breach of applicable statutory and regulatory requirements; and 



 

	(p)	 promptly deliver written notice to RegTech of any circumstance or development that, to the knowledge of Graph,
is or could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect on Graph. 


 Section 6.2
Covenants of RegTech 
 RegTech covenants and agrees that, until the earlier of the Closing Date and the time that this Agreement is
terminated in accordance with its terms, it shall: 
  

	(a)	 not solicit, initiate, knowingly encourage, cooperate with or facilitate (including by way of furnishing any non-public information or entering into any form of agreement, arrangement or understanding) the submission, initiation or continuation of any oral or written inquiries or proposals or expressions of interest
regarding, constituting or that may reasonably be expected to lead to any activity, arrangement or transaction or propose any activities or solicitations in opposition to or in competition with the Transaction, and without limiting the generality of
the foregoing, not to induce or attempt to induce any other person to initiate any shareholder proposal or “takeover bid,” exempt or otherwise, within the meaning of the Securities Act (Ontario), for securities or assets of RegTech,
nor to undertake any transaction or negotiate any transaction which would be or potentially could be in conflict with the Transaction, including, without limitation, allowing access to any third party to conduct due diligence, nor to permit any of
its officers or directors to authorize such access, except as required by statutory obligations. In the event RegTech, including any of its officers or directors, receives any form of offer or inquiry, RegTech shall forthwith (in any event within
one business day following receipt) notify Graph of such offer or inquiry and provide Graph with such details as it may request; 


  

	(b)	 apply for and use commercially reasonable efforts to obtain all regulatory approvals relating to RegTech and
Subco required in connection with this Agreement, the Transaction or any of the other transactions contemplated herein, and, in doing so, keep Graph fully informed as to the status of the proceedings related to obtaining the regulatory approvals,
including providing Graph promptly with copies of all related applications and notifications (other than with respect to confidential information contained in such applications and notifications), in a draft form prior to such applications and
notifications being submitted, in order for Graph to provide its reasonable comments thereon; 



  
 - 29 - 














	(c)	 prepare and complete the financial statements required by the CSE in connection with the completion of the
Transaction, which includes the RegTech Financial Statements; 


  

	(d)	 use its reasonable commercial efforts to cause all shareholders of RegTech to vote in favour of the Transaction
and all ancillary matters thereto, and not take any action contrary to, or in opposition of the Amalgamation and the Transaction; 


  

	(e)	 use commercially reasonable efforts to obtain all necessary waivers, consents and approvals required to be
obtained from, and to deliver all notices required to be delivered to, other parties to any of its Material Contracts in connection with this Agreement, the Transaction or any of the other transactions contemplated herein; 



 

	(f)	 use commercially reasonable efforts to comply promptly with all requirements imposed by applicable Law with
respect to the Amalgamation and any other transactions contemplated herein; 


  

	(g)	 not knowingly take any action, refrain from taking any commercially reasonable action, or permit any action to
be taken or not taken, which is inconsistent with this Agreement or which is or could reasonably be expected to impede or delay the completion of the transactions contemplated under this Agreement except as specifically permitted by this Agreement;



  

	(h)	 use commercially reasonable efforts to fulfill all conditions to closing contained in this Agreement that are
within its power and satisfy all provisions of this Agreement and the Transaction applicable to RegTech; 


  

	(i)	 conduct its business in a prudent and business-like manner and, except for transactions contemplated herein, in
the ordinary course and in a manner consistent with past practice; 


  

	(j)	 not issue any debt, equity or other securities without the prior written approval of Graph, except in
connection with any options, warrants or other rights outstanding as of the date hereof; 


  

	(k)	 not split, divide, consolidate, combine, exchange or reclassify any of its equity securities or issue or
authorize the issuance of any other securities in lieu of or in substitution for, any of its equity securities, except with respect to the Consolidation; 


  

	(l)	 not redeem, purchase or otherwise acquire any of its outstanding securities, unless otherwise required by the
terms of such securities; 


  

	(m)	 not alter or amend the terms of any of its outstanding securities; 



 

	(n)	 not adopt a plan of liquidation or resolution providing for the liquidation or dissolution of RegTech;




  
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	(o)	 not borrow money or incur any indebtedness for money borrowed, except as agreed to by Graph in writing;



  

	(p)	 not make loans, advances or other payments, excluding routine advances to directors and officers of RegTech for
expenses incurred in the ordinary course, except as agreed to by Graph in writing; 


  

	(q)	 not (A) grant to any officer or director of RegTech an increase in compensation in any form;
(B) grant any general salary increase to any officer or director of RegTech; (C) take any action with respect to the grant of any severance or termination pay; (D) enter into any employment agreement with any officer or director of
RegTech; or (E) increase any benefits payable to any officer or director of RegTech under their current severance or termination pay policies; 


  

	(r)	 not settle or compromise, without the prior written consent of Graph,: (A) any action, claim or proceeding
brought against RegTech that is or could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect on RegTech; or (B) any action, claim or proceeding brought by any present, former or purported holder of its
securities in connection with the transactions contemplated by this Agreement or the Amalgamation; 


  

	(s)	 not declare or pay any dividends or distribute any of RegTech’s properties or assets;



  

	(t)	 not amend RegTech’s articles or notice of articles in any manner which may adversely affect the success of
the Transaction, except as agreed by Graph in writing or as required to give effect to the matters contemplated herein, including giving effect to the Name Change and Consolidation; 



 

	(u)	 except as permitted or contemplated herein, not enter into any transaction or Material Contract not in the
ordinary course of business and not engage in any business enterprise or activity different from that carried on as of the date hereof, unless the written approval of Graph is obtained; 



 

	(v)	 subject to the provisions hereof, to cooperate fully with Graph and to use all reasonable commercial efforts to
assist Graph in its efforts to complete the Transaction, unless such cooperation and efforts would subject RegTech to liability or would be in breach of applicable statutory and regulatory requirements; and 



 

	(w)	 promptly deliver written notice to Graph of any circumstance or development that, to the knowledge of RegTech,
is or could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect on RegTech. 



  
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 Section 6.3 Access to Information and Confidentiality 

Each Party will allow the other and its respective authorized representatives, including legal counsel and consultants, access to all
information, books or records relevant for the purpose of the Transaction contemplated herein. Each party hereto agrees that all information and documents so obtained will be kept confidential and the contents thereof will not be disclosed to any
person without the prior written consent of the disclosing party, except as otherwise provided for below, or as are required to be disclosed by applicable Law provided that the disclosing party is given prior notice thereof. 

The foregoing does not apply to information that: 
  

	(a)	 becomes generally available to the public absent any breach of the foregoing; 



 

	(b)	 was available on a non-confidential basis to a party prior to its
disclosure pursuant to this Agreement; or 


  

	(c)	 becomes available on a non-confidential basis from a third party who,
to the knowledge of the recipient after enquiry, is not bound to keep such information confidential. 


 ARTICLE 7

 CLOSING CONDITIONS 

Section 7.1 Mutual Conditions 
 The
respective obligations of RegTech, Graph and Subco to complete the Transaction are subject to the fulfillment of the following conditions on or before the Closing Date or such earlier date as specified herein: 

 

	(a)	 RegTech shareholders having approved the Transaction and all related matters, including the Consolidation and
the amendment of RegTech’s constating documents to change its name to “Graph Blockchain Inc.” or such other name as may be determined by the board (the “Name Change”); 



 

	(b)	 receipt of all required regulatory, shareholder and third party approvals including CSE approval, and
compliance with all applicable regulatory requirements and conditions necessary to complete the Transaction; 


  

	(c)	 there will not be in force any Law, ruling, order or decree, and there will not have been any action taken
under any Law or by any Governmental Entity or other regulatory authority, that makes it illegal or otherwise directly or indirectly restrains, enjoins or prohibits the consummation of the Amalgamation in accordance with the terms hereof or results
or could reasonably be expected to result in a judgment, order, decree or assessment of damages, directly or indirectly, relating to the Amalgamation which has, or could have, a Material Adverse Effect; 



 

	(d)	 the Articles of Amalgamation to be filed with the Director in accordance with the Amalgamation, shall be in
form and substance satisfactory to Graph and RegTech, acting reasonably; 



  
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	(e)	 the board of directors of the Resulting Issuer shall consist of a minimum of three and a maximum of ten
directors, all of whom shall be nominated by Graph; 


  

	(f)	 all other consents, waivers, permits, exemptions, orders and approvals of, and any registrations and filings
with, any Governmental Entity, the failure of which to obtain or the expiry of which would or could have a Material Adverse Effect or materially impede the completion of the Transaction, will have been obtained or received on terms that are
reasonably satisfactory to each Party hereto; and 


  

	(g)	 this Agreement will not have been terminated pursuant to Article 10 hereof. 



The foregoing conditions are for the mutual benefit of the Parties hereto and may be waived in respect of a Party hereto, in whole or in part,
by such Party hereto in writing at any time. If any of such conditions will not be complied with or waived as aforesaid on or before the Closing Date or, if earlier, the date required for the performance thereof, then, subject to Article 10 hereof,
any Party hereto may terminate this Agreement by written notice to the other Parties in circumstances where the failure to satisfy any such condition is not the result, directly or indirectly, of a breach of this Agreement by such rescinding Party
hereto. 
 Section 7.2 RegTech Conditions 

The obligation of RegTech to complete the Transaction contemplated herein is subject to the fulfillment of the following additional conditions
on or before the Closing Date or such other time as is specified below: 
  

	(a)	 no material adverse change having occurred in the business, results of operations, assets, liabilities,
financial condition or affairs of Graph, financial or otherwise, between the date hereof and the Closing Date; 


  

	(b)	 satisfactory completion of due diligence by RegTech, its counsel and representatives on the business, assets,
financial condition and corporate records of Graph, acting reasonably; 


  

	(c)	 there being no legal proceedings or regulatory actions or proceedings against Graph as of the Closing Date
which may have a Material Adverse Effect on Graph, its business, assets or financial condition; 


  

	(d)	 there being no inquiry or investigation (whether formal or informal) in relation to Graph or its directors or
officers commenced or threatened by any securities commission or official of the CSE or regulatory body having jurisdiction such that the outcome of such inquiry or investigation could have a Material Adverse Effect on Graph, its business, assets or
financial condition; 


  

	(e)	 all representations and warranties of Graph under this Agreement shall be true and correct as of the Closing
Date as if made on and as of such date (except to the extent such representations and warranties speak as of an earlier date, in which event such representations and warranties shall be true and correct as of such




  
 - 33 - 














	 	
earlier date, or except as affected by transactions contemplated or permitted by this Agreement), except where the failure of such representations and warranties to be true and correct,
individually or in the aggregate, would not result, or would not reasonably be expected to result, in a material adverse change in respect of Graph and would not, or would not reasonably be expected to, materially delay completion of the
Amalgamation and the transactions otherwise contemplated hereby; 

  

	(f)	 all covenants of Graph under this Agreement to be performed on or before the Closing Date shall have been
performed by Graph in all material respects; 


  

	(g)	 there being no other issued and outstanding securities in the capital of Graph other than as disclosed herein;



  

	(h)	 the directors and shareholders of Graph will have adopted and passed all necessary resolutions and all other
necessary corporate action will have been taken by Graph to permit the consummation of this Agreement and the Transaction; 


  

	(i)	 relevant principals and shareholders of Graph shall have entered into such escrow agreements as required by the
CSE and shall have delivered such documents as required by the CSE including, without limitation, duly completed personal information forms acceptable to the CSE; and 



 

	(j)	 Graph will have executed and delivered, or cause to be executed and delivered, at the closing of the
Transaction, such customary agreements, legal opinions, certificates, resolutions and other closing documents as may be required by the other Parties hereto, all in form satisfactory to the other Parties, acting reasonably. 



The foregoing conditions are for the benefit of RegTech and may be waived, in whole or in part, by RegTech in writing at any time. If any of
such conditions will not be complied with or waived by RegTech on or before the Closing Date or, if earlier, the date required for the performance thereof, then, subject to Article 10 hereof, RegTech may terminate this Agreement by written notice to
Graph and Subco in circumstances where the failure to satisfy any such condition is not the result, directly or indirectly, of a breach of this Agreement by RegTech. 

Section 7.3 Graph Conditions 
 The
obligation of Graph to complete the Transaction contemplated herein is subject to the fulfillment of the following additional conditions on or before the Closing Date or such other time as is specified below: 

 

	(a)	 RegTech being up to date and in good standing with respect to all of its filings obligations with the U.S.
Securities and Exchange Commission; 



  
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	(b)	 RegTech providing Graph with all of its Books and Records from 2016 to the Effective Date at no cost to Graph.
For greater certainty, this subsection shall include RegTech’s full legal minute books and constating documents from incorporation to the present as well as full balance sheet subledgers, reconciliations and underlying supporting documentation
from each item on the balance sheet as of the date of Closing; 


  

	(c)	 the Transaction, the Consolidation and the Name Change shall have been approved by the RegTech shareholders and
the articles of RegTech shall have been amended so as to effect the Consolidation and the Name Change; 


  

	(d)	 RegTech, as the sole shareholder of Subco, shall have approved the Amalgamation; 



 

	(e)	 the directors of RegTech and Subco will have adopted all necessary resolutions and all other necessary
corporate action will have been taken by RegTech and Subco to permit the consummation of the Transaction; 


  

	(f)	 no material adverse change having occurred in the business, results of operations, assets, liabilities,
financial condition or affairs of RegTech, financial or otherwise, between the date hereof and the Closing Date, except for a decrease in RegTech’s working capital position reasonably necessary to facilitate the Transaction and to meet its
customary obligations as a “reporting issuer” in Alberta and British Columbia; 


  

	(g)	 satisfactory completion of due diligence by Graph, its counsel and representatives on the business, assets,
financial condition and corporate records of RegTech, acting reasonably; 


  

	(h)	 there being no legal proceedings or regulatory actions or proceedings against RegTech as of the Closing Date
which may have a Material Adverse Effect on RegTech, its business, assets or financial condition; 


  

	(i)	 there being no inquiry or investigation (whether formal or informal) in relation to RegTech or its directors or
officers commenced or threatened by any securities commission or official of the CSE or regulatory body having jurisdiction such that the outcome of such inquiry or investigation could have a Material Adverse Effect on RegTech, its business, assets
or financial condition; 


  

	(j)	 all representations and warranties of RegTech and Subco under this Agreement shall be true and correct as of
the Closing Date as if made on and as of such date (except to the extent such representations and warranties speak as of an earlier date, in which event such representations and warranties shall be true and correct as of such earlier date, or except
as affected by transactions contemplated or permitted by this Agreement), except where the failure of such representations and warranties to be true and correct, individually or in the aggregate, would not result, or would not reasonably be expected
to result, in a material adverse change in respect of RegTech or Subco, as applicable, and would not, or would not reasonably be expected to, materially delay completion of the Amalgamation and the transactions otherwise contemplated hereby;




  
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	(k)	 all covenants of RegTech under this Agreement to be performed on or before the Closing Date shall have been
performed by RegTech in all material respects; 


  

	(l)	 all consents, waivers and approvals required to be obtained by RegTech from a counter-party to a Material
Contract of RegTech required in connection with, or to permit the consummation of, the Amalgamation or any transaction otherwise contemplated hereby, shall have been obtained on terms and conditions satisfactory to Graph, acting reasonably;



  

	(m)	 the Resulting Issuer Common Shares issued as consideration for the Graph Common Shares being issued as fully
paid and non-assessable common shares in the capital of the Resulting Issuer, free and clear of any and all encumbrances, liens, charges and demands of whatsoever nature, except those imposed pursuant to the
escrow restrictions of the CSE and those arising under applicable securities laws; 


  

	(n)	 RegTech will, prior to Closing Time, make all applicable filings with the CSE and any Governmental Entities;



  

	(o)	 receipt of duly executed resignations and mutual releases of each director and officer of RegTech who is no
longer serving as a director or officer of the Resulting Issuer; 


  

	(p)	 there being no debts owing to RegTech by any of its directors, officers, employees or consultants or any former
directors, officers, employees or consultants or any other person with whom RegTech does not deal at arm’s length, except for amounts advanced to such persons for expenses incurred on behalf of RegTech in the ordinary course of business or as
otherwise disclosed either in writing to Graph or in the RegTech Disclosure Documents; 


  

	(q)	 there being no debts owing by RegTech to any of its directors, officers, employees or consultants or any former
directors, officers, employees or consultants or any other person with whom RegTech does not deal at arm’s length, except as otherwise disclosed in writing and agreed to by Graph; 



 

	(r)	 all management, consulting, lease and rental contracts to which RegTech is a party having been terminated and
there not being any termination rights, payments or other fees payable pursuant to any such agreements as a result of such terminations; 


  

	(s)	 there being no other issued and outstanding securities in the capital of RegTech or Subco other than as
disclosed herein; and 


  

	(t)	 RegTech will have executed and delivered, at the Closing of the Transaction, such customary agreements, legal
opinions, certificates, resolutions and other closing documents as may be required by the other Parties hereto, all in form satisfactory to the other Parties hereto, acting reasonably. 



  
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 The foregoing conditions are for the benefit of Graph and may be waived, in whole or in
part, by Graph in writing at any time. If any of such conditions will not be complied with or waived by Graph on or before the Closing Date or, if earlier, the date required for the performance thereof, Graph may terminate this Agreement by written
notice to RegTech and Subco in circumstances where the failure to satisfy any such condition is not the result, directly or indirectly, of a breach of this Agreement by Graph. 

Section 7.4 Consents-Merger 
 The
obligations of RegTech, Subco and Graph to obtain the consents referred to in this Article 7 will not survive the completion of the Transaction, and will merge without recourse between the Parties upon such completion. 

ARTICLE 8 
 SURVIVAL

 Section 8.1 Survival 

The covenants, representations and warranties of each of RegTech, Graph, and Subco as set out herein shall survive from the Closing Date for a
period of 18 months. 
 ARTICLE 9 

CLOSING 
 The
Closing will take place on the Closing Date in the offices of McMillan LLP, counsel to Graph, or at any other place as the Parties may agree. 

ARTICLE 10 
 TERM AND
TERMINATION 
 Section 10.1 Term 

This Agreement shall be effective from the date hereof until the earlier of the Closing Date and the termination of this Agreement in
accordance with its terms. 
 Section 10.2 Termination 
  

	(a)	 This Agreement may be terminated at any time prior to the Closing Date: 



(i) by mutual written agreement of the Parties; 

(ii) by Graph, if a breach of any representation or warranty or failure to perform any covenant or agreement on the part of RegTech or Subco
set forth in this Agreement shall have occurred that would cause the conditions set forth in Section 7.1 or Section 7.3 not to be satisfied, or render such conditions incapable of being satisfied by the Closing Date, as reasonably
determined by Graph; provided, however, that Graph is not then in breach of this Agreement so as to cause any condition in Section 7.1 or Section 7.3 not to be satisfied; or 

  
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 (iv) by RegTech, if a breach of any representation or warranty or failure to perform any
covenant or agreement on the part of Graph set forth in this Agreement shall have occurred that would cause the conditions set forth in Section 7.1 or Section 7.2 not to be satisfied, or render such conditions incapable of being satisfied
by the Closing Date as reasonably determined by RegTech; provided, however, that RegTech is not then in breach of this Agreement so as to cause any condition in Section 7.1 or Section 7.2 not to be satisfied. 

 

	(b)	 For greater certainty, this Agreement may not be terminated unilaterally by Subco. 



Section 10.3 Expenses 
  

	(a)	 It is understood by the Parties that all costs incurred in connection with pursuing and implementing the
transactions contemplated herein will be borne by the Party incurring the costs. 


 ARTICLE 11 

GENERAL 
 Section 11.1 Costs
and Expenses 
 Except as otherwise specified in this Agreement, all costs and expenses (including the fees and disbursements of
accountants, legal counsel and other professional advisers) incurred in connection with this Agreement and the completion of the transactions contemplated by this Agreement are to be paid by the Party incurring those costs and expenses. If this
Agreement is terminated, the obligation of each Party to pay its own costs and expenses is subject to each Party’s respective rights arising from a breach or termination. 

Section 11.2 Time of Essence 
 Time
is of the essence in all respects of this Agreement. 
 Section 11.3 Notices 

Any Notice must be in writing and either: 
  

	(a)	 personally delivered; 



 

	(b)	 sent by prepaid, registered mail; or 



 

	(c)	 sent by facsimile, e-mail or functionally equivalent electronic means
of communication, charges (if any) prepaid. 



  
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 Any Notice must be sent to the intended recipient at its address as follows: 

to RegTech and Subco at: 
 Suite
500 – 666 Burrard Street 
 Vancouver, British Columbia 

V6C 3P6 
 Attention: Paul Chute

 email: pwchute@gmail.com 

to Graph at: 
 2161 Yonge
Street, Suite 210 
 Toronto, Ontario 

M4S 3A6 
 Attention: Peter Kim

 email: pkim@graphblockchain.com 

or at any other address as any Party may from time to time advise the other by Notice given in accordance with this Section 11.3. Any
Notice delivered to the Party to whom it is addressed will be deemed to have been given and received on the day it is so delivered at that Party’s address, provided that if that day is not a Business Day then the Notice will be deemed to have
been given and received on the next Business Day. Any Notice transmitted by facsimile or other form of electronic communication will be deemed to have been given and received on the day on which it was transmitted (but if the Notice is transmitted
on a day which is not a Business Day or after 4:00 p.m. (local time of the recipient), the Notice will be deemed to have been received on the next Business Day). Any Notice given by registered mail will be deemed to have been received on the fifth
Business Day after which it is so mailed. If a strike or lockout of postal employees is then in effect, or generally known to be impending, every Notice must be effected by personal delivery, or by facsimile,
e-mail or functionally equivalent electronic means. 
 Section 11.4 Further Assurances 

Each Party will execute and deliver any further agreements and documents and provide any further assurances as may be reasonably required by
the other Party to give effect to this Agreement and, without limiting the generality of the foregoing, will do or cause to be done all acts and things, execute and deliver or cause to be executed and delivered all agreements and documents and
provide any assurances, undertakings and information as may be required from time to time by all Governmental Entities or stock exchanges having jurisdiction or as may be required from time to time under applicable securities legislation. 

Without limiting the generality of the foregoing, Paul Chute agrees to assist Graph and the Resulting Issuer for a period of six months
following completion of the Transaction in responding to any inquiries, requests for information or any other matter from any securities regulator with jurisdiction over RegTech as of the date of this Agreement at such additional cost to be agreed
to between the parties, acting reasonably. This includes, but is not limited to, responding to phone and email inquiries from Graph or the Resulting and its directors and officers and providing historical data and documents in their knowledge or
possession. 

  
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 Section 11.5 No Broker 

Each Party represents and warrants to the other Parties that all negotiations relating to this Agreement and the transactions contemplated by
this Agreement have been carried on between them directly, without the intervention of any other Person on behalf of any Party in such manner as to give rise to any valid claim against any Party for a brokerage commission, finder’s fee or other
similar payment, except as otherwise payable in accordance with this Agreement. 
 Section 11.6 Public Notice 

All public notices to third parties and all other announcements, press releases and publicity concerning this Agreement or the transactions
contemplated by this Agreement must be jointly planned and co-ordinated by the Parties, and no Party to this Agreement will act unilaterally in this regard without the prior consent of the other Parties
unless, and only to the extent that, disclosure is required to meet the timely disclosure obligations of any Party under securities laws or stock exchange rules in circumstances where prior consultation with the other Parties is not practicable, or
the disclosure is to the Party’s board of directors, senior management and its legal, accounting, financial or other professional advisers. 

Section 11.7 Independent Legal Advice 

Each of the Parties hereby acknowledges that it has carefully read and considered and fully understands the provisions of this Agreement and,
having done so, agrees that the provisions set forth in this Agreement are fair and reasonable. Each party further acknowledges that it has had an opportunity to obtain independent advice in respect of the contents of this Agreement and it has
either obtained such independent advice or waives all further rights in this respect. 
 Section 11.8 Amendment and Waiver 

No supplement, modification, amendment, waiver, discharge or termination of this Agreement is binding unless it is executed in writing by the
Party to be bound. No waiver of, failure to exercise or delay in exercising, any provision of this Agreement constitutes a waiver of any other provision (whether or not similar) nor does any waiver constitute a continuing waiver unless otherwise
expressly provided. 
 Section 11.9 Assignment and Enurement 

Neither this Agreement nor any right or obligation under this Agreement may be assigned by any Party without the prior consent of the other
Parties. This Agreement enures to the benefit of and is binding upon the Parties and their respective successors and permitted assigns. 

  
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 Section 11.10 Severability 

Each provision of this Agreement is distinct and severable. If any provision of this Agreement, in whole or in part, is or becomes illegal,
invalid or unenforceable in any jurisdiction, the illegality, invalidity or unenforceability of that provision will not affect the legality, validity or enforceability of the remaining provisions of this Agreement, or the legality, validity or
enforceability of that provision in any other jurisdiction. 
 Section 11.11 Counterparts 

This Agreement may be executed and delivered by the Parties in one or more counterparts, each of which when so executed and delivered will be
an original, and those counterparts will together constitute one and the same instrument. 
 Section 11.12 Facsimile Signatures 

Delivery of this Agreement by facsimile, e-mail or functionally equivalent electronic transmission
constitutes valid and effective delivery. 
 [signature page follows] 

  
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 IN WITNESS WHEREOF this Agreement has been executed as of the date first written above. 

 

			
	REG TECHNOLOGIES INC.
		
	Per:	 	 
	Name: 	 	Paul Chute
	Title:	 	Chief Executive Officer


  

			
	2659468 ONTARIO INC.
		
	Per:	 	 
	Name: 	 	Paul Chute
	Title:	 	Chief Executive Officer


  

			
	GRAPH BLOCKCHAIN LIMITED
		
	Per:	 	 
	Name: 	 	Andrew Ryu
	Title:	 	Chief Executive Officer



  
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	Signature of Witness	 		 	Paul Chute


  
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 SCHEDULE “A” 

AMALGAMATION AGREEMENT 












 THIS AMALGAMATION AGREEMENT made as of the 6th
day of November, 2018, 
 AMONG: 
 REG
TECHNOLOGIES INC. 
 (“RegTech”) 

AND: 
 GRAPH BLOCKCHAIN LIMITED 

(“Graph”) 
 AND: 

2659468 ONTARIO INC. 

(“Subco”) 

WHEREAS Graph and Subco wish to amalgamate pursuant to Section 174 of the OBCA upon the terms and conditions hereinafter described
and for such purpose the Resulting Issuer has agreed to issue Resulting Issuer Common Shares, Resulting Issuer Warrants and Resulting Issuer Finder’s Warrants as hereinafter provided. 

AND WHEREAS as of the date hereof, there are 5,954,715 RegTech Shares issued and outstanding; 

AND WHEREAS as of the date hereof, there are 128,333,333 Graph Common Shares (excluding, for greater certainty, the Financing Common
Shares) issued outstanding and 1,665,818 Graph Finder’s Warrants issued and outstanding; 
 AND WHEREAS, as of the date hereof,
there are 100 Subco Common Shares issued and outstanding; 
 AND WHEREAS, the Concurrent Financing shall close immediately before the
Amalgamation; 
 NOW THEREFORE for good and valuable consideration the parties agree as follows: 

Section 1.1. In this Agreement: 
  

	(a)	 “Agreement” means this Amalgamation Agreement; 



  
 A - 2 














	(b)	 “Amalco” means the continuing corporation constituted upon the Amalgamation becoming
effective; 


  

	(c)	 “Amalco Common Shares” has the meaning set forth in Section 1.4(d);



  

	(d)	 “Amalgamating Corporations” means Graph and Subco; 



 

	(e)	 “Amalgamation” means the amalgamation of the Amalgamating Corporations as contemplated in this
Agreement; 


  

	(f)	 “Articles of Amalgamation” means the articles of amalgamation entered into as a result of this
Agreement; 


  

	(g)	 “Certificate of Amalgamation” means the certificate of amalgamation to be issued pursuant to
the OBCA giving effect to the Articles of Amalgamation; 


  

	(h)	 “Concurrent Financing” means the private placement of a minimum of 3,333,333 Financing Units
and a maximum of 13,333,333 Financing Units at $0.30 per Financing Unit for aggregate gross proceeds of a minimum of $1,000,000 and a maximum of $4,000,000 that shall close immediately before the Amalgamation; 



 

	(i)	 “Definitive Agreement” means the agreement entered into between Graph, RegTech and Subco of
even date herewith and which further governs the details of the Amalgamation; 


  

	(j)	 “Effective Date” means the effective date of the Amalgamation as set forth in the Certificate
of Amalgamation issued to Amalco; 


  

	(k)	 “Graph Common Shares” means the common shares in the capital of Graph as the same are
constituted on the date hereof; 


  

	(l)	 “Graph Finder’s Warrants” means the 1,665,818 finder’s warrants issued and
outstanding on the date hereof, with each Graph Finder’s Warrant entitling the holder thereof to purchase one Graph Common Share at a price of $0.083 until January 10, 2020; 



 

	(m)	 “Financing Common Share” means the Graph Common Shares issued pursuant to the Concurrent
Financing; 


  

	(n)	 “Financing Warrant” means warrants of Graph that entitle the holder to acquire one Graph
Common Share for each Financing Warrant held at a price of $0.40 per Graph Common Share for a period of 18 months from the closing of the Concurrent Financing; 



 

	(o)	 “Financing Unit” means a unit of Graph that is comprised of one Financing Common Share and one
Financing Warrant; 



  
 A - 3 














	(p)	 “ITA” has the meaning set forth in Section 1.5(h); 



 

	(q)	 “OBCA” means the Business Corporations Act (Ontario); and 



 

	(r)	 “RegTech Common Shares” means the common shares in the capital of RegTech as the same are
constituted on the Effective Date immediately prior to the Amalgamation; 


  

	(s)	 “Resulting Issuer” means RegTech upon completion of the Amalgamation; 



 

	(t)	 “Resulting Issuer Common Shares” means common shares in the capital of Resulting Issuer;



  

	(u)	 “Resulting Issuer Finder’s Warrants” means finder’s warrants to acquire Resulting
Issuer Common Shares; 


  

	(v)	 “Resulting Issuer Warrants” means share purchase warrants to acquire Resulting Issuer Common
Shares; 


  

	(w)	 “Subco Common Shares” means the common shares in the capital of Subco; 



Capitalized terms used, but not otherwise defined herein shall have the meanings ascribed to them in the Definitive Agreement. 

Section 1.2. Amalgamation 
 Subject
to Section 1.5 hereof, the Amalgamating Corporations hereby agree to amalgamate pursuant to the provisions of the OBCA and to continue as one corporation on the terms and conditions herein set forth. 

Section 1.3. On the Effective Date: 
  

	 	(a)	 The Amalgamating Corporations are amalgamated and continue as Amalco under the terms and conditions prescribed
in this Agreement; 


  

	 	(b)	 All liabilities and amounts receivable owed by each Amalgamating Corporation to each other, and any related
security, will be cancelled; 


  

	 	(c)	 Subject to Subsection 1.3(b), Amalco will possess all the property, rights, assets, privileges and franchises
and will be subject to all of the contracts, liabilities, debts and obligations of each of the Amalgamating Corporations; 


  

	 	(d)	 Subject to Subsection 1.3(b), all rights of creditors against the properties, rights, assets, privileges and
franchises of each Amalgamating Corporation and all liens upon their respective properties, rights, assets, privileges and franchises, will be unimpaired by the Amalgamation and all debts, contracts, liabilities and duties of each Amalgamating
Corporation will, from and after the date upon which the Amalgamation becomes effective, attach to Amalco and may be enforced against it; and 



  
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	 	(e)	 No action or proceeding by or against any of the Amalgamating Corporations will abate or be affected by the
Amalgamation, and any conviction against, or ruling under, a judgment in favour of or against, an Amalgamating Corporation may be enforced by or against Amalco. 



Section 1.4. Amalgamated Corporations 
  

	 	(a)	 The name of Amalco will be “Graph Blockchain Limited”; 



 

	 	(b)	 There will be no restrictions on the business that Amalco may carry on or on the powers it may exercise;



  

	 	(c)	 The head office of Amalco will be located at 2161 Yonge Street, Suite 210 Toronto, Ontario M4S 3A6;



  

	 	(d)	 The capital of Amalco will be an unlimited number of common shares (each, an “Amalco Common
Share”); 


  

	 	(e)	 no securities of Amalco, other than non-convertible debt securities,
will be transferred without either: 


  

	 	a.	 the consent of the directors of Amalco expressed by a resolution passed by the board of directors; or



  

	 	b.	 the consent of the holders of a majority of the voting shares of Amalco for the time being outstanding
expressed by a resolution passed by the shareholders; 


  

	 	(f)	 The board of directors of Amalco will, until otherwise changed in accordance with the OBCA, consist of not less
than one and not more than 10 directors; 


  

	 	(f)	 The directors of Amalco will be Peter Kim, Todd Shapiro and David Posner; 



 

	 	(g)	 Such directors will hold office until the first annual meeting of Amalco or until their successors are duly
elected or appointed; 


  

	 	(g)	 The by-laws of Amalco until repealed, amended or altered will be the by-laws of Graph; and 


  

	 	(h)	 The fiscal year-end of Amalco shall be April 30. 




  
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 Section 1.5. Issuance of Resulting Issuer Common Shares Upon Amalgamation 

On the Effective Date: 
  

	 	(a)	 each shareholder of Graph, including holders of Financing Common Shares, will receive, instead of Amalco Common
Shares, one (1) fully paid and non-assessable Resulting Issuer Common Share in exchange for each issued and outstanding Graph Common Share held by such shareholder and the Graph Common Shares thus
exchanged will be cancelled without reimbursement of the capital represented by such shares. 


  

	 	(b)	 the Resulting Issuer will receive one (1) fully paid and
non-assessable Amalco Common Share in exchange for each issued and outstanding Subco Common Share held by RegTech prior to the Amalgamation and the Subco Common Shares thus exchanged will be cancelled without
reimbursement of the capital represented by such shares; 


  

	 	(c)	 holders of the Financing Warrants will receive, in exchange for each Financing Warrant held, one Resulting
Issuer Warrant, with each Resulting Issuer Warrant having the same terms as the Financing Warrant being exchanged therefor, and thereafter all of the outstanding Financing Warrants will be cancelled; 



 

	 	(d)	 holders of the outstanding Graph Finder’s Warrants will receive, in exchange for each Graph Finder’s
Warrant held, one Resulting Issuer Finder’s Warrant, with each Resulting Issuer Finder’s Warrant having the same terms as the Graph Finder’s Warrant being exchanged therefor, and thereafter all of the outstanding Graph Finder’s
Warrants will be cancelled; 


  

	 	(e)	 in consideration of the issuance of Resulting Issuer Common Shares pursuant to Section 1.5(a), Amalco will
issue to the Resulting Issuer 999,900 fully paid and non-assessable Amalco Common Shares for the Resulting Issuer Common Shares so issued; 



 

	 	(f)	 no certificates representing fractional shares of Amalco or the Resulting Issuer will be issued pursuant to the
Amalgamation, but rather each fractional interest in a Resulting Issuer Common Share or in an Amalco Common Share will be rounded down to the nearest whole number of Resulting Issuer Common Shares or Amalco Common Shares, as the case may be;



  

	 	(g)	 the Resulting Issuer shall add to the stated capital maintained in respect of the Resulting Issuer Common
Shares an amount equal to the aggregate paid-up capital for purposes of the Income Tax Act (Canada) (the “ITA”) of the Graph Common Shares immediately prior to the Amalgamation; and



  

	 	(h)	 Amalco shall add an amount to the stated capital maintained in respect of the Amalco Common Shares an amount
equal to the aggregate paid-up capital for purposes of the ITA of the Subco Common Shares and Graph Common Shares immediately prior to the Amalgamation. 



  
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 Section 1.6. Modification or Termination of Amalgamation 

 

	 	(a)	 The Amalgamating Corporations may, by resolution of their respective boards of directors, assent to any
modification of this Agreement that the Director under the OBCA may require and this Agreement will be deemed to include such modification. 


  

	 	(b)	 This Agreement may, prior to the issuance of a Certificate of Amalgamation, be terminated by either of the
Amalgamating Corporations by resolution of their respective board of directors, notwithstanding the approval of the shareholders of the Amalgamating Corporations on the terms and conditions hereof. 



Section 1.7. Articles of Amalgamation 

Upon each of the Amalgamating Corporations approving this Agreement in accordance with the OBCA, the Amalgamating Corporations will execute and
deliver to the Director under the OBCA, the Articles of Amalgamation, in duplicate, and apply for a Certificate of Amalgamation for the purpose of bringing this Amalgamation into effect. 

Section 1.8. Covenants of Graph 

Graph covenants and agrees with RegTech and Subco that it will: 
  

	 	(a)	 use its commercially reasonable efforts to cause each of the conditions precedent set forth in
Section 1.15 to be complied with; and 


  

	 	(b)	 subject to the approval of RegTech as the sole shareholder of Subco being obtained for the completion of the
Amalgamation, thereafter jointly with RegTech and Subco file with the Director under the OBCA the Articles of Amalgamation and such other documents as may be required to give effect to the Amalgamation upon and subject to the terms and conditions of
this Agreement. 


 Section 1.9. Covenants of RegTech 

RegTech covenants and agrees with Graph and Subco that it will: 
  

	 	(a)	 sign a resolution as sole shareholder of Subco in favour of the approval of the Amalgamation, this Agreement,
and the transactions contemplated hereby in accordance with the OBCA; 


  

	 	(b)	 use its commercially reasonable efforts to cause each of the conditions precedent set forth in
Section 1.15 hereof to be complied with; and 



  
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	 	(c)	 issue that number of Resulting Issuer Common Shares as required by Section 1.5 hereof.



 Section 1.10. Covenants of Subco 

Subco covenants and agrees with Graph and RegTech that it will not, from the date of execution hereof to the Effective Date, except with the
prior written consent of RegTech and Graph, conduct any business which would prevent Graph or RegTech from performing any of their respective obligations hereunder. 

Section 1.11. Further Covenants of Subco 
 Subco
further covenants and agrees with Graph and RegTech that it will: 
  

	 	(a)	 use its commercially reasonable efforts to cause each of the conditions precedent set forth in
Section 1.15 hereof to be complied with; and 


  

	 	(b)	 jointly with Graph file the Articles of Amalgamation and such other documents as may be required to give effect
to the Amalgamation upon and subject to the terms and conditions of this Agreement. 


 Section 1.12. Representation and Warranty
of RegTech 
 RegTech represents and warrants to and in favour of Graph (and acknowledges that Graph is relying upon such representation
and warranty) that RegTech is duly authorized to execute and deliver this Agreement and this Agreement is a valid and binding agreement, enforceable against RegTech in accordance with its terms. 

Section 1.13. Representation and Warranty of Graph 

Graph represents and warrants to and in favour of RegTech and Subco (and acknowledges that RegTech and Subco are relying upon such
representation and warranty) that Graph is duly authorized to execute and deliver this Agreement and this Agreement is a valid and binding agreement, enforceable against Graph in accordance with its terms. 

Section 1.14. Representation and Warranty of Subco 

Subco represents and warrants to and in favour of Graph and RegTech (and acknowledges that Graph and RegTech are relying upon such
representation and warranty) that Subco is duly authorized to execute and deliver this Agreement and this Agreement is a valid and binding agreement, enforceable against Subco in accordance with its terms. 

  
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 Section 1.15. Conditions Precedent 

The respective obligations of the parties hereto to consummate the transactions contemplated hereby, and in particular the Amalgamation, are
subject to the satisfaction, on or before the Effective Date, of the following conditions, any of which may be waived (subject to applicable law) by the consent of each of the parties without prejudice to their rights to rely on any other or others
of such conditions: 
  

	 	(a)	 this Agreement and the transactions contemplated hereby, including, in particular, the Amalgamation, shall be
approved by the sole shareholder of Subco; 


  

	 	(b)	 this Agreement and the transactions contemplated hereby, including, in particular, the Amalgamation, shall be
approved by the shareholders of Graph; and 


  

	 	(c)	 there shall not be in force any order or decree restraining or enjoining the consummation of the transactions
contemplated by this Agreement including, without limitation, the Amalgamation. 


 Section 1.16. Governing Law 

This Agreement is governed by, and is to be construed and interpreted in accordance with, the laws of the Province of Ontario and the federal
laws of Canada applicable therein. 
 Section 1.17. Amendment and Waiver 

No supplement, modification, amendment, waiver, discharge or termination of this Agreement is binding unless the party to be bound executes it
in writing. No waiver of, failure to exercise or delay in exercising, any provision of this Agreement constitutes a waiver of any other provision (whether or not similar) nor does such waiver constitute a continuing waiver unless otherwise expressly
provided. 
 Section 1.18. Counterparts 

This Agreement may be executed and delivered by the parties in one or more counterparts, each of which when so executed and delivered will be
an original, and those counterparts will together constitute one and the same instrument. 
 Section 1.19. Delivery 

Delivery of this Agreement by facsimile transmission or functionally equivalent electronic means constitutes valid and effective delivery. 

Section 1.20. Further Assurances 

Each party will execute and deliver any further agreements and documents and provide any further assurances as may be reasonably required by
the other party to give effect to this Agreement and, without limiting the generality of the foregoing, will do or cause to be done all acts and things, execute and deliver or cause to be executed and delivered all agreements and documents and
provide all assurances, undertakings and information as may be required from time to time by all regulatory or governmental bodies or stock exchanges having jurisdiction over the affairs of a party or as may be required from time to time under
applicable securities legislation. 

  
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 IN WITNESS WHEREOF this Amalgamation Agreement has been executed by the parties
hereto as of the date first written above. 
  

			
	REG TECHNOLOGIES INC.
		
	Per:	 	 
	Name:	 	Paul Chute
	Title:	 	Chief Executive Officer

  

			
	2659468 ONTARIO INC.
		
	Per:	 	 
	Name:	 	Paul Chute
	Title:	 	Chief Executive Officer

  

			
	GRAPH BLOCKCHAIN LIMITED
		
	Per:	 	 
	Name:	 	Andrew Ryu
	Title:	 	Chief Executive Officer


  
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