**POLYMET      MINING CORP.**

**PRIVATE      PLACEMENT SUBSCRIPTION AGREEMENT**

**INSTRUCTIONS      TO PURCHASER**

| 1. | All                purchasers complete all the information in the boxes on page and                sign where indicated with an “**X**”. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | If                you are a resident in a jurisdiction outside of Canada or the United                States of America specifically the United Kingdom or Europe), then                complete the “Accredited Investor Questionnaire (British Columbia)” that                starts on page .                The purpose of the questionnaire is to determine whether you meet                the                standards for participation in a private placement under Multilateral                Instrument 45-103 adopted by the British Columbia Securities                Commission. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | If                you are a portfolio manager or you are not an individual (that is,                the                Purchaser is a corporation, partnership, trust or entity other than                an                individual), then complete and sign the “Corporate Placee Registration                Form” (Form 4C) that starts on page . |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | On                or before the end of the fifth business day before the Closing Date                as                defined under the Terms, the Purchaser will deliver to the Issuer                the                Subscription Agreement and all applicable schedules and required                forms,                duly executed, and payment in full for the total price of the Purchased                Securities to be purchased by the Purchaser, by wire transfer, certified                funds or bank drafts as follows: |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | Cheques                and bank drafts to be made payable to: **PolyMet                Mining Corp.** |
|--------|-----|-------------------------------------------------------------------------------------------------------|

|   | (ii) | Wire                transfers to be forwarded to: |
|--------|------|---------------------------------------------------|

| **Account                name:** | **Polymet                Mining Corp.** |
|----------------------------------|-----------------------------------------|
|                             |                                    |
| **Bank:**                        | **Royal                Bank of Canada** |
|                             | **6400                No. 3 Road,**     |
|                             | **Richmond,                B.C.,**      |
|                             | **V6Y                2C2**              |
|                             |                                    |
| **Transit                #:**    | **4800**                                |
|                             |                                    |
| **Account#:**                    | **1039577**                             |
|                             |                                    |
| **Swift                Code:**   | **ROYCCAT                2**            |
|                             |                                    |
| **ABA#:**                        | **021                0000021**          |

|   | **ALL                SUBSCRIPTION AGREEMENTS, APPLICABLE, SCHEDULES, REQUIRED FORMS AND                PAYMENTS TO BE FORWARDED                TO:** |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------|

**POLYMET      MINING CORP.**

**520      - 700 WEST PENDER STREET**

**VANCOUVER,      BRITISH COLUMBIA, CANADA V6C 1G8 **

----

**This        is page **
**of        **
**pages        of a subscription agreement and related appendixes, schedules and forms.        Collectively, these pages together are referred to as the “Subscription        Agreement”.**

**UNIT      NON-BROKERED PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT**

**PolyMet      Mining Corp.**

|                                                                                                                                                                  |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ______________________Units                                                                                                                                      |
| **$0.55**                per Unit  for a total purchase price of                $_________________________________                                               |
| The                Purchaser owns, directly or indirectly, the following securities                of the                Issuer: ____________________________________ |
|                                                                                                                                                                  |
| **[Check                if applicable]**The                Purchaser is o an                insider of the Issuer                                           |

|                                           |   |                                                     |
|------------------------------------------------|--------|----------------------------------------------------------|
| **REGISTRATION                INSTRUCTIONS**   |   | **DELIVERY                INSTRUCTIONS**                 |
|                                           |   |                                                     |
| Name                to appear on certificate   |   | Name                and account reference, if applicable |
|                                           |   |                                                     |
| Account                reference if applicable |   | Contact                name                              |
|                                           |   |                                                     |
| Address                                        |   | Address                                                  |
|                                           |   |                                                     |
|                                           |   | Telephone                Number                          |

**EXECUTED      by the Purchaser this _______ day of _____________, 2005. By executing this      Subscription Agreement, the Purchaser certifies that the Purchaser and any      beneficial purchaser for whom the Purchaser is acting is resident in the      jurisdiction shown as the “Address of Purchaser”. Unless the jurisdiction shown      as the “Address of Purchaser” is British Columbia, then the Purchaser certifies      that the Purchaser is NOT resident in British Columbia.**

|                                                         |   |                                                                                                                     |
|--------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------|
| **WITNESS:**                                                 |   | **EXECUTION                BY PURCHASER:**                                                                               |
|                                                         |   | X                                                                                                                        |
| Signature                of Witness                          |   | Signature                of individual (if Purchaser **is**                an                individual)                 |
|                                                         |   | X                                                                                                                        |
| Name                of Witness                               |   | Authorized                signatory (if Purchaser **is                not**                an                individual) |
|                                                         |   |                                                                                                                     |
| Address                of Witness                            |   | Name                of Purchaser (**please                print**)                                                       |
|                                                         |   |                                                                                                                     |
|                                                         |   | Name                of authorized signatory (**please                print**)                                            |
| Accepted                this _____ day of ____________, 2005 |   |                                                                                                                     |
| **POLYMET                MINING CORP.**.                     |   | Address                of Purchaser (residence)                                                                          |
| Per:                                                         |   |                                                                                                                     |
|                                                         |   | Telephone                Number                                                                                          |
| Authorized                signatory                          |   |                                                                                                                     |
|                                                         |   | E-mail                address                                                                                            |

----

| **Subscription                Agreement (with related appendixes, schedules and                forms)** | **Page                  2 of 15 pages** |
|---------------------------------------------------------------------------------------------------------|-----------------------------------------|

**TERMS**

| **Reference                date of this Subscription Agreement** | February·,                2005 (the “Agreement Date”) |
|------------------------------------------------------------------|------------------------------------------------------------------------|

**The      Offering**

| **The                Issuer**            | POLYMET                MINING CORP. (the “Issuer”)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| **Offering**                             | The                offering consists of up to an aggregate of **9,000,000**                units of the Issuer (the “Units”).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| **Purchased                Securities**  | The “Purchased                Securities” are Units. Each Unit consists of one previously unissued                common share, as presently constituted (a “Share”) and one-half of                one non-transferable share purchase warrant (a “Warrant”) of the                Issuer. One whole Warrant will entitle the holder, on exercise, to                purchase one additional common share of the Issuer (a “Warrant                Share”) at a price of **$0.70**                per Warrant Share at any time until the close of business on the                day which                is **24                months**                from the date of Closing, **provided                that if the closing price of the Issuer’s shares as traded on the Exchange                is over $1.00 per share for 30 consecutive days, the Warrants will                terminate 30 days thereafter.**                                                                                                                                                                          |
|                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| **Total                amount**          | Up                to **$4,950,000**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| **Price**                                | **$0.55**                per Unit                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| **Warrants**                             | The                Warrants will be issued and registered in the name of the                purchasers. The                Warrants will be non-transferable and are subject to a four-month                hold                period. See “Resale Restrictions and Legends.” The                certificates representing the Warrants will, among other things,                include                provisions for the appropriate adjustment in the class, number and                price                of the Warrant Shares issued upon exercise of the Warrants upon the                occurrence of certain events, including any subdivision, consolidation                or                reclassification of the Issuer’s common shares, the payment of stock                dividends and the amalgamation of the Issuer. The                issue of the Warrants will not restrict or prevent the Issuer from                obtaining any other financing, or from issuing additional securities                or                rights, during the period within which the Warrants may be                exercised. |
|                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| **Use                of Proceeds**       | The                proceeds of the placement will be utilized for a winter drill program,                engagement of contracts for the environmental impact statement,                commencement of process testwork and process engineering matters                for a                Definitive Feasibility Study on the NorthMet Project and to provide                working capital.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| **Selling                Jurisdictions** | The                Units may be sold in certain jurisdictions outside Canada as solely                determined by the Company in accordance with available exemptions                (the “Selling Jurisdictions”).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |

----

| ** ** | **Page 3                  of 15 pages** |
|------------|----------------------------------------------|

|                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|----------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **Exemptions**                                     | The                offering will be made in accordance with the following exemptions                from the                prospectus requirements: (a)                          the                British Columbia “accredited investor” exemption (section 5.1 of                Multilateral Instrument 45-103)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| **Resale                restrictions and legends** | Pursuant                to Multilateral Instrument 45-102, the Purchased Securities will                be                subject to a four month hold period that starts to run on                Closing. The                Purchaser acknowledges that the certificates representing the Purchased                Securities will bear the following legends: “Unless                permitted under securities legislation, the holder of the securities                shall                not trade the securities before [date that is four months and a day                after                the Closing.]” “Without                prior written approval of the TSX Venture Exchange and compliance                with all                applicable securities legislation, the securities represented by                this                certificate may not be sold, transferred, hypothecated or otherwise                traded                on or through the facilities of the TSX Venture Exchange or otherwise                in                Canada or to or for the benefit of a Canadian resident until [date                that is                four months and a day after the Closing].” Purchasers                are advised to consult with their own legal counsel or advisors to                determine the resale restrictions that may be applicable to                them. |
|                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| **Closing                Date**                    | Payment                for, and delivery of, the Units is scheduled to occur 48 hours after                TSX                Venture Exchange acceptance of the placement for filing (the “Closing                Date”).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| **Additional                definitions**          | In                the Subscription Agreement, the following words have the following                meanings unless otherwise indicated: (a)                          “Purchased                Securities” means the Units purchased under this Subscription                Agreement; (b)                          “Securities”                means the Shares, the Warrants and the Warrant Shares; (c)                          “Warrants”                includes the certificates representing the                Warrants.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |

**The      Issuer**

| **Jurisdiction                of organization** | The                Issuer is incorporated under the laws of British                Columbia.                                 |
|-------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------|
|                                            |                                                                                                                         |
| **Stock                exchange listings**      | Shares                of the Issuer are listed on the TSX Venture Exchange                (the “Exchange”). |

----

| ** ** | **Page 4              of 15 pages** |
|------------|------------------------------------------|

| **“Securities                Legislation Applicable to the Issuer”** | The                “Securities Legislation Applicable to the Issuer” is the *Securities                Act*                (British Columbia), the *Securities                Act*                (Alberta) the *Securities                Act*                Ontario. The “Commissions                with Jurisdiction over the Issuer”                are the British Columbia Securities Commission, the Alberta Securities                Commission and the Ontario Securities                Commission. |
|----------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

END      OF      TERMS

----

**Accredited      Investor Questionnaire (British Columbia)**

|                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|-----------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ____                Category                1 | a                Canadian financial institution, or an authorized foreign bank listed                in                Schedule III of the *Bank                Act*(Canada)                                                                                                                                                                                                                                                                                     |
|                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| ____                Category                2 | the                Business Development Bank of Canada incorporated under the *Business                Development Bank of Canada Act*(Canada)                                                                                                                                                                                                                                                                                                                   |
|                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| ____                Category 3                | an                association under the *Cooperative                Credit Associations Act*(Canada)                located in Canada or a central cooperative credit society for which                an                order has been made under subsection 473(1) of that Act                                                                                                                                                                                 |
|                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| ____                Category 4                | a                subsidiary of any person or company referred to in Categories 1 to 3,                if the person or company owns all of the voting securities of the                subsidiary, except the voting securities required by law to be owned                by                directors of that subsidiary                                                                                                                                   |
|                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| ____                Category 5                | a                person or company registered under the securities legislation of                a                jurisdiction of Canada, as an adviser or dealer, other than a limited                market dealer registered under the *Securities                Act*(Ontario)                or the *Securities                Act*(Newfoundland                and Labrador)                                                                               |
|                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| ____                Category 6                | an                individual registered or formerly registered under the securities                legislation of a jurisdiction of Canada, as a representative of a                person                or company referred to in Category 5                                                                                                                                                                                                              |
|                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| ____                Category 7                | the                government of Canada or a jurisdiction of Canada, or any crown                corporation, agency or wholly owned entity of the government of Canada                or                a jurisdiction of Canada                                                                                                                                                                                                                                |
|                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| ____                Category 8                | a                municipality, public board or commission in Canada                                                                                                                                                                                                                                                                                                                                                                                              |
|                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| ____                Category 9                | any                national, federal, state, provincial, territorial or municipal government                of or in any foreign jurisdiction, or any agency of that                government                                                                                                                                                                                                                                                                   |
|                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| ____                Category 10               | a                pension fund that is regulated by either the Office of the Superintendent                of Financial Institutions (Canada) or a pension commission or similar                regulatory authority of a jurisdiction of Canada                                                                                                                                                                                                                  |
|                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| ____                Category 11               | an                individual who, either alone or with a spouse, beneficially owns,                directly                or indirectly, financial assets having an aggregate realizable value                that                before taxes, but net of any related liabilities, exceeds                $1,000,000                                                                                                                                           |
|                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| ____                Category 12               | an                individual whose net income before taxes exceeded $200,000 in each                of the                two most recent years or whose net income before taxes combined with                that                of a spouse exceeded $300,000 in each of the two most recent years                and                who, in either case, reasonably expects to exceed that net income                level in                the current year |

----

| **Subscription                Agreement (with related appendixes, schedules and                forms)** | **Page 6                  of 15 pages** |
|---------------------------------------------------------------------------------------------------------|----------------------------------------------|

|                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|---------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ____                Category 13 | a                person or company, other than a mutual fund or non-redeemable investment                fund, that, either alone or with a spouse, has net assets of at least                $5,000,000, and unless the person or company is an individual, that                amount                is shown on its most recently prepared financial                statements                                                                                                                                                                               |
|                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| ____                Category 14 | a                mutual fund or non-redeemable investment fund that, in the local                jurisdiction, distributes its securities only to persons or companies                that                are accredited investors                                                                                                                                                                                                                                                                                                                              |
|                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| ____                Category 15 | a                mutual fund or non-redeemable investment fund that, in the local                jurisdiction, is distributing or has distributed its securities under                one                or more prospectuses for which the regulator has issued                receipts                                                                                                                                                                                                                                                                        |
|                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| ____                Category 16 | a                trust company or trust corporation registered or authorized to carry                on                business under the *Trust                and Loan Companies Act*                (Canada) or under comparable legislation in a jurisdiction of Canada                or a                foreign jurisdiction, trading as a trustee or agent on behalf of                a fully                managed account                                                                                                                           |
|                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| ____                Category 17 | a                person or company trading as agent on behalf of a fully managed account                if                that person or company is registered or authorized to carry on business                under the securities legislation of a jurisdiction of Canada or a                foreign                jurisdiction as a portfolio manager or under an equivalent category                of                adviser or is exempt from registration as a portfolio manager or                the                equivalent category of adviser |
|                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| ____                Category 18 | a                registered charity under the *Income                Tax Act*                (Canada) that, in regard to the trade, has obtained advice from an                eligibility adviser or other adviser registered to provide advice                on the                securities being traded                                                                                                                                                                                                                                                   |
|                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| ____                Category 19 | an                entity organized in a foreign jurisdiction that is analogous to any                of the                entities referred to in Categories 1 through 5 and Category 10                in form and function, or                                                                                                                                                                                                                                                                                                                     |
|                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| ____                Category 20 | a                person or company in respect of which all of the owners of interests,                direct or indirect, legal or beneficial, except the voting securities                required by law to be owned by directors, are persons or companies                that                are accredited investors                                                                                                                                                                                                                                       |

|   |   | **X**                                                                                                     |
|--------|--------|-----------------------------------------------------------------------------------------------------------|
|   |   | Signature                of individual (if Purchaser **is**an                individual)                  |
|   |   |                                                                                                      |
|   |   | **X**                                                                                                     |
|   |   | Authorized                signatory (if Purchaser is **not**                an                individual) |
|   |   |                                                                                                      |
|   |   |                                                                                                      |
|   |   | Name                of Purchaser (**please                print**)                                        |
|   |   |                                                                                                      |
|   |   |                                                                                                      |
|   |   | Name                of authorized signatory (**please                print**)                             |
|   |   |                                                                                                      |
|   |   |                                                                                                      |
|   |   | Official                capacity of authorized signatory (**please                print**)                |

|   | (a) | "**financial                assets**"                means cash and securities; |
|--------|-----|---------------------------------------------------------------------------------|

|   | (b) | "**related                liabilities**"                means: |
|--------|-----|----------------------------------------------------------------|

|   | (i) | liabilities                incurred or assumed for the purpose of financing the acquisition                or                ownership of financial assets; or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | liabilities                that are secured by financial                assets; |
|--------|------|---------------------------------------------------------------------------------|

|   | (c) | **“eligibility                adviser”**                means an investment dealer or equivalent category of registration,                registered under the securities legislation of a jurisdiction of                a                purchaser and authorized to give advice with respect to the type                of                security being distributed. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **Subscription            Agreement (with related appendixes, schedules and            forms)** | **Page 7              of 15 pages** |
|-------------------------------------------------------------------------------------------------|------------------------------------------|

**FORM      4C**

**CORPORATE      PLACEE REGISTRATION FORM**

|  | 1. | Placee                Information: |
|--|----|------------------------------------|

|  | (a) | Name:                ________________________________________________________________________ |
|--|-----|-----------------------------------------------------------------------------------------------|

|  | (b) | Complete                Address:_______________________________________________________________ |
|--|-----|-------------------------------------------------------------------------------------------------|

|  | (c) | Jurisdiction                of Incorporation or Creation:                ______________________________________________ |
|--|-----|-------------------------------------------------------------------------------------------------------------------------|

|  | 2. | Portfolio                Manager |
|--|----|----------------------------------|

|  | (a) | Is                the Placee purchasing securities as a portfolio manager (Yes/No)?                _________________________ |
|--|-----|------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | Is                the Placee carrying on business as a portfolio manager outside of                Canada                (Yes/No)? ___________ |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 3. | If                the answer to 2(b) above was “Yes”, the undersigned certifies                that: |
|--|----|------------------------------------------------------------------------------------------------------------------|

|  | (a) | It                is purchasing securities of an Issuer on behalf of managed accounts                for                which it is making the investment decision to purchase the securities                and                has full discretion to purchase or sell securities for such accounts                without requiring the client’s express consent to a                transaction; |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | it                carries on the business of managing the investment portfolios of                clients                through discretionary authority granted by those clients (a “portfolio                manager” business) in ____________________ [jurisdiction], and it is                permitted by law to carry on a portfolio manager business in that                jurisdiction; |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (c) | it                was not created solely or primarily for the purpose of purchasing                securities of the Issuer; |
|--|-----|------------------------------------------------------------------------------------------------------------------------------|

|  | (d) | the                total asset value of the investment portfolios it manages on behalf                of                clients is not less than $20,000,000;                and |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (e) | it                has no reasonable grounds to believe, that any of the directors,                senior                officers and other insiders of the Issuer, and the persons that carry                on                investor relations activities for the Issuer has a beneficial interest                in                any of the managed accounts for which it is                purchasing |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4. | If                the answer to 2(a). above was “No”, please provide the names and addresses                of control persons of the Placee: |
|--|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Name** | **City** | **Province                or State** | **Country** |
|----------|----------|--------------------------------------|-------------|
|     |     |                                 |        |
|     |     |                                 |        |
|     |     |                                 |        |
|     |     |                                 |        |

----

| **Subscription              Agreement (with related appendixes, schedules and              forms)** | **Page 8                of 15 pages** |
|-----------------------------------------------------------------------------------------------------|--------------------------------------------|

*Securities      Act *
*Securities      Act *

**Acknowledgement      - Personal Information**

|   | (a) | the                disclosure of Personal Information by the undersigned to the Exchange                (as                defined in Appendix 6B) pursuant to this Form;                and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the                collection, use and disclosure of Personal Information by the Exchange                for                the purposes described in Appendix 6B or as otherwise identified                by the                Exchange, from time to time. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | **X**                                                                                                     |
|--------|--------|-----------------------------------------------------------------------------------------------------------|
|   |   | Signature                of individual (if Purchaser **is**an                individual)                  |
|   |   |                                                                                                      |
|   |   | **X**                                                                                                     |
|   |   | Authorized                signatory (if Purchaser is **not**                an                individual) |
|   |   |                                                                                                      |
|   |   |                                                                                                      |
|   |   | Name                of Purchaser (**please                print**)                                        |
|   |   |                                                                                                      |
|   |   |                                                                                                      |
|   |   | Name                of authorized signatory (**please                print**)                             |
|   |   |                                                                                                      |
|   |   |                                                                                                      |
|   |   | Official                capacity of authorized signatory (**please                print**)                |

----

| **Subscription            Agreement (with related appendixes, schedules and            forms)** | **Page 9              of 15 pages** |
|-------------------------------------------------------------------------------------------------|------------------------------------------|

**Provisions      applicable to a purchaser resident in the United Kingdom**

**IMPORTANT      NOTE: the following provisions are applicable ONLY if the Purchaser is resident      in the United Kingdom.**

**Additional      representations**

|  | (a) | the                Purchaser is acquiring the Purchased Securities for its own account                for                investment purpose only and not with a view to resale;                and |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | the                Purchaser is an authorized or exempted person within the meaning                of the                *Financial                Services Act 1986*,                or a local authority or a body corporate which has, or whose holding                company has, a called up share capital or net assets of not less                than £5                million or satisfies one or more of the other requirements of article                9(3)                of the *Financial                Services Act 1986*(Investment                Advertisements) (Exemptions) Order 1988 (as                amended). |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **Subscription            Agreement (with related appendixes, schedules and            forms)** | **Page 10              of 15 pages** |
|-------------------------------------------------------------------------------------------------|-------------------------------------------|

**GENERAL      PROVISION**
**S**

**1.**
**DEFINITIONS**

|   | (a) | “Applicable                Legislation” means the Securities Legislation Applicable to the Issuer (as                defined on page )                and all legislation incorporated in the definition of this term in                other                parts of the Subscription Agreement, together with the regulations                and                rules made and promulgated under that legislation and all administrative                policy statements, blanket orders and rulings, notices and other                administrative directions issued by the                Commissions; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | “Closing”                means the completion of the sale and purchase of the Purchased                Securities; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | “Closing                Date” has the meaning assigned in the                Terms; |
|--------|-----|-------------------------------------------------------------------------------------------------|

|   | (d) | “Commissions”                means the Commissions with Jurisdiction over the Issuer (as defined                on                page )                and the securities commissions incorporated in the definition of                this term                in other parts of the Subscription                Agreement; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | “Exchange”                has the meaning assigned in the                Terms; |
|--------|-----|---------------------------------------------------------------------------------------------|

|   | (f) | “Final                Closing” means the last closing under the Private                Placement; |
|--------|-----|---------------------------------------------------------------------------------------------------------------|

|   | (g) | “General                Provisions” means those portions of the Subscription Agreement headed                “General Provisions” and contained on pages to                , |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | “Private                Placement” means the offering of the Purchased Securities on the terms and                conditions of the Agency Agreement and this Subscription                Agreement; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | “Purchased                Securities” has the meaning assigned in the                Terms; |
|--------|-----|---------------------------------------------------------------------------------------------------------|

|   | (j) | “Regulatory                Authorities” means the Commissions and the                Exchange; |
|--------|-----|------------------------------------------------------------------------------------------------------------|

|   | (k) | “Securities”                has the meaning assigned in the                Terms; |
|--------|-----|-----------------------------------------------------------------------------------------------|

|   | (l) | “Subscription                Agreement” means the first (cover) page, the Terms on pages to                ,                the General Provisions to                ,                and the other schedules and appendixes incorporated by reference;                and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (m) | “Terms”                means those portions of the Subscription Agreement headed “Terms” and                contained on pages to                . |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**2.**
**REPRESENTATIONS      AND WARRANTIES OF PURCHASER**

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| **Subscription                Agreement (with related appendixes, schedules and                forms)** | **Page                  11 of 15 pages** |
|---------------------------------------------------------------------------------------------------------|------------------------------------------|

|   | (a) | no                securities commission or similar regulatory authority has reviewed                or                passed on the merits of the                Securities; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | there                is no government or other insurance covering the                Securities; |
|--------|-----|--------------------------------------------------------------------------------------------------|

|   | (c) | there                are risks associated with the purchase of the                Securities; |
|--------|-----|-----------------------------------------------------------------------------------------------|

|   | (d) | there                are restrictions on the Purchaser’s ability to resell the Securities and                it is the responsibility of the Purchaser to find out what those                restrictions are and to comply with them before selling the                Securities; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | the                Issuer has advised the Purchaser that the Issuer is relying on an                exemption from the requirements to provide the Purchaser with a prospectus                and to sell securities through a person registered to sell securities                under the Applicable Legislation and, as a consequence of acquiring                securities pursuant to this exemption, certain protections, rights                and                remedies provided by the Applicable Legislation, including statutory                rights of rescission or damages, will not be available to the                Purchaser; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | no                prospectus has been filed by the Issuer with the Commissions in connection                with the issuance of the Purchased Securities, the issuance is exempted                from the prospectus and registration requirements of the Applicable                Legislation and: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the                Purchaser is restricted from using most of the civil remedies available                under the Applicable Legislation; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the                Purchaser may not receive information that would otherwise be required                to                be provided to the Purchaser under the Applicable Legislation;                and |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | the                Issuer is relieved from certain obligations that would otherwise                apply                under the Applicable Legislation; |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | to                the best of the Purchaser’s knowledge, the Securities were not                advertised; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------|

|   | (b) | no                person has made to the Purchaser any written or oral                representations: |
|--------|-----|--------------------------------------------------------------------------------------------------------|

|   | (i) | that                any person will resell or repurchase the                Securities; |
|--------|-----|-----------------------------------------------------------------------------------------|

|   | (ii) | that                any person will refund the purchase price of the Purchased                Securities; |
|--------|------|-----------------------------------------------------------------------------------------------------------|

|   | (iii) | as                to the future price or value of any of the Securities;                or |
|--------|-------|--------------------------------------------------------------------------------------------|

|   | (iv) | that                any of the Securities will be listed and posted for trading on a                stock                exchange or that application has been made to list and post any of                the                Securities for trading on any stock exchange other than the Shares                and                Warrant Shares on the Exchange; |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the                Purchaser is at arm’s length (as that term is customarily defined) with                the Issuer; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------|

|   | (d) | the                Purchaser (or others for whom it is contracting hereunder) has been                advised to consult its own legal and tax advisors with respect to                applicable resale restrictions and tax considerations, and it (or                others                for whom it is contracting hereunder) is solely responsible for compliance                with applicable resale restrictions and applicable tax                legislation; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| **Subscription                Agreement (with related appendixes, schedules and                forms)** | **Page                  12 of 15 pages** |
|---------------------------------------------------------------------------------------------------------|------------------------------------------|

|   | (e) | the                Purchaser has no knowledge of a “material fact” or “material change” (as                those terms are defined in the Applicable Legislation) in the affairs                of                the Issuer that has not been generally disclosed to the public, except                knowledge of this particular                transaction; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | the                offer made by this subscription is irrevocable (subject to the Purchaser’s                right to withdraw the subscription and to terminate the obligations                as set                out in this Subscription Agreement) and requires acceptance by the                Issuer                and approval of the Exchange; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | the                Purchaser has the legal capacity and competence to enter into and                execute                this Subscription Agreement and to take all actions required pursuant                to                the Subscription Agreement and, if the Purchaser is a corporation,                it is                duly incorporated and validly subsisting under the laws of its                jurisdiction of incorporation and all necessary approvals by its                directors, shareholders and others have been given to authorize execution                of this Subscription Agreement on behalf of the                Purchaser; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | the                entering into of this Subscription Agreement and the transactions                contemplated hereby will not result in the violation of any of the                terms                and provisions of any law applicable to, or the constating documents                of,                the Purchaser or of any agreement, written or oral, to which the                Purchaser                may be a party or by which the Purchaser is or may be                bound; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | this                Subscription Agreement has been duly executed and delivered by the                Purchaser and constitutes a legal, valid and binding agreement of                the                Purchaser enforceable against the                Purchaser; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | the                Purchaser has been independently advised as to the applicable hold                period                imposed in respect of the Securities by securities legislation in                the                jurisdiction in which the Purchaser resides and confirms that no                representation has been made respecting the applicable hold periods                for                the Securities and is aware of the risks and other characteristics                of the                Securities and of the fact that the Purchaser may not be able to                resell                the Securities except in accordance with the applicable securities                legislation and regulatory                policies; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (k) | the                Purchaser is capable of assessing the proposed investment as a result                of                the Purchaser’s financial and business experience or as a result of advice                received from a registered person other than the Issuer or any affiliates                of the Issuer; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (l) | if                required by applicable securities legislation, policy or order or                by any                securities commission, stock exchange or other regulatory authority,                the                Purchaser will execute, deliver, file and otherwise assist the Issuer                in                filing, such reports, undertakings and other documents with respect                to the                issue of the Securities as may be required;                and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (m) | the                Purchaser acknowledges that certain persons may receive a commission                from                the Issuer in connection with this Private                Placement. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (n) | the                Purchaser is not a “control person” of the Issuer as defined in the                Applicable Legislation, will not become a “control person” by virtue of                this purchase of any of the Securities, and does not intend to act                in                concert with any other person to form a control group of the                Issuer; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (o) | the                offer was not made to the Purchaser when he was in the United States                and                at the time the Purchaser’s buy order was made, the Purchaser was outside                the United States; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (p) | the                Purchaser is not a                U.S. Person; |
|--------|-----|------------------------------------------------------------------------|

|   | (q) | the                Purchaser is not and will not be purchasing Units for the account                or                benefit of any U.S. Person. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------|

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| **Subscription                Agreement (with related appendixes, schedules and                forms)** | **Page                  13 of 15 pages** |
|---------------------------------------------------------------------------------------------------------|------------------------------------------|

**3.**
**REPRESENTATIONS      AND WARRANTIES OF THE ISSUER**

|   | (a) | the                Issuer and its material subsidiaries, if any, are valid and subsisting                corporations duly incorporated and in good standing under the laws                of the                jurisdictions in which they are incorporated, continued or                amalgamated; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the                Issuer and its material subsidiaries, if any, are duly registered                and                licensed to carry on business or own property in the jurisdictions                in                which they carry on business or own property where so required by                the laws                of that jurisdiction; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the                Issuer is authorized to issue **1,000,000,000**                common shares of which **55,313,653** were                issued as fully paid and non-assessable as of November 23,                2004; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | the                Issuer will reserve or set aside sufficient common shares in its                treasury                to issue the Shares, and Warrant Shares, |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | the                issue and sale of the Securities by the Issuer does not and will                not                conflict with, and does not and will not result in a breach of, any                of the                terms of its incorporating documents or any agreement or instrument                to                which the Issuer is a party; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | neither                the Issuer or its subsidiaries, if any, is a party to any actions,                suits                or proceedings which could materially affect its business or financial                condition, and no such actions, suits or proceedings are contemplated                or                have been threatened; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | there                are no judgments against the Issuer or any of its subsidiaries, if                any,                which are unsatisfied, nor are there any consent decrees or injunctions                to                which the Issuer or any of its subsidiaries, if any, is                subject; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | this                Agreement has been duly authorized by all necessary corporate action                on                the part of the Issuer |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the                common shares of the Issuer are listed for trading on the Exchange                and no                order ceasing, halting or suspending trading in securities of the                Issuer                or prohibiting the sale of such securities has been issued to and                is                outstanding against the Issuer or its directors, officers or promoters                or                against any other companies that have common directors, officers                or                promoters and no investigations or proceedings for such purposes                are                pending or threatened; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**4.**
**CLOSING**

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| **Subscription                Agreement (with related appendixes, schedules and                forms)** | **Page                  14 of 15 pages** |
|---------------------------------------------------------------------------------------------------------|------------------------------------------|

|   | (a) | the                representations and warranties made by the Issuer in this Subscription                Agreement shall be true and correct as of the Closing Date (except                for                representations and warranties that speak as of a specific date)                and the                covenants of the Issuer shall have been performed, satisfied and                complied                with, where applicable, on or before the Closing                Date; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the                Issuer shall have delivered to the Purchaser, or to the direction                of the                Purchaser, the following items: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | a                copy of this Subscription Agreement duly executed by the                Issuer. |
|--------|-----|--------------------------------------------------------------------------------------------------|

**5.**
**MISCELLANEOUS**

*Interpretation      Act*

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| **Subscription                Agreement (with related appendixes, schedules and                forms)** | **Page                  15 of 15 pages** |
|---------------------------------------------------------------------------------------------------------|------------------------------------------|

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