| NORTHCORE      TECHNOLOGIES INC. |              Series      (K) DebentureSubscription |
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| TO SUBSCRIBE, EACH SUBSCRIBER      MUST RETURN THE FOLLOWING:a.            □ Duly completed and      executed Subscription Agreement (complete cover page):b.            □ Subscription Funds by      direction, certified cheque, bank draft, money order or wire      transfer;c.            □ Duly completed and      executed Accredited Investor Certificate (attached as schedule “D”);      andd.            □ Duly completed and      executed Offshore Subscriber Certificate (attached as schedule “E”, if      applicable). |
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| TO: | Northcore      Technologies Inc.  (the “Corporation”)                                                               |
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| RE: | Sale      of Series (K) secured subordinate convertible debentures, convertible into      common shares in the capital of theCorporation. |

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|  RE: Northcore Technologies Inc. - Series (K)      Debenture Subscription                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
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|  Principal      Amount of Debentures Subscribed for (to be issued at      par):_______________________________________________________________________________________________________________________________                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
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| Subscriber      Details  Name      of Subscriber By: _________________________________________________________________________                                      Authorized      Signature  Official      Capacity or Title (if Subscriber is not an individual)  Name      of individual whose signature appears above if different from name of      Subscriber printed above                                                                                                                                                                                                                                                                                                                                                                     |   | Registration      Instructions(if different from name of Subscriber and      address set out in the box to the left):  Name       In      Trust For, if applicableAccount      Reference, if applicable    Address,      including postal code |
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|   Address      of Subscriber, including province and postal code   Telephone      Number:_______________________________________________________ Fax      Number:____________________________________________________________ E-mail      Address:__________________________________________________________                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | Delivery      Instructions (if different from name of Purchaser and address set      out in the box to the left): Name Account      Reference, if applicable   Address,      including province and postal code  |
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| Disclosed Principal (please complete if purchasing      as agent or trustee for a disclosed      principal Name of      Principal:___________________________________________________  Principal’s      Address:___________________________________________________________  (Street      Address)                        ____________________________________________                     (City and      Province)  (Postal      Code)                        ____________________________________________                     (Postal      Code) |   |   |

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|  _____________________________________     |   |  ______________________________________    |
|-------------------------------------------------|--------|-------------------------------------------------|
| Signature      of Subscriber (if an individual) |   | Name      of Subscriber (if an individual)      |
|                                            |   |                                            |
| _____________________________________           |   | Per:                                            | ______________________________________ |
| Name      of Subscriber (if an individual)      |   | (signature      of authorized representative)   |
|                                            |   |                                            |
|                                            |   | ______________________________________          |
|                                            |   | Name      and Title of AuthorizedRepresentative |

| NORTHCORE      TECHNOLOGIES INC.  |
|----------------------------------------|
| Per:                                   |   |
|                                   |   |

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|   | i) | $0.15;      and |
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|   | ii) | the      volume weighted average trading price of the Common Shares over the 20 day      trading period ending at the close of business on the day prior to the      date on which the interest payment is due, reduced by the maximum      percentage discount permitted by the Toronto Stock    Exchange. |
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| Issuer:                 | Northcore      Technologies Inc. (“Northcore” or the “Corporation”)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |
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| Offering:               | Offering      of up to $1,629,333 principal      amount of secured subordinate convertible debentures (the “Debentures”) to      be issued by way of private placement exemptions from prospectus and      registration requirements in the Provinces of Ontario and Alberta and such      applicable Non-Canadian/Non-U.S. jurisdictions, subject to the receipt of      any applicable regulatory and stock exchange approvals.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |
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| Offered      Securities | The      Debentures will have the following material terms:a)           The      debentures will be issued at par in integral multiples of      $1,000. b)           At      any time up to and including the Maturity Date (as defined below), all or      any portion of the principal amount of the Debentures will be convertible      (“Conversion”) into one common share “Common Share”) at the option of the      holder at a conversion price of $0.12 per Common Share,      subject to adjustments for any stock splits, consolidations, or other      capital reorganizations, extraordinary dividends or distributions among other anti-dilution provisions providing      adjustment for events that will affect all security holders equally      (the “Conversion Price”). c)                 In the event that at any time from and after the Closing Date the volume      weighted average trading price of the Common Shares through its principal      trading market for a 10 consecutive trading day period is $0.30 or more,      all then outstanding Debentures, including any accrued interest thereon,      will be automatically converted into Common Shares at the Conversion      Price.  |   |
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| Interest:               | Interest      payable on the Debentures shall be simple interest calculated at 11% per annum and      payable quarterly by the issuance of the number of Common Shares      calculated on the basis of: A÷B,      where:A      = the amount of accrued interest payable, in dollars; andB      = the greater of:i)            $0.15;      andii)           the volume      weighted average trading price of the Common Shares over the 20 day      trading period ending at the close of business on the day prior to the      date on which the interest payment is due, reduced by the maximum      percentage discount permitted by the Toronto Stock    Exchange.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |

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|                   |                                                                                                                                                                                                                                                                      |   |
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| Security:              | The      Debentures will provide general security over the Corporation’s      assets.                                                                                                                                                                               |   |
|                   |                                                                                                                                                                                                                                                                      |   |
| Agreements:            | Subscription      Agreement, Secured Subordinate Convertible Debenture Certificate and      Security Agreement.                                                                                                                                                           |   |
|                   |                                                                                                                                                                                                                                                                      |   |
| Maturity      Date:    | Two      years from the Closing Date (as defined below).                                                                                                                                                                                                                  |   |
|                   |                                                                                                                                                                                                                                                                      |   |
| Hold      Period:      | The      Corporation will be a “reporting issuer” on the Closing Date, such that it      is expected that the Debentures and the Common Shares, will be subject to      a restricted period expiring four months and one day following the Closing      Date. |   |
|                   |                                                                                                                                                                                                                                                                      |   |
| Form      of Offering: | Private      placement to accredited investors in Ontario under OSC Rule 45-501 or in      such other jurisdictions in Canada, and outside North America under equivalent    rules.                                                                                  |   |
|                   |                                                                                                                                                                                                                                                                      |   |
| Use      of Proceeds:  | To      refinance the Series (G) Notes debt.                                                                                                                                                                                                                         |   |
|                   |                                                                                                                                                                                                                                                                      |   |
| Closing      Date:     | On      or about June 15, 2007 or such other date or dates as the Corporation may      determine (the “Closing Date”).                                                                                                                                        |   |
|                   |                                                                                                                                                                                                                                                                      |   |

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| 1. | Representations and      Warranties |
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|   | (a) | Authorization and      Effectiveness.  If the Subscriber is a corporation, the      Subscriber is a valid and subsisting corporation, has the necessary      corporate capacity and authority to execute and deliver this subscription      agreement and to observe and perform its covenants and obligations      hereunder and has taken all necessary corporate action in respect      thereof.  If the Subscriber is a partnership, syndicate or other      form of unincorporated organization, the Subscriber has the necessary      legal capacity and authority to execute and deliver this subscription      agreement and to observe and perform its covenants and obligations      hereunder and has obtained all necessary approvals in respect      thereof.  If the Subscriber is a natural person, he or she has      obtained the age of majority and is legally competent to execute this      subscription agreement and to take all actions required pursuant      thereto. |
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|   | (b) | Residence.  The      Subscriber or any beneficial purchaser on whose behalf the Subscriber is      acting hereunder is a resident of, or otherwise subject to, the      jurisdiction referred to under “Name and Address of Subscriber” on the      first page of this subscription agreement, which address is the residence      or place of business of the Subscriber or such beneficial purchaser and      has not been created or used solely for the purpose of acquiring      Debentures, and neither the Subscriber or such beneficial      purchaser: |
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|   | (i) | is  (or  is      purchasing Debentures for the account or benefit of) a U.S.      Person; |
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|   | (ii) | was      offered the Debentures in the United States;and |
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|   | (iii) | executed      or delivered this agreement in the United  States. |
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|   | (c) | Investment      Intent.  The Subscriber on its own behalf and on behalf      of any beneficial purchaser on whose behalf the Subscriber is acting      hereunder is acquiring Debentures to be held for investment only and not      with a view to resale ordistribution. |
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|   | (d) | Prospectus      Exemptions.  The Subscriber or any beneficial purchaser      on whose behalf the Subscriber is acting hereunder acknowledges and agrees      that: |
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|   | (e) | Offering      Documents.  The Subscriber has not received, nor does the      Subscriber need to receive, any document purporting to describe the      business and affairs of the Corporation that has been prepared for      delivery to and review by prospective investors (including a prospectus or      offering memorandum) so as to assist those investors to make an investment      decision in respect of securities being sold in a distribution of      securities of the Corporation. |
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|   | (f) | No Solicitation or      Advertising.  The Subscriber on its own behalf and on      behalf of any beneficial purchaser on whose behalf the Subscriber is      acting hereunder acknowledges that it has not purchased the Debentures as      a result of any general solicitation or general advertising, including      advertisements, articles, notices or other communications published in any      newspaper, magazine or similar media or broadcast over radio or television      or other telecommunications (including electronic display), or any seminar      or meeting whose attendees have been invited by any general solicitation      or general advertising. |
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|   | (g) | No Undisclosed      Information.  The Debentures are not being purchased by      the Subscriber as a result of any material information concerning the      Corporation that has not been publicly disclosed and the Subscriber’s      decision to tender this offer and acquire Debentures has not been made as      a result of any verbal or written representation as to fact or otherwise      made by or on behalf of the Corporation, or any other person and is based      entirely upon the currently available public information concerning the      Corporation. |
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|   | (h) | Investment      Suitability.  The Subscriber and any beneficial purchaser      on whose behalf the Subscriber is acting hereunder have such knowledge and      experience in financial and business affairs as to be capable of      evaluating the merits and risks of the investment hereunder in Debentures      (and the Underlying Securities in respect thereof) and are able to bear      the economic risk of loss of such investment.  The Subscriber      and any beneficial purchaser on whose behalf the Subscriber is acting      hereunder acknowledge and agree that the Subscriber and such beneficial      purchaser are responsible for obtaining such legal advice as the      Subscriber or such beneficial purchaser considers appropriate in      connection with the execution, delivery and performance by the Subscriber      of this agreement and the transactions contemplated    hereunder. |
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|   | (i) | Subscription      Agreement.  The Subscriber on its own behalf and on      behalf of any beneficial purchaser on whose behalf the Subscriber is      acting hereunder has read and understands the contents of this agreement      (including the Schedules hereto) and agrees to be legally bound      hereby. |
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|   | (j) | No Conversion or Transfer of      Debentures or Underlying Securities in U.S.  The      Subscriber on its own behalf and on behalf of any beneficial purchaser on      whose behalf the Subscriber is acting hereunder acknowledges that the      Debentures and Underlying Securities may not be offered, sold or otherwise      transferred to persons in the United States or to U.S. Persons and may not      be exercised in the United States or by or on behalf of a U.S. Person and      the Subscriber and such beneficial purchaser understand that certificates      representing the Debentures and Underlying Securities issued to it will so      indicate. |
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|   | (k) | Ontario and Alberta      Subscribers.  If the Subscriber or any beneficial      purchaser on whose behalf the Subscriber is acting hereunder is a resident      of Ontario or Alberta, the Subscriber or its disclosed principal is an      “accredited investor” within the meaning of National Instrument 45-106 -      Prospectus and Registration Exemptions and falls within one or more of the      sub-paragraphs of the definition of “Accredited Investor” set out in      Schedule “D” hereto and the Subscriber or such beneficial purchaser has      concurrently executed and delivered to the Corporation a certificate in      the form attached as Schedule “D” (the Subscriber having checked the      applicable subparagraph(s)). |
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|   | (l) | Non-Canadian / Non-US      Subscriber. If the Subscriber, or any beneficial purchaser for whom      it is acting, is a resident of a non-Canadian/non-US jurisdiction, the      Subscriber and its disclosed principal, if applicable, is recognized by      the securities regulatory authority of such jurisdiction as an exempt      subscriber, the subscription for the Debentures by the Subscriber, or such      beneficial purchaser, does not contravene any of the applicable securities      legislation in the jurisdiction in which the Subscriber or such beneficial      purchaser resides and does not give rise to any obligation of the      Corporation to prepare and file a prospectus or similar document or to      register the Debentures or to be registered with or to file any report or      notice with any governmental or regulatory authority, and the Subscriber      or its disclosed principal has concurrently executed and delivered to the      Corporation a certificate in the form attached as Schedule      “E”. |
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|   | (m) | The      execution and delivery of this subscription agreement, the performance and      compliance with the terms hereof, the subscription for the Debentures and      the completion of the transactions described herein by the Subscriber will      not result in any material breach of, or be in conflict with or constitute      a material default under, or create a state of facts which, after notice      or lapse of time, or both, would constitute a material default under any      term or provision of the constating documents, by-laws or resolutions of      the Subscriber, the Applicable Securities Laws or any other laws      applicable to the Subscriber, any agreement to which the Subscriber is a      party, or any judgment, decree, order, statute, rule or regulation      applicable to the Subscriber. |
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|   | (n) | The      Subscriber is subscribing for the Debentures as principal for its own      account and not for the benefit of any other person (within the meaning of      Applicable Securities Laws) and not with a view to the resale or      distribution of all or any of the Debentures or Underlying Securities or      if it is not subscribing as principal, it acknowledges that the      Corporation may be required by law to disclose to certain regulatory      authorities the identity of each beneficial purchaser of the Debentures      for whom it is acting. |
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|   | (o) | In      the case of a subscription for the Debentures by the Subscriber acting as      trustee or agent (including, for greater certainty, a portfolio manager or      comparable adviser) for a principal, the Subscriber is duly authorized to      execute and deliver this subscription agreement and all other necessary      documentation in connection with such subscription on behalf of each such      beneficial purchaser, each of whom is subscribing as principal for its own      account, not for the benefit of any other person and not with a view to      the resale or distribution of the Debentures or Underlying Securities, and      this subscription agreement has been duly authorized, executed and      delivered by or on behalf of and constitutes a legal, valid and binding      agreement of, such principal, and the Subscriber acknowledges that the      Corporation may be required by law to disclose the identity of each      beneficial purchaser for whom the Subscriber is  acting. |
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|   | (p) | In      the case of a subscription for the Debentures by the Subscriber acting as      principal, this subscription agreement has been duly authorized, executed      and delivered by, and constitutes a legal, valid and binding agreement of,      the Subscriber.  This subscription agreement is enforceable in      accordance with its terms against the Subscriber and any beneficial      purchasers on whose behalf the Subscriber is  acting. |
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|   | (q) | There      is no person acting or purporting to act in connection with the      transactions contemplated herein who is entitled to any brokerage or      finder’s fee.  If any person establishes a claim that any such      fee or other compensation is payable in connection with this subscription      for the Debentures, the Subscriber covenants to indemnify and hold      harmless the Corporation with respect thereto and with respect to all      costs reasonably incurred in the defence  thereof. |
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|   | (r) | The      Subscriber is not, with respect to the Corporation or any of its      affiliates, a control person (as defined in Applicable Securities      Laws). |
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|   | (s) | If      required by Applicable Securities Laws or the Corporation, the Subscriber      will execute, deliver and file or assist the Corporation in filing such      reports, undertakings and other documents with respect to the issue of the      Debentures or Underlying Securities as may be required by any securities      commission, stock exchange or other regulatory  authority. |
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|   | (t) | The      Subscriber acknowledges that no representation has been made respecting      the applicable hold periods imposed by the Applicable Securities Laws or      other resale restrictions applicable to the Debentures or Underlying      Securities which restrict the ability of the Subscriber (or others for      whom it is contracting hereunder) to resell such securities, that the      Subscriber (or others for whom it is contracting hereunder) is solely      responsible to find out what these restrictions are and the Subscriber is      solely responsible (and the Corporation is not in any way responsible) for      compliance with applicable resale restrictions and the Subscriber is aware      that it (or beneficial purchasers for whom it is contracting hereunder)      may not be able to resell such securities except in accordance with      limited exemptions under the Applicable Securities Laws and other      applicable laws. |
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|   | (u) | No      person has made any written or oral  representations: |
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|   | (i) | that      any person will resell or repurchase the Debentures or the Underlying      Securities; |
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|   | (iii) | as      to the future price or value of the Debentures or the Underlying      Securities. |
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|   | (v) | The      Subscriber, on its own behalf and, if applicable, on behalf of others for      whom it is acting hereunder, acknowledges and agrees as      follows: |
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|   | (i) | No      securities commission, agency, governmental authority, regulatory body,      stock exchange or other regulatory body has reviewed or passed on the      merits of the Debentures or the Underlying  Securities. |
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|   | (ii) | The      Subscriber’s ability to transfer the Debentures or Underlying Securities      is limited by, among other things, Applicable Securities    Laws. |
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|   | (iii) | The      certificates representing the Debentures will bear, as of the Closing      Date, legends substantially in the following form and with the necessary      information inserted: |
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|   | (iv) | In      the event that holders of Debentures convert such Debentures prior to the      expiry of the hold periods applicable to the Underlying Securities, the      Underlying Securities, as applicable, will bear legends substantially in      the following form and with the necessary information      inserted: |
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|   | (v) | In      addition, the Common Shares will also bear a legend substantially in the      following form: |
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|   | (vi) | There      is no government or other insurance covering the Debentures or Underlying      Securities. |
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|   | (vii) | There      are risks associated with the purchase of the Debentures or the Underlying      Securities. |
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| 2. | Reliance Upon Representations,      Warranties and Covenants. The Subscriber acknowledges that the      representations and warranties contained herein are made by the Subscriber      with the intention that they may be relied upon by the Corporation in      determining the Subscriber’s eligibility to purchase Debentures under      Applicable Securities Laws.  The Subscriber agrees that by      accepting delivery of the Debentures on the Closing Date, the Subscriber      will be representing and warranting that the foregoing representations and      warranties are true and correct as at the Closing Time with the same force      and effect as if they had been made by the Subscriber at the Closing Time      and that they will survive the purchase by the Subscriber of Debentures      and will continue in full force and effect notwithstanding any subsequent      disposition by the Subscriber of such  Debentures. |
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| 3. | Personal      Information.  The Subscriber and (if applicable) each      disclosed principal understands that the Corporation may be required to      provide any one or more of the Canadian securities regulators, stock      exchanges, or other regulatory      agencies or the Corporation’s transfer agent with the name, residential      address, telephone number and e-mail address of the Subscriber and (if      applicable) any disclosed principals as well as information regarding the      number, aggregate purchase price and type of Debenture, Underlying      Securities and/or Common Shares purchased under this subscription      agreement and the identities of any beneficial purchasers of the      Debenture, Underlying Securities and/or Common Shares (collectively, the      "Information"),      and may make any other filings of the Information as the Corporation or      the Corporation’s counsel deems appropriate. In addition, the Information      may be used by the Corporation for the purposes      of: |
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|   | (a) | completing      the purchase of the Debenture pursuant to this subscription      agreement; |
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|   | (b) | complying      with all corporate governance and continuous disclosure requirements under      applicable securities laws; and |
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|   | (c) | contacting      the Subscriber in its capacity as aninvestor. |
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|   | Administrative      Assistant to the Director of CorporateFinance |
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|   | Ontario      Securities Commission |
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|   | 18th      Floor, 20 Queen Street West |
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|   | Toronto,      Ontario  M5H 2S8 |
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|   | Telephone:      (416) 597-0681 |
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| _____  | (a)    | a      Canadian financial institution, or a Schedule III    bank;                                                                                                                                                                                                                                   |
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|   |   |                                                                                                                                                                                                                                                                                                     |
| _____  | (b)    | the      Business Development Bank of Canada incorporated under the Business Development Bank of      Canada Act (Canada);                                                                                                                                                                               |
|   |   |                                                                                                                                                                                                                                                                                                     |
| _____  | (c)    | a      subsidiary of any person referred to in paragraphs (a) to (b), if the      person owns all of the voting securities of the subsidiary, except the      voting securities required by law to be owned by directors of that      subsidiary;                                                   |
|   |   |                                                                                                                                                                                                                                                                                                     |
| _____  | (d)    | a      person registered under the securities legislation of a jurisdiction of      Canada as an adviser or dealer, other than a person registered solely as a      limited market dealer under one or both of the Securities Act      (Ontario) or the Securities Act      (Newfoundland and Labrador); |
|   |   |                                                                                                                                                                                                                                                                                                     |
| _____  | (e)    | an      individual registered or formerly registered under the securities      legislation of a jurisdiction of Canada, as a representative of a person      referred to in paragraph (d);                                                                                                          |
|   |   |                                                                                                                                                                                                                                                                                                     |
| _____  | (f)    | 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;                                                                                                                    |
|   |   |                                                                                                                                                                                                                                                                                                     |
| _____  | (g)    | a      municipality, public board or commission in Canada and a metropolitan      community, school board, the Comité de gestion de la taxe scolaire de      l'île de Montréal or an intermunicipal management board in      Québec;                                                 |
|   |   |                                                                                                                                                                                                                                                                                                     |
| _____  | (h)    | any      national, federal, state, provincial, territorial or municipal government      of or in any foreign jurisdiction, or any agency of that      government;                                                                                                                                        |

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| _____  | (i)    | 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;                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
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|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| _____  | (j)    | 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;                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| _____  | (k)    | an      individual whose net income before taxes exceeded $200,000 in each of the      two most recent calendar years or whose net income before taxes combined      with that of a spouse exceeded $300,000 in each of the two most recent      calendar years and who, in either case, reasonably expects to exceed that      net income level in the current calendar year;                                                                                                                                                                                                                                                                                                            |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| _____  | (l)    | an      individual who, either alone or with a spouse, has net assets of at least      $5,000,000;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| _____  | (m)    | a      person, other than an individual or investment fund, that has net assets      of at least $5,000,000 as shown on its most recently prepared financial      statements;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| _____  | (n)    | an      investment fund that distributes or has distributed its securities only      to (i)         a person that is or was an accredited investor at the time of the      distribution, (ii)   a person that      acquires or acquired securities in the circumstances referred to under      sections 2.10 [Minimum      Amount Investment] and 2.19 [Additional Investment in      Investment Funds] of National Instrument 45-106, or (iii)        a person described in paragraph (i) or (ii) that acquires or acquired      securities under section 2.18 [Investment Fund Reinvestment]      of National Instrument 45-106; |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| _____  | (o)    | an      investment fund that distributes or has distributed securities under a      prospectus in a jurisdiction of Canada for which the regulator or, in      Québec, the securities regulatory authority, has issued a      receipt;                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| _____  | (p)    | 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, acting on behalf of a      fully managed account managed by the trust company or trust corporation,      as the case may be;                                                                                                                                                                                                                                                                                                                |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| _____  | (q)    | a      person acting on behalf of a fully managed account managed by that person,      if that person (i)    is      registered or authorized to carry on business as an adviser or the      equivalent under the securities legislation of a jurisdiction of Canada or      a foreign jurisdiction, and (ii)    in      Ontario, is purchasing a security that is not a security of an investment      fund;                                                                                                                                                                                                                           |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| _____  | (r)    | a      registered charity under the Income Tax Act (Canada)      that, in regard to the trade, has obtained advice from an eligibility      adviser or an adviser registered under the securities legislation of the      jurisdiction of the registered charity to give advice on the securities      being traded;                                                                                                                                                                                                                                                                                                                                                                      |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| _____  | (s)    | an      entity organized in a foreign jurisdiction that is analogous to any of the      entities referred to in paragraphs (a) through (d) or paragraph (i)      in form and function;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |

----

| _____  | (t)    | a      person in respect of which all of the owners of interests, direct,      indirect or beneficial, except the voting securities required by law to be      owned by directors, are persons that are accredited    investors;                                                                                                                                  |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                              |
| _____  | (u)    | an      investment fund that is advised by a person registered as an adviser or a      person that is exempt from registration as an adviser;  or                                                                                                                                                                                                                 |
|   |   |                                                                                                                                                                                                                                                                                                                                                              |
| _____  | (v)    | a      person that is recognized or designated by the securities regulatory      authority or, except in Ontario and Québec, the regulator as i.    an      accredited investor, or ii.    an      exempt purchaser in Alberta or British Columbia after National Instrument      45-106 comes into force. |

|   | (d) | one      of them is the subsidiary of the other,or |
|--------|-----|----------------------------------------------------|

|   | (e) | each      of them is controlled by the sameperson. |
|--------|-----|----------------------------------------------------|

|   | (f) | an      association governed by the Cooperative Credit      Associations Act (Canada) or a central cooperative credit society      for which an order has been made under section 473(1) of that Act;      or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | a      bank named in Schedule I or II of the Bank Act (Canada), loan      corporation, trust company, trust corporation, insurance company, treasury      branch, credit union, caisse populaire, financial services cooperative, or      league that, in each case, is authorized by an enactment of Canada or a      jurisdiction of Canada to carry on business in Canada or a jurisdiction in      Canada. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | a      sufficient number of any of the securities of an issuer so as to affect      materially the control of the issuer,or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------|

|   | (i) | more      than 20% of the outstanding voting securities of an issuer except where      there is evidence showing that the holding of those securities does not      affect materially the control of theissuer. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | a      member of the board of directors of a company or an individual who      performs similar functions for a company,and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------|

|   | (k) | with      respect to a person that is not a company, an individual who performs      functions similar to those of a director of a  company. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------|

|   | (l) | a      person that is registered as an investment dealer or in an equivalent      category of registration under the securities legislation of the      jurisdiction of a purchaser and authorized to give advice with respect to      the type of security being distributed;and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (m) | in      Saskatchewan or Manitoba, also means a lawyer who is a practising member      in good standing with a law society of a jurisdiction of Canada or a      public accountant who is a member in good standing of an institute or      association of chartered accountants, certified general accountants or      certified management accountants in a jurisdiction of Canada provided that      the lawyer or public accountant mustnot: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | have      a professional, business or personal relationship with the issuer, or any      of its directors, executive officers, founders of control persons;      and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | have      acted for or been retained personally or otherwise as an employee,      executive officer, director, associate or partner of a person that has      acted for or been retained by the issuer or any of its directors,      executive officers, founders or control persons within the previous 12      months. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (n) | a      chair, vice-chair or president, |
|--------|-----|----------------------------------------|

|   | (o) | a      vice-president in charge of a principal business unit, division, or      function including sales, finance orproduction, |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------|

|   | (p) | an      officer of the issuer or any of its subsidiaries and who performs a      policy-making function in respect of the issuer,  or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------|

|   | (q) | performing      a policy-making function in respect of the  issuer. |
|--------|-----|---------------------------------------------------------------------|

|   | (r) | cash; |
|--------|-----|-------|

|   | (s) | securities;      or |
|--------|-----|---------------------|

|   | (t) | a      contract of insurance, a deposit or an evidence of a deposit that is not a      security for the purposes of securities  legislation; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------|

|   | (u) | acting      alone, in conjunction, or in concert with one or more persons, directly or      indirectly, takes the initiative in founding, organizing or substantially      reorganizing the business of the issuer,and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | at      the time of the trade is actively involved in the business of the      Issuer. |
|--------|-----|----------------------------------------------------------------------------------------|

|   | (w) | whose      primary purpose is to invest money provided by its security      holders; |
|--------|-----|--------------------------------------------------------------------------------------|

----

|   | (x) | that      does not invest: |
|--------|-----|----------------------------|

|   | (i) | for      the purpose of exercising or seeking to exercise control of an issuer,      other than an issuer that is a mutual fund or a non-redeemable investment      fund, or |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | for      the purpose of being actively involved in the management of any issuer in      which it invests, other than an issuer that is a mutual fund or a      non-redeemable investment fund, and |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (y) | that      is not a mutual fund. |
|--------|-----|---------------------------------|

|   | (z) | an      individual; |
|--------|-----|---------------------|

|   | (aa) | a      corporation; |
|--------|------|---------------------|

|   | (bb) | a      partnership, trust, fund and an association, syndicate, organization or      other organized group of person, whether incorporated or not;      and |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (cc) | an      individual or other person in that person's capacity as a trustee,      executor, administrator, or personal or other legal      representative. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | (ee) | liabilities      that are secured by financialassets. |
|--------|------|-------------------------------------------------------|

|   | (ff) | is      married to another individual and is not living separate and apart within      the meaning of the Divorce Act (Canada),      from the other individual; |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (gg) | is      living with another individual in a marriage-like relationship, including      a marriage-like relationship between individuals of the same gender;      or |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (hh) | in      Alberta, is an individual referred to in paragraph (a) or (b), or is in an      adult interdependent partner within the meaning of the Adult Interdependent      Relationships Act (Alberta). |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the      first person, directly or indirectly, beneficially owns or exercises      control or direction over securities of the second person carrying votes      which, if exercised, would entitle the first person to elect a majority of      the directors of the second person, unless that first person holds the      voting securities only the secure anobligation; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (jj) | the      second person is a partnership, other than a limited partnership, and the      first person holds more than 50% of the interests of the partnership;      or |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (kk) | the      second person is a limited partnership and the general partner of the      limited partnership is the firstperson. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------|

| If      a corporation, partnership or other entity: | If      an individual:           |
|-----------------------------------------------------|----------------------------------|
|                                                |                             |
| __________________________________________          |                             | ______________________________________________ |
| (Print      Name of Subscriber)                     | (Print      Name)                |
|                                                |                             |
| __________________________________________          |                             | ______________________________________________ |
| (Signature      of Authorized Signatory)            | (Signature)                      |
|                                                |                             |
| __________________________________________          |                             | ______________________________________________ |
| (Name      and Position of Authorized Signatory)    | (Jurisdiction      of Residence) |
|                                                |                             |
| __________________________________________          |                             | ______________________________________________ |
| (Jurisdiction      of Residence)                    | (Print      Name of Witness)     |
|                                                |                             |
| __________________________________________          |                             | ______________________________________________ |
|                                                | (Signature      of Witness)      |

----

|   | (a) | we,      and (if applicable) any other subscriber for whom we are contracting      hereunder, are: |
|--------|-----|----------------------------------------------------------------------------------------------------|

|   | (i) | a      subscriber that is recognized by the securities regulatory authority in      the jurisdiction in which we are resident, or otherwise subject to the      securities laws of such jurisdiction, as an exempt subscriber and are      purchasing the Debenture as principal for our, or (if applicable) each      such other subscriber’s, own account, and not for the benefit of any other      person, for investment only and not with a view to resale or distribution;      or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | a      subscriber which is purchasing the Debenture pursuant to an exemption from      any prospectus or securities registration requirements (particulars of      which are enclosed herewith) available to us and the Corporation, and any      such other subscriber, under applicable securities laws of our      jurisdiction of residence or to which we and any such other subscriber are      otherwise subject to, and we and any such other subscriber shall deliver      to the Corporation such further particulars of the exemption and our      qualification thereunder as the Corporation may reasonably      request; |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the      purchase of the Debenture by us, and (if applicable) each such other      subscriber, does not contravene any of the applicable securities laws in      such jurisdiction and does not trigger: (i) any obligation to prepare and      file a prospectus, an offering memorandum or similar document, or any      other ongoing reporting requirements with respect to such purchase or      otherwise; or (ii) any registration or other obligation on the part of the      Corporation; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | we,      and (if applicable) any other subscriber for whom we are contracting      hereunder will not sell or otherwise dispose of any Debentures, Underlying      Securities or Common Shares, except in accordance with applicable Canadian      securities laws and in accordance with the rules and regulations of the      TSX, and if we, or (if applicable) such beneficial subscriber, sell or      otherwise dispose of any Debentures, Underlying Securities or Common      Shares, to a person other than a resident of Canada or the United States ,      we, and (if applicable) such beneficial subscriber, will obtain from such      subscriber representations, warranties and covenants in the same form as      provided in this Schedule “E” and shall comply with such other      requirements as the Corporation may reasonably require.    |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | _____________________________________________ |
|--------|-----------------------------------------------|
|   | (Signature      of Subscriber)                |
|   |                                          |
|   |                                          | _____________________________________________ |
|   | (Print      Name)                             |