# EDGAR Filing Document

**Accession Number:** 0001760903
**File Stem:** 0001641172-25-016825
**Filing Date:** 2025-6
**Character Count:** 540360
**Document Hash:** 8b250d445cf6dfe10be9be92a8405c4d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001641172-25-016825.hdr.sgml**: 20250627

**ACCESSION NUMBER**: 0001641172-25-016825

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20250627

**ITEM INFORMATION**: Completion of Acquisition or Disposition of Assets

**ITEM INFORMATION**: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

**ITEM INFORMATION**: Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement

**ITEM INFORMATION**: Unregistered Sales of Equity Securities

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250627

**DATE AS OF CHANGE**: 20250627

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Safety Shot, Inc.
- **CENTRAL INDEX KEY:** 0001760903
- **STANDARD INDUSTRIAL CLASSIFICATION:** PERFUMES, COSMETICS & OTHER TOILET PREPARATIONS [2844]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 832455880
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39569
- **FILM NUMBER:** 251082854

**BUSINESS ADDRESS:**
- **STREET 1:** 1061 E. INDIANTOWN RD.
- **STREET 2:** STE. 110
- **CITY:** JUPITER
- **STATE:** FL
- **ZIP:** 33477
- **BUSINESS PHONE:** 561-325-0482

**MAIL ADDRESS:**
- **STREET 1:** 1061 E. INDIANTOWN RD.
- **STREET 2:** STE. 110
- **CITY:** JUPITER
- **STATE:** FL
- **ZIP:** 33477

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Jupiter Wellness, Inc.
- **DATE OF NAME CHANGE:** 20200615

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CBD Brands, Inc.
- **DATE OF NAME CHANGE:** 20181206

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C., 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): June 27, 2025

**SAFETY SHOT, INC.**

(Exact name of registrant as specified in charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-39569** | **83-2455880** |
| (State or other jurisdiction<br> of incorporation) | (Commission<br> File Number) | (IRS Employer<br> Identification No.) |

---

**1061 E. Indiantown Rd., Ste. 110, Jupiter, FL 33477**

(Address of principal executive offices) (Zip Code)

**(561) 244-7100**

(Registrant's telephone number, including area code)

**Not Applicable**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<u>see</u> General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock | SHOT | The Nasdaq Stock Market LLC<br> (The Nasdaq Capital Market) |
| Warrants, each exercisable for one share of Common Stock at $8.50 per share | SHOTW | The Nasdaq Stock Market LLC<br> (The Nasdaq Capital Market) |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mart if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Introductory Note**.

As previously disclosed in the Current Report on Form 8-K filed by Safety Shot, Inc. ("**Safety Shot**" or the "**Company**") with the Securities and Exchange Commission (the "**SEC**") on January 8, 2025, the Company entered into an Arrangement Agreement on January 7, 2025 (the "**Arrangement Agreement**") with Yerbaé Brands Corp. ("**Yerbaé**"), pursuant to which the Company agreed, among other things, to acquire all of the issued and outstanding common shares of Yerbaé (the "**Yerbaé Shares**") in exchange for shares of common stock of Safety Shot (each, a "**Safety Shot Share**") pursuant to a plan of arrangement (the "**Plan of Arrangement**") under the *Business Corporations Act* (British Columbia) (the "**Arrangement**"). The Arrangement was consummated on June 27, 2025.

---

| | |
|:---|:---|
| **Item 2.01.** | **Completion of Acquisition or Disposition of Assets.** |

---

The information provided in the Introductory Note is incorporated by reference herein.

Pursuant to the terms of the Arrangement Agreement, at the effective time of the Arrangement (the "**Effective Time**"), all of the Yerbaé Shares then issued and outstanding immediately prior to the Effective Time (including the Yerbaé Shares to be issued on the settlement of all of the Yerbaé performance share units (each, a "**Yerbaé PSU**") and Yerbaé restricted share units (each, a "**Yerbaé RSU**"), which were settled immediately prior to the Effective Time) were acquired by Safety Shot in consideration for the right to receive 0.2918 Safety Shot Shares per Yerbaé Share (including the Yerbaé Shares to be issued on the settlement of all of the Yerbaé PSUs and Yerbaé RSUs, which were settled immediately prior to the Effective Time), for an aggregate of 19,881,948 Safety Shot Shares. Immediately following the Effective Time, the stockholders of Safety Shot immediately prior to the Effective Time owned approximately 81.6% and the former holders of Yerbaé Shares, Yerbaé PSUs and Yerbaé RSUs owned approximately 18.4% of the Company.

Also at the Effective Time, under the terms of the Arrangement Agreement, each option (each, a "**Replaced Option**") to purchase Yerbaé Shares outstanding immediately prior to the Effective Time (whether or not vested) was deemed to be exchanged for an option (each, a "**Replacement Option**") entitling the holder to purchase Safety Shot Shares. The number of Safety Shot Shares underlying each Replacement Option equals the number of Yerbaé Shares underlying the Replaced Option multiplied by the exchange ratio of 0.2918 (the "**Exchange Ratio**"). The exercise price of each Replacement Option equals the exercise price of the corresponding Replaced Option divided by the Exchange Ratio and each Replacement Option is fully vested. In accordance with the respective terms of Yerbaé's outstanding warrants and debentures, the terms of each warrant (each, a "**Yerbaé Warrant**") and debenture of Yerbaé (each, a "**Yerbaé Debenture**") entitle the holder thereof to receive, upon exercise or conversion, as applicable, in substitution for the number of Yerbaé Shares subject to such warrant or debenture, Safety Shot Shares, as adjusted in accordance with the Exchange Ratio.

Immediately after the Effective Time, the Company had the following outstanding securities:

● approximately 108,300,254 Safety Shot Shares;

● options to purchase up to 15,546,992 Safety Shot Shares with a weighted average exercise price of $1.37 per Safety Shot Share, including Replacement Options to purchase up to 1,832,105 Safety Shot Shares with a weighted average exercise price of $3.07 per share;

● warrants to purchase up to 24,893,438 Safety Shot Shares with a weighted average exercise price of $1.29 per Safety Shot Share, including Yerbaé Warrants to purchase up to 2,120,622 Safety Shot Shares with a weighted average exercise price of $1.41 per share assumed by Safety Shot at the Effective Time;

● Up to 6,667,802 shares of Safety Shot Shares issuable pursuant to a Convertible Note issued by the Company on January 20, 2025; and

● Up to 3,362,742 shares of Safety Shot Shares issuable pursuant to a Secured Convertible Note issued by the Company on January 20, 2025.

The above description excludes the Safety Shot Shares underlying Yerbaé Debentures assumed by Safety Shot at the Effective Time, the terms of which are described in Item 2.03 of this Current Report on Form 8-K.

The foregoing summary description of the completion of the Arrangement does not purport to be complete and is qualified in its entirety by reference to the terms of the Arrangement Agreement, which was filed as Exhibit 2.1 to the Current Report on Form 8-K filed by the Company with the SEC on January 8, 2025, and is incorporated by reference into this Item 2.01.

---

| | |
|:---|:---|
| **Item 2.03.** | **Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.** |

---

The information set forth under Item 2.01 of this Current Report on Form 8-K is hereby incorporated into this Item 2.03.

On April 13, 2023, Yerbaé closed the first tranche (the "**First Tranche**") of its brokered debenture unit (each, a "**Debenture Unit**") offering which consisted of 1,650 Debenture Units for gross proceeds of $1,650,000. On May 5, 2023, Yerbaé closed the second tranche pursuant to which it issued an additional 2,152 Debenture Units for gross proceeds of $2,152,000, and for aggregate gross proceeds, together with the closing of the First Tranche, of $3,802,000.

Each Debenture Unit consisted of: (i) one (1) Yerbaé Debenture in the principal amount of $1,000; and (ii) 714 Yerbaé Share purchase warrants. The 714 Yerbaé Share purchase warrants issued with the Debenture Units have expired. The Yerbaé Debentures bear interest at a rate of 6.0% per annum, payable on the earlier of July 30, 2025 (the "**Maturity Date**") or the date of conversion of the Yerbaé Debentures. Following the Effective Time, the interest is payable in Safety Shot Shares, rather than the Yerbaé Shares that were previously issuable. Following the Effective Time, the principal amount of the Yerbaé Debentures is convertible at the holder's option into Safety Shot Shares, rather than the Yerbaé Shares that were previously issuable, at any time prior to the close of business on the last business day immediately preceding the Maturity Date, at a conversion price of $4.80 per Safety Shot Share, subject to adjustment in certain customary events.

On July 4, 2024, Yerbaé entered into a loan agreement with MaximCash Solutions ("**MaximCash**"), whereby MaximCash loaned Yerbaé a principal amount of $750,000. The loan included origination costs of $22,500. In addition, Yerbaé agreed to issue MaximCash, Yerbaé Shares, with a fair value of $64,285 for a total discount of $86,786. The loan had an effective interest rate of **42**%. The loan was to mature on June 11, 2025; however, on January 29, 2025, Yerbaé entered into a new loan agreement with MaximCash resulting in the payoff of the original loan. The new loan agreement entered into between Yerbaé and MaximCash is for a principal amount of $1,000,000. The new loan included an origination cost of $30,000. The loan matures on January 29, 2026 and has an effective interest rate of **27**%. As of the date hereof, the net balance of the loan is $763,077.

In June of 2024, Yerbaé entered into a loan agreement with Parafin, Inc., whereby Parafin, Inc. loaned Yerbaé a principal amount of $230,000 with a stated fee of $30,000. The stated fee is treated as interest and amortized over the term of the loan. The loan agreement includes a payment rate of 15% of Yerbaé's weekly sales over an 8-month period. As of the date hereof, the net balance of the loan is $179,412.

On July 15, 2024, Yerbaé entered into a loan agreement, effective July 1, 2024, with Karrie Gibson, a director of the Yerbaé, whereby Karrie Gibson loaned Yerbaé a principal amount of $330,000 with an original issue discount of $30,000. The loan has an effective interest rate of **10**%. [The loan matured on June 1, 2025 and is payable on demand by the lender.

On September 16, 2024, Yerbaé entered into an agreement with a private lender whereby the lender originally agreed to loan an aggregate principal amount of up to $540,000. The loan matures on August 16, 2025. The loan has an effective interest rate of approximately 8.0%.

---

| | |
|:---|:---|
| **Item 2.04.** | **Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.** |

---

The information set forth under Item 2.01 and Item 2.03 of this Current Report on Form 8-K is hereby incorporated into this Item 2.04.

In accordance with the terms of the Yerbaé Debentures, within ten (10) days of the Effective Time, Safety Shot is required to provide notice to the Yerbaé Debenture holders, together with an offer in writing to purchase the Yerbaé Debentures on a date within 90 days of the Effective Time at a price per Yerbaé Debenture equal to 105% of the principal amount plus accrued and unpaid interest up to such purchase date.

---

| | |
|:---|:---|
| **Item 3.02.** | **Unregistered Sales of Equity Securities.** |

---

The information set forth under Item 2.01 of this Current Report on Form 8-K is hereby incorporated into this Item 3.02.

The Safety Shot Shares issued by the Company in connection with the Arrangement was issued in a transaction exempt from the registration requirements of the Securities Act of 1933, as amended (the "**Securities Act**"), pursuant to Section 3(a)(10) of the Securities Act based on the final order of the Supreme Court of British Columbia issued on June 13, 2025, approving the Plan of Arrangement following a hearing by the court which considered, among other things, the fairness of the Arrangement to the persons affected.

---

| | |
|:---|:---|
| **Item 5.02** | **Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.** |

---

On June 27, 2025, the board of directors of the Company (the "**Board**") increased the number of directors on the Board from six (6) to seven (7) and appointed Todd Gibson as a member of the Board.

**Todd Gibson**, age 48, Mr. Gibson is an accomplished beverage industry entrepreneur, with over 25 years of experience as an innovator, business builder, and sales leader. Mr. Gibson has served as the Chief Executive Officer of Yerbaé since January 2017 and has served as a member of the Yerbaé board of directors since February 2023. Mr. Gibson is regarded as an execution leader in the beverage industry. Mr. Gibson was distribution manager at Hansen's Energy, better known as Monster Energy who sold the first energy drinks in the US marketplace. Mr. Gibson served in various roles at South Beach Beverage Company (SoBe) prior to the sale of the brand to Pepsi Co. After the sale of SoBe to Pepsi Co., Mr. Gibson served as EVP of Sales at Fuze & Nos Beverage company. During his tenure, from 2001 to 2007, Fuze and Nos Energy brands were listed and sold to Coca Cola. After guiding Fuze & Nos Beverage company to a successful sale to the Coca Cola Company, from 2007 to 2010, Mr. Gibson assumed the role of Division VP and General Manager for the Still Beverage group, a newly formed organization within Coca Cola. In this role, Mr. Gibson's responsibilities included distributor, marketing and retailer relations. Additionally, he led the sales and field marketing teams to provide thought leadership, brand marketing and P&L responsibilities for a significant portfolio, within Coca Cola, exceeding $1.5 Billion in revenue for the company. He managed a team of over 500 field managers and 112 distribution partners. Following the sale of his beverage businesses and his time at Coca Cola, Mr. Gibson joined Vintage Tech Recyclers in 2010, a private company founded by Karrie Gibson in 2005, and served as the Executive VP of Sales and Marketing and a member of Vintage Tech Recyclers' board of directors until 2015.

In accordance with the Company's non-employee director compensation policy, Mr. Gibson will be paid an annual cash compensation of $25,000 for his services as a member of the Board.

---

| | |
|:---|:---|
| **Item 7.01.** | **Regulation FD Disclosure.** |

---

 

*Press Release* 

On June 27, 2025, the Company issued a press release announcing the closing of the Arrangement. The press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated into this Item 7.01 by reference.

The information provided under Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, is being furnished and is not deemed to be "filed" with the SEC for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**") or otherwise subject to the liabilities of that section and is not incorporated by reference into any filing of the Company under the Securities Act or the Exchange Act, whether made before or after the date hereof, except as shall be expressly set forth by specific reference to this Current Report on Form 8-K in such a filing.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

---

(a) Financial Statements of Businesses or Funds Acquired

The audited condensed consolidated financial statements of Yerbaé as of and for the years ended December 31, 2024 and December 31, 2023 and the related notes are included in Yerbaé's Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on March 10, 2025 and are incorporated herein by reference. The unaudited condensed consolidated financial statements of Yerbaé as of March 31, 2025 and for the three months ended March 31, 2025 and 2024 are included in Yerbaé's Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 filed with the SEC on May 20, 2025 and are incorporated by reference herein.

(b) Pro Forma Financial Information

The unaudited pro forma financial information for Safety Shot, after giving effect to the acquisition of Yerbaé and adjustments described in such pro forma financial information, is attached hereto as Exhibit 99.2 and incorporated by reference herein.

(d) Exhibits

---

| | |
|:---|:---|
| **Exhibit**<br> **Number** | **Description** |
| 2.1\* | [Arrangement Agreement by and between Safety Shot and Yerbaé dated January 7, 2025 (incorporated by reference to Exhibit 2.1 of the Company's Current Report on Form 8-K, filed with the SEC on January 8, 2025)](https://www.sec.gov/Archives/edgar/data/1760903/000149315225001327/ex2-1.htm) |
| 10.1 | [Convertible Debenture Indenture, Dated April 12, 2023, by and between Yerbaé and Odyssey Trust Company](ex10-1.htm) |
| 10.2 | [Warrant Indenture, dated December 7, 2023, by and between Yerbaé and Odyssey Trust Company](ex10-2.htm) |
| 99.1 | [Press Release dated June 27, 2025.](ex99-1.htm) |
| 99.2 | [Unaudited pro forma condensed combined financial information of Safety Shot and Yerbaé](ex99-2.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

\* Exhibits and/or schedules have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The registrant hereby undertakes to furnish supplementally copies of any of the omitted exhibits and schedules upon request by the SEC; provided, however, that the registrant may request confidential treatment pursuant to Rule 24b-2 under the Exchange Act for any exhibits or schedules so furnished.

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: June 27, 2025

---

| | |
|:---|:---|
| **SAFETY SHOT, INC.** | **SAFETY SHOT, INC.** |
| By: | */s/ Jarret Boon* |
|  | *Jarret Boon* |
|  | Chief Executive Officer |

---

## Exhibit 10.1

**Exhibit 10.1**

**YERBAE BRANDS CORP.**

as the Corporation

and

**ODYSSEY TRUST COMPANY**

as the Trustee

**CONVERTIBLE DEBENTURE INDENTURE<br> Providing for the Issue of Convertible Debentures**

Dated as of April 13, 2023

**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
| | | **Page** |
| **ARTICLE 1 – INTERPRETATION** | **ARTICLE 1 – INTERPRETATION** | **2** |
| Section 1.1 | Definitions | 2 |
| Section 1.2 | Meaning of "Outstanding" | 7 |
| Section 1.3 | Interpretation | 8 |
| Section 1.4 | Headings, etc. | 8 |
| Section 1.5 | Time of Essence | 8 |
| Section 1.6 | Monetary References | 8 |
| Section 1.7 | Invalidity, etc. | 8 |
| Section 1.8 | Language | 8 |
| Section 1.9 | Successors and Assigns | 9 |
| Section 1.10 | Severability | 9 |
| Section 1.11 | Entire Agreement | 9 |
| Section 1.12 | Benefits of Indenture | 9 |
| Section 1.13 | Applicable Law and Attornment | 9 |
| Section 1.14 | Currency of Payment | 9 |
| Section 1.15 | Non-Business Days | 9 |
| Section 1.16 | Accounting Terms | 10 |
| Section 1.17 | Calculations | 10 |
| Section 1.18 | Schedules | 10 |
| **Article 2 - THE DEBENTURES** | **Article 2 - THE DEBENTURES** | **11** |
| Section 2.1 | Issue of Global Debentures | 11 |
| Section 2.2 | Limit of Debentures | 12 |
| Section 2.3 | Form and Terms of the Debentures | 12 |
| Section 2.4 | Non-Certificated Deposit | 16 |
| Section 2.5 | Execution of Debentures | 17 |
| Section 2.6 | Certification | 17 |
| Section 2.7 | Mutilation, Loss, Theft or Destruction | 18 |
| Section 2.8 | Concerning Interest | 18 |
| Section 2.9 | Debentures to Rank Pari Passu | 19 |
| Section 2.10 | Payments of Amounts Due on Maturity | 19 |
| Section 2.11 | Legends | 19 |
| **Article 3 - REGISTRATION, TRANSFER, EXCHANGE AND OWNERSHIP** | **Article 3 - REGISTRATION, TRANSFER, EXCHANGE AND OWNERSHIP** | **20** |
| Section 3.1 | Global Debentures or Book Based Only Debentures | 20 |
| Section 3.2 | Fully Registered Debentures | 22 |
| Section 3.3 | Transferee Entitled to Registration | 23 |
| Section 3.4 | No Notice of Trusts | 23 |
| Section 3.5 | Registers Open for Inspection | 23 |
| Section 3.6 | Exchanges of Debentures | 23 |
| Section 3.7 | Closing of Registers | 24 |
| Section 3.8 | Charges for Registration, Transfer and Exchange | 24 |
| Section 3.9 | Ownership of Debentures | 24 |

---

-i-

**TABLE OF CONTENTS**

(continued)

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| | | |
|:---|:---|:---|
| **Article 4 - PURCHASE OF DEBENTURES** | **Article 4 - PURCHASE OF DEBENTURES** | **25** |
| Section 4.1 | Purchase of Debentures by the Corporation | 25 |
| Section 4.2 | Deposit of Purchase Funds | 25 |
| **Article 5 - CONVERSION OF DEBENTURES** | **Article 5 - CONVERSION OF DEBENTURES** | **26** |
| Section 5.1 | Applicability of Article | 26 |
| Section 5.2 | Revival of Right to Convert | 26 |
| Section 5.3 | Manner of Exercise of Right to Convert | 26 |
| Section 5.4 | Adjustment of Conversion Price | 27 |
| Section 5.5 | No Requirement to Issue Fractional Common Shares | 32 |
| Section 5.6 | Corporation to Reserve Common Shares | 32 |
| Section 5.7 | Cancellation of Converted Debentures | 32 |
| Section 5.8 | Certificate as to Adjustment | 33 |
| Section 5.9 | Notice of Special Matters | 33 |
| Section 5.10 | Protection of Trustee | 33 |
| Section 5.11 | Restricted CUSIP or U.S. Legend on Certain Common Shares | 34 |
| Section 5.12 | Limitation on Conversion of the Debentures | 34 |
| **Article 6 - COVENANTS OF THE CORPORATION** | **Article 6 - COVENANTS OF THE CORPORATION** | **35** |
| Section 6.1 | To Pay Principal, Premium (if any) and Interest | 35 |
| Section 6.2 | To Pay Trustee's Remuneration | 35 |
| Section 6.3 | To Give Notice of Default | 35 |
| Section 6.4 | Preservation of Existence, etc. | 35 |
| Section 6.5 | Keeping of Books | 35 |
| Section 6.6 | Annual Certificate of Compliance | 35 |
| Section 6.7 | Performance of Covenants by Trustee | 36 |
| Section 6.8 | Maintain Listing | 36 |
| Section 6.9 | No Dividends on Common Shares if Event of Default | 36 |
| Section 6.10 | Withholding Matters | 36 |
| Section 6.11 | SEC Reporting Status | 37 |
| **Article 7 - DEFAULT** | **Article 7 - DEFAULT** | **37** |
| Section 7.1 | Events of Default | 37 |
| Section 7.2 | Notice of Events of Default | 38 |
| Section 7.3 | Waiver of Default | 39 |
| Section 7.4 | Enforcement by the Trustee | 39 |
| Section 7.5 | No Suits by Debentureholders | 40 |
| Section 7.6 | Application of Monies by Trustee | 41 |
| Section 7.7 | Notice of Payment by Trustee | 41 |
| Section 7.8 | Trustee May Demand Production of Debentures | 42 |
| Section 7.9 | Remedies Cumulative | 42 |
| Section 7.10 | Judgment Against the Corporation | 42 |
| Section 7.11 | Immunity of Directors, Officers and Others | 42 |
| **Article 8 - SATISFACTION AND DISCHARGE** | **Article 8 - SATISFACTION AND DISCHARGE** | **42** |
| Section 8.1 | Cancellation and Destruction | 42 |
| Section 8.2 | Non-Presentation of Debentures | 42 |
| Section 8.3 | Repayment of Unclaimed Monies | 43 |
| Section 8.4 | Discharge | 43 |
| Section 8.5 | Satisfaction | 44 |
| Section 8.6 | Continuance of Rights, Duties and Obligations | 45 |

---

-ii-

**TABLE OF CONTENTS**

(continued)

---

| | | |
|:---|:---|:---|
| **Article 9 - SUCCESSORS** | **Article 9 - SUCCESSORS** | **46** |
| Section 9.1 | Corporation may Consolidate, etc., Only on Certain Terms | 46 |
| Section 9.2 | Successor Substituted | 46 |
| **Article 10 - MEETINGS OF DEBENTUREHOLDERS** | **Article 10 - MEETINGS OF DEBENTUREHOLDERS** | **47** |
| Section 10.1 | Right to Convene Meeting | 47 |
| Section 10.2 | Notice of Meetings | 47 |
| Section 10.3 | Chairman | 47 |
| Section 10.4 | Quorum | 48 |
| Section 10.5 | Power to Adjourn | 48 |
| Section 10.6 | Show of Hands | 48 |
| Section 10.7 | Poll | 48 |
| Section 10.8 | Voting | 48 |
| Section 10.9 | Proxies | 49 |
| Section 10.10 | Persons Entitled to Attend Meetings | 49 |
| Section 10.11 | Powers Exercisable by Extraordinary Resolution | 49 |
| Section 10.12 | Meaning of "Extraordinary Resolution" | 51 |
| Section 10.13 | Powers Cumulative | 51 |
| Section 10.14 | Minutes | 52 |
| Section 10.15 | Instruments in Writing | 52 |
| Section 10.16 | Binding Effect of Resolutions | 52 |
| Section 10.17 | Evidence of Rights of Debentureholders | 52 |
| **Article 11 - NOTICES** | **Article 11 - NOTICES** | **52** |
| Section 11.1 | Notice to Corporation | 52 |
| Section 11.2 | Notice to Debentureholders | 53 |
| Section 11.3 | Notice to Trustee | 53 |
| Section 11.4 | Mail Service Interruption | 54 |
| **Article 12 - CONCERNING THE TRUSTEE** | **Article 12 - CONCERNING THE TRUSTEE** | **54** |
| Section 12.1 | No Conflict of Interest | 54 |
| Section 12.2 | Replacement of Trustee | 54 |
| Section 12.3 | Duties of Trustee | 54 |
| Section 12.4 | Reliance Upon Declarations, Opinions, etc. | 54 |
| Section 12.5 | Evidence and Authority to Trustee, Opinions, etc. | 55 |
| Section 12.6 | Officer's Certificates Evidence | 56 |
| Section 12.7 | Experts, Advisers and Agents | 56 |
| Section 12.8 | Trustee May Deal in Debentures | 56 |
| Section 12.9 | Investment of Monies Held by Trustee | 56 |
| Section 12.10 | Trustee Not Ordinarily Bound | 57 |
| Section 12.11 | Trustee Not Required to Give Security | 57 |
| Section 12.12 | Trustee Not Bound to Act on Corporation's Request | 57 |
| Section 12.13 | Conditions Precedent to Trustee's Obligations to Act Hereunder | 57 |
| Section 12.14 | Authority to Carry on Business | 58 |
| Section 12.15 | Compensation and Indemnity | 58 |
| Section 12.16 | Acceptance of Trust | 59 |
| Section 12.17 | Third Party Interests | 59 |
| Section 12.18 | Anti-Money Laundering | 59 |
| Section 12.19 | Privacy Laws | 59 |
| Section 12.20 | Force Majeure | 60 |
| Section 12.21 | Withholding Obligations | 60 |

---

-iii-

**TABLE OF CONTENTS**

(continued

---

| | | | |
|:---|:---|:---|:---|
| **Article 13 - SUPPLEMENTAL INDENTURES** | **Article 13 - SUPPLEMENTAL INDENTURES** | **Article 13 - SUPPLEMENTAL INDENTURES** | **60** |
|  | Section 13.1 | Supplemental Indentures | 60 |
| **Article 14 - EXECUTION AND FORMAL DATE** | **Article 14 - EXECUTION AND FORMAL DATE** | **Article 14 - EXECUTION AND FORMAL DATE** | **61** |
|  | Section 14.1 | Execution | 61 |
|  | Section 14.2 | Formal Date | 61 |

---

---

| | |
|:---|:---|
| Schedule A | Form of Debenture |
| Schedule B | Form of Notice of Conversion |
| Schedule C | Common Share Legend |
| Schedule D | Form of Certificate of Transfer |
| Schedule E | Form of Certificate of Exchange |

---

-iv-

**convertible debenture indenture**

**THIS INDENTURE** is made as of April 13, 2025 (this "**Indenture**").

**BETWEEN:**

**YERBAE BRANDS CORP.**, a corporation existing under the laws of the Province of British Columbia

(the "**Corporation**")

**AND:**

**ODYSSEY TRUST COMPANY**, a trust company continued under the laws of Canada

(the "**Trustee**")

**WHEREAS:**

A. Pursuant
 to the terms of the Agency Agreement, the Corporation has agreed to sell, in one or more
 closings and on a private placement basis, an aggregate of up to 3,450 debenture units (the
 "**Debenture Units**") (assuming the Agents' Option is exercised in
 full) at a price of $1,000 per Debenture Unit, each such Debenture Unit consisting of (i)
 one Debenture in the principal amount of $1,000, and (ii) 714 Common Share purchase warrants,
 for total gross proceeds to the Corporation of up to $3,450,000 (the "**Offering** ").
 The Offering is being completed on a brokered basis through the Agents (the "**Brokered Offering** ");

B. Pursuant
 to the terms of the Agency Agreement, the Corporation proposes to issue up to 3,450 Debentures
 in respect of the Offering in the manner herein set forth;

C. The
 Corporation is duly authorized to create and issue the Debentures to be issued as herein
 provided;

D. All
 acts and deeds necessary have been done and performed to make the Debentures, when created
 and issued as provided in this Indenture, legal, valid and binding upon the Corporation with
 the benefits and subject to the terms of this Indenture; and

E. The
 foregoing recitals are made as representations and statements of fact by the Corporation
 and not by the Trustee;

**NOW THEREFORE**, in consideration of the premises and mutual covenants hereinafter contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Corporation hereby appoints the Trustee as trustee to hold the rights, interests and benefits contained herein for and on behalf of those persons who from time to time become the holders of Debentures issued pursuant to this Indenture and the parties hereto agree as follows:

**Article 1 – INTERPRETATION**

**Section 1.1 Definitions**

In this Indenture, unless there is something in the subject matter or context inconsistent therewith, the following expressions shall have the meanings as set out below:

(1) "**90% Redemption Right**" has the meaning ascribed thereto in Section 2.3(8) (b) ;

(2) "**Agency Agreement**" means the agency agreement dated the date hereof between the Corporation
 and the Agents entered into in connection with the Brokered Offering;

(3) "**Agents** "
 means, collectively, Beacon Securities Limited, Echelon Wealth Partners Inc. and Roth Canada
 Inc.;

(4) "**Agents' Option**" means the option granted by the Corporation to the Agents to increase the
 size of the Offering by up to an additional 450 Debenture Units (from 3,000 Debenture Units
 up to an aggregate of 3,450 Debenture Units);

(5) "**Applicable Securities Legislation**" means applicable securities laws (including rules, regulations,
 policies and instruments) in each of the applicable provinces and territories of Canada,
 United States or any other jurisdiction (as may be applicable in the circumstances);

(6) "**Approved Bank**" has the meaning ascribed thereto in Section 12.9 ;

(7) "**Auditors of the Corporation**" means an independent firm of chartered professional accountants
 duly appointed as auditors of the Corporation, from time to time;

(8) "**Beneficial Holder**" means any Person who holds a beneficial interest in a Debenture that is
 represented by a Debenture Certificate or an Uncertificated Debenture registered in the name
 of such person's nominee or the Depository;

(9) "**Board of Directors**" means the board of directors of the Corporation, as constituted from
 time to time;

(10) "**Book Based Only Debenture**" means an Uncertificated Debenture which is held only by way
 of a book based (electronic) register maintained by the Trustee;

(11) "**Brokered Offering**" has the meaning ascribed thereto in the recitals to this Indenture;

(12) "**Business Day**" means any day other than a Saturday, Sunday or any other day that the Trustee
 and banking institutions in Vancouver, British Columbia or Toronto, Ontario are not generally
 open for business, and shall be a day on which the Exchange is open for trading;

(13) "**Change of Control"** means: (i) any event as a result of or following which a Person or
 group of Persons acting jointly or in concert within the meaning of Applicable Securities
 Legislation, beneficially owns or exercises control or direction over an aggregate of more
 than 50% of the then outstanding Common Shares; (ii) the amalgamation, consolidation, arrangement,
 merger or other similar business combination transaction of the Corporation with or into
 any other Person unless the holders of voting shares of the Corporation immediately prior
 to such amalgamation, consolidation, arrangement, merger or other similar business combination
 transaction hold securities representing at least 50% of the voting control or direction
 of the Corporation or the successor entity upon completion of the amalgamation, consolidation,
 arrangement, merger or other similar business combination transaction; or (iii) the sale
 or other transfer of all or substantially all of the consolidated assets of the Corporation,
 unless the holders of voting shares of the Corporation immediately prior to such sale, merger,
 reorganization or other similar transaction hold securities representing 50% or more of the
 voting control or direction in the entity which has acquired such assets immediately following
 the completion of such transaction;

(14) "**Change of Control Notice**" has the meaning ascribed thereto in Section 2.3(8)(a);

(15) "**Change of Control Purchase Date**" has the meaning ascribed thereto in Section 2.3(8)(a);

(16) "**Change of Control Purchase Offer**" has the meaning ascribed thereto in Section 2.3(8)(a);

(17) "**Closing** "
 means each closing date of the sale of Debenture Units pursuant to a Written Direction of
 the Corporation;

(18) "**Common Shares**" means the common shares in the capital of the Corporation, as such shares
 are constituted on the date of execution and delivery of this Indenture; provided that in
 the event of a change or a subdivision, revision, reduction, combination or consolidation
 thereof, any reclassification, capital reorganization, consolidation, amalgamation, arrangement,
 merger, sale or conveyance or liquidation, dissolution or winding- up, or such successive
 changes, subdivisions, redivisions, reductions, combinations or consolidations, reclassifications,
 capital reorganizations, consolidations, amalgamations, arrangements, mergers, sales or conveyances
 or liquidations, dissolutions or windings-up, then, subject to adjustments, if any, having
 been made in accordance with the provisions of Section 5.4, "Common Shares" shall,
 as the context may require, mean the shares or other securities or property resulting from
 such change, subdivision, redivision, reduction, combination or consolidation, reclassification,
 capital reorganization, consolidation, amalgamation, arrangement, merger, sale or conveyance
 or liquidation, dissolution or winding-up;

(19) "**Conversion Date**" means the date of the conversion of Debentures in accordance with the provisions
 of Article 5;

(20) "**Conversion Price**" means the dollar amount for which each Common Share may be issued from time
 to time upon the conversion of Debentures in accordance with the provisions of Article 5, and without
 limiting the generality of the foregoing, the Conversion Price for the Debentures is as set
 out in Section 2.3(6);

(21) "**Corporation** "
 means Yerbae Brands Corp., and includes any successor to or of the Corporation which shall
 have complied with the provisions of Article 9;

(22) "**Counsel** "
 means a barrister and/or solicitor or firm of barristers or solicitors retained or employed
 by the Trustee or retained or employed by the Corporation and reasonably acceptable to the
 Trustee, which may or may not be counsel for the Corporation;

(23) "**Current Market Price**" means, at any date, (i) the VWAP of the Common Shares on the Exchange
 for the 10 consecutive Trading Days ending on the fifth (5th) Trading Day immediately preceding
 such date, or (ii) if the Common Shares are not listed on any stock exchange, then on such
 over-the-counter market as may be selected for such purpose by the directors of the Corporation,
 acting reasonably, or (iii) if the Common Shares are not traded on any recognized market
 or exchange, "**Current Market Price**" shall be the fair value of a Common
 Share as reasonably determined by the Board of Directors. The VWAP shall be determined by
 dividing the aggregate sale price of all Common Shares sold on the said exchange, as the
 case may be, during the said 10 consecutive Trading Days by the total number of Common Shares,
 as the case may be, so sold;

(24) "**Date of Conversion**" has the meaning ascribed thereto in Section 5.3(2) ;

(25) "**Debenture Certificate**" means a certificate evidencing Debentures substantially in the form
 attached as Schedule A;

(26) "**Debenture Units**" has the meaning ascribed thereto in the Recitals to this Indenture;

(27) "**Debentureholders** "
 or "**holders**" means the Persons for the time being entered in the register
 for Debentures as registered holders of Debentures or any transferees of such Persons by
 endorsement or delivery;

(28) "**Debentures** "
 means the unsecured convertible debentures of the Corporation designated as "6% Unsecured
 Convertible Debentures" and described in Section 2.3;

(29) "**Defeased Debentures**" has the meaning ascribed thereto in Section 8.6(2) ;

(30) "**Depository** "
 or "**CDS**" means CDS Clearing and Depository Services Inc. or such other
 person as is designated in writing by the Corporation to act as depository in respect of
 the Debentures;

(31) "**DRS** "
 means the Direct Registration System maintained by the Trustee, in the case of the Debentures,
 or the Corporation's transfer agent, in the case the of the Common Shares;

(32) "**DRS Advice**" means the notification produced by the DRS evidencing ownership of the
 Debentures or Common Shares, as the case may be;

(33) "**Event of Default**" has the meaning ascribed thereto in Section 7.1 ;

(34) "**Exchange** "
 means the TSX Venture Exchange, or such other recognized stock exchange in Canada or the
 United States on which the Common Shares are then principally listed and posted for trading;

(35) "**Extraordinary Resolution**" has the meaning ascribed thereto in Section 10.12;

(36) "**Fully Registered Debentures**" means Debentures registered as to both principal and interest;

(37) "**Global Debenture**" means a Debenture that is issued to and registered in the name of the
 Depository, or its nominee, pursuant to Section 2.1 for the purposes of being held by or on behalf
 of the Depository as custodian for participants in the Depository's book-entry only
 registration system or non-certificated inventory system;

(38) "**IFRS** "
 means International Financial Reporting Standards issued by the International Accounting
 Standards Board (including as further described in Section 1.16);

(39) "**Initial Closing**" means the first Closing, which is expected to occur on or about April
 13, 2023;

(40) "**Interest Payment Date**" means a date specified in a Debenture as the date on which interest
 on such Debenture shall become due and payable;

(41) "**Internal Procedures**" means in respect of the making of any one or more entries to, changes
 in or deletions of any one or more entries in the register of Debentureholders at any time
 (including without limitation, original issuance or registration of transfer of ownership)
 the minimum number of the Trustee's internal procedures customary at such time for
 the entry, change or deletion made to be complete under the operating procedures followed
 by the time by the Trustee, it being understood that neither preparation and issuance shall
 constitute part of such procedures for any purpose of this definition;

(42) "**Issue Date**" has the meaning ascribed thereto in Section 2.3(2);

(43) "**Market Price**" has the meaning ascribed to it in the Policies of the Exchange;

(44) "**Material Subsidiary**" means any Subsidiary of the Corporation which has assets equal to or
 greater than 10% of the consolidated assets of the Corporation and its Subsidiaries;

(45) "**Maturity Account**" means an account or accounts required to be established by the Corporation
 (and which shall be maintained by and subject to the control of the Trustee) for the Debentures
 issued pursuant to and in accordance with this Indenture;

(46) "**Maturity Date**" means the date specified for maturity of any Debentures, and has the meaning
 ascribed thereto in Section 2.3(2) for the Debentures;

(47) "**Merger Event**" has the meaning ascribed thereto in Section 5.4(d);

(48) "**NI 62-104**" means National Instrument 62-104 – *Take-Over Bids and Issuer Bids*;

(49) "**Offering** "
 has the meaning ascribed thereto in the Recitals to this Indenture;

(50) "**Officer's Certificate**" means a certificate of the Corporation signed by any authorized officer
 or director of the Corporation, in their capacity as an officer or director of the Corporation,
 and not in their personal capacity (and without personal liability);

(51) "**Participant** "
 means a Person recognized by CDS as a participant in the non-certificated inventory system
 administered by CDS;

(52) "**Person** "
 includes an individual, corporation, company, partnership, joint venture, association, trust,
 trustee, unincorporated organization or government or any agency or political subdivision
 thereof (and, for the purposes of the definition of "**Change of Control** ",
 in addition to the foregoing, "**Person**" shall include any syndicate or
 group that would be deemed to be a "Person" under NI 62-104);

(53) "**Regulation S**" means Regulation S adopted by the SEC under the U.S. Securities Act;

(54) "**Restricted Debentures**" means, collectively, the Restricted Uncertificated Debentures and Restricted
 Physical Debentures;

(55) "**Restricted Physical Debenture**" means a definitive Debenture that bears the U.S. Legend;

(56) "**Restricted Uncertificated Debenture**" means an Uncertificated Debenture that is marked to bear
 the U.S. Legend;

(57) "**SEC** "
 means the United States Securities and Exchange Commission;

(58) "**Securities** "
 has the meaning ascribed thereto in Section 2.11;

(59) "**Subsidiary** "
 has the meaning ascribed thereto in the *Securities Act* (British Columbia);

(60) "**Tax Act"** means the *Income Tax Act* (Canada), as amended;

(61) "**this Convertible Debenture Indenture** ", "**this Indenture** ", "**hereto** ",
 "**herein** ", "**hereby** ", "**hereof**" and
 similar expressions mean and refer to this Indenture and any indenture, deed or instrument
 supplemental hereto; and the expressions "**Article** ", "**Section** ",
 "**subsection**" and "**paragraph**" followed by a number,
 letter or both mean and refer to the specified article, section, subsection or paragraph
 of this Indenture;

(62) "**Time of Expiry**" means the time of expiry of certain rights with respect to the conversion
 of Debentures under Article 5 which is to be set forth separately in the form and terms for each
 the Debentures which by their terms are to be convertible, and has the meaning ascribed thereto
 in Section 2.3(6) with respect to the Debentures;

(63) "**Total Offer Price**" has the meaning ascribed thereto in Section 2.3(8)(a);

(64) "**Trading Day**" means, with respect to the Exchange or other market on which the Common Shares
 are then principally traded or quoted, any day on which such exchange or market is open for
 trading or quotation;

(65) "**Trustee** "
 means Odyssey Trust Company, in its capacity as trustee for the Debentures, or its successor
 or successors from time to time;

(66) "**Uncertificated Debenture**" means any Debenture which is not issued as part of a Debenture Certificate,
 including DRS Advices;

(67) "**Unclaimed Funds Return Date**" has the meaning ascribed thereto in Section 2.3(8)(g);

(68) "**United States**" or "**U.S.**" means the United States of America, its territories
 and possessions, any state of the United States and the District of Columbia;

(69) "**Unrestricted Debentures**" means, collectively, the Unrestricted Physical Debentures and the Unrestricted
 Uncertificated Debentures;

(70) "**Unrestricted Physical Debenture**" means a definitive Debenture that does not bear the U.S. Legend;

(71) "**Unrestricted Uncertificated Debenture**" means a Debenture that is not marked to bear the **U.S. Legend**;

(72) "**U.S. Legend**" has the meaning ascribed thereto in Section 2.11;

(73) "**U.S. Person**" means a "**U.S. person**" as defined in Regulation S, and
 which includes but is not limited to, an individual resident in the United States, an estate
 or trust of which any executor, administrator or trustee is a U.S. person, and any corporation
 or partnership incorporated or organized under the laws of the United States;

(74) "**U.S. Purchaser**" means (a) any U.S. Person that purchased Debentures, (b) any person
 that purchased Debentures on behalf of any U.S. Person or any person in the United States,
 (c) any purchaser of Debentures that received an offer for the Debentures while in the United
 States, (d) any person that was in the United States at the time the purchaser's buy
 order was made or the subscription agreement for Debentures was executed or delivered;

(75) "**U.S. Securities Act**" means the United States Securities Act of 1933, as amended, and
 the rules and regulations promulgated thereunder;

(76) "**U.S. Exchange Act**" means the United States Securities Exchange Act of 1934, as amended,
 and the rules and regulations promulgated thereunder

(77) "**VWAP** "
 means the per share volume weighted average trading price of the Common Shares for the applicable
 period (which must be calculated utilizing days in which the Common Shares actually trade)
 on the Exchange;

(78) "**Withholding Taxes**" has the meaning ascribed to it in Section 6.10; and

(79) "**Written Direction of the Corporation**" means an instrument in writing signed by any one
 officer or director of the Corporation.

**Section 1.2 Meaning of "Outstanding"**

Every Debenture certified and delivered by the Trustee or every Uncertificated Debenture authenticated by the Trustee by completing its Internal Procedures hereunder shall be deemed to be outstanding until it is cancelled, converted or redeemed or delivered to the Trustee for cancellation, conversion or redemption for monies and/or Common Shares, as the case may be, or the payment thereof shall have been set aside under Section 8.2, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Debentures
 which have been partially redeemed, purchased or converted shall be deemed to be outstanding
 only to the extent of the unredeemed, unpurchased or unconverted part of the principal amount
 thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) when
 a new Debenture has been issued in substitution for a Debenture which has been lost, stolen
 or destroyed, only one of such Debentures shall be counted for the purpose of determining
 the aggregate principal amount of Debentures outstanding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for
 the purposes of any provision of this Indenture entitling holders of outstanding Debentures
 to vote, sign consents, requisitions or other instruments or take any other action under
 this Indenture, or to constitute a quorum of any meeting of Debentureholders, Debentures
 owned directly or indirectly, legally or equitably, by the Corporation shall be disregarded
 except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for
 the purpose of determining whether the Trustee shall be protected in relying on any such
 vote, consent, requisition or other instrument or action, or on the holders of Debentures
 present or represented at any meeting of Debentureholders, only the Debentures which the
 Trustee knows are so owned shall be so disregarded; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Debentures
 so owned which have been pledged in good faith other than to the Corporation shall not be
 so disregarded if the pledgee shall establish to the satisfaction of the Trustee the pledgee's
 right to vote such Debentures, sign consents, requisitions or other instruments or take such
 other actions in his discretion free from the control of the Corporation or a Subsidiary
 of the Corporation.

**Section 1.3 Interpretation**

In this Indenture:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) words
 importing the singular number or masculine gender shall include the plural number or the
 feminine or neuter genders, and *vice versa*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all
 references to Articles and Schedules refer, unless otherwise specified, to articles of and
 schedules to this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all
 references to Sections, subsections or clauses refer, unless otherwise specified, to Sections,
 subsections or clauses of this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) words
 and terms denoting inclusiveness (such as "include" or "includes"
 or "including"), whether or not so stated, are not limited by and do not imply
 limitation of their context or the words or phrases which precede or succeed them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) reference
 to any agreement or other instrument in writing means such agreement or other instrument
 in writing as amended, modified, replaced or supplemented from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) unless
 otherwise indicated, reference to a statute shall be deemed to be a reference to such statute
 as amended, re-enacted or replaced from time to time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) unless
 otherwise indicated, time periods within which a payment is to be made or any other action
 is to be taken hereunder shall be calculated by including the day on which the period commences
 and excluding the day on which the period ends.

**Section 1.4 Headings, etc.**

The division of this Indenture into Articles and Sections, the provision of a **Table of Contents** and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation of this Indenture or of the Debentures.

**Section 1.5 Time of Essence**

Time shall be of the essence of this Indenture.

**Section 1.6 Monetary References**

Whenever any amounts of money are referred to herein, such amounts shall be deemed to be in lawful money of the United States of America unless otherwise expressed.

**Section 1.7 Invalidity, etc.**

Any provision hereof which is prohibited or unenforceable shall be ineffective only to the extent of such prohibition or unenforceability, without invalidating the remaining provisions hereof.

**Section 1.8 Language**

Each of the parties hereto hereby acknowledges that it has consented to and requested that this Indenture and all documents relating hereto, including, without limiting the generality of the foregoing, the schedules to this Indenture, be drawn up in the English language only. Les parties aux presentes ont exige que la presente convention ainsi que taus les documents et avis qui s'y rattachent et/ou qui en decouleront soient rediges en la langue anglaise.

**Section 1.9 Successors and Assigns**

All covenants and agreements of the Corporation in this Indenture and the Debentures shall bind its successors and assigns, whether so expressed or not. All covenants and agreements of the Trustee in this Indenture shall bind its successors.

**Section 1.10 Severability**

In case any provision in this Indenture or in the Debentures shall be invalid, illegal or unenforceable, such provision shall be deemed to be severed herefrom or therefrom and the validity, legality and enforceability of the remaining provisions shall not in any way be affected, prejudiced or impaired thereby.

**Section 1.11 Entire Agreement**

This Indenture and all supplemental indentures and Schedules hereto and thereto, and the Debentures issued hereunder and thereunder, together constitute the entire agreement between the parties hereto with respect to the indebtedness created hereunder and thereunder and under the Debentures and supersedes as of the date hereof all prior memoranda, agreements, negotiations, discussions and term sheets, whether oral or written, with respect to the indebtedness created hereunder or thereunder and under the Debentures.

**Section 1.12 Benefits of Indenture**

Nothing in this Indenture or in the Debentures, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder, any paying agent, the holders of Debentures, and (to the extent provided in Section 7.5) the holders of Common Shares, any benefit or any legal or equitable right, remedy or claim under this Indenture.

**Section 1.13 Applicable Law and Attornment**

This Indenture, any supplemental indenture and the Debentures shall be governed by and interpreted in accordance with the laws of the Province of British Columbia and the federal laws of Canada applicable therein and shall be treated in all respects as British Columbia contracts. Each of the parties hereto, which shall include the Debentureholders, irrevocably attorns to the exclusive jurisdiction of the courts of the Province of British Columbia with respect to all matters arising out of this Indenture and the transactions contemplated herein.

**Section 1.14 Currency of Payment**

Unless otherwise indicated in a supplemental indenture with respect to the Debentures, all payments to be made under this Indenture or any supplemental indenture shall be made in United States dollars.

**Section 1.15 Non-Business Days**

Whenever any payment to be made hereunder shall be due, any period of time would begin or end, any calculation is to be made or any other action is to be taken on, or as of, or from a period ending on, a day other than a Business Day, such payment shall be made, such period of time shall begin or end, such calculation shall be made and such other action shall be taken, as the case may be, unless otherwise specifically provided herein, on or as of the next succeeding Business Day without any additional interest, cost or charge to the Corporation.

**Section 1.16 Accounting Terms**

Except as hereinafter provided or as otherwise indicated in this Indenture, all calculations required or permitted to be made hereunder pursuant to the terms of this Indenture shall be made in accordance with IFRS. For greater certainty, IFRS shall include any accounting standards that may from time to time be approved for general application by the Canadian Institute of Chartered Accountants.

**Section 1.17 Calculations**

The Corporation shall be responsible for making all calculations called for hereunder including, without limitation, calculations of Current Market Price. The Corporation shall make such calculations in good faith and, absent manifest error, the Corporation's calculations shall be final and binding on holders and the Trustee. The Corporation will provide a schedule of its calculations to the Trustee and the Trustee shall be entitled to rely conclusively on the accuracy of such calculations without independent verification.

**Section 1.18 Schedules**

(1) The
 following Schedules are incorporated into and form part of this Indenture:

Schedule A – Form of Debenture

Schedule B – Form of Notice of Conversion

Schedule C – Common Share Legend

Schedule D – Form of Certificate of Transfer

Schedule E – Form of Certificate of Exchange

(2) In
 the event of any inconsistency between the provisions of any Section of this Indenture and
 the provisions of the Schedules which form a part hereof, the provisions of this Indenture
 shall prevail to the extent of the inconsistency.

**Article 2 - THE DEBENTURES**

**Section 2.1 Issue of Global Debentures**

(1) The
 Corporation may specify that the Debentures are to be issued in whole or in part as one or
 more Global Debentures, that may or may not be Book Based Only Debentures, registered in
 the name of a Depository, or its nominee, designated by the Corporation in the Written Direction
 of the Corporation delivered to the Trustee at the time of issue of such Debentures, and
 in such event the Corporation shall execute and the Trustee shall certify and deliver one
 or more Global Debentures that are not Book Based Only Debentures that shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) represent
 an aggregate amount equal to the principal amount of the outstanding Debentures to be represented
 by one or more Global Debentures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be
 released by the Trustee as instructed by the Corporation for further delivery to such Depository
 or pursuant to such Depository's instructions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) bear
 a legend substantially to the following effect, or as may otherwise be required by the Depository:

"THIS DEBENTURE IS A GLOBAL DEBENTURE WITHIN THE MEANING OF THE INDENTURE HEREIN REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE THEREOF. THIS DEBENTURE MAY NOT BE TRANSFERRED TO OR EXCHANGED FOR DEBENTURES REGISTERED IN THE NAME OF ANY PERSON OTHER THAN THE DEPOSITORY OR A NOMINEE THEREOF AND NO SUCH TRANSFER MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE TRUST INDENTURE DATED AS OF APRIL 13, 2023 BETWEEN YERBAE BRANDS CORP. AND ODYSSEY TRUST COMPANY (THE "INDENTURE"). EVERY DEBENTURE AUTHENTICATED AND DELIVERED UPON REGISTRATION OF, TRANSFER OF, OR IN EXCHANGE FOR, OR IN LIEU OF, THIS DEBENTURE SHALL BE A GLOBAL DEBENTURE SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF CDS CLEARING AND DEPOSITORY SERVICES INC. ("CDS") TO YERBAE BRANDS CORP. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN RESPECT THEREOF IS REGISTERED IN THE NAME OF CDS & CO., OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS (AND ANY PAYMENT IS MADE TO CDS & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED HOLDER HEREOF, CDS & CO., HAS A PROPERTY INTEREST IN THE SECURITIES REPRESENTED BY THIS CERTIFICATE HEREIN AND IT IS A VIOLATION OF ITS RIGHTS FOR ANOTHER PERSON TO HOLD, TRANSFER OR DEAL WITH THIS CERTIFICATE."

(2) Each
 Depository designated for a Global Debenture must, at the time of its designation and at
 all times while it serves as such Depository, be a clearing agency registered or designated
 under the Applicable Securities Legislation of the jurisdiction where the Depository has
 its principal offices.

**Section 2.2 Limit of Debentures**

The aggregate principal amount of Debentures authorized to be issued under this Indenture is unlimited, but Debentures may be issued only upon and subject to the conditions and limitations herein set forth.

**Section 2.3 Form and Terms of the Debentures**

(1) Unless
 otherwise agreed to by the Trustee and the Corporation, the Debentures authorized for issue
 immediately is limited to an aggregate principal amount of up to $3,450,000 at an issue price
 of $1,000 per Debenture and shall be designated as "6% Unsecured Convertible Debentures"
 and on the form as set out in Schedule A.

(2) The
 Debentures may be issued on one or more dates (each date of issue of a Debenture being an
 "**Issue Date** "), shall be dated as of the applicable Issue Date, and all
 of the Debentures shall mature on April 30, 2025 (the "**Maturity Date** "
 for the Debentures).

(3) The
 Debentures shall bear interest from the Initial Closing at the rate of 6% per annum (based
 on a year of 360 days comprised of twelve 30-day months), payable on the earlier of the Maturity
 Date or the Conversion Date, payable after as well as before maturity and after as well as
 before default, with interest on amounts in default at the same rate, compounded annually.
 The interest will be payable in Common Shares with the number of Common Shares to be determined
 at the Market Price of the Common Shares on the applicable Interest Payment Date. Any payment
 required to be made on any day that is not a Business Day will be made on the next succeeding
 Business Day.

(4) The
 Debentures will not be redeemable, except in the event of the satisfaction of certain conditions
 after a Change of Control has occurred as provided herein.

(5) The
 Debentures will rank *pari passu* with all other Debentures issued under this Indenture
 or under indentures supplemental to this Indenture (regardless of their actual date or terms
 of issue) and, except as prescribed by law, with all other existing and future unsecured
 indebtedness of the Corporation.

(6) Upon
 and subject to the provisions and conditions of Section 3.7 and Article 5 , the holder of each Debenture
 shall have the right at such holder's option, at any time prior to the close of business
 (5:00 p.m. Vancouver time) on the earlier of: (i) the Business Day immediately preceding
 the Maturity Date; or (ii) if subject to a repurchase pursuant to a Change of Control, on
 the Business Day immediately preceding the payment date (the earlier of which will be the
 "**Time of Expiry**" for the purposes of Article 5 in respect of the Debentures),
 to convert any part, being $1,000 or an integral multiples thereof, of the principal amount
 of a Debenture into Common Shares at the Conversion Price in effect on the Date of Conversion.

The Conversion Price in effect on the date hereof for each Common Share to be issued upon the conversion of Debentures shall be equal to $1.40 per Common Share such that 714 Common Shares shall be issued for each $1,000 principal amount of Debentures so converted. Except as provided below, no adjustment in the number of Common Shares to be issued upon conversion will be made for dividends or distributions on Common Shares issuable upon conversion, the record date for the payment of which precedes the date upon which the holder becomes a holder of Common Shares in accordance with Article 5. No fractional Common Shares will be issued, and the number of Common Shares so issuable will be rounded down to the nearest whole number and the holder of Debentures will not receive any consideration in respect of any such fraction. The Conversion Price applicable to, and the Common Shares, securities or other property receivable on the conversion of, the Debentures is subject to adjustment pursuant to the provisions of Section 5.4. Holders converting their Debentures will receive, in addition to the applicable number of Common Shares, accrued and unpaid interest (less any taxes required to be deducted) in respect of the Debentures surrendered for conversion up to but excluding the Date of Conversion from, and including, the Initial Closing, which interest will be payable in Common Shares with the number of Common Shares to be determined at the Market Price of the Common Shares on the applicable Interest Payment Date. The Conversion Price will not be adjusted for accrued interest.

A Debenture in respect of which a holder has accepted a Change of Control Purchase Offer pursuant to the provisions of Section 2.3(8) may be surrendered for conversion only if such notice is withdrawn in accordance with this Indenture.

(7) The
 Debentures shall be issued in denominations of $1,000 and integral multiples of $1,000. Each
 Debenture and the certificate of the Trustee endorsed thereon shall be issued in substantially
 the form set out in Schedule A, with such insertions, omissions, substitutions or other variations
 as shall be required or permitted by this Indenture, and may have imprinted or otherwise
 reproduced thereon such legend or legends or endorsements, not inconsistent with the provisions
 of this Indenture, as may be required to comply with any law or with any rules or regulations
 pursuant thereto or with any rules or regulations of any securities exchange or securities
 regulatory authority or to conform with general usage, all as may be determined by the directors
 or officers executing such Debenture in accordance with Section 2.5, as conclusively evidenced by their
 execution of a Debenture. Each Debenture shall additionally bear such distinguishing letters
 and numbers as the Trustee shall approve. Notwithstanding the foregoing, a Debenture may
 be in such other form or forms as may, from time to time, be, approved by a resolution of
 the Board of Directors, or as specified in an Officer's Certificate. The Debentures
 may be engraved, lithographed, printed, mimeographed or typewritten or partly in one form
 and partly in another.

The Debentures shall be issued in the form of one or more Debenture Certificates, and as Uncertificated Debentures. Notwithstanding the foregoing, Debentures issued to U.S. Purchasers shall be issued only as Debenture Certificates.

(8) Upon
 the consummation of a Change of Control, and subject to the provisions and conditions of
 this Section 2.3(8), the Corporation shall be obligated to offer to purchase all of the Debentures then
 outstanding (subject to the provisions and conditions of Section 2.3(6) and Article 5). The terms and conditions
 of such obligation are set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Promptly
 following the consummation of a Change of Control and in any event within 10 days following
 the occurrence of a Change of Control, the Corporation shall deliver to the Trustee, and
 the Trustee shall promptly deliver to the holders of the Debentures, a notice stating that
 there has been a Change of Control and specifying the date on which such Change of Control
 occurred and the circumstances or events giving rise to such Change of Control (a "**Change of Control Notice** "), together with an offer in writing (the "**Change of Control Purchase Offer**") to purchase on the Change of Control Purchase Date (as
 hereinafter defined), all of the Debentures then outstanding from the holders thereof at
 a price per Debenture equal to 105% of the principal amount plus accrued and unpaid interest
 on such Debentures up to, but excluding the Change of Control Purchase Date (collectively,
 the "**Total Offer Price** "). The "**Change of Control Purchase Date** "
 shall be the date that is 30 days after the date of the Change of Control Notice and Change
 of Control Purchase Offer are delivered to holders of Debentures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 90% or more in aggregate principal amount of the Debentures outstanding on the date the Corporation
 provides the Change of Control Notice and the Change of Control Purchase Offer to holders
 of the Debentures have been tendered for purchase pursuant to the Change of Control Purchase
 Offer on the expiration thereof, the Corporation has the right upon written notice provided
 to the Trustee within 10 days following the expiration of the Change of Control Purchase
 Offer, to redeem all the Debentures remaining outstanding on the expiration of the Change
 of Control Purchase Offer at the Total Offer Price as at the Change of Control Purchase Date
 (the "**90% Redemption Right** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon
 receipt of notice that the Corporation has exercised or is exercising the 90% Redemption
 Right and is acquiring the remaining Debentures, the Trustee shall promptly provide written
 notice to each Debentureholder that did not previously accept the Change of Control Purchase
 Offer that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Corporation has exercised the 90% Redemption Right and is purchasing all outstanding Debentures
 effective on the expiry of the Change of Control Purchase Offer at the Total Offer Price,
 and shall include a calculation of the amount payable to such holder as payment of the Total
 Offer Price as at the Change of Control Purchase Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each
 such holder must transfer their Debentures to the Trustee on the same terms as those holders
 that accepted the Change of Control Purchase Offer and must send their respective Debentures,
 duly endorsed for transfer, to the Trustee within 10 days after receipt of such notice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 rights of such holder under the terms of the Debentures and this Indenture cease effective
 as of the date of expiry of the Change of Control Purchase Offer provided the Corporation
 has, on or before the time of notifying the Trustee of the exercise of the 90% Redemption
 Right, paid the Total Offer Price to, or to the order of, the Trustee and thereafter the
 Debentures shall not be considered to be outstanding and the holder shall not have any right
 except to receive such holder's Total Offer Price upon surrender and delivery of such
 holder's Debentures in accordance with the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Corporation shall, on or before 11:00 a.m. (Vancouver time) on the Business Day immediately
 prior to the Change of Control Purchase Date, deposit with the Trustee or any paying agent
 to the order of the Trustee, such sums of money as may be sufficient to pay the Total Offer
 Price of the Debentures to be purchased or redeemed by the Corporation on the Change of Control
 Purchase Date (less any tax required by law to be deducted in respect of accrued and unpaid
 interest), provided the Corporation may elect to satisfy this requirement by providing the
 Trustee with a certified cheque or wire transfer for such amounts required under this Section 2.3(8)(d).
 The Corporation shall also deposit with the Trustee a sum of money sufficient to pay any
 charges or expenses which may be incurred by the Trustee in connection with such purchase.
 Every such deposit shall be irrevocable. From the sums so deposited, the Trustee shall pay
 or cause to be paid to the holders of such Debentures, the Total Offer Price to which they
 are entitled (less any tax required by law to be deducted in respect of accrued and unpaid
 interest) on the Corporation's purchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In
 the event that one or more of such Debentures being purchased in accordance with this Section 2.3(8) becomes
 subject to purchase in part only, upon surrender of such Debentures for payment of the Total
 Offer Price, the Corporation shall execute and the Trustee shall certify and deliver without
 charge to the holder thereof or upon the holder's order, one or more new Debentures
 for the portion of the principal amount of the Debentures not purchased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Debentures
 for which holders have accepted the Change of Control Purchase Offer and Debentures which
 the Corporation has elected to redeem in accordance with this Section 2.3(8) shall become due and payable
 at the Total Offer Price on the Change of Control Purchase Date, in the same manner and with
 the same effect as if it were the date of maturity specified in such Debentures, anything
 therein or herein to the contrary notwithstanding, and from and after the Change of Control
 Purchase Date, if the money necessary to purchase or redeem the Debentures shall have been
 deposited as provided in this Section 2.3(8) and affidavits or other proofs satisfactory to the Trustee
 as to the publication and/or mailing of such notices shall have been lodged with it, interest
 on the Debentures shall cease. If any question shall arise as to whether any notice has been
 given as above provided and such deposit made, such question shall be decided by the Trustee
 whose decision shall be final and binding upon all parties in interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In
 case the holder of any Debenture to be purchased or redeemed in accordance with this Section 2.3(8) shall
 fail on or before the Change of Control Purchase Date to so surrender such holder's
 Debenture or shall not within such time accept payment of the monies payable or give such
 receipt therefor, if any, as the Trustee may require, such monies may be set aside in trust,
 without interest, either in the deposit department of the Trustee or in a chartered bank,
 and such setting aside shall for all purposes be deemed a payment to the Debentureholder
 of the sum so set aside and the Debentureholder shall have no other right except to receive
 payment of the monies so paid and deposited upon surrender and delivery of such holder's
 Debenture. In the event that any money required to be deposited hereunder with the Trustee
 or any depository or paying agent on account of principal, premium, if any, or interest,
 if any, on Debentures issued hereunder shall remain so deposited for a period of six years
 from the Change of Control Purchase Date, then such monies, together with any accumulated
 interest thereon, or any distributions paid thereon, shall at the end of such period be paid
 over or delivered over by the Trustee or such depository or paying agent to the Corporation
 and the Trustee shall not be responsible to Debentureholders for any amounts owing to them.
 Notwithstanding the foregoing, the Trustee will pay any remaining funds deposited hereunder
 on that date which is six years after the Change of Control Purchase Date (the "**Unclaimed Funds Return Date**") to the Corporation upon receipt from the Corporation of an
 unconditional letter of credit from a Canadian chartered bank in an amount equal to or in
 excess of the amount of the remaining funds. If the remaining funds are paid to the Corporation
 prior to the Unclaimed Funds Return Date, the Corporation shall reimburse the Trustee for
 any amounts required to be paid by the Trustee to a holder of a Debenture pursuant to the
 Change of Control Purchase Offer after the date of such payment of the remaining funds to
 the Corporation but prior to the Unclaimed Funds Return Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Subject
 to the provisions above related to Debentures purchased in part, all Debentures redeemed
 and paid under this Section 2.3(8) shall forthwith be delivered to the Trustee and cancelled and no Debentures
 shall be issued in substitution therefor.

**Section 2.4 Non-Certificated Deposit**

(1) Subject
 to the provisions hereof, at the Corporation's option, the Debentures may be issued
 and registered in the name of CDS or its nominee and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 deposit of which may be confirmed electronically by the Trustee to CDS; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shall
 be identified by a specific CUSIP/ISIN as requested by the Corporation from CDS to identify
 the Debentures issued on each specific Issue Date.

(2) If
 the Corporation issues Debentures in a non-certificated format, Beneficial Holders of such
 Debentures registered and deposited with CDS shall not receive Debenture Certificates in
 definitive form and shall not be considered owners or holders thereof under this Indenture
 or any supplemental indenture. Beneficial interests in Debentures registered and deposited
 with CDS will be represented only through the non-certificated inventory system administered
 by CDS. Transfers of Debentures registered and deposited with CDS between Participants shall
 occur in accordance with the rules and procedures of CDS. Neither the Corporation nor the
 Trustee shall have any responsibility or liability for any aspects of the records relating
 to or payments made by CDS or its nominee, on account of the beneficial interests in Debentures
 registered and deposited with CDS. Nothing herein shall prevent the Beneficial Holders of
 Debentures registered and deposited with CDS from voting such Debentures using duly executed
 proxies or voting instruction forms.

(3) All
 references herein to actions by, notices given or payments made to Debentures shall, where
 Debentures are held through CDS, refer to actions taken by, or notices given or payments
 made to, CDS upon instruction from the Participants in accordance with its rules and procedures.
 For the purposes of any provision hereof requiring or permitting actions with the consent
 of or the direction of Debentureholders evidencing a specified percentage of the aggregate
 Debentures outstanding, such direction or consent may be given by Beneficial Holders acting
 through CDS and the Participants owning Debentures evidencing the requisite percentage of
 the Debentures. The rights of a Beneficial Holder whose Debentures are held established by
 law and agreements between such holders and CDS and the Participants upon instructions from
 the Participants. Each Trustee and the Corporation may deal with CDS for all purposes (including
 the making of payments) as the authorized representative of the respective Debentures and
 such dealing with CDS shall constitute satisfaction or performance, as applicable, of their
 respective obligations hereunder.

(4) For
 so long as Debentures are held through CDS, if any notice or other communication is required
 to be given to Debentureholders, the Trustee will give such notices and communications to
 CDS.

(5) If
 CDS resigns or is removed from its responsibility as Depository and the Trustee is unable
 or does not wish to locate a qualified successor, CDS shall provide the Trustee with instructions
 for registration of Debentures in the names and in the amounts specified by CDS and the Corporation
 shall issue and the Trustee shall certify and deliver the aggregate number of Debentures
 then outstanding in the form of definitive Debentures Certificates representing such Debentures.

(6) The
 rights of Beneficial Holders who hold securities entitlements in respect of the Debentures
 through non-certificated inventory system administered by CDS shall be limited to those established
 by applicable law and agreements between the Depository and the Participants and between
 such Participants and the Beneficial Holders who hold securities entitlements in respect
 of the Debentures through the non-certificated inventory system administered by CDS, and
 such rights must be exercised through a Participant in accordance with the rules and procedures
 of the Depository.

(7) Notwithstanding
 anything herein to the contrary, none of the Corporation nor the Trustee nor any agent thereof
 shall have any responsibility or liability for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 electronic records maintained by the Depository relating to any ownership interests or other
 interests in the Debentures or the depository system maintained by the Depository, or payments
 made on account of any ownership interest or any other interest of any Person in any Debenture
 represented by an electronic position in the non- certificated inventory system administered
 by CDS (other than Depository or its nominee);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for
 maintaining, supervising or reviewing any records of the Depository or any Participant relating
 to any such interest; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 advice or representation made or given by the Depository or those contained herein that relate
 to the rules and regulations of the Depository or any action to be taken by the Depository
 on its own direction or at the direction of any Participant.

(8) The
 Corporation may terminate the application of this Section 2.4 in its sole discretion in which case
 all Debentures shall be evidenced by Debenture Certificates registered in the name of the
 Persons who beneficially own such Debentures and the Corporation shall deliver or cause to
 be delivered such Debenture Certificates to such Persons.

**Section 2.5 Execution of Debentures**

All Debentures shall be signed (either manually or by facsimile or other electronic signature) by any one authorized director or officer of the Corporation holding office at the time of signing. A facsimile or electronic signature upon a Debenture shall for all purposes of this Indenture be deemed to be the signature of the Person whose signature it purports to be. Notwithstanding that any Person whose signature, either manual or in facsimile or electronic form, appears on a Debenture as a director or officer may no longer hold such office at the date of the Debenture or at the date of the certification and delivery thereof, such Debenture shall be valid and binding upon the Corporation and entitled to the benefits of this Indenture.

**Section 2.6 Certification**

(1) No
 Debenture shall be issued or, if issued, shall be obligatory or shall entitle the holder
 to the benefits of this Indenture, until it has been certified, subject to Section 2.6(3), by manual signature,
 by or on behalf of the Trustee substantially in the form set out in this Indenture, in the
 relevant supplemental indenture, or in some other form approved by the Trustee. Such certification
 or authentication of any Debenture shall be conclusive evidence that such Debenture is duly
 issued, is a valid obligation of the Corporation and the holder is entitled to the benefits
 hereof. Debentures will be authenticated on a Written Direction of the Corporation.

(2) The
 certificate of the Trustee signed on the Debentures, or interim Debentures hereinafter mentioned,
 and the authentication of Uncertificated Debentures, shall not be construed as a representation
 or warranty by the Trustee as to the validity of this Indenture or of the Debentures or interim
 Debentures or as to the issuance of the Debentures or interim Debentures and the Trustee
 shall in no respect be liable or answerable for the use made of the Debentures or interim
 Debentures or any of them or the proceeds thereof. The certificate of the Trustee on the
 Debentures or interim Debentures, and the authentication of Uncertificated Debentures, shall,
 however, be a representation and warranty by the Trustee that the Debentures or interim Debentures
 have been duly certified by or on behalf of the Trustee pursuant to the provisions of this
 Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The
 Trustee shall certify Uncertificated Debentures (whether upon original issuance, exchange,
 registration of transfer or otherwise) by completing its Internal Procedures and the Corporation
 shall, and hereby acknowledges that it shall, thereupon be deemed to have duly and validly
 issued such Uncertificated Debentures have been duly issued hereunder and that the holder
 or holders are entitled to the benefits of this Indenture. The register shall be final and
 conclusive evidence as to all matters relating to Uncertificated Debentures with respect
 to which this Indenture requires the Trustee to maintain records or accounts. In case of
 differences between the register at any time and any other time the register at the later
 time shall be controlling, absent manifest error and such Uncertificated Debentures are binding
 on the Corporation.

**Section 2.7 Mutilation, Loss, Theft or Destruction**

In case any of the Debentures issued hereunder shall become mutilated or be lost, stolen or destroyed, the Corporation shall issue, and thereupon the Trustee shall certify and deliver, a new Debenture upon surrender and cancellation of the mutilated Debenture, or in the case of a lost, stolen or destroyed Debenture, in lieu of and in substitution for the same, and the substituted Debenture shall be in a form approved by the Trustee and shall be entitled to the benefits of this Indenture and rank equally in accordance with its terms with all other Debentures issued or to be issued hereunder. In case of loss, theft or destruction the applicant for a substituted Debenture shall furnish to the Corporation and to the Trustee such evidence of the loss, theft or destruction of the Debenture as shall be satisfactory to them in their discretion, acting reasonably, and shall also furnish an indemnity and surety bond satisfactory to them in their discretion, acting reasonably. The applicant shall pay all reasonable expenses incidental to the issuance of any substituted Debenture.

**Section 2.8 Concerning Interest**

(1) All
 Debentures issued hereunder, whether originally or upon exchange or in substitution for previously
 issued Debentures which are interest bearing, shall bear interest from and including the
 Initial Closing to the Maturity Date.

(2) Unless
 otherwise specifically provided in the terms of the Debentures, interest shall be computed
 on the basis of a year of 360 days comprised of twelve 30-day months. With respect to the
 Debentures, whenever interest is computed on the basis of a year (the "**deemed year** ")
 which contains fewer days than the actual number of days in the calendar year of calculation,
 such rate of interest shall be expressed as a yearly rate for purposes of the *Interest Act* (Canada) by multiplying such rate of interest by the actual number of days in the
 calendar year of calculation and dividing it by the number of days in the deemed year.

(3) Notwithstanding
 any other provision hereof, the Corporation shall satisfy and pay accrued but unpaid interest
 on the Debentures by delivering to each holder of Debentures that number of Common Shares
 obtained by dividing the interest amount payable to such holder by the Market Price of the
 Common Shares on the applicable Interest Payment Date. The Corporation will issue such Common
 Shares as soon as reasonably practicable and no later than 5 days from such Interest Payment
 Date. Furthermore, the Corporation will provide the Trustee with an Officer's Certificate
 setting out its calculations and the amount of Common Shares that will be Issued per $1,000
 principal amount of Debentures so held by the Debentureholders.

**Section 2.9 Debentures to Rank Pari Passu**

The Debentures will be direct unsecured obligations of the Corporation. Each Debenture will rank *pari passu* with each other Debenture (regardless of their actual date or terms of issue) and, subject to statutory preferred exceptions, with all other present and future unsecured indebtedness of the Corporation.

**Section 2.10 Payments of Amounts Due on Maturity**

Except as may otherwise be provided herein or in any supplemental indenture in respect of the Debentures, payments of amounts due upon maturity of the Debentures will be made in the following manner. The Corporation will establish and maintain with the Trustee a Maturity Account for the Debentures. Each such Maturity Account shall be maintained by and be subject to the control of the Trustee for the purposes of this Indenture. On or before 11:00 a.m. (Vancouver time) on the Business Day immediately prior to each Maturity Date for Debentures outstanding from time to time under this Indenture, the Corporation will deliver to the Trustee a wire transfer for deposit in the applicable Maturity Account in an amount sufficient to pay the cash amount payable in respect of such Debentures (including the principal amount together with any accrued and unpaid interest thereon less any tax required by law to be deducted). The Trustee, on behalf of the Corporation, will pay to each holder entitled to receive payment the principal amount of and premium (if any) and accrued and unpaid interest on the Debenture, upon surrender of the Debenture at any branch of the Trustee designated for such purpose from time to time by the Corporation and the Trustee. The delivery of such funds to the Trustee for deposit to the applicable Maturity Account will satisfy and discharge the liability of the Corporation for the Debentures to which the delivery of funds relates to the extent of the amount delivered (plus the amount of any tax deducted as aforesaid) and such Debentures will thereafter to that extent not be considered as outstanding under this Indenture and such holder will have no other right in regard thereto other than to receive out of the money so delivered or made available the amount to which it is entitled. For greater certainty, interest shall cease to accrue on the Debentures upon the Maturity Date, provided the Trustee has received, by the Maturity Date, from the Corporation all funds due and payable on the Debentures.

**Section 2.11 Legends**

(1) The
 Debentures and the Common Shares issuable upon conversion thereof (collectively, the "**Securities** ")
 have not been and will not be registered under the U.S. Securities Act or any state securities
 laws. All Debentures originally issued and sold to U.S. Purchasers in reliance on exemptions
 from registration under the U.S. Securities Act shall be, and the Common Shares issuable
 upon conversion, redemption or maturity thereof, may be, subject to the requirements of Rule
 144 under the U.S. Securities Act, "restricted securities" within the meaning
 assigned to that term in Rule 144(a)(3) under the U.S. Securities Act, and may be issued
 in certificated form or under a separate restricted CUSIP number, and, until such time as
 the same is no longer required under applicable requirements of the U.S. Securities Act or
 state securities laws, shall bear the following legend (the "**US Legend** "):

"THE SECURITIES REPRESENTED HEREBY [for Debentures add: AND THE SECURITIES ISSUABLE UPON CONVERSION HEREOF] HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT") OR ANY STATE LAWS. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF YERBAE BRANDS CORP. (THE "CORPORATION"), THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY, ONLY (A) TO THE CORPORATION OR (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE LOCAL LAWS AND REGULATIONS. PROVIDED THAT, IN THE CASE OF TRANSFERS PURSUANT TO CLAUSE (B) IF REQUIRED BY THE CORPORATION OR ITS TRANSFER AGENT, THE HOLDER FIRST FURNISHES TO THE CORPORATION AND ITS TRANSFER AGENT [for Debentures substitute: THE TRUSTEE] AN OPINION OF COUNSEL OF RECOGNIZED STANDING IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE CORPORATION AND ITS TRANSFER AGENT [for Debentures substitute: THE TRUSTEE] TO SUCH EFFECT. [For Common Shares issuable upon conversion add: THE PRESENCE OF THIS LEGEND MAY IMPAIR THE ABILITY OF THE HOLDER HEREOF TO EFFECT "GOOD DELIVERY" OF THE SECURITIES REPRESENTED HEREBY ON A CANADIAN STOCK EXCHANGE."]

provided that if the Debentures or the Common Shares are being sold in compliance with the requirements of Rule 904 of Regulation S and in compliance with Canadian local laws and regulations, and provided that the Corporation was a "foreign issuer" within the meaning of Regulation S at the time of issuance of the Debentures, such Securities may be transferred to an unrestricted CUSIP or the U.S. Legend may be removed by providing a declaration to the Trustee or the Corporation's transfer agent, as applicable, substantially as set forth in Schedule D (or as the Corporation, and/or the Trustee or the Corporation's transfer agent, as applicable, may prescribe from time to time), together with any other evidence reasonably requested by the Corporation and/or Trustee or the Corporation's transfer agent, as applicable, which evidence may include an opinion of counsel of recognized standing, in form and substance reasonably satisfactory to the Corporation and the Trustee or the Corporation's transfer agent, as applicable, to the effect that the transfer is being made in compliance with Rule 904 of Regulation S.

(2) The
 parties hereto hereby acknowledge and agree that the Securities may not be reoffered, or
 resold, pledged or otherwise transferred except: (i) to the Corporation or (ii) outside the
 United States in accordance with Regulation S and in compliance with applicable local laws
 and regulations.

(3) Prior
 to the issuance of the Debentures, the Corporation shall notify the Trustee, in writing,
 concerning which Debentures are to be included in the Restricted Debentures, if any, which
 shall bear the U.S. Legend. All Securities issued pursuant to an exemption from registration
 under the

(4) U.S.
 Securities Act shall bear the U.S. Legend. The Trustee will thereafter maintain a list of
 all registered holders from time to time of such legended Debentures. The Debentures issued
 and the Common Shares issuable upon conversion thereof, (if issued prior to the expiration
 of the applicable hold periods), if any, will bear or be deemed to bear the following legend
 in accordance with Applicable Securities Legislation unless the Corporation determines the
 same is not required or is no longer required pursuant to Applicable Securities Legislation:

"UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE [INSERT THE DATE THAT IS 4 MONTHS AND A DAY AFTER THE ISSUE DATE]."

**Article 3 - REGISTRATION, TRANSFER, EXCHANGE AND OWNERSHIP**

**Section 3.1 Global Debentures or Book Based Only Debentures**

(1) With
 respect to the Debentures issuable in whole or in part as one or more Global Debentures and/or
 as Book Based Only Debentures, the Corporation shall cause to be kept by and at the office
 of the Trustee, in Vancouver, British Columbia, and by the Trustee or such other registrar
 as the Corporation, with the approval of the Trustee, may appoint at such other place or
 places, if any, as the Corporation may designate with the approval of the Trustee, a register
 in which shall be entered the name and address of the holder of each such Global Debenture
 and/or Book Based Only Debenture as holder thereof and particulars of the Global Debenture
 and/or Book Based Only Debenture held by it, and of all transfers thereof. If any of the
 Debentures are at any time not Global Debentures or Book Based Only Debentures, the provisions
 of Section 3.2 shall govern with respect to registrations and transfers of such Debentures.

(2) Notwithstanding
 any other provision of this Indenture, a Global Debenture or Book Based Only Debenture may
 not be transferred by the registered holder thereof and accordingly, no definitive certificates
 shall be issued to Beneficial Holders except in the following circumstances or as otherwise
 specified in a resolution of the Board of Directors, an Officer's Certificate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Global
 Debentures or Book Based Only Debentures may be transferred by a Depository to a nominee
 of such Depository or by a nominee of a Depository to such Depository or to another nominee
 of such Depository or by a Depository or its nominee to a successor Depository or its nominee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Global
 Debentures or Book Based Only Debentures may be transferred at any time after (i) the Depository
 for such Global Debentures or Book Based Only Debentures, as the case may be, or the Corporation
 has notified the Trustee that the Depository is unwilling or unable to continue as Depository
 for such Global Debentures or Book Based Only Debentures, or (ii) the Depository ceases to
 be a clearing agency or otherwise ceases to be eligible to be a Depository under Section
 2.1(2), provided in each case that at the time of such transfer the Trustee and the Corporation
 are unable to locate a qualified successor Depository for such Global Debentures or Book
 Based Only Debentures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Global
 Debentures or Book Based Only Debentures may be transferred at any time after the Corporation
 has determined, in its sole discretion, with the consent of the Trustee to terminate the
 book-entry only registration system or book based entry, as the case may be, in respect of
 such Global Debentures or Book Based Only Debentures and has communicated such determination
 to the Trustee in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Global
 Debentures or Book Based Only Debentures may be transferred at any time after the Trustee
 has determined that an Event of Default has occurred and is continuing with respect to the
 Debentures issued as a Global Debenture or Book Based Only Debentures, as the case may be,
 provided that Beneficial Holders of the Debentures representing, in the aggregate, more than
 25% of the aggregate principal amount of the Debentures advise the Depository in writing,
 through the Depository Participants, that the continuation of the book-entry only registration
 system or book based entry, as applicable, for the Debentures is no longer in their best
 interest and also provided that at the time of such transfer the Trustee has not waived the
 Event of Default pursuant to Section 7.3;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Global
 Debentures or Book Based Only Debentures may be transferred if required by applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Global
 Debentures or Book Based Only Debentures may be transferred if the book-entry only registration
 system or book based entry, as applicable, ceases to exist; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Global
 Debentures may be transferred if it is determined that they must bear a U.S. Legend (in which
 case they must be transferred or exchanged for Restricted Physical Debentures).

(3) With
 respect to the Global Debentures, unless and until definitive certificates have been issued
 to Beneficial Holders of the Debentures pursuant to Section 3.1(2):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Corporation and the Trustee may deal with the Depository for all purposes as the sole holder
 of the Debentures and the authorized representative of the Beneficial Holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 rights of the Beneficial Holders of the Debentures shall be exercised only through the Depository
 and shall be limited to those established by law and agreements between such Beneficial Holders
 and the Depository or the Depository Participants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Depository will make book-entry or book based, as applicable, transfers among the Depository
 Participants; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) whenever
 this Indenture requires or permits actions to be taken based upon instructions or directions
 of Debentureholders evidencing a specified percentage of the outstanding Debentures, the
 Depository shall be deemed to be counted in that percentage only to the extent that it has
 received instructions to such effect from the Beneficial Holders of the Debentures or the
 Depository Participants, and has delivered such instructions to the Trustee.

(4) Whenever
 a notice or other communication is required to be provided to Debentureholders, unless and
 until definitive certificate(s) have been issued to Beneficial Holders of the Debentures
 pursuant to this Section 3.1, the Trustee shall provide all such notices and communications to the
 Depository for forwarding by the Depository to such Beneficial Holders in accordance with
 Applicable Securities Legislation. Upon the termination of the book-entry only registration
 system or book based entry, as applicable, on the occurrence of one of the conditions specified
 in Section 3.1(2) with respect to the Debentures issued hereunder, the Trustee shall notify all applicable
 Depository Participants and Beneficial Holders, through the Depository, of the availability
 of definitive Debenture Certificates. Upon surrender by the Depository of the certificate(s)
 representing the Global Debentures and receipt of new registration instructions from the
 Depository, the Trustee shall deliver the definitive Debenture Certificates for such Debentures
 to the holders thereof in accordance with the new registration instructions and thereafter,
 the registration and transfer of such Debentures will be governed by Section 3.2 and the remaining
 Sections of this Article 3, as applicable.

(5) Notwithstanding
 any other provisions of this Indenture or the Debentures, transfers and exchanges of Debentures
 and beneficial interests in Global Debentures shall be made in accordance the applicable
 rules and guidelines of the Securities Transfer Association of Canada.

(6) Notwithstanding
 any provisions made in this Indenture for the issuance, certification and authentication
 of Debentures in physical form as Debentures or Global Debentures, the Debentures, other
 than Debentures issued to U.S. Purchasers, issued under the terms of this Indenture may also
 be issued to the Depository in book based only form, non- certificated and appearing on the
 register of the Trustee as a book based entry. In the absence of any physical securities
 being created for certification by the Corporation and authentication by the Trustee both
 at the initial issuance of the Debentures and at the time of any subsequent additional issuance
 of Debentures pursuant to the terms of a supplemental indenture, confirmation of the due
 issuance and validity of any Debentures shall be based upon the comparison of the Debentures
 in quantity and description appearing under the relevant broker's instant deposit request
 identification number to the quantity and description of Debentures as detailed in the Written
 Direction of the Corporation addressed to the Trustee and to the broker upon whose posting
 of the Book Based Only Debentures to the book entry records of the Depository on a non-certificated
 basis on which both the Corporation and the Trustee shall depend. It is the responsibility
 of the Corporation to make the necessary arrangements with its broker or brokers to obtain,
 in a timely manner, the necessary instant deposit request identification number to facilitate
 the issuance of non-certificated Book Based Only Debentures.

(7) In
 the establishment and maintenance of a non-certificated Book Based Only Debenture issue,
 the Trustee shall maintain such a record on its register for Debentures in book based form
 only. Transfers of Debentures appearing on the register of the Depository shall otherwise
 occur as provided for in this Indenture. The parties hereto further recognize that, notwithstanding
 the issuance of Book Based Only Debentures, conversions of Debentures shall occur as contemplated
 by the terms of this Indenture but the Trustee is permitted to employ whatever reasonable
 means it may from time to time require in order to guarantee the unhindered (but subject
 to the terms and conditions hereof) conversion of such Debentures appearing on the register
 for Debentures in book based only form by making whatever arrangements are deemed necessary
 by it with the Depository.

(8) At
 the time of the execution of this Indenture, the parties hereto understand that no declarations
 or other paper certificates or documentation will be required in order to effect conversions
 of Debentures held by Persons in the United States. If at any time subsequent to the initial
 issuance of Debentures it is determined by the Depository, the Trustee, the Corporation or
 legal counsel that physical declarations or other paper documentation are required for conversions
 or otherwise, the parties hereto and the Debentureholders acknowledge that the Trustee may
 be obliged to require the Debentures held by such Persons converting their Debentures to
 be certificated rather than held in book based form.

**Section 3.2 Fully Registered Debentures**

(1) With
 respect to Debentures issuable as Fully Registered Debentures, the Corporation shall cause
 to be kept by and at office of the Trustee, in Vancouver, British Columbia, and by the Trustee
 or such other registrar as the Corporation, with the approval of the Trustee, may appoint
 at such other place or places, if any, as may be specified in the Debentures or as the Corporation
 may designate with the approval of the Trustee, a register in which shall be entered the
 names and addresses of the holders of Fully Registered Debentures and particulars of the
 Debentures held by them respectively and of all transfers of Fully Registered Debentures.
 Such registration shall be noted on the Debentures by the Trustee or other registrar unless
 a new Debenture shall be issued upon such transfer.

(2) No
 transfer of a Fully Registered Debenture shall be valid unless made on such register referred
 to in Section 3.2(1) by the registered holder or such holder's executors, administrators or other
 legal representatives or an attorney duly appointed by an instrument in writing in form and
 executed in a manner satisfactory to the Trustee or other registrar upon surrender of the
 Debentures together with a duly executed form of transfer acceptable to the Trustee upon
 compliance with such other reasonable requirements as the Trustee or other registrar may
 prescribe, or unless the name of the transferee shall have been noted on the Debenture by
 the Trustee or other registrar.

(3) Notwithstanding
 any other provisions in this Indenture or the Debentures, transfers and exchanges of Restricted
 Debentures shall be made in accordance with this Section 3.2(3):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an
 interest in a Restricted Uncertificated Debenture may be exchanged by any holder thereof
 for an interest in an Unrestricted Uncertificated Debenture or transferred to a Person who
 takes delivery thereof in the form of a beneficial interest in an Unrestricted Uncertificated
 Debenture if the Trustee receives the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if
 the holder of such interest in a Restricted Uncertificated Debenture proposes to exchange
 such beneficial interest for a beneficial interest in an Unrestricted Uncertificated Debenture,
 a certificate from such holder in the form of Schedule E, including the certifications in
 item (1)(a) thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if
 the holder of such beneficial interest in a Restricted Uncertificated Debenture proposes
 to transfer such beneficial interest to a Person who shall take delivery thereof in the form
 of a beneficial interest in an Unrestricted Uncertificated Debenture, a certificate from
 such holder in the form of Schedule D, including the certifications in items (2) or (3) thereof;

and, in each such case set forth in this Section 3.2(3)(a), an opinion of counsel in form and substance reasonably acceptable to the Corporation and the Trustee to the effect that such transfer or exchange is in compliance with the U.S. Securities Act and all applicable state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 Restricted Physical Debenture may be exchanged by the holder thereof for an Unrestricted
 Physical Debenture or transferred to a Person who takes delivery thereof in the form of an
 Unrestricted Physical Debenture if the Trustee receives the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if
 the holder of such Restricted Physical Debenture proposes to exchange such Debenture for
 an Unrestricted Physical Debenture, a certificate from such holder in the form of Schedule
 E, including the certifications in item (1)(b) thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if
 the holder of such Restricted Physical Debenture proposes to transfer such Debenture to a
 Person who shall take delivery thereof in the form of an Unrestricted Physical Debenture,
 a certificate from such holder in the form of Schedule D, including the certifications in
 item (2) or (3) thereof;

and, in each such case set forth in this Section 3.2(3)(b), an opinion of counsel in form reasonably acceptable to the Corporation and the Trustee to the effect that such transfer or exchange is in compliance with the U.S. Securities Act and all applicable state securities laws.

**Section 3.3 Transferee Entitled to Registration**

The transferee of a Debenture shall be entitled, after the appropriate form of transfer is lodged with the Trustee or other registrar and upon compliance with all other conditions in that behalf required by this Indenture or by law, to be entered on the register as the owner of such Debenture free from all equities or rights of set-off or counterclaim between the Corporation and the transferor or any previous holder of such Debenture, save in respect of equities of which the Corporation is required to take notice by statute or by order of a court of competent jurisdiction. Upon surrender for registration of transfer of Debentures, the Corporation shall issue and thereupon the Trustee shall certify and deliver a new Debenture Certificate or confirm the electronic deposit of Uncertificated Debentures of like tenor in the name of the designated transferee and register such transfer in accordance with Section 3.2. If less than all the Debentures evidenced by the Debenture Certificate(s) or Uncertificated Debentures so surrendered are transferred, the transferor shall be entitled to receive, in the same manner, a new Debenture Certificate or electronically deposited Uncertificated Debentures registered in his name evidencing the Debentures not transferred.

**Section 3.4 No Notice of Trusts**

**Section 3.5 Registers Open for Inspection**

The registers referred to in Section 3.1 and Section 3.2 shall at all reasonable times be open for inspection by the Corporation, the Trustee or any Debentureholder. Every registrar, including the Trustee, shall from time to time when requested so to do by the Corporation, in writing, furnish the Corporation with a list of names and addresses of holders of registered Debentures entered on the register kept by them and showing the principal amount and serial numbers of the Debentures held by each such holder.

**Section 3.6 Exchanges of Debentures**

(1) Subject to Section 3.1 ,
Section 3.2 and Section 3.7, Debentures in any authorized form or denomination, other than Uncertificated Debentures, may be
exchanged for Debentures in any other authorized form or denomination, of the same series and date of maturity, bearing the same interest
rate and of the same aggregate principal amount as the Debentures so exchanged.

(2) In
 respect of exchanges of Debentures permitted by Section 3.6(1) , Debentures may be exchanged only at the
 office of the Trustee in Vancouver, British Columbia, or at such other place or places, if
 any, as may be specified in the Debentures and at such other place or places as may from
 time to time be designated by the Corporation with the approval of the Trustee. Any Debentures
 tendered for exchange shall be surrendered to the Trustee. The Corporation shall execute
 and the Trustee shall certify all Debentures necessary to carry out exchanges as aforesaid.
 All Debentures surrendered for exchange shall be cancelled.

(3) Debentures
 issued in exchange for Debentures which at the time of such issue have been selected or called
 for redemption at a later date shall be deemed to have been selected or called for redemption
 in the same manner and shall have noted thereon a statement to that effect.

**Section 3.7 Closing of Registers**

(1) Neither
 the Corporation nor the Trustee nor any registrar shall be required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) make
 exchanges of any Debentures which will have been selected or called for redemption unless
 upon due presentation thereof for redemption such Debentures shall not be redeemed, as the
 register for the Debentures shall be closed in respect of such actions on such dates; or

(b) make
 conversions of any Debentures the Business Day immediately preceding the Maturity Date for
 such Debentures or during such greater period prior to an applicable maturity date as directed
 in writing by the Corporation (which period shall not exceed the five (5) Business Days preceding
 the applicable maturity date).

(2) Subject
 to any restriction herein provided, the Corporation with the approval of the Trustee may
 at any time close any register for the Debentures, other than those kept at the principal
 transfer office of the Trustee in Vancouver, British Columbia, and transfer the registration
 of any Debentures registered thereon to another register (which may be an existing register)
 and thereafter such Debentures shall be deemed to be registered on such other register. Notice
 of such transfer shall be given to the holders of such Debentures.

**Section 3.8 Charges for Registration, Transfer and Exchange**

For each Debenture exchanged, registered, transferred or discharged from registration, the Trustee or other registrar, except as otherwise herein provided, may make a reasonable charge for its services and in addition may charge a reasonable sum for each new Debenture issued (such amounts to be agreed upon from time to time by the Trustee and the Corporation), and payment of such charges and reimbursement of the Trustee or other registrar for any stamp taxes or governmental or other charges required to be paid shall be made by the party requesting such exchange, registration, transfer or discharge from registration as a condition precedent thereto. Notwithstanding the foregoing provisions, no charge shall be made to a Debentureholder hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for
 any exchange, registration, transfer or discharge from registration of any Debenture applied
 for within a period of two months from the date of the first delivery of Debentures within
 a period of two months from the date of delivery of any such Debenture; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for
 any exchange of an Uncertificated Debenture as contemplated in Section 3.1.

**Section 3.9 Ownership of Debentures**

(1) Unless
 otherwise required by law, the Person in whose name any registered Debenture is registered
 shall for all purposes of this Indenture be and be deemed to be the owner thereof and payment
 of or on account of the principal of and premium, if any, on such Debenture and interest
 thereon shall be made to such registered holder.

(2) The
 registered holder for the time being of any registered Debenture shall be entitled to the
 principal, premium, if any, and/or interest evidenced by such instruments, respectively,
 free from all equities or rights of set-off or counterclaim between the Corporation and the
 original or any intermediate holder thereof and all persons may act accordingly and the receipt
 of any such registered holder for any such principal, premium or interest shall be a good
 discharge to the Trustee, any registrar and to the Corporation for the same and none shall
 be bound to inquire into the title of any such registered holder.

(3) Where
 Debentures are registered in more than one name, the principal, premium, if any, and interest
 from time to time payable in respect thereof may be paid to the order of all such holders,
 failing written instructions from them to the contrary, and the receipt of any one of such
 holders therefor shall be a valid discharge, to the Trustee, any registrar and to the Corporation.

(4) In
 the case of the death of one or more joint holders of any Debenture the principal, premium,
 if any, and interest from time to time payable thereon may be paid to the order of the survivor
 or survivors of such registered holders and the receipt of any such survivor or survivors
 therefor shall be a valid discharge to the Trustee and any registrar and to the Corporation.

**Article 4 - PURCHASE OF DEBENTURES**

**Section 4.1 Purchase of Debentures by the Corporation**

(1) Unless
 otherwise specifically provided with respect to the Debentures, the Corporation may, if it
 is not at the time in default hereunder, at any time and from time to time, purchase Debentures
 by tender or by contract, at any price. All Debentures so purchased will be delivered to
 the Trustee and shall be cancelled and no Debentures shall be issued in substitution therefor.

(2) If,
 upon an invitation for tenders, more Debentures are tendered at the same lowest price than
 the Corporation is prepared to accept, the Debentures to be purchased by the Corporation
 shall be selected by the Trustee on a *pro rata* basis from the Debentures tendered
 by each tendering Debentureholder who tendered at such lowest price. For this purpose the
 Trustee may make, and from time to time amend, regulations with respect to the manner in
 which Debentures may be so selected, and regulations so made shall be valid and binding upon
 all Debentureholders, notwithstanding the fact that as a result thereof one or more of such
 Debentures become subject to purchase in part only. The holder of a Debenture of which a
 part only is purchased, upon surrender of such Debenture for payment, shall be entitled to
 receive, without expense to such holder, one or more new Debentures for the unpurchased part
 so surrendered, and the Trustee shall certify and deliver such new Debenture or Debentures
 upon receipt of the Debenture so surrendered or, with respect to an Uncertificated Debenture,
 the Depository shall electronically deposit the unpurchased part so surrendered.

**Section 4.2 Deposit of Purchase Funds**

The Corporation shall, on or before 11:00 a.m. (Vancouver time) on the Business Day immediately prior to the date determined for any purchase of Debentures pursuant to Section 4.1, deposit with the Trustee or any paying agent to the order of the Trustee, such sums of money as may be sufficient to pay the purchase price of the Debentures to be purchased by the Corporation (less any tax required by law to be deducted in respect of accrued and unpaid interest), provided the Corporation may elect to satisfy this requirement by providing the Trustee with a certified cheque or wire transfer for such amounts required under this Section 4.2. The Corporation shall also deposit with the Trustee a sum of money sufficient to pay any charges or expenses which may be incurred by the Trustee in connection with such purchase. Every such deposit shall be irrevocable. From the sums so deposited, the Trustee shall pay or cause to be paid to the holders of such Debentures, the aggregate purchase price to which they are entitled (less any tax required by law to be deducted in respect of accrued and unpaid interest) on the Corporation's purchase pursuant to Section 4.1.

**Article 5 - CONVERSION OF DEBENTURES**

**Section 5.1 Applicability of Article**

(1) Any Debentures issued hereunder will be convertible into Common Shares or
other securities of the Corporation, at such conversion rate or rates, and on such date or dates and in accordance with such other provisions
as shall have been determined at the time of issue of such Debentures and shall have been expressed in this Indenture (including Section 2.3(6)
and Section 3.7 hereof), in such Debentures, in an Officer's Certificate, or in a supplemental indenture authorizing or providing
for the issue thereof.

(2) Such
 right of conversion shall extend only to the maximum number of whole Common Shares into which
 the aggregate principal amount of the Debenture or Debentures surrendered for conversion
 at any one time by the holder thereof may be converted. Fractional interests in Common Shares
 shall be adjusted for in the manner provided in Section 5.5.

**Section 5.2 Revival of Right to Convert**

If the redemption of any Debenture called for redemption by the Corporation is not made or the payment of the purchase price of any Debenture which has been tendered in acceptance of an offer by the Corporation to purchase Debentures for cancellation is not made, in the case of a redemption upon due surrender of such Debenture or in the case of a purchase on the date on which such purchase is required to be made, as the case may be, then, provided the Time of Expiry has not passed, the right to convert such Debentures shall revive and continue as if such Debenture had not been called for redemption or tendered in acceptance of the Corporation's offer, respectively.

**Section 5.3 Manner of Exercise of Right to Convert**

(1) The
 holder of a Debenture desiring to convert such Debenture in whole or in part into Common
 Shares shall surrender such Debenture to the Trustee at its principal office in Vancouver,
 British Columbia, such office being the principal transfer office of the Trustee, together
 with the conversion notice in the form of Schedule B to the Debenture or any other written
 notice in a form satisfactory to the Trustee, duly executed by the holder or his executors
 or administrators or other legal representatives or his or their attorney duly appointed
 by an instrument in writing in form and executed in a manner satisfactory to the Trustee,
 exercising his right to convert such Debenture in accordance with the provisions of this
 Article; provided that with respect to an Uncertificated Debenture, registration and surrender
 of interests in the Debentures will be made only through the Depository's non-certificated
 system. Thereupon such Debentureholder or, subject to payment of all applicable stamp or
 security transfer taxes or other governmental charges and compliance with all reasonable
 requirements of the Trustee, his nominee(s) or assignee(s) shall be entitled to be entered
 in the books of the Corporation as at the Date of Conversion (or such later date as is specified
 in Section 5.3(2)) as the holder of the number of Common Shares, as applicable, into which such Debenture
 is convertible in accordance with the provisions of this Article and, as soon as practicable
 thereafter, the Corporation shall deliver to such Debentureholder or, subject as aforesaid,
 his nominee(s) or assignee(s), a certificate or certificates for such Common Shares or deposit
 such Common Shares through the Depository's non-certificated system and make or cause
 to be made any payment of interest to which such holder is entitled in accordance with Section 5.3(5).
 With respect to a Global Debenture, the obligation to surrender a Debenture to the Trustee
 shall be satisfied if the Trustee makes a notation on the Global Debenture of the principal
 amount thereof so converted and the Trustee is provided with all other documentation which
 it may request.

(2) For
 the purposes of this Article, a Debenture shall be deemed to be surrendered for conversion
 on the date (herein called the "**Date of Conversion**") on which it is so
 surrendered when the register of the Trustee is open and in accordance with the provisions
 of this Article or, in the case of an Uncertificated Debenture which the Trustee received
 notice of and all necessary documentation in respect of the exercise of the conversion rights
 and, in the case of a Debenture so surrendered by mail or other means of transmission, on
 the date on which it is received by the Trustee at its principal office in Vancouver, British
 Columbia as specified in Section 5.3(1) provided that if a Debenture is surrendered for conversion on
 a day on which the register of Common Shares is closed, the Person or Persons entitled to
 receive Common Shares shall become the holder or holders of record of such Common Shares
 as at the date on which such registers are next reopened.

(3) Any
 part, being $1,000 or an integral multiple thereof, of a Debenture in a denomination in excess
 of $1,000 may be converted as provided in this Article and all references in this Indenture
 to conversion of Debentures shall be deemed to include conversion of such parts.

(4) The
 holder of any Debenture of which only a part is converted shall, upon the exercise of their
 right of conversion surrender such Debenture to the Trustee in accordance with Section 5.3(1), and the
 Trustee shall cancel the same and shall without charge forthwith certify and deliver to the
 holder a new Debenture or Debentures in an aggregate principal amount equal to the unconverted
 part of the principal amount of the Debenture so surrendered or, with respect to an Uncertificated
 Debenture, registration and surrender of interests in the Debentures will be made only through
 the Depository's non-certificated system.

(5) The
 holder of a Debenture surrendered for conversion in accordance with this Section 5.3 shall be entitled
 to receive accrued and unpaid interest in respect thereof, in Common Shares to be determined
 at the Market Price of the Common Shares on the applicable Interest Payment Date, up to but
 excluding the Date of Conversion and the Common Shares issued upon such conversion shall
 rank only in respect of distributions or dividends declared in favour of shareholders of
 record on and after the Date of Conversion or such later date as such holder shall become
 the holder of record of such Common Shares pursuant to Section 5.3(2), from which applicable date they
 will for all purposes be and be deemed to be issued and outstanding as fully paid and non-assessable
 Common Shares.

**Section 5.4 Adjustment of Conversion Price**

The Conversion Price in effect at any date shall be subject to adjustment from time to time as set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 and whenever at any time prior to the Time of Expiry the Corporation shall

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subdivide
 or redivide the outstanding Common Shares into a greater number of shares,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) reduce,
 combine or consolidate the outstanding Common Shares into a smaller number of shares, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) issue
 Common Shares or securities exchangeable or convertible into Common Shares to the holders
 of all or substantially all of the outstanding Common Shares by way of a dividend or distribution
 (other than the issue of Common Shares to holders of Common Shares who have elected to receive
 dividends or distributions in the form of Common Shares in lieu of cash dividends or cash
 distributions paid in the ordinary course on the Common Shares), the Conversion Price in
 effect on the effective date of such subdivision, redivision, reduction, combination or consolidation
 or on the record date for such issue of Common Shares by way of a dividend or distribution,
 as the case may be, shall in the case of any of the events referred to in (i) and (iii) above
 be decreased in proportion to the number of outstanding Common Shares resulting from such
 subdivision, redivision or dividend, or shall, in the case of any of the events referred
 to in (ii) above, be increased in proportion to the number of outstanding Common Shares resulting
 from such reduction, combination or consolidation. Such adjustment shall be made successively
 whenever any event referred to in this Section 5.4(a) shall occur. Any such issue of Common Shares by
 way of a dividend or distribution shall be deemed to have been made on the record date for
 the dividend or distribution for the purpose of calculating the number of outstanding Common
 Shares under subsections (c) and (d) of this Section 5.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 and whenever at any time prior to the Time of Expiry the Corporation shall fix a record date
 for the payment of a cash dividend or distribution to the holders of all or substantially
 all of the outstanding Common Shares, the Conversion Price shall be adjusted immediately
 after such record date so that it shall be equal to the price determined by multiplying the
 Conversion Price in effect on such record date by a fraction, of which the denominator shall
 be the Current Market Price on such record date and of which the numerator shall be the Current
 Market Price on such record date minus the amount in cash per Common Share distributed to
 holders of Common Shares. Such adjustment shall be made successively whenever such a record
 date is fixed. To the extent that any such cash dividend or distribution is not paid, the
 Conversion Price shall be re-adjusted to the Conversion Price which would then be in effect
 if such record date had not been fixed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If
 and whenever at any time prior to the Time of Expiry the Corporation shall fix a record date
 for the issuance of options, rights or warrants to all or substantially all the holders of
 its outstanding Common Shares entitling them, for a period expiring not more than 45 days
 after such record date, to subscribe for or purchase Common Shares (or securities convertible
 into Common Shares) at a price per share (or having a conversion or exchange price per share)
 less than 95% of the Current Market Price on such record date, the Conversion Price shall
 be adjusted immediately after such record date so that it shall equal the price determined
 by multiplying the Conversion Price in effect on such record date by a fraction, of which
 the numerator shall be the total number of Common Shares outstanding on such record date
 plus a number of Common Shares equal to the number arrived at by dividing the aggregate price
 of the total number of additional Common Shares offered for subscription or purchase (or
 the aggregate conversion or exchange price of the convertible securities so offered) by such
 Current Market Price, and of which the denominator shall be the total number of Common Shares
 outstanding on such record date plus the total number of additional Common Shares offered
 for subscription or purchase (or into which the convertible securities so offered are convertible).
 Such adjustment shall be made successively whenever such a record date is fixed. To the extent
 that any such options, rights or warrants are not so issued or any such options, rights or
 warrants are not exercised prior to the expiration thereof, the Conversion Price shall be
 re-adjusted to the Conversion Price which would then be in effect if such record date had
 not been fixed or to the Conversion Price which would then be in effect based upon the number
 of Common Shares (or securities convertible into Common Shares) actually issued upon the
 exercise of such options, rights or warrants were included in such fraction, as the case
 may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If
 and whenever at any time prior to the Time of Expiry, there is a reclassification of the
 Common Shares or a capital reorganization of the Corporation other than as described in Section 5.4(a)
 or a consolidation, amalgamation, arrangement, share exchange, merger of the Corporation
 with or into any other Person or other entity or acquisition of the Corporation or other
 combination pursuant to which the Common Shares are converted into or acquired for cash,
 securities or other property; or a sale or conveyance of the property and assets of the Corporation
 as an entirety or substantially as an entirety to any other Person (other than a direct or
 indirect wholly- owned Subsidiary of the Corporation) or other entity or a liquidation, dissolution
 or winding-up of the Corporation (any such event, a "**Merger Event** "), any
 holder of a Debenture who has not exercised its right of conversion prior to the effective
 date of such reclassification, capital reorganization, consolidation, amalgamation, arrangement,
 merger, share exchange, acquisition, combination, sale or conveyance or liquidation, dissolution
 or winding-up, upon the exercise of such right thereafter, shall be entitled to receive and
 shall accept, in lieu of the number of Common Shares then sought to be acquired by it, such
 amount of cash or the number of shares or other securities or property of the Corporation
 or of the Person or other entity resulting from such merger, amalgamation, arrangement, acquisition,
 combination or consolidation, or to which such sale or conveyance may be made or which holders
 of Common Shares receive pursuant to such liquidation, dissolution or winding- up, as the
 case may be, that such holder of a Debenture would have been entitled to receive on such
 reclassification, capital reorganization, consolidation, amalgamation, arrangement, merger,
 share exchange, acquisition, combination, sale or conveyance or liquidation, dissolution
 or winding-up, if, on the record date or the effective date thereof, as the case may be,
 the holder had been the registered holder of the number of Common Shares sought to be acquired
 by it and to which it was entitled to acquire upon the exercise of the conversion right,
 subject to Section 5.4(m). If determined appropriate by the Board of Directors, to give effect
 to or to evidence the provisions of this Section 5.4(d), the Corporation, its successor, or such purchasing
 Person or other entity, as the case may be, shall, prior to or contemporaneously with any
 such reclassification, capital reorganization, consolidation, amalgamation, arrangement,
 merger, share exchange, acquisition, combination, sale or conveyance or liquidation, dissolution
 or winding-up, enter into an indenture which shall provide, to the extent possible, for the
 application of the provisions set forth in this Indenture with respect to the rights and
 interests thereafter of the holder of Debentures to the end that the provisions set forth
 in this Indenture shall thereafter correspondingly be made applicable, as nearly as may reasonably
 be, with respect to any cash, shares or other securities or property to which a holder of
 Debentures is entitled on the exercise of its acquisition rights thereafter. Any indenture
 entered into between the Corporation and the Trustee pursuant to the provisions of this Section 5.4(d)
 shall be a supplemental indenture entered into pursuant to the provisions of Article 13. Any indenture
 entered into between the Corporation, any successor to the Corporation or such purchasing
 Person or other entity and the Trustee shall provide for adjustments which shall be as nearly
 equivalent as may be practicable to the adjustments provided in this Section 5.4(d) and which shall apply
 to successive reclassifications, capital reorganizations, amalgamations, consolidations,
 mergers, share exchanges, acquisitions, combinations, sales or conveyances. For greater certainty,
 nothing in this Section 5.4(d) shall affect or reduce the requirement for any Person to make a Change of
Control Purchase Offer, and notice of any transaction to which this Section 5.4(d) applies shall be given in accordance with Section 5.9.

The Corporation shall not become a party to any Merger Event unless its terms are consistent with this Section 5.4(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If
 the Corporation shall make a distribution to all or substantially all of the holders of Common
 Shares of shares in the capital of the Corporation, other than Common Shares, or evidences
 of indebtedness or other assets of the Corporation, including securities (but excluding (i)
 any issuance of rights or warrants for which an adjustment was made pursuant to Section 5.4(c), and (ii)
 any dividend or distribution paid exclusively in cash) (the "**Distributed Securities** "),
 then in each such case (unless the Corporation at its option chooses to distribute such Distributed
 Securities to the holders of Debentures on such dividend or distribution date (as if each
 holder had converted such Debenture into Common Shares immediately preceding the record date
 with respect to such distribution)) the Conversion Price in effect immediately preceding
 the record date fixed for the determination of shareholders entitled to receive such dividend
 or distribution shall be adjusted so that the same shall equal the price determined by multiplying
 the Conversion Price in effect immediately preceding such record date by a fraction of which
 the denominator shall be the Current Market Price on such record date and of which the numerator
 shall be Current Market Price on such record date less the fair value (as determined by the
 Board of Directors, whose determination shall be conclusive evidence of such fair market
 value, subject to approval by the Exchange (as applicable), and which shall be evidenced
 by an Officer's Certificate delivered to the Trustee) on such record date of the portion
 the Distributed Securities so distributed applicable to one Common Share (determined on the
 basis of the number of Common Shares outstanding at the close of business on such record
 date). Such adjustment shall be made successively whenever any such distribution is made
 and shall become effective immediately after the record date for the determination of shareholders
 entitled to receive such distribution. In the event that such dividend or distribution is
 not so paid or made, the Conversion Price shall again be adjusted to be the Conversion Price
 that would then be in effect if such dividend or distribution had not been declared. If the
 then fair market value (as so determined) of the portion of the Distributed Securities so
 distributed applicable to one Common Share is equal to or greater than the Current Market
 Price on such record date, in lieu of the foregoing adjustment, adequate provision shall
 be made so that each holder of a Debenture shall have the right to receive upon conversion
 the amount of Distributed Securities so distributed that such holder would have received
 had such holder converted each Debenture on such record date. If the Board of Directors determines
 the fair market value of any distribution for purposes of this Section 5.4(e) by reference to the actual
 or when issued trading market for any securities, it must in doing so consider the prices
 in such market over the same period used in computing the Current Market Price.

Notwithstanding the foregoing, if the securities distributed by the Corporation to all holders of its Common Shares consist of capital stock of, or similar equity interests in, a Subsidiary or other business of the Corporation (the "**Spinoff Securities**"), the Conversion Price shall be adjusted, unless the Corporation makes an equivalent distribution to the holders of Debentures, so that the same shall be equal to the rate determined by multiplying the Conversion Price in effect on the record date fixed for the determination of shareholders entitled to receive such distribution by a fraction, the denominator of which shall be the sum of (A) the weighted average trading price of one Common Share over the 20 consecutive Trading Day period (the "**Spinoff Valuation Period**") commencing on and including the fifth (5<sup>th</sup>) Trading Day after the date on which ex-dividend trading commences for such distribution on the Exchange, and (B) the product of (i) the weighted average trading price (calculated in substantially the same way as the Current Market Price is calculated for the Common Shares) over the Spinoff Valuation Period of the Spinoff Securities or, if no such prices are available, the fair market value of the Spinoff Securities as reasonably determined by the Board of Directors (which determination shall be conclusive and shall be evidenced by an Officer's Certificate delivered to the Trustee) multiplied by (ii) the number of Spinoff Securities distributed in respect of one Common Share and the numerator of which shall be the weighted average trading price of one Common Share over the Spinoff Valuation Period, such adjustment to become effective immediately preceding the opening of business on the 25th Trading Day after the date on which ex-dividend trading commences; provided, however, that the Corporation may in lieu of the foregoing adjustment elect to make adequate provision so that each holder of Debentures shall have the right to receive upon conversion thereof the amount of such Spinoff Securities that such holder of Debentures would have received if such Debentures had been converted on the record date with respect to such distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If
 any issuer bid made by the Corporation or any of its Subsidiaries for all or any portion
 of Common Shares shall expire, then, if the issuer bid shall require the payment to shareholders
 of consideration per Common Share having a fair market value (determined as provided below)
 that exceeds the Current Market Price on the last date (the "**Expiration Date** ")
 tenders could have been made pursuant to such issuer bid (as it may be amended) (the last
 time at which such tenders could have been made on the Expiration Date is hereinafter sometimes
 called the "**Expiration Time** "), the Conversion Price shall be adjusted
 so that the same shall equal the rate determined by multiplying the Conversion Price in effect
 immediately preceding the close of business on the Expiration Date by a fraction of which
 (i) the denominator shall be the sum of (A) the fair market value of the aggregate consideration
 (the fair market value as determined by the Board of Directors, whose determination shall
 be conclusive evidence of such fair market value and which shall be evidenced by an Officer's
 Certificate delivered to the Trustee) payable to shareholders based on the acceptance (up
 to any maximum specified in the terms of the issuer bid) of all Common Shares validly tendered
 and not withdrawn as of the Expiration Time (the Common Shares deemed so accepted, up to
 any such maximum, being referred to as the "**Purchased Common Shares** ")
 and (B) the product of the number of Common Shares outstanding (less any Purchased Common
 Shares and excluding any Common Shares held in the treasury of the Corporation) at the Expiration
 Time and the Current Market Price on the Expiration Date and (ii) the numerator of which
 shall be the product of the number of Common Shares outstanding (including Purchased Common
 Shares but excluding any Common Shares held in the treasury of the Corporation) at the Expiration
 Time multiplied by the Current Market Price on the Expiration Date, such increase to become
 effective immediately preceding the opening of business on the day following the Expiration
 Date. In the event that the Corporation is obligated to purchase Common Shares pursuant to
 any such issuer bid, but the Corporation is permanently prevented by applicable law from
 effecting any or all such purchases or any or all such purchases are rescinded, the Conversion
 Price shall again be adjusted to be the Conversion Price which would have been in effect
 based upon the number of Common Shares actually purchased, if any. If the application of
 this Section 5.4(f) to any issuer bid would result in a decrease in the Conversion Price,
 no adjustment shall be made for such issuer bid under this Section 5.4(f).

For purposes of this Section 5.4(f), the term "**issuer bid**" shall mean an issuer bid under Applicable Securities Legislation or a take-over bid under Applicable Securities Legislation by a Subsidiary of the Corporation for the Common Shares and all references to "**purchases**" of Common Shares in issuer bids (and all similar references) shall mean and include the purchase of Common Shares in issuer bids and all references to "**tendered Common Shares**" (and all similar references) shall mean and include Common Shares tendered in issuer bids.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In
 any case in which this Section 5.4 shall require that an adjustment shall become effective immediately
 after a record date for an event referred to herein, the Corporation may defer, until the
 occurrence of such event, issuing to the holder of any Debenture converted after such record
 date and before the occurrence of such event the additional Common Shares issuable upon such
 conversion by reason of the adjustment required by such event before giving effect to such
 adjustment; provided, however, that the Corporation shall deliver to such holder an appropriate
 instrument evidencing such holder's right to receive such additional Common Shares
 upon the occurrence of the event requiring such adjustment and the right to receive any distributions
 made on such additional Common Shares declared in favour of holders of record of Common Shares
 on and after the Date of Conversion or such later date as such holder would, but for the
 provisions of this Section 5.4(g), have become the holder of record of such additional Common Shares pursuant
 to Section 5.3(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The
 adjustments provided for in this Section 5.4 are cumulative and shall apply to successive subdivisions,
 redivisions, reductions, combinations, consolidations, distributions, issues or other events
 resulting in any adjustment under the provisions of this Section, provided that, notwithstanding
 any other provision of this Section, no adjustment of the Conversion Price shall be required
 unless such adjustment would require an increase or decrease of at least 1% in the Conversion
 Price then in effect; provided however, that any adjustments which by reason of this Section 5.4(h) are
 not required to be made shall be carried forward and taken into account in any subsequent
 adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For
 the purpose of calculating the number of Common Shares outstanding, Common Shares owned by
 or for the benefit of the Corporation shall not be counted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) In
 the event of any question arising with respect to the adjustments provided in this Section 5.4, such
 question shall be conclusively determined by the Board of Directors, and, in the event holders
 of not less than 25% of the principal amount of the Debentures then outstanding notify the
 Trustee that they do not agree with such determination within 14 days of such determination
 being communicated to all the holders, such determination shall be made by a firm of nationally
 recognized chartered accountants appointed by the Corporation and acceptable to the Trustee
 (who may be the Auditors of the Corporation); such accountants shall have access to all necessary
 records of the Corporation and such determination shall be binding upon the Corporation,
 the Trustee, and the Debentureholders. In the absence of notice by holders of not less than
 25% of the principal amount of the Debentures then outstanding of their disagreement as aforesaid,
 the determination of the Board of Directors shall be binding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) In
 case the Corporation shall take any action affecting the Common Shares other than action
 described in this Section 5.4, which in the opinion of the Board of Directors, would materially affect
 the rights of Debentureholders, the Conversion Price shall be adjusted in such manner and
 at such time, by action of the Board of Directors, as the Board of Directors, in their sole
 discretion may determine to be equitable in the circumstances. Failure of the directors to
 make such an adjustment shall be conclusive evidence that they have determined that it is
 equitable to make no adjustment in the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) No
 adjustment in the Conversion Price shall be made in respect of any event described in Section 5.4(a),
 Section 5.4(b), Section 5.4(c), Section 5.4(e) or Section 5.4(f) other
 than the events described in Section 5.4(a)(i) or Section 5.4(a)(ii) if the
 holders of the Debentures are entitled to participate in such event on the same terms mutatis
 mutandis as if they had converted their Debentures prior to the effective date or record
 date, as the case may be, of such event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Except
 as stated above in this Section 5.4, no adjustment will be made in the Conversion Price for any Debentures
 as a result of the issuance of Common Shares at less than the Current Market Price on the
 date of issuance or the then applicable Conversion Price.

**Section 5.5 No Requirement to Issue Fractional Common Shares**

The Corporation shall not be required to issue fractional Common Shares upon the conversion of Debentures. If more than one Debenture shall be surrendered for conversion at one time by the same holder, the number of whole Common Shares issuable upon conversion thereof shall be computed on the basis of the aggregate principal amount of such Debentures to be converted. If any fractional interest in a Common Share would, except for the provisions of this Section, be deliverable upon the conversion of any principal amount of Debentures, the number of Common Shares so issuable shall be rounded down to the nearest whole number and the holder of Debentures will not receive any consideration in respect of any such fraction.

**Section 5.6 Corporation to Reserve Common Shares**

The Corporation covenants with the Trustee that it will at all times reserve and keep available out of its authorized Common Shares (if the number thereof is or becomes limited), solely for the purpose of issue upon conversion of Debentures as provided for in this Article, and conditionally allot to Debentureholders who may exercise their conversion rights hereunder, such number of Common Shares as shall then be issuable upon the conversion of all outstanding Debentures. The Corporation covenants with the Trustee that all Common Shares which shall be so issuable shall be duly and validly issued as fully-paid and non-assessable. Upon due and valid conversion of Debentures hereunder, the Trustee shall notify the Corporation in writing of such conversion and the Corporation shall thereafter cause its transfer agent appointed at such time to issue the Common Shares issuable upon conversion of such Debentures.

**Section 5.7 Cancellation of Converted Debentures**

Subject to the provisions of Section 5.3 as to Debentures converted in part, all Debentures converted in whole or in part under the provisions of this Article shall be forthwith delivered to and cancelled by the Trustee and no Debenture shall be issued in substitution for those converted.

**Section 5.8 Certificate as to Adjustment**

The Corporation shall from time to time immediately after the occurrence of any event which requires an adjustment or readjustment as provided in Section 5.4, deliver an Officer's Certificate to the Trustee specifying the nature of the event requiring the same and the amount of the adjustment necessitated thereby and setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based, which certificate and the amount of the adjustment specified therein shall be verified by an opinion of a firm of nationally recognized chartered accountants appointed by the Corporation and acceptable to the Trustee (who may be the Auditors of the Corporation) and shall be conclusive and binding on all parties in interest. When so approved, the Corporation shall forthwith give notice to the Debentureholders in the manner provided in Section 11.2 specifying the event requiring such adjustment or readjustment and the results thereof, including the resulting Conversion Price; provided that, if the Corporation has given notice under this Section 5.8 covering all the relevant facts in respect of such event and if the Trustee approves, no such notice need be given under this Section 5.8.

**Section 5.9 Notice of Special Matters**

(1) The Corporation covenants with the Trustee that so long as any Debenture
remains outstanding, it will give notice to the Trustee, and to the Debentureholders in the manner provided in Section 11.2, of its
intention to fix a record date for any event referred to in subsections Section 5.4(a), Section 5.4(b), Section 5.4(c),
Section 5.4(d) or Section 5.4(e), which may give rise to an adjustment in the Conversion Price, and, in each case,
 such notice shall specify the particulars of such event and the record date and the effective
 date for such event; provided that the Corporation shall only be required to specify in such
 notice such particulars of such event as shall have been fixed and determined on the date
 on which such notice is given. Such notice shall be given not less than 14 days in each case
 prior to such applicable record date.

(2) In addition, the Corporation covenants with the Trustee that so long as
any Debenture remains outstanding, it will give notice to the Trustee, and to the Debentureholders in the manner provided in Section 11.2
at least 30 days prior to the (i) effective date of any transaction referred to in Section 5.4(d) stating the consideration into
which the Debentures will be convertible after the effective date of such transaction, and (ii) Expiration Date of any transaction referred
to in Section 5.4(f) stating the consideration paid per Common Share in such transaction.

**Section 5.10 Protection of Trustee**

The Trustee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) shall
 not at any time be under any duty or responsibility to any Debentureholder to determine whether
 any facts exist which may require any adjustment in the Conversion Price, or with respect
 to the nature or extent of any such adjustment when made, or with respect to the method employed
 in making the same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shall
 not be accountable with respect to the validity or value (or the kind or amount) of any Common
 Shares or of any shares or other securities or property which may at any time be issued or
 delivered upon the conversion of any Debenture; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) shall
 not be responsible for any failure of the Corporation to issue, transfer or deliver Common
 Shares or share certificates upon the surrender of any Debenture for the purpose of conversion,
 or to comply with any of the covenants contained in this Article.

**Section 5.11 Restricted CUSIP or U.S. Legend on Certain Common Shares**

Each Common Share issued upon conversion of Debentures represented by the Restricted Debentures shall be represented by a certificate with a restricted CUSIP or a U.S. Legend for Common Shares substantially in the form of Schedule C attached hereto and each certificate representing Common Shares issued upon conversion of Debentures bearing the U.S. Legend may be required, subject to the requirements of Rule 144 under the U.S. Securities Act, have imprinted or otherwise reproduced thereon such legend or legends in substantially the form of Schedule C attached hereto; provided that if such Common Shares are being sold in compliance with the requirements of Rule 904 of Regulation S and in compliance with local laws and regulations, and provided that the Corporation was a "foreign issuer" within the meaning of Regulation S at the time of issuance of the Debentures, the U.S. Legend may be removed or the Common Shares may be transferred from the restricted CUSIP by providing a declaration to the Trustee, as registrar and transfer agent for the Common Shares, substantially as set forth in Schedule D (or as the Corporation or the Trustee may prescribe from time to time), together with any other evidence reasonably requested by the Corporation or Trustee, which evidence may include an opinion of counsel of recognized standing, in form and substance reasonably satisfactory to the Corporation and the Trustee, to the effect that the transfer is being made in compliance with Rule 904 of Regulation S.

**Section 5.12 Limitation on Conversion of the Debentures**

Notwithstanding anything to the contrary contained in this Indenture, the Debentures shall not be convertible by any Debentureholder, and neither the Trustee nor the Corporation shall effect any conversion of the Debentures or otherwise issue any Common Shares pursuant hereto, to the extent (but only to the extent) that, after giving effect to such conversion, the Debentureholder or any of its affiliates would beneficially own in excess of 9.9% (the "**Maximum Percentage**") of the issued and outstanding Common Shares of the Corporation after such exercise. To the extent the above limitation applies, the determination of whether a Debenture shall be convertible (vis-à-vis other convertible, exercisable or exchangeable securities owned by any Debentureholder or any of its affiliates) and of which such securities shall be convertible, exercisable or exchangeable (as among all such securities owned by the holder and its affiliates) shall, subject to the Maximum Percentage limitation, be determined on the basis of the first submission to the Trustee or the Corporation for conversion or exchange (as the case may be) and approved by the Corporation. No prior inability to convert a Debenture or to issue Common Shares pursuant to this Section shall have any effect on the applicability of the provisions of this Section with respect to any subsequent determination of convertibility. For purposes of this Section, beneficial ownership and all determinations and calculations (including, without limitation, with respect to calculations of percentage ownership) shall be determined in accordance with National Instrument 55-104 Insider Reporting Requirements and Exemptions. The limitations contained in this Section shall apply to a successor holder of the Debentures. Unless otherwise agreed to by the parties hereto, by written notice to the Trustee and the Corporation, the holder may increase or decrease the Maximum Percentage to any other percentage provided that: (a) any such increase will not be effective until the 61st day after such notice is delivered to the Trustee and the Corporation, and (b) any such increase or decrease will apply only to the holder sending such notice.

For greater certainty the Trustee shall not be required to confirm whether or not a holder has exceeded the Maximum Percentage threshold, nor will the Trustee be liable for processing the valid conversion of Debentures that is then determined, by the Corporation, to result in a holder exceeding the Maximum Percentage threshold.

**Article 6 - COVENANTS OF THE CORPORATION**

The Corporation hereby covenants and agrees with the Trustee for the benefit of the Trustee and the Debentureholders, that so long as any Debentures remain outstanding:

**Section 6.1 To Pay Principal, Premium (if any) and Interest**

The Corporation will duly and punctually pay or cause to be paid to every Debentureholder the principal of, premium (if any) and interest accrued on the Debentures of which it is the holder on the dates, at the places and in the manner mentioned herein and in the Debentures.

**Section 6.2 To Pay Trustee's Remuneration**

The Corporation will pay the Trustee reasonable remuneration for its services as Trustee hereunder and will repay to the Trustee on demand all monies which shall have been paid by the Trustee in connection with the execution of the trusts hereby created and such monies including the Trustee's remuneration, shall be payable out of any funds coming into the possession of the Trustee in priority to payment of any principal of the Debentures or interest or premium thereon. Such remuneration shall continue to be payable until the trusts hereof be finally wound up and whether or not the trusts of this Indenture shall be in the course of administration by or under the direction of a court of competent jurisdiction.

**Section 6.3 To Give Notice of Default**

The Corporation shall notify the Trustee and the Debentureholders immediately upon obtaining knowledge of any Event of Default hereunder.

**Section 6.4 Preservation of Existence, etc.**

Subject to the express provisions hereof, the Corporation will carry on and conduct its activities, and cause its Material Subsidiaries to carry on and conduct their businesses, in a business-like manner and in accordance with good business practices; and, subject to the express provisions hereof, it will do or cause to be done all things necessary to preserve and keep in full force and effect its existence and rights; provided that, the foregoing covenant shall not prevent or restrict the Corporation from carrying out a transaction to which Article 5 would apply (and if carried out in compliance with Article 9) even if as a result of such transaction the Corporation and/or its Material Subsidiaries to cease to carry on or conduct their businesses or cease to exist and the foregoing covenant further shall not prohibit any internal reorganization by the Corporation of its Material Subsidiaries or any disposition by the Corporation, directly or indirectly, of a Material Subsidiary or the assets of any Material Subsidiary (other than the sale of all or substantially all of assets of the Corporation on a consolidated basis to which Article 5 applies).

**Section 6.5 Keeping of Books**

The Corporation will keep or cause to be kept proper books of record and account, in which full and correct entries shall be made of all financial transactions and the assets and business of the Corporation in accordance with generally accepted accounting principles.

**Section 6.6 Annual Certificate of Compliance**

The Corporation shall deliver to the Trustee, within 120 days after the end of each calendar year, (and at any reasonable time upon demand by the Trustee) an Officer's Certificate as to the knowledge of such officers of the Corporation who execute the Officer's Certificate of the Corporation's compliance with all conditions and covenants in this Indenture certifying that after reasonable investigation and inquiry, the Corporation has complied with all covenants, conditions or other requirements contained in this Indenture, the non-compliance with which would, with the giving of notice, lapse of time or otherwise, constitute an Event of Default hereunder, or if such is not the case, setting forth with reasonable particulars the circumstances of any failure to comply and steps taken or proposed to be taken to eliminate such circumstances and remedy such Event of Default, as the case may be.

**Section 6.7 Performance of Covenants by Trustee**

If the Corporation shall fail to perform any of its covenants contained in this Indenture, the Trustee may notify the Debentureholders of such failure on the part of the Corporation or may itself perform any of the covenants capable of being performed by it, but shall be under no obligation to do so or to notify the Debentureholders. All sums so expended or advanced by the Trustee shall be repayable as provided in Section 6.2. No such performance, expenditure or advance by the Trustee shall be deemed to relieve the Corporation of any default hereunder.

**Section 6.8 Maintain Listing**

The Corporation will use reasonable commercial efforts to maintain the listing of the Common Shares on the Exchange, and to maintain the Corporation's status as a "reporting issuer" not in default of the requirements of the Applicable Securities Legislation; provided that this covenant shall not prevent the Corporation from completing any transaction which would result in the Corporation ceasing to be a "reporting issuer" or would otherwise result in the Common Shares ceasing to be listed, in each case so long as the holders of Common Shares receive securities of an entity which is listed on a recognized stock exchange in Canada or the United States or cash, and the holders of the Common Shares have approved the transaction in accordance with the requirements of applicable corporate laws and the policies of the Exchange, as applicable (or such other recognized stock exchange upon which the Common Shares are then listed).

**Section 6.9 No Dividends on Common Shares if Event of Default**

The Corporation shall not declare or pay any dividend to the holders of its issued and outstanding Common Shares after the occurrence of an Event of Default unless and until such default shall have been cured or waived or shall have ceased to exist.

**Section 6.10 Withholding Matters**

All payments made by or on behalf of the Corporation under or with respect to the Debentures (including, without limitation, any penalties, interest and other liabilities related thereto) will be made free and clear of and without withholding, or deduction for, or on account of, any present or future tax, duty, levy, impost, assessment or other governmental charge (including, without limitation, penalties, interest and other liabilities related hereto) imposed or levied by or on behalf of the Government of Canada or the United States or elsewhere, or of any province or territory thereof or by any authority or agency therein or thereof having power to tax ("**Withholding Taxes**"), unless the Corporation is required by law or the interpretation or administration thereof, to withhold or deduct any amounts for, or on account of Withholding Taxes. The Corporation shall provide the Trustee with copies of receipts or other communications relating to the remittance of such withheld amount or the filing of any forms received from such government authority or agency promptly after receipt thereof.

**Section 6.11 SEC Reporting Status**

The Corporation confirms that as at the date of execution of this Indenture it does not have a class of securities registered pursuant to Section 12 of the U.S. Exchange Act or have a reporting obligation pursuant to Section 15(d) of the U.S. Exchange Act.

The Corporation covenants that in the event that (i) any class of its securities shall become registered pursuant to Section 12 of the U.S. Exchange Act or such Corporation shall incur a reporting obligation pursuant to Section 15(d) of the U.S. Exchange Act, or (ii) any such registration or reporting obligation shall be terminated by such Corporation in accordance with the U.S. Exchange Act, such Corporation shall promptly deliver to the Trustee an Officers' Certificate notifying the Trustee of such registration or termination and such other information as the Trustee may require at the time. The Corporation acknowledges that the Trustee is relying upon the foregoing representation and covenants in order to meet certain SEC obligations with respect to those clients who are filing with the SEC.

**Article 7 - DEFAULT**

**Section 7.1 Events of Default**

(1) Each
 of the following events constitutes, and is herein sometimes referred to as, an "**Event of Default** ":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) failure
 for 10 days to pay interest on the Debentures when due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) failure
 to pay principal or premium (whether by way of payment of cash or delivery of Common Shares),
 if any, when due on the Debentures whether at maturity, upon redemption or a Change of Control,
 by declaration or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) default
 in the delivery, when due, of any Common Shares or other consideration, payable on conversion
 of the Debentures, which default continues for 15 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) default
 in the observance or performance of any covenant or condition of this Indenture by the Corporation
 and the failure to cure (or obtain a waiver for) such default for a period of 30 days after
 notice in writing has been given by the Trustee or from holders of not less than 25% in aggregate
 principal amount of the Debentures then outstanding to the Corporation specifying such default
 and requiring the Corporation to rectify such default or obtain a waiver for same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if
 a decree or order of a Court having jurisdiction is entered adjudging the Corporation or
 any Material Subsidiary a bankrupt or insolvent under the *Bankruptcy and Insolvency Act* (Canada) or any other bankruptcy, insolvency or analogous laws, or issuing sequestration
 or process of execution against, or against any substantial part of, the property of the
 Corporation or any Material Subsidiary, or appointing a receiver of, or of any substantial
 part of, the property of the Corporation or any Material Subsidiary or ordering the winding-up
 or liquidation of its affairs, and any such decree or order continues unstayed and in effect
 for a period of 60 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if
 the Corporation or any Material Subsidiary institutes proceedings to be adjudicated a bankrupt
 or insolvent, or consents to the institution of bankruptcy or insolvency proceedings against
 it under the *Bankruptcy and Insolvency Act* (Canada) or any other bankruptcy, insolvency
 or analogous laws, or consents to the filing of any such petition or to the appointment of
 a receiver of, or of any substantial part of, the property of the Corporation or any Material
 Subsidiary or makes a general assignment for the benefit of creditors, or admits in writing
 its inability to pay its debts generally as they become due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) if
 a resolution is passed for the winding-up or liquidation of the Corporation or any Material
 Subsidiary except in the course of carrying out or pursuant to a transaction in respect of
 which the conditions of Article 5 are duly observed and performed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) if,
 after the date of this Indenture, any proceedings with respect to the Corporation or any
 Material Subsidiary are taken with respect to a compromise or arrangement, with respect to
 creditors of the Corporation or any Material Subsidiary generally, under the applicable legislation
 of any jurisdiction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the Corporation fails to comply with Article 5 hereof;

then: (i) in each and every such event listed above, the Trustee may, in its discretion, but subject to the provisions of this Section, and shall, upon receipt of a request in writing signed by the holders of not less than 25% in principal amount of the Debentures then outstanding, subject to the provisions of Section 7.3, by notice in writing to the Corporation declare the principal of and interest and premium, if any, on all Debentures then outstanding and all other monies outstanding hereunder to be due and payable and the same shall thereupon forthwith become immediately due and payable to the Trustee, and (ii) on the occurrence of an Event of Default under Section 7.1(e), Section 7.1(f), Section 7.1(g) or Section 7.1(h), the principal of and interest and premium, if any, on all Debentures then outstanding hereunder and all other monies outstanding hereunder, shall automatically without any declaration or other act on the part of the Trustee or any Debentureholder become immediately due and payable to the Trustee and, in either case, upon such amounts becoming due and payable in either (i) or (ii) above, the Corporation shall forthwith pay to the Trustee for the benefit of the Debentureholders such principal, accrued and unpaid interest and premium, if any, and interest on amounts in default on such Debenture and all other monies outstanding hereunder, together with subsequent interest at the rate borne by the Debentures on such principal, interest, premium and such other monies from the date of such declaration or event until payment is received by the Trustee, such subsequent interest to be payable at the times and places and in the manner mentioned in and according to the tenor of the Debentures. Such payment when made shall be deemed to have been made in discharge of the Corporation's obligations hereunder and any monies so received by the Trustee shall be applied in the manner provided in Section 7.6.

(2) For
 greater certainty, for the purposes of this Section 7.1, the Debentures shall be in default in respect
 of an Event of Default if such Event of Default relates to a default in the payment of principal,
 premium, if any, or interest on the Debentures.

**Section 7.2 Notice of Events of Default**

If an Event of Default shall occur and be continuing the Trustee shall, within 30 days following an Event of Default or after it receives written notice of the occurrence of such Event of Default, give notice of such Event of Default to the Debentureholders in the manner provided in Section 11.2 provided that notwithstanding the foregoing, unless the Trustee shall have been requested to do so by the holders of at least 25% of the principal amount of the Debentures then outstanding, the Trustee shall not be required to give such notice if the Trustee in good faith shall have determined that the withholding of such notice is in the best interests of the Debentureholders and shall have so advised the Corporation in writing.

When notice of the occurrence of an Event of Default has been given and the Event of Default is thereafter cured, notice that the Event of Default is no longer continuing shall be given by the Trustee to the Debentureholders within 15 days after the Trustee becomes aware the Event of Default has been cured.

**Section 7.3 Waiver of Default**

(1) Upon
 the happening of any Event of Default hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 holders of the Debentures shall have the power (in addition to the powers exercisable by
 Extraordinary Resolution as hereinafter provided) by requisition in writing by the holders
 of more than 50% of the principal amount of Debentures then outstanding, to instruct the
 Trustee to waive any Event of Default and to cancel any declaration made by the Trustee pursuant
 to Section 7.1 and the Trustee shall thereupon waive the Event of Default and cancel such declaration,
 or either, upon such terms and conditions as shall be prescribed in such requisition; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Trustee, so long as it has not become bound to declare the principal and interest on the
 Debentures then outstanding to be due and payable, or to obtain or enforce payment of the
 same, shall have power to waive any Event of Default if, in the Trustee's opinion,
 the same shall have been cured or adequate satisfaction made therefor, and in such event
 to cancel any such declaration theretofore made by the Trustee in the exercise of its discretion,
 upon such terms and conditions as the Trustee may deem advisable.

(2) No
 such act or omission either of the Trustee or of the Debentureholders shall extend to or
 be taken in any manner whatsoever to affect any subsequent Event of Default or the rights
 resulting therefrom.

**Section 7.4 Enforcement by the Trustee**

(1) Subject
 to the provisions of Section 7.3 and to the provisions of any Extraordinary Resolution that may be
 passed by the Debentureholders, if the Corporation shall fail to pay to the Trustee, forthwith
 after the same shall have been declared to be due and payable under Section 7.1, the principal of and
 premium (if any) and interest on all Debentures then outstanding, together with any other
 amounts due hereunder, the Trustee may in its discretion and shall upon receipt of a request
 in writing signed by the holders of not less than 25% in principal amount of the Debentures
 then outstanding and upon being funded and indemnified to its reasonable satisfaction against
 all costs, expenses and liabilities to be incurred, proceed in its name as trustee hereunder
 to obtain or enforce payment of such principal of and premium (if any) and interest on all
 the Debentures then outstanding together with any other amounts due hereunder by such proceedings
 authorized by this Indenture or by law or equity as the Trustee in such request shall have
 been directed to take, or if such request contains no such direction, or if the Trustee shall
 act without such request, then by such proceedings authorized by this Indenture or by suit
 at law or in equity as the Trustee shall deem expedient.

(2) The
 Trustee shall be entitled and empowered, either in its own name or as trustee of an express
 trust, or as attorney-in-fact for the holders of the Debentures, or in any one or more of
 such capacities, to file such proof of debt, amendment of proof of debt, claim, petition
 or other document as may be necessary or advisable in order to have the claims of the Trustee
 and of the holders of the Debentures allowed in any insolvency, bankruptcy, liquidation or
 other judicial proceedings relative to the Corporation or its creditors or relative to or
 affecting its property. The Trustee is hereby irrevocably appointed (and the successive respective
 holders of the Debentures by taking and holding the same shall be conclusively deemed to
 have so appointed the Trustee) the true and lawful attorney-in-fact of the respective holders
 of the Debentures with authority to make and file in the respective names of the holders
 of the Debentures or on behalf of the holders of the Debentures as a class, subject to deduction
 from any such claims of the amounts of any claims filed by any of the holders of the Debentures
 themselves, any proof of debt, amendment of proof of debt, claim, petition or other document
 in any such proceedings and to receive payment of any sums becoming distributable on account
 thereof, and to execute any such other papers and documents and to do and perform any and
 all such acts and things for and on behalf of such holders of the Debentures, as may be necessary
 or advisable in the opinion of the Trustee, in order to have the respective claims of the
 Trustee and of the holders of the Debentures against the Corporation or its property allowed
 in any such proceeding, and to receive payment of or on account of such claims; provided,
 however, that subject to Section 7.3, nothing contained in this Indenture shall be deemed to give to
 the Trustee, unless so authorized by Extraordinary Resolution, any right to accept or consent
 to any plan of reorganization or otherwise by action of any character in such proceeding
 to waive or change in any way any right of any Debentureholder.

(3) The
 Trustee shall also have the power at any time and from time to time to institute and to maintain
 such suits and proceedings as it may be advised shall be necessary or advisable to preserve
 and protect its interests and the interests of the Debentureholders.

(4) All
 rights of action hereunder may be enforced by the Trustee without the possession of any of
 the Debentures or the production thereof on the trial or other proceedings relating thereto.

(5) Any
 such suit or proceeding instituted by the Trustee shall be brought in the name of the Trustee
 as trustee of an express trust, and any recovery of judgment shall be for the rateable benefit
 of the holders of the Debentures subject to the provisions of this Indenture. In any proceeding
 brought by the Trustee (and also any proceeding in which a declaratory judgment of a court
 may be sought as to the interpretation or construction of any provision of this Indenture,
 to which the Trustee shall be a party) the Trustee shall be held to represent all the holders
 of the Debentures, and it shall not be necessary to make any holders of the Debentures parties
 to any such proceeding.

**Section 7.5 No Suits by Debentureholders**

Subject to any rights or remedies available to the Trustee and the Debentureholders under applicable law or otherwise, no holder of any Debenture shall have any right to institute any action, suit or proceeding at law or in equity for the purpose of enforcing payment of the principal of or interest on the Debentures or for the execution of any trust or power hereunder or for the appointment of a liquidator or receiver or for a receiving order under the *Bankruptcy and Insolvency Act* (Canada) or to have the Corporation wound up or to file or prove a claim in any liquidation or bankruptcy proceeding or for any other remedy hereunder, unless: (a) such holder shall previously have given to the Trustee written notice of the happening of an Event of Default hereunder; and (b) the Debentureholders by Extraordinary Resolution or by written instrument signed by the holders of at least 25% in principal amount of the Debentures then outstanding shall have made a request to the Trustee and the Trustee shall have been afforded reasonable opportunity either itself to proceed to exercise the powers hereinbefore granted or to institute an action, suit or proceeding in its name for such purpose; and (c) the Debentureholders or any of them shall have furnished to the Trustee, when so requested by the Trustee, sufficient funds and security and indemnity satisfactory to it against the costs, expenses and liabilities to be incurred therein or thereby; and (d) the Trustee shall have failed to act within a reasonable time after such notification, request and offer of indemnity and such notification, request and offer of indemnity are hereby declared in every such case, at the option of the Trustee, to be conditions precedent to any such proceeding or for any other remedy hereunder by or on behalf of the holder of any Debentures.

**Section 7.6 Application of Monies by Trustee**

(1) Except
 as herein otherwise expressly provided, any monies received by the Trustee from the Corporation
 pursuant to the foregoing provisions of this Article 7, or as a result of legal or other proceedings
 or from any trustee in bankruptcy or liquidator of the Corporation, shall be applied, together
 with any other monies in the hands of the Trustee available for such purpose, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) first,
 in payment or in reimbursement to the Trustee of its compensation, costs, charges, expenses,
 borrowings, advances or other monies furnished or provided by or at the instance of the Trustee
 in or about the execution of its trusts under, or otherwise in relation to, this Indenture,
 with interest thereon as herein provided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) second,
 but subject as hereinafter in this Section 7.6 provided, in payment, rateably and proportionately to
 the holders of Debentures, of the principal of and premium (if any) and accrued and unpaid
 interest and interest on amounts in default on the Debentures which shall then be outstanding
 in the priority of principal first and then premium and then accrued and unpaid interest
 and interest on amounts in default unless otherwise directed by Extraordinary Resolution
 and in that case in such order or priority as between principal, premium (if any) and interest
 as may be directed by such resolution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) third,
 in payment of the surplus, if any, of such monies to the Corporation or its assigns;

provided, however, that no payment shall be made pursuant to clause (b) above in respect of the principal, premium or interest on any Debenture held, directly or indirectly, by or for the benefit of the Corporation or any Subsidiary (other than any Debenture pledged for value and in good faith to a Person other than the Corporation or any Subsidiary but only to the extent of such person's interest therein) except subject to the prior payment in full of the principal, premium (if any) and interest (if any) on all Debentures which are not so held.

(2) The
 Trustee shall not be bound to apply or make any partial or interim payment of any monies
 coming into its hands if the amount so received by it, after reserving thereout such amount
 as the Trustee may think necessary to provide for the payments mentioned in Section 7.6(1)
 is insufficient to make a distribution of at least 2% of the aggregate principal amount of
 the outstanding Debentures, but it may retain the money so received by it and invest or deposit
 the same as provided in Section 12.9 until the money or the investments representing the same, with
 the income derived therefrom, together with any other monies for the time being under its
 control shall be sufficient for the said purpose or until it shall consider it advisable
 to apply the same in the manner hereinbefore set forth. The foregoing shall, however, not
 apply to a final payment in distribution hereunder.

**Section 7.7 Notice of Payment by Trustee**

Not less than 15 days' notice shall be given in the manner provided in Section 11.2 by the Trustee to the Debentureholders of any payment to be made under this Article 7. Such notice shall state the time when and place where such payment is to be made and also the liability under this Indenture to which it is to be applied. After the day so fixed, unless payment shall have been duly demanded and have been refused, the Debentureholders will be entitled to interest only on the balance (if any) of the principal monies, premium (if any) and interest due (if any) to them, respectively, on the Debentures, after deduction of the respective amounts payable in respect thereof on the day so fixed.

**Section 7.8 Trustee May Demand Production of Debentures**

The Trustee shall have the right to demand production of the Debentures in respect of which any payment of principal, interest or premium required by this Article 7 is made and may cause to be endorsed on the same a memorandum of the amount so paid and the date of payment, but the Trustee may, in its discretion, dispense with such production and endorsement, upon such indemnity being given to it as the Trustee shall deem sufficient.

**Section 7.9 Remedies Cumulative**

No remedy herein conferred upon or reserved to the Trustee, or upon or to the holders of Debentures is intended to be exclusive of any other remedy, but each and every such remedy shall be cumulative and shall be in addition to every other remedy given hereunder or now existing or hereafter to exist by law or by statute.

**Section 7.10 Judgment Against the Corporation**

The Corporation covenants and agrees with the Trustee that, in case of any judicial or other proceedings to enforce the rights of the Debentureholders, judgment may be rendered against it in favour of the Debentureholders or in favour of the Trustee, as trustee for the Debentureholders, for any amount which may remain due in respect of the Debentures and premium (if any) and the interest thereon and any other monies owing hereunder.

**Section 7.11 Immunity of Directors, Officers and Others**

The Debentureholders and the Trustee hereby waive and release any right, cause of action or remedy now or hereafter existing in any jurisdiction against any past, present or future officer, director or employee of the Corporation or holder of Common Shares of the Corporation or of any successor for the payment of the principal of or premium or interest on any of the Debentures or on any covenant, agreement, representation or warranty by the Corporation contained herein or in the Debentures.

**Article 8 - SATISFACTION AND DISCHARGE**

**Section 8.1 Cancellation and Destruction**

All Debentures shall forthwith after payment thereof be delivered to the Trustee and cancelled by it. All Debentures cancelled or required to be cancelled under this or any other provision of this Indenture shall be destroyed by the Trustee and, if required by the Corporation, the Trustee shall furnish to it a destruction certificate setting out the designating numbers of the Debentures so destroyed.

**Section 8.2 Non-Presentation of Debentures**

In case the holder of any Debenture shall fail to present the same for payment on the date on which the principal of, premium (if any) or the interest thereon or represented thereby becomes payable either at maturity or otherwise or shall not accept payment on account thereof and give such receipt therefor, if any, as the Trustee may require:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Corporation shall be entitled to pay or deliver to the Trustee and direct it to set aside;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 respect of monies in the hands of the Trustee which may or should be applied to the payment
 of the Debentures, the Corporation shall be entitled to direct the Trustee to set aside;
 or

(c) if
 the redemption was pursuant to notice given by the Trustee, the Trustee may itself set aside;

the monies in trust to be paid to the holder of such Debenture upon due presentation or surrender thereof in accordance with the provisions of this Indenture; and thereupon the principal of, premium (if any) or the interest payable on or represented by each Debenture in respect whereof such monies have been set aside shall be deemed to have been paid and the holder thereof shall thereafter have no right in respect thereof except that of receiving delivery and payment of the monies so set aside by the Trustee upon due presentation and surrender thereof, subject always to the provisions of Section 8.3

**Section 8.3 Repayment of Unclaimed Monies**

Subject to applicable law, any monies set aside under Section 8.2 and not claimed by and paid to holders of Debentures as provided in Section 8.2 within six years after the date of such setting aside shall be repaid and delivered to the Corporation by the Trustee and thereupon the Trustee shall be released from all further liability with respect to such monies and thereafter the holders of the Debentures in respect of which such monies were so repaid to the Corporation shall have no rights in respect thereof except to obtain payment and delivery of the monies from the Corporation subject to any limitation provided by the laws of the Province of British Columbia.

Notwithstanding the foregoing, the Trustee will pay any remaining funds prior to the expiry of six years after the setting aside described in Section 8.2 to the Corporation upon receipt from the Corporation, of an unconditional letter of credit from a Canadian chartered bank in an amount equal to or in excess of the amount of the remaining funds. If the remaining funds are paid to the Corporation prior to the expiry of six years after such setting aside, the Corporation shall reimburse the Trustee for any amounts so set aside which are required to be paid by the Trustee to a holder of a Debenture after the date of such payment of the remaining funds to the Corporation but prior to six years after such setting aside.

**Section 8.4 Discharge**

The Trustee shall at the written request of the Corporation release and discharge this Indenture and execute and deliver such instruments as it shall be advised by Counsel are requisite for that purpose and to release the Corporation from its covenants herein contained (other than the provisions relating to the indemnification of the Trustee), upon proof being given to the reasonable satisfaction of the Trustee that the principal of, premium (if any) and interest (including interest on amounts in default, if any), on all the Debentures and all other monies payable hereunder have been paid or satisfied or that all the Debentures having matured or having been duly called for redemption, payment of the principal of and interest (including interest on amounts in default, if any) on such Debentures and of all other monies payable hereunder has been duly and effectually provided for in accordance with the provisions hereof including the payment of all costs, charges and expenses properly incurred by the Trustee and all interest thereon.

**Section 8.5 Satisfaction**

(1) The
 Corporation shall be deemed to have fully paid, satisfied and discharged all of the outstanding
 Debentures and the Trustee, at the expense of the Corporation, shall execute and deliver
 proper instruments acknowledging the full payment, satisfaction and discharge of such Debentures,
 when, with respect to all of the outstanding Debentures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Corporation has deposited or caused to be deposited with the Trustee as trust funds or property
 in trust for the purpose of making payment on such Debentures, an amount in money sufficient
 to pay, satisfy and discharge the entire amount of principal of, premium, if any, and interest,
 if any, to maturity, or any repayment date, or any Change of Control Purchase Date, or upon
 conversion or otherwise as the case may be, of such Debentures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Corporation has deposited or caused to be deposited with the Trustee as trust property in
 trust for the purpose of making payment on such Debentures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if
 the Debentures are issued in Canadian dollars, such amount in Canadian dollars of direct
 obligations of, or obligations the principal and interest of which are guaranteed by, the
 Government of Canada; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if
 the Debentures are issued in a currency or currency unit other than Canadian dollars, cash
 in the currency or currency unit in which the Debentures are payable and/or such amount in
 such currency or currency unit of direct obligations of, or obligations the principal and
 interest of which are guaranteed by, the Government of Canada or the government that issued
 the currency or currency unit in which the Debentures are payable;

as will be sufficient to pay and discharge the entire amount of principal of, premium, if any on, and accrued and unpaid interest to maturity or any repayment date, as the case may be, of all such Debentures; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all
 Debentures authenticated and delivered (other than (A) Debentures which have been destroyed,
 lost or stolen and which have been replaced or paid as provided in Section 2.10 and (B) Debentures
 for whose payment has been deposited in trust and thereafter repaid to the Corporation as
 provided in Section 8.3) have been delivered to the Trustee for cancellation;

so long as in any such event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Corporation has paid, caused to be paid or made provisions to the satisfaction of the Trustee
 for the payment of all other sums payable or which may be payable with respect to all of
 such Debentures (together with all applicable expenses of the Trustee in connection with
 the payment of such Debentures); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 Corporation has delivered to the Trustee an Officer's Certificate stating that all
 conditions precedent herein provided relating to the payment, satisfaction and discharge
 of all such Debentures have been complied with.

Any deposits with the Trustee referred to in this Section 8.5 shall be irrevocable, subject to Section 8.6, and shall be made under the terms of an escrow and/or trust agreement in form and substance satisfactory to the Trustee and which provides for the due and punctual payment of the principal of, premium, if any, and interest on the Debentures being satisfied.

(2) Upon the satisfaction of the conditions set forth in this Section 8.5
with respect to all the outstanding Debentures, the terms and conditions of the Debentures, including the terms and conditions with respect
thereto set forth in this Indenture (other than those contained in Article 2 and Article 4 and the provisions of Article 1 pertaining
to Article 2 and Article 4) shall no longer be binding upon or applicable to the
Corporation.

(3) Any
 funds or obligations deposited with the Trustee pursuant to this Section 8.5 shall be denominated in
 the currency or denomination of the Debentures in respect of which such deposit is made.

(4) If
 the Trustee is unable to apply any money or securities in accordance with this Section 8.5 by reason
 of any legal proceeding or any order or judgment of any court or governmental authority enjoining,
 restraining or otherwise prohibiting such application, the Corporation's obligations
 under this Indenture and the affected Debentures shall be revived and reinstated as though
 no money or securities had been deposited pursuant to this Section 8.5 until such time as the Trustee
 is permitted to apply all such money or securities in accordance with this Section 8.5, provided that
 if the Corporation has made any payment in respect of principal of, premium, if any, or interest
 on Debentures or, as applicable, other amounts because of the reinstatement of its obligations,
 the Corporation shall be subrogated to the rights of the holders of such Debentures to receive
 such payment from the money or securities held by the Trustee.

**Section 8.6 Continuance of Rights, Duties and Obligations**

(1) Where trust funds or trust property have been deposited pursuant to Section 8.5,
the holders of Debentures and the Corporation shall continue to have and be subject to their respective rights, duties and obligations
under Article 2 and Article 4)

(2) In
 the event that, after the deposit of trust funds or trust property pursuant to Section 8.5 in respect of the Debentures (the
 "**Defeased Debentures** "), any holder of any of the Defeased Debentures from time to time converts its Debentures to
 Common Shares or other securities of the Corporation in accordance with Section 2.5, Article 5 or any other provision of
 this Indenture, the Trustee shall upon receipt of a Written Direction of the Corporation return to the Corporation from time to time
 the proportionate amount of the trust funds or other trust property deposited with the Trustee pursuant to Section 8.5 in respect of the Defeased Debentures which is applicable to the Defeased Debentures so converted (which amount shall be based on
 the applicable principal amount of the Defeased Debentures being converted in relation to the aggregate outstanding principal amount
 of all the Defeased Debentures).

(3) In the event that, after the deposit of trust funds or trust property pursuant
to Section 8.5 , the Corporation is required to make a Change of Control Purchase Offer
to purchase any outstanding Debentures pursuant to Section 2.3(8), the Corporation shall be entitled to use any trust money or trust
property deposited with the Trustee pursuant to Section 8.5 for the purpose of paying
to any holders of Defeased Debentures who have accepted any such offer of the Corporation the Total Offer Price payable to such holders
in respect of such Change of Control Purchase Offer in respect of the Debentures. Upon receipt of a Written Direction from the Corporation,
the Trustee shall be entitled to pay to such holder from such trust money or trust property deposited with the Trustee pursuant to Section 8.5 in respect of the Defeased Debentures which is applicable to the Defeased Debentures held by such holders who have accepted any such offer
to the Corporation (which amount shall be based on the applicable principal amount of the Defeased Debentures held by accepting offerees
in relation to the aggregate outstanding principal amount of all the Defeased Debentures).

**Article 9 - SUCCESSORS**

**Section 9.1 Corporation may Consolidate, etc., Only on Certain Terms**

(1) The
 Corporation may not, without the consent of the holders of the Debentures by Extraordinary
 Resolution hereunder, consolidate with or amalgamate or merge with or into any Person (other
 than a directly or indirectly wholly-owned Subsidiary of the Corporation) or sell, convey,
 transfer or lease all or substantially all of the properties and assets of the Corporation
 to another Person (other than a directly or indirectly wholly-owned Subsidiary of the Corporation)
 unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Person formed by such consolidation or into which the Corporation is amalgamated or merged,
 or the Person which acquires by sale, conveyance, transfer or lease all or substantially
 all of the properties and assets of the Corporation is a corporation, organized and existing
 under the laws of Canada or any province or territory thereof or the laws of the United States
 or any state thereof and such corporation (if other than the Corporation or the continuing
 corporation resulting from the amalgamation of the Corporation with another corporation under
 the laws of Canada or any province or territory thereof) expressly assumes, by an indenture
 supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee,
 the obligations of the Corporation under the Debentures and this Indenture and the performance
 or observance of every covenant and provision of this Indenture and the Debentures required
 on the part of the Corporation to be performed or observed and the conversion rights shall
 be provided for in accordance with Article 5, by supplemental indenture satisfactory in form
 to the Trustee, executed and delivered to the Trustee, by the Person (if other than the Corporation
 or the continuing corporation resulting from the amalgamation of the Corporation with another
 corporation under the laws of Canada or any province or territory thereof) formed by such
 consolidation or into which the Corporation shall have been merged or by the Person which
 shall have acquired the Corporation's assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) after
 giving effect to such transaction, no Event of Default, and no event which, after notice
 or lapse of time or both, would become an Event of Default, shall have occurred and be continuing;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if
 the Corporation or the continuing corporation resulting from the amalgamation or merger of
 the Corporation with another Person under the laws of Canada or any province or territory
 thereof or the laws of the United States or any state thereof will not be the resulting,
 continuing or surviving corporation, the Corporation shall have, at or prior to the effective
 date of such consolidation, amalgamation, merger or sale, conveyance, transfer or lease,
 delivered to the Trustee an Officer's Certificate and an opinion of Counsel, each stating
 that such consolidation, merger or transfer complies with this Article and, if a supplemental
 indenture is required in connection with such transaction, such supplemental indenture complies
 with this Article, and that all conditions precedent herein provided for relating to such
 transaction have been complied with.

(2) For
 purposes of the foregoing, the sale, conveyance, transfer or lease (in a single transaction
 or a series of related transactions) of the properties or assets of one or more Subsidiaries
 of the Corporation (other than to the Corporation or another wholly-owned Subsidiary of the
 Corporation), which, if such properties or assets were directly owned by the Corporation,
 would constitute all or substantially all of the properties and assets of the Corporation
 and its Subsidiaries, taken as a whole, shall be deemed to be the sale, conveyance, transfer
 or lease of all or substantially all of the properties and assets of the Corporation.

**Section 9.2 Successor Substituted**

Upon any consolidation of the Corporation with, or amalgamation or merger of the Corporation into, any other Person or any sale, conveyance, transfer or lease of all or substantially all of the properties and assets of the Corporation and its Subsidiaries, taken as a whole, in accordance with Section 9.1, the successor Person formed by such consolidation or into which the Corporation is amalgamated or merged or to which such sale, conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Corporation under this Indenture with the same effect as if such successor Person had been named as the Corporation herein, and thereafter, except in the case of a lease, and except for obligations the predecessor Person may have under a supplemental indenture entered into pursuant to clause 9.1(1)(c), the predecessor Person shall be relieved of all obligations and covenants under this Indenture and the Debentures.

**Article 10 - MEETINGS OF DEBENTUREHOLDERS**

**Section 10.1 Right to Convene Meeting**

The Trustee or the Corporation may at any time and from time to time, and the Trustee shall, on receipt of a Written Direction of the Corporation or a written request signed by the holders of not less than 25% of the principal amount of the Debentures then outstanding and upon receiving funding and being indemnified to its reasonable satisfaction by the Corporation or by the Debentureholders signing such request against the costs which may be incurred in connection with the calling and holding of such meeting, convene a meeting of the Debentureholders. In the event of the Trustee failing, within 30 days after receipt of any such request and such funding of indemnity, to give notice convening a meeting, the Corporation or such Debentureholders, as the case may be, may convene such meeting. Every such meeting shall be held in the City of Vancouver, British Columbia or at such other place as may be approved or determined by the Trustee. Any meeting held pursuant to this Article 10 may be done through a virtual or electronic meeting platform, subject to the Trustee's capabilities at the time.

**Section 10.2 Notice of Meetings**

At least 21 days' notice of any meeting shall be given to the Debentureholders in the manner provided in Section 11.2 and a copy of such notice shall be sent by post to the Trustee, unless the meeting has been called by it. Such notice shall state the time when and the place where the meeting is to be held and shall state briefly the general nature of the business to be transacted thereat and it shall not be necessary for any such notice to set out the terms of any resolution to be proposed or any of the provisions of this Article. The accidental omission to give notice of a meeting to any holder of Debentures shall not invalidate any resolution passed at any such meeting. A holder may waive notice of a meeting either before or after the meeting.

**Section 10.3 Chairman**

Some person, who need not be a Debentureholder, nominated in writing by the Trustee shall be chairman of the meeting and if no Person is so nominated, or if the Person so nominated is not present within 15 minutes from the time fixed for the holding of the meeting, a majority of the Debentureholders present in person or by proxy shall choose some Person present to be chairman.

**Section 10.4 Quorum**

Subject to the provisions of Section 10.12, at any meeting of the Debentureholders a quorum shall consist of Debentureholders present in person or by proxy and representing at least 25% in principal amount of the outstanding Debentures. If a quorum of the Debentureholders shall not be present within 30 minutes from the time fixed for holding any meeting, the meeting, if summoned by the Debentureholders or pursuant to a request of the Debentureholders, shall be dissolved, but in any other case the meeting shall be adjourned to the same day in the next week (unless such day is not a Business Day in which case it shall be adjourned to the next following Business Day thereafter) at the same time and place to the extent possible and no notice shall be required to be given in respect of such adjourned meeting. At the adjourned meeting, the Debentureholders present in person or by proxy shall, subject to the provisions of Section 10.12, constitute a quorum and may transact the business for which the meeting was originally convened notwithstanding that they may not represent 25% of the principal amount of the outstanding Debentures. Any business may be brought before or dealt with at an adjourned meeting which might have been brought before or dealt with at the original meeting in accordance with the notice calling the same. No business shall be transacted at any meeting unless the required quorum is present at the commencement of business.

**Section 10.5 Power to Adjourn**

The chairman of any meeting at which a quorum of the Debentureholders is present may, with the consent of the holders of a majority in principal amount of the Debentures represented thereat, adjourn any such meeting and no notice of such adjournment need be given except such notice, if any, as the meeting may prescribe.

**Section 10.6 Show of Hands**

Every question submitted to a meeting shall, subject to Section 10.7, be decided in the first place by a majority of the votes given on a show of hands except that votes on Extraordinary Resolutions shall be given in the manner hereinafter provided. At any such meeting, unless a poll is duly demanded as herein provided, a declaration by the chairman that a resolution has been carried or carried unanimously or by a particular majority or lost or not carried by a particular majority shall be conclusive evidence of the fact. The chairman of any meeting shall be entitled, both on a show of hands and on a poll, to vote in respect of the Debentures, if any, held by him.

**Section 10.7 Poll**

On every Extraordinary Resolution, and on any other question submitted to a meeting when demanded by the chairman or by one or more Debentureholders or proxies for Debentureholders, a poll shall be taken in such manner and either at once or after an adjournment as the chairman shall direct. Questions other than Extraordinary Resolutions shall, if a poll be taken, be decided by the votes of the holders of a majority in principal amount of the Debentures represented at the meeting and voted on the poll.

**Section 10.8 Voting**

On a show of hands every Person who is present and entitled to vote, whether as a Debentureholder or as proxy for one or more Debentureholders or both, shall have one vote. On a poll each Debentureholder present in person or represented by a proxy duly appointed by an instrument in writing shall be entitled to one vote in respect of each $1,000 principal amount of Debentures of which he shall then be the holder. In the case of any Debenture denominated in a currency or currency unit other than Canadian dollars, the principal amount thereof for these purposes shall be computed in Canadian dollars on the basis of the conversion of the principal amount thereof at the applicable spot buying rate of exchange for such other currency or currency unit as reported by the Bank of Canada at the close of business on the Business Day next preceding the meeting. Any fractional amounts resulting from such conversion shall be rounded to the nearest $100. A proxy need not be a Debentureholder. In the case of joint holders of a Debenture, any one of them present in person or by proxy at the meeting may vote in the absence of the other or others but in case more than one of them be present in person or by proxy, they shall vote together in respect of the Debentures of which they are joint holders.

**Section 10.9 Proxies**

A Debentureholder may be present and vote at any meeting of Debentureholders by an authorized representative. The Corporation (in case it convenes the meeting) or the Trustee (in any other case) for the purpose of enabling the Debentureholders to be present and vote at any meeting without producing their Debentures, and of enabling them to be present and vote at any such meeting by proxy and of lodging instruments appointing such proxies at some place other than the place where the meeting is to be held, may from time to time make and vary such regulations as it shall think fit providing for and governing the form of the instrument appointing a proxy, which shall be in writing, and the manner in which the same shall be executed and the production of the authority of any Person signing on behalf of a Debentureholder;

Any regulations so made shall be binding and effective and the votes given in accordance therewith shall be valid and shall be counted. Save as such regulations may provide, the only persons who shall be recognized at any meeting as the holders of any Debentures, or as entitled to vote or be present at the meeting in respect thereof, shall be Debentureholders and persons whom Debentureholders have by instrument in writing duly appointed as their proxies.

**Section 10.10 Persons Entitled to Attend Meetings**

The Corporation and the Trustee, by their respective officers and directors, the Auditors of the Corporation and the legal advisors of the Corporation, the Trustee or any Debentureholder may attend any meeting of the Debentureholders, but shall have no vote as such.

**Section 10.11 Powers Exercisable by Extraordinary Resolution**

(1) In
 addition to the powers conferred upon them by any other provisions of this Indenture or by
 law, a meeting of the Debentureholders shall have the following powers exercisable from time
 to time by Extraordinary Resolution (subject to the prior approval of the Exchange, if applicable):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) power
 to authorize the Trustee to grant extensions of time for payment of any principal, premium
 or interest on the Debentures, whether or not the principal, premium, or interest, the payment
 of which is extended, is at the time due or overdue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) power
 to sanction any modification, abrogation, alteration, compromise or arrangement of the rights
 of the Debentureholders or the Trustee (with its consent) against the Corporation, or against
 its property, whether such rights arise under this Indenture or the Debentures or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) power
 to assent to any modification of or change in or addition to or omission from the provisions
 contained in this Indenture or any Debenture which shall be agreed to by the Corporation
 and to authorize the Trustee to concur in and execute any indenture supplemental hereto embodying
 any modification, change, addition or omission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) power
 to sanction any scheme for the reconstruction, reorganization or recapitalization of the
 Corporation or for the consolidation, amalgamation, arrangement, combination or merger of
 the Corporation with any other Person or for the sale, leasing, transfer or other disposition
 of all or substantially all of the undertaking, property and assets of the Corporation or
 any part thereof, provided that no such sanction shall be necessary in respect of any such
 transaction if the provisions of Section 9.1 shall have been complied with;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) power
 to direct or authorize the Trustee to exercise any power, right, remedy or authority given
 to it by this Indenture in any manner specified in any such Extraordinary Resolution or to
 refrain from exercising any such power, right, remedy or authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) power
 to waive, and direct the Trustee to waive, any default hereunder and/or cancel any declaration
 made by the Trustee pursuant to Section 7.1 either unconditionally or upon any condition specified
 in such Extraordinary Resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) power
 to restrain any Debentureholder from taking or instituting any suit, action or proceeding
 for the purpose of enforcing payment of the principal, premium or interest on the Debentures,
 or for the execution of any trust or power hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) power
 to direct any Debentureholder who, as such, has brought any action, suit or proceeding to
 stay or discontinue or otherwise deal with the same upon payment, if the taking of such suit,
 action or proceeding shall have been permitted by Section 7.5 , of the costs, charges and expenses reasonably
 and properly incurred by such Debentureholder in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) power
 to assent to any compromise or arrangement with any creditor or creditors or any class or
 classes of creditors, whether secured or otherwise, and with holders of any shares or other
 securities of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) power
 to appoint a committee with power and authority (subject to such limitations, if any, as
 may be prescribed in the resolution) to exercise, and to direct the Trustee to exercise,
 on behalf of the Debentureholders, such of the powers of the Debentureholders as are exercisable
 by Extraordinary Resolution or other resolution as shall be included in the resolution appointing
 the committee. The resolution making such appointment may provide for payment of the expenses
 and disbursements of and compensation to such committee. Such committee shall consist of
 such number of persons as shall be prescribed in the resolution appointing it and the members
 need not be themselves Debentureholders. Every such committee may elect its chairman and
 may make regulations respecting its quorum, the calling of its meetings and the filling of
 vacancies occurring in its number and its procedure generally. Such regulations may provide
 that the committee may act at a meeting at which a quorum is present or may act by minutes
 signed by the number of members thereof necessary to constitute a quorum. All acts of any
 such committee within the authority delegated to it shall be binding upon all Debentureholders.
 Neither the committee nor any member thereof shall be liable for any loss arising from or
 in connection with any action taken or omitted to be taken by them in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) power
 to remove the Trustee from office and to appoint a new Trustee or Trustees provided that
 no such removal shall be effective unless and until a new Trustee or Trustees shall have
 become bound by this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) power
 to sanction the exchange of the Debentures for or the conversion thereof into shares, bonds, debentures or other securities or obligations
 of the Corporation or of any other Person formed or to be formed;

(m) power
 to authorize the distribution in specie of any shares or securities received pursuant to a transaction authorized under the provisions
 of Section 10.11(1); and

(n) power
 to amend, alter or repeal any Extraordinary Resolution previously passed or sanctioned by the Debentureholders or by any committee
 appointed pursuant to clause Section 10.11(j).

**Section 10.12 Meaning of "Extraordinary Resolution"**

(1) The
 expression "**Extraordinary Resolution**" when used in this Indenture means, subject as hereinafter in this Article
 provided, a resolution proposed to be passed as an Extraordinary Resolution at a meeting of Debentureholders (including an adjourned
 meeting) duly convened for the purpose and held in accordance with the provisions of this Article at which the holders of not less
 than 25% of the principal amount of the Debentures then outstanding, are present in person or by proxy and passed by the favourable
 votes of the holders of not less than 66 ⅔% of the principal amount of the Debentures then outstanding, present or
 represented by proxy at the meeting and voted upon on a poll on such resolution.

(2) If,
 at any such meeting, the holders of not less than 25% of the principal amount of the Debentures then outstanding, in each case are
 not present in person or by proxy within 30 minutes after the time appointed for the meeting, then the meeting, if convened by or
 on the requisition of Debentureholders, shall be dissolved but in any other case it shall stand adjourned to such date, being not
 less than 14 nor more than 60 days later, and to such place and time as may be appointed by the chairman. Not less than 10 days'
 notice shall be given of the time and place of such adjourned meeting in the manner provided in Section 10.2 Such notice shall state that at
 the adjourned meeting the Debentureholders present in person or by proxy shall form a quorum. At the adjourned meeting the Debentureholders
 present in person or by proxy shall form a quorum and may transact the business for which the meeting was originally convened and
 a resolution proposed at such adjourned meeting and passed thereat by the affirmative vote of holders of not less than 66 ⅔%
 of the principal amount of the Debentures then outstanding present or represented by proxy at the meeting and voted upon on a poll
 shall be an Extraordinary Resolution within the meaning of this Indenture, notwithstanding that the holders of not less than 25%
 in principal amount of the Debentures then outstanding, are not present in person or by proxy at such adjourned meeting.

(3) Votes
 on an Extraordinary Resolution shall always be given on a poll and no demand for a poll on an Extraordinary Resolution shall be necessary.

**Section 10.13 Powers Cumulative**

Any one or more of the powers in this Indenture stated to be exercisable by the Debentureholders by Extraordinary Resolution or otherwise may be exercised from time to time and the exercise of any one or more of such powers from time to time shall not be deemed to exhaust the rights of the Debentureholders to exercise the same or any other such power or powers thereafter from time to time.

**Section 10.14 Minutes**

Minutes of all resolutions and proceedings at every meeting as aforesaid shall be made and duly entered in books to be from time to time provided for that purpose by the Trustee at the expense of the Corporation, and any such minutes as aforesaid, if signed by the chairman of the meeting at which such resolutions were passed or proceedings had, or by the chairman of the next succeeding meeting of the Debentureholders, shall be prima facie evidence of the matters therein stated and, until the contrary is proved, every such meeting, in respect of the proceedings of which minutes shall have been made, shall be deemed to have been duly held and convened, and all resolutions passed thereat or proceedings taken thereat to have been duly passed and taken.

**Section 10.15 Instruments in Writing**

All actions which may be taken and all powers that may be exercised by the Debentureholders at a meeting held as hereinbefore in this Article provided may also be taken and exercised by the holders of 66 ⅔% of the principal amount of all the outstanding Debentures, by an instrument in writing signed in one or more counterparts and the expression "Extraordinary Resolution" when used in this Indenture shall include an instrument so signed.

**Section 10.16 Binding Effect of Resolutions**

Every resolution and every Extraordinary Resolution passed in accordance with the provisions of this Article at a meeting of Debentureholders shall be binding upon all the Debentureholders, whether present at or absent from such meeting, and every instrument in writing signed by Debentureholders in accordance with Section 10.15 shall be binding upon all the Debentureholders, whether signatories thereto or not, and each and every Debentureholder and the Trustee (subject to the provisions for its indemnity herein contained) shall be bound to give effect accordingly to every such resolution, Extraordinary Resolution and instrument in writing.

**Section 10.17 Evidence of Rights of Debentureholders**

(1) Any
 request, direction, notice, consent or other instrument which this Indenture may require
 or permit to be signed or executed by the Debentureholders may be in any number of concurrent
 instruments of similar tenor signed or executed by such Debentureholders.

(2) The
 Trustee may, in its discretion, require proof of execution in cases where it deems proof
 desirable and may accept such proof as it shall consider proper.

**Article 11 - NOTICES**

**Section 11.1 Notice to Corporation**

Any notice to the Corporation under the provisions of this Indenture shall be valid and effective if delivered to the Corporation at:

---

| | |
|:---|:---|
| Yerbae Brands Corp. | Yerbae Brands Corp. |
| 18801 N. Thompson Peak Parkway, Suite D-380 | 18801 N. Thompson Peak Parkway, Suite D-380 |
| Scottsdale, Arizona 85255 | Scottsdale, Arizona 85255 |
| Attention: | Todd Gibson, Chief Executive Officer |
| Email: | todd@yerbae.com |
| Attention: | William Finn, Chief Financial Officer |
| Email: | bfinn@yerbae.com |
| with a copy (which shall not constitute notice) to: | with a copy (which shall not constitute notice) to: |
| Clark Wilson LLP | Clark Wilson LLP |
| 900 – 885 West Georgia Street | 900 – 885 West Georgia Street |
| Vancouver, BC V6C 3H1 | Vancouver, BC V6C 3H1 |
| Attention: | Virgil Hlus |
| Email: | vhlus@cwilson.com |

---

and shall be deemed to have been effectively given as of the date of such receipt confirmation, or if given by registered letter, postage prepaid, to such office and so addressed and, if mailed, shall be deemed to have been effectively given three (3) days following the mailing thereof., or if given by email, on the next Business Day following the date of transmission provided that its contents are transmitted and received completed and accurately.

The Corporation may from time to time notify the Trustee in writing of a change of address which thereafter, until changed by like notice, shall be the address of the Corporation for all purposes of this Indenture.

**Section 11.2 Notice to Debentureholders**

(1) All
 notices to be given hereunder with respect to the Debentures shall be deemed to be validly
 given to the holders thereof if sent by first class mail, postage prepaid, by letter or circular
 addressed to such holders at their post office addresses appearing in any of the registers
 hereinbefore mentioned and shall be deemed to have been effectively given three (3) days
 following the day of mailing. Accidental error or omission in giving notice or accidental
 failure to mail notice to any Debentureholder or the inability of the Corporation to give
 or mail any notice due to anything beyond the reasonable control of the Corporation shall
 not invalidate any action or proceeding founded thereon.

(2) If
 any notice given in accordance with the foregoing paragraph would be unlikely to reach the
 Debentureholders to whom it is addressed in the ordinary course of post by reason of an interruption
 in mail service, whether at the place of dispatch or receipt or both, the Corporation shall
 give such notice by publication at least once in Toronto, Ontario (or in such of those cities
 as, in the opinion of the Trustee, is sufficient in the particular circumstances), each such
 publication to be made in a daily newspaper of general circulation in the designated city.

(3) Any
 notice given to Debentureholders by publication shall be deemed to have been given on the
 day on which publication shall have been effected at least once in each of the newspapers
 in which publication was required.

(4) All
 notices with respect to any Debenture may be given to whichever one of the holders thereof
 (if more than one) is named first in the registers hereinbefore mentioned, and any notice
 so given shall be sufficient notice to all holders of any persons interested in such Debenture.

**Section 11.3 Notice to Trustee**

Any notice to the Trustee under the provisions of this Indenture shall be valid and effective if delivered, receipt confirmed, to the Trustee at:

---

| | |
|:---|:---|
| Odyssey Trust Company | Odyssey Trust Company |
| United Kingdom Building | United Kingdom Building |
| 350 – 409 Granville St | 350 – 409 Granville St |
| Vancouver, BC, V6C 1T2 | Vancouver, BC, V6C 1T2 |
| Attention: | Corporate Trust |
| Email: | corptrust@odysseytrust.com |

---

and shall be deemed to have been effectively given as of the date of such receipt confirmation, or if given by registered letter, postage prepaid, to such office and so addressed and, if mailed, shall be deemed to have been effectively given three (3) days following the mailing thereof, or if given by email, on the next Business Day following the date of transmission provided that its contents are transmitted and received.

**Section 11.4 Mail Service Interruption**

If by reason of any interruption of mail service, actual or threatened, any notice to be given to the Trustee would reasonably be unlikely to reach its destination by the time notice by mail is deemed to have been given pursuant to Section 12.3, such notice shall be valid and effective only if delivered at the appropriate address in accordance with Section 12.3.

**Article 12 - CONCERNING THE TRUSTEE**

**Section 12.1 No Conflict of Interest**

The Trustee represents to the Corporation that to the best of its knowledge at the date of execution and delivery by it of this Indenture there exists no material conflict of interest in the role of the Trustee as a fiduciary hereunder but if, notwithstanding the provisions of this Section 12.1, such a material conflict of interest exists, or hereafter arises, the validity and enforceability of this Indenture, and the Debentures issued hereunder, shall not be affected in any manner whatsoever by reason only that such material conflict of interest exists or arises but the Trustee shall, within 30 days after ascertaining that it has a material conflict of interest, either eliminate such material conflict of interest or resign in the manner and with the effect specified in Section 12.2.

**Section 12.2 Replacement of Trustee**

(1) The
 Trustee may resign its trust and be discharged from all further duties and liabilities hereunder
 by giving to the Corporation 90 days' notice in writing or such shorter notice as the
 Corporation may accept as sufficient. If at any time a material conflict of interest exists
 in the Trustee's role as a fiduciary hereunder the Trustee shall, within 30 days after
 ascertaining that such a material conflict of interest exists, either eliminate such material
 conflict of interest or resign in the manner and with the effect specified in this Section 12.2. The
 validity and enforceability of this Indenture and of the Debentures issued hereunder shall
 not be affected in any manner whatsoever by reason only that such a material conflict of
 interest exists. In the event of the Trustee resigning or being removed or being dissolved,
 becoming bankrupt, going into liquidation or otherwise becoming incapable of acting hereunder,
 the Corporation shall forthwith appoint a new Trustee unless a new Trustee has already been
 appointed by the Debentureholders. Failing such appointment by the Corporation, the retiring
 Trustee or any Debentureholder may apply to a court of competent jurisdiction in the Province
 of Ontario, at the Corporation's expense, for the appointment of a new Trustee but
 any new Trustee so appointed by the Corporation or by the Court shall be subject to removal
 as aforesaid by the Debentureholders and the appointment of such new Trustee shall be effective
 only upon such new Trustee becoming bound by this Indenture. Any new Trustee appointed under
 any provision of this Section 12.2 shall be a corporation authorized to carry on the business of a trust
 company in one or more of the Provinces of Canada. On any new appointment the new Trustee
 shall be vested with the same powers, rights, duties and responsibilities as if it had been
 originally named herein as Trustee.

(2) Any
 company into which the Trustee may be merged or, with or to which it may be consolidated,
 amalgamated or sold, or any company resulting from any merger, consolidation, sale or amalgamation
 to which the Trustee shall be a party, or any company which shall purchase all or substantially
 all of the corporate trust book of business of the Trustee, shall be the successor trustee
 under this Indenture without the execution of any instrument or any further act. Nevertheless,
 upon the written request of the successor Trustee or of the Corporation, the Trustee ceasing
 to act shall execute and deliver an instrument assigning and transferring to such successor
 Trustee, upon the trusts herein expressed, all the rights, powers and trusts of the Trustee
 so ceasing to act, and, upon receipt by the Trustee of payment in full for any outstanding
 charges due to it, shall duly assign, transfer and deliver all property and money held by
 such Trustee to the successor Trustee so appointed in its place. Should any deed, conveyance
 or instrument in writing from the Corporation be required by any new Trustee for more fully
 and certainly vesting in and confirming to it such estates, properties, rights, powers and
 trusts, then any and all such deeds, conveyances and instruments in writing shall on request
 of said new Trustee, be made, executed, acknowledged and delivered by the Corporation.

**Section 12.3 Duties of Trustee**

In the exercise of the rights, duties and obligations prescribed or conferred by the terms of this Indenture, the Trustee shall act honestly and in good faith with a view to the best interests of the Debentureholders and shall exercise that degree of care, diligence and skill that a reasonably prudent trustee would exercise in comparable circumstances.

**Section 12.4 Reliance Upon Declarations, Opinions, etc.**

In the exercise of its rights, duties and obligations hereunder the Trustee may, if acting in good faith, rely, as to the truth of the statements and accuracy of the opinions expressed therein, upon statutory declarations, opinions, reports or certificates furnished pursuant to any covenant, condition or requirement of this Indenture or required by the Trustee to be furnished to it in the exercise of its rights and duties hereunder, if the Trustee examines such statutory declarations, opinions, reports or certificates and determines that they comply with Section 12.5, if applicable, and with any other applicable requirements of this Indenture. The Trustee may nevertheless, in its discretion, require further proof in cases where it deems further proof desirable. Without restricting the foregoing, the Trustee may rely on an opinion of Counsel satisfactory to the Trustee notwithstanding that it is delivered by a solicitor or firm which acts as solicitors for the Corporation.

**Section 12.5 Evidence and Authority to Trustee, Opinions, etc.**

(1) The
 Corporation shall furnish to the Trustee evidence of compliance with the conditions precedent
 provided for in this Indenture relating to any action or step required or permitted to be
 taken by the Corporation or the Trustee under this Indenture or as a result of any obligation
 imposed under this Indenture, including without limitation, the certification and delivery
 of Debentures hereunder, the satisfaction and discharge of this Indenture and the taking
 of any other action to be taken by the Trustee at the request of or on the application of
 the Corporation, forthwith if and when (a) such evidence is required by any other Section
 of this Indenture to be furnished to the Trustee in accordance with the terms of this Section 12.5,
 or (b) the Trustee, in the exercise of its rights and duties under this Indenture, gives
 the Corporation written notice requiring it to furnish such evidence in relation to any particular
 action or obligation specified in such notice.

(2) Such
 evidence shall consist of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 certificate made by any two officers or directors of the Corporation, stating that any such
 condition precedent has been complied with in accordance with the terms of this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 the case of a condition precedent compliance with which is, by the terms of this Indenture, made subject to review or examination
 by a solicitor, an opinion of Counsel that such condition precedent has been complied with in accordance with the terms of this
 Indenture; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in
 the case of any such condition precedent compliance with which is subject to review or examination
 by auditors or accountants, an opinion or report of the Auditors of the Corporation whom
 the Trustee for such purposes hereby approves, that such condition precedent has been complied
 with in accordance with the terms of this Indenture.

(3) Whenever
 such evidence relates to a matter other than the certificates and delivery of Debentures
 and the satisfaction and discharge of this Indenture, and except as otherwise specifically
 provided herein, such evidence may consist of a report or opinion of any solicitor, auditor,
 accountant, engineer or appraiser or any other Person whose qualifications give authority
 to a statement made by him, provided that if such report or opinion is furnished by a trustee,
 officer or employee of the Corporation it shall be in the form of a statutory declaration.
 Such evidence shall be, so far as appropriate, in accordance with the immediately preceding
 paragraph of this Section.

(4) Each
 statutory declaration, certificate, opinion or report with respect to compliance with a condition
 precedent provided for in the Indenture shall include (a) a statement by the Person giving
 the evidence that he has read and is familiar with those provisions of this Indenture relating
 to the condition precedent in question, (b) a brief statement of the nature and scope of
 the examination or investigation upon which the statements or opinions contained in such
 evidence are based, (c) a statement that, in the belief of the Person giving such evidence,
 he has made such examination or investigation as is necessary to enable him to make the statements
 or give the opinions contained or expressed therein, and (d) a statement whether in the opinion
 of such Person the conditions precedent in question have been complied with or satisfied.

(5) The
 Corporation shall furnish or cause to be furnished to the Trustee at any time if the Trustee
 reasonably so requires, its certificate that the Corporation has complied with all covenants,
 conditions or other requirements contained in this Indenture, the non-compliance with which
 would, with the giving of notice or the lapse of time, or both, or otherwise, constitute
 an Event of Default, or if such is not the case, specifying the covenant, condition or other
 requirement which has not been complied with and giving particulars of such non-compliance.
 The Corporation shall, whenever the Trustee so requires, furnish the Trustee with evidence
 by way of statutory declaration, opinion, report or certificate as specified by the Trustee
 as to any action or step required or permitted to be taken by the Corporation or as a result
 of any obligation imposed by this Indenture.

**Section 12.6 Officer's Certificates Evidence**

Except as otherwise specifically provided or prescribed by this Indenture, whenever in the administration of the provisions of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking or omitting any action hereunder, the Trustee, if acting in good faith, may rely upon an Officer's Certificate.

**Section 12.7 Experts, Advisers and Agents**

The Trustee may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) employ
 or retain and act and rely on the opinion or advice of or information obtained from any solicitor,
 auditor, valuer, engineer, surveyor, appraiser or other expert, whether obtained by the Trustee
 or by the Corporation, or otherwise, and shall not be liable for acting, or refusing to act,
 in good faith on any such opinion or advice and shall not be responsible for any misconduct
 on the part of any of them and may pay proper and reasonable compensation for all such legal
 and other advice or assistance as aforesaid. The reasonable costs of such services shall
 be added to and become part of the Trustee's remuneration hereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) employ
 such agents and other assistants as it may reasonably require for the proper discharge of
 its duties hereunder, and may pay reasonable remuneration for all services performed for
 it, but it is not responsible for any misconduct, negligence, mistake or error of judgment
 on the part of any of them (and shall be entitled to receive reasonable remuneration for
 all services performed by it) in the discharge of the trusts hereof and compensation for
 all disbursements, costs and expenses made or incurred by it in the discharge of its duties
 hereunder and in the management of the trusts hereof and any solicitors employed or consulted
 by the Trustee may, but need not be, solicitors for the Corporation.

**Section 12.8 Trustee May Deal in Debentures**

Subject to Section 12.1 and 12.3, the Trustee may, in its personal or other capacity, buy, sell, lend upon and deal in the Debentures and generally contract and enter into financial transactions with the Corporation or otherwise, without being liable to account for any profits made thereby.

**Section 12.9 Investment of Monies Held by Trustee**

Until released in accordance with this Agreement, monies held by the Trustee shall be kept segregated in the records of the Trustee and shall be deposited in one or more interest- bearing trust accounts to be maintained by the Trustee in the name of the Trustee at one or more banks having a Standard and Poors Issuer Credit rating of AA- or above (an "**Approved Bank**"). All amounts held by the Trustee pursuant to this Agreement shall be held by the Trustee pursuant to the term of this Agreement and shall not give rise to a debtor-creditor or other similar relationship. The amounts held by the Trustee pursuant to this Agreement are at the sole risk of the Corporation and, without limiting the generality of the foregoing, the Trustee shall have no responsibility or liability for any diminution of the monies which may result from any deposit made with an Approved Bank pursuant to this Section 12.9, including any losses resulting from a default by the Approved Bank or other credit losses (whether or not resulting from such a default) and any credit or other losses on any deposit liquidated or sold prior to maturity. The parties hereto acknowledge and agree that the Trustee will have acted prudently in depositing the monies at any Approved Bank.

**Section 12.10 Trustee Not Ordinarily Bound**

Except as provided in Section 7.2 and as otherwise specifically provided herein, the Trustee shall not, subject to Section 13.3, be bound to give notice to any Person of the execution hereof, nor to do, observe or perform or see to the observance or performance by the Corporation of any of the obligations herein imposed upon the Corporation or of the covenants on the part of the Corporation herein contained, nor in any way to supervise or interfere with the conduct of the Corporation's business, unless the Trustee shall have been required to do so in writing by the holders of not less than 25% of the aggregate principal amount of the Debentures then outstanding or by any Extraordinary Resolution of the Debentureholders passed in accordance with the provisions contained in Article 10, and then only after it shall have been funded and indemnified to its satisfaction against all actions, proceedings, claims and demands to which it may render itself liable and all costs, charges, damages and expenses which it may incur by so doing.

**Section 12.11 Trustee Not Required to Give Security**

The Trustee shall not be required to give any bond or security in respect of the execution of the trusts and powers of this Indenture or otherwise in respect of the premises.

**Section 12.12 Trustee Not Bound to Act on Corporation's Request**

Except as otherwise specifically provided in this Indenture, the Trustee shall not be bound to act in accordance with any direction or request of the Corporation until a duly authenticated copy of the instrument or resolution containing such direction or request shall have been delivered to the Trustee, and the Trustee shall be empowered to act upon any such copy purporting to be authenticated and believed by the Trustee to be genuine.

**Section 12.13 Conditions Precedent to Trustee's Obligations to Act Hereunder**

(1) The
 Corporation shall promptly reimburse the Trustee for any costs, charges and expenses and
 liabilities of the Trustee incurred in connection with the Trustee's performance under
 the Indenture or upon the request of the Trustee, advance funds to the Trustee to cover any
 of the foregoing.

(2) The
 obligation of the Trustee to commence or continue any act, action or proceeding for the purpose
 of enforcing the rights of the Trustee and of the Debentureholders hereunder shall be conditional
 upon the Debentureholders furnishing when required by notice in writing by the Trustee, sufficient
 funds to commence or continue such act, action or proceeding and indemnity reasonably satisfactory
 to the Trustee to protect and hold harmless the Trustee against the costs, charges and expenses
 and liabilities to be incurred thereby and any loss and damage it may suffer by reason thereof.

(3) None
 of the provisions contained in this Indenture shall require the Trustee to expend or risk
 its own funds or otherwise incur financial liability in the performance of any of its duties
 or in the exercise of any of its rights or powers.

(4) The
 Trustee may, before commencing or at any time during the continuance of any such act, action
 or proceeding require the Debentureholders at whose instance it is acting to deposit with
 the Trustee the Debentures held by them for which Debentures the Trustee shall issue receipts.

**Section 12.14 Authority to Carry on Business**

The Trustee represents to the Corporation that at the date of execution and delivery by it of this Indenture it is authorized to carry on the business of a trust company in both the Province of Alberta and the Province of Ontario but if, notwithstanding the provisions of this Section 12.4, it ceases to be so authorized to carry on business, the validity and enforceability of this Indenture and the securities issued hereunder shall not be affected in any manner whatsoever by reason only of such event but the Trustee shall, within 90 days after ceasing to be authorized to carry on the business of a trust company in at least one of the provinces of Canada, either become so authorized or resign in the manner and with the effect specified in Section 12.2.

**Section 12.15 Compensation and Indemnity**

(1) The
 Corporation shall pay to the Trustee from time to time compensation for its services hereunder
 as agreed separately by the Corporation and the Trustee, and shall pay or reimburse the Trustee
 upon its request for all reasonable expenses, disbursements and advances incurred or made
 by the Trustee in the administration or execution of its duties under this Indenture (including
 the reasonable and documented compensation and disbursements of its Counsel and all other
 advisers and assistants not regularly in its employ), both before any default hereunder and
 thereafter until all duties of the Trustee under this Indenture shall be finally and fully
 performed. Any fees and expenses of the Trustee in connection herewith shall be paid by the
 Corporation within 30 days of issuance of an invoice therefor and, if not so paid, shall
 bear interest at a rate per annum to the then-current rate of interest charged by the Trustee
 to its corporate clients. The Trustee's compensation shall not be limited by any law
 on compensation of a trustee of an express trust.

(2) The
 Corporation hereby indemnifies and holds the Trustee and its affiliates, their successors
 and assigns, as well as its and their respective directors, officers, employees and agents,
 harmless from and against any and all claims, demands, assessments, interest, penalties,
 actions, suits, proceedings, liabilities, losses, damages, costs and expenses, including,
 without limiting the foregoing, expert, consultant and counsel fees and disbursements on
 a solicitor and client basis, arising from or in connection with any actions or omissions
 that the Trustee or they take pursuant to this Indenture, provided that any such action or
 omission is without gross negligence, bad faith or wilful misconduct or is taken on advice
 and instructions given to the Trustee or them by the Corporation, or the Corporation's
 representatives, including the Corporation's legal counsel, or counsel consulted by
 the Trustee or them. This indemnity shall survive the resignation or removal of the Trustee
 and the termination or discharge of this Indenture.

(3) Notwithstanding
 any other provision of this Indenture, the Trustee shall not be liable for any (i) breach
 by any other party of the Applicable Securities Legislation, (ii) lost profits or (iii) punitive,
 consequential or special damages of any Person. Notwithstanding the foregoing or any other
 provision of this Indenture, other than in respect of fraud, bad faith, gross negligence
 and wilful misconduct, any liability of the Trustee shall be limited, in the aggregate, to
 the amount of annual retainer fees paid by the Corporation to the Trustee under this Indenture
 in the twelve months immediately prior to the Trustee receiving the first notice of the claim.

(4) In
 the event that any funds to be disbursed by the Trustee in accordance herewith are received
 by the Trustee in the form of an uncertified cheque or cheques, the Trustee shall be entitled
 to delay the time for disbursement of such funds hereunder until such uncertified cheque
 or cheques have cleared in the ordinary course the financial institution upon which the same
 are drawn.

**Section 12.16 Acceptance of Trust**

The Trustee hereby accepts the trusts in this Indenture declared and provided for and agrees to perform the same upon the terms and conditions herein set forth and to hold all rights, privileges and benefits conferred hereby and by law in trust for the various persons who shall from time to time be Debentureholders, subject to all the terms and conditions herein set forth.

**Section 12.17 Third Party Interests**

Each party to this Indenture (in this paragraph referred to as a "**representing party**") hereby represents to the Trustee that any account to be opened by, or interest to be held by, the Trustee in connection with this Indenture, for or to the credit of such representing party, either (i) is not intended to be used by or on behalf of any third party; or (ii) is intended to be used by or on behalf of a third party, in which case such representing party hereby agrees to complete, execute and deliver forthwith to the Trustee a declaration, in the Trustee's prescribed form or in such other form as may be satisfactory to it, as to the particulars of such third party.

**Section 12.18 Anti-Money Laundering**

The Trustee shall retain the right not to act and shall not be liable for refusing to act if, due to a lack of information or for any other reason whatsoever, the Trustee, in its sole judgment, acting reasonably, determines that such act might cause it to be in noncompliance with any applicable anti- money laundering or anti-terrorist or economic sanctions legislation, regulation or guideline. Further, should the Trustee, in its sole judgment, acting reasonably, determine at any time that its acting under this Indenture has resulted in its being in non-compliance with any applicable anti- money laundering or anti-terrorist or economic sanctions legislation, regulation or guideline, then it shall have the right to resign on 10 days' prior written notice sent to the Corporation provided that (i) the Trustee's written notice shall describe the circumstances of such non-compliance; and (ii) if such circumstances are rectified to the Trustee's satisfaction within such 10-day period, then such resignation shall not be effective.

**Section 12.19 Privacy Laws**

The parties acknowledge that the Trustee may, in the course of providing services hereunder, collect or receive financial and other personal information about such parties and/or their representatives, as individuals, or about other individuals related to the subject matter hereof, and use such information for the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 provide the services required under this Indenture and other services that may be requested
 from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 help the Trustee manage its servicing relationships with such individuals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to
 meet the Trustee's legal and regulatory requirements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if
 Social Insurance Numbers are collected by the Trustee, to perform tax reporting and to assist
 in verification of an individual's identity for security purposes.

Each party acknowledges and agrees that the Trustee may receive, collect, use and disclose personal information provided to it or acquired by it in the course of this Indenture for the purposes described above and, generally, in the manner and on the terms described in its Privacy Code, which the Trustee shall make available on its website, www.odysseytrust.com, or upon request, including revisions thereto. The Trustee may transfer personal information to other companies in or outside of Canada that provide data processing and storage or other support in order to facilitate the services it provides.

Further, each party agrees that it shall not provide or cause to be provided to the Trustee any personal information relating to an individual who is not a party to this Indenture unless that party has assured itself that such individual understands and has consented to the aforementioned uses and disclosures.

**Section 12.20 Force Majeure**

Neither party shall be liable to the other, or held in breach of this Indenture, if prevented, hindered, or delayed in the performance or observance of any provision contained herein by reason of act of God, riots, terrorism, acts of war, epidemics, governmental action or judicial order, earthquakes, or any other similar causes (including, but not limited to, mechanical, electronic or communication interruptions, disruptions or failures). Performance times under this Indenture shall be extended for a period of time equivalent to the time lost because of any delay that is excusable under this Section.

**Section 12.21 Withholding Obligations**

For greater certainty, the Trustee shall, as directed by the Corporation, withhold, from any payment made to a Debentureholder pursuant to the terms of this Indenture, the amount of any applicable withholding taxes required to be withheld in respect of such payment, and the Trustee shall remit such withheld amounts to the appropriate governmental authority, as and when required. For the purposes of determining the appropriate withholdings to be made from any payment to be made to a Debentureholder, the Corporation and the Trustee agree to cooperate and to provide each other with any relevant information they have with respect to the Debentureholders.

**Article 13 - SUPPLEMENTAL INDENTURES**

**Section 13.1 Supplemental Indentures**

From time to time the Trustee and, when authorized by a resolution of the directors of Corporation, the Corporation, may, subject to the provisions hereof and subject to the prior approval of the Exchange (or such other recognized stock exchange on which the Common Shares are then listed), as applicable, and they shall when required by this Indenture, execute, acknowledge and deliver by their proper officers deeds or indentures supplemental hereto which thereafter shall form part hereof, for any one or more of the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) adding
 to the covenants of the Corporation herein contained for the protection of the Debentureholders,
 or providing for events of default, in addition to those herein specified;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) making
 such provisions not inconsistent with this Indenture as may be necessary or desirable with
 respect to matters or questions arising hereunder, including the making of any modifications
 in the form of the Debentures which do not affect the substance thereof and which in the
 opinion of the Trustee relying on an opinion of Counsel will not be prejudicial to the interests
 of the Debentureholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evidencing
 the succession, or successive successions, of others to the Corporation and the covenants
 of and obligations assumed by any such successor in accordance with the provisions of this
 Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) giving
 effect to any Extraordinary Resolution passed as provided in Article 10 ; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) for
 any other purpose not inconsistent with the terms of this Indenture.

Unless the supplemental indenture requires the consent or concurrence of Debentureholders by Extraordinary Resolution, the consent or concurrence of Debentureholders shall not be required in connection with the execution, acknowledgement or delivery of a supplemental indenture. The Corporation and the Trustee may amend any of the provisions of this Indenture related to matters of United States law or the issuance of Debentures into the United States in order to ensure that such issuances can be made in accordance with applicable law in the United States without the consent or approval of the Debentureholders. Further, the Corporation and the Trustee may without the consent or concurrence of the Debentureholders by supplemental indenture or otherwise, make any changes or corrections in this Indenture which it shall have been advised by Counsel are required for the purpose of curing or correcting any ambiguity or defective or inconsistent provisions or clerical omissions or mistakes or manifest errors contained herein or in any indenture supplemental hereto or any Written Direction of the Corporation provided for the issue of Debentures, providing that in the opinion of the Trustee (relying upon an opinion of Counsel) the rights of the Debentureholders are in no way prejudiced thereby.

**Article 14 - EXECUTION AND FORMAL DATE**

**Section 14.1 Execution**

This Indenture may be simultaneously executed in several counterparts, each of which when so executed shall be deemed to be an original and such counterparts together shall constitute one and the same instrument.

**Section 14.2 Formal Date**

For the purpose of convenience this Indenture may be referred to as bearing the formal date of April 13, 2023 irrespective of the actual date of execution hereof.

The parties hereto have executed this Indenture as of the date first written above.

---

| | |
|:---|:---|
| **YERBAE BRANDS CORP.** | **YERBAE BRANDS CORP.** |
| By: | *"Todd Gibson"* |
| Name: | Todd Gibson |
| Title: | Chief Executive Officer |
| **ODYSSEY TRUST COMPANY** | **ODYSSEY TRUST COMPANY** |
| By: | *"Dan Sander"* |
| Name: | Dan Sander |
| Title: | President, Corporate Trust |
| By: | *"Amy Douglas"* |
| Name: | Amy Douglas |
| Title: | Director, Corporate Trust |

---

**Schedule A**

**Form of Debenture**

***[DEBENTURES LEGEND]***

 ****

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE **[INSERT THE DATE THAT IS 4 MONTHS AND A DAY AFTER THE APPLICABLE ISSUE DATE]**.

**(CDS LEGEND – TO BE INCLUDED IF BEING ISSUED TO CDS)**

THIS DEBENTURE IS A GLOBAL DEBENTURE WITHIN THE MEANING OF THE INDENTURE HEREIN REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE THEREOF. THIS DEBENTURE MAY NOT BE TRANSFERRED TO OR EXCHANGED FOR DEBENTURES REGISTERED IN THE NAME OF ANY PERSON OTHER THAN THE DEPOSITORY OR A NOMINEE THEREOF AND NO SUCH TRANSFER MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE TRUST INDENTURE DATED AS OF APRIL 13, 2023 BETWEEN YERBAE BRANDS CORP. AND ODYSSEY TRUST COMPANY (THE "INDENTURE"). EVERY DEBENTURE AUTHENTICATED AND DELIVERED UPON REGISTRATION OF, TRANSFER OF, OR IN EXCHANGE FOR, OR IN LIEU OF, THIS DEBENTURE SHALL BE A GLOBAL DEBENTURE SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF CDS CLEARING AND DEPOSITORY SERVICES INC. ("CDS") TO YERBAE BRANDS CORP. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN RESPECT THEREOF IS REGISTERED IN THE NAME OF CDS & CO., OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS (AND ANY PAYMENT IS MADE TO CDS & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED HOLDER HEREOF, CDS & CO., HAS A PROPERTY INTEREST IN THE SECURITIES REPRESENTED BY THIS CERTIFICATE HEREIN AND IT IS A VIOLATION OF ITS RIGHTS FOR ANOTHER PERSON TO HOLD, TRANSFER OR DEAL WITH THIS CERTIFICATE.

***(U.S. LEGEND – TO BE INCLUDED ON ALL DEBENTURES ISSUED TO U.S. PERSONS OR IN THE UNITED STATES PURSUANT TO RULE 506.)***

 ****

THE SECURITIES REPRESENTED HEREBY AND THE SECURITIES ISSUABLE UPON CONVERSION HEREOF HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), OR ANY STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF YERBAE BRANDS CORP. (THE "CORPORATION"), THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY, ONLY (A) TO THE CORPORATION OR (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE LOCAL LAWS AND REGULATIONS. PROVIDED THAT IN THE CASE OF TRANSFERS PURSUANT TO (B) ABOVE IF REQUIRED BY THE CORPORATION OR THE TRUSTEE THE HOLDER FIRST FURNISHES TO THE CORPORATION AND THE TRUSTEE AN OPINION OF COUNSEL OF RECOGNIZED STANDING IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE CORPORATION AND THE TRUSTEE TO SUCH EFFECT.

**CUSIP ♦**

**ISIN ♦**

**[Note: CUSIP / ISIN above applicable in respect of Debentures issued on initial closing date. New 4-month restricted CUSIP / ISIN required for any issuance of Debentures on a subsequent closing date.]**

No. ______________

$______________

**YERBAE BRANDS CORP.**

**(A corporation incorporated under the laws of the Province of British Columbia)**

**6% UNSECURED CONVERTIBLE DEBENTURE**

**DUE: April 30, 2025**

**YERBAE BRANDS CORP.** (the "**Corporation**") for value received hereby acknowledges itself indebted and, subject to the provisions of the Debenture Indenture (the "**Indenture**") dated as of April 13, 2023 between the Corporation and Odyssey Trust Company (the "Trustee"), promises to pay to the registered holder hereof on April 30, 2025 or on such earlier date as the principal amount hereof may become due in accordance with the provisions of the Indenture (any such date, the "**Maturity Date**") the principal sum of ______________Dollars ($_____________) in lawful money of the United States of America on presentation and surrender of this Debenture at the office of the Trustee in Vancouver, British Columbia, in accordance with the terms of the Indenture and, subject as hereinafter provided, to pay interest on the principal amount hereof from, and including, April 13, 2023, at the rate of 6% per annum (based on a year of 360 days comprised of twelve 30-day months), to fall due on the Maturity Date and, should the Corporation at any time make default in the payment of any principal, premium, if any, or interest, to pay interest on the amount in default at the same rate, in like money and on the same dates. Any payment required to be made on any day that is not a Business Day will be made on the next succeeding Business Day.

The Corporation shall pay accrued but unpaid interest on the Debentures on an Interest Payment Date by delivering to each holder of Debentures that number of Common Shares obtained by dividing the interest amount payable to such holder on the applicable Interest Payment Date by the Market Price of the Common Shares on the applicable Interest Payment Date. The Corporation will issue such Common Shares as soon as reasonably practicable and no later than 5 days from such Interest Payment Date. For the purposes hereof, "**Market Price**" has the meaning ascribed to such term in the Indenture.

This Debenture is one of the "6% Unsecured Convertible Debentures" (referred to herein as the "**Debentures**") of the Corporation issued or issuable under the provisions of the Indenture. The Debentures authorized for issue immediately are limited to an aggregate principal amount of $3,450,000 in lawful money of the United States of America.

Reference is hereby expressly made to the Indenture for a description of the terms and conditions upon which the Debentures are or are to be issued and held and the rights and remedies of the holders of the Debentures and of the Corporation and of the Trustee, all to the same effect as if the provisions of the Indenture were herein set forth to all of which provisions the holder of this Debenture by acceptance hereof assents.

The Debentures are issuable only in denominations of $1,000 and integral multiples thereof. Upon compliance with the provisions of the Indenture, Debentures of any denomination may be exchanged for an equal aggregate principal amount of Debentures in any other authorized denomination or denominations.

Any part, being $1,000 or an integral multiple thereof, of the principal of this Debenture, provided that the principal amount of this Debenture is in a denomination in excess of $1,000, is convertible, at the option of the holder hereof, upon surrender of this Debenture at the office of the Trustee in Vancouver, British Columbia, at any time prior to the close of business on the Business Day preceding the Maturity Date or, if called for repurchase pursuant to a Change of Control (as defined in the Indenture) on the Business Day immediately prior to the payment date, into Common Shares of the Corporation (the "**Common Shares**") (without adjustment for interest accrued hereon or for dividends or distributions on Common Shares issuable upon conversion) at a conversion price of $1.40 (the "**Conversion Price**") per Common Share, being a rate of 714 Common Shares for each $1,000 principal amount of Debentures, all subject to the terms and conditions and in the manner set forth in the Indenture. The Indenture makes provision for the adjustment of the Conversion Price in the events therein specified. No fractional Common Shares will be issued on any conversion, and any Common Shares so issuable will be rounded down to the nearest whole number and the holder will not receive any consideration in respect of any such fraction. Holders converting their Debentures will receive accrued and unpaid interest thereon in Common Shares to be determined at the Market Price of the Common Shares on the applicable Interest Payment Date.

Upon the occurrence of a Change of Control, the Corporation is required to make an offer to purchase all of the Debentures at a price equal to 105% of the principal amount of such Debentures plus accrued and unpaid interest up to, but excluding, the Change of Control Purchase Date. If 90% or more of the principal amount of all Debentures outstanding on the date the Corporation provides notice of a Change of Control to the Trustee have been tendered for purchase pursuant to the Change of Control Purchase Offer and not withdrawn, the Corporation has the right to redeem all the remaining outstanding Debentures on the same date and at the same price, subject to the terms and conditions described in the Indenture.

Notwithstanding anything to the contrary contained in the Indenture, the Debentures shall not be convertible by any Debentureholder, and neither the Trustee nor the Corporation shall not effect any conversion of the Debentures or otherwise issue any Common Shares pursuant hereto, to the extent (but only to the extent) that, after giving effect to such conversion, the Debentureholder or any of its affiliates would beneficially own in excess of 9.9% (the "**Maximum Percentage**") of the issued and outstanding Common Shares of the Corporation after such exercise. To the extent the above limitation applies, the determination of whether a Debenture shall be convertible (vis-à-vis other convertible, exercisable or exchangeable securities owned by any Debentureholder or any of its affiliates) and of which such securities shall be convertible, exercisable or exchangeable (as among all such securities owned by the holder and its affiliates) shall, subject to the Maximum Percentage limitation, be determined on the basis of the first submission to the Trustee or the Corporation for conversion or exchange (as the case may be) and approved by the Corporation. No prior inability to convert a Debenture or to issue Common Shares pursuant to this Section shall have any effect on the applicability of the provisions of this Section with respect to any subsequent determination of convertibility. For purposes of this Section, beneficial ownership and all determinations and calculations (including, without limitation, with respect to calculations of percentage ownership) shall be determined in accordance with National Instrument 55-104 Insider Reporting Requirements and Exemptions. The limitations contained in this Section shall apply to a successor holder of the Debentures. Unless otherwise agreed to by the parties hereto, by written notice to the Trustee and the Corporation, the holder may increase or decrease the Maximum Percentage to any other percentage provided that: (a) any such increase will not be effective until the 61st day after such notice is delivered to the Trustee and the Corporation, and (b) any such increase or decrease will apply only to the holder sending such notice.

This Debenture and the Common Shares issuable upon conversion hereof have not been and will not be registered under the United States Securities Act of 1933, as amended (the "*U.S. Securities Act*"), or the securities laws of any state of the United States. This Debenture may not be converted by or for the account or benefit of a U.S. Person or a person in the United States absent an exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. In addition, this Debenture and the underlying Common Shares may not be offered and sold to a U.S. Person or a person in the United States. "U.S. Person" and "United States" are as defined in Regulation S under the U.S. Securities Act.

The indebtedness evidenced by this Debenture, and by all other Debentures now or hereafter certified and delivered under the Indenture, is a direct unsecured obligation of the Corporation.

The Indenture contains provisions binding upon all holders of Debentures outstanding thereunder resolutions passed at meetings of such holders held in accordance with such provisions and instruments signed by the holders of a specified majority of the Debentures outstanding, which resolutions or instruments may have the effect of amending the terms of this Debenture or the Indenture.

The Indenture contains provisions disclaiming any personal liability on the part of holders of Common Shares and officers, directors and employees of the Corporation in respect of any obligation or claim arising out of the Indenture or this Debenture.

This Debenture may only be transferred, upon compliance with the conditions prescribed in the Indenture, in one of the registers to be kept by the Trustee at its principal office in Vancouver, British Columbia and in such other place or places and/or by such other registrars (if any) as the Corporation with the approval of the Trustee may designate. No transfer of this Debenture shall be valid unless made on the register by the registered holder hereof or his executors or administrators or other legal representatives, or his or their attorney duly appointed by an instrument in form and substance satisfactory to the Trustee or other registrar, and upon compliance with such reasonable requirements as the Trustee and/or other registrar may prescribe and upon surrender of this Debenture for cancellation. Thereupon a new Debenture or Debentures in the same aggregate principal amount shall be issued to the transferee in exchange hereof.

This Debenture shall not become obligatory for any purpose until it shall have been certified by the Trustee under the Indenture.

Capitalized words or expressions used in this Debenture shall, unless otherwise defined herein, have the meaning ascribed thereto in the Indenture. In the event of any inconsistency between the terms of this Debenture and the Indenture, the terms of the Indenture shall govern.

**IN WITNESS WHEREOF** the Corporation has caused this Debenture Certificate to be duly executed as of __________________, 2025____.

---

| | |
|:---|:---|
| **YERBAE BRANDS CORP.** | **YERBAE BRANDS CORP.** |
| By: |  |
|  | Authorized Signatory |

---

Countersigned by:

**ODYSSEY TRUST COMPANY**

By:   <br> Name: ♦ <br> Title: ♦

**TRUSTEE'S CERTIFICATE**

This Debenture is one of the "6% Unsecured Convertible Debentures" due April 30, 2025 referred to in the Indenture within mentioned.

Dated: _____________________, 2025___.

---

| | |
|:---|:---|
| **ODYSSEY TRUST COMPANY** | **ODYSSEY TRUST COMPANY** |
| By: |  |
| Name: | ♦ |
| Title: | ♦ |

---

**REGISTRATION PANEL**

(No writing hereon except by Trustee or other registrar)

---

| | | |
|:---|:---|:---|
| **Date of Registration** | **In Whose Name Registered** | **Signature of Trustee or Registrar** |

---

**FORM OF ASSIGNMENT**

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfer unto __________________________, whose address and social insurance number, if applicable, are set forth below, this Debenture (or $_______________ principal amount hereof\*) of **YERBAE BRAND CORP.** standing in the name(s) of the undersigned in the register maintained by the Corporation with respect to such Debenture and does hereby irrevocably authorize and direct the Trustee to transfer such Debenture in such register, with full power of substitution in the premises.

---

| | |
|:---|:---|
| Dated: | |
| Address of Transferee: | |
|  | (Street Address, City, Province and Postal Code) |

---

Social Insurance Number of Transferee, if applicable:  

\*If less than the full principal amount of the within Debenture is to be transferred, indicate in the space provided the principal amount (which must be $1,000 or an integral multiple thereof, unless you hold an Debenture in a non-integral multiple of $1,000 by reason of your having exercised your right to exchange upon the making of a Change of Control Purchase Offer, in which case such Debenture is transferable only in its entirety) to be transferred.

**THE UNDERSIGNED ASSIGNOR HEREBY CERTIFIES AND DECLARES** that the Debentures are not being offered, sold or transferred to, or for the account or benefit of, a U.S. Person (as defined in Regulation S under the United States Securities Act of 1933, as amended (the "**U.S. Securities Act**")) or a person within the United States unless registered under the U.S. Securities Act and any applicable state securities laws or unless an exemption from such registration is available.

☐ **Check if the undersigned transferor is a U.S. Purchaser that acquired Debentures under the Offering as "restricted securities" and which are represented by one or more Debenture Certificates endorsed with a U.S. Legend pursuant to Section 2.15(1) of the Indenture.**

**<u>REASON FOR TRANSFER – For U.S. Residents only (where the individual(s) or corporation receiving the securities is a U.S. resident). Please select only one (see instructions below).</u>**

☐ Gift ☐ Estate ☐ Private Sale ☐ Other (or no change in ownership)

---

| | |
|:---|:---|
| **Date of Event** (Date of gift, death or sale): | **Value per Debenture** on the date of event: |

---

---

| | |
|:---|:---|
| ![](ex10-1_001.jpg) | ☐ CAD **<u>or</u>** ☐ USD |

---

1. The
 signature(s) of the transferor(s) must correspond with the name(s) as written upon the face
 of this certificate(s), in every particular, without alteration or enlargement, or any change
 whatsoever. The signature(s) on this form must be guaranteed by a chartered bank, or by a
 member of an acceptable Medallion Signature Guarantee Program (STAMP, SUMP, NYSE, MSP). Notarized
 or witnessed signatures are not acceptable as guaranteed signatures. The Guarantor must affix
 a stamp bearing the actual words: "SIGNATURE GUARANTEED", "MEDALLION GUARANTEED"
 OR "SIGNATURE & AUTHORITY TO SIGN GUARANTEE", all in accordance with the
 transfer agent's then current guidelines and requirements at the time of transfer.
 For corporate holders, corporate signing resolutions, including certificate of incumbency,
 will also be required to accompany the transfer unless there is a "SIGNATURE &
 AUTHORITY TO SIGN GUARANTEE" Stamp affixed to the Form of Transfer obtained from an
 authorized officer of the Royal Bank of Canada, Scotia Bank or TD Canada Trust or a "MEDALLION
 GUARANTEED" Stamp affixed to the Form of Transfer, with the correct prefix covering
 the face value of the certificate.

2. The
 registered holder of this Debenture is responsible for the payment of any documentary, stamp
 or other transfer taxes that may be payable in respect of the transfer of this Debenture.

---

| | |
|:---|:---|
| Signature of Guarantor: |  |
| Authorized Officer | Signature of transferring registered holder |
| Name of Institution |  |

---

**Schedule B**

**Form of Notice of Conversion**

**CONVERSION NOTICE**

---

| | |
|:---|:---|
| To: | **YERBAE BRANDS CORP.** (the "**Corporation**") |
| c/o: | **ODYSSEY TRUST COMPANY** (the "**Trustee**") |
| Note: | All capitalized terms used herein have the meaning ascribed thereto in the Indenture mentioned below, unless otherwise indicated. |

---

The undersigned registered holder of 6% Unsecured Convertible Debentures irrevocably elects to convert such Debentures (or $________________ principal amount thereof\*) in accordance with the terms of the Indenture referred to in such Debentures and tenders herewith the Debentures and directs that the Common Shares of YERBAE BRANDS CORP. issuable upon a conversion be issued and delivered to the person indicated below. (If Common Shares are to be issued in the name of a person other than the holder, all requisite transfer taxes must be tendered by the undersigned and a Residency Declaration Form and the Form of Assignment must be completed and delivered in respect of such other person).

If the Debentures are being converted by, or for the account or benefit of a U.S. person or a person in the United States, the undersigned represents, warrants and certifies as follows (one only) of the following must be checked):

☐ **A.** The undersigned has not been solicited to convert the Debentures by any person, or if the undersigned has been solicited to convert the Debentures, the undersigned has confirmed that no commission or remuneration has been or will be paid or given, directly or indirectly, for soliciting such conversion, and the undersigned acknowledges that the Corporation is relying on the registration exemption provided by section 3(a)(9) of the United States Securities Act of 1933, as amended (the "**U.S. Securities Act**"), to issue the Common Shares; OR

☐ **B.** The undersigned has delivered to the Corporation and the Trustee an opinion of counsel reasonably satisfactory to the Corporation to the effect that an exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws is available. *(Note: If this box is to be checked, holders are encouraged to consult with the Corporation in advance to determine that the legal opinion tendered in connection with conversion will be satisfactory in form and substance to the Corporation.)*

 

☐ **If the undersigned has checked Box A or B, and the undersigned has determined with the benefit of legal advice that the restrictions on transfer contained in the Indenture and the U.S. Legend are not required to be imposed on the beneficial interest of the undersigned in order to maintain compliance with the U.S. Securities Act, the undersigned has caused to be delivered to the Corporation and the Trustee, at the request of the Corporation or the Trustee, an opinion of counsel of recognized standing, in form and substance reasonably satisfactory to the Corporation, to the foregoing effect.**

Dated:     <br> (Signature of Registered Holder

---

| | |
|:---|:---|
| \* | If less than the full principal amount of the Debentures, indicate in the space provided the principal amount (which must be $1,000 or integral multiples thereof). |
| NOTE | If Common Shares are to be issued in the name of a person other than the holder, the signature must be guaranteed by a chartered bank, a trust company or by a member of an acceptable Medallion Guarantee Program. The Guarantor must affix a stamp bearing the actual words: "SIGNATURE GUARANTEED". |

---

(Print name in which Common Shares are to be issued, delivered and registered)

Name:

---

| |
|:---|
| Address |
| (City, Province and Postal Code) |
| Name of guarantor: |
| Authorized signature: |

---

**Schedule C**

**Common Share Legend**

**[TO BE INCLUDED IF ISSUED WITHIN 4 MONTHS AND A DAY AFTER THE APPLICABLE ISSUE DATE]**

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE **[INSERT THE DATE THAT IS 4 MONTHS AND A DAY AFTER THE APPLICABLE ISSUE DATE]**.

**[TO BE INCLUDED IF ISSUED TO U.S. PERSONS OR IN THE UNITED STATES PURSUANT TO RULE 506]**

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), OR ANY STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF YERBAE BRANDS CORP. (THE "CORPORATION"), THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY, ONLY (A) TO THE CORPORATION, (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE LOCAL LAWS AND REGULATIONS, (C) IN COMPLIANCE WITH THE EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY (i) RULE 144 THEREUNDER, IF AVAILABLE, OR (ii) RULE 144A THEREUNDER, IF AVAILABLE, AND, IN EACH CASE, IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS, OR (D) PURSUANT TO ANOTHER EXEMPTION OR EXCLUSION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE U.S. STATE SECURITIES LAWS, AND, IN THE CASE OF (C)(i) OR (D) ABOVE, THE HOLDER FURNISHES TO THE CORPORATION AN OPINION OF COUNSEL OF RECOGNIZED STANDING IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE CORPORATION AND THE TRANSFER AGENT TO SUCH EFFECT. THE PRESENCE OF THIS LEGEND MAY IMPAIR THE ABILITY OF THE HOLDER HEREOF TO EFFECT "GOOD DELIVERY" OF THE SECURITIES REPRESENTED HEREBY ON A CANADIAN STOCK EXCHANGE.

**Schedule D**

**Form of Certificate of Transfer**

---

| | |
|:---|:---|
| To: | **YERBAE BRANDS CORP.** |
| c/o: | **ODYSSEY TRUST COMPANY** |
|  | United Kingdom Building<br> 350 – 409 Granville St<br> Vancouver, BC, V6C 1T2 |
| Re: | Transfer of Debentures |

---

Reference is hereby made to the Indenture, dated as of April 13, 2023 (the **"**Indenture"), between YERBAE BRANDS CORP., as issuer (the "**Corporation**"), and ODYSSEY TRUST COMPANY, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.

_________________ (the "**Transferor**") owns and proposes to transfer the Debentures or interests in such Debentures specified in Annex A hereto, in the principal amount of $______________ (the "**Transfer**"), to ________________ (the "**Transferee**"), as further specified in Annex A hereto. In connection with the Transfer, the Transferor hereby certifies that

**[CHECK ALL THAT APPLY]**

1. ☐ **[Intentionally Omitted]** 

2. ☐ **Check if Transferee will take delivery of an interest in an Unrestricted Uncertificated Debenture or an Unrestricted Physical Debenture pursuant to Regulation S**.

The Transfer is being effected pursuant to and in accordance with Rule 904 of Regulation S ("Regulation S") under the U.S. Securities Act and, accordingly, the Transferor hereby further certifies that (i) the Transferor is not an "affiliate" of the Corporation as that term is defined in Rule 405 under the Securities Act, (ii) the offer was not made, and the Transfer is not being made, to a Person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor and any Person acting on its behalf reasonably believed and believes that the Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither such Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (iii) neither the Transferor nor any affiliate of the Transferor nor any Person acting on any of their behalf has engaged or will engage in any directed selling efforts in the United States in connection with the Transfer, (iv) the Transfer is bona fide and not for the purpose of "washing off' the resale restrictions imposed because the securities are "restricted securities" (as that term is defined in Rule 144(a)(3) under the Securities Act), (v) the Transferor does not intend to replace such securities with fungible unrestricted securities and (vi) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act. Terms used in this section have the meaning given to them by Regulation S.

3. ☐ **Check and complete if Transferee will take delivery of an interest in an Unrestricted Uncertificated Debenture or an Unrestricted Physical Debenture pursuant to any provision of the Securities Act other than Regulation S**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ☐ **Check if Transfer is pursuant to Rule 144**. (i) The Transfer is being effected pursuant
 to and in accordance with Rule 144 under the U.S. Securities Act ("Rule 144")
 and in compliance with the transfer restrictions contained in the Indenture and any applicable
 securities laws and (ii) the restrictions on transfer contained in the Indenture and the
 U.S. Legend are not required to be imposed on the beneficial interest of the Transferor in
 order to maintain compliance with the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ☐ **Check if Transfer is Pursuant to Other Exemption**. (i)
The Transfer is being effected pursuant to and in compliance with an exemption from the registration requirements of the Securities Act
other than Rule 144A, Regulation S or Rule 144, and in compliance with the transfer restrictions contained in the Indenture and any applicable
securities laws and (ii) the restrictions on transfer contained in the Indenture and the U.S. Legend are not required to be imposed on
the beneficial interest of the Transferor in order to maintain compliance with the Securities Act.

In connection with requests for transfers pursuant to item 3(a) or item 3(b) above, the Transferor must deliver to the Trustee an opinion of counsel of recognized standing in form and substance satisfactory to the Trustee and reasonably satisfactory to the Corporation, to the effect that the legend is no longer required under applicable requirements of the Securities Act or state securities laws.

This certificate and the statements contained herein are made for your benefit and the benefit of the Corporation.

---

| | |
|:---|:---|
| [Insert Name of Transferor] | [Insert Name of Transferor] |
| By: |  |
| Name: | ♦ |
| Title: | ♦ |

---

Dated: _____________________, 2025____

**ANNEX A TO CERTIFICATE OF TRANSFER**

4. The
 Transferor owns and proposes to transfer the following:

[**CHECK ONE OF (a) OR (b) OR (c) OR (d)]**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ☐ a Restricted Uncertificated Debenture CUSIP

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ☐ an Unrestricted Uncertificated Debenture CUSIP

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ☐ a Restricted Physical Debenture

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) ☐ an Unrestricted Physical Debenture

5. After
 the Transfer the Transferee will hold:

**[CHECK ONE OF (a) OR (b) OR (c) OR (d)]**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ☐ a Restricted Uncertificated Debenture CUSIP

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ☐ an Unrestricted Uncertificated Debenture CUSIP

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ☐ a Restricted Physical Debenture

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) ☐ an Unrestricted Physical Debenture

in accordance with the terms of the Indenture.

**Schedule E**

**Form of Certificate of Exchange**

---

| | |
|:---|:---|
| To: | **YERBAE BRANDS CORP.** |
| c/o: | **ODYSSEY TRUST COMPANY** |
|  | United Kingdom Building<br> 350 – 409 Granville St<br> Vancouver, BC, V6C 1T2 |
| Re: | Exchange of Debentures |

---

**(CUSIP ♦ / ISIN ♦)**

Reference is hereby made to the Indenture, dated as of April 13, 2023 (the "**Indenture**"), between YERBAE BRANDS CORP., as issuer (the "Corporation"), and ODYSSEY TRUST COMPANY, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.

___________________ (the "**Owner**") owns and proposes to exchange the Debentures or interests in such Debentures specified herein, in the principal amount of $_______________ (the "**Exchange**"). In connection with the Exchange, the Owner hereby certifies that:

**1.** **Exchange of Restricted Physical Debentures or Restricted Uncertificated Debenture for Unrestricted Physical Debentures or Unrestricted Uncertificated Debenture** 

☐ **(a) Check if Exchange is a Restricted Uncertificated Debenture to an Unrestricted Uncertificated Debenture**.

In connection with the Exchange of the Restricted Uncertificated Debenture for an Unrestricted Uncertificated Debenture in an equal principal amount, the Owner hereby certifies (i) the interest is being acquired for the Owner's own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Uncertificated Debentures and pursuant to and in accordance with the Securities Act of 1933, as amended (the "**Securities Act**"), (iii) the restrictions on transfer contained in the Indenture and the U.S. Legend are not required to be imposed on the beneficial interest of the Owner in order to maintain compliance with the Securities Act and (iv) the interest in an Unrestricted Uncertificated Debenture is being acquired in compliance with any applicable securities laws.

☐ **(b) Check if Exchange is from Restricted Physical Debenture to Unrestricted Physical Debenture.**

In connection with the Owner's Exchange of a Restricted Physical Debenture for an Unrestricted Physical Debenture, the Owner hereby certifies (i) the Unrestricted Physical Debenture is being acquired for the Owner's own account without transfer, such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Physical Debentures and pursuant to and in accordance with the Securities Act, the restrictions on transfer contained in the Indenture and the U.S. Legend are not required to be imposed on the Physical Debenture of the Owner in order to maintain compliance with the Securities Act and (iv) the Unrestricted Physical Debenture is being acquired in compliance with any applicable securities laws.

In connection with requests for Exchanges pursuant to item 1(a) or 1(b), the Owner must deliver to the Trustee an opinion of counsel of recognized standing in form and substance satisfactory to the Trustee and reasonably satisfactory to the Corporation, to the effect that the U.S. Legend is no longer required under applicable requirements of the U.S. Securities Act or state securities laws.

This certificate and the statements contained herein are made for your benefit and the benefit of the Corporation.

---

| | |
|:---|:---|
| [Insert Name of Transferor] | [Insert Name of Transferor] |
| By: |  |
| Name: | ♦ |
| Title: | ♦ |

---

Dated: ___________________, 2025___

## Exhibit 10.2

**Exhibit 10.2**

**YERBAÉ BRANDS CORP.**

as the Corporation

and

**ODYSSEY TRUST COMPANY**

as the Warrant Agent

**WARRANT INDENTURE<br> Providing for the Issue of Warrants**

Dated as of December 7, 2023

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | **Page No.** |
| **Article** **1** | **Article** **1** | **Article** **1** |
| **INTERPRETATION** | **INTERPRETATION** | **INTERPRETATION** |
| Section 1.1 | Definitions. | 1 |
| Section 1.2 | Gender and Number. | 7 |
| Section 1.3 | Headings, Etc. | 7 |
| Section 1.4 | Day not a Business Day. | 7 |
| Section 1.5 | Time of the Essence. | 7 |
| Section 1.6 | Monetary References. | 7 |
| Section 1.7 | Applicable Law. | 7 |
| **ARTICLE 2** | **ARTICLE 2** | **ARTICLE 2** |
| **ISSUE OF WARRANTS** | **ISSUE OF WARRANTS** | **ISSUE OF WARRANTS** |
| Section 2.1 | Creation and Issue of Warrants. | 8 |
| Section 2.2 | Terms of Warrants. | 8 |
| Section 2.3 | Warrantholder not a Shareholder. | 9 |
| Section 2.4 | Warrants to Rank Pari Passu. | 9 |
| Section 2.5 | Form of Warrants, Certificated Warrants. | 9 |
| Section 2.6 | Book Entry Warrants. | 9 |
| Section 2.7 | Warrant Certificate. | 12 |
| Section 2.8 | Legends. | 13 |
| Section 2.9 | Register of Warrants | 15 |
| Section 2.10 | Issue in Substitution for Warrant Certificates Lost, etc. | 16 |
| Section 2.11 | Exchange of Warrant Certificates. | 16 |
| Section 2.12 | Transfer and Ownership of Warrants. | 17 |
| Section 2.13 | Cancellation of Surrendered Warrants. | 18 |
| **ARTICLE 3** | **ARTICLE 3** | **ARTICLE 3** |
| **EXERCISE OF WARRANTS** | **EXERCISE OF WARRANTS** | **EXERCISE OF WARRANTS** |
| Section 3.1 | Right of Exercise. | 18 |
| Section 3.2 | Warrant Exercise. | 19 |
| Section 3.3 | U.S. Restrictions; Legended Certificates | 21 |
| Section 3.4 | Transfer Fees and Taxes. | 22 |
| Section 3.5 | Warrant Agency. | 22 |
| Section 3.6 | Effect of Exercise of Warrants. | 23 |
| Section 3.7 | Partial Exercise of Warrants; Fractions. | 23 |
| Section 3.8 | Expiration of Warrants. | 24 |
| Section 3.9 | Accounting and Recording. | 24 |
| Section 3.10 | Securities Restrictions. | 24 |
| Section 3.11 | Limitation on Exercise of the Warrants | 24 |

---

**TABLE OF CONTENTS**

**(continued)**

---

| | | |
|:---|:---|:---|
|  |  | **Page No.** |
| **ARTICLE 4** | **ARTICLE 4** | **ARTICLE 4** |
| **ADJUSTMENT OF NUMBER OF SHARES AND EXERCISE PRICE** | **ADJUSTMENT OF NUMBER OF SHARES AND EXERCISE PRICE** | **ADJUSTMENT OF NUMBER OF SHARES AND EXERCISE PRICE** |
| Section 4.1 | Adjustment of Number of Shares and Exercise Price. | 25 |
| Section 4.2 | Entitlement to Shares on Exercise of Warrant. | 29 |
| Section 4.3 | No Adjustment for Certain Transactions. | 30 |
| Section 4.4 | Determination by Independent Firm. | 30 |
| Section 4.5 | Proceedings Prior to any Action Requiring Adjustment. | 30 |
| Section 4.6 | Certificate of Adjustment. | 30 |
| Section 4.7 | Notice of Special Matters. | 31 |
| Section 4.8 | No Action after Notice. | 31 |
| Section 4.9 | Other Action. | 31 |
| Section 4.10 | Protection of Warrant Agent. | 31 |
| Section 4.11 | Participation by Warrantholder. | 32 |
| **ARTICLE 5** | **ARTICLE 5** | **ARTICLE 5** |
| **RIGHTS OF THE CORPORATION AND COVENANTS** | **RIGHTS OF THE CORPORATION AND COVENANTS** | **RIGHTS OF THE CORPORATION AND COVENANTS** |
| Section 5.1 | Optional Purchases by the Corporation. | 32 |
| Section 5.2 | General Covenants. | 32 |
| Section 5.3 | Warrant Agent's Remuneration and Expenses. | 33 |
| Section 5.4 | Performance of Covenants by Warrant Agent. | 34 |
| Section 5.5 | Enforceability of Warrants. | 34 |
| **ARTICLE 6** | **ARTICLE 6** | **ARTICLE 6** |
| **ENFORCEMENT** | **ENFORCEMENT** | **ENFORCEMENT** |
| Section 6.1 | Suits by Registered Warrantholders. | 34 |
| Section 6.2 | Suits by the Corporation. | 34 |
| Section 6.3 | Waiver of Default. | 34 |
| **ARTICLE 7** | **ARTICLE 7** | **ARTICLE 7** |
| **MEETINGS OF REGISTERED WARRANTHOLDERS** | **MEETINGS OF REGISTERED WARRANTHOLDERS** | **MEETINGS OF REGISTERED WARRANTHOLDERS** |
| Section 7.1 | Right to Convene Meetings. | 35 |
| Section 7.2 | Notice. | 35 |
| Section 7.3 | Chairman. | 36 |
| Section 7.4 | Quorum. | 36 |
| Section 7.5 | Power to Adjourn. | 36 |
| Section 7.6 | Show of Hands. | 36 |
| Section 7.7 | Poll and Voting. | 37 |
| Section 7.8 | Regulations. | 37 |
| Section 7.9 | Corporation and Warrant Agent May be Represented. | 37 |
| Section 7.10 | Powers Exercisable by Extraordinary Resolution. | 37 |

---

- ii -

**TABLE OF CONTENTS**

**(continued)**

---

| | | |
|:---|:---|:---|
|  |  | **Page No.** |
| Section 7.11 | Meaning of Extraordinary Resolution. | 38 |
| Section 7.12 | Powers Cumulative. | 39 |
| Section 7.13 | Minutes. | 39 |
| Section 7.14 | Instruments in Writing. | 40 |
| Section 7.15 | Binding Effect of Resolutions. | 40 |
| Section 7.16 | Holdings by Corporation Disregarded. | 40 |
| **ARTICLE 8** | **ARTICLE 8** | **ARTICLE 8** |
| **SUPPLEMENTAL INDENTURES** | **SUPPLEMENTAL INDENTURES** | **SUPPLEMENTAL INDENTURES** |
| Section 8.1 | Provision for Supplemental Indentures for Certain Purposes. | 40 |
| Section 8.2 | Successor Entities. | 41 |
| **ARTICLE 9** | **ARTICLE 9** | **ARTICLE 9** |
| **CONCERNING THE WARRANT AGENT** | **CONCERNING THE WARRANT AGENT** | **CONCERNING THE WARRANT AGENT** |
| Section 9.1 | Indenture Legislation. | 42 |
| Section 9.2 | Rights and Duties of Warrant Agent. | 42 |
| Section 9.3 | Evidence, Experts and Advisers. | 43 |
| Section 9.4 | Documents, Monies, etc. Held by Warrant Agent. | 43 |
| Section 9.5 | Actions by Warrant Agent to Protect Interest. | 44 |
| Section 9.6 | Warrant Agent Not Required to Give Security. | 44 |
| Section 9.7 | Protection of Warrant Agent. | 44 |
| Section 9.8 | Replacement of Warrant Agent; Successor by Merger. | 46 |
| Section 9.9 | Acceptance of Agency | 46 |
| Section 9.10 | Warrant Agent Not to be Appointed Receiver. | 46 |
| Section 9.11 | Warrant Agent Not Required to Give Notice of Default. | 47 |
| Section 9.12 | Anti-Money Laundering. | 47 |
| Section 9.13 | Compliance with Privacy Code. | 47 |
| Section 9.14 | Securities and Exchange Commission Certification. | 48 |
| **ARTICLE 10** | **ARTICLE 10** | **ARTICLE 10** |
| **GENERAL** | **GENERAL** | **GENERAL** |
| Section 10.1 | Notice to the Corporation and the Warrant Agent. | 48 |
| Section 10.2 | Notice to Registered Warrantholders. | 50 |
| Section 10.3 | Ownership of Warrants. | 50 |
| Section 10.4 | Counterparts. | 50 |
| Section 10.5 | Satisfaction and Discharge of Indenture. | 51 |
| Section 10.6 | Provisions of Indenture and Warrants for the Sole Benefit of Parties and Registered Warrantholders. | 51 |
| Section 10.7 | Shares or Warrants Owned by the Corporation or its Subsidiaries - Certificate to be Provided. | 51 |
| Section 10.8 | Severability | 52 |

---

- iii -

**TABLE OF CONTENTS**

**(continued)**

---

| | | |
|:---|:---|:---|
|  |  | **Page No.** |
| Section 10.9 | Force Majeure | 52 |
| Section 10.10 | Assignment, Successors and Assigns | 52 |
| Section 10.11 | Rights of Rescission and Withdrawal for Holders | 52 |
| Section 10.12 | Indenture to Prevail | 52 |
| **SCHEDULES** | **SCHEDULES** | **SCHEDULES** |
| Schedule "A" Form of Warrant | Schedule "A" Form of Warrant |  |
| SCHEDULE "B" EXERCISE FORM | SCHEDULE "B" EXERCISE FORM |  |
| SCHEDULE "C" FORM OF U.S. PURCHASER CERTIFICATION UPON EXERCISE OF WARRANTS | SCHEDULE "C" FORM OF U.S. PURCHASER CERTIFICATION UPON EXERCISE OF WARRANTS |  |

---

- iv -

**WARRANT INDENTURE**

**THIS WARRANT INDENTURE** (the "**Indenture**") is dated as of December 6, 2023.

**BETWEEN:**

**YERBAÉ BRANDS CORP.**, a corporation existing under the laws of the Province of British Columbia (the "**Corporation**"),

- and -

**ODYSSEY TRUST COMPANY**, a trust company continued under the laws of Canada with an office in the City of Vancouver in the Province of British Columbia (the "**Warrant Agent**")

**WHEREAS** in connection with a brokered and non-brokered private placement (the "**Offering**") of up to 1,003,468 Special Warrants (as defined herein) of the Corporation, the Corporation is proposing to issue up to 1,103,814 Warrants (as defined herein) pursuant to this Indenture on the Issue Date (as defined herein);

**AND WHEREAS** pursuant to this Indenture, each Warrant shall, subject to adjustment, entitle the holder thereof to acquire one Share (as defined herein) upon payment of the Exercise Price (as defined herein) prior to the Expiry Time (as defined herein) upon the terms and conditions herein set forth;

**AND WHEREAS** all acts and deeds necessary have been done and performed to make the Warrants, when created and issued as provided in this Indenture, legal, valid and binding upon the Corporation with the benefits and subject to the terms of this Indenture;

**AND WHEREAS** the foregoing recitals are made as representations and statements of fact by the Corporation and not by the Warrant Agent;

**NOW THEREFORE**, in consideration of the premises and mutual covenants hereinafter contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Corporation hereby appoints the Warrant Agent as warrant agent to hold the rights, interests and benefits contained herein for and on behalf of those persons who from time to time become the holders of Warrants issued pursuant to this Indenture and the parties hereto agree as follows:

**Article 1<br> INTERPRETATION**

**Section 1.1 Definitions.**

In this Indenture, including the recitals and schedules hereto, and in all indentures supplemental hereto:

"**Adjustment Period**" means the period from the Effective Date up to and including the Expiry Time;

"**Applicable Law**" means any applicable statute of Canada or a province thereof, and of the United States or any state thereof, and the regulations under any such named or other statute, relating to warrant indentures or to the rights, duties and obligations of warrant agents under warrant indentures, to the extent that such provisions are at the time in force and applicable to this Indenture;

"**Auditors**" means Davidson & Company LLP or such other firm of chartered professional accountants duly appointed as auditors of the Corporation, from time to time;

"**Authenticated**" means with respect to the issuance of: (a) a Warrant Certificate, one which has been duly signed by the Corporation or on which the signatures of the Corporation have been printed, lithographed or otherwise mechanically reproduced and authenticated by manual signature of an authorized officer of the Warrant Agent; and (b) an Uncertificated Warrant, one in respect of which the Warrant Agent has completed all Internal Procedures such that the particulars of such Uncertificated Warrant as required by Section 2.7 are entered in the register of holders of Warrants, and "*Authenticate*", "*Authenticating*" and "*Authentication*" have the appropriate correlative meanings;

"**Book Entry Participants**" means institutions that participate directly or indirectly in the Depository's book entry registration system for the Warrants;

"**Book Entry Warrants**" means Warrants that are to be held only by or on behalf of the Depository;

"**Business Day**" means any day other than Saturday, Sunday or a statutory or civic holiday, or any other day on which banks are not open for business in the City of Vancouver, British Columbia, Calgary, Alberta, or Toronto, Ontario, and shall be a day on which the Exchange is open for trading;

"**CDS Global Warrants**" means Warrants representing all or a portion of the aggregate number of Warrants issued in the name of the Depository represented by an Uncertificated Warrant, or if requested by the Depository or the Corporation, by a Warrant Certificate;

"**CDSX**" means the settlement and clearing system of CDS Clearing and Depository Services Inc. for equity and debt securities in Canada;

"**Certificated Warrant**" means a Warrant evidenced by a writing or writings substantially in the form of **Schedule** "**A**", attached hereto;

"**Common Share Reorganization**" has the meaning set forth in Section 4.1(a);

"**Confirmation**" has the meaning set forth in Section 3.2(3);

"**Corporation**" has the meaning attributed to it on page 1 of this Indenture, and includes any successor corporation to or of the Corporation, which shall have complied with Section 8.2;

"**Counsel**" means a barrister and/or solicitor or a firm of barristers and/or solicitors retained by the Warrant Agent or retained by the Corporation, which may or may not be counsel for the Corporation;

"**Current Market Price**" means, at any date, the volume weighted average trading price per Share at which the Shares have traded:

(i) on the Exchange, or

(ii) if the Shares are not listed on the Exchange, on any other stock exchange upon which the Shares are listed as may be selected for this purpose by the Directors, acting reasonably, or

(iii) if the Shares are not listed on any stock exchange, then on any over-the-counter market on which the Shares are trading, as may be selected for this purpose by the Directors, acting reasonably,

during the 10 consecutive Trading Days ending the third Trading Day before such date, and the weighted average price shall be determined by dividing the aggregate sale price of all Shares sold on the exchange or market, as the case may be, during the 10 consecutive Trading Days by the number of Shares sold or, if not traded on any recognized market or exchange, as determined by the Directors, acting reasonably. Whenever the Current Market Price is required to be determined hereunder, the Corporation shall deliver to the Warrant Agent a certificate of the Corporation specifying such Current Market Price and setting out the details of its calculation. In the event of any subsequent dispute as to the determination of the Current Market Price, the Corporation's Auditors shall make such determination which, absent manifest error, shall be binding for all purposes hereunder;

"**Depository**" means CDS Clearing and Depository Services Inc. or such other person as is designated in writing by the Corporation to act as depository in respect of the Warrants;

"**Directors**" means the board of directors of the Corporation;

"**Dividends**" means any dividends paid by the Corporation;

"**Effective Date**" means the date of this Indenture;

"**Exchange**" means the TSX Venture Exchange;

"**Exchange Rate**" means the number of Shares subject to the right of purchase under each Warrant, which as of the date hereof is one;

"**Exercise Date**" means, in relation to a Warrant, the Business Day on which such Warrant is validly exercised or deemed to be validly exercised in accordance with Article 3 hereof;

"**Exercise Notice**" has the meaning set forth in Section 3.2(1);

"**Exercise Price**" at any time means the price at which a Share may be purchased by the exercise of a Warrant, which is initially US$1.75 per Share, payable in immediately available U.S. funds, subject to adjustment in accordance with the provisions of Section 4.1;

"**Expiry Date**" means December 7, 2025;

"**Expiry Time**" means 5:00 p.m. (Vancouver time) on the Expiry Date;

"**Extraordinary Resolution**" has the meaning set forth in Section 7.11(1);

"**Indenture**" has the meaning set forth on the face page hereof;

"**Internal Procedures**" means in respect of the making of any one or more entries to, changes in or deletions of any one or more entries in the register at any time (including without limitation, original issuance or registration of transfer of ownership) the minimum number of the Warrant Agent's internal procedures customary at such time for the entry, change or deletion made to be complete under the operating procedures followed at the time by the Warrant Agent, it being understood that neither preparation and issuance shall constitute part of such procedures for any purpose of this definition;

"**Issue Date**" for a particular Warrant means such date on which the Special Warrant(s) pursuant to which such Warrant is issued is/are exercised or deemed exercised in accordance with the Special Warrant Indenture;

"**Maximum Percentage**" has the meaning attributed to it in Section 3.11 hereto;

"**Offering**" has the meaning attributed to it in the recitals hereto;

"**Original AI Purchaser**" means an original purchaser of Special Warrants who, as a U.S. Purchaser that qualifies as a U.S. Accredited Investor, has executed and delivered a U.S. AI Certificate;

"**person**" means an individual, body corporate, partnership, trust, agent, executor, administrator, legal representative or any unincorporated organization;

"**register**" means the one set of records and accounts maintained by the Warrant Agent pursuant to Section 2.9:

"**Registered Warrantholders**" means the persons who are registered owners of Warrants as such names appear on the register, and for greater certainty, shall include the Depository as well as the holders of Uncertificated Warrants appearing on the register of the Warrant Agent;

"**Regulation D**" means Regulation D as promulgated by the United States Securities and Exchange Commission under the U.S. Securities Act;

"**Regulation S**" means Regulation S as promulgated by the United States Securities and Exchange Commission under the U.S. Securities Act;

"**Rights Offering**" has the meaning attributed to it in Section 4.1(b) hereto;

"**Securities Laws**" means, collectively, the applicable securities laws of the United States, including without limitation, the U.S. Securities Act, the U.S. Exchange Act and the rules and regulations promulgated thereunder, and each of the states of the United States and each of the provinces of Canada and the respective regulations made and forms prescribed thereunder together with all applicable published rules, policy statements, notices and blanket orders and rulings of the securities commissions or similar regulatory authorities (including the CSE) in each of the provinces of Canada, the United Stated and in each of the states of the United States;

"**Shareholders**" means holders of Shares;

"**Shares**" means, subject to Article 4, fully paid and non-assessable common shares in the capital of the Corporation as presently constituted;

"**Special Warrant Indenture**" means the special warrant indenture between the Corporation and Odyssey Trust Company in its capacity as special warrant agent, dated December 7, 2023;

"**Special Warrants**" means special warrants issued by the Corporation in accordance with the Special Warrant Indenture;

"**successor entity**" has the meaning ascribed thereto in Section 8.2;

"**Tax Act**" means the *Income Tax Act* (Canada) and the regulations thereunder;

"**this Warrant Indenture**", "**this Indenture**", "**this Agreement**", "**hereto**" "**herein**", "**hereby**", "**hereof**" and similar expressions mean and refer to this Indenture and any indenture, deed or instrument supplemental hereto; and the expressions "**Article**", "**Section**", "**subsection**" and "**paragraph**" followed by a number, letter or both mean and refer to the specified article, section, subsection or paragraph of this Indenture;

"**Trading Day**" means, with respect to the Exchange, a day on which the Exchange is open for the transaction of business, and with respect to another stock exchange or an over-the-counter market means a day on which such stock exchange or market is open for the transaction of business;

"**Uncertificated Warrant**" means any Warrant which is not a Certificated Warrant;

"**United States**" or "**U.S.**" means, as the context requires, the United States of America, its territories and possessions, any State of the United States, and/or the District of Columbia;

"**Units**" means the units of the Corporation, each Unit entitling the holder to receive one Share and one Warrant;

"**U.S. Accredited Investor**" means an "accredited investor" as defined in Rule 501(a) of Regulation D;

"**U.S. AI Certificate**" means a U.S. Accredited Investor Certificate executed and delivered by an Original AI Purchaser in connection with their purchase of Special Warrants pursuant to the unregistered Regulation D offering under which the Special Warrants were issued, substantially in the form annexed to the form of subscription agreement used for such offering, wherein the Original AI Purchaser has represented and warranted that they qualify as a U.S. Accredited Investor and has made the additional covenants, representations and warranties set forth in the U.S. AI Certificate;

"**U.S. Exchange Act**" means the United States Securities Exchange Act of 1934, as amended and the rules and regulations promulgated thereunder;

"**U.S. Person**" means a "U.S. Person" and has the meaning set forth in Rule 902(k) of Regulation S;

"**U.S. Purchaser**" is (a) any U.S. Person that purchased Special Warrants, (b) any person that purchased Special Warrants on behalf of any U.S. Person or any person in the United States, (c) any purchaser of Special Warrants that received an offer of the Special Warrants while in the United States, or (d) any person that was in the United States at the time the purchaser's buy order was made or the subscription agreement for Special Warrants was executed or delivered;

"**U.S. Purchaser Letter**" means the U.S. Purchaser letter in substantially the form attached hereto as **Schedule "C"**;

"**U.S. Securities Act**" means the United States Securities Act of 1933, as amended and the rules and regulations promulgated thereunder;

"**U.S. Warrantholder**" means any Warrantholder that (i) is a U.S. Person, (ii) is in the United States, (iii) received an offer to acquire Warrants while in the United States, (iv) was in the United States at the time such Warrantholder's buy order was made or such Warrantholder executed or delivered its purchase order for the Warrants; or (v) acquired Warrants in the United States or for the account or benefit of any U.S. Person or person in the United States;

"**Warrant Agency**" means the principal office of the Warrant Agent in the City of Vancouver, British Columbia or the City of Calgary, Alberta or such other place as may be designated in accordance with Section 3.5;

"**Warrant Agent**" means Odyssey Trust Company, in its capacity as warrant agent of the Warrants, or its successors from time to time;

"**Warrant Certificate**" means a certificate, substantially in the form set forth in **Schedule "A"** hereto, to evidence those Warrants that will be evidenced by a certificate;

"**Warrantholders**", or "**holders**" without reference to Warrants, means the persons entered in the register hereinafter mentioned as holders of Warrants outstanding at such time;

"**Warrantholders' Request**" means an instrument signed in one or more counterparts by Warrantholders holding in the aggregate not less than 25% of the aggregate number of all Warrants then unexercised and outstanding, requesting the Warrant Agent to take some action or proceeding specified therein;

"**written order of the Corporation**", "**written request of the Corporation**", "**written consent of the Corporation**" and "**certificate of the Corporation**" mean, respectively, a written order, request, consent and certificate signed in the name of the Corporation by its Chief Executive Officer or Chief Financial Officer, or a person acting in any such capacity for the Corporation and may consist of one or more instruments so executed.

**Section 1.2 Gender and Number.**

Words importing the singular number or masculine gender shall include the plural number or the feminine or neuter genders, and vice versa.

**Section 1.3 Headings, Etc.**

The division of this Indenture into Articles and Sections, the provision of a **Table of Contents** and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation of this Indenture or of the Warrants.

**Section 1.4 Day not a Business Day.**

If any day on or before which any action or notice is required or permitted to be taken or given hereunder is not a Business Day, then such action or notice shall be required or permitted to be taken or given on or before the requisite time on the next succeeding day that is a Business Day.

**Section 1.5 Time of the Essence.**

Time shall be of the essence in this Indenture and each Warrant.

**Section 1.6 Monetary References.**

Whenever any amounts of money are referred to herein, such amounts shall be deemed to be in lawful money of the United States of America unless otherwise expressed.

**Section 1.7 Applicable Law.**

This Indenture, the Warrants and the Warrant Certificates (including all documents relating thereto, which by common accord have been and will be drafted in English) shall be construed in accordance with the laws of the Province of British Columbia**,** and the federal laws of Canada applicable therein and shall be treated in all respects as British Columbia contracts. Each of the parties hereto, which shall include the Warrantholders, irrevocably attorns to the exclusive jurisdiction of the courts of the Province of British Columbia with respect to all matters arising out of this Indenture and the transactions contemplated herein.

**Article 2**

**ISSUE OF WARRANTS**

**Section 2.1 Creation and Issue of Warrants.**

A maximum of 1,103,814 Warrants (subject to adjustment as herein provided) are hereby authorized to be created and authorized to be issued on the Issue Date in accordance with the terms and conditions hereof. By written order of the Corporation, the Warrant Agent shall deliver Authenticated Warrants to Warrantholders upon the exercise or deemed exercise of the Special Warrants and record the names of the Warrantholders on the Warrant register. Registration of interests in Warrants held by the Depository may be evidenced by a position appearing on the register for Warrants for an amount representing the aggregate number of such Warrants outstanding from time to time.

**Section 2.2 Terms of Warrants.**

(1) Subject to the applicable conditions for exercise set out in
Article 3 having been satisfied and subject to adjustment in accordance with Section 4.1, each Warrant shall entitle each Warrantholder
thereof, upon exercise at any time after the Issue Date and prior to the Expiry Time, to acquire one (1) Share upon payment of the Exercise
Price.

(2) No fractional Warrants shall be issued or otherwise provided
for hereunder and Warrants may only be exercised in a sufficient number to acquire whole numbers of Shares. Any fractional Shares shall
be rounded down to the nearest whole number and the holder shall not be entitled to any compensation in respect of any fractional Share
which is not issued.

(3) Each Warrant shall entitle the holder thereof to such other
rights and privileges as are set forth in this Indenture.

(4) The number of Shares which may be purchased pursuant to the
Warrants and the Exercise Price therefor shall be adjusted upon the events and in the manner specified in Section 4.1.

(5) Neither the Corporation nor the Warrant Agent shall have any
obligation to deliver Shares upon the exercise of any Warrant if the person to whom such shares are to be delivered is a resident of
a country or political subdivision thereof in which the Shares may not lawfully be issued pursuant to applicable securities legislation.
The Corporation or the Warrant Agent may require any person to provide proof of an applicable exemption from such securities legislation
to the Corporation and Warrant Agent before Shares are delivered pursuant to the exercise of any Warrant.

**Section 2.3 Warrantholder not a Shareholder.**

Except as may be specifically provided herein, nothing in this Indenture or in the holding of a Warrant Certificate, entitlement to a Warrant or otherwise, shall, in itself, confer or be construed as conferring upon a Warrantholder any right or interest whatsoever as a Shareholder, including, but not limited to, the right to vote at, to receive notice of, or to attend, meetings of Shareholders or any other proceedings of the Corporation, or the right to Dividends and other allocations.

**Section 2.4 Warrants to Rank Pari Passu.**

All Warrants shall rank equally and without preference over each other, whatever may be the actual date of issue thereof.

**Section 2.5 Form of Warrants, Certificated Warrants.**

(1) The Warrants may be issued in both certificated and uncertificated
form. Any Warrants issued, sold or transferred to a U.S. Warrantholder must be in individually certificated form only. All Warrant Certificates
issued to a U.S. Warrantholder must bear the applicable legends as set forth in Section 2.8(1) and Section 2.8(2). All Warrants issued
in certificated form shall be evidenced by a Warrant Certificate (including all replacements issued in accordance with this Indenture),
substantially in the form set out in **Schedule "A"** hereto, which shall be dated as of the Issue Date, shall bear such
distinguishing letters and numbers as the Corporation may, with the approval of the Warrant Agent, prescribe, and shall be issuable in
any denomination excluding fractions. All Warrants issued to the Depository may be in either a certificated or uncertificated form, such
uncertificated form being evidenced by a book position on the register of Warrantholders to be maintained by the Warrant Agent in accordance
with Section 2.9.

(2) Each Warrantholder by purchasing such Warrant acknowledges
and agrees that the terms and conditions set forth in the form of the Warrant Certificate set out in **Schedule "A"** hereto shall apply to all Warrants and Warrantholders regardless of whether such Warrants are issued in certificated or uncertificated
form or whether such Warrantholders are Registered Warrantholders or owners of Warrants who beneficially hold security entitlements in
respect of the Warrants through a Depository.

**Section 2.6 Book Entry Warrants.**

(1) Registration of beneficial interests in and transfers of Warrants
held by the Depository shall be made only through the book entry registration system and no Warrant Certificates shall be issued in respect
of such Warrants except where physical certificates evidencing ownership in such securities are required or as set out herein or as may
be requested by the Depository, as determined by the Corporation, from time to time. Except as provided in this Section 2.6, owners of
beneficial interests in any CDS Global Warrants shall not be entitled to have Warrants registered in their names and shall not receive
or be entitled to receive Warrants in certificated form or to have their names appear in the register referred to in Section 2.9 herein.
Notwithstanding any terms set out herein, Warrants having the legend set forth in Section 2.8(1) herein may only be held in the form
of Uncertificated Warrants with the prior consent of the Warrant Agent and in accordance with the Internal Procedures of the Warrant
Agent.

(2) Notwithstanding any other provision in this Indenture, no CDS
Global Warrants may be exchanged in whole or in part for Warrants registered, and no transfer of any CDS Global Warrants in whole or
in part may be registered, in the name of any person other than the Depository for such CDS Global Warrants or a nominee thereof unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Depository notifies the Corporation that it is unwilling
or unable to continue to act as depository in connection with the Book Entry Warrants and the Corporation is unable to locate a qualified
successor;

(b) the Corporation determines that the Depository is no longer
willing, able or qualified to discharge properly its responsibilities as holder of the CDS Global Warrants and the Corporation is unable
to locate a qualified successor;

(c) the Depository ceases to be a clearing agency or otherwise
ceases to be eligible to be a depository and the Corporation is unable to locate a qualified successor;

(d) the Corporation determines that the Warrants shall no longer
be held as Book Entry Warrants through the Depository;

(e) such right is required by Applicable Law, as determined by
the Corporation and the Corporation's Counsel;

(f) the Warrant is to be Authenticated to or for the account or
benefit of a U.S. Warrantholder (in which case the Warrant Certificate shall contain the legends set forth in Section 2.8(1)); or

(g) such registration is effected in accordance with the internal
procedures of the Depository and the Warrant Agent,

following which, Warrant Certificates shall be registered and issued to the beneficial owners of such Warrants or their nominees as directed by the Depository. The Corporation shall provide a certificate of the Corporation giving notice to the Warrant Agent of the occurrence of any event outlined in Section 2.6(2)(a) to Section 2.6(2)(f).

(3) Subject to the provisions of this Section 2.6, any exchange
of CDS Global Warrants for Warrants which are not CDS Global Warrants may be made in whole or in part in accordance with the provisions
of Section 2.11, *mutatis mutandis*. All such Warrants issued in exchange for a CDS Global Warrant or any portion thereof shall
be registered in such names as the Depository for such CDS Global Warrants shall direct, and shall be entitled to the same benefits and
subject to the same terms and conditions (except insofar as they relate specifically to CDS Global Warrants or to the legend required
by Section 2.8(1) and the restrictions set out in such legend) as the CDS Global Warrants or portion thereof surrendered upon such exchange.

(4) Every Warrant that is Authenticated upon registration or transfer
of a CDS Global Warrant, or in exchange for or in lieu of a CDS Global Warrant or any portion thereof, whether pursuant to this Section
2.6, or otherwise, shall be Authenticated in the form of, and shall be, a CDS Global Warrant, unless such Warrant is registered in the
name of a person other than the Depository for such CDS Global Warrant or a nominee thereof.

(5) Notwithstanding anything to the contrary in this Indenture,
subject to Applicable Law, the CDS Global Warrant will be issued as an Uncertificated Warrant, unless otherwise requested in writing
by the Depository or the Corporation.

(6) The rights of beneficial owners of Warrants who hold securities
entitlements in respect of the Warrants through the book entry registration system shall be limited to those established by Applicable
Law and agreements between the Depository and the Book Entry Participants and between such Book Entry Participants and the beneficial
owners of Warrants who hold securities entitlements in respect of the Warrants through the book entry registration system, and such rights
must be exercised through a Book Entry Participant in accordance with the rules and procedures of the Depository.

(7) Notwithstanding anything herein to the contrary, neither the
Corporation nor the Warrant Agent nor any agent thereof shall have any responsibility or liability for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the electronic records maintained by the Depository relating
to any ownership interests or any other interests in the Warrants or the depository system maintained by the Depository, or payments
made on account of any ownership interest or any other interest of any person in any Warrant represented by an electronic position in
the book entry registration system (other than the Depository or its nominee);

(b) maintaining, supervising or reviewing any records of the Depository
or any Book Entry Participant relating to any such interest; or

(c) any advice or representation made or given by the Depository
or those contained herein that relate to the rules and regulations of the Depository or any action to be taken by the Depository on its
own direction or at the direction of any Book Entry Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) The Corporation may terminate the application of this Section
2.6 in its sole discretion in which case all Warrants shall be evidenced by Warrant Certificates registered in the name of a person other
than the Depository.

**Section 2.7 Warrant Certificate.**

(1) For Warrants issued in certificated form (including all replacements
issued in accordance with this Indenture), the form of certificate representing such Warrants shall be substantially as set out in **Schedule "A"** hereto or such other form as is authorized in writing from time to time by the Corporation and the Warrant Agent.
Each Warrant Certificate shall be Authenticated on behalf of the Warrant Agent. Each Warrant Certificate shall be signed by any one duly
authorized signatory of the Corporation; whose signature shall appear on the Warrant Certificate and may be printed, lithographed or
otherwise mechanically reproduced thereon and, in such event, certificates so signed are as valid and binding upon the Corporation as
if it had been signed manually. Any Warrant Certificate which has the applicable signatures as hereinbefore provided shall be valid notwithstanding
that one or more of the persons whose signature is printed, lithographed or mechanically reproduced no longer holds office at the date
of issuance of such certificate. The Warrant Certificates may be engraved, printed or lithographed, or partly in one form and partly
in another, as the Warrant Agent may determine.

(2) The Warrant Agent shall Authenticate Uncertificated Warrants
(whether upon original issuance, exchange, registration of transfer, partial payment, or otherwise) by completing its Internal Procedures
and the Corporation shall, and hereby acknowledges that it shall, thereupon be deemed to have duly and validly issued such Uncertificated
Warrants under this Indenture. Such Authentication shall be conclusive evidence that such Uncertificated Warrant has been duly issued
hereunder and that the holder or holders are entitled to the benefits of this Indenture, including valid entitlements to the Shares.
The register shall be final and conclusive evidence as to all matters relating to Uncertificated Warrants with respect to which this
Indenture requires the Warrant Agent to maintain records or accounts. In case of differences between the register at any time and any
other time the register at the later time shall be controlling, absent manifest error and such Uncertificated Warrants are binding on
the Corporation.

(3) Any Warrant Certificate validly issued in accordance with the
terms of this Indenture in effect at the time of issue of such Warrant Certificate shall, subject to the terms of this Indenture and
Applicable Law, validly entitle the holder to acquire Shares, notwithstanding that the form of such Warrant Certificate may not be in
the form currently required by this Indenture.

(4) A Registered Warrantholder that is not a U.S. Warrantholder
may request their Warrants to be held electronically through a book based registration system, including CDSX.

(5) No Warrant shall be considered issued or shall be valid or
obligatory or shall entitle the holder thereof to the benefits of this Indenture, until it has been Authenticated by the Warrant Agent.
Authentication by the Warrant Agent, including by way of entry on the register, shall not be construed as a representation or warranty
by the Warrant Agent as to the validity of this Indenture or of such Warrant Certificates or Uncertificated Warrants (except the due
Authentication thereof) or as to the performance by the Corporation of its obligations under this Indenture and the Warrant Agent shall
in no respect be liable or answerable for the use made of the Warrants or any of them or of the consideration thereof. Authentication
by the Warrant Agent shall be conclusive evidence as against the Corporation that the Warrants so Authenticated have been duly issued
hereunder and that the holder thereof is entitled to the benefits of this Indenture.

(5) No Certificated Warrant shall be considered issued and Authenticated
or, if Authenticated, shall be obligatory or shall entitle the holder thereof to the benefits of this Indenture, until it has been Authenticated
by signature by or on behalf of the Warrant Agent substantially in the form of the Warrant set out in **Schedule "A"** hereto. Such Authentication on any such Certificated Warrant shall be conclusive evidence that such Certificated Warrant is duly Authenticated
and is valid and a binding obligation of the Corporation and that the holder is entitled to the benefits of this Indenture.

(6) No Uncertificated Warrant shall be considered issued or shall
be obligatory or shall entitle the holder thereof to the benefits of this Indenture, until it has been Authenticated by entry on the
register of the particulars of the Uncertificated Warrant. Such entry on the register of the particulars of an Uncertificated Warrant
shall be conclusive evidence that such Uncertificated Warrant is a valid and binding obligation of the Corporation and that the holder
is entitled to the benefits of this Indenture.

(7) The Authentication by the Warrant Agent of any Warrants whether
by way of entry on the register or otherwise shall not be construed as a representation or warranty by the Warrant Agent as to the validity
of the Indenture or such Warrants (except the due Authentication thereof) or as to the performance by the Corporation of its obligations
under this Indenture and the Warrant Agent shall in no respect be liable or answerable for the use made of the Warrants or any of them
or the proceeds thereof.

**Section 2.8 Legends.**

(1) Neither the Warrants nor the Shares have been, nor will they
be, registered under the U.S. Securities Act or the securities laws of any U.S. state, and may not be offered, sold or otherwise disposed
of in the United States, or to or for the account or benefit of a U.S. Person or a person in the United States, unless an exemption from
the registration requirements under the U.S. Securities Act and applicable U.S. state securities laws is available, and the holder agrees
not to offer, sell or otherwise dispose of the Warrants or Shares in the United States, or to or for the account or benefit of a U.S.
Person or a person in the United States, unless registered under the U.S. Securities Act and applicable U.S. state securities laws, or
unless or an exemption from registration under the U.S. Securities Act and applicable U.S. state securities laws is available. Warrants
and, if applicable, Shares issued to, or for the account or benefit of, a U.S. Warrantholder (and any certificates issued in replacement
thereof or in substitution therefor) must be issued only in individually certificated form, subject to the requirements of Section 3.3(3).

Any certificates representing Warrants issued to a U.S. Warrantholder and, if applicable, any certificates or other instruments representing Shares issued on exercise of Warrants issued to a U.S. Warrantholder, and any certificates or other instruments issued in replacement thereof or in substitution therefor, shall, until such time as the same is no longer required under applicable requirements of the U.S. Securities Act or applicable U.S. state securities laws, bear a legend in substantially the following form:

"THESE SECURITIES HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS."

provided that, if any such securities are being sold pursuant to Rule 144 under the U.S. Securities Act, if available, or with the prior written consent of the Corporation pursuant to another exemption from registration under the U.S. Securities Act and applicable U.S. state securities laws, the legend may be removed by delivery to the Corporation and to the transfer agent or the Warrant Agent as applicable, of an opinion of counsel of recognized standing, reasonably satisfactory in form and substance to the Corporation, and to the transfer agent or the Warrant Agent as applicable, to the effect that such legend is no longer required under applicable requirements of the U.S. Securities Act.

The Warrant Agent shall be entitled to request any other documents that it may require in accordance with its internal policies for the removal of the legend set forth above.

(2) Each CDS Global Warrant if issued as a Certificated Warrant
originally issued in Canada and held by the Depository, and each Warrant Certificate issued in exchange therefor or in substitution thereof
shall bear or be deemed to bear the following legend or such variations thereof as the Corporation may prescribe from time to time:

"UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF CDS CLEARING AND DEPOSITORY SERVICES INC. ("CDS") TO YERBAÉ BRANDS CORP. (THE "ISSUER") OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN RESPECT THEREOF IS REGISTERED IN THE NAME OF CDS & CO., OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS (AND ANY PAYMENT IS MADE TO CDS & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED HOLDER HEREOF, CDS & CO., HAS A PROPERTY INTEREST IN THE SECURITIES REPRESENTED BY THIS CERTIFICATE HEREIN AND IT IS A VIOLATION OF ITS RIGHTS FOR ANOTHER PERSON TO HOLD, TRANSFER OR DEAL WITH THIS CERTIFICATE."

(3) Notwithstanding any other provisions of this Indenture, in
processing and registering transfers of Warrants, no duty or responsibility whatsoever shall rest upon the Warrant Agent to determine
the compliance by any transferor or transferee with the terms of the legend(s) contained in Section 2.8(1) or Section 2.8(2), as applicable,
or with the relevant securities laws or regulations, including, without limitation, Regulation S, and the Warrant Agent shall be entitled
to assume that all transfers that are processed in accordance with this Indenture are legal and proper.

**Section 2.9 Register of Warrants**

(1) The Warrant Agent shall maintain records and accounts concerning
the Warrants, whether certificated or uncertificated, which shall contain the information called for below with respect to each Warrant,
together with such other information as may be required by law or as the Warrant Agent may elect to record. All such information shall
be kept in one set of accounts and records which the Warrant Agent shall designate (in such manner as shall permit it to be so identified
as such by an unaffiliated party) as the register of the holders of Warrants. The information to be entered for each account in the register
of Warrants at any time shall include (without limitation):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the name and address of the holder of the Warrants, the date
of Authentication thereof and the number of Warrants;

(b) whether such Warrant is a Certificated Warrant or an Uncertificated
Warrant and, if a Certificated Warrant, the unique number or code assigned to and imprinted thereupon and, if an Uncertificated Warrant,
the unique number or code assigned thereto if any;

(c) whether such Warrant has been cancelled; and

(d) a register of transfers in which all transfers of Warrants
and the date and other particulars of each transfer shall be entered.

The register shall be available for inspection by the Corporation and or any Warrantholder during the Warrant Agent's regular business hours on a Business Day and upon payment to the Warrant Agent of its reasonable fees. Any Warrantholder exercising such right of inspection shall first provide an affidavit in form satisfactory to the Corporation and the Warrant Agent stating the name and address of the Warrantholder and agreeing not to use the information therein except in connection with an effort to call a meeting of Warrantholders or to influence the voting of Warrantholders at any meeting of Warrantholders.

(2) Once an Uncertificated Warrant has been Authenticated, the
information set forth in the register with respect thereto at the time of Authentication may be altered, modified, amended, supplemented
or otherwise changed only to reflect exercise or proper instructions to the Warrant Agent from the holder as provided herein, except
that the Warrant Agent may act unilaterally to make purely administrative changes internal to the Warrant Agent and changes to correct
errors. Each person who becomes a holder of an Uncertificated Warrant, by his, her or its acquisition thereof shall be deemed to have
irrevocably (i) consented to the foregoing authority of the Warrant Agent to make such minor error corrections and (ii) agreed to pay
to the Warrant Agent, promptly upon written demand, the full amount of all loss and expense (including without limitation reasonable
legal fees of the Corporation and the Warrant Agent plus interest, at an appropriate then prevailing rate of interest to the Warrant
Agent), sustained by the Corporation or the Warrant Agent as a proximate result of such error if but only if and only to the extent that
such present or former holder realized any benefit as a result of such error and could reasonably have prevented, forestalled or minimized
such loss and expense by prompt reporting of the error or avoidance of accepting benefits thereof whether or not such error is or should
have been timely detected and corrected by the Warrant Agent; provided, that no person who is a bona fide purchaser shall have any such
obligation to the Corporation or to the Warrant Agent.

**Section 2.10 Issue in Substitution for Warrant Certificates Lost, etc.**

(1) If any Warrant Certificate becomes mutilated or is lost, destroyed
or stolen, the Corporation, subject to Applicable Law, shall issue and thereupon the Warrant Agent shall certify and deliver, a new Warrant
Certificate of like tenor, and bearing the same legend, if applicable, as the one mutilated, lost, destroyed or stolen in exchange for
and in place of and upon cancellation of such mutilated Warrant Certificate, or in lieu of and in substitution for such lost, destroyed
or stolen Warrant Certificate, and the substituted Warrant Certificate shall be in a form approved by the Warrant Agent and the Warrants
evidenced thereby shall be entitled to the benefits hereof and shall rank equally in accordance with its terms with all other Warrants
issued or to be issued hereunder.

(2) The applicant for the issue of a new Warrant Certificate pursuant
to this Section 2.10 shall bear the cost of the issue thereof and in case of loss, destruction or theft shall, as a condition precedent
to the issuance thereof, furnish to the Corporation and to the Warrant Agent such evidence of ownership and of the loss, destruction
or theft of the Warrant Certificate so lost, destroyed or stolen as shall be satisfactory to the Corporation and to the Warrant Agent,
in their sole discretion, acting reasonably, and such applicant shall also be required to furnish an indemnity and surety bond in amount
and form satisfactory to the Corporation and the Warrant Agent, in their sole discretion, and shall pay the reasonable charges of the
Corporation and the Warrant Agent in connection therewith.

**Section 2.11 Exchange of Warrant Certificates.**

(1) Any one or more Warrant Certificates representing any number
of Warrants may, upon compliance with the reasonable requirements of the Warrant Agent (including compliance with applicable securities
legislation), be exchanged for one or more other Warrant Certificates representing the same aggregate number of Warrants, and bearing
the same legend, if applicable, as represented by the Warrant Certificate or Warrant Certificates so exchanged.

(2) Warrant Certificates may be exchanged only at the Warrant Agency
or at any other place that is designated by the Corporation with the approval of the Warrant Agent. Any Warrant Certificate from the
holder (or such other instructions, in form satisfactory to the Warrant Agent), tendered for exchange shall be surrendered to the Warrant
Agency and cancelled by the Warrant Agent.

(3) Warrant Certificates exchanged for Warrant Certificates that
bear the legend(s) set forth in Section 2.8(1) and/or Section 2.8(2) shall bear the same legend(s), unless the Warrant Agent is otherwise
instructed by counsel to the Corporation or the Corporation.

**Section 2.12 Transfer and Ownership of Warrants.**

(1) The Warrants may only be transferred on the register kept by
the Warrant Agent at the Warrant Agency by the holder or its legal representatives or its attorney duly appointed by an instrument in
writing in form and execution satisfactory to the Warrant Agent only upon (a) in the case of a Warrant Certificate, surrendering to the
Warrant Agent at the Warrant Agency the Warrant Certificates representing the Warrants to be transferred together with a duly executed
transfer form as set forth in **Schedule "A"** and (b) in the case of Book Entry Warrants, in accordance with procedures
prescribed by the Depository under the book entry registration system, and (c) upon compliance with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the conditions herein;

(ii) such reasonable requirements as the Warrant Agent may prescribe;
and

(iii) all applicable securities legislation and requirements of regulatory
authorities;

and such transfer shall be duly noted in such register by the Warrant Agent. Upon compliance with such requirements, the Warrant Agent shall issue to the transferee of a Certificated Warrant a Warrant Certificate representing the Warrants transferred, and to the transferee of an Uncertificated Warrant, an Uncertificated Warrant representing the Warrants transferred, or the Warrant Agent shall Authenticate and deliver a Warrant Certificate upon request that part of the CDS Global Warrant be certificated, and the transferee of a Book Entry Warrant shall be recorded through the relevant Book Entry Participant in accordance with the book-entry registration system as the entitlement holder in respect of such Warrants. Transfers within the systems of the Depository are not the responsibility of the Warrant Agent and will not be noted on the register maintained by the Warrant Agent.

(2) If a Warrant Certificate tendered for transfer bears the legend
set forth in Section 2.8(1), the Warrant Agent shall not register such transfer unless the transferor has provided the Warrant Agent
with the Warrant Certificate and such securities may be transferred only (A) to the Corporation, (B) outside the United States in accordance
with Rule 904 of Regulation S, if available, and in compliance with applicable local securities laws and regulations, (C) in accordance
with the exemption from registration under the U.S. Securities Act provided by Rule 144, if available, and in compliance with applicable
U.S. state securities laws, (D) in accordance with the exemption from registration under the U.S. Securities Act provided by Rule 144A,
if available, and in compliance with applicable U.S. state securities laws, or (E) with the prior written consent of the Corporation
pursuant to another exemption from registration under the U.S. Securities Act and applicable U.S. state securities laws after first providing
to the Corporation and the Warrant Agent in the case of a transfer pursuant to clause C or clause E, an opinion of U.S. counsel of recognized
standing in form and substance reasonably satisfactory to the Corporation and the Warrant Agent that the offer, sale, pledge or other
transfer does not require registration under the U.S. Securities Act, or after first providing to the Corporation and the Warrant Agent
such other evidence of compliance with applicable securities laws as the Corporation or the Warrant Agent may reasonably request. Warrants
and, if applicable, Shares, issued to, or for the account or benefit of, a U.S. Warrantholder must be issued only in individually certificated
form, subject to the requirements of Section 3.3(3).

(3) Subject to the provisions of this Indenture, and Applicable
Law, the Warrantholder shall be entitled to the rights and privileges attaching to the Warrants, and the issue of Shares by the Corporation
upon the exercise of Warrants in accordance with the terms and conditions herein contained shall discharge all responsibilities of the
Corporation and the Warrant Agent with respect to such Warrants and neither the Corporation nor the Warrant Agent shall be bound to inquire
into the title of any such holder.

**Section 2.13 Cancellation of Surrendered Warrants.**

All Certificated Warrants and Uncertificated Warrants surrendered pursuant to Article 3 shall be cancelled by the Warrant Agent and upon such circumstances all such Warrants shall be deemed cancelled and so noted on the register by the Warrant Agent. Upon written request by the Corporation, the Warrant Agent shall furnish to the Corporation a cancellation certificate identifying the Warrants so cancelled, the number of Warrants evidenced thereby, the number of Shares, if any, issued pursuant to such Warrants, as applicable, and the details of any Warrants issued in substitution or exchange for such Warrants cancelled.

**Article 3**

**EXERCISE OF WARRANTS**

**Section 3.1 Right of Exercise.**

Subject to the provisions hereof, each Registered Warrantholder may exercise the right conferred on such holder to subscribe for and purchase one (1) Share for each Warrant after the Issue Date and prior to the Expiry Time and in accordance with the conditions herein; provided however, that if a Warrant Certificate tendered for exercise bears the legend set forth in Section 2.8(1), such exercise must be permitted under the U.S. Securities Act and applicable U.S. state securities laws in accordance with the conditions set forth in Section 3.2(2).

**Section 3.2 Warrant Exercise.**

(1) Registered Warrantholders of Certificated Warrants who wish
to exercise the Warrants held by them in order to acquire Shares must, if permitted pursuant to the terms and conditions hereunder and
as set forth in any applicable legend, complete the exercise form (the "**Exercise Notice**") in the form attached hereto
as **Schedule "B"**, which may be amended by the Corporation with the consent of the Warrant Agent, if such amendment
does not, in the reasonable opinion of the Corporation and the Warrant Agent, which may be based on the advice of Counsel, materially
and adversely affect the rights, entitlements and interests of the Warrantholders, and deliver such certificate(s), the executed Exercise
Notice and a certified cheque, bank draft, money order or wire transfer payable to or to the order of the Corporation for the aggregate
Exercise Price to the Warrant Agent at the Warrant Agency prior to the Expiry Time. The Warrants represented by a Warrant Certificate
shall be deemed to be surrendered upon personal delivery of such certificate, Exercise Notice and aggregate Exercise Price or, if such
documents are sent by mail or other means of transmission, upon actual receipt thereof by the Warrant Agent at the office referred to
above.

(2) In addition to completing the Exercise Notice attached to the
Warrant Certificate(s), a Warrantholder who is a person in the United States, a U.S. Person, a person exercising for the account or benefit
of a U.S. Person or a person in the United States, or a person requesting delivery of the Shares issuable upon exercise of the Warrants
in the United States, must (a) provide a completed and executed U.S. Purchaser Letter or (b) an opinion of counsel of recognized standing
in form and substance reasonably satisfactory to the Corporation and the Warrant Agent that the exercise is exempt from the registration
requirements of the U.S. Securities Act and applicable U.S. state securities laws; *provided however* that in the case of a Warrantholder
that is an Original AI Purchaser, such Warrantholder will not be required to deliver a U.S. Purchaser Letter or an opinion of counsel
in connection with the due exercise of the Warrants at a time when the representations, warranties and covenants made by the Warrantholder
in the U.S. AI Certificate remain true and correct at the time of exercise and the Warrantholder represents to the Corporation as such.

(3) A Registered Warrantholder of Uncertificated Warrants evidenced
by a security entitlement in respect of Warrants shall specify the person(s) in whose name such Shares are to be issued, the address(es)
of such person(s) and the number of Shares to be issued to each person, if more than one is so specified, and must complete the Exercise
Notice and deliver the executed Exercise Notice and a certified cheque, bank draft or money order payable to or to the order of the Corporation
for the aggregate Exercise Price to the Warrant Agent at the Warrant Agency prior to the Expiry Time. The Uncertificated Warrants shall
be deemed to be surrendered upon receipt of the Exercise Notice and aggregate Exercise Price or, if such documents are sent by mail or
other means of transmission, upon actual receipt thereof by the Warrant Agent at the office referred to above.

(4) A Registered Warrantholder may request their Warrants be held
electronically through a book based registration system, including CDSX. A beneficial owner of Uncertificated Warrants evidenced by a
security entitlement in respect of Warrants in the book entry registration system who desires to exercise his or her Warrants must do
so by causing a Book Entry Participant to deliver to the Depository on behalf of the beneficial owner, notice of the beneficial owner's
intention to exercise Warrants in a manner acceptable to the Depository. Forthwith upon receipt by the Depository of such notice, as
well as payment for the aggregate Exercise Price, the Depository shall deliver to the Warrant Agent confirmation of its intention to
exercise Warrants (a "**Confirmation**") in a manner acceptable to the Warrant Agent, including by electronic means through
the book entry registration system, including CDSX. An electronic exercise of the Warrants initiated by the Book Entry Participant through
a book entry registration system, including CDSX, shall constitute a representation to both the Corporation and the Warrant Agent that
the beneficial owner at the time of exercise of such Warrants: (i) is not in the United States, (ii) is not a U.S. Person and is not
exercising such Warrants on behalf of a U.S. Person or a person in the United States, and (ii) did not execute or deliver the notice
of the beneficial owner's intention to exercise such Warrants in the United States. If the Book Entry Participant is not able to
make or deliver the foregoing representations by initiating the electronic exercise of the Warrants, then such Warrants shall be withdrawn
from the book entry registration system, including CDSX, by the Book Entry Participant and an individually registered Warrant Certificate
shall be issued by the Warrant Agent to such beneficial owner of the Uncertificated Warrants or Book Entry Participant and the exercise
procedures set forth in Section 3.2(1) and Section 3.2(3) shall be followed.

(5) Payment representing the aggregate Exercise Price must be provided
to the appropriate office of the Book Entry Participant in a manner acceptable to it. A notice in form acceptable to the Book Entry Participant
and payment from such beneficial holder should be provided to the Book Entry Participant suffi **c** iently in advance so as to permit
the Book Entry Participant to deliver notice and payment to the Depository and for the Depository in turn to deliver notice and payment
to the Warrant Agent prior to the Expiry Time. The Depository will initiate the exercise by way of the Confirmation and forward the aggregate
Exercise Price electronically to the Warrant Agent and the Warrant Agent will execute the exercise by issuing to the Depository through
the book entry registration system the Shares to which the exercising Warrantholder is entitled pursuant to the exercise. Any expense
associated with the exercise process will be for the account of the entitlement holder exercising the Warrants and/or the Book Entry
Participant exercising the Warrants on its behalf.

(6) By causing a Book Entry Participant to deliver notice to the
Depository, a beneficial owner shall be deemed to have irrevocably surrendered his or her Warrants so exercised and appointed such Book
Entry Participant to act as his or her exclusive settlement agent with respect to the exercise and the receipt of Shares in connection
with the obligations arising from such exercise.

(7) Any notice which the Depository determines to be incomplete,
not in proper form or not duly executed shall for all purposes be void and of no effect and the exercise to which it relates shall be
considered for all purposes not to have been exercised thereby. A failure by a Book Entry Participant to exercise or to give effect to
the settlement thereof in accordance with the beneficial owner's instructions will not give rise to any obligations or liability
on the part of the Corporation or Warrant Agent to the Book Entry Participant or the beneficial owner.

(8) The Exercise Notice referred to in this Section 3.2 shall be
signed by the Registered Warrantholder, or its executors or administrators or other legal representatives or an attorney of the Registered
Warrantholder, duly appointed by an instrument in writing satisfactory to the Warrant Agent but such Exercise Notice need not be executed
by the Depository.

(9) Any exercise referred to in this Section 3.2 shall require
that the entire Exercise Price for Shares subscribed must be paid at the time of subscription and such Exercise Price and original Exercise
Notice executed by the Registered Warrantholder or the Confirmation from the Depository must be received by the Warrant Agent prior to
the Expiry Time.

(10) Notwithstanding the foregoing in this Section 3.2, Warrants
may only be exercised pursuant to this Section 3.2 by or on behalf of a Registered Warrantholder (excluding the Depository) who is permitted
to and makes one of the certifications set forth on the Exercise Notice and delivers, if applicable, any opinion or other evidence as
required by the Corporation.

(11) If the form of Exercise Notice set forth in the Warrant Certificate
shall have been amended, the Corporation shall cause the amended Exercise Notice to be forwarded to all Registered Warrantholders.

(12) Exercise Notices and Confirmations must be delivered to the
Warrant Agent at any time during the Warrant Agent's actual business hours on any Business Day prior to the Expiry Time. Any Exercise
Notice or Confirmations received by the Warrant Agent after business hours on any Business Day other than the Expiry Date will be deemed
to have been received by the Warrant Agent on the next following Business Day.

(13) Any Warrant with respect to which a Confirmation or Exercise
Notice is not received by the Warrant Agent before the Expiry Time shall be deemed to have expired and become void and all rights with
respect to such Warrants shall terminate and be cancelled.

**Section 3.3 U.S. Restrictions; Legended Certificates**

(1) Subject to Section 3.3(2) below, (i) Warrants may not be exercised
within the United States, or by or for the account or benefit of any U.S. Person or any person in the United States; and (ii) no Shares
issued upon exercise of Warrants may be delivered to any address in the United States.

(2) Notwithstanding Section 3.3(1), Warrants which bear the legend
set forth in Section 2.8(1) may be exercised in the United States, or for the account or benefit of a U.S. Person or a person in the
United States, and Shares issued upon exercise of any such Warrants may be delivered to an address in the United States, provided that
(a) the Person exercising the Warrants is a U.S. Accredited Investor, and (b) delivers a completed and executed U.S. Purchaser Letter,
or provides an opinion of counsel of recognized standing in form and substance reasonably satisfactory to the Corporation and the Warrant
Agent which confirms that the issuance of the Shares is in compliance with the U.S. Securities Act and applicable U.S. state securities
laws; *provided however* that in the case of a Warrantholder that is an Original AI Purchaser, such Warrantholder will not be required
to deliver a U.S. Purchaser Letter or an opinion of counsel in connection with the due exercise of the Warrants at a time when the representations,
warranties and covenants made by the Warrantholder in the U.S. AI Certificate remain true and correct at the time of exercise and the
Warrantholder represents to the Corporation as such.

(3) Shares issued to, or for the account or benefit of, a U.S.
Warrantholder as indicated on the Exercise Notice duly completed and executed by such U.S. Warrantholder in the form annexed to this
Warrant Indenture as Schedule "B" (and any certificates issued in replacement thereof or in substitution therefor) must be
issued only in individually certificated form and shall bear the legend set forth in Section 2.8(1).

**Section 3.4 Transfer Fees and Taxes.**

If any of the Shares subscribed for are to be issued to a person or persons other than the Registered Warrantholder, the Registered Warrantholder shall execute the form of transfer and will comply with such reasonable requirements as the Warrant Agent may stipulate and will pay to the Corporation or the Warrant Agent on behalf of the Corporation, all applicable transfer or similar taxes and the Corporation will not be required to issue or deliver certificates evidencing Shares unless or until such Warrantholder shall have paid to the Corporation or the Warrant Agent on behalf of the Corporation, the amount of such tax or shall have established to the satisfaction of the Corporation and the Warrant Agent that such tax has been paid or that no tax is due.

**Section 3.5 Warrant Agency.**

To facilitate the exchange, transfer or exercise of Warrants and compliance with such other terms and conditions hereof as may be required, the Corporation has appointed the Warrant Agent at the Warrant Agency, as the agency at which Warrants may be surrendered for exchange or transfer or at which Warrants may be exercised and the Warrant Agent has accepted such appointment. The Corporation may from time to time designate alternate or additional places as the Warrant Agency (subject to the Warrant Agent's prior approval) and will give notice to the Warrant Agent of any proposed change of the Warrant Agency. Branch registers shall also be kept at such other place or places, if any, as the Corporation, with the approval of the Warrant Agent, may designate. The Warrant Agent will from time to time when requested to do so by the Corporation or any Registered Warrantholder, subject to Section 2.9(1), upon payment of the Warrant Agent's reasonable charges, furnish a list of the names and addresses of Registered Warrantholders showing the number of Warrants held by each such Registered Warrantholder.

**Section 3.6 Effect of Exercise of Warrants.**

(1) Upon the exercise of Warrants pursuant to and in compliance
with Section 3.2 and subject to Section 3.3 and Section 3.4, the Shares to be issued pursuant to the Warrants exercised shall be issued
or deemed to have been issued and the person or persons to whom such Shares are to be issued shall become or be deemed to have become
the holder or holders of record of such Shares on the Exercise Date, provided the documents are received in good order, unless the register
shall be closed on such date, in which case the Shares subscribed for shall be issued or deemed to have been issued and such person or
persons become or be deemed to have become the holder or holders of record of such Shares, on the date on which such register is reopened.
It is hereby understood that in order for persons to whom Shares are to be issued to become holders of Shares of record on the Exercise
Date, beneficial holders must commence the exercise process sufficiently in advance so that the Warrant Agent is in receipt of all items
of exercise at least one Business Day prior to such Exercise Date.

(2) Within five Business Days after the Exercise Date with respect
to a Warrant, the Warrant Agent shall use commercially reasonable efforts to cause to be delivered or mailed to the person or persons
in whose name or names the Warrant is registered or, as directed on the Exercise Form if so specified in writing by the holder, cause
to be delivered to such person or persons at the Warrant Agency where the Warrant Certificate was surrendered, a certificate or certificates
for the appropriate number of Shares subscribed for, or any other appropriate evidence of the issuance of Shares to such person or persons
in respect of Shares issued under the book entry registration system.

**Section 3.7 Partial Exercise of Warrants; Fractions.**

(1) The holder of any Warrants may exercise its right to acquire
a number of whole Shares less than the aggregate number which the holder is entitled to acquire. In the event of any exercise of a number
of Warrants less than the number which the holder is entitled to exercise, the holder of Warrants upon such exercise shall, in addition,
be entitled to receive, without charge therefor, a new Warrant Certificate(s), bearing the same legend, if applicable, or other appropriate
evidence of Warrants, in respect of the balance of the Warrants held by such holder and which were not then exercised.

(2) Notwithstanding anything herein contained including any adjustment
provided for in Section 4.1, the Corporation shall not be required, upon the exercise of any Warrants, to issue fractions of Shares.
Warrants may only be exercised in a sufficient number to acquire whole numbers of Shares. Any fractional Shares shall be rounded down
to the nearest whole number and the holder of such Warrants shall not be entitled to any compensation in respect of any fractional Share
which is not issued.

**Section 3.8 Expiration of Warrants.**

Immediately after the Expiry Time, all rights under any Warrant in respect of which the right of acquisition provided for herein shall not have been exercised shall cease and terminate and each Warrant shall be void and of no further force or effect.

**Section 3.9 Accounting and Recording.**

(1) The Warrant Agent shall promptly account to the Corporation
with respect to Warrants exercised, and shall promptly forward to the Corporation (or into an account or accounts of the Corporation
with the bank or trust company designated by the Corporation for that purpose), all monies received by the Warrant Agent on the subscription
of Shares through the exercise of Warrants. All such monies and any securities or other instruments, from time to time received by the
Warrant Agent, shall be received in trust for the benefit of, and shall be segregated and kept apart by the Warrant Agent for, the Warrantholders
and the Corporation as their interests may appear

(2) The Warrant Agent shall record the particulars of Warrants
exercised, which particulars shall include the names and addresses of the persons who become holders of Shares on exercise and the Exercise
Date, in respect thereof. The Warrant Agent shall provide such particulars in writing to the Corporation within five Business Days of
any request by the Corporation therefor.

**Section 3.10 Securities Restrictions.**

Notwithstanding anything herein contained, Shares will be issued upon exercise of a Warrant only in compliance with the securities laws of any applicable jurisdiction.

**Section 3.11 Limitation on Exercise of the Warrants**

Notwithstanding anything to the contrary contained in this Indenture, the Warrants shall not be exercisable by any Warrantholder, and neither the Warrant Agent nor the Corporation shall effect any exercise of the Warrants or otherwise issue any Shares pursuant hereto, to the extent (but only to the extent) that, after giving effect to such exercise, the Warrantholder or any of its affiliates would beneficially own in excess of 9.9% (the "**Maximum Percentage**") of the issued and outstanding Shares of the Corporation after such exercise. To the extent the above limitation applies, the determination of whether a Warrant shall be exercised (vis-à-vis other convertible, exercisable or exchangeable securities owned by any Warrantholder or any of its affiliates) and of which such securities shall be convertible, exercisable or exchangeable (as among all such securities owned by the holder and its affiliates) shall, subject to the Maximum Percentage limitation, be determined on the basis of the first submission to the Warrant Agent or the Corporation for conversion, exercise or exchange (as the case may be) and approved by the Corporation. No prior inability to exercise a Warrant or to issue Shares pursuant to this Section 3.11 shall have any effect on the applicability of the provisions of this Section with respect to any subsequent determination of exercisability. For purposes of this Section, beneficial ownership and all determinations and calculations (including, without limitation, with respect to calculations of percentage ownership) shall be determined in accordance with National Instrument 55-104 Insider Reporting Requirements and Exemptions. The limitations contained in this Section shall apply to a successor holder of the Warrants. Unless otherwise agreed to by the parties hereto, by written notice to the Warrant Agent and the Corporation, the holder may increase or decrease the Maximum Percentage to any other percentage provided that: (a) any such increase will not be effective until the 61st day after such notice is delivered to the Warrant Agent and the Corporation, and (b) any such increase or decrease will apply only to the holder sending such notice.

For greater certainty the Warrant Agent shall not be required to confirm whether or not a Warrantholder has exceeded the Maximum Percentage threshold, nor will the Warrant Agent be liable for processing the valid exercise of Warrants that is then determined, by the Corporation, to result in a holder exceeding the Maximum Percentage threshold.

**Article 4**

**ADJUSTMENT OF NUMBER OF SHARES**

**AND EXERCISE PRICE**

**Section 4.1 Adjustment of Number of Shares and Exercise Price.**

The subscription rights in effect under the Warrants for Shares issuable upon the exercise of the Warrants shall be subject to adjustment from time to time as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if, at any time during the Adjustment Period, the Corporation
shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subdivide, re-divide or change its outstanding Shares into
a greater number of Shares;

(ii) reduce, combine or consolidate its outstanding Shares into
a lesser number of Shares; or

(iii) issue Shares or securities exchangeable for, exercisable for,
or convertible into, Shares to all or substantially all of the holders of Shares by way of stock dividend or other distribution (other
than a distribution of Shares upon the exercise of Warrants, any other outstanding warrants of the Corporation, outstanding options,
or other incentive securities of the Corporation);

(any of such events in Section 4.1(a)(i), (ii) or (iii) being called a "**Common Share Reorganization**") then the Exercise Price on the effective date or record date of such subdivision, re-division, change, reduction, combination, consolidation or distribution, as the case may be, shall in the case of the events referred to in (i) or (iii) above be decreased in proportion to the number of outstanding Shares resulting from such subdivision, re-division, change or distribution, or shall, in the case of the events referred to in (ii) above, be increased in proportion to the number of outstanding Shares resulting from such reduction, combination or consolidation by multiplying the Exercise Price in effect immediately prior to such effective date or record date by a fraction, the numerator of which shall be the number of Shares outstanding on such effective date or record date before giving effect to such Share Reorganization and the denominator of which shall be the number of Shares outstanding as of the effective date or record date after giving effect to such Share Reorganization (including, in the case where securities exchangeable for or convertible into Shares are distributed, the number of Share that would have been outstanding had such securities been exchanged for, exercised for, or converted into Shares on such record date or effective date). Such adjustment shall be made successively whenever any event referred to in this Section 4.1(a) shall occur. Upon any adjustment of the Exercise Price pursuant to Section 4.1(a), the Exchange Rate shall be contemporaneously adjusted by multiplying the number of Shares theretofore obtainable on the exercise thereof by a fraction of which the numerator shall be the Exercise Price in effect immediately prior to such adjustment and the denominator shall be the Exercise Price resulting from such adjustment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if and whenever at any time during the Adjustment Period, the
Corporation shall fix a record date for the issuance of rights, options or warrants to all or substantially all the holders of its outstanding
Shares entitling them, for a period expiring not more than 45 days after such record date, to subscribe for or purchase Shares (or securities
convertible, exercisable or exchangeable into Shares) at a price per Share (or having a conversion, exercise or exchange price per Share)
less than 95% of the Current Market Price on such record date (a "**Rights Offering** "), the Exercise Price shall be adjusted
immediately after such record date so that it shall equal the amount determined by multiplying the Exercise Price in effect on such record
date by a fraction, of which the numerator shall be the total number of Shares outstanding on such record date plus a number of Shares
equal to the number arrived at by dividing the aggregate price of the total number of additional Shares offered for subscription or purchase
(or the aggregate conversion, exercise or exchange price of the convertible, exercisable or exchangeable securities so offered) by the
Current Market Price, and of which the denominator shall be the total number of Shares outstanding on such record date plus the total
number of additional Shares offered for subscription or purchase or into which the convertible, exercisable or exchangeable securities
so offered are convertible, exercisable or exchangeable; any Shares owned by or held for the account of the Corporation shall be deemed
not to be outstanding for the purpose of any such computation; such adjustment shall be made successively whenever such a record date
is fixed; to the extent that no such rights or warrants are exercised prior to the expiration thereof, the Exercise Price shall be readjusted
to the Exercise Price which would then be in effect if such record date had not been fixed or, if any such rights or warrants are exercised,
to the Exercise Price which would then be in effect based upon the number of Shares (or securities convertible, exercisable or exchangeable
into Shares) actually issued upon the exercise of such rights or warrants, as the case may be. Upon any adjustment of the Exercise Price
pursuant to this Section 4.1(b), the Exchange Rate will be adjusted immediately after such record date so that it will equal the rate
determined by multiplying the Exchange Rate in effect on such record date by a fraction, of which the numerator shall be the Exercise
Price in effect immediately prior to such adjustment and the denominator shall be the Exercise Price resulting from such adjustment.
Such adjustment will be made successively whenever such a record date is fixed, provided that if two or more such record dates or record
dates referred to in this Section 4.1(b) are fixed within a period of 25 Trading Days, such adjustment will be made successively as if
each of such record dates occurred on the earliest of such record dates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if and whenever at any time during the Adjustment Period the
Corporation shall fix a record date for the making of a distribution to all or substantially all the holders of its outstanding Shares
of (i) securities of any class, whether of the Corporation or any other entity (other than Shares), (ii) rights, options or warrants
to subscribe for or purchase Shares (or other securities convertible, exercisable into or exchangeable for Shares), other than pursuant
to a Rights Offering; (iii) evidences of its indebtedness or (iv) any property or other assets then, in each such case, the Exercise
Price shall be adjusted immediately after such record date so that it shall equal the price determined by multiplying the Exercise Price
in effect on such record date by a fraction, of which the numerator shall be the total number of Shares outstanding on such record date
multiplied by the Current Market Price on such record date, less the excess, if any, of the fair market value on such record date, as
determined, in good faith, by the Corporation (whose determination shall be conclusive), of such securities or other assets so issued
or distributed over the fair market value of any consideration received therefor by the Corporation from the holders of the Shares, and
of which the denominator shall be the total number of Shares outstanding on such record date multiplied by the Current Market Price;
and Shares owned by or held for the account of the Corporation shall be deemed not to be outstanding for the purpose of any such computation;
such adjustment shall be made successively whenever such a record date is fixed; to the extent that such distribution is not so made,
the Exercise Price shall be readjusted to the Exercise Price which would then be in effect if such record date had not been fixed. Upon
any adjustment of the Exercise Price pursuant to this Section 4.1(c), the Exchange Rate will be adjusted immediately after such record
date so that it will equal the rate determined by multiplying the Exchange Rate in effect on such record date by a fraction, of which
the numerator shall be the Exercise Price in effect immediately prior to such adjustment and the denominator shall be the Exercise Price
resulting from such adjustment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if and whenever at any time during the Adjustment Period, there
is a reclassification of the Shares or a capital reorganization of the Corporation other than as described in Section 4.1(a) or a reclassification,
change, capital reorganization, consolidation, amalgamation, arrangement or merger of the Corporation with or into any other body corporate,
trust, partnership or other entity, or a transfer, sale or conveyance of the property and assets of the Corporation as an entirety or
substantially as an entirety to any other body corporate, trust, partnership or other entity, any Registered Warrantholder who has not
exercised its right of acquisition prior to the effective date of such reclassification, change, capital reorganization, consolidation,
amalgamation, arrangement or merger, transfer, sale or conveyance, upon the exercise of such right thereafter, shall be entitled to receive
upon payment of the Exercise Price and shall accept, in lieu of the number of Shares that prior to such effective date the Registered
Warrantholder would have been entitled to receive, the number of shares or other securities or property of the Corporation or of the
body corporate, trust, partnership or other entity resulting from such reclassification, change, capital reorganization, consolidation,
amalgamation, arrangement or merger, or to which such transfer, sale or conveyance may be made, as the case may be, that such Registered
Warrantholder would have been entitled to receive on such reclassification, change, capital reorganization, consolidation, amalgamation,
arrangement or merger, transfer, sale or conveyance, if, on the effective date thereof, as the case may be, the Registered Warrantholder
had been the registered holder of the number of Shares to which prior to such effective date it was entitled to acquire upon the exercise
of the Warrants. If determined appropriate by the Warrant Agent, relying on advice of Counsel, to give effect to or to evidence the provisions
of this Section 4.1(d), the Corporation, its successor, or such purchasing body corporate, partnership, trust or other entity, as the
case may be, shall, prior to or contemporaneously with any such reclassification, capital reorganization, consolidation, amalgamation,
arrangement or merger, transfer, sale or conveyance, enter into an indenture which shall provide, to the extent possible, for the application
of the provisions set forth in this Indenture with respect to the rights and interests thereafter of the Registered Warrantholders to
the end that the provisions set forth in this Indenture shall thereafter correspondingly be made applicable, as nearly as may reasonably
be possible, with respect to any shares, other securities or property to which a Registered Warrantholder is entitled on the exercise
of its acquisition rights thereafter. Any indenture entered into between the Corporation and the Warrant Agent pursuant to the provisions
of this Section 4.1(d) shall be a supplemental indenture entered into pursuant to the provisions of Article 8 hereof. Any indenture entered
into between the Corporation, any successor to the Corporation or such purchasing body corporate, partnership, trust or other entity
and the Warrant Agent shall provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided
in this Section 4.1 and which shall apply to successive reclassifications, changes, capital reorganizations, consolidations, amalgamations,
arrangements or mergers;

(e) in any case in which this Section 4.1 shall require that an
adjustment shall become effective immediately after a record date for an event referred to herein, the Corporation may defer, until the
occurrence of such event, issuing to the Registered Warrantholder of any Warrant exercised after the record date and prior to completion
of such event the additional Shares issuable upon such exercise by reason of the adjustment required by such event before giving effect
to such adjustment; provided, however, that the Corporation shall deliver to such Registered Warrantholder an appropriate instrument
evidencing such Registered Warrantholder's right to receive such additional Shares upon the occurrence of the event requiring such
adjustment and the right to receive any distributions made on such additional Shares declared in favour of holders of record of Shares
on and after the relevant date of exercise or such later date as such Registered Warrantholder would, but for the provisions of this
Section 4.1(e), have become the holder of record of such additional Shares pursuant to Section 4.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) in any case in which Section 4.1(a)(iii), Section 4.1(b) or
Section 4.1(c) require that an adjustment be made to the Exercise Price, no such adjustment shall be made if the Registered Warrantholders
of the outstanding Warrants receive, subject to any required stock exchange or regulatory approval, the rights or warrants referred to
in Section 4.1(a)(iii), Section 4.1(b) or the shares, rights, options, warrants, evidences of indebtedness or assets referred to in Section
4.1(c), as the case may be, in such kind and number as they would have received if they had been holders of Shares on the applicable
record date or effective date, as the case may be, by virtue of their outstanding Warrants having then been exercised into Shares at
the Exercise Price in effect on the applicable record date or effective date, as the case may be;

(g) the adjustments provided for in this Section 4.1 are cumulative,
and shall, in the case of adjustments to the Exercise Price be computed to the nearest whole cent and shall apply to successive subdivisions,
re-divisions, reductions, combinations, consolidations, distributions, issues or other events resulting in any adjustment under the provisions
of this Section 4.1, provided that, notwithstanding any other provision of this Section, no adjustment of the Exercise Price shall be
required unless such adjustment would require an increase or decrease of at least 1% in the Exercise Price then in effect; provided,
however, that any adjustments which by reason of this Section 4.1(g) are not required to be made shall be carried forward and taken into
account in any subsequent adjustment; and

(h) after any adjustment pursuant to this Section 4.1, the term
" **Shares**" where used in this Indenture shall be interpreted to mean securities of any class or classes which, as a
result of such adjustment and all prior adjustments pursuant to this Section 4.1, the Registered Warrantholder is entitled to receive
upon the exercise of its Warrant, and the number of Shares indicated by any exercise made pursuant to a Warrant shall be interpreted
to mean the number of Shares or other property or securities a Registered Warrantholder is entitled to receive, as a result of such adjustment
and all prior adjustments pursuant to this Section 4.1, upon the full exercise of a Warrant.

**Section 4.2 Entitlement to Shares on Exercise of Warrant.**

All Shares or shares of any class or other securities, which a Registered Warrantholder is at the time in question entitled to receive on the exercise of its Warrant, whether or not as a result of adjustments made pursuant to this Article 4, shall, for the purposes of the interpretation of this Indenture, be deemed to be Shares which such Registered Warrantholder is entitled to acquire pursuant to such Warrant.

**Section 4.3 No Adjustment for Certain Transactions.**

Notwithstanding anything in this Article 4, no adjustment shall be made in the acquisition rights attached to the Warrants if the issue of Shares is being made pursuant to this Indenture or in connection with (a) any share incentive plan or restricted share plan or share purchase plan in force from time to time for directors, officers, employees, consultants or other service providers of the Corporation, which plan has been approved by the Directors; or (b) the satisfaction of existing instruments issued at the date hereof.

**Section 4.4 Determination by Independent Firm.**

In the event of any question arising with respect to the adjustments provided for in this Article 4 such question shall be conclusively determined by an independent firm of chartered professional accountants other than the Auditors, who shall have access to all necessary records of the Corporation, and such determination, absent manifest error, shall be binding upon the Corporation, the Warrant Agent, all holders and all other persons interested therein.

**Section 4.5 Proceedings Prior to any Action Requiring Adjustment.**

As a condition precedent to the taking of any action which would require an adjustment in any of the acquisition rights pursuant to any of the Warrants, including the number of Shares which are to be received upon the exercise thereof, the Corporation shall take any action which may, in the opinion of Counsel, be necessary in order that the Corporation has unissued and reserved in its authorized capital and may validly and legally issue as fully paid and non-assessable all the Shares which the holders of such Warrants are entitled to receive on the full exercise thereof in accordance with the provisions hereof.

**Section 4.6 Certificate of Adjustment.**

The Corporation shall from time to time immediately after the occurrence of any event which requires an adjustment or readjustment as provided in Section 4.1, deliver a certificate of the Corporation to the Warrant Agent specifying the nature of the event requiring the same and the amount of the adjustment or readjustment necessitated thereby and setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based, which certificate may be supported by a certificate of the Corporation's Auditors verifying such calculation if requested by the Warrant Agent at their discretion. The Warrant Agent shall rely, and shall be protected in so doing, upon the certificate of the Corporation or of the Corporation's Auditor and any other document filed by the Corporation pursuant to this Article 4 for all purposes.

**Section 4.7 Notice of Special Matters.**

The Corporation covenants with the Warrant Agent that, so long as any Warrant remains outstanding, it will give notice to the Warrant Agent and to the Registered Warrantholders of its intention to fix a record date that is prior to the Expiry Date for any matter for which an adjustment may be required pursuant to Section 4.1. Such notice shall specify the particulars of such event and the record date for such event, provided that the Corporation shall only be required to specify in the notice such particulars of the event as shall have been fixed and determined on the date on which the notice is given. The notice shall be given in each case not less than 14 days prior to such applicable record date. If notice has been given and the adjustment is not then determinable, the Corporation shall promptly, after the adjustment is determinable, file with the Warrant Agent a computation of the adjustment and give notice to the Registered Warrantholders of such adjustment computation.

**Section 4.8 No Action after Notice.**

The Corporation covenants with the Warrant Agent that it will not close its transfer books or take any other corporate action which might deprive the Registered Warrantholder of the opportunity to exercise its right of acquisition pursuant thereto during the period of 14 days after the giving of the certificate or notices set forth in Section 4.6 and Section 4.7.

**Section 4.9 Other Action.**

If the Corporation, after the date hereof, shall take any action affecting the Shares other than action described in Section 4.1, which in the reasonable opinion of the Directors would materially affect the rights of Registered Warrantholders, the Exercise Price and/or Exchange Rate, the number of Shares which may be acquired upon exercise of the Warrants shall be adjusted in such manner and at such time, by action of the Directors, acting reasonably and in good faith, in their sole discretion as they may determine to be equitable to the Registered Warrantholders in the circumstances, provided that no such adjustment will be made unless any requisite prior approval of any stock exchange on which the Shares are listed for trading has been obtained.

**Section 4.10 Protection of Warrant Agent.**

The Warrant Agent shall not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at any time be under any duty or responsibility to any Registered
Warrantholder to determine whether any facts exist which may require any adjustment contemplated by Section 4.1, or with respect to the
nature or extent of any such adjustment when made, or with respect to the method employed in making the same;

(b) be accountable with respect to the validity or value (or the
kind or amount) of any Shares or of any other securities or property which may at any time be issued or delivered upon the exercise of
the rights attaching to any Warrant;

(c) be responsible for any failure of the Corporation to issue,
transfer or deliver Shares or certificates for the same upon the surrender of any Warrants for the purpose of the exercise of such rights
or to comply with any of the covenants contained in this Article; and

(d) incur any liability or be in any way responsible for the consequences
of any breach on the part of the Corporation of any of the representations, warranties or covenants herein contained or of any acts of
the directors, officers, employees, agents or servants of the Corporation.

**Section 4.11 Participation by Warrantholder.**

No adjustments shall be made pursuant to this Article 4 if the Registered Warrantholders are entitled to participate in any event described in this Article 4 on the same terms, mutatis mutandis, as if the Registered Warrantholders had exercised their Warrants prior to, or on the Effective Date or record date of, such event.

**Article 5**

**RIGHTS OF THE CORPORATION AND COVENANTS**

**Section 5.1 Optional Purchases by the Corporation.**

Subject to compliance with applicable securities legislation and approval of applicable regulatory authorities, if any, the Corporation may from time to time purchase by private contract or otherwise any of the Warrants. Any such purchase shall be made at the lowest price or prices at which, in the opinion of the Directors, such Warrants are then obtainable, plus reasonable costs of purchase, and may be made in such manner, from such persons and on such other terms as the Corporation, in its sole discretion, may determine. In the case of Certificated Warrants, Warrant Certificates representing the Warrants purchased pursuant to this Section 5.1 shall forthwith be delivered to and cancelled by the Warrant Agent and reflected accordingly on the register of Warrants. In the case of Uncertificated Warrants, the Warrants purchased pursuant to this Section 5.1 shall be reflected accordingly on the register of Warrant and in accordance with procedures prescribed by the Depository under the book entry registration system. No Warrants shall be issued in replacement thereof.

**Section 5.2 General Covenants.**

The Corporation covenants with the Warrant Agent that so long as any Warrants remain outstanding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it
 will reserve and keep available a sufficient number of Shares for the purpose of enabling
 it to satisfy its obligations to issue Shares upon the exercise of the Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it
 will cause the Shares from time to time acquired pursuant to the exercise of the Warrants
 to be duly and validly issued and delivered in accordance with the Warrants and the terms
 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) upon
 payment of the aggregate Exercise Price therefor, all Shares which shall be issued upon exercise
 of the right to acquire provided for herein shall be fully paid and non-assessable, free
 and clear of all encumbrances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) it
 will use reasonable commercial efforts to maintain its existence and carry on its business
 and that of its subsidiaries in the ordinary course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) it
 will use reasonable commercial efforts to ensure that all Shares outstanding or issuable
 from time to time (including without limitation the Shares issuable on the exercise of the
 Warrants) continue to be or are listed and posted for trading on the Exchange (or such other
 Canadian stock exchange acceptable to the Corporation), provided that this clause shall not
 be construed as limiting or restricting the Corporation from completing a consolidation,
 amalgamation, arrangement, takeover bid or merger that would result in the Shares ceasing
 to be listed and posted for trading on the Exchange, so long as the holders of Shares receive
 securities of an entity which is listed on a stock exchange in Canada, or cash, or the holders
 of the Shares have approved the transaction in accordance with the requirements of applicable
 corporate and securities laws and the policies of the Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) generally,
 it will well and truly perform and carry out all of the acts or things to be done by it as
 provided in this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) it
 will use commercially reasonable best efforts to maintain its status as a "reporting
 issuer" (or the equivalent thereof) not in default of the requirements of the securities
 laws in each of the provinces of Canada in which it is a reporting issuer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) it
 will promptly notify the Warrant Agent and the Warrantholders in writing of any default under
 the terms of this Warrant Indenture which remains unrectified for more than five days following
 its occurrence; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it
 will make all requisite filings under applicable Canadian and United States securities legislation
 in connection with the issue of the Warrants and the Shares.

**Section 5.3 Warrant Agent's Remuneration and Expenses.**

The Corporation covenants that it will pay to the Warrant Agent from time to time reasonable remuneration for its services hereunder and will pay or reimburse the Warrant Agent upon its request for all reasonable expenses, disbursements and advances incurred or made by the Warrant Agent in the administration or execution of its duties hereby created (including the reasonable compensation and the disbursements of its Counsel and all other advisers, experts, accountants and assistants not regularly in its employ) both before any default hereunder and thereafter until all duties of the Warrant Agent hereunder shall be finally and fully performed, except any such expense, disbursement or advance as may arise out of or result from the Warrant Agent's gross negligence, wilful misconduct, bad faith or fraud. Any amount owing hereunder and remaining unpaid after 30 days from the invoice date will bear interest at the then current rate charged by the Warrant Agent against unpaid invoices and shall be payable upon demand. This Section shall survive the resignation or removal of the Warrant Agent and/or the termination of this Indenture.

**Section 5.4 Performance of Covenants by Warrant Agent.**

If the Corporation shall fail to perform any of its covenants contained in this Indenture, the Corporation must promptly notify the Warrant Agent in writing of such failure, and upon receipt by the Warrant Agent of such notice, the Warrant Agent may notify the Registered Warrantholders of such failure on the part of the Corporation and/or may itself perform any of the covenants capable of being performed by it but, subject to Section 9.2, shall be under no obligation to perform said covenants or to notify the Registered Warrantholders of such performance by it. All sums expended or advanced by the Warrant Agent in so doing shall be repayable as provided in Section 5.3. No such performance, expenditure or advance by the Warrant Agent shall relieve the Corporation of any default hereunder or of its continuing obligations under the covenants herein contained.

**Section 5.5 Enforceability of Warrants.**

The Corporation covenants and agrees that it is duly authorized, and that all necessary corporate action has been taken by the Corporation, to authorize the creation, issuance and delivery of the Warrants to be issued hereunder and that the Warrants, when issued and Authenticated as herein provided, will be valid and enforceable against the Corporation in accordance with the provisions hereof and the terms hereof and that, subject to the provisions of this Indenture, the Corporation will cause the Shares from time to time acquired upon exercise of Warrants issued under this Indenture to be duly and validly issued and delivered in accordance with the terms of this Indenture.

**Article 6**

**ENFORCEMENT**

**Section 6.1 Suits by Registered Warrantholders.**

All or any of the rights conferred upon any Registered Warrantholder by any of the terms of this Indenture may be enforced by the Registered Warrantholder by appropriate proceedings but without prejudice to the right which is hereby conferred upon the Warrant Agent to proceed in its own name to enforce each and all of the provisions herein contained for the benefit of the Registered Warrantholders.

**Section 6.2 Suits by the Corporation.**

The Corporation shall have the right to enforce full payment of the Exercise Price of all Shares issued by the Warrant Agent to a Registered Warrantholder hereunder and shall be entitled to demand such payment from the Registered Warrantholder or alternatively to instruct the Warrant Agent to cancel the share certificates representing such Shares and amend the securities register of the Corporation accordingly.

**Section 6.3 Waiver of Default.**

Upon the happening of any default hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Registered Warrantholders of not less than 51% of the Warrants then outstanding shall have
 power (in addition to the powers exercisable by Extraordinary Resolution) by requisition
 in writing to instruct the Warrant Agent to waive any default hereunder and the Warrant Agent
 shall thereupon waive the default upon such terms and conditions as shall be prescribed in
 such requisition; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Warrant Agent shall have power to waive any default hereunder upon such terms and conditions
 as the Warrant Agent may deem advisable, on the advice of Counsel, if, in the Warrant Agent's
 opinion, based on the advice of Counsel, the same shall have been cured or adequate provision
 made therefor;

provided that no delay or omission of the Warrant Agent or of the Registered Warrantholders to exercise any right or power accruing upon any default shall impair any such right or power or shall be construed to be a waiver of any such default or acquiescence therein and provided further that no act or omission either of the Warrant Agent or of the Registered Warrantholders in the premises shall extend to or be taken in any manner whatsoever to affect any subsequent default hereunder of the rights resulting therefrom.

**Article 7**

**MEETINGS OF REGISTERED WARRANTHOLDERS**

**Section 7.1 Right to Convene Meetings.**

The Warrant Agent may at any time and from time to time, and shall on receipt of a written request of the Corporation or of a Warrantholders' Request and upon being indemnified and funded to its reasonable satisfaction by the Corporation or by the Registered Warrantholders signing such Warrantholders' Request against the costs which may be incurred in connection with the calling and holding of such meeting, convene a meeting of the Registered Warrantholders. If the Warrant Agent fails to so call a meeting within seven days after receipt of such written request of the Corporation or within 30 days after receipt of such Warrantholders' Request and the indemnity and funding given as aforesaid, the Corporation or such Registered Warrantholders, as the case may be, may convene such meeting. Every such meeting shall be held in the City of Vancouver, British Columbia, or at such other place as may be approved or determined by the Warrant Agent and the Corporation. Any meeting held pursuant to this Article 7 may be done through a virtual or electronic meeting platform, subject to the Warrant Agent's capabilities at the time.

**Section 7.2 Notice.**

At least 21 days' prior written notice of any meeting of Registered Warrantholders shall be given to the Registered Warrantholders in the manner provided for in Section 10.2 and a copy of such notice shall be sent by mail to the Warrant Agent (unless the meeting has been called by the Warrant Agent) and to the Corporation (unless the meeting has been called by the Corporation). Such notice shall state the time when and the place where the meeting is to be held, shall state briefly the general nature of the business to be transacted thereat and shall contain such information as is reasonably necessary to enable the Registered Warrantholders to make a reasoned decision on the matter, but it shall not be necessary for any such notice to set out the terms of any resolution to be proposed or any of the provisions of this Section 7.2.

**Section 7.3 Chairman.**

An individual (who need not be a Registered Warrantholder) designated in writing by the Warrant Agent shall be chairman of the meeting and if no individual is so designated, or if the individual so designated is not present within fifteen minutes from the time fixed for the holding of the meeting, the Registered Warrantholders present in person or by proxy shall choose an individual present to be chairman.

**Section 7.4 Quorum.**

Subject to the provisions of Section 7.11, at any meeting of the Registered Warrantholders a quorum shall consist of Registered Warrantholder(s) present in person or by proxy and entitled to purchase at least 25% of the aggregate number of Shares which could be acquired pursuant to all the then outstanding Warrants. If a quorum of the Registered Warrantholders shall not be present within thirty minutes from the time fixed for holding any meeting, the meeting, if summoned by Registered Warrantholders or on a Warrantholders' Request, shall be dissolved; but in any other case the meeting shall be adjourned to the same day in the next week (unless such day is not a Business Day, in which case it shall be adjourned to the next following Business Day) at the same time and place and no notice of the adjournment need be given. Any business may be brought before or dealt with at an adjourned meeting which might have been dealt with at the original meeting in accordance with the notice calling the same. No business shall be transacted at any meeting unless a quorum be present at the commencement of business. At the adjourned meeting the Registered Warrantholders present in person or by proxy shall form a quorum and may transact the business for which the meeting was originally convened, notwithstanding that they may not be entitled to acquire at least 25% of the aggregate number of Shares which may be acquired pursuant to all then outstanding Warrants.

**Section 7.5 Power to Adjourn.**

The chairman of any meeting at which a quorum of the Registered Warrantholders is present may, with the consent of the meeting, adjourn any such meeting, and no notice of such adjournment need be given except such notice, if any, as the meeting may prescribe.

**Section 7.6 Show of Hands.**

Every question submitted to a meeting shall be decided in the first place by a majority of the votes given on a show of hands except that votes on an Extraordinary Resolution shall be given in the manner hereinafter provided. At any such meeting, unless a poll is duly demanded as herein provided, a declaration by the chairman that a resolution has been carried or carried unanimously or by a particular majority or lost or not carried by a particular majority shall be conclusive evidence of the fact.

**Section 7.7 Poll and Voting.**

(1) On
 every Extraordinary Resolution, and when demanded by the chairman or by one or more of the
 Registered Warrantholders acting in person or by proxy on any other question submitted to
 a meeting and after a vote by show of hands, a poll shall be taken in such manner as the
 chairman shall direct. Questions other than those required to be determined by Extraordinary
 Resolution shall be decided by a majority of the votes cast on the poll. On a show of hands,
 every person who is present and entitled to vote, whether as a Registered Warrantholder or
 as proxy for one or more absent Registered Warrantholders, or both, shall have one vote for
 each Warrant then held by him or her. On a poll, each Registered Warrantholder present in
 person or represented by a proxy duly appointed by instrument in writing shall be entitled
 to one vote in respect of each Warrant then held by him or her. A proxy need not be a Registered
 Warrantholder. The chairman of any meeting shall be entitled, both on a show of hands and
 on a poll, to vote in respect of the Warrants, if any, held or represented by him or her.

**Section 7.8 Regulations.**

(1) The
 Warrant Agent, or the Corporation with the approval of the Warrant Agent, may from time to
 time make and from time to time vary such regulations as it shall think fit for the setting
 of the record date for a meeting for the purpose of determining Registered Warrantholders
 entitled to receive notice of and to vote at the meeting.

(2) Any
 regulations so made shall be binding and effective and the votes given in accordance therewith
 shall be valid and shall be counted. Save as such regulations may provide, the only persons
 who shall be recognized at any meeting as a Registered Warrantholder, or be entitled to vote
 or be present at the meeting in respect thereof (subject to Section 7.9), shall be Registered
 Warrantholders or proxies of Registered Warrantholders.

**Section 7.9 Corporation and Warrant Agent May be Represented.**

The Corporation and the Warrant Agent, by their respective directors, officers, agents, and employees and the Counsel for the Corporation and for the Warrant Agent may attend any meeting of the Registered Warrantholders.

**Section 7.10 Powers Exercisable by Extraordinary Resolution.**

In addition to all other powers conferred upon them by any other provisions of this Indenture or by law, the Registered Warrantholders at a meeting shall, subject to the provisions of Section 7.11 and any requisite approval of the Exchange (or such other recognized exchange on which the Shares may trade), have the power exercisable from time to time by Extraordinary Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 agree to any modification, abrogation, alteration, compromise or arrangement of the rights
 of Registered Warrantholders or the Warrant Agent in its capacity as warrant agent hereunder
 (subject to the Warrant Agent's prior consent, acting reasonably) or on behalf of the
 Registered Warrantholders against the Corporation whether such rights arise under this Indenture
 or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 amend, alter or repeal any Extraordinary Resolution previously passed or sanctioned by the
 Registered Warrantholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to
 direct or to authorize the Warrant Agent, subject to Section 9.2(2), to enforce any of the
 covenants on the part of the Corporation contained in this Indenture or to enforce any of
 the rights of the Registered Warrantholders in any manner specified in such Extraordinary
 Resolution or to refrain from enforcing any such covenant or right;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to
 waive, and to direct the Warrant Agent to waive, any default on the part of the Corporation
 in complying with any provisions of this Indenture either unconditionally or upon any conditions
 specified in such Extraordinary Resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to
 restrain any Registered Warrantholder from taking or instituting any suit, action or proceeding
 against the Corporation for the enforcement of any of the covenants on the part of the Corporation
 in this Indenture or to enforce any of the rights of the Registered Warrantholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to
 direct any Registered Warrantholder who, as such, has brought any suit, action or proceeding
 to stay or to discontinue or otherwise to deal with the same upon payment of the costs, charges
 and expenses reasonably and properly incurred by such Registered Warrantholder in connection
 therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to
 assent to any change in or omission from the provisions contained in this Indenture or any
 ancillary or supplemental instrument which may be agreed to by the Corporation, and to authorize
 the Warrant Agent to concur in and execute any ancillary or supplemental indenture embodying
 the change or omission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) with
 the consent of the Corporation, such consent not to be unreasonably withheld, to remove the
 Warrant Agent or its successor in office and to appoint a new warrant agent or warrant agents
 to take the place of the Warrant Agent so removed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to
 assent to any compromise or arrangement with any creditor or creditors or any class or classes
 of creditors, whether secured or otherwise, and with holders of any shares or other securities
 of the Corporation.

**Section 7.11 Meaning of Extraordinary Resolution.**

(1) The
 expression "**Extraordinary Resolution**" when used in this Indenture means,
 subject as hereinafter provided in this Section 7.11 and in Section 7.14, a resolution proposed
 at a meeting of Registered Warrantholders duly convened for that purpose and held in accordance
 with the provisions of this Article 7 at which there are present in person or by proxy Registered
 Warrantholders holding at least 25% of the aggregate number of the then outstanding Warrants
 and passed by the affirmative votes of Registered Warrantholders holding not less than 66
 2/3% of the aggregate number of the then outstanding Warrants that are present in person
 or represented by proxy at the meeting and voted on the poll upon such resolution.

(2) If,
 at the meeting at which an Extraordinary Resolution is to be considered, Registered Warrantholders
 holding at least 25% of the aggregate number of the then outstanding Warrants are not present
 in person or by proxy within 30 minutes after the time appointed for the meeting, then the
 meeting, if convened by Registered Warrantholders or on a Warrantholders' Request,
 shall be dissolved; but in any other case it shall stand adjourned to such day, being not
 less than 15 or more than 60 days later, and to such place and time as may be appointed by
 the chairman. Not less than 14 days' prior notice shall be given of the time and place
 of such adjourned meeting in the manner provided for in Section 10.2. Such notice shall state
 that at the adjourned meeting the Registered Warrantholders present in person or by proxy
 shall form a quorum but it shall not be necessary to set forth the purposes for which the
 meeting was originally called or any other particulars. At the adjourned meeting the Registered
 Warrantholders present in person or by proxy shall form a quorum and may transact the business
 for which the meeting was originally convened and a resolution proposed at such adjourned
 meeting and passed by the requisite vote as provided in Section 7.11(1) shall be an Extraordinary
 Resolution within the meaning of this Indenture notwithstanding that Registered Warrantholders
 entitled to acquire at least 25% of the aggregate number of Shares which may be acquired
 pursuant to all the then outstanding Warrants are not present in person or by proxy at such
 adjourned meeting.

(3) Subject
 to Section 7.14, votes on an Extraordinary Resolution shall always be given on a poll and
 no demand for a poll on an Extraordinary Resolution shall be necessary.

**Section 7.12 Powers Cumulative.**

Any one or more of the powers or any combination of the powers in this Indenture stated to be exercisable by the Registered Warrantholders by Extraordinary Resolution or otherwise may be exercised from time to time and the exercise of any one or more of such powers or any combination of powers from time to time shall not be deemed to exhaust the right of the Registered Warrantholders to exercise such power or powers or combination of powers then or thereafter from time to time.

**Section 7.13 Minutes.**

Minutes of all resolutions and proceedings at every meeting of Registered Warrantholders shall be made and duly recorded in the books of the Corporation and such minutes as aforesaid, if signed by the chairman or the secretary of the meeting at which such resolutions were passed or proceedings had shall be prima facie evidence of the matters therein stated and, until the contrary is proved, every such meeting in respect of the proceedings of which minutes shall have been made shall be deemed to have been duly convened and held, and all resolutions passed thereat or proceedings taken shall be deemed to have been duly passed and taken.

**Section 7.14 Instruments in Writing.**

All actions which may be taken and all powers that may be exercised by the Registered Warrantholders at a meeting held as provided in this Article 7 may also be taken and exercised by Registered Warrantholders holding not less than 66 2/3% of the aggregate number of all of the then outstanding Warrants by an instrument in writing signed in one or more counterparts by such Registered Warrantholders in person or by attorney duly appointed in writing, and the expression "**Extraordinary Resolution**" when used in this Indenture shall include an instrument so signed.

**Section 7.15 Binding Effect of Resolutions.**

Every resolution and every Extraordinary Resolution passed in accordance with the provisions of this Article 7 at a meeting of Registered Warrantholders shall be binding upon all the Warrantholders, whether present at or absent from such meeting, and every instrument in writing signed by Registered Warrantholders in accordance with Section 7.14 shall be binding upon all the Warrantholders, whether signatories thereto or not, and each and every Warrantholder and the Warrant Agent (subject to the provisions for indemnity herein contained) shall be bound to give effect accordingly to every such resolution and instrument in writing.

**Section 7.16 Holdings by Corporation Disregarded.**

In determining whether Registered Warrantholders holding the required number of the then outstanding Warrants are present at a meeting of Registered Warrantholders for the purpose of determining a quorum or have concurred in any consent, waiver, Extraordinary Resolution, Warrantholders' Request or other action under this Indenture, Warrants owned legally or beneficially by the Corporation shall be disregarded in accordance with the provisions of Section 10.7.

**Article 8**

**SUPPLEMENTAL INDENTURES**

**Section 8.1 Provision for Supplemental Indentures for Certain Purposes.**

From time to time, the Corporation (when authorized by action of the Directors) and the Warrant Agent may, subject to the provisions hereof, and subject to compliance with applicable securities law and the prior approval of the Exchange, as applicable, and any applicable regulatory authorities and they shall, when so directed in accordance with the provisions hereof, execute and deliver by their proper officers, indentures or instruments supplemental hereto, which thereafter shall form part hereof, for any one or more or all of the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) setting
 forth any adjustments resulting from the application of the provisions of Article 4;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) adding
 to the provisions hereof such additional covenants and enforcement provisions as, in the
 opinion of Counsel, are necessary or advisable in the premises, provided that the same are
 not in the opinion of the Warrant Agent, relying on the advice of Counsel, prejudicial to
 the interests of the Registered Warrantholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) giving
 effect to any Extraordinary Resolution passed as provided in Section 7.11;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) making
 such provisions not inconsistent with this Indenture as may be necessary or desirable with
 respect to matters or questions arising hereunder or for the purpose of obtaining a listing
 or quotation of the Warrants on any stock exchange, provided that such provisions are not,
 in the opinion of the Warrant Agent, relying on the advice of Counsel, prejudicial to the
 interests of the Registered Warrantholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) adding
 to or altering the provisions hereof in respect of the transfer of Warrants, making provision
 for the exchange of Warrants, and making any modification in the form of the Warrant Certificates
 which does not affect the substance thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) modifying
 any of the provisions of this Indenture, including relieving the Corporation from any of
 the obligations, conditions or restrictions herein contained, provided that such modification
 or relief shall be or become operative or effective only if, in the opinion of the Warrant
 Agent, relying on the advice of Counsel, such modification or relief in no way prejudices
 any of the rights of the Registered Warrantholders or of the Warrant Agent, and provided
 further that the Warrant Agent may in its sole discretion decline to enter into any such
 supplemental indenture which in its opinion may not afford adequate protection to the Warrant
 Agent when the same shall become operative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) providing
 for the issuance of additional Warrants hereunder, including Warrants in excess of the number
 set out in Section 2.1 and any consequential amendments hereto as may be required by the
 Warrant Agent relying on the advice of Counsel; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) for
 any other purpose not inconsistent with the terms of this Indenture, including the correction
 or rectification of any ambiguities, defective or inconsistent provisions, errors, mistakes
 or omissions herein, provided that in the opinion of the Warrant Agent, relying on the advice
 of Counsel, the rights of the Warrant Agent and of the Registered Warrantholders are in no
 way prejudiced thereby.

**Section 8.2 Successor Entities.**

In the case of the consolidation, amalgamation, arrangement, merger or transfer of the undertaking or assets of the Corporation as an entirety or substantially as an entirety to or with another entity ("**successor entity**"), the successor entity resulting from such consolidation, amalgamation, arrangement, merger or transfer (if not the Corporation) shall expressly assume, by supplemental indenture satisfactory in form to the Warrant Agent and executed and delivered to the Warrant Agent, the due and punctual performance and observance of each and every covenant and condition of this Indenture to be performed and observed by the Corporation.

**Article 9**

**CONCERNING THE WARRANT Agent**

**Section 9.1 Indenture Legislation.**

(1) If
 and to the extent that any provision of this Indenture limits, qualifies or conflicts with
 a mandatory requirement of Applicable Law, such mandatory requirement shall prevail.

(2) The
 Corporation and the Warrant Agent agree that each will, at all times in relation to this
 Indenture and any action to be taken hereunder, observe and comply with and be entitled to
 the benefits of Applicable Law.

**Section 9.2 Rights and Duties of Warrant Agent.**

(1) In
 the exercise of the rights and duties prescribed or conferred by the terms of this Indenture,
 the Warrant Agent shall exercise that degree of care, diligence and skill that a reasonably
 prudent warrant agent would exercise in comparable circumstances. No provision of this Indenture
 shall be construed to relieve the Warrant Agent from liability for its own gross negligent
 action, wilful misconduct, bad faith or fraud under this Indenture.

(2) The
 obligation of the Warrant Agent to commence or continue any act, action or proceeding for
 the purpose of enforcing any rights of the Warrant Agent or the Registered Warrantholders
 hereunder shall be conditional upon the Registered Warrantholders furnishing, when required
 by notice by the Warrant Agent, sufficient funds to commence or to continue such act, action
 or proceeding and an indemnity reasonably satisfactory to the Warrant Agent to protect and
 to hold harmless the Warrant Agent and its officers, directors, employees, successors, assigns
 and agents, against the costs, charges and expenses and liabilities to be incurred thereby
 and any loss and damage it may suffer by reason thereof. None of the provisions contained
 in this Indenture shall require the Warrant Agent to expend or to risk its own funds or otherwise
 to incur financial liability in the performance of any of its duties or in the exercise of
 any of its rights or powers unless indemnified and funded as aforesaid.

(3) The
 Warrant Agent may, before commencing or at any time during the continuance of any such act,
 action or proceeding, require the Registered Warrantholders, at whose instance it is acting
 to deposit with the Warrant Agent the Warrants Certificates held by them, for which Warrants
 the Warrant Agent shall issue receipts.

(4) Every
 provision of this Indenture that by its terms relieves the Warrant Agent of liability or
 entitles it to rely upon any evidence submitted to it is subject to the provisions of Applicable
 Law.

**Section 9.3 Evidence, Experts and Advisers.**

(1) In
 addition to the reports, certificates, opinions and other evidence required by this Indenture,
 the Corporation shall furnish to the Warrant Agent such additional evidence of compliance
 with any provision hereof, and in such form, as may be prescribed by Applicable Law or as
 the Warrant Agent may reasonably require by written notice to the Corporation.

(2) In
 the exercise of its rights and duties hereunder, the Warrant Agent may, if it is acting in
 good faith, rely as to the truth of the statements and the accuracy of the opinions expressed
 in statutory declarations, opinions, reports, written requests, consents, or orders of the
 Corporation, certificates of the Corporation or other evidence furnished to the Warrant Agent
 pursuant to a request of the Warrant Agent, provided that such evidence complies with Applicable
 Law and that the Warrant Agent complies with Applicable Law and that the Warrant Agent examines
 the same and determines that such evidence complies with the applicable requirements of this
 Indenture.

(3) Whenever
 it is provided in this Indenture or under Applicable Law that the Corporation shall deposit
 with the Warrant Agent resolutions, certificates, reports, opinions, requests, orders or
 other documents, it is intended that the truth, accuracy and good faith on the effective
 date thereof and the facts and opinions stated in all such documents so deposited shall,
 in each and every such case, be conditions precedent to the right of the Corporation to have
 the Warrant Agent take the action to be based thereon.

(4) The
 Warrant Agent may employ or retain such Counsel, accountants, appraisers or other experts
 or advisers as it may reasonably require for the purpose of discharging and determining its
 duties hereunder and may pay reasonable remuneration for all services so performed by any
 of them, without taxation of costs of any Counsel, and shall not be responsible for any misconduct
 or negligence on the part of any such experts or advisers who have been appointed with due
 care by the Warrant Agent. For greater certainty, the Corporation (and not the Warrantholders)
 shall pay or reimburse the Warrant Agent for any reasonable fees, expenses and disbursements
 of such Counsel or advisers.

(5) The
 Warrant Agent may act and rely and shall be protected in acting and relying in good faith
 on the opinion or advice of or information obtained from any Counsel, accountant, appraiser,
 engineer or other expert or adviser, whether retained or employed by the Corporation or by
 the Warrant Agent, in relation to any matter arising in the administration of the agency
 hereof.

**Section 9.4 Documents, Monies, etc. Held by Warrant Agent.**

Until released in accordance with this Indenture, any funds received hereunder shall be kept in segregated records of the Warrant Agent and the Warrant Agent shall place the funds in segregated bank accounts of the Warrant Agent at one or more of the Canadian Chartered Banks listed in Schedule 1 of the *Bank Act* (Canada) ("**Approved Bank**"). All amounts held by the Warrant Agent pursuant to this Agreement shall be held by the Warrant Agent for the Corporation and the delivery of the funds to the Warrant Agent shall not give rise to a debtor-creditor or other similar relationship. The amounts held by the Warrant Agent pursuant to this Agreement are at the sole risk of the Corporation and, without limiting the generality of the foregoing, the Warrant Agent shall have no responsibility or liability for any diminution of the funds which may result from any deposit made with an Approved Bank pursuant to this section, including any losses resulting from a default by the Approved Bank or other credit losses (whether or not resulting from such a default). The parties hereto acknowledge and agree that the Warrant Agent will have acted prudently in depositing the funds at any Approved Bank, and that the Warrant Agent is not required to make any further inquiries in respect of any such bank. The Warrant Agent may hold cash balances constituting part or all of such monies and need not, invest the same. The Warrant Agent shall not be liable to account for any profit to any parties to this Indenture or to any other person or entity.

**Section 9.5 Actions by Warrant Agent to Protect Interest.**

The Warrant Agent shall have power to institute and to maintain such actions and proceedings as it may consider necessary or expedient to preserve, protect or enforce its interests and the interests of the Registered Warrantholders.

**Section 9.6 Warrant Agent Not Required to Give Security.**

The Warrant Agent shall not be required to give any bond or security in respect of the execution of the agency and powers of this Indenture or otherwise in respect of the premises.

**Section 9.7 Protection of Warrant Agent.**

By way of supplement to the provisions of any law for the time being relating to the Warrant Agent it is expressly declared and agreed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Warrant Agent shall not be liable for or by reason of any statements of fact or recitals
 in this Indenture or in the Warrant Certificates (except the representation contained in
 Section 9.9 or in the Authentication of the Warrant Agent on the Warrant Certificates) or
 be required to verify the same, but all such statements or recitals are and shall be deemed
 to be made by the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) nothing
 herein contained shall impose any obligation on the Warrant Agent to see to or to require
 evidence of the registration or filing (or renewal thereof) of this Indenture or any instrument
 ancillary or supplemental hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Warrant Agent shall not be bound to give notice to any person or persons of the execution
 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Warrant Agent shall not incur any liability or responsibility whatsoever or be in any way
 responsible for the consequence of any breach on the part of the Corporation of any of its
 covenants herein contained or of any acts of any directors, officers, employees, agents or
 servants of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 Corporation hereby indemnifies and agrees to hold harmless the Warrant Agent, its affiliates,
 their officers, directors, employees, agents, successors and assigns (the "**Indemnified Parties**") from and against any and all liabilities whatsoever, losses, damages,
 penalties, claims, demands, actions, suits, proceedings, costs, charges, assessments, judgments,
 expenses and disbursements, including reasonable legal fees and disbursements of whatever
 kind and nature which may at any time be imposed on or incurred by or asserted against the
 Indemnified Parties, or any of them, whether at law or in equity, in any way caused by or
 arising, directly or indirectly, in respect of any act, deed, matter or thing whatsoever
 made, done, acquiesced in or omitted in or about or in relation to the execution of the Indemnified
 Parties' duties, or any other services that the Warrant Agent may provide in connection
 with or in any way relating to this Indenture. The Corporation agrees that its liability
 hereunder shall be absolute and unconditional regardless of the correctness of any representations
 of any third parties and regardless of any liability of third parties to the Indemnified
 Parties, and shall accrue and become enforceable without prior demand or any other precedent
 action or proceeding; provided that the Corporation shall not be required to indemnify the
 Indemnified Parties in the event of the gross negligence, wilful misconduct, bad faith or
 fraud of the Warrant Agent, and this provision shall survive the resignation or removal of
 the Warrant Agent or the termination or discharge of this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) notwithstanding
 the foregoing or any other provision of this Indenture, any liability of the Warrant Agent
 shall be limited, in the aggregate, to the amount of annual retainer fees paid by the Corporation
 to the Warrant Agent under this Indenture in the twelve (12) months immediately prior to
 the Warrant Agent receiving the first notice of the claim. Notwithstanding any other provision
 of this Indenture, and whether such losses or damages are foreseeable or unforeseeable, the
 Warrant Agent shall not be liable under any circumstances whatsoever for any (a) breach by
 any other party of securities law or other rule of any securities regulatory authority, (b)
 lost profits or (c) special, indirect, incidental, consequential, exemplary, aggravated or
 punitive losses or damages; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) in
 the event that any of the funds provided to the Warrant Agent hereunder are received by it
 in the form of an uncertified cheque or bank draft, the Warrant Agent shall be entitled to
 delay the time for release of such funds until such uncertified cheque has cleared the financial
 institution upon which the same is drawn.

**Section 9.8 Replacement of Warrant Agent; Successor by Merger.**

(1) The
 Warrant Agent may resign its agency and be discharged from all further duties and liabilities
 hereunder, subject to this Section 9.8, by giving to the Corporation not less than 60 days'
 prior notice in writing or such shorter prior notice as the Corporation may accept as sufficient.
 The Registered Warrantholders by Extraordinary Resolution shall have power at any time to
 remove the existing Warrant Agent and to appoint a new warrant agent. In the event of the
 Warrant Agent resigning or being removed as aforesaid or being dissolved, becoming bankrupt,
 going into liquidation or otherwise becoming incapable of acting hereunder, the Corporation
 shall forthwith appoint a new warrant agent unless a new warrant agent has already been appointed
 by the Registered Warrantholders; failing such appointment by the Corporation, the retiring
 Warrant Agent or any Registered Warrantholder may apply to a judge of the Province of British
 Columbia on such notice as such judge may direct, for the appointment of a new warrant agent;
 but any new warrant agent so appointed by the Corporation or by the Court shall be subject
 to removal as aforesaid by the Registered Warrantholders. Any new warrant agent appointed
 under any provision of this Section 9.8 shall be an entity authorized to carry on the business
 of a trust company in the Province of British Columbia and, if required by the Applicable
 Law for any other provinces, in such other provinces. On any such appointment the new warrant
 agent shall be vested with the same powers, rights, duties and responsibilities as if it
 had been originally named herein as Warrant Agent hereunder.

(2) Upon
 the appointment of a successor warrant agent, the Corporation shall promptly notify the Registered
 Warrantholders thereof in the manner provided for in Section 10.2.

(3) Any
 Warrant Certificates Authenticated but not delivered by a predecessor Warrant Agent may be
 Authenticated by the successor Warrant Agent in the name of the successor Warrant Agent.

(4) Any
 corporation into which the Warrant Agent may be merged or consolidated or amalgamated, or
 any corporation resulting therefrom to which the Warrant Agent shall be a party, or any corporation
 succeeding to substantially the corporate trust business of the Warrant Agent shall be the
 suc **c** essor to the Warrant Agent hereunder without any further act on its part or any
 of the parties hereto, provided that such corporation would be eligible for appointment as
 successor Warrant Agent under Section 9.8(1).

**Section 9.9 Acceptance of Agency**

The Warrant Agent hereby accepts the agency in this Indenture declared and provided for and agrees to perform the same upon the terms and conditions herein set forth and agrees to hold all rights, interests and benefits herein on behalf of those persons who become holders of Warrants from time to time under this Indenture, unless and until discharged therefrom by resignation or in some other lawful way.

**Section 9.10 Warrant Agent Not to be Appointed Receiver.**

The Warrant Agent and any person related to the Warrant Agent shall not be appointed a receiver, a receiver and manager or liquidator of all or any part of the assets or undertaking of the Corporation.

**Section 9.11 Warrant Agent Not Required to Give Notice of Default.**

The Warrant Agent shall not be bound to give any notice or do or take any act, action or proceeding by virtue of the powers conferred on it hereby unless and until it shall have been required so to do under the terms hereof; nor shall the Warrant Agent be required to take notice of any default hereunder, unless and until notified in writing of such default, which notice shall distinctly specify the default desired to be brought to the attention of the Warrant Agent and in the absence of any such notice the Warrant Agent may for all purposes of this Indenture conclusively assume that no default has been made in the observance or performance of any of the representations, warranties, covenants, agreements or conditions contained herein. Any such notice shall in no way limit any discretion herein given to the Warrant Agent to determine whether or not the Warrant Agent shall take action with respect to any default.

**Section 9.12 Anti-Money Laundering.**

(1) The
 Corporation hereby represents to the Warrant Agent that any account to be opened by, or interest
 to be held by the Warrant Agent in connection with this Indenture, for or to the credit of
 such party, either (i) is not intended to be used by or on behalf of any third party; or
 (ii) is intended to be used by or on behalf of a third party, in which case the Corporation
 agrees to complete and execute forthwith a declaration in the Warrant Agent's prescribed
 form as to the particulars of such third party.

(2) The
 Warrant Agent shall retain the right not to act and shall not be liable for refusing to act
 if, due to a lack of information or for any other reason whatsoever, the Warrant Agent, in
 its sole judgment, determines that such act might cause it to be in non-compliance with any
 applicable anti-money laundering, anti-terrorist or economic sanctions legislation, regulation
 or guideline. Further, should the Warrant Agent, in its sole judgment, determine at any time
 that its acting under this Indenture has resulted in its being in non-compliance with any
 applicable anti-money laundering, anti-terrorist or economic sanctions legislation, regulation
 or guideline, then it shall have the right to resign on ten (10) days written notice to the
 other parties to this Indenture, provided (i) that the Warrant Agent's written notice
 shall describe the circumstances of such non-compliance; and (ii) that if such circumstances
 are rectified to the Warrant Agent's satisfaction within such ten (10) day period,
 then such resignation shall not be effective.

**Section 9.13 Compliance with Privacy Code.**

The Corporation acknowledges that the Warrant Agent may, in the course of providing services hereunder, collect or receive financial and other personal information about such parties and/or their representatives, as individuals, or about other individuals related to the subject matter hereof, and use such information for the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 provide the services required under this Indenture and other services that may be requested
 from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 help the Warrant Agent manage its servicing relationships with such individuals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to
 meet the Warrant Agent's legal and regulatory requirements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if
 Social Insurance Numbers are collected by the Warrant Agent, to perform tax reporting and
 to assist in verification of an individual's identity for security purposes.

The Corporation acknowledges and agrees that the Warrant Agent may receive, collect, use and disclose personal information provided to it or acquired by it in the course of this Indenture for the purposes described above and, generally, in the manner and on the terms described in its Privacy Code, which the Warrant Agent shall make available on its website, www.odysseytrust.com, or upon request, including revisions thereto. The Warrant Agent may transfer personal information to other companies in or outside of Canada that provide data processing and storage or other support in order to facilitate the services it provides.

Further, the Corporation agrees that it shall not provide or cause to be provided to the Warrant Agent any personal information relating to an individual who is not a party to this Indenture unless the Corporation has assured itself that such individual understands and has consented to the aforementioned uses and disclosures.

**Section 9.14 Securities and Exchange Commission Certification.**

The Corporation confirms that as at the date of execution of this Agreement it does not have a class of securities registered pursuant to Section 12 of the U.S. Exchange Act or have a reporting obligation pursuant to Section 15(d) of the U.S. Exchange Act.

The Corporation covenants that in the event that (i) any class of its securities shall become registered pursuant to Section 12 of the U.S. Exchange Act or Corporation shall incur a reporting obligation pursuant to Section 15(d) of the U.S. Exchange Act, or (ii) any such registration or reporting obligation shall be terminated by the Corporation in accordance with the U.S. Exchange Act, the Corporation shall promptly deliver to the Warrant Agent an officer's certificate notifying the Warrant Agent of such registration or termination and such other information as the Warrant Agent may require at the time. The Corporation acknowledges that the Warrant Agent is relying upon the foregoing representation and covenants in order to meet certain United States Securities and Exchange Commission ("**SEC**") obligations with respect to those clients who are filing with the SEC.

**Article 10**

**GENERAL**

**Section 10.1 Notice to the Corporation and the Warrant Agent.**

(1) Unless
 herein otherwise expressly provided, any notice to be given hereunder to the Corporation
 or the Warrant Agent shall be deemed to be validly given if delivered, sent by registered
 letter, postage prepaid or if sent electronically:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 to the Corporation:

YERBAÉ BRANDS CORP.

18801 N. Thompson Peak Parkway, Suite D-3809

Scottsdale AZ 85255

Attention: Todd Gibson, CEO and Director

Email: todd@yerbae.com

with a copy (which shall not constitute notice) to:

Clark Wilson LLP

885 West Georgia Street, Suite 900

Vancouver, BC V6C 3H1

Attention: Virgil Hlus

Email: vhlus@cwilson.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 to the Warrant Agent:

Odyssey Trust Company

United Kingdom Building

350 – 409 Granville Street

Vancouver, British Columbia

V6C 1T2

Attention: Corporate Trust

Email: <u>corptrust@odysseytrust.com</u>

and any such notice delivered in accordance with the foregoing shall be deemed to have been received and given on the date of delivery or, if mailed, on the fifth Business Day following the date of mailing such notice or, if faxed or transmitted by other electronic means, on the next Business Day following the date of transmission.

(2) The
 Corporation or the Warrant Agent, as the case may be, may from time to time notify the other
 in the manner provided in Section 10.1(1) of a change of address which, from the Effective
 Date of such notice and until changed by like notice, shall be the address of the Corporation
 or the Warrant Agent, as the case may be, for all purposes of this Indenture.

(3) If,
 by reason of a strike, lockout or other work stoppage, actual or threatened, involving postal
 employees, any notice to be given to the Warrant Agent or to the Corporation hereunder could
 reasonably be considered unlikely to reach its destination, such notice shall be valid and
 effective only if it is delivered to the named officer of the party to which it is addressed,
 as provided in Section 10.1(1), or given by facsimile, e-mail, or other means of prepaid,
 transmitted and recorded communication.

**Section 10.2 Notice to Registered Warrantholders.**

(1) Unless
 otherwise provided herein, notice to the Registered Warrantholders under the provisions of
 this Indenture shall be valid and effective if delivered or sent by ordinary prepaid post
 addressed to such holders at their post office addresses appearing on the register hereinbefore
 mentioned and shall be deemed to have been effectively received and given on the date of
 delivery or, if mailed, on the third Business Day following the date of mailing such notice.
 In the event that Warrants are held in the name of the Depository, a copy of such notice
 shall also be sent by electronic communication to the Depository and shall be deemed received
 and given on the day it is so sent.

(2) If,
 by reason of a strike, lockout or other work stoppage, actual or threatened, involving postal
 employees, any notice to be given to the Registered Warrantholders hereunder could reasonably
 be considered unlikely to reach its destination, such notice shall be valid and effective
 only if it is delivered to such Registered Warrantholders to the address for such Registered
 Warrantholders contained in the register maintained by the Warrant Agent or such notice may
 be given in a news release disseminated through a national and recognized newswire service,
 filed on the Corporation's issuer profile on SEDAR+ at www.sedearplus.com, posted on
 the Corporation's website, and, at the Corporation's expense, given by means
 of publication in the Globe and Mail, National Edition, or any other English language daily
 newspaper or newspapers of general circulation in Canada, in each two successive weeks, the
 first such notice to be published within 5 business days of such event, and any such notice
 published shall be deemed to have been received and given on the latest date the publication
 takes place.

(3) Accidental
 error or omission in giving notice or accidental failure to mail notice to any Warrantholder
 will not invalidate any action or proceeding founded thereon.

**Section 10.3 Ownership of Warrants.**

The Corporation and the Warrant Agent may deem and treat the Registered Warrantholders as the absolute owner thereof for all purposes, and the Corporation and the Warrant Agent shall not be affected by any notice or knowledge to the contrary except where the Corporation or the Warrant Agent is required to take notice by statute or by order of a court of competent jurisdiction. The receipt of any such Registered Warrantholder of the Shares which may be acquired pursuant thereto shall be a good discharge to the Corporation and the Warrant Agent for the same and neither the Corporation nor the Warrant Agent shall be bound to inquire into the title of any such holder except where the Corporation or the Warrant Agent is required to take notice by statute or by order of a court of competent jurisdiction.

**Section 10.4 Counterparts.**

This Indenture may be executed in several counterparts, each of which when so executed shall be deemed to be an original and such counterparts together shall constitute one and the same instrument and notwithstanding their date of execution they shall be deemed to be dated as of the date hereof. Delivery of an executed copy of the Indenture by electronic facsimile transmission or other means of electronic communication capable of producing a printed copy will be deemed to be execution and delivery of this Indenture as of the date hereof.

**Section 10.5 Satisfaction and Discharge of Indenture.**

Upon the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 date by which there shall have been delivered to the Warrant Agent for exercise or cancellation
 all Warrants theretofore Authenticated hereunder, in the case of Certificated Warrants (or
 such other instructions, in a form satisfactory to the Warrant Agent), in the case of Uncertificated
 Warrants, or by way of standard processing through the book entry system in the case of a
 CDS Global Warrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Expiry Time;

and if all certificates or other entry on the register representing Shares required to be issued in compliance with the provisions hereof have been issued and delivered hereunder or to the Warrant Agent in accordance with such provisions, this Indenture shall cease to be of further effect and the Warrant Agent, on demand of and at the cost and expense of the Corporation and upon delivery to the Warrant Agent of a certificate of the Corporation stating that all conditions precedent to the satisfaction and discharge of this Indenture have been complied with, shall execute proper instruments acknowledging satisfaction of and discharging this Indenture. Notwithstanding the foregoing, the indemnities provided to the Warrant Agent by the Corporation hereunder shall remain in full force and effect and survive the termination of this Indenture.

**Section 10.6 Provisions of Indenture and Warrants for the Sole Benefit of Parties and Registered Warrantholders.**

Nothing in this Indenture or in the Warrants, expressed or implied, shall give or be construed to give to any person other than the parties hereto and the Registered Warrantholders, as the case may be, any legal or equitable right, remedy or claim under this Indenture, or under any covenant or provision herein or therein contained, all such covenants and provisions being for the sole benefit of the parties hereto and the Registered Warrantholders.

**Section 10.7 Shares or Warrants Owned by the Corporation or its Subsidiaries - Certificate to be Provided.**

For the purpose of disregarding any Warrants owned legally or beneficially by the Corporation in Section 7.16, the Corporation shall provide to the Warrant Agent, from time to time, a certificate of the Corporation setting forth as at the date of such certificate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 names (other than the name of the Corporation) of the Registered Warrantholders which, to
 the knowledge of the Corporation, are owned by or held for the account of the Corporation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 number of Warrants owned legally or beneficially by the Corporation;

and the Warrant Agent, in making the computations in Section 7.16, shall be entitled to rely on such certificate without any additional evidence.

**Section 10.8 Severability**

If, in any jurisdiction, any provision of this Indenture or its application to any party or circumstance is restricted, prohibited or unenforceable, such provision will, as to such jurisdiction, be ineffective only to the extent of such restriction, prohibition or unenforceability without invalidating the remaining provisions of this Indenture and without affecting the validity or enforceability of such provision in any other jurisdiction or without affecting its application to other parties or circumstances.

**Section 10.9 Force Majeure**

No party shall be liable to the other, or held in breach of this Indenture, if prevented, hindered, or delayed in the performance or observance of any provision contained herein by reason of act of God, riots, terrorism, acts of war, epidemics, governmental action or judicial order, earthquakes, or any other similar causes (including, but not limited to, mechanical, electronic or communication interruptions, disruptions or failures). Performance times under this Indenture shall be extended for a period of time equivalent to the time lost because of any delay that is excusable under this Section.

**Section 10.10 Assignment, Successors and Assigns**

Neither of the parties hereto may assign its rights or interest under this Indenture, except as provided in Section 9.8 in the case of the Warrant Agent, or as provided in Section 8.2 in the case of the Corporation. Subject thereto, this Indenture shall enure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns.

**Section 10.11 Rights of Rescission and Withdrawal for Holders**

Should a holder of Warrants exercise any legal, statutory, contractual or other right of withdrawal or rescission that may be available to it, and the holder's funds which were paid on exercise have already been released to the Corporation by the Warrant Agent, the Warrant Agent shall not be responsible for ensuring the exercise is cancelled and a refund is paid back to the holder. In such cases, the holder shall seek a refund directly from the Corporation and subsequently, the Corporation, upon surrender to the Corporation or the Warrant Agent of any underlying Shares or other securities that may have been issued, or such other procedure as agreed to by the parties hereto, shall instruct the Warrant Agent in writing, to cancel the exercise transaction and any such underlying Shares or other securities on the register, which may have already been issued upon the Warrant exercise. In the event that any payment is received from the Corporation by virtue of the holder being a shareholder for such Warrants that were subsequently rescinded, such payment must be returned to the Corporation by such holder. The Warrant Agent shall not be under any duty or obligation to take any steps to ensure or enforce that the funds are returned pursuant to this section, nor shall the Warrant Agent be in any other way responsible in the event that any payment is not delivered or received pursuant to this section. Notwithstanding the foregoing, in the event that the Corporation provides the refund to the Warrant Agent for distribution to the holder, the Warrant Agent shall return such funds to the holder as soon as reasonably practicable, and in so doing, the Warrant Agent shall incur no liability with respect to the delivery or non-delivery of any such funds.

**Section 10.12 Indenture to Prevail**

To the extent of any discrepancy or inconsistency between the terms and conditions of this Indenture and the Warrant Certificate, the terms of this Indenture will prevail.

[remainder of page intentionally left blank]

**IN WITNESS WHEREOF** the parties hereto have executed this Indenture under the hands of their proper officers in that behalf as of the date first written above.

---

| |
|:---|
| **YERBAÉ BRANDS CORP.** |
| By: |
| Name: |
| Title: |
| **ODYSSEY TRUST COMPANY** |
| By: |
| Name: |
| Title: |
| By: |
| Name: |
| Title: |

---

**Schedule "A"**

**Form of Warrant**

The warrants represented hereby will be void and of no value after 5:00 pm (VANCOUVER time) on December 7, 2025.

*For all Warrants sold outside the United States and registered in the name of the Depository, include the following legend*:

**<u>(INSERT IF BEING ISSUED TO CDS)</u>**UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF CDS CLEARING AND DEPOSITORY SERVICES INC. ("**CDS**") TO **YERBAÉ BRANDS CORP.** (THE "**ISSUER**") OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN RESPECT THEREOF IS REGISTERED IN THE NAME OF CDS & CO., OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS (AND ANY PAYMENT IS MADE TO CDS & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED HOLDER HEREOF, CDS & CO., HAS A PROPERTY INTEREST IN THE SECURITIES REPRESENTED BY THIS CERTIFICATE HEREIN AND IT IS A VIOLATION OF ITS RIGHTS FOR ANOTHER PERSON TO HOLD, TRANSFER OR DEAL WITH THIS CERTIFICATE.

*For Warrants issued to U.S. Warrantholders, also include the following legends:*

THESE SECURITIES HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS."

**WARRANT**

To acquire Shares of

**YERBAÉ BRANDS CORP.**

(incorporated pursuant to the laws of British Columbia)

Warrant Certificate No. [●] Certificate for ________________________________ Warrants, each entitling the holder to acquire one (1) Share (subject to adjustment as provided for in the Warrant Indenture (as defined below)

CUSIP: 98582P153 <br> <br> ISIN: CA98582P1532

**THIS IS TO CERTIFY THAT**, for value received,

(the "**Warrantholder**") is the registered holder of the number of common share purchase warrants (the "**Warrants**") of **[Insert Issuer Name Here]** (the "**Corporation**") specified above, and is entitled, on exercise of these Warrants upon and subject to the terms and conditions set forth herein and in the Warrant Indenture, to purchase at any time before 5:00 p.m. (Vancouver time) (the "**Expiry Time**") on December 7, 2025 (the "**Expiry Date**") one fully paid and non-assessable common share without par value in the capital of the Corporation as constituted on the date hereof (a "**Share**") for each Warrant at the Exercise Price (as defined herein) subject to adjustment in accordance with the terms of the Warrant Indenture.

The right to purchase Shares may only be exercised by the Warrantholder within the time set forth above by:

(a) duly completing and executing the exercise form (the "**Exercise Form**") attached hereto; and

(b) surrendering this warrant certificate (the "**Warrant Certificate**"), with the Exercise Form to the Warrant Agent at the principal office of the Warrant Agent, in the city of Vancouver, British Columbia, together with a certified cheque, bank draft or money order in the lawful money of the United States of America payable to or to the order of the Corporation in an amount equal to the purchase price of the Shares so subscribed for.

The surrender of this Warrant Certificate, the duly completed Exercise Form and payment as provided above will be deemed to have been effected only on personal delivery thereof to, or if sent by mail or other means of transmission on actual receipt thereof by, the Warrant Agent at its principal office as set out above.

Subject to adjustment thereof in the events and in the manner set forth in the Warrant Indenture hereinafter referred to, the exercise price payable for each Share upon the exercise of Warrants shall be US$1.75 per Share (the "**Exercise Price**").

Certificates for the Shares subscribed for will be mailed to the persons specified in the Exercise Form at their respective addresses specified therein or, if so specified in the Exercise Form, delivered to such persons at the office where this Warrant Certificate is surrendered. If fewer Shares are purchased than the number that can be purchased pursuant to this Warrant Certificate, the holder hereof will be entitled to receive without charge a new Warrant Certificate in respect of the balance of the Shares not so purchased. No fractional Shares will be issued upon exercise of any Warrant and no cash or other consideration will be paid in lieu of fractional shares.

This Warrant Certificate evidences Warrants of the Corporation issued or issuable under the provisions of a warrant indenture (which indenture together with all other instruments supplemental or ancillary thereto is herein referred to as the "**Warrant Indenture**") dated as of December 7, 2023 between the Corporation and Odyssey Trust Company, as Warrant Agent, to which Warrant Indenture reference is hereby made for particulars of the rights of the holders of Warrants, the Corporation and the Warrant Agent in respect thereof and the terms and conditions on which the Warrants are issued and held, all to the same effect as if the provisions of the Warrant Indenture were herein set forth, to all of which the holder, by acceptance hereof, assents. The Corporation will furnish to the holder, on request and without charge, a copy of the Warrant Indenture. Capitalized terms used but not otherwise defined herein have the meaning ascribed to them in the Warrant Indenture.

On presentation at the principal office of the Warrant Agent as set out above, subject to the provisions of the Warrant Indenture and in compliance with the reasonable requirements of the Warrant Agent, one or more Warrant Certificates may be exchanged for one or more Warrant Certificates entitling the holder thereof to purchase in the aggregate an equal number of Shares as are purchasable under the Warrant Certificate(s) so exchanged.

Neither the Warrants nor the Shares issuable upon exercise hereof have been or will be registered under the United States Securities Act of 1933, as amended (the "**U.S. Securities Act**"), or any U.S. state securities laws. These Warrants may not be exercised in the United States, or by or for the account or benefit of a U.S. Person or a person in the United States, unless the Warrants and the Shares issuable upon exercise of the Warrants have been registered under the U.S. Securities Act and applicable U.S. state securities laws, or an exemption from such registration requirements is available. Certificates representing Shares issued in the United States or to U.S. Persons will bear a legend restricting the transfer and exercise of such securities under applicable United States federal and state securities laws. "**United States**" and "**U.S. person**" are as defined in Regulation S under the U.S. Securities Act.

The Warrant Indenture contains provisions for the adjustment of the Exercise Price payable for each Share issuable upon the exercise of Warrants and the number of Shares issuable upon the exercise of Warrants in the events and in the manner set forth therein.

The Warrant Indenture also contains provisions binding all holders of Warrants outstanding thereunder, including all resolutions passed at meetings of holders of Warrants held in accordance with the provisions of the Warrant Indenture and instruments in writing signed by Warrantholders of Warrants entitled to purchase a specific majority of the Shares that can be purchased pursuant to such Warrants.

Nothing contained in this Warrant Certificate, the Warrant Indenture or elsewhere shall be construed as conferring upon the Warrantholder hereof any right or interest whatsoever as a holder of Shares or any other right or interest except as herein and in the Warrant Indenture expressly provided. In the event of any discrepancy between anything contained in this Warrant Certificate and the terms and conditions of the Warrant Indenture, the terms and conditions of the Warrant Indenture shall govern.

Notwithstanding anything to the contrary contained in this Warrant Certificate or the Warrant Indenture, the Warrants shall not be exercisable by the Warrantholder, and the Corporation shall not effect any exercise of the Warrants or otherwise issue any Warrant Shares pursuant hereto, to the extent (but only to the extent) that, after giving effect to such exercise, the Warrantholder or any of its affiliates would beneficially own in excess of 9.9% (the "**Maximum Percentage**") of the issued and outstanding Shares of the Corporation after such exercise. To the extent the above limitation applies, the determination of whether a Warrant shall be exercised (vis-à-vis other convertible, exercisable or exchangeable securities owned by the Warrantholder or any of its affiliates) and of which such securities shall be convertible, exercisable or exchangeable (as among all such securities owned by the Warrantholder and its affiliates) shall, subject to the Maximum Percentage limitation, be determined on the basis of the first submission to the Corporation for conversion, exercise or exchange (as the case may be) and approved by the Corporation. No prior inability to exercise a Warrant or to issue Warrant Shares pursuant to this Section shall have any effect on the applicability of the provisions of this Section with respect to any subsequent determination of exercisability. For purposes of this Section, beneficial ownership and all determinations and calculations (including, without limitation, with respect to calculations of percentage ownership) shall be determined in accordance with National Instrument 55-104 Insider Reporting Requirements and Exemptions. The limitations contained in this Section shall apply to a successor holder of the Warrants. Unless otherwise agreed to by the parties hereto, by written notice to the Corporation, the Warrantholder may increase or decrease the Maximum Percentage to any other percentage provided that: (a) any such increase will not be effective until the 61st day after such notice is delivered to the Corporation, and (b) any such increase or decrease will apply only to the Warrantholder sending such notice.

Warrants may only be transferred in compliance with the conditions of the Warrant Indenture on the register to be kept by the Warrant Agent in Vancouver, British Columbia, or such other registrar as the Corporation, with the approval of the Warrant Agent, may appoint at such other place or places, if any, as may be designated, upon surrender of this Warrant Certificate to the Warrant Agent or other registrar accompanied by a written instrument of transfer in form and execution satisfactory to the Warrant Agent or other registrar and upon compliance with the conditions prescribed in the Warrant Indenture and with such reasonable requirements as the Warrant Agent or other registrar may prescribe and upon the transfer being duly noted thereon by the Warrant Agent or other registrar. Time is of the essence hereof.

This Warrant Certificate will not be valid for any purpose until it has been countersigned by or on behalf of the Warrant Agent from time to time under the Warrant Indenture.

The parties hereto have declared that they have required that these presents and all other documents related hereto be in the English language. Les parties aux présentes déclarent qu'elles ont exigé que la présente convention, de même que tous les documents s'y rapportant, soient rédigés en anglais.

**IN WITNESS WHEREOF** the Corporation has caused this Warrant Certificate to be duly executed as of the ____ day of _________________, 2023.

---

| | | | |
|:---|:---|:---|:---|
|  |  | **YERBAÉ BRANDS CORP.** | **YERBAÉ BRANDS CORP.** |
|  |  | By: | |
|  |  |  | Authorized Signatory |
| Countersigned and Registered by: | Countersigned and Registered by: |  |  |
| **ODYSSEY TRUST COMPANY** | **ODYSSEY TRUST COMPANY** |  |  |
| By: |  |  |  |
|  | Authorized Signatory |  |  |

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**FORM OF TRANSFER**

**To: Odyssey Trust Company**

United Kingdom Building

350 – 409 Granville Street

Vancouver, BC V6C 1T2

FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers to ______________________________________________________________________________

______________________________________________________________________________(print name and address) the Warrants represented by this Warrant Certificate and hereby irrevocably constitutes and appoints ____________________ as its attorney with full power of substitution to transfer the said securities on the appropriate register of the Warrant Agent.

In the case of a Warrant Certificate that contains a U.S. restrictive legend, the undersigned hereby represents, warrants and certifies that (one (only) of the following must be checked):

☐ (A) the transfer is being made only to the Corporation;

☐ (B) the transfer is being made outside the United States in accordance with Rule 904 of Regulation S under the United States Securities Act of 1933, as amended (the "**U.S. Securities Act**"), and in compliance with any applicable local securities laws and regulations, or

☐ (C) the transfer is being made to, or for the account or benefit of, a U.S. Person or a person in the United States, in accordance with a transaction that does not require registration under the U.S. Securities Act or any applicable U.S. state securities laws, and the undersigned has furnished to the Corporation and the Warrant Agent an opinion of counsel of recognized standing in form and substance reasonably satisfactory to the Corporation and the Warrant Agent to such effect.

Warrants shall only be transferable in accordance with the Warrant Indenture and all Applicable Laws.

In the case of a Warrant Certificate that does not contain a U.S. restrictive legend, if the proposed transfer is to, or for the account or benefit of, a U.S. Person or a person in the United States, the undersigned transferor hereby represents, warrants and certifies that the transfer of the Warrants is being completed pursuant to an exemption from the registration requirements of the U.S. Securities Act and any applicable U.S. state securities laws, in which case the undersigned transferor has furnished to the Corporation and the Warrant Agent an opinion of counsel of recognized standing in form and substance reasonably satisfactory to the Corporation to such effect.

☐ If transfer is to, or for the account or benefit of, a U.S. Person or a person in the United States, check this box.

THE UNDERSIGNED TRANSFEROR HEREBY CERTIFIES AND DECLARES that, unless the foregoing box is checked, the Warrants are not being offered, sold or transferred to, or for the account or benefit of, a U.S. Person or a person within the United States unless registered under the U.S. Securities Act and any applicable U.S. state securities laws or unless an exemption from such registration is available.

In the event this transfer of the Warrants represented by this Warrant Certificate is to a U.S. Warrantholder, or to or for the account or benefit of a U.S. Person or a person in the United States, the Transferor acknowledges and agrees that the Warrant Certificate(s) representing such Warrants issued in the name of the transferee will be endorsed with the U.S. legend required by Section 2.8(1) of the Warrant Indenture.

Any capitalized term in this Form of Transfer that is not otherwise defined herein, shall have the meaning ascribed thereto in the Warrant Indenture.

DATED this ____ day of_________________, 20____.

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| |
|:---|
| Signature of Transferor |
| Name of Transferor |

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**REASON FOR TRANSFER – For US Residents only (where the individual(s) or corporation receiving the securities is a US resident). Please select only one (see instructions below).**

☐ Gift ☐ Estate ☐ Private Sale ☐ Other (or no change in ownership)

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| | |
|:---|:---|
| Date of Event (Date of gift, death or sale): | Value per Warrant on the date of event: |
| ![](ex10-2_001.jpg) | ![](ex10-2_002.jpg) **☐ CAD <u>OR</u> ☐ USD** |

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**CERTAIN REQUIREMENTS RELATING TO TRANSFERS – READ CAREFULLY**

The signature(s) of the transferor(s) must correspond with the name(s) as written upon the face of this certificate(s), in every particular, without alteration or enlargement, or any change whatsoever. All securityholders or a legally authorized representative must sign this form. The signature(s) on this form must be guaranteed in accordance with the transfer agent's then current guidelines and requirements at the time of transfer. Notarized or witnessed signatures are not acceptable as guaranteed signatures. As at the time of closing, you may choose one of the following methods (although subject to change in accordance with industry practice and standards):

● **Canada and the USA:** A Medallion Signature Guarantee obtained from a member of an acceptable Medallion Signature Guarantee Program (STAMP, SEMP, NYSE, MSP). Many commercial banks, savings banks, credit unions, and all broker dealers participate in a Medallion Signature Guarantee Program. The Guarantor must affix a stamp bearing the actual words "Medallion Guaranteed", with the correct prefix covering the face value of the certificate.

● **Canada:** A Signature Guarantee obtained from an authorized officer of the Royal Bank of Canada, Scotia Bank or TD Canada Trust. The Guarantor must affix a stamp bearing the actual words "Signature Guaranteed", sign and print their full name and alpha numeric signing number. Signature Guarantees are not accepted from Treasury Branches, Credit Unions or Caisse Populaires unless they are members of a Medallion Signature Guarantee Program. For corporate holders, corporate signing resolutions, including certificate of incumbency, are also required to accompany the transfer, unless there is a "Signature & Authority to Sign Guarantee" Stamp affixed to the transfer (as opposed to a "Signature Guaranteed" Stamp) obtained from an authorized officer of the Royal Bank of Canada, Scotia Bank or TD Canada Trust or a Medallion Signature Guarantee with the correct prefix covering the face value of the certificate.

● **Outside North America:** For holders located outside North America, present the certificates(s) and/or document(s) that require a guarantee to a local financial institution that has a corresponding Canadian or American affiliate which is a member of an acceptable Medallion Signature Guarantee Program. The corresponding affiliate will arrange for the signature to be over-guaranteed.

**OR**

The signature(s) of the transferor(s) must correspond with the name(s) as written upon the face of this certificate(s), in every particular, without alteration or enlargement, or any change whatsoever. The signature(s) on this form must be guaranteed by an authorized officer of Royal Bank of Canada, Scotia Bank or TD Canada Trust whose sample signature(s) are on file with the transfer agent, or by a member of an acceptable Medallion Signature Guarantee Program (STAMP, SEMP, NYSE, MSP). Notarized or witnessed signatures are not acceptable as guaranteed signatures. The Guarantor must affix a stamp bearing the actual words: "SIGNATURE GUARANTEED", "MEDALLION GUARANTEED" OR "SIGNATURE & AUTHORITY TO SIGN GUARANTEE", all in accordance with the transfer agent's then current guidelines and requirements at the time of transfer. For corporate holders, corporate signing resolutions, including certificate of incumbency, will also be required to accompany the transfer unless there is a "SIGNATURE & AUTHORITY TO SIGN GUARANTEE" Stamp affixed to the Form of Transfer obtained from an authorized officer of the Royal Bank of Canada, Scotia Bank or TD Canada Trust or a "MEDALLION GUARANTEED" Stamp affixed to the Form of Transfer, with the correct prefix covering the face value of the certificate.

**<u>REASON FOR TRANSFER – FOR US RESIDENTS ONLY</u>**

Consistent with US IRS regulations, Odyssey is required to request cost basis information from US securityholders. Please indicate the reason for requesting the transfer as well as the date of event relating to the reason. The event date is not the day in which the transfer is finalized, but rather the date of the event which led to the transfer request (i.e. date of gift, date of death of the securityholder, or the date the private sale took place).

**SCHEDULE "B"**

**EXERCISE FORM**

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| | |
|:---|:---|
| **TO:** | **Yerbaé Brands Corp.** |

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| | |
|:---|:---|
| **AND TO:** | **Odyssey Trust Company** |

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United Kingdom Building 350 – 409 Granville Street Vancouver, BC V6C 1T2

The undersigned holder of the Warrants evidenced by this Warrant Certificate hereby exercises the right to acquire ____________ (A) Shares of **Yerbaé Brands Corp.**

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| | |
|:---|:---|
| Exercise Price Payable: |  |
|  | ((A) multiplied by US$1.75, subject to adjustment) |

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The undersigned hereby exercises the right of such holder to be issued, and hereby subscribes for, Shares that are issuable pursuant to the exercise of such Warrants on the terms specified in such Warrant Certificate and in the Warrant Indenture.

Any capitalized term in this Exercise Form that is not otherwise defined herein, shall have the meaning ascribed thereto in the Warrant Indenture.

The undersigned represents, warrants and certifies as follows (one (only) of the following must be checked):

☐ (A) the undersigned holder at the time of exercise of the Warrants (a) is not in the United States, (b) is not a U.S. Person, (c) is not exercising the Warrants for the account or benefit of a U.S. Person or a person in the United States, (d) did not execute or deliver this exercise form in the United States, and (e) delivery of the underlying Shares will not be to an address in the United States; OR

☐ (B) the undersigned holder (a) is exercising the Warrants for its own account or for the account of a disclosed principal that was named in the agreement pursuant to which it purchased the Special Warrants which automatically exercised in to Units of which the Warrants formed a constituent part, and (b) is, and such disclosed principal, if any, is an Original AI Purchaser that continues to be, and any such disclosed principal is, a U.S. Accredited Investor at the time of exercise of the Warrants, and the representations and warranties of the holder made in the U.S. AI Certificate remain true and correct as of the date of exercise of these Warrants; OR

☐ (C) if the undersigned holder is (a) a holder in the United States, (b) a U.S. Person, (c) a person exercising for the account or benefit of a U.S. Person or a person in the United States, (d) executing or delivering this exercise form in the United States or (e) requesting delivery of the underlying Shares in the United States, the undersigned holder has delivered to the Corporation and the Corporation's transfer agent (i) a completed and executed U.S. Purchaser Letter in substantially the form attached to the Warrant Indenture as **Schedule "C"** or (ii) an opinion of counsel of recognized standing (which will not be sufficient unless it is in form and substance reasonably satisfactory to the Corporation and Warrant Agent) or such other evidence reasonably satisfactory to the Corporation and Warrant Agent to the effect that with respect to the Shares to be delivered upon exercise of the Warrants, the issuance of such securities has been registered under the U.S. Securities Act of 1933, as amended (the "**U.S. Securities Act**") and applicable state securities laws, or an exemption from such registration requirements is available.

It is understood that the Corporation and Odyssey Trust Company may require evidence to verify the foregoing representations.

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Certificates
 will not be registered or delivered to an address in the United States unless Box B or C
 above is checked and the applicable requirements are complied with. If Box B or C is checked,
 the U.S. legend prescribed by Section 2.8(1) of the Indenture shall be affixed to the Shares
 unless the Corporation and Warrant Agent receive a satisfactory opinion of counsel of recognized
 standing in form and substance satisfactory to the Warrant Agent and Corporation to the effect
 that the U.S. legend is no longer required under the U.S. Securities Act and applicable state
 laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If
 the Warrants have a US legend affixed to them the resulting Shares will have the U.S. legend
 unless the Corporation and Warrant Agent receive a satisfactory opinion of counsel of recognized
 standing in form and substance satisfactory to the Warrant Agent and Corporation to the effect
 that the U.S. legend is no longer required under the U.S. Securities Act and applicable state
 laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) If
 Box C above is checked, holders are encouraged to consult with the Corporation and the Warrant
 Agent in advance to determine that the legal opinion tendered in connection with the exercise
 will be satisfactory in form and substance to the Corporation and the Warrant Agent.

"**United States**" and "**U.S. Person**" are as defined in Rule 902 of Regulation S under the U.S. Securities Act.

The undersigned hereby irrevocably directs that the said Shares be issued, registered and delivered as follows:

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| | | |
|:---|:---|:---|
| **Name(s) in Full and Social Insurance Number(s) (if applicable)** | **Address(es)** | **Number of Shares** |

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Please print full name in which certificates representing the Shares are to be issued. If any Shares are to be issued to a person or persons other than the registered holder, the registered holder must pay to the Warrant Agent all eligible transfer taxes or other government charges, if any, and the Form of Transfer must be duly executed.

Once completed and executed, this Exercise Form must be mailed or delivered to **Odyssey Trust Company, at: United Kingdom Building 350 – 409 Granville Street Vancouver, British Columbia V6C 1T2, Attn: Corporate Trust**.

**DATED** this ____day of _____, 2023.

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| | |
|:---|:---|
| Witness | (Signature of Warrantholder, to be the same as<br> appears on the face of this Warrant Certificate) |
|  | Name of Registered Warrantholder |

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☐ Please check if the certificates representing the Shares are to be delivered at the office where this Warrant Certificate is surrendered, failing which such certificates will be mailed to the address set out above. Certificates will be delivered or mailed as soon as practicable after the surrender of this Warrant Certificate to the Warrant Agent.

**SCHEDULE "C"**

**FORM OF U.S. PURCHASER CERTIFICATION UPON EXERCISE OF WARRANTS**

**YERBAÉ BRANDS CORP.**

Attention: Chief Executive Officer

- and to -

Odyssey Trust Company.

as Warrant Agent

Dear Sirs:

The undersigned is delivering this letter in connection with the purchase of common shares (the "**Shares**") of **[Insert Issuer Name Here]**, a corporation existing under the laws of the Province of British Columbia (the "**Corporation**") upon the exercise of warrants of the Corporation ("**Warrants**"), issued under the warrant indenture (the "**Indenture**") dated as of December 7, 2023 between the Corporation and Odyssey Trust Company.

The undersigned hereby represents, warrants, covenants, acknowledges and agrees that:

(a) it
 is an "accredited investor" (a "**U.S. Accredited Investor** ")
 (satisfying one or more of the criteria set forth in Rule 501(a) of Regulation D under the
 United States Securities Act of 1933 (the "**U.S. Securities Act** ")) **and has completed the U.S. Accredited Investor Status Certificate in the form attached hereto**;

(b) it
 is: (i) purchasing the Shares for his or her own account or for the account of one or more
 U.S. Accredited Investors with respect to which the undersigned is exercising sole investment
 discretion, and not on behalf of any other person; (ii) is purchasing the Shares for investment
 purposes only and not with a view to resale, distribution or other disposition in violation
 of United States federal or state securities laws; and (iii) in the case of the purchase
 by the undersigned of the Shares as agent or trustee for any other person or persons (each,
 a "**Beneficial Owner** "), the undersigned holder has due and proper authority
 to act as agent or trustee for and on behalf of each such Beneficial Owner in connection
 with the transactions contemplated hereby; provided that: (x) if the undersigned holder,
 or any Beneficial Owner, is a corporation or a partnership, syndicate, trust or other form
 of unincorporated organization, the undersigned holder or each such Beneficial Owner was
 not incorporated or created solely, nor is it being used primarily, to permit purchases without
 a prospectus or registration statement under applicable law; and (y) each Beneficial Owner,
 if any, is a U.S. Accredited Investor;

(c) it
 has such knowledge and experience in financial and business matters as to be capable of evaluating
 the merits and risks of an investment in the Shares, and the undersigned is able to bear
 the economic risk of loss of its entire investment;

(d) the
 undersigned has not exercised the Warrants as a result of any form of general solicitation
 or general advertising, including advertisements, articles, notices or other communications
 published in any newspaper, magazine or similar media or broadcast over radio, television,
 the internet or other form of telecommunications, or any seminar or meeting whose attendees
 have been invited by general solicitation or general advertising;

(e) the
 funds representing the purchase price for the Shares which will be advanced by the undersigned
 to the Corporation will not represent proceeds of crime for the purposes of the *Proceeds of Crime (Money Laundering) and Terrorist Financing Act* (Canada) (the "**PCMLA** ")
 or the United States *Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act* (the "**PATRIOT Act** "),
 and the undersigned acknowledges that the Corporation may in the future be required by law
 to disclose the undersigned's name and other information relating to this Warrant Exercise
 Form and the undersigned's subscription hereunder, on a confidential basis, pursuant
 to the PCMLA and/or the PATRIOT Act. No portion of the purchase price to be provided by the
 undersigned (i) has been or will be derived from or related to any activity that is deemed
 criminal under the laws of Canada, the United States, or any other jurisdiction, or (ii)
 is being tendered on behalf of a person or entity who has not been identified to or by the
 undersigned, and the undersigned shall promptly notify the Corporation if the undersigned
 discovers that any of such representations ceases to be true and provide the Corporation
 with appropriate information in connection therewith;

(f) the
 Corporation has provided to the undersigned the opportunity to ask questions and receive
 answers concerning the terms and conditions of the Offering, and the undersigned has had
 access to such information concerning the Corporation as he or she has considered necessary
 or appropriate in connection with his or her investment decision to acquire the Shares, including,
 without limitation, access to the Company's public reports filed on the System for
 Electronic Data Analysis and Retrieval at <u>http://www.sedarplus.com</u>;

(g) if
 the undersigned decides to offer, sell or otherwise transfer any of the Shares, the undersigned
 must not, and will not, offer, sell or otherwise transfer any of such Shares directly or
 indirectly, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 sale is to the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 sale is made outside the United States in a transaction meeting the requirements of Rule
 904 of Regulation S ()"**Regulation S**") under the U.S. Securities Act and
 in compliance with applicable local laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 sale is made pursuant to the exemption from the registration requirements under the U.S.
 Securities Act provided by Rule 144 thereunder, if available, and in accordance with any
 applicable U.S. state securities laws; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 Shares are sold in a transaction that does not require registration under the U.S. Securities
 Act or any applicable U.S. state laws and regulations governing the offer and sale of securities,
 and it has prior to such sale furnished to the Corporation an opinion of counsel reasonably
 satisfactory to the Corporation stating that such sale, transfer assignment or hypothecation
 is exempt from the registration and prospectus delivery requirements of the U.S. Securities
 Act and any applicable U.S. state securities laws;

(h) the
 Shares are "restricted securities" (as defined in Rule 144(a)(3) under the U.S.
 Securities Act) and that the U.S. Securities Act and the rules of the United States Securities
 and Exchange Commission provide in substance that the undersigned may dispose of the Shares
 only pursuant to an effective registration statement under the U.S. Securities Act or an
 exemption or exclusion therefrom;

(i) the
 Corporation has no obligation to register any of the Shares or to take any other action so
 as to permit sales pursuant to the U.S. Securities Act (including Rule 144 thereunder);

(j) the
 Corporation is not obligated to remain a "foreign issuer";

(k) the
 certificates or other instruments representing the Shares as well as all certificates or
 other instruments issued in exchange for or in substitution of therefor, until such time
 as is no longer required under the applicable requirements of the U.S. Securities Act and
 applicable U.S. state securities laws, will bear, on the face of such certificate or other
 instrument, a U.S. restrictive legend substantially in the form prescribed by Section 2.8(1)
 of the Indenture; provided, that, if any Shares are being sold otherwise than in accordance
 with Regulation S and other than to the Corporation, the legend may be removed by delivery
 to the registrar and transfer agent and the Corporation of an opinion of counsel of recognized
 standing in form and substance reasonably satisfactory to the Corporation, that such legend
 is no longer required under applicable requirements of the U.S. Securities Act;

(l) the
 financial statements of the Corporation have been prepared in accordance with International
 Financial Reporting Standards, which differ in some respects from United States generally
 accepted accounting principles, and thus may not be comparable to financial statements of
 United States companies;

(m) it
 understands and agrees that there may be material tax consequences to the undersigned of
 an acquisition or disposition of any of the Shares, and that the Corporation gives no opinion
 and makes no representation with respect to the tax consequences to the undersigned under
 United States, state, local or foreign tax law of the undersigned's acquisition or
 disposition of such securities. In particular, no determination has been made whether the
 Corporation will be a "passive foreign investment company" (commonly referred
 to as a "**PFIC**") within the meaning of Section 1297 of the United States *Internal Revenue Code*;

(n) it
 consents to the Corporation making a notation on its records or giving instructions to any
 transfer agent of the Corporation in order to implement the restrictions on transfer set
 forth and described in the Indenture and the accompanying Warrant Exercise Form; and

(o) it
 acknowledges and consents to the fact that the Corporation is collecting personal information
 (as that term is defined under applicable privacy legislation, including, without limitation,
 the Personal Information Protection and Electronic Documents Act (Canada) and any other applicable
 similar, replacement or supplemental provincial or federal legislation or laws in effect
 from time to time) of the undersigned for the purpose of facilitating the subscription for
 the Shares hereunder. The undersigned acknowledges and consents to the Corporation retaining
 such personal information for as long as permitted or required by law or business practices
 and agrees and acknowledges that the Corporation may use and disclose such personal information:
 (a) for internal use with respect to managing the relationships between and contractual obligations
 of the Corporation and the undersigned; (b) for use and disclosure for income tax-related
 purposes, including without limitation, where required by law disclosure to Canada Revenue
 Agency; (c) disclosure to professional advisers of the Corporation in connection with the
 performance of their professional services; (d) disclosure to securities regulatory authorities
 and other regulatory bodies with jurisdiction with respect to reports of trade or similar
 regulatory filings; (e) disclosure to a governmental or other authority to which the disclosure
 is required by court order or subpoena compelling such disclosure and where there is no reasonable
 alternative to such disclosure; (f) disclosure to any person where such disclosure is necessary
 for legitimate business reasons and is made with your prior written consent; (g) disclosure
 to a court determining the rights of the parties under the Warrant; and (h) for use and disclosure
 as otherwise required or permitted by law.

The undersigned hereby further acknowledges that the Corporation will rely upon our confirmations, acknowledgements and agreements set forth herein, and we agree to notify the Corporation promptly in writing if any of our representations or warranties herein ceases to be accurate or complete.

**DATED** this ____day of _____, 20__.

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| |
|:---|
| (Name of U.S. Purchaser) |
| By: |
| Name: |
| Title: |

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**ANNEX "A" U.S. ACCREDITED INVESTOR STATUS CERTIFICATE**

In connection with the exercise of an outstanding Warrant of **[Insert Issuer Name Here]** (the "**Corporation**") by the holder, the holder hereby represents and warrants to the Corporation that the holder, and each beneficial owner (each a "**Beneficial Owner**"), if any, on whose behalf the holder is exercising such Warrants, satisfies one or more of the following categories of "accredited investor" (a "**U.S. Accredited Investor**") as defined in Rule 501(a) of Regulation D under the United States *Securities Act of 1933*, as amended (the "**U.S. Securities Act**") **(please write "W/H" for the undersigned holder, and "B/O" for each beneficial owner, if any, on each line that applies)**:

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| | |
|:---|:---|
| _______ Category 1. | A bank, as defined in Section 3(a)(2) of the U.S. Securities Act, whether acting in its individual or fiduciary capacity; a savings and loan association or other institution as defined in Section 3(a)(5)(A) of the U.S. Securities Act, whether acting in its individual or fiduciary capacity; a broker or dealer registered pursuant to Section 15 of the United States *Securities Exchange Act of 1934*; an investment adviser registered pursuant to section 203 of the *Investment Advisers Act of 1940* or registered pursuant to the laws of a state; an investment adviser relying on the exemption from registering with the United States Securities and Exchange Commission (the "**Commission**") under section 203(l) or (m) of the United States *Investment Advisers Act of 1940*; an insurance company as defined in Section 2(a)(13) of the U.S. Securities Act; an investment company registered under the United States *Investment Company Act of 1940*; a business development company as defined in Section 2(a)(48) of the United States *Investment Company Act of 1940*; a small business investment company licensed by the United States Small Business Administration under Section 301 (c) or (d) of the United States *Small Business Investment Act of 1958*; a rural business investment company as defined in section 384A of the United States *Consolidated Farm and Rural Development Act*; a plan established and maintained by a state, its political subdivisions or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, with total assets in excess of US$5,000,000; or an employee benefit plan within the meaning of the United States *Employee Retirement Income Security Act of 1974* in which the investment decision is made by a plan fiduciary, as defined in Section 3(21) of such Act, which is either a bank, savings and loan association, insurance company or registered investment adviser, or an employee benefit plan with total assets in excess of US$5,000,000 or, if a self-directed plan, with investment decisions made solely by persons who are U.S. Accredited Investors; or |

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_______ Category 2. A private business development company as defined in Section 202(a)(22) of the United States *Investment Advisers Act of 1940*; or

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|:---|:---|
| _______ Category 3. | An organization described in Section 501(c)(3) of the United States *Internal Revenue Code*, a corporation, a Massachusetts or similar business trust, a partnership, or a limited liability company, not formed for the specific purpose of acquiring the Shares offered, with total assets in excess of US$5,000,000; or |

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_______ Category 4. A director or executive officer of the Corporation; or

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| | |
|:---|:---|
| _______ Category 5. | A natural person whose individual net worth, or joint net worth with that person's spouse or spousal equivalent (being a cohabitant occupying a relationship generally equivalent to that of a spouse), at the time of that person's purchase of Shares exceeds US$1,000,000 (**note:** for the purposes of calculating net worth: (i) the person's primary residence shall not be included as an asset; (ii) indebtedness that is secured by the person's primary residence, up to the estimated fair market value of the primary residence at the time of the sale and purchase of Shares contemplated hereby, shall not be included as a liability (except that if the amount of such indebtedness outstanding at the time of the sale and purchase of Shares contemplated hereby exceeds the amount outstanding 60 days before such time, other than as a result of the acquisition of the primary residence, the amount of such excess shall be included as a liability); (iii) indebtedness that is secured by the person's primary residence in excess of the estimated fair market value of the primary residence shall be included as a liability; (iv) for the purposes of calculating joint net worth of the person and that person's spouse or spousal equivalent, (A) joint net worth can be the aggregate net worth of the investor and spouse or spousal equivalent, and (B) assets need not be held jointly to be included in the calculation; and reliance by the person and that person's spouse or spousal equivalent on the joint net worth standard does not require that the securities be purchased jointly); or |

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| | |
|:---|:---|
| _______ Category 6. | A natural person who had an individual income in excess of US$200,000 in each of the two most recent years or joint income with that person's spouse or spousal equivalent in excess of US$300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year; or |

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| | |
|:---|:---|
| _______ Category 7. | A trust, with total assets in excess of US$5,000,000, not formed for the specific purpose of acquiring the Shares, whose purchase is directed by a sophisticated person as described in Rule 506(b)(2)(ii) under the U.S. Securities Act; or |

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| | |
|:---|:---|
| _______ Category 7A. | A revocable trust which may be revoked or amended by its settlors (creators), each of whom is a U.S. Accredited Investor under Category(ies) _____________ **[insert one or both of 5 [net worth exceeds US$1,000,000] or 6 [net income exceeds US$200,000 individually or US$300,000 jointly]**] |

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_______ Category 8. An entity in which all of the equity owners are U.S. Accredited Investors.

***If you checked Category 8, please indicate the name and category of U.S. Accredited Investor (by reference to the applicable category number herein) of each equity owner:***

 ****

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| | |
|:---|:---|
| **Name of Equity Owner** | **Category of U.S. Accredited Investor** |

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It is permissible to look through various forms of equity ownership to natural persons in determining the U.S. Accredited Investor status of entities under this category. If those natural persons are themselves U.S. Accredited Investors, and if all other equity owners of the entity seeking U.S. Accredited Investor status are U.S. Accredited Investors, then this category will be available.

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| | |
|:---|:---|
| _______ Category 9. | An entity, of a type not listed in Categories 1, 2, 3, 7 or 8, not formed for the specific purpose of acquiring the Shares, owning investments in excess of US$5,000,000 (note: for the purposes of this Category 9, "investments is defined in Rule 2a51-1(b) under the United States *Investment Company Act of 1940*); or |

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| | |
|:---|:---|
| _______ Category 10. | A natural person holding in good standing one or more of the following professional certifications or designations or credentials from an accredited educational institution that the Commission has designated as qualifying an individual for U.S. Accredited Investor status: The General Securities Representative license (Series 7), the Private Securities Offerings Representative license (Series 82), and the Licensed Investment Adviser Representative (Series 65); or |

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| | |
|:---|:---|
| _______ Category 11. | Any "family office," as defined in rule 202(a)(11)(G)-1 under the United States *Investment Advisers Act of 1940*: (i) with assets under management in excess of US$5,000,000, (ii) that is not formed for the specific purpose of acquiring the Shares, and (iii) whose prospective investment is directed by a person (a "**Knowledgeable Family Office Administrator**") who has such knowledge and experience in financial and business matters that such family office is capable of evaluating the merits and risks of the prospective investment; or |

---

---

| | |
|:---|:---|
| _______ Category 12. | A "family client," as defined in rule 202(a)(11)(G)-1 under the United States *Investment Advisers Act of 1940*, of a family office meeting the requirements set forth in Category 11 above and whose prospective investment in the Corporation is directed by such family office with the involvement of the Knowledgeable Family Office Administrator. |

---

---

| | |
|:---|:---|
| Dated: | Signed: |
|  | Print the name of Exerciser |
|  | Print official capacity or title, if applicable |
|  | Print name of individual whose signature appears above if different than the name of the Exerciser printed above. |

---

## Exhibit 99.1

**Exhibit 99.1**

**FOR IMMEDIATE RELEASE**

**Safety Shot Completes Acquisition of Yerbae Brands Corp.**

SCOTTSDALE, Ariz. – (Globe Newswire) – June 27, 2025 –**Yerbaé Brands Corp**. (TSX-V: YERB.U; OTCQX: YERBF) ("**Yerbaé**"), a plant-based energy beverage company, and Safety Shot, Inc. (Nasdaq: SHOT) ("**SHOT**", "**Safety Shot**", or the "**Company**"), a wellness and dietary supplement company, are pleased to announce the successful completion of the previously announced business combination pursuant to which Safety Shot has acquired all of the issued and outstanding commons shares of Yerbae (the "**Yerbae Shares**") pursuant to a court-approved plan of arrangement (the "**Transaction**").

**Transaction Overview**

Pursuant to the terms of an arrangement agreement dated January 7, 2025 between Safety Shot and Yerbae (the "**Arrangement Agreement**"), at the effective time of the arrangement (the "**Effective Time**"), all of the Yerbae Shares then issued and outstanding immediately prior to the Effective Time (including the Yerbaé Shares issued on the settlement of all of the performance share units and restricted share units of Yerbaé, which were settled immediately prior to the Effective Time) were acquired by Safety Shot in consideration for an aggregate of 19,881,948 shares of common stock (each, a "**SHOT Share**") of Safety Shot. Upon closing of the Transaction, SHOT shareholders now own approximately 81.64% and former holders of the Yerbaé Shares own approximately 18.36% of Safety Shot.

The Transaction was effected by way of a plan of arrangement (the "**Plan of Arrangement**") pursuant to the *Business Corporations Act* (British Columbia). Under the terms of the Arrangement Agreement, SHOT acquired all of the issued and outstanding Yerbaé Shares, with each holder of Yerbaé Shares receiving 0.2918 of a SHOT Share for each Yerbaé Share held. For more information regarding the details of the Transaction, including the treatment of Yerbae's outstanding performance share units, restricted share units, warrants, debentures and stock options, please refer to Yerbae's Form 8-K dated January 8, 2025, as filed on Edgar on January 8, 2025. Effective June 30, 2025, the Yerbae Shares will be delisted from the TSX Venture Exchange and OTCQX.

Yerbae shareholders who hold physical share certificates or DRS Statements must submit a Letter of Transmittal to Safety Shot's transfer agent, ClearTrust, LLC, to receive their Shot Shares. A copy of the Letter of Transmittal can be obtained from ClearTrust LLC, 16540 Pointe Village Dr., Ste 210, Lutz, FL 33558, Attn: Exchange Dept, (813) 235-4490, <u>inbox@cleartrusttransfer.com</u>.

For Yerbae shareholders who hold their shares in book-entry form or in a brokerage account, the exchange is automatic and no additional action is required.

**About Safety Shot, Inc.**

Safety Shot, Inc., a wellness and dietary supplement company, has developed Sure Shot, the first patented wellness product on Earth that lowers blood alcohol content by supporting its metabolism, while boosting clarity, energy, and overall mood. Sure Shot is available for purchase online at <u>www.sureshot.com</u>, <u>www.walmart.com</u> and Amazon. The Company is introducing business-to-business sales of Sure Shot to distributors, retailers, restaurants, and bars throughout 2025.

**Yerbaé Brands Corp.**

Yerbaé Brands Corp., (TSXV: YERB.U; OTCQX: YERBF) makes great-tasting energy beverages with yerba mate and other premium, plant-based ingredients. All Yerbaé energy beverages are zero calorie, zero sugar, non-GMO, vegan, kosher, keto-friendly, paleo-approved, gluten-free and diabetic-friendly. Founded in Scottsdale, AZ in 2017, Yerbaé seeks to disrupt the energy beverage marketplace by offering a no-compromise energy solution, with input and support from its recently announced Yerbaé Advisory Board, Sports and Entertainment. Find us @DrinkYerbae on Instagram, Facebook, Twitter/X and TikTok, or online at <u>https://yerbae.com</u>. For more information regarding Yerbaé's financial results, refer to Yerbaé's annual audited financial statements for the fiscal year ended December 31, 2024 and Yerbaé's interim unaudited financial statements for the three months ended March 31, 2025, which are filed on SEDAR+ at <u>www.sedarplus.ca</u> under Yerbaé's profile.

**Advisors**

Maxim Group LLC served as the exclusive financial advisor to Safety Shot in connection with the merger. Cozen O'Connor LLP served as legal counsel to Yerbaé and Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. served as legal counsel to Safety Shot in connection with the merger.

**On Behalf of the Board of Directors of Yerbaé Brands Corp.**

"*Todd Gibson*"

Todd Gibson, Chief Executive Officer and Co-Founder

**Yerbaé Contact Information:**

For investors, investors@yerbae.com or 480,471.8391

To reach CEO Todd Gibson, todd@yerbae.com or 480.471.8391

**Safety Shot Contact Information:**

Investor Relations

Phone: 561-244-7100

Email: <u>investors@drinksafetyshot.com</u>

**Forward-Looking Statements**

***This press release contains certain forward-looking statements within the meaning of applicable securities laws with respect to the proposed Transaction and business combination between SHOT and Yerbaé. All statements other than statements of historical facts contained in this press release, including statements regarding the Transaction and closing thereof and the delisting of the Yerbaé Shares from the TSX Venture Exchange and OCTQX, are forward-looking statements. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including, but not limited to, the following risks relating to the proposed business combination: the inability to maintain the listing of SHOT ordinary shares on Nasdaq following the completion of the Transaction; the ability to recognize the anticipated benefits of the Transaction, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth economically and hire and retain key employees; costs related to the business combination; changes in applicable laws or regulations; the possibility that Yerbaé or SHOT may be adversely affected by other economic, business, and/or competitive factors; and other risks and uncertainties to be identified in the proxy statement relating to the Transaction, including those under "Risk Factors" therein, and in other filings with the SEC made by SHOT or Yerbaé, as applicable. Moreover, each of Yerbaé and SHOT operate in very competitive and rapidly changing environments. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond Yerbaé's and SHOT's control, readers should not rely on these forward-looking statements as predictions of future events. Forward-looking statements speak only as of the date they are made. Neither Yerbaé nor SHOT give any assurance that either Yerbaé or SHOT will achieve its expectations as stated herein. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, Yerbaé and SHOT assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.***

***Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.***

 ****

 **

## Exhibit 99.2

**Exhibit 99.2** 

**Safety Shot Inc. and Yerbae Brands Corp.**

**Unaudited Pro Forma Condensed Combined Balance Sheet**

**As of March 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of<br> March 31, 2025** | **As of<br> March 31, 2025** | | **As of<br> March 31, 2025** |
|  | **Safety Shot, Inc.<br> (Historical)** | **Yerbae Brands Corp. (Historical)** |<br>**Transaction Accounting Adjustments** | **Pro Forma<br> Combined** |
| **ASSETS** |  |  |  |  |
| Current assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $329285 | $526187 | $(526187) **A** | $329285 |
| &nbsp;&nbsp;&nbsp;Marketable Securities | 54720 | 241863 |  | 296583 |
| &nbsp;&nbsp;&nbsp;Inventory | 338995 |  |  | 338995 |
| &nbsp;&nbsp;&nbsp;Accounts Receivable | 28704 | 751863 |  | 780567 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 2230285 | 406261 |  | 2636546 |
| &nbsp;&nbsp;&nbsp;Investment in SRM & Affiliates | 3000 |  |  | 3000 |
| &nbsp;&nbsp;&nbsp;Investment in Yerbae Brands | 525000 |  |  | 525000 |
| &nbsp;&nbsp;&nbsp;Notes Receivable | 521444 |  |  | 521444 |
| &nbsp;&nbsp;&nbsp;Other current assets | - | 150000 |  | 150000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 4031433 | 2076174 | (526187) | 5581420 |
| Non-current assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Right of Use assets | 252435 | 95137 |  | 347572 |
| &nbsp;&nbsp;&nbsp;Goodwill |  |  | 12858429 **B** | 12858429 |
| &nbsp;&nbsp;&nbsp;Intangible assets, net of amortization | 4325859 |  | 2728000 **C** | 7053859 |
| &nbsp;&nbsp;&nbsp;Fixed assets, net of depreciation | 85064 | 11628 |  | 96692 |
| &nbsp;&nbsp;&nbsp;Total non-current assets | 4663358 | 106765 | 15586429 | 20356552 |
| **TOTAL ASSETS** | $**8694791** | $**2182939** | $**15060242** | $**25937972** |
| **LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' DEFICIT** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $2841666 | $3109753 |  | $5951419 |
| &nbsp;&nbsp;&nbsp;Convertible note payable | 5341875 |  |  | 5341875 |
| &nbsp;&nbsp;&nbsp;Current portion of lease liability | 223835 | 121025 |  | 344860 |
| &nbsp;&nbsp;&nbsp;Accrued liabilities | 729768 | 1298186 | 500000 **D** | 2527954 |
| &nbsp;&nbsp;&nbsp;Covid-19 SBA Loan | 48132 |  |  | 48132 |
| &nbsp;&nbsp;&nbsp;Notes payable, current portion |  | 4635989 |  | 4635989 |
| &nbsp;&nbsp;&nbsp;Notes payable, related party |  | 346500 |  | 346500 |
| &nbsp;&nbsp;&nbsp;Advances | - | 525000 |  | 525000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 9185276 | 10036453 | 500000 | 19721729 |
| Non-current liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Long term portion of lease liability | 52153 | 4422 |  | 56575 |
| &nbsp;&nbsp;&nbsp;Notes payable, non-current portion | - | 2306 |  | 2306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-current liabilities | 52153 | 6728 | - | 58881 |
| Total liabilities | 9237429 | 10043181 | 500000 | 19780610 |
| **COMMITMENTS AND CONTINGENCIES** |  |  |  |  |
| **Stockholders' equity (deficit):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock, $0.001 par value, 100,000 shares authorized, of which none are issued and outstanding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common stock, $0.001 par value, 100,000,000 shares authorized, of which 75,176,604 shares were issued and outstanding as of March 31, 2025 | 75177 |  | 20000 **E** | 95177 |
| &nbsp;&nbsp;&nbsp;Preferred shares - 100,000,000 authorized, zero issued and outstanding as of December 31, 2024 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common shares - without par value, 65,922,869 shares issued and outstanding at March 31, 2025 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 117854689 | 40577864 | 7180000 **E** | 125034689 |
|  |  |  | (40577864)**F** |  |
| &nbsp;&nbsp;&nbsp;Common stock payable | 1944776 |  |  | 1944776 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (120417280) | (48438106) | 48438106 **F** | (120917280) |
|  |  |  | (500000)**D** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity (deficit) | (542638) | (7860242) | 14560242 | 6157362 |
| **TOTAL LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY (DEFICIT)** | $**8694791** | $**2182939** | $**15060242** | $**25937972** |
| *Check* |  |  |  |  |

---

**Adjustments to Unaudited Pro Forma Condensed Combined Balance Sheet**

The pro forma adjustments included in the unaudited pro forma condensed combined balance sheet as of March 31, 2025 are as follows:

(A) Reflects the removal of Yerbae's cash and cash that will not be acquired as part of the transaction.

(B) Represents goodwill recognized as part of the transaction.

(C) Represents the fair value of intangible asset recognized as part of the transaction.

(D) Represents estimated transaction costs incurred related to the transactions subsequent to March 31, 2025. The transactions costs have been expensed in accordance with ASC 805.

(E) Represents increase to equity based on the 20 million shares to be issued by the acquirer.

(F) Represents reversal of Yerbae's additional-paid-in-capital and accumulated deficit balance due to the acquisition.

On August 14, 2023, SRM Entertainment, Inc. ("SRM"), completed its purchase of SRM Entertainment, Ltd, previously a wholly owned subsidiary of the Company and consummated its Initial Public Offering ("IPO"). Pursuant to the sale, the Company received 4,500,000 shares of SRM's common stock. At June 23, 2025, the Company held 1,847,142 of SRM 's common stock, which are considered marketable securities. SRM has a lock-up agreement with the Company covering 1,847,142 shares, under the terms of which the Company has agreed not to sell any shares until January 2026. As of March 31, 2025, the shares of SRM were valued at $0.41 per share, or approximately $1.0 million. As of June 26, 2025 the shares of SRM were valued at $7.96 per share, or approximately $14.7 million, resulting in an increase of equity of approximately $13.7 million.

**Safety Shot Inc. and Yerbae Brands Corp.**

**Unaudited Pro Forma Condensed Combined Detailed Adjusted Statement of Operations**

**Three Months Ended March 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br> March 31, 2025** | **Three Months Ended<br> March 31, 2025** | | **Three Months Ended<br> March 31, 2025** |
|  | **Safety Shot, Inc.<br> (Historical)** | **Yerbae Brands Corp. (Historical)** |<br>**Transaction Accounting Adjustments** | **Pro Forma Combined** |
| Sales | $42101 | $1213883 |  | $1255984 |
| Cost of sales | 21112 | 703684 | - | 724796 |
| Gross profit | 20989 | 510199 |  | 531188 |
| **Operating expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;General and administrative | 5411324 | 3192573 |  | 8603897 |
| &nbsp;&nbsp;&nbsp;Amortization |  |  | 41515 **AA** |  |
| &nbsp;&nbsp;&nbsp;Sales and marketing | - | 213443 |  | 213443 |
| Total operating costs and expenses | 5411324 | 3406016 | 41515 | 8817340 |
| Income (loss) from operations | (5390335) | (2895817) | (41515) | (8327667) |
| **Other income (expense):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | 11376 | 68240 |  | 79616 |
| &nbsp;&nbsp;&nbsp;Interest expense | (103450) | (504205) |  | (607655) |
| &nbsp;&nbsp;&nbsp;Other income / (expense) | (25080) |  |  | (25080) |
| &nbsp;&nbsp;&nbsp;Gain (loss) on sale of Mkt Sec | 180556 | - |  | 180556 |
| Total other income (expense) | 63402 | (435965) | - | (372563) |
| **Net loss from continuing operations** | **(5326933)** | **(3331782)** | **(41515)** | **(8700230)** |
| **Historical and pro forma shares outstanding** | **69258402** |  |  | **89258402** |
| . |  |  |  |  |
| **Historical and pro forma net loss per share based on continuing operations:** |  |  |  |  |
| **Basic and diluted** | $**(0.08)** |  |  | $**(0.10)** |

---

**Adjustments to Unaudited Pro Forma Condensed Combined Statements of Operations**

The pro forma adjustments included in the unaudited pro forma condensed combined statements of operations for the three months ended March 31, 2025 are as follows:

(AA) Represents amortization of intangible assets stemming from tradenames-trade secrets and non-compete agreements. The non-compete agreements were fully amortized during the proforma period ending December 31, 2023.

**Safety Shot Inc. and Yerbae Brands Corp.**

**Unaudited Pro Forma Condensed Combined Detailed Adjusted Statement of Operations**

**Year Ended December 31, 2024**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | | **Year Ended<br> December 31, 2024** |
|  | **Safety Shot, Inc.<br> (Historical)** | **Yerbae Brands Corp. (Historical)** |<br>**Transaction Accounting Adjustments** | **Pro Forma<br> Combined** |
| Sales | $701967 | $5905541 |  | $6607508 |
| Cost of sales | 3147724 | 2891334 | - | 6039058 |
| Gross profit | (2445757) | 3014207 |  | 568450 |
| **Operating expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;General and administrative | 39611915 | 11058479 | 500000 **CC** | 51170394 |
| &nbsp;&nbsp;&nbsp;Amortization |  |  | 403160 **BB** |  |
| &nbsp;&nbsp;&nbsp;Sales and marketing | - | 1239443 |  | 1239443 |
| Total operating costs and expenses | 39611915 | 12297922 | 903160 | 52409837 |
| Income (loss) from operations | (42057672) | (9283715) | (903160) | (52244547) |
| **Other income (expense):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | 57602 |  |  | 57602 |
| &nbsp;&nbsp;&nbsp;Interest expense | (175927) | (1334972) |  | (1510899) |
| &nbsp;&nbsp;&nbsp;Other income / (expense) | (5373426) |  |  | (5373426) |
| &nbsp;&nbsp;&nbsp;Unrecognized loss on equity investment | (862407) |  |  | (862407) |
| &nbsp;&nbsp;&nbsp;Realized Gain/Loss on sale of stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Gain (loss) on sale of Mkt Sec | - | - |  | - |
| Total other income (expense) | (6354158) | (1334972) | - | (7689130) |
| **Net loss from continuing operations** | **(48411830)** | **(10618687)** | **(903160)** | **(59933677)** |
|  | **-** | **-** |  |  |
| **Historical and pro forma shares outstanding** | **54441190** | **62258734** |  | **74441190** |
| **Historical and pro forma net loss per share based on continuing operations:** |  |  |  |  |
| **Basic and diluted** | $**(0.91)** | $**(0.17)** |  | $**(0.81)** |

---

**Adjustments to Unaudited Pro Forma Condensed Combined Statements of Operations**

The pro forma adjustments included in the unaudited pro forma condensed combined statements of operations for the year ended December 31, 2024 are as follows:

(BB) Represents amortization of intangible assets stemming from tradenames-trade secrets and non-compete agreements. The non-compete agreements were fully amortized during the proforma period ending December 31, 2023.

(CC) Represents estimated transaction costs incurred related to the transactions subsequent to December 31, 2024.

**Safety Shot Inc. and Yerbae Brands Corp.**

**EPS**

**All periods**

---

| | |
|:---|:---|
|  | **Three Months Ended<br> March 31, 2025** |
| Pro forma net loss from continuing operations | $(8700230) |
| Weighted average shares outstanding of common stock - basic and diluted | 89258402 |
| Net income per share attributable to common stockholders - basic and diluted | $(0.10) |

---

---

| | |
|:---|:---|
|  | **Three Months Ended<br> March 31, 2025** |
| Safety Shot historical weighted average shares outstanding | 69258402 |
| Shares issued as consideration | 20000000 |
| Pro forma shares outstanding | 89258402 |

---

---

| | |
|:---|:---|
|  | **Year Ended<br> December 31, 2024** |
| Pro forma net loss from continuing operations | $(59933677) |
| Weighted average shares outstanding of common stock - basic and diluted | 74441190 |
| Net income per share attributable to common stockholders - basic and diluted | $(0.81) |

---

---

| | |
|:---|:---|
|  | **Year Ended<br> December 31, 2024** |
| Safety Shot historical weighted average shares outstanding | 54441190 |
| Shares issued as consideration | 20000000 |
| Pro forma shares outstanding | 74441190 |

---

![](fin_001.jpg)

**Safety Shot Inc.**

**Historical Balance Sheet**

**As of March 31, 2025**

***(Quantities as stated)***

---

| | | |
|:---|:---|:---|
| **Safety Shot Inc.** | | |
|  |<br>**March 31, 2025**<br>**(in dollars)** |<br>**March 31, 2025**<br>**(in thousands)** |
| **Assets:** |  |  |
| Current assets: |  |  |
| Cash | $329285 | $329 |
| Marketable Securities | 54720 | 55 |
| Inventory | 338995 | 339 |
| Accounts Receivable | 28704 | 29 |
| Prepaid expenses and deposits | 2230285 | 2230 |
| Investment in SRM & Affiliates | 3000 | 3 |
| Investment in Yerbae Brands | 525000 | 525 |
| Notes Receivable | 521444 | 521 |
| Total current assets | 4031433 | 4031 |
| Right of Use assets | 252435 | 252 |
| Intangible assets, net of amortization | 4325859 | 4326 |
| Fixed assets, net of depreciation | 85064 | 85 |
| **Total assets** | 8694791 | 8694 |
| **Liabilities and Stockholders' Equity:** |  |  |
| Current liabilities: |  |  |
| Accounts payable | 2841666 | 2842 |
| Convertible note payable | 5341875 | 5342 |
| Current portion of lease liability | 223835 | 224 |
| Accrued liabilities | 729768 | 730 |
| Covid-19 SBA Loan | 48132 | 48 |
| Total current liabilities | 9185276 | 9186 |
| Long term portion of lease liability | 52153 | 52 |
| **Total liabilities** | 9237429 | 9238 |
| Preferred stock, $0.001 par value, 100,000 shares authorized, of which none are issued and outstanding |  |  |
| Common stock, $0.001 par value, 100,000,000 shares authorized, of which 75,176,604 shares were issued and outstanding as of March 31, 2025 | 75177 | 75 |
| Additional paid-in capital | 117854689 | 117855 |
| Common stock payable | 1944776 | 1945 |
| Accumulated deficit | (120417280) | (120417) |
| **Total Stockholders' Equity** | (542638) | (542) |
| **Total Liabilities and Stockholders' Equity** | 8694791 | 8696 |
| *Check* |  | (2) |

---

**Safety Shot Inc.**

**Condensed Statement of Operations**

**For the Three Months Ended March 31, 2025**

***(Quantities as stated)***

---

| | | |
|:---|:---|:---|
| **Safety Shot Inc.** | | |
|  | **For the Three Months Ended<br> March 31, 2025** | **For the Three Months Ended<br> March 31, 2025** |
|  | **(in dollars)** | **(in thousands)** |
| **Revenue** |  |  |
| Sales | 42101 | 42 |
| Cost of sales | 21112 | 21 |
| Gross profit | 20989 | 21 |
| **Operating expenses** |  |  |
| General and administrative expenses | 5411324 | 5411 |
| Total operating expenses | (5411324) | (5411) |
| Other income (expense) |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | 11376 | 11 |
| &nbsp;&nbsp;&nbsp;Interest expense | (103450) | (103) |
| &nbsp;&nbsp;&nbsp;Other income / (expense) | (25080) | (25) |
| &nbsp;&nbsp;&nbsp;Gain (loss) on sale of Mkt Sec | 180556 | 181 |
| Total other income (expense) | 63402 | 64 |
| Loss from continuing operations | (5326933) | (5327) |
| Loss from discontinued operations |  |  |
| **Net loss** | **(5326933)** | **(5327)** |
| Basic and diluted net loss per common share | $(0.08) |  |
| Weighted average shares outstanding, basic and diluted, non-redeemable shares | 69258402 |  |

---

---

| | |
|:---|:---|
| **Statement of Cash Flows** | **Statement of Cash Flows** |
|  | **For the Three Months Ended <br>March 31, 2025** |
| Net cash used in continuing operating activities | $(4628114) |
| Net cash used in investing activities | (363388) |
| Net cash provided by financing activities | 4971971 |

---

**Safety Shot Inc.**

**Condensed Statement of Operations**

**For the Year Ended December 31, 2024**

***(Quantities as stated)***

---

| | | |
|:---|:---|:---|
| **Safety Shot Inc.** | | |
|  | **For the Year Ended<br> December 31, 2024** | **For the Year Ended<br> December 31, 2024** |
|  | **(in dollars)** | **(in thousands)** |
| **Revenue** |  |  |
| Sales | 701967 | 702 |
| Cost of sales | 3147724 | 3148 |
| Gross profit | (2445757) | (2446) |
| **Operating expenses** |  |  |
| General and administrative expenses | 39611915 | 39612 |
| Total operating expenses | (39611915) | (39612) |
| Other income (expense) |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | 57602 | 58 |
| &nbsp;&nbsp;&nbsp;Interest expense | (175927) | (176) |
| &nbsp;&nbsp;&nbsp;Other income (expense) | (5373426) | (5373) |
| &nbsp;&nbsp;&nbsp;Unrecognized gain / (loss) on equity investment | (862407) | (862) |
| Total other income (expense) | (6354158) | (6353) |
| Loss from continuing operations | (48411830) | (48412) |
| Basic and diluted net loss per common share | $(0.91) |  |
| Weighted average shares outstanding, basic and diluted, non-redeemable shares | 54441190 |  |

---

---

| | |
|:---|:---|
| **Statement of Cash Flows** | **Statement of Cash Flows** |
|  | **For the Year Ended<br> December 31, 2024** |
| Net cash used in operating activities | $(18089748) |
| Net cash used in investing activities | (4939) |
| Net cash provided by financing activities | 15607955 |

---

**Yerbae Brands Corp.** 

**Historical Balance Sheet**

**As of March 31, 2205**

***(Quantities as stated)***

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| | | |
|:---|:---|:---|
| **Safety Shot Inc.** | **Safety Shot Inc.** | |
|  | **As of<br> March 31, 2205** |<br>**As of<br> March 31, 2205** |
| **Assets** |  |  |
| Current Assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $526187 | $526 |
| &nbsp;&nbsp;&nbsp;Accounts receivable | 241863 | 243 |
| &nbsp;&nbsp;&nbsp;Inventory | 751863 | 752 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 406261 | 406 |
| &nbsp;&nbsp;&nbsp;Other current assets | 150000 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 2076174 | 2077 |
| Non-current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Property, plant and equipment, net | 11628 | 12 |
| &nbsp;&nbsp;&nbsp;Right of use asset | 95137 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-current assets | 106765 | 107 |
| **Total Assets** | 2182939 | 2184 |
| **Liabilities and stockholders' equity** |  |  |
| &nbsp;&nbsp;&nbsp;Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | 3109753 | 3110 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 1298186 | 1298 |
| &nbsp;&nbsp;&nbsp;Notes payable, current portion | 4635989 | 4636 |
| &nbsp;&nbsp;&nbsp;Notes payable, related party | 346500 | 347 |
| &nbsp;&nbsp;&nbsp;Lease liability, current portion | 121025 | 121 |
| &nbsp;&nbsp;&nbsp;Advances | 525000 | 525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 10036453 | 10037 |
| Non-current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Notes payable, non-current portion | 4422 | 4 |
| &nbsp;&nbsp;&nbsp;Lease liability, non-current portion | 2306 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-current liabilities | 6728 | 6 |
| Total liabilities | 10043181 | 10043 |
| **Commitments and Contingencies** |  |  |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;Preferred shares - 100,000,000 authorized, zero issued and outstanding as of March 31, 2025 |  |  |
| &nbsp;&nbsp;&nbsp;Common shares - without par value, 65,922,869 shares issued and outstanding at March 31, 2025 |  |  |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 40577864 | 40578 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (48438106) | (48438) |
| Total stockholders' equity (deficit) | (7860242) | (7860) |
| **Total liabilities, redeemable preferred stock and stockholders' (deficit)** | 2182939 | 2183 |
| *Check* |  | 1 |

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**Yerbae Brands Corp.** 

**Historical Consolidated Income Statement**

**Three Months Ended March 31, 2025**

***(Quantities as stated)***

---

| | | |
|:---|:---|:---|
| **Yerbae Brands Corp.** | | |
|  |<br>**Three Months Ended<br> March 31, 2025** |<br>**Three Months Ended<br> March 31, 2025** |
| Revenues | 1213883 | 1214 |
| Costs of sales | 703684 | 704 |
| Gross profit | 510199 | 510 |
| **Operating expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;General and administrative | 3192573 | 3193 |
| &nbsp;&nbsp;&nbsp;Sales and marketing | 213443 | 213 |
| Total operating costs and expenses | 3406016 | 3406 |
| Income (loss) from operations | (2895817) | (2896) |
| **Other income (expense):** |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | 68240 | 68 |
| &nbsp;&nbsp;&nbsp;Interest expense | (504205) | (504) |
| &nbsp;&nbsp;&nbsp;Total other (expense) income | (435965) | (436) |
| Net loss before income taxes | (3331782) | (3332) |
| &nbsp;&nbsp;&nbsp;Income tax expense | - | - |
| **Net loss** | **(3331782)** | **(3332)** |
| Weighted average Common shares outstanding - basic | 64314872 |  |
| Basic and diluted loss per share | $(0.05) |  |

---

---

| | |
|:---|:---|
| **Statement of Cash Flows** | **Statement of Cash Flows** |
| Net cash used in Operating Activities | $(212062) |
| Net cash used in Investing Activities | 16000 |
| Net cash provided by Financing Activities | 598035 |

---

**Yerbae Brands Corp.** 

**Historical Consolidated Income Statement**

**Three Months Ended March 31, 2025**

***(Quantities as stated)***

---

| | | |
|:---|:---|:---|
| **Yerbae Brands Corp.** | | |
|  |<br>**Three Months Ended<br> March 31, 2025** |<br>**Three Months Ended<br> March 31, 2025** |
| Revenues | 5905541 | 5906 |
| Costs of sales | 2891334 | 2891 |
| Gross profit | 3014207 | 3015 |
| **Operating expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;General and administrative | 11058479 | 11058 |
| &nbsp;&nbsp;&nbsp;Sales and marketing | 1239443 | 1239 |
| Total operating costs and expenses | 12297922 | 12297 |
| Income (loss) from operations | (9283715) | (9282) |
| **Other income (expense):** |  |  |
| &nbsp;&nbsp;&nbsp;Interest and accretion expense | (1334972) | (1335) |
| Net loss before income taxes | (10618687) | (10617) |
| &nbsp;&nbsp;&nbsp;Income tax expense | - | - |
| **Net loss** | **(10618687)** | **(10617)** |
| Weighted average Common shares outstanding - basic | 62258734 |  |
| Basic and diluted loss per share | $(0.17) |  |

---

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| | |
|:---|:---|
| **Statement of Cash Flows** | **Statement of Cash Flows** |
|  | **For the Year Ended<br>** <br>**December 31, 2024** |
| Net cash used in Operating Activities | $(3656779) |
| Net cash used in Investing Activities |  |
| Net cash provided by Financing Activities | 2803620 |

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**Date Inputs**

**Safety Shot Inc. and Yerbae Brands Corp.**

**As of March 31, 2025**

***(As stated)***

**Purpose:**

To list the entities involved, periods presented, and financial statement characteristics of the acquisition.

***Entities***

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| | |
|:---|:---|
| Combined Entities: | Safety Shot Inc. and Yerbae Brands Corp. |
| Legal Acquirer: | Safety Shot Inc. |
| Legal Acquiree: | Yerbae Brands Corp. |
| Accounting Acquirer: | Safety Shot Inc. |
| Accounting Acquiree: | Yerbae Brands Corp. |

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***Periods presented***

Acquisition Date

**Balance Sheet**

Safety Shot Inc. As of March 31, 2025 March 31, 2025 March 31, 2025 10-Q <br> Yerbae Brands Corp. As of March 31, 2025 March 31, 2205 March 31, 2025 10-Q

**Income Statement**

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| | | | |
|:---|:---|:---|:---|
| Safety Shot Inc. | Three Months Ended March 31, 2025 | March 31, 2025 | March 31, 2025 Financials |
| Yerbae Brands Corp. | Three Months Ended March 31, 2025 | March 31, 2025 | March 31, 2025 10-Q |
| Safety Shot Inc. | Year Ended December 31, 2024 | December 31, 2024 | December 31, 2024 Financials |
| Yerbae Brands Corp. | Year Ended December 31, 2024 | December 31, 2024 | December 31, 2024 10-K |

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