# EDGAR Filing Document

**Accession Number:** 0001879001
**File Stem:** 0001641172-25-018460
**Filing Date:** 2025-7
**Character Count:** 196212
**Document Hash:** 562c206ddf8d4869239ccea8c4842e7c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001641172-25-018460.hdr.sgml**: 20250709

**ACCESSION NUMBER**: 0001641172-25-018460

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20250708

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250709

**DATE AS OF CHANGE**: 20250709

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Verses AI Inc.
- **CENTRAL INDEX KEY:** 0001879001
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56692
- **FILM NUMBER:** 251114330

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 595 HOWE STREET
- **STREET 2:** 10TH FLOOR
- **CITY:** VANCOUVER
- **PROVINCE COUNTRY:** A1
- **ZIP:** V6C2T5
- **BUSINESS PHONE:** (310) 988-1944

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 595 HOWE STREET
- **STREET 2:** 10TH FLOOR
- **CITY:** VANCOUVER
- **PROVINCE COUNTRY:** A1
- **ZIP:** V6C2T5

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Verses Technologies Inc.
- **DATE OF NAME CHANGE:** 20210818

?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): July 8, 2025

**VERSES AI INC.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **British Columbia, Canada** | **000-56692** | **88-2921736** |
| (State or other jurisdiction<br> of incorporation) | (Commission<br> File Number) | (I.R.S. Employer<br> Identification No.) |

---

**2121 Avenue of the Stars, 8th Floor**

**Los Angeles, CA 90067**

(Address of Principal Executive Offices and Zip Code)

Registrant's telephone number, including area code: **(310) 988-1944**

(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 (*see* 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: None

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |

---

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 mark 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. ☐

**INCORPORATION BY REFERENCE**

This Current Report on Form 8-K of VERSES AI Inc. (the "**Company**") (other than Exhibits 99.1 and 99.2) is hereby incorporated by reference into the Registration Statement on Form F-10 (File No. 333-282301) of the Company, as amended or supplemented (the "**Registration Statement**").

**Item 1.01 Entry into a Material Definitive Agreement.**

On July 8, 2025, the Company entered into an agency agreement (the "**Agency Agreement**") with A.G.P. Canada Investments ULC ("**A.G.P. Canada**") and A.G.P./Alliance Global Partners ("**A.G.P. U.S.**", and together with A.G.P. Canada, the "**Agents**") acting as representatives with respect to the public offering (the "**Offering**") through the Agents for sale directly by the Company on a "reasonable best efforts" basis, of 1,007,764 units of the Company ("**Units**") at a price of USD$6.946 (CDN$9.50) per Unit for gross proceeds of USS$7,000,331 (CDN$9,573,758), before deducting discounts, commissions and expenses incurred in connection with the Offering. Each Unit will be comprised of (i) one class A subordinate voting share of the Company and (ii) one half of one transferable class A subordinate voting share purchase warrant (each whole warrant, a "**Warrant**"). Each Warrant shall entitle the holder thereof to acquire one class A subordinate voting share at an exercise price of USD$8.409 (CDN$11.50) per Warrant Share for a period of three years following the closing of the Offering. Pursuant to the Agency Agreement, the Company will pay to the Agents a cash fee of 7% of the aggregate gross proceeds raised in the Offering, subject to a minimum fee of CDN$400,000 (the "**Agents' Fee**"). The Agents' Fee will be reduced to 2% in respect to the portion of aggregate gross proceeds of the offering attributable to purchasers identified by the Company. We have also agreed to reimburse the Agents for certain expenses and legal fees up to USD $100,000 in connection with the Offering, and up to USD$300,000 for certain legal fees in connection with previous transactions. In connection with the Offering, the Company has agreed to issue to the Agents compensation warrants (each, a "**Compensation Warrant**") equal to 3.5% of the aggregate number of Units sold in the Offering. The number of Compensation Warrants will be reduced to 2% for any portion of the Offering attributable to purchasers on the President's List. Each Compensation Warrant shall entitle the holder thereof to acquire one (1) Share (each, a "**Compensation Warrant Share**") at an exercise price of USD$8.409 (CDN$11.50) per Compensation Warrant Share for a period of three (3) years following the closing date of the Offering.

The offer and sale of the Units is being made pursuant to the Registration Statement.

The Company expects to close the sale of the Units on July 11, 2025, subject to customary closing conditions. In connection with the Offering, the Company expects to enter into a warrant indenture with Endeavor Trust Corporation, relating to the Warrants.

The Agency Agreement contains customary representations, warranties and covenants by the Company, customary conditions to closing, indemnification obligations of the Company and the Agents, including for liabilities under the Securities Act of 1933, as amended, other obligations of the parties and termination provisions.

The foregoing summary of the Agency Agreement is qualified in its entirety by a copy of the Agency Agreement, which is attached hereto as Exhibit 1.1 and is incorporated herein by reference.

**Item 8.01 Other Events.**

On July 8, 2025, the Company issued a press release announcing the Offering. A copy of the press release is filed hereto as Exhibit 99.1. On July 9, 2025, the Company issued a press release announcing the pricing of the Offering. A copy of the press release is filed hereto as Exhibit 99.2.

This Current Report on Form 8-K includes the consent of: (i) DuMoulin Black LLP, a copy of which is filed hereto as Exhibit 99.3; (ii) Thorsteinssons LLP, a copy of which is filed hereto as Exhibit 99.4; and (iii) M&K CPAS, PLLC, a copy of which is filed hereto as Exhibit 99.5, each of which is incorporated herein by reference.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 1.1 | [Agency Agreement, dated as of July 8, 2025, by and among Verses AI Inc., A.G.P. Canada Investments ULC and A.G.P./Alliance Global Partners.](ex1-1.htm) |
| 99.1 | [Press Release dated July 8, 2025](ex99-1.htm) |
| 99.2 | [Press Release dated July 9, 2025](ex99-2.htm) |
| 99.3 | [Consent of DuMoulin Black LLP, dated July 9, 2025](ex99-3.htm) |
| 99.4 | [Consent of Thorsteinssons LLP, dated July 9, 2025](ex99-4.htm) |
| 99.5 | [Consent of M&K CPAS, PLLC, dated July 9, 2025](ex99-5.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**SIGNATURES**

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.

---

| | | |
|:---|:---|:---|
|  | **VERSES AI INC.** | **VERSES AI INC.** |
| Dated: July 9, 2025 | By: | */s/ James Christodoulou* |
|  | Name: | James Christodoulou |
|  | Title: | Chief Financial Officer |

---

## Exhibit 1.1

**Exhibit 1.1**

**VERSES AI INC.**

1,007,764 Units

**AGENCY AGREEMENT**

July 8, 2025

A.G.P. Canada Investments ULC

5063 North Service Road, Suite 100

Burlington, Ontario L7L 5H6

Canada

A.G.P./Alliance Global Partners

590 Madison Avenue, 28<sup>th</sup> Floor

New York, NY 10022

U.S.A.

Ladies and Gentlemen:

VERSES AI Inc., a corporation organized under the laws of the Province of British Columbia, Canada (the "**Company**"), confirms its agreement with A.G.P. Canada Investments ULC ("**A.G.P. Canada**") and A.G.P./Alliance Global Partners (**A.G.P. U.S.**) (collectively, the "**Agents**"), acting severally and not jointly, for whom A.G.P. Canada and A.G.P. U.S. are acting as representatives (in such capacity, the "**Representatives**"), with respect to the offer through the Agents for sale directly by the Company on a "reasonable best efforts" basis, of the respective numbers of units of the Company (the "**Units**") (the "**Offered Securities**").Each Unit shall be comprised of (i) one class A subordinate voting share of the Company (each a "**Unit Share**") and (ii) one half of one transferable class A subordinate voting share purchase warrant (each whole warrant, a "**Warrant**"). Each Warrant shall entitle the holder thereof to acquire one class A subordinate voting share (each, a "**Warrant Share**") at an exercise price of CDN$11.50 per Warrant Share for a period of three (3) years following the Closing Date (as defined herein). The Warrants shall be subject to the terms of the Warrant Indenture (as hereinafter defined). The description of the Warrants herein is a summary only and is subject to the specific attributes and provisions set forth in the Warrant Indenture. In case of any inconsistency between the description of the Warrants in this Agreement and the terms of the Warrants set forth in the Warrant Indenture, the provisions of the Warrant Indenture will govern. As used in this Agreement, the term (i) "**Securities**" means the Units, Unit Shares, Warrants, and Warrant Shares, and (ii) "**Warrant Indenture**" means the warrant indenture to be entered into on or before the Closing Date between the Warrant Agent (as defined herein) and the Company in relation to the Warrants, as amended from time to time.

The Company has filed a final short form base shelf prospectus (such final short form base shelf prospectus together with all documents incorporated therein by reference, is hereinafter referred to as the "**Canadian Base Prospectus**"), dated September 26, 2024, qualifying the distribution of up to US$100,000,000 aggregate principal amount of class A subordinate voting shares (the "**Subordinate Voting Shares**"), warrants, units, and subscription receipts of the Company (collectively, the "**Shelf Securities**") with the British Columbia Securities Commission (the "**Reviewing Authority**" or the "**BCSC**") and the other Canadian Qualifying Authorities (as defined below); the Reviewing Authority has issued a decision document under Multilateral Instrument 11-102 – *Passport System* (a "**Decision Document**") in respect of the Canadian Base Prospectus. The Company is qualified to distribute the Shelf Securities in each of the provinces and territories of Canada, other than Québec (collectively, the "**Canadian Qualifying Jurisdictions**") under the Canadian Base Prospectus pursuant to Canadian Securities Laws (as defined below), including the rules and procedures established pursuant to National Instrument 44-101 – *Short Form Prospectus Distributions* and National Instrument 44-102 – *Shelf Distributions* (together, the "**Canadian Shelf Procedures**"). The Canadian preliminary prospectus supplement relating to the offering of the Securities, which excludes certain pricing information and other final terms of the Securities and which has been filed with the Reviewing Authority in accordance with the Canadian Shelf Procedures and the other Canadian Securities Laws on July 8, 2025, together with the Canadian Base Prospectus, including all documents incorporated therein by reference, is hereinafter referred to as the "**Canadian Preliminary Prospectus**"; and the Canadian final prospectus supplement relating to the offering of the Securities, which includes the pricing and other information omitted from the Canadian Preliminary Prospectus, to be dated the date hereof and filed with the Reviewing Authority in accordance with the Canadian Shelf Procedures, together with the Canadian Base Prospectus, including all documents incorporated therein by reference, is hereinafter referred to as the "**Canadian Final Prospectus**."

At the time the Registration Statement (as defined below) was originally filed with the Commission, the Company met the general eligibility requirements for use of Form F-10 under the U.S. Securities Act of 1933, as amended, and the rules and regulations of the U.S. Securities and Exchange Commission (the "**Commission**") thereunder (collectively, the "**Securities Act**") for the purposes of the offering of Securities, and the Company is currently permitted to use the Registration Statement for the offering of Securities under applicable U.S. Securities Laws (as defined below). The Company has filed with the Commission a registration statement on Form F-10 (No. 333-282301) in respect of the Shelf Securities and has filed an appointment of agent for service of process upon the Company on Form F-X (the "**Form F-X**") with the Commission in conjunction with the filing of such registration statement (such registration statement, including the Canadian Base Prospectus with such deletions therefrom and additions thereto as are permitted or required by Form F-10 and the applicable rules and regulations of the Commission and including the exhibits to such registration statement and all documents incorporated by reference in the prospectus contained therein, are hereinafter referred to as the "**Registration Statement**"); the base prospectus relating to the Shelf Securities contained in the Registration Statement at the time the registration statement became effective, including all documents incorporated therein by reference, is hereinafter referred to as the "**U.S. Base Prospectus**"; the U.S. preliminary prospectus supplement relating to the offering of the Securities filed with the Commission pursuant to General Instruction II.L of Form F-10 under the Securities Act on July 8, 2025, including all documents incorporated therein by reference, together with the U.S. Base Prospectus (which consists of the Canadian Base Prospectus with such deletions therefrom and additions thereto as are permitted or required by Form F-10 and the applicable rules and regulations of the Commission, and all documents incorporated therein by reference therein), is hereinafter referred to as the "**U.S. Preliminary Prospectus**"; and the U.S. final prospectus supplement relating to the offering of the Securities to be filed with the Commission pursuant to General Instruction II.L of Form F-10 under the Securities Act, including all documents incorporated therein by reference, together with the U.S. Base Prospectus (which consists of the Canadian Base Prospectus with such deletions therefrom and additions thereto as are permitted or required by Form F-10 and the applicable rules and regulations of the Commission, and all documents incorporated therein by reference therein), is hereinafter referred to as the "**U.S. Final Prospectus**".

As used herein, "**Base Prospectuses**" shall mean, collectively, the Canadian Base Prospectus and the U.S. Base Prospectus, "**Preliminary Prospectuses**" shall mean, collectively, the Canadian Preliminary Prospectus and the U.S. Preliminary Prospectus; and "**Final Prospectuses**" shall mean, collectively, the Canadian Final Prospectus and the U.S. Final Prospectus. Any reference in this Agreement to the Registration Statement, the Base Prospectuses, the Preliminary Prospectuses or the Final Prospectuses shall be deemed to refer to and include the documents incorporated by reference therein as of the date hereof. The terms "**supplement**," "**amendment**," and "amend" as used herein with respect to the Registration Statement, the Base Prospectuses, the General Disclosure Package (as defined below), the Preliminary Prospectuses or the Final Prospectuses shall include all documents subsequently filed or furnished by the Company with or to the Canadian Qualifying Authorities (as defined below) and the Commission pursuant to the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (the "**Exchange Act**"), that are deemed to be incorporated by reference therein.

**1.**  **<u>Definitions</u>.** Capitalized terms used but not defined above shall have the following meanings in this
 Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Active Subsidiaries**" means collectively, VERSES Technologies USA, Inc., VERSES Logistics
 Inc., VERSES, Inc., VERSES Global B.V., VERSES Operations Canada Inc., VERSES Realities Inc.,
 VERSES Health Inc. and VERSES Solutions Inc.

&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Agent for Service**" shall have the meaning ascribed thereto in Section 17 (a).

&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Agent Information**" shall have the meaning ascribed thereto in Section 2 (b).

&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Agents' Fee**" shall have the meaning ascribed thereto in Section 3 (f)(i).

&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Agreements and Instruments**" shall have the meaning ascribed thereto in Section 2 (z).

&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Anti-Corruption Laws**" shall have the meaning ascribed thereto in Section 2 (bbb).

&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Applicable Time**" means 11:30 p.m. New York City time, on July 8, 2025 or such other
 time as agreed by the Company and the Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;(h) "**broadly available road show**" means a "bona fide electronic road show" as defined
 in Rule 433(h)(5) under the Securities Act that has been made available without restriction
 to any person.

&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Business Assets**" shall have the meaning ascribed thereto in Section 2 (nn).

&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Canadian Qualifying Authorities**" shall have the meaning ascribed thereto in Section 2 (a).

&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Canadian Securities Laws**" means all applicable securities laws in each of the Canadian Qualifying
 Jurisdictions and the respective rules, regulations, instruments, blanket orders and blanket
 rulings under such laws together with applicable published policies, policy statements and
 notices of the applicable securities commission or securities regulatory authority in each
 such jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Cboe** "
 means the Cboe Canada Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;(m) "**CDS** "
 shall have the meaning ascribed thereto in Section 3 (d).

&nbsp;&nbsp;&nbsp;&nbsp;(n) "**CFPOA** "
 shall have the meaning ascribed thereto in Section 2 (bbb).

&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Closing Date**" shall have the meaning ascribed thereto in Section 3 (c).

&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Company IP**" means the Intellectual Property that is necessary and material to the business
 of the Company as presently conducted or as proposed to be conducted (and as described in
 the Registration Statement, the Preliminary Prospectuses and the Final Prospectuses) and
 that is owned by and has been developed by or for, or is being developed by or for, the Company,
 other than Licensed IP.

&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Compensation Warrant Certificates**" means the definitive certificates representing the Compensation
 Warrants, in a form to be agreed upon by the Company and the Agents, each acting reasonably.

&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Compensation Warrants**" shall have the meaning ascribed thereto in Section 3 (f)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Compensation Warrant Shares**" shall have the meaning ascribed thereto in Section 3 (f)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;(t) "**Covered Activity**" shall have the meaning ascribed thereto in Section 2 (zzz).

&nbsp;&nbsp;&nbsp;&nbsp;(u) "**Defaulted Securities**" shall have the meaning ascribed thereto in Section 11 (a).

&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Emerging Growth Company**" shall have the meaning ascribed thereto in Section 2 (e).

&nbsp;&nbsp;&nbsp;&nbsp;(w) "**Employee Plans**" shall have the meaning ascribed thereto in Section 2 (dd).

&nbsp;&nbsp;&nbsp;&nbsp;(x) "**FCPA** "
 shall have the meaning ascribed thereto in Section 2 (bbb).

&nbsp;&nbsp;&nbsp;&nbsp;(y) "**FINRA** "
 shall have the meaning ascribed thereto in Section 2 (hh).

&nbsp;&nbsp;&nbsp;&nbsp;(z) "**General Disclosure Package**" means the U.S. Preliminary Prospectus, including all documents
 incorporated or deemed to be incorporated by reference therein, together with the pricing
 information, identified in <u>Schedule B</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;(aa) "**Governmental Authority**" shall have the meaning ascribed thereto in Section 2 (z).

&nbsp;&nbsp;&nbsp;&nbsp;(bb) "**IFRS** "
 shall have the meaning ascribed thereto in Section 2 (h).

&nbsp;&nbsp;&nbsp;&nbsp;(cc) "**Intellectual Property**" means any of the following, as they exist anywhere in the world, whether
 registered or unregistered, all trade or brand names, business names, trademarks, service
 marks, copyrights, patents, patent rights, licenses, industrial designs, know-how (including
 Trade Secrets and other unpatented or unpatentable proprietary or confidential information,
 systems or procedures), Software, inventions, designs and other industrial or intellectual
 property of any nature whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;(dd) "**IT Systems and Data**" shall have the meaning ascribed thereto in Section 2 (xxx).

&nbsp;&nbsp;&nbsp;&nbsp;(ee) "**Leased Premises**" means premises which are material to the Company and which the Company
 occupies as tenant.

&nbsp;&nbsp;&nbsp;&nbsp;(ff) "**Licensed IP**" means the Intellectual Property that is necessary and material to the business
 of the Company as presently conducted or as proposed to be conducted (and as described in
 the Registration Statement, the Preliminary Prospectuses and the Final Prospectuses) and
 that is owned by any person other than the Company and for which the Company is licensed
 to practice or use.

&nbsp;&nbsp;&nbsp;&nbsp;(gg) "**Material Adverse Change**" shall have the meaning ascribed thereto in Section 2 (n).

&nbsp;&nbsp;&nbsp;&nbsp;(hh) "**Material Adverse Effect**" shall have the meaning ascribed thereto in Section 2 (k).

&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**Money Laundering Laws**" shall have the meaning ascribed thereto in Section 2 (ccc).

&nbsp;&nbsp;&nbsp;&nbsp;(jj) "**NI 41-101**" shall have the meaning ascribed thereto in Section 4(p)(i).

&nbsp;&nbsp;&nbsp;&nbsp;(kk) "**NI 51-102**" shall have the meaning ascribed thereto in Section 2 (a).

&nbsp;&nbsp;&nbsp;&nbsp;(ll) "**OFAC** "
 shall have the meaning ascribed thereto in Section 2 (ddd).

&nbsp;&nbsp;&nbsp;&nbsp;(mm) "**President's List**" shall have the meaning ascribed thereto in Section 3 (f)(i).

&nbsp;&nbsp;&nbsp;&nbsp;(nn) "**Repayment Event**" means any event or condition which gives the holder of any note, debenture
 or other evidence of indebtedness (or any person acting on such holder's behalf) the
 right to require the repurchase, redemption or repayment of all or a portion of such indebtedness
 by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;(oo) "**Sanctions** "
 shall have the meaning ascribed thereto in Section 2 (ddd).

&nbsp;&nbsp;&nbsp;&nbsp;(pp) "**Sanctioned Country**" shall have the meaning ascribed thereto in Section 2 (ddd).

&nbsp;&nbsp;&nbsp;&nbsp;(qq) "**Securities Laws**" means collectively, Canadian Securities Laws, U.S. Securities Laws and all
 applicable securities laws, rules, regulations, policies and other instruments promulgated
 by the securities regulators or other securities regulatory authorities in the Selling Jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;(rr) "**Selling Jurisdictions**" means, collectively, each of the Canadian Qualifying Jurisdictions,
 the United States, and any other jurisdictions outside of Canada and the United States as
 mutually agreed to by the Company and the Agents.

&nbsp;&nbsp;&nbsp;&nbsp;(ss) "**Software** "
 means any computer software programs, source code, object code, databases, data and documentation,
 including, without limitation, any computer software programs that incorporate and run pricing
 models, formula and algorithms.

&nbsp;&nbsp;&nbsp;&nbsp;(tt) "**Trade Secrets**" means any trade secrets, research records, processes, procedures, manufacturing
 formula, technical know-how, technology, blue prints, designs, plans, inventions (whether
 patentable and whether reduced to practice), invention disclosure and improvements thereto.

&nbsp;&nbsp;&nbsp;&nbsp;(uu) "**U.S. GAAP**" means Generally Accepted Accounting Principles in the United States of America.

&nbsp;&nbsp;&nbsp;&nbsp;(vv) "**U.S. Securities Laws**" means all applicable securities legislation in the United States,
 including, without limitation, the Securities Act, the Exchange Act, the U.S. Sarbanes-Oxley
 Act of 2002, as amended, including the applicable rules and regulations of the Commission
 thereunder, and any applicable U.S. state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;(ww) "**Warrant Agent**" shall have the meaning ascribed thereto in Section 2 (ttt).

**2.**  **<u>Representations and Warranties</u>.** The Company represents and warrants to each Agent as of the date
 hereof, the Applicable Time, and the Closing Date (as defined below), and agrees with each
 Agent, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Registration Statement and Prospectuses</u>. The Registration Statement has become effective pursuant
 to Rule 467(b) under the Securities Act; no stop order suspending the effectiveness of the
 Registration Statement is in effect and no proceedings for such purpose are pending before
 or, to the Company's knowledge, threatened by the Commission and the Receipt has been
 obtained from the Reviewing Authority in respect of the Canadian Base Prospectus. No order
 or action that would have the effect of ceasing or suspending the distribution of the Securities
 or any other securities of the Company has been issued by any Canadian securities regulatory
 authority in any of the Canadian Qualifying Jurisdictions (collectively, the "**Canadian Qualifying Authorities**") and no proceedings for such purpose are pending before
 or, to the Company's knowledge, threatened by any Canadian Qualifying Authority; and
 any request made to the Company on the part of any Canadian Qualifying Authorities for additional
 information has been complied with in all material respects. The Canadian Preliminary Prospectus,
 at the time of filing thereof, complied, and the Canadian Final Prospectus, and any amendments
 or supplements thereto, at the time of filing thereof, will comply, in all material respects
 with the applicable requirements of Canadian Securities Laws; the Canadian Preliminary Prospectus,
 at the time of filing thereof, did not, and the Canadian Final Prospectus, as of the date
 of the Canadian Final Prospectus, and any amendments or supplements thereto and at the Closing
 Date, will not, include any untrue statement of a material fact or omit to state a material
 fact that is required to be stated therein or necessary in order to make the statements therein,
 in light of the circumstances under which they were made, not misleading; and the Canadian
 Preliminary Prospectus, at the time of filing thereof, constituted, and the Canadian Final
 Prospectus, and any amendments or supplements thereto, at the time of filing thereof and
 at the Closing Date, will constitute, full, true and plain disclosure of all material facts
 relating to the Securities. All forward-looking information (as defined in National Instrument
 51-102 Continuous Disclosure Obligations ()"**NI 51-102** ")) and statements
 of the Company contained in the Registration Statement, the Preliminary Prospectuses, the
 General Disclosure Package or the Final Prospectuses and the assumptions underlying such
 information and statements, subject to any qualifications contained therein, including any
 forecasts and estimates, expressions of opinion, intention and expectation, as at the time
 they were or will be made, were or will be made on reasonable grounds after due and proper
 consideration and were or will be truly and honestly held and fairly based.

&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Accurate Disclosure</u>. (i) Each document, if any, filed, furnished, or delivered, or to be filed,
 furnished, or delivered, pursuant to (A) Canadian Securities Laws and incorporated by reference
 in the Canadian Preliminary Prospectus and the Canadian Final Prospectus complied or will
 comply when so filed in all material respects with Canadian Securities Laws and (B) the Exchange
 Act and incorporated by reference in the U.S. Preliminary Prospectus, the General Disclosure
 Package and the U.S. Final Prospectus complied or will comply when so filed in all material
 respects with the Exchange Act and the applicable rules and regulations of the Commission
 thereunder, (ii) the Registration Statement, when it became effective, did not contain, and
 as amended or supplemented, if applicable, will not contain, as of the date of such amendment
 or supplement, any untrue statement of a material fact or omit to state a material fact required
 to be stated therein or necessary to make the statements therein not misleading, (iii) the
 Registration Statement as of the date hereof does not, and as of the Closing Date will not,
 contain any untrue statement of a material fact or omit to state a material fact required
 to be stated therein or necessary to make the statements therein not misleading, (iv) the
 Registration Statement and the U.S. Preliminary Prospectus comply, and as amended or supplemented,
 if applicable, will comply, and the U.S. Final Prospectus will comply, in all material respects
 with the Securities Act and the applicable rules and regulations of the Commission thereunder,
 (v) the General Disclosure Package does not, and at the time of each sale of the Securities
 in connection with the offering when the U.S. Final Prospectus is not yet available to prospective
 purchasers and at the Closing Date, the General Disclosure Package, as then amended or supplemented
 by the Company, if applicable, will not, contain any untrue statement of a material fact
 or omit to state a material fact necessary to make the statements therein, in the light of
 the circumstances under which they were made, not misleading, (vi) each broadly available
 road show, if any, when considered together with the General Disclosure Package, does not
 contain any untrue statement of a material fact or omit to state a material fact necessary
 to make the statements therein, in the light of the circumstances under which they were made,
 not misleading, and (vii) as of its date and as of the Closing Date, the U.S. Final Prospectus
 will not contain any untrue statement of a material fact or omit to state a material fact
 necessary to make the statements therein, in the light of the circumstances under which they
 were made, not misleading. The Form F-X conforms in all material respects with the requirements
 of the Securities Act and the applicable rules and regulations of the Commission thereunder.
 The representations and warranties in this subsection shall not apply to statements in or
 omissions from the Registration Statement (or any amendment thereto), the Preliminary Prospectuses,
 the General Disclosure Package, or the Final Prospectuses (or any amendment or supplement
 thereto, including any prospectus wrapper) made in reliance upon and in conformity with written
 information furnished to the Company by any Agent through the Representatives expressly for
 use therein. For purposes of this Agreement, the only information so furnished shall be the
 following information: (i) the information under the subheading "Electronic Distribution"
 under the heading "Plan of Distribution" in the General Disclosure Package, (ii)
 the first sentence in the first paragraph, and the second paragraph, under the subheading
 "Affiliations" under the heading "Plan of Distribution" in the General
 Disclosure Package, and (iii) the second paragraph under the subheading "Sales Inside
 the United States and Canada" under the heading "Plan of Distribution"
 in the General Disclosure Package (collectively, the "**Agent Information** ").

 

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *<u>[Intentionally Omitted</u>.]* 

 

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *<u>[Intentionally Omitted</u>.]* 

 

&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Emerging Growth Company Status</u>. The Company is an "emerging growth company," as defined
 in Section 2(a) of the Securities Act (an "**Emerging Growth Company** ").

&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Independent Accountants</u>. M&K CPAS, PLLC, who certified the financial statements and supporting
 schedules included or incorporated by reference in the Registration Statement, the Preliminary
 Prospectuses, the General Disclosure Package and the Final Prospectuses, is (i) an independent
 public accountant as required by the Securities Act and the Public Company Accounting Oversight
 Board, and (ii) independent with respect to the Company as required by applicable Canadian
 professional standards; and there has never been any reportable event (within the meaning
 of NI 51-102) between the Company and such accountants.

&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Audit Committee</u>. The Company has a validly appointed audit committee whose composition and
 responsibilities satisfy the requirements of Section 10A of, and Rule 10A-3 under, the Exchange
 Act and National Instrument 52-110 *Audit Committees*, and the audit committee of the
 Company operates in accordance with all material requirements of NI 52-110.

&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Financial Statements</u>. The financial statements included or incorporated by reference in the Registration
 Statement, the Preliminary Prospectuses, the General Disclosure Package and the Final Prospectuses,
 together with the related schedules and notes: (A) present fairly, in all material respects,
 the financial position of the Company and the statements of operations, retained earnings,
 cash flow from operations and changes in financial information of the respective entities
 referred to in such financial statements for the periods specified in such financial statements,
 (B) have been prepared in conformity with either IFRS or U.S. GAAP, as applicable, in
 each case as applied on a consistent basis throughout the periods involved; (C) contain
 and reflect adequate provisions or allowance for all reasonably anticipated liabilities,
 expenses and losses of the Company that are required to be disclosed in such Financial Statements;
 and (D) do not contain any misrepresentations as they relate to the Company with respect
 to the period covered by the financial statements. Except as included or incorporated by
 reference therein, no historical or pro forma financial statements or supporting schedules
 are required to be included or incorporated by reference in the Registration Statement, the
 Preliminary Prospectuses, the General Disclosure Package or the Final Prospectuses under
 the Securities Act. No other financial statements, schedules or reconciliations of non-IFRS
 or non-GAAP financial measures of the Company are required by applicable securities
 laws to be included in the Registration Statement, the Preliminary Prospectuses, the General
 Disclosure Package and the Final Prospectuses.

&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Off-Balance Sheet Transactions</u>. There are no material off-balance sheet transactions, arrangements,
 obligations or liabilities of the Company whether direct, indirect, absolute, contingent
 or otherwise that are required to be disclosed by applicable law and are not disclosed or
 reflected in the financial statements included or incorporated by reference in the Registration
 Statement, the Preliminary Prospectuses, the General Disclosure Package and the Final Prospectuses.

&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Accounting Policies</u>. There has been no change in accounting policies or practices of the Company
 since March 31, 2025 except as disclosed in the financial statements included
 or incorporated by reference in the Registration Statement, the Preliminary Prospectuses,
 the General Disclosure Package and the Final Prospectuses.

&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Material Liabilities</u>. Except as set out in the financial statements included or incorporated by
 reference in the Registration Statement, the Preliminary Prospectuses, the General Disclosure
 Package and the Final Prospectuses or as incurred in the ordinary course of business since
 March 31, 2025 and as would not individually or in the aggregate have a Material
 Adverse Effect, the Company does not have any outstanding indebtedness or any liabilities
 or obligations, whether accrued, absolute, contingent or otherwise as of the date of the
 applicable financial statements. The term "**Material Adverse Effect**" means
 an effect, change, event or occurrence that, alone or in conjunction with any other or others:
 (i) has or would reasonably be expected to have a material adverse effect on the business,
 assets (including intangible assets), affairs, operations, liabilities (contingent or otherwise),
 capital, properties, condition (financial or otherwise) or results of operations of the Company,
 whether or not arising in the ordinary course of business, or (ii) would result in the Preliminary
 Prospectuses, the Final Prospectuses or any amendment thereto containing a misrepresentation
 within the meaning of applicable Securities Laws.

&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Accounting Controls</u>. The Company maintains effective internal control over financial reporting (as
 defined under Rule 13-a15 and Rule 15d-15 under the Exchange Act) since the Commission declared
 the Registration Statement effective, and has established and maintains "disclosure
 controls and procedures" and "internal control over financial reporting"
 within the meaning of such terms under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* and is in compliance with the certification
 requirements thereof with respect to the Company's annual and interim filings with
 the Canadian Qualifying Authorities. The Company maintains a system of internal accounting
 controls sufficient to provide reasonable assurances that (A) transactions are executed in
 accordance with management's general or specific authorization; (B) transactions are
 recorded as necessary to permit preparation of financial statements in conformity with either
 IFRS or U.S. GAAP and to maintain accountability for assets; (C) access to assets
 is permitted only in accordance with management's general or specific authorization;
 and (D) the recorded accountability for assets is compared with the existing assets at reasonable
 intervals and appropriate action is taken with respect to any differences. Since the end
 of the Company's most recent audited fiscal year, there has been (1) no material weakness
 in the Company's internal control over financial reporting (whether or not remediated)
 and (2) no change in the Company's internal control over financial reporting that has
 materially adversely affected, or is reasonably likely to materially adversely affect, the
 Company's internal control over financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Sarbanes-Oxley Act of 2002</u>. The Company is and has been since the Commission declared the Registration
 Statement effective in compliance in all material respects with all applicable effective
 provisions of the U.S. Sarbanes-Oxley Act of 2002, as amended, and the rules and regulations
 promulgated in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>No Material Adverse Change in Business</u>. Except as otherwise stated therein in the Registration
 Statement, the Preliminary Prospectuses, the General Disclosure Package and the Final Prospectuses,
 since March 31, 2025, (A) there has been no material adverse change in the
 business, assets (including intangible assets), affairs, operations, liabilities (contingent
 or otherwise), capital, properties, condition (financial or otherwise) or results of operations
 of the Company, whether or not arising in the ordinary course of business (a "**Material Adverse Change** "), (B) there have been no transactions entered into by the Company,
 other than those in the ordinary course of business, which are material with respect to the
 Company, (C) there has been no dividend or distribution of any kind declared, paid or made
 by the Company on any class of its securities, and (D) the Company has not incurred any obligation
 or liability, direct or indirect, contingent or otherwise, except in the ordinary course
 of business and which is not, and which in the aggregate are not, material.

&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Good Standing of the Company</u>. The Company has been duly organized and is validly existing
 as a corporation in good standing under the laws of the Province of British Columbia, and
 is and will at the Closing Date be current and up-to-date with all material filings required
 to be made in such jurisdiction, and has corporate power, capacity and authority to own,
 lease and operate its properties and to conduct its business as described in the Registration
 Statement, the Preliminary Prospectuses, the General Disclosure Package and the Final Prospectuses
 and to enter into and perform its obligations under this Agreement and the Warrant Indenture;
 and the Company is duly qualified as a foreign corporation to transact business and is in
 good standing in each other jurisdiction in which such qualification is required, whether
 by reason of the ownership or leasing of property or the conduct of business.

&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>No Proceedings for Dissolution</u>. No act or proceeding, voluntary or otherwise, has been taken
 by or against the Company in connection with its liquidation, winding-up or bankruptcy, or
 to the knowledge of the Company, are pending.

&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Subsidiaries</u>.
 Except as disclosed in the Registration Statement, the Preliminary Prospectuses, the General
 Disclosure Package or the Final Prospectuses, the Company does not have any "subsidiaries",
 is not "affiliated" with or a "holding corporation" of any other
 body corporate (within the meaning of those terms in the *Business Corporations Act* (British Columbia)), nor is it a partner of any partnerships or limited partnerships, and,
 the Company has no material shareholdings in any other corporation or business organization.
 The Company is the direct or indirect registered and beneficial owner of all of the issued
 and outstanding shares and other voting securities of each Active Subsidiary, in each case,
 free and clear of all encumbrances, liens, mortgages, hypothecations, security interests,
 charges or adverse interests whatsoever, other than would not have a Material Adverse Effect,
 and no person, firm, corporation or entity has any agreement, option, right or privilege
 (whether pre-emptive or contractual) capable of becoming an agreement or option, for the
 purchase from the Company or any Active Subsidiary of any of the shares or other securities
 of any Active Subsidiary, other than would not have a Material Adverse Effect. Each Active
 Subsidiary is a corporation incorporated, amalgamated, continued or organized and validly
 existing under the laws of its jurisdiction of incorporation, amalgamation, continuation
 or organization and has all requisite power, capacity and authority to carry on its business
 as now conducted in each of the jurisdictions in which it carries on any material business
 activity, and to own, lease or operate its material assets or properties, and no steps or
 proceedings have been taken by any person, voluntary or otherwise, requiring or authorizing
 the dissolution or winding up of such Active Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Capitalization</u>.
 The authorized, issued and outstanding share capital of the Company is as set forth in the
 Registration Statement, the Preliminary Prospectuses, the General Disclosure Package and
 the Final Prospectuses under the caption "Consolidated Capitalization" (except
 for subsequent issuances, if any, (A) pursuant to this Agreement, (B) pursuant to reservations,
 agreements or employee benefit plans referred to in the Registration Statement, the Preliminary
 Prospectuses, the General Disclosure Package and the Final Prospectuses or (C) pursuant to
 the exercise of convertible securities or options referred to in the Registration Statement,
 the Preliminary Prospectuses, the General Disclosure Package and the Final Prospectuses).
 The outstanding shares in the capital of the Company have been duly authorized and validly
 issued and are fully paid and non-assessable. None of the outstanding shares in the capital
 of the Company were issued in violation of the pre-emptive or other similar rights of any
 securityholder of the Company or other person. Except as disclosed in the Registration Statement,
 the Preliminary Prospectuses, the General Disclosure Package and the Final Prospectuses,
 no person, firm, corporation or entity has any agreement, option, right or privilege (whether
 pre-emptive or contractual) capable of becoming an agreement or option, for the purchase
 from the Company of any of the shares or other securities of the Company, or to require the
 Company to purchase, redeem or otherwise acquire any of the outstanding securities in the
 share capital of the Company. To the knowledge of the Company, no agreement is in force or
 effect which in any manner affects the voting or control of any of the securities of the
 Company.

&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Form of Certificates</u>. The form and terms of the certificate representing the Subordinate Voting
 Shares have been approved and adopted by the board of directors of the Company and the form
 and terms of the certificate representing the Subordinate Voting Shares do not and will not
 conflict with any applicable laws or the rules and by-laws of Cboe.

&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Exchange Listing and Compliance</u>. The Subordinate Voting Shares are listed and posted for trading
 on Cboe, and the Company has applied to list the Unit Shares, the Warrant Shares, and the
 Compensation Warrant Shares on Cboe, subject to satisfaction of the customary conditions
 of listing approval. The Company has not taken any action which would be reasonably expected
 to result in the delisting or suspension of the Subordinate Voting Shares on or from Cboe.

&nbsp;&nbsp;&nbsp;&nbsp;(u) <u>No Cease Trade Orders</u>. No order ceasing or suspending trading in securities of the Company
 or prohibiting the sale of securities by the Company has been issued by an exchange or securities
 regulatory authority, and no proceedings for this purpose have been instituted, or are, to
 the knowledge of the Company, pending, contemplated or threatened.

&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Authorization of Agreements</u>. This Agreement has been duly authorized, executed and delivered by the
 Company. At the Closing Date, all consents, approvals, permits, authorizations or filings
 as may be required to be made or obtained by the Company under Securities Laws necessary
 for the execution and delivery of this Agreement, the Warrant Indenture, and the Compensation
 Warrants, the creation, issuance and sale of the Warrants and the creation and issuance of
 the Compensation Warrants, and the consummation of the transactions contemplated hereby and
 thereby, will have been made or obtained, as applicable (other than the filing of reports
 required under applicable Securities Laws within the prescribed time periods, which documents
 shall be filed as soon as practicable after the Closing Date and, in any event, within such
 deadline imposed by applicable Securities Laws).

&nbsp;&nbsp;&nbsp;&nbsp;(w) <u>Valid and Binding Document</u>. This Agreement, the Warrant Indenture, and the Compensation Warrant
 Certificates have been or will be duly authorized, executed and delivered by the Company
 and constitute or will constitute a legal, valid and binding obligation of, and is or will
 be enforceable against, the Company in accordance with its terms, except as enforcement thereof
 may be limited by bankruptcy, insolvency, reorganization, moratorium and other laws relating
 to or affecting the rights of creditors generally, and except as limited by the application
 of equitable principals when equitable remedies are sought, and by the fact that the ability
 to sever unenforceable terms may be limited by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;(x) <u>Authorization and Description of Securities</u>. The Unit Shares and the Warrant Shares, and the Compensation
 Warrant Shares, to be issued as described in this Agreement and the General Disclosure Package
 have been duly authorized and reserved for issuance and sale, as applicable, to purchasers
 pursuant to this Agreement and the Warrant Indenture, as applicable, and, when issued and
 delivered by the Company pursuant to this Agreement and the Warrant Indenture, as applicable,
 against payment of the consideration set forth herein and therein, as applicable, will be
 validly issued and fully paid and non-assessable; and, the issuance of the Unit Shares and
 the Warrant Shares, and the Compensation Warrant Shares, is not subject to the pre-emptive
 or other similar rights of any securityholder of the Company or other person, other than
 as disclosed to the Agents and in respect of which enforceable waivers have been received
 by the Company. The Subordinate Voting Shares conform, in all material respects, to all statements
 relating thereto contained in the Registration Statement, the Preliminary Prospectuses, the
 General Disclosure Package and the Final Prospectuses and such description conforms to the
 rights set forth in the instruments defining the same.

&nbsp;&nbsp;&nbsp;&nbsp;(y) <u>Absence of Rights</u>. There are no persons with registration rights or other similar rights to have
 any securities registered for sale pursuant to the Registration Statement or otherwise registered
 for sale or sold by the Company under the Securities Act pursuant to this Agreement. No person
 has any right, agreement or option, present or future, contingent or absolute, or any right
 capable of becoming a right, agreement or option, for the issue or allotment of any unissued
 shares of the Company or any other agreement or option, for the issue or allotment of any
 unissued shares of the Company or any other security convertible into or exchangeable for
 any such shares or to require the Company to purchase, redeem or otherwise acquire any of
 the issued and outstanding shares of the Company except as disclosed in the Registration
 Statement, the Preliminary Prospectuses, the General Disclosure Package and the Final Prospectuses.

&nbsp;&nbsp;&nbsp;&nbsp;(z) <u>Absence of Violations, Defaults and Conflicts</u>. The Company is not (A) in violation of its articles,
 notice of articles, or similar organizational document, (B) in default in the performance
 or observance of any obligation, agreement, covenant or condition contained in any contract,
 indenture, mortgage, deed of trust, loan or credit agreement, note, lease or other agreement
 or instrument to which the Company is a party or by which either of them may be bound or
 to which any of the properties or assets of the Company is subject (collectively, "**Agreements and Instruments** "), or (C) in violation of any law, statute, rule, regulation, judgment,
 order, writ or decree of any arbitrator, court, governmental body, regulatory body, administrative
 agency or other authority, body or agency having jurisdiction over the Company or any of
 its properties, assets or operations (each, a "**Governmental Authority** "),
 except, in the case of (B) or (C), for such default or violations that would not, singly
 or in the aggregate, result in a Material Adverse Effect. The execution, delivery and performance
 of this Agreement and the Warrant Indenture and the consummation of the transactions contemplated
 herein and therein and in the Registration Statement, the Preliminary Prospectuses, the General
 Disclosure Package and the Final Prospectuses (including the issuance and sale of the Securities)
 have been duly authorized by all necessary corporate action and do not and will not, whether
 with or without the giving of notice or passage of time or both, conflict with or constitute
 a breach of, or default or Repayment Event under, or result in the creation or imposition
 of any lien, security interest, charge or encumbrance upon any properties or assets of the
 Company pursuant to, the Agreements and Instruments (except for such conflicts, breaches,
 defaults or Repayment Events or liens, security interests, charges or encumbrances that would
 not, singly or in the aggregate, result in a Material Adverse Effect), nor will such action
 result in any violation of the provisions of the charter, by-laws or similar organizational
 document of the Company or any law, statute, rule, regulation, judgment, order, writ or decree
 of any Governmental Authority.

&nbsp;&nbsp;&nbsp;&nbsp;(aa) <u>Reporting Requirements</u>. The Company is a "reporting issuer" under the securities laws
 of each of the Canadian Qualifying Jurisdictions and is not on the list of defaulting reporting
 issuers maintained by the Canadian Qualifying Authorities in each such province or territory
 that maintains such a list; the Company files reports with the Commission pursuant to Section
 15(d) of the Exchange Act; the Company is in compliance, in all material respects, with its
 continuous and timely disclosure obligations under Securities Laws and under the rules and
 regulations of Cboe and has filed all documents required to be filed by it with the Canadian
 Qualifying Authorities under applicable Canadian Securities Laws and with the Commission
 under U.S. Securities Laws; the Company has not filed any confidential material change reports
 with any of the Canadian Qualifying Authorities that remain confidential at the date hereof;
 and the Company has filed a current annual information form in the form prescribed by NI
 51-102 in each of the Canadian Qualifying Jurisdictions in which it was required to do so
 in accordance with Canadian Securities Laws prior to the date of this Agreement. The Company
 is eligible to use the Canadian Shelf Procedures and Form F-10 for the distribution of the
 Securities. The Company has complied with all Securities Laws required to be complied with
 by the Company to qualify the distribution of the Offered Securities through registrants
 registered in the applicable categories under Securities Laws in each of the Canadian Qualifying
 Jurisdictions and the United States, except for the filing of the Canadian Final Prospectus
 with the Canadian Qualifying Authorities and the U.S. Final Prospectus with the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;(bb) <u>Absence of Proceedings</u>. There is no action, suit, proceeding, inquiry or investigation before
 or brought by any Governmental Authority now pending or, to the knowledge of the Company,
 threatened, against or affecting the Company, which would reasonably be expected to result
 in a Material Adverse Effect; and the aggregate of all pending legal or governmental proceedings
 to which the Company is a party or of which any of its properties or assets is the subject
 which are not described in the Registration Statement, the Preliminary Prospectuses, the
 General Disclosure Package and the Final Prospectuses, include ordinary routine litigation
 incidental to the business, properties and assets of the Company and would not reasonably
 be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;(cc) <u>Absence of Labor Dispute</u>. Except as publicly disclosed by the Company (including as disclosed
 in the Registration
 Statement, the General Disclosure Package and the Final Prospectuses), no labor
 dispute with the employees of the Company exists or, to the knowledge of the Company, is
 imminent, which would result in a Material Adverse Effect. The Company is not a party to
 or bound by any collective agreement and is not currently conducting negotiations with any
 labor union or employee association. The Company is in compliance in all material respects
 with all laws respecting employment and employment practices, terms and conditions of employment,
 pay equity and wages and have not and are not engaged in any unfair labor practice.

&nbsp;&nbsp;&nbsp;&nbsp;(dd) <u>Benefit Plans</u>. The Registration Statement, the Preliminary Prospectuses, the General Disclosure
 Package and the Final Prospectuses disclose, to the extent required by applicable Securities
 Laws, the Company's agreements, plans or practices relating to the payment of any management,
 consulting, service or other fees or any bonuses, pensions, share of profits or retirement
 allowance, insurance, health or other employee benefits or any plan for retirement, stock
 purchase, profit sharing, stock option, deferred compensation, severance or termination pay,
 insurance, medical, hospital, dental, vision care, drug, sick leave, disability, salary continuation,
 legal benefits, unemployment benefits, vacation, incentive or otherwise contributed to, or
 required to be contributed to, by the Company for the benefit of any current or former director,
 officer, employee or consultant of the Company ()"**Employee Plans** "). The
 Company has made available to the Agents true and complete copies of documents, contracts
 and arrangements relating to the Employee Plans. The Employee Plans have been established,
 operated in the ordinary course and administered in all material respects in accordance with
 their terms and applicable laws. No Employee Plan is subject to Title IV of the Employee
 Retirement Income Security Act of 1974, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;(ee) <u>Executive Compensation</u>. The directors and "named executive officers" (as defined under
 Canadian Securities Laws) of the Company and their compensation arrangements with the Company,
 whether as directors, officers or employees of the Company, are as disclosed in the Registration
 Statement, the Preliminary Prospectuses, the General Disclosure Package and the Final Prospectuses.

&nbsp;&nbsp;&nbsp;&nbsp;(ff) <u>No Dividends</u>. Other than as disclosed in the Registration Statement, the Preliminary Prospectuses,
 the General Disclosure Package and the Final Prospectuses, the Company has not, directly
 or indirectly, declared or paid any dividend or declared or made any other distribution on
 any of its shares or securities of any class, or, directly or indirectly, redeemed, purchased
 or otherwise acquired any of its Subordinate Voting Shares or securities or agreed to do
 any of the foregoing. There are no restrictions upon or impediment to, the declaration or
 payment of dividends by the directors of the Company or the payment of dividends by the Company
 in the constating documents or in any Agreements and Instruments.

&nbsp;&nbsp;&nbsp;&nbsp;(gg) <u>Accuracy of Exhibits</u>. There are no contracts or documents which are required to be described in
 the Registration Statement, the Preliminary Prospectuses, the General Disclosure Package
 or the Final Prospectuses or to be filed as exhibits to the Registration Statement which
 (a) have not been so described and filed as required or (b) in the case of exhibits to the
 Registration Statement, will be so filed prior to the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;(hh) <u>Absence of Further Requirements</u>. No filing with, or authorization, approval, consent, license,
 order, registration, qualification or decree of, any Governmental Authority is necessary
 or required for the performance by the Company of its obligations hereunder, in connection
 with the offering, issuance or sale of the Securities hereunder or the consummation of the
 transactions contemplated by this Agreement, except such as have been already obtained or
 as may be required under the Securities Act, the Canadian Securities Laws, the rules of Cboe,
 state securities laws or the rules of the Financial Industry Regulatory Authority, Inc. ()"**FINRA** ").

&nbsp;&nbsp;&nbsp;&nbsp;*(ii)* *<u>[Intentionally Omitted</u>.]* 

 

&nbsp;&nbsp;&nbsp;&nbsp;(jj) <u>Real Property</u>. The Company does not own or have any right, title or interest whatsoever in
 any real property (other than as provided pursuant to a lease agreement or similar).

&nbsp;&nbsp;&nbsp;&nbsp;(kk) <u>Leased Premises</u>. The Company has the exclusive right to occupy and use the Leased Premises and
 each of the leases pursuant to which the Company occupies the Leased Premises is in full
 force and effect. The performance of obligations pursuant to and in compliance with the terms
 of this Agreement, and the completion of the transactions described herein by the Company,
 will not afford any of the parties to such leases or any other person the right to terminate
 such lease or result in any additional or more onerous obligations under such leases.

&nbsp;&nbsp;&nbsp;&nbsp;(ll) <u>Intellectual Property</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 Company is the owner of and possesses all right, title and interest in and to all Company
 IP, or has a license or right to use all of the Licensed IP, such Intellectual Property being
 all the material Intellectual Property that is used by the Company in connection with its
 businesses and operations as presently conducted or proposed to be conducted, with good and
 marketable title or valid licenses thereto, free and clear of all Liens and subject to the
 terms and conditions of the licenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To
 the knowledge of the Company, the Company has taken all commercially reasonable steps to
 validly maintain, and has not taken any steps that could constitute abandonment of, the Company
 IP, including paying all necessary fees and filing all appropriate registrations, affidavits
 and renewals with the appropriate Governmental Authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The
 Company has entered into valid and enforceable written agreements pursuant to which the Company
 has been granted all licenses and permissions to use, reproduce, sub-license, sell, modify,
 update, enhance or otherwise exploit any Licensed IP to the extent required to operate all
 material aspects of the business of the Company, as currently conducted and proposed to be
 conducted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) To
 the knowledge of the Company, for all of the Company IP owned by the Company that was created
 by employees in the course of their employment or by contractors, those employees or contractors
 have transferred and assigned all of their rights in and to such Company IP to the Company
 pursuant to written assignment agreements (including as part of their employment or contractor
 agreements) and have waived their moral rights and rights of a similar nature in and to such
 Intellectual Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Each
 employee of and contractor to the Company has signed a confidentiality and non-disclosure
 agreement (including as part of their employment or contractor agreements) and, to the knowledge
 of the Company, there have not been any breaches of such confidentiality and non-disclosure
 agreements and the employment of any employee or the retainer of any consultant of the Company
 does not, to the knowledge of the Company, violate any non-disclosure or non-competition
 agreement between any employee or consultant and a third party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Except
 for such licenses, sublicenses and other agreements relating to off-the-shelf software, which
 is commercially available on a retail basis, the Company has performed all material obligations
 imposed upon it pursuant to all licenses, sublicenses, distributor agreements, and other
 agreements under which the Company is either a licensor, licensee or distributor, relating
 to the Company IP or the Licensed IP, all of which are valid, enforceable and in full force
 and effect and which contain (as applicable) terms and conditions prohibiting the unauthorized
 use, reproduction, disclosure, reverse engineering or transfer of such Intellectual Property,
 and to the knowledge of the Company, no other party thereto is in breach of or default thereunder
 in any material respect, nor is there any event which with notice or lapse of time or both
 would constitute a material default thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Other
 than as disclosed in the Registration Statement, the Preliminary Prospectuses, the General
 Disclosure Package and the Final Prospectuses, or would not have a Material Adverse Effect,
 to the knowledge of the Company, none of the Company IP or the Licensed IP, the business
 operations, or the products or services owned, used, developed, sold, provided, imported,
 made, licensed or otherwise exploited by the Company, infringes upon or otherwise violates
 any Intellectual Property rights of others;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Other
 than as disclosed in the Registration Statement, the Preliminary Prospectuses, the General
 Disclosure Package and the Final Prospectuses, or would not have a Material Adverse Effect,
 to the knowledge of the Company, none of the Company IP or the Licensed IP is subject to
 any outstanding order, and no claims are pending or have been threatened in the preceding
 two year period, which: (A) challenge the validity, enforceability, use, ownership or right
 in or to any such Intellectual Property, (B) allege that the operation of the Company's
 business as now conducted infringes or otherwise violates any Intellectual Property right
 or other proprietary rights(s) of a third party, and the Company has no knowledge of any
 facts which would form a valid basis for any such claim; or (C) contest the right of the
 Company to sell, license or use any material products or services of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Other
 than as disclosed in the Registration Statement, the Preliminary Prospectuses, the General
 Disclosure Package and the Final Prospectuses, or would not have a Material Adverse Effect,
 to the knowledge of the Company, no person is infringing upon or otherwise violating the
 Company IP or the Licensed IP and the Company has not brought or threatened any action, suit
 or proceeding for unauthorized use, disclosure, infringement or misappropriation of such
 Intellectual Property or breach of any license or agreement involving such Intellectual Property
 against any third party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) The
 Company has taken all commercially reasonable actions to maintain and protect each item of
 the Company IP, including taking all commercially reasonable actions and precautions to protect
 the secrecy, confidentiality and value of its Trade Secrets and the proprietary and confidential
 nature and value of its Intellectual Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) All
 copies of Software distributed in connection with the business of the ‎ Company have
 been distributed solely in ‎object form, and each copy so distributed is the subject
 of a valid, ‎existing and enforceable license agreement; the Company has in its possession
 copies of source code for ‎all Software owned by it, and each of them has treated all
 Software as ‎confidential and proprietary business information, and has taken all ‎reasonable
 steps to protect the same Trade Secrets, such source code is ‎fully documented in a manner
 that a reasonably skilled programmer ‎could understand, modify, compile and otherwise
 utilize all aspects of ‎the related computer programs without reference to other sources
 of ‎information‎; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) The
 Company has not used open ‎source software in any manner where such use would require
 disclosure ‎or distribution in source code form, require the licensing thereof for the
 ‎purpose of making derivative works, impose any restriction on the ‎consideration
 to be charged for the distribution thereof, create, or ‎purport to create, obligations
 for the Company with respect to Intellectual Property owned by either of ‎them or grant,
 or purport to grant, to any third party, any rights or ‎immunities under Intellectual
 Property owned by the Company, or impose any other material limitation, restriction ‎or
 condition on the rights of the Company ‎with respect to use or distribution. With respect
 to any open source ‎software that is or has been used by the Company in any way, such
 use has been and is in compliance with all ‎applicable licenses with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;(mm) <u>Purchases and Sales</u>. Except as publicly disclosed by the Company (including as disclosed in the
 Registration Statement, the Preliminary Prospectuses, the General Disclosure Package and
 the Final Prospectuses), the Company has not approved and has not entered into any agreement
 in respect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 purchase of any material business assets or any interest therein, or the sale, transfer or
 other disposition of any material business assets or any interest therein currently owned,
 directly or indirectly, by the Company whether by asset sale, transfer of shares, or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 change of control (by sale or transfer of Subordinate Voting Shares or sale of all or substantially
 all of the assets of the Company or otherwise) of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a
 proposed or planned disposition of Subordinate Voting Shares by any shareholder who ‎owns,
 directly or indirectly, 10% or more of the outstanding Subordinate Voting Shares‎.

&nbsp;&nbsp;&nbsp;&nbsp;(nn) <u>Title to Business Assets</u>. Subject to Subsection 2(ll) titled "Intellectual Property"
 above, the Company has good, valid and marketable title to and has all necessary rights in
 respect of all of its tangible and intangible property and assets owned (either directly
 or indirectly), leased, licensed or loaned, relating to, being developed or used by the Company
 including all hardware components and Company IP owned or used by the Company in connection
 with the design, production and supply of products and services by the Company (the "**Business Assets**") as owned, leased, licensed, loaned or used by it or over which it has
 rights, free and clear of encumbrances, other than as disclosed in the Registration Statement,
 the Preliminary Prospectuses, the General Disclosure Package and the Final Prospectuses,
 and no other rights or Business Assets are necessary for the conduct of the business of the
 Company as currently conducted or as proposed to be conducted, the Company knows of no claim
 or basis for any claim that might or could have a Material Adverse Effect on the rights of
 the Company to use, transfer, license, sell, operate or otherwise exploit such Business Assets
 and the Company does not have any obligation to pay any commission, license fee or similar
 payment to any person in respect thereof, other than as disclosed in the Registration Statement,
 the Preliminary Prospectuses, the General Disclosure Package and the Final Prospectuses.

&nbsp;&nbsp;&nbsp;&nbsp;(oo) <u>Regulatory Approvals and Authorizations</u>. The Company has obtained and is in compliance with all
 regulatory approvals, licenses, consents, permits, certificates, registrations, filings and
 authorizations under all applicable laws in the jurisdictions in which it carries on business
 in all material respects, to permit it to conduct its business as currently conducted or
 proposed to be conducted. The Company has obtained all necessary regulatory approvals and
 is in compliance in all material respects with all applicable laws and regulations, including,
 without limitation, laws related to digital content, import and export requirements, anticorruption,
 foreign exchange controls and cash repatriation restrictions, data privacy, anti-competition,
 environmental law and health and safety.

&nbsp;&nbsp;&nbsp;&nbsp;(pp) <u>Operation of the Business</u>. All material agreements with third party contractors for the provision
 of equipment or services in connection with the business of the Company has been entered
 into and are being performed by the Company and, to the knowledge of the Company, by all
 other third parties thereto, in compliance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;(qq) <u>Business Relationships</u>. There exists no actual or, to the knowledge of the Company, threatened
 termination, cancellation or limitation of, or any material adverse modification or material
 change in, the business relationship of the Company with any strategic partner, supplier
 or customer, or any group of suppliers or customers whose business with the Company are individually
 or in the aggregate, material to the assets, business, properties, operations or financial
 condition of the Company. All such business relationships are intact, and as far as the Company
 is aware, there exists no condition or state of fact or circumstances that would prevent
 the Company from conducting such business with any such strategic partner, supplier or customer,
 or group of suppliers or customers in the same manner in all material respects as currently
 conducted or proposed to be conducted.

&nbsp;&nbsp;&nbsp;&nbsp;(rr) <u>Export Approvals</u>. The Company does not conduct any export transactions and is not subject to
 any import/export controls in the countries in which the Company conducts business, including
 all applicable United States export and re-export controls. The Company is not required to
 obtain any export or import licenses, license exceptions or other consents, notices, waivers,
 approvals, orders, authorizations, registrations, declarations and filings with any Governmental
 Authority for the export, import and re-export of products, services, software and technologies
 in the countries in which the Company conducts business.

&nbsp;&nbsp;&nbsp;&nbsp;(ss) <u>Data Security</u>. The Company has made backups of all material Software and databases used by
 it and maintains such backups at a secure off-site location. The Company has taken commercially
 reasonable steps to: (i) maintain the integrity and security of its systems and network infrastructure
 in connection with the collection, transmission and storage of electronic data, including
 video and imagery, (ii) block the distribution of sensitive imagery which may be harmful
 to or breach the security interests of any country, and (iii) protect the information technology
 and communication systems used in connection with its operations and business from contamination,
 corruption, computer viruses, firewall breaches, sabotage, hacking or other software routines
 or hardware components that would permit material unauthorized access or the unauthorized
 disablement, theft or erasure of its information technology systems, communication systems,
 imagery, products or Software. The Company has disaster recovery and security plans and procedures
 in place and, to the knowledge of the Company, there have been no material unauthorized intrusions
 or breaches of the security of the information technology or communication systems used in
 connection with their operations and business.

&nbsp;&nbsp;&nbsp;&nbsp;(tt) <u>Privacy Protection</u>. The Company has security measures and safeguards in place to protect personal
 information it collects from customers and other parties from illegal or unauthorized access
 or use by its personnel or third parties or access or use by its personnel or third parties
 in a manner that violates the privacy rights of third parties. The Company has complied in
 all material respects with all applicable privacy and consumer protection legislation and
 neither has collected, received, stored, disclosed, transferred, used, misused or permitted
 unauthorized access to any information protected by privacy laws, whether collected directly
 or from third parties, in a manner that contravenes applicable privacy and consumer protection
 laws in any material respect. The Company has taken commercially reasonable steps to protect
 personal information against loss or theft and against unauthorized access, copying, use,
 modification, disclosure or other misuse.

&nbsp;&nbsp;&nbsp;&nbsp;(uu) <u>Product Recalls</u>. The Company has not received any notice or communication from any customer or
 Governmental Authority alleging a material defect or claim in respect of any products supplied
 or sold by the Company to a customer and, to the knowledge of the Company, there are no circumstances
 that would give rise to any reports, recalls, public disclosure, announcements or customer
 communications that are required to be made by the Company in respect of any products supplied
 or sold by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;(vv) <u>Research and Development</u>. To the knowledge of the Company, all product ‎research and development
 activities, including quality assurance, quality control, ‎testing, and research and
 analysis activities, conducted by the Company in connection with their business is being
 conducted in ‎accordance, in all material respects, with all industry, management ‎and
 training standards applicable to the Company's ‎current and proposed business,
 and all such processes, procedures and practices, ‎required in connection with such activities
 are in place as necessary and are being ‎complied with, in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;(ww) <u>Environmental and Workplace Laws</u>. The Company is currently in compliance in all material respects with
 any and all applicable federal, provincial, state, local, municipal or foreign statute, law,
 rule, regulation, ordinance, code, policy or any judicial or administrative interpretation
 thereof, including any judicial or administrative order, consent, decree or judgment, relating
 to the environment or environmental issues (including air, surface, water and stratospheric
 matters), pollution or protection of human health and safety; and there are no pending or,
 to the knowledge of the Company, any threatened, administrative, regulatory or judicial actions,
 suits, demands, claims, liens, notices of non-compliance or violation, investigation or proceedings
 relating to any environmental laws. The facilities and operations of the Company is currently
 being conducted, and to the knowledge of the Company have been conducted, in all material
 respects in accordance with all applicable workers' compensation and health and safety
 and workplace laws, regulations and policies.

&nbsp;&nbsp;&nbsp;&nbsp;(xx) <u>Payment of Taxes</u>. Except as would not constitute a Material Adverse Effect, all federal, provincial,
 state and foreign income tax returns of the Company required by law to be filed have been
 filed (in Canada, the United States and otherwise) and all taxes shown by such returns or
 otherwise assessed, which are due and payable, have been paid, except assessments against
 which appeals have been or will be promptly taken and as to which adequate reserves have
 been provided. Except as would not constitute a Material Adverse Effect, all tax returns,
 declarations, remittances and filings required to be filed by the Company have been filed
 with all appropriate Governmental Authorities, all such returns, declarations, remittances
 and filings are complete and accurate in all material respects and no material fact or facts
 have been omitted therefrom which would make any of them misleading and no assessment in
 connection therewith has been made against the Company. Except as would not constitute a
 Material Adverse Effect, to the knowledge of the Company, there are no issues or disputes
 outstanding with any Governmental Authority respecting any taxes that have been paid, or
 may be payable, by the Company. Except as would not constitute a Material Adverse Effect,
 there are no agreements, waivers or other arrangements with any taxation authority providing
 for an extension of time for any assessment or reassessment of taxes with respect to the
 Company. Except as would not constitute a Material Adverse Effect, the Company has established
 on its books and records reserves that are adequate for the payment of all taxes not yet
 due and payable and there are no liens for taxes on the assets and properties of the Company
 (other than liens for taxes that are not yet due and payable or that are being contested
 in good faith), and, to the knowledge of the Company, there are no audits pending of the
 tax returns of the Company (whether federal, state, provincial, local or foreign) and there
 are no claims which have been asserted relating to any such tax returns, which audits and
 claims, if determined adversely, would result in the assertion by any governmental agency
 of any material deficiency.

&nbsp;&nbsp;&nbsp;&nbsp;(yy) <u>Insurance</u>.
 The Company carries or is entitled to the benefits of insurance, with reputable insurers,
 in such amounts and covering such risks as is generally maintained by companies of established
 repute engaged in the same or similar business, and all such insurance is in full force and
 effect. The Company is not in default in any respect with respect to the payment of any premium
 or compliance with any of the provisions contained in any such insurance policy and has not
 failed to give any notice or present any claim within the appropriate time therefor. There
 are no circumstances under which the Company would be required to or, in order to maintain
 its coverage, to give any notice to the insurers under any such insurance policy which has
 not been given. The Company has not received notice from any of the insurers regarding cancellation
 of such insurance policy or been denied any insurance coverage which it has sought or for
 which it has applied.

&nbsp;&nbsp;&nbsp;&nbsp;(zz) <u>Investment Company Act</u>. The Company is not and, after giving effect to the offering and sale of
 the Securities and the application of the proceeds thereof, or the manner in which such proceeds
 are temporarily held pending expenditure, will not be registered or required to register
 as an "investment company" as defined in the Investment Company Act of 1940,
 as amended.

&nbsp;&nbsp;&nbsp;&nbsp;(aaa) <u>Absence of Manipulation</u>. Neither the Company nor any affiliate of the Company has taken, nor
 will the Company or any affiliate take, directly or indirectly, any action which is designed,
 or would be expected, to cause or result in, or which constitutes, the stabilization or manipulation
 of the price of any security of the Company to facilitate the sale or resale of the Securities
 or to result in a violation of Regulation M under the Exchange Act or Canadian Securities
 Laws.

&nbsp;&nbsp;&nbsp;&nbsp;(bbb) <u>Foreign Corrupt Practices Act</u>. None of the Company, or, to the knowledge of the Company, any
 director, officer, agent, employee, affiliate or other person acting on behalf of the Company
 is aware of or has taken any action, directly or indirectly, that would result in a violation
 by such persons of the U.S. Foreign Corrupt Practices Act of 1977, as amended, and the rules
 and regulations thereunder (the "**FCPA** "), or the *Corruption of Foreign Public Officials Act* (Canada), as amended (the "**CFPOA** "), or any other
 applicable anti-bribery or anti-corruption laws (the "**Anti-Corruption Laws** ")
 including, without limitation, making use of the mails or any means or instrumentality of
 interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization
 of the payment of any money, or other property, gift, promise to give, or authorization of
 the giving of anything of value to any "foreign official" (as such term is defined
 in the FCPA), or any "foreign public official" (as such term is defined in the
 CFPOA), or any foreign political party or official thereof or any candidate for foreign political
 office, in contravention of the Anti-Corruption Laws and the Company and, to the knowledge
 of the Company, its affiliates have conducted their businesses in compliance, in all material
 respects, with the Anti-Corruption Laws and have instituted and maintain policies and procedures
 designed to ensure, and which are reasonably expected to continue to ensure, continued compliance
 therewith.

&nbsp;&nbsp;&nbsp;&nbsp;(ccc) <u>Money Laundering Laws</u>. The operations of the Company are and have been conducted at all times
 in compliance with applicable financial recordkeeping and reporting requirements of the Currency
 and Foreign Transactions Reporting Act of 1970, as amended, those of the Bank Secrecy Act,
 as amended by Title III of the Uniting and Strengthening America by Providing Appropriate
 Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), those of *Proceeds of Crime (Money Laundering) and Terrorist Financing Act* (Canada), and the
 applicable the money laundering statutes of all other jurisdictions to which the Company
 is subject, the rules and regulations thereunder and any related or similar rules, regulations
 or guidelines, issued, administered or enforced by any Governmental Authority (collectively,
 the "**Money Laundering Laws** "); and no action, suit or proceeding by or
 before any Governmental Authority involving the Company with respect to the Money Laundering
 Laws is pending or, to the best knowledge of the Company, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;(ddd) <u>OFAC</u>.
 None of the Company, or, to the knowledge of the Company, any director, officer, agent, employee,
 affiliate or representative of the Company is an individual or entity, or is more than 50
 percent owned in the aggregate by or acting on behalf of one or more persons that are, currently
 the subject of any sanctions administered or enforced by the United States Government, including,
 without limitation, the U.S. Department of the Treasury's Office of Foreign Assets
 Control ()"**OFAC** "), the United Nations Security Council, the European Union,
 Her Majesty's Treasury, or other relevant sanctions authority (collectively, "**Sanctions** "),
 nor is the Company located, organized or resident in a country or territory that is the subject
 of Sanctions, including, without limitation, Cuba, Iran, North Korea, and Syria (each, a
 "**Sanctioned Country** "); and the Company will not directly or indirectly
 use the proceeds of the offering of the Securities hereunder, or lend, contribute or otherwise
 make available such proceeds to any subsidiary, joint venture partner or other person or
 entity (i) to fund or facilitate any activities of or business with any person that, at the
 time of such funding or facilitation, is the subject or the target of Sanctions, (ii) to
 fund or facilitate any activities of or business in any Sanctioned Country or (iii) in any
 other manner that will result in a violation by any person (including any person participating
 in the transaction, whether as an underwriter, agent, advisor, investor or otherwise) of
 Sanctions. The Company has not knowingly engaged in, is not now knowingly engaged in, and
 will not engage in, any dealings or transactions with any person that at the time of the
 dealing or transaction is or was the subject or the target of Sanctions or with any Sanctioned
 Country.

&nbsp;&nbsp;&nbsp;&nbsp;(eee) <u>Unlawful Payment</u>. Neither the Company nor to the knowledge of the Company, any employee or agent
 of the Company, has made any unlawful contribution or other payment to any official of, or
 candidate for, any Canadian or United States federal, state, provincial or municipal office
 or any similar office of any other country, or failed to disclose fully any contribution,
 in violation of any law, or made any payment to any federal, provincial, state or municipal
 governmental officer or official, or other person charged with similar public or quasi-public
 duties, other than payments required or permitted by applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;(fff) <u>No Transfer Taxes or Other Fees</u>. No stamp or other issuance or transfer taxes or duties,
 levies, deductions, or charges are payable by, or required to be withheld on behalf of, the
 Agents to Canada or any political subdivision or taxing authority thereof or therein in connection
 with (1) the execution, delivery or performance of this Agreement or (2) the issuance, sale
 or delivery of the Securities to the purchasers that are U.S. residents; assuming that the
 Agents are not otherwise subject to taxation in Canada, no capital gains, income or other
 taxes are payable by or on behalf of the Agents to Canada or any political subdivision or
 taxing authority thereof or therein in connection with (1) the execution, delivery or performance
 of this Agreement or (2) the issuance, sale or delivery of the Securities to purchasers that
 are U.S. residents.

&nbsp;&nbsp;&nbsp;&nbsp;(ggg) <u>Related Party Transactions</u>. There are no business relationships or related-party transactions
 involving the Company, or any other person required by applicable Securities Laws to be described
 in the Registration Statement, the Preliminary Prospectuses, the General Disclosure Package
 and the Final Prospectuses that have not been described as required. To the Company's
 knowledge, none of the directors, officers or employees of the Company, or any associate
 or affiliate of the Company, has any interest, direct or indirect, in any transaction with
 the Company that materially affects, is material to, or would reasonably be expected to materially
 affect, the Company. Except for wages, salaries and other compensation-related payments in
 the ordinary course, and other than as disclosed in the Registration Statement, the Preliminary
 Prospectuses, the General Disclosure Package or the Final Prospectuses, the Company is not
 indebted to: (i) any director, officer or shareholder of the Company; (ii) any individual
 related to any of the foregoing by blood, marriage or adoption; or (iii) any corporation
 controlled, directly or indirectly, by any one or more of those persons referred to in this
 Section 2(ggg). None of those persons referred to in this Section 2(ggg) is indebted to the
 Company. The Company is not currently a party to any material contract, agreement or understanding
 with any officer, director, employee, shareholder or any other person not dealing at arm's
 length with the Company other than employment agreements.

&nbsp;&nbsp;&nbsp;&nbsp;(hhh) <u>Jurisdiction</u>.
 Neither the Company nor any of its properties or assets has any immunity from the jurisdiction
 of any court or from any legal process (whether through service or notice, attachment prior
 to judgment, attachment in aid of execution or otherwise) under the laws of Canada and the
 laws of the Province of British Columbia. The Company has the power to submit, and has legally,
 validly, effectively and irrevocably submitted, to the personal jurisdiction of each New
 York State and United States Federal court sitting in The City of New York and has validly
 and irrevocably waived any objection to the laying of venue of any suit, action or proceeding
 brought in any such court.

&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Lending and Other Relationships</u>. The Company (i) does not have any material lending or other
 relationship with any banking or lending affiliate of any Agent and (ii) does not intend
 to use any of the proceeds from the sale of the Securities to repay any outstanding debt
 owed to any affiliate of any Agent.

&nbsp;&nbsp;&nbsp;&nbsp;(jjj) <u>Statistical and Market-Related Data</u>. Any statistical and market-related data included or incorporated
 by reference in the Registration Statement, the Preliminary Prospectuses, the General Disclosure
 Package or the Final Prospectuses are based on or derived from sources that the Company believes,
 after reasonable inquiry, to be reliable and accurate and, to the extent required, the Company
 has obtained the written consent to the use of such data from such sources.

&nbsp;&nbsp;&nbsp;&nbsp;(kkk) <u>Rating</u>.
 The Company has no debt securities or preferred shares that are rated by any "nationally
 recognized statistical rating organization" (as that term is defined in Section 3(a)(62)
 of the Exchange Act).

&nbsp;&nbsp;&nbsp;&nbsp;(lll) <u>Material Transactions</u>. Except to the extent disclosed in the Registration Statement, the Preliminary
 Prospectuses, the General Disclosure Package and the Final Prospectuses or for discussions
 or negotiations in the ordinary course of business, the Company is not currently party to
 any agreement in respect of: (i) the purchase of any material assets and properties or any
 interest therein or the sale, transfer or other disposition of any material assets and properties
 or any interest therein currently owned, directly or indirectly, by the Company whether by
 asset sale, transfer of shares or otherwise; or (ii) the change of control of the Company
 (whether by sale or transfer of shares or sale of all or substantially all of the assets
 and properties of the Company or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;(mmm) <u>Contracts</u>.
 All material Agreements and Instruments are in full force and effect and are valid and enforceable
 by and against the Company, in accordance with their terms, except as enforcement thereof
 may be limited by bankruptcy, insolvency, reorganization, moratorium and other laws relating
 to or affecting the rights of creditors generally, and except as limited by the application
 of equitable principals when equitable remedies are sought, and by the fact that the ability
 to sever unenforceable terms may be limited by applicable law. The Company has not sent or
 received any communication regarding termination of, or intent not to renew, any of the material
 Agreements and Instruments referred to or described in Registration Statement, the Preliminary
 Prospectuses, the General Disclosure Package or the Final Prospectuses, and no such termination
 or non-renewal has been threatened by the Company or, to the Company's knowledge, any
 other party to any such contract or agreement, which threat of termination or non-renewal
 has not been rescinded as of the date hereof, except as would not, singly or in the aggregate,
 result in a Material Adverse Effect. The Company has performed all material obligations in
 a timely manner under each material Agreement and Instrument. The Company is not in violation,
 breach or default nor has it received any notification from any party claiming that the Company
 is in breach, violation or default under any material Agreement and Instrument and no other
 party, to the knowledge of the Company, is in breach, violation or default of any term under
 any material Agreement and Instrument.

&nbsp;&nbsp;&nbsp;&nbsp;(nnn) <u>No Loans</u>. The Company has not made any loans to or guaranteed the material obligations of
 any person, except as disclosed in the Registration Statement, the Preliminary Prospectuses,
 the General Disclosure Package and the Final Prospectuses, and in compliance with all applicable
 Securities Laws including, but not limited to, the U.S. Sarbanes-Oxley Act of 2002, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;(ooo) <u>Directors and Officers</u>. Except as disclosed in the Registration Statement, the Preliminary Prospectuses,
 the General Disclosure Package and the Final Prospectuses, none of the directors or officers
 of the Company are now, or have ever been, subject to an order or ruling of any securities
 regulatory authority or stock exchange prohibiting such individual from acting as a director
 or officer of a public company or of a company listed on a particular stock exchange.

&nbsp;&nbsp;&nbsp;&nbsp;(ppp) <u>Minute Books and Records</u>. The minute books and records of the Company made available to counsel
 for the Agents in connection with their due diligence investigation of the Company for the
 period from April 1, 2022 to the date hereof are all of the minute books and records of the
 Company and contain copies of all material proceedings (or certified copies thereof or drafts
 thereof pending approval) of the shareholders, the directors and all committees of directors
 of the Company to the date of review of such corporate records and minute books and there
 have been no other meetings, resolutions or proceedings of the shareholders, directors or
 any committees of the directors of the Company to the date hereof not reflected in such minute
 books and other records, other than those which have been disclosed to the Agents or which
 are not material in the context of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;(qqq) <u>Fees</u>.
 Other than the Agents and any selling group members, and as contemplated in <u>Schedule B hereto</u>, there is no person acting or purporting to act at the request or on behalf of
 the Company that is entitled to any brokerage or finder's fee or other compensation
 in connection with the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(rrr) <u>Entitlement to Proceeds</u>. Other than the Company, there is no person that is or will be entitled to
 demand the proceeds of the offering of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;(sss) <u>Eligible Investment</u>. The Securities will at the Closing Date qualify as eligible investments as
 described in the Registration Statement, the Preliminary Prospectuses, the General Disclosure
 Package and the Final Prospectuses under the heading "Eligibility for Investment"
 and the Company will not take or permit any action within its control which would cause the
 Securities to cease to be qualified, during the period of distribution of the Securities,
 as eligible investments to the extent so described in the Registration Statement, the Preliminary
 Prospectuses, the General Disclosure Package and the Final Prospectuses.

&nbsp;&nbsp;&nbsp;&nbsp;(ttt) <u>Transfer Agents; Warrant Agent</u>. Endeavor Trust Corporation, at its principal offices in Vancouver,
 British Columbia, has been duly appointed as the registrar and transfer agent for the Subordinate
 Voting Shares in Canada. Endeavor Trust Corporation, at its principal office in Vancouver,
 British Columbia (the "**Warrant Agent** "), will be, at the Closing Date,
 duly appointed as warrant agent with respect to the Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;(uuu) <u>Significant Acquisitions</u>. The Company has not completed any "significant acquisition"
 nor has it entered into a binding agreement in respect of any "probable acquisition"
 (as such terms are defined in NI 51-102) and no proposed acquisition has progressed to a
 state where a reasonable person would believe that the likelihood of the Company completing
 the acquisition is high such that Canadian Securities Laws would require the inclusion or
 incorporation by reference of any additional financial statements or pro forma financial
 statements in the Prospectuses or the filing of a Business Acquisition Report pursuant to
 Canadian Securities Laws.

&nbsp;&nbsp;&nbsp;&nbsp;(vvv) <u>Short Form Eligible</u>. The Company is eligible to file a short form prospectus in each of the
 Canadian Qualifying Jurisdictions pursuant to applicable Canadian Securities Laws and on
 the date of and upon filing of the Canadian Final Prospectus there will be no documents required
 to be filed under the Canadian Securities Laws in connection with the distribution of the
 Units that will not have been filed as required.

&nbsp;&nbsp;&nbsp;&nbsp;(www) <u>Compliance with Laws</u>. The Company has complied, or will have complied, in all material respects
 with all relevant statutory and regulatory requirements in connection with the Offering required
 to be complied with prior to the Closing Date. The Company is not aware of any legislation
 or proposed legislation, which it anticipates will have a Material Adverse Effect on the
 offering of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;(xxx) <u>Cybersecurity</u>.
 There has been no security breach or other compromise of or relating to any information technology
 and computer systems, networks, hardware, software, data (including the data of its customers,
 employees, suppliers, vendors and any third party data maintained by or on behalf of them),
 equipment or technology of the Company (collectively, "**IT Systems and Data** ")
 and the Company has not been notified of, and has no knowledge of, any event or condition
 that would reasonably be expected to result in, any security breach or other compromise to
 their IT Systems and Data. The Company is presently in compliance with all applicable laws
 or statutes and all judgments, orders, rules and regulations of any court or arbitrator or
 governmental or regulatory authority, internal policies and contractual obligations relating
 to the privacy and security of IT Systems and Data and to the protection of such IT Systems
 and Data from unauthorized use, access, misappropriation or modification, except as would
 not, individually or in the aggregate, have a Material Adverse Effect. The Company has implemented
 backup and disaster recovery technology consistent with industry standards and practices.

&nbsp;&nbsp;&nbsp;&nbsp;(yyy) <u>Artificial Intelligence</u>. The Company and its Active Subsidiaries are presently in material compliance
 with all applicable laws or statutes and all judgments, orders, rules and regulations of
 any court or arbitrator or governmental or regulatory authority, documented internal policies
 and contractual obligations relating to artificial intelligence. Notwithstanding the generality
 of the foregoing, the Company and its Active Subsidiaries are taking or have taken all reasonably
 necessary actions to prepare to comply with the European Union Artificial Intelligence Act
 (and other applicable laws and regulations with respect to artificial intelligence that have
 been announced as of the date hereof as becoming effective within 12 months after the date
 hereof, and for which any non-compliance with same would be reasonably likely to create a
 material liability). Neither the Company nor any of its Active Subsidiaries, (i) has
 received written notice of any actual or potential liability of the Company or its Active
 Subsidiaries from any governmental or regulatory agencies or bodies (except as would not
 be material to the Company and its Active Subsidiaries, taken as a whole) under or relating
 to, or actual or potential violation by the Company or any of its Active Subsidiaries of,
 any of such laws and regulations; (ii) is currently conducting or paying for, in whole
 or in part, any investigation, remediation or other corrective action by or mandated by any
 governmental or regulatory agency or body pursuant to any of such laws and regulations; or
 (iii) is a party to any order, decree, or agreement with any governmental or regulatory
 agency or body that imposed any obligation or liability under any of such laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;(zzz) <u>Outbound Investment Security Program</u>. Neither the Company nor any of its subsidiaries is a "covered
 foreign person", as that term is defined in U.S. Department of Treasury 31 C.F.R. §
 850.209. The Company does not have any joint ventures that engage in or plan to engage in
 any "covered activity", as that term is defined in U.S. Department of Treasury
 31 C.F.R. § 850.208 ()"**Covered Activity** "). The Company also does not,
 directly or indirectly, hold a board seat on, have a voting or equity interest in, or have
 any contractual power to direct or cause the direction of the management or policies of any
 person or persons that engages or plans to engage in any Covered Activity.

&nbsp;&nbsp;&nbsp;&nbsp;(aaaa) <u>Full Disclosure</u>. The Company has not withheld and will not withhold from the Agents prior
 to the Closing Date, any material facts known to the Company relating to the Company or the
 offering of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;(bbbb) <u>Officer's Certificates</u>. Any certificate signed by any officer of the Company delivered to the Agents
 or to counsel for the Agents shall be deemed a representation and warranty by the Company
 to each Agent as to the matters covered thereby subject to the qualifications and limitations
 set out in such certificates.

**3.**  **<u>Deliveries on Filing and Related Matters</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) *Units.* On the basis of the representations and warranties herein contained and subject to the terms
 and conditions herein set forth, the Company agrees to offer and sell the Units to purchasers
 on the Closing Date, at the price per Initial Unit set forth in <u>Schedule B</u>. The Agents'
 obligations under this Agreement in respect of the Units shall be several and not joint nor
 joint and several.

&nbsp;&nbsp;&nbsp;&nbsp;(b) *[Intentionally Omitted*. *]* 

&nbsp;&nbsp;&nbsp;&nbsp;(c) *Payment*.
 Payment of the purchase price for, and delivery of, the Units in electronic or certificated
 form shall be made electronically, or in such other manner as shall be agreed upon by the
 Representatives and the Company, at 8:00 a.m. (New York City time) on the first (second,
 if the pricing occurs after 4:30 p.m. (New York City time) on any given day) business day
 after the date hereof, or such other time not later than ten business days after such date
 as shall be agreed upon by the Representatives and the Company (such time and date of payment
 and delivery being herein called "**Closing Date** "). Delivery of the Units
 on the Closing Date shall be made as set forth in Section 3(d). Payment shall be made to
 the Company by wire transfer of immediately available funds to a bank account designated
 by the Company against delivery to the Representatives of the Securities in electronic or
 certificated form to be purchased.

&nbsp;&nbsp;&nbsp;&nbsp;(d) *Delivery of Securities*. At the Closing Date, the Company shall duly and validly deliver to the
 Agents confirmation of an electronic deposit of the Unit Shares and Warrants with CDS Clearing
 and Depositary Services Inc. ()"**CDS** "), or as otherwise directed by the
 Representatives in writing, against payment by the Agents to the Company, at the direction
 of the Company, by wire transfer of an amount equal to the aggregate purchase price for the
 Units being issued and sold hereunder less the Agents' Fee and all of the estimated
 out-of-pocket expenses of the Agents payable by the Company to the Agents in accordance with
 Section 5 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;(e) *Restrictions*.
 Each of the Agents covenants and agrees with the Company that (i) any offers or sales of
 the Securities in Canada will be conducted through the Agents, or one or more affiliates
 of the Agents or investment dealers or brokers, in all cases, duly registered in compliance
 with Canadian Securities Laws, and (ii) offers and sales of the Securities in the United
 States will be made only to "qualified institutional buyers", as such term is
 defined in Rule 144A under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;(f) *Agent Compensation*. At the Closing Date, the Company shall deliver to the Agents the Agents'
 Fee (as defined below), and the Compensation Warrant Certificates, registered in the name
 of each Agent, or as directed by the Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Agents' Fee</u>. In consideration of the Agreement of the Agents to offer the Units for sale by the
 Company to the public pursuant to the Registration Statement, the Preliminary Prospectuses,
 the General Disclosure Package and the Final Prospectuses, the Company will pay to the Agents,
 at the Closing Date, a cash fee equal to 7.0% of the aggregate gross proceeds received from
 the sale of the Units to purchasers subject to a minimum fee of CAD$400,000 (the "**Agents' Fee** "). The Agents' Fee shall be payable to the Agents at the Closing Date.
 The Agents' Fee shall be reduced to 2.0% in respect to the portion of aggregate gross
 proceeds of the offering attributable to purchasers identified by the Company (the "**President's List** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Compensation Warrants</u>. As additional consideration for the Agents' services in assisting in
 the preparation ‎and completion of the offering of the Securities contemplated by this
 Agreement and all other matters in ‎connection with the issue and sale of the Securities,
 the Company hereby agrees to issue ‎to the Agents that number of compensation warrants
 (the "**Compensation ‎Warrants**") as is equal to 3.5% of the aggregate
 number of Warrants sold under the offering to ‎purchasers. Each whole Compensation
 Warrant ‎shall be exercisable for three (3) years following the Closing Date, to acquire
 ‎one Subordinate Voting Share (a "**Compensation Warrant Share**") at
 an exercise price equal to CDN$11.50, subject to adjustment in certain events. The
 number of Compensation Warrants shall be reduced to 2.0% in respect to the portion of aggregate
 gross proceeds of the offering attributable to purchasers on the President's List.
 The Compensation Warrants will provide for "cashless" exercise if no registration
 statement is effective upon exercise, customary anti-dilution provisions (for share dividends
 and splits and recapitalizations) and anti-dilution protection (adjustment in the number
 and price of such warrants and the shares underlying such warrants) resulting from corporate
 events (which would include dividends, reorganizations, mergers, etc.).

**4.**  **<u>Covenants of the Company</u>.** The Company covenants with each Agent, and acknowledges that the
 Agents are relying on such covenants, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(a) *Compliance with Securities Regulations and Commission Requests.* During the period beginning on the
 date of this Agreement and ending on the latest of the Closing Date, and the expiry of the
 period in which a prospectus is required by law to be delivered by the Agents or a dealer
 in connection with the distribution of Securities contemplated by the Final Prospectuses:
 (i) to make no further amendment or supplement to the Registration Statement or any amendment
 or supplement to the Preliminary Prospectuses or the Final Prospectuses without the consent
 of the Representatives unless in the opinion of counsel for the Company such amendment or
 supplement is required by law; (ii) to advise the Representatives promptly after it receives
 notice thereof, of the time when any amendment to the Registration Statement has been filed
 or becomes effective or any supplement or amendment to the Preliminary Prospectuses or the
 Final Prospectuses has been filed and to furnish the Representatives with copies thereof;
 (iii) to file promptly all reports required to be filed by the Company with the Canadian
 Qualifying Authorities to comply with Canadian Securities Laws, with the Commission to comply
 with U.S. Securities Laws, and with Cboe to procure and ensure the continued listing of the
 Subordinate Voting Shares thereon subsequent to the date of the Canadian Preliminary Prospectus
 and the Canadian Final Prospectus and for so long as the delivery of a prospectus is required
 in connection with the offering or sale of the Securities; (iv) to provide the Representatives,
 upon request, with a copy of such reports and statements and other documents as are filed
 by the Company pursuant to Section 13 or 15(d) of the Exchange Act or pursuant to the Canadian
 Securities Laws and to promptly notify the Agents of such filing; (v) to advise the Representatives,
 promptly after it receives notices thereof, of (y) any request by the Canadian Qualifying
 Authorities or the Commission to amend or supplement the Registration Statement, the Canadian
 Base Prospectus, the U.S. Base Prospectus, the Canadian Preliminary Prospectus, the U.S.
 Preliminary Prospectus, the Canadian Final Prospectus, or the U.S. Final Prospectus, or for
 additional information with respect thereto, or (z) the issuance by the Commission or the
 Canadian Qualifying Authorities of any stop order suspending the effectiveness of the Registration
 Statement or the Preliminary Prospectuses or the Final Prospectuses, respectively, or the
 institution or threatening of any proceeding for any such purpose; (vi) to advise the Representatives
 promptly after it becomes aware of any event which could reasonably be likely to require
 the making of any change in the Preliminary Prospectuses or the Final Prospectuses, if any,
 then being used so that the Preliminary Prospectuses or the Final Prospectuses would (y)
 constitute full, true and plain disclosure of all material facts relating to the Securities
 and (z) not include an untrue statement of material fact or omit to state a material fact
 necessary to make the statements therein, in the light of the circumstances under which they
 are made, not misleading, and, during such time, to prepare and furnish promptly to the Representatives,
 at the Company's expense, such amendments or supplements to the Final Prospectuses,
 as may be necessary to reflect any such change and (vii) in the event the Commission shall
 issue any order suspending the effectiveness of the Registration Statement or the Canadian
 Qualifying Authorities shall issue any cease trading order, promptly to use its reasonable
 commercial efforts to obtain the withdrawal of such order at the earliest practicable moment;
 and to use its reasonable commercial efforts to prevent the issuance of any such order.

&nbsp;&nbsp;&nbsp;&nbsp;(b) *Continued Compliance with Securities Laws*. To comply with the requirements of the Canadian Shelf
 Procedures and file the Canadian Final Prospectus with the Canadian Qualifying Authorities
 on the earlier of the first date the Canadian Final Prospectus is delivered to the Agents
 and the day which is two (2) business days following the date of this Agreement, and to comply
 with General Instruction II.L of Form F-10 and file the U.S. Final Prospectus with the Commission
 within one (1) business day following the filing of the Canadian Final Prospectus with the
 Canadian Qualifying Authorities. If during the period in which a prospectus is required by
 law to be delivered by an Agent or a dealer in connection with the distribution of Securities
 contemplated by the Final Prospectuses, any event shall occur that makes any statement made
 in the Registration Statement, the Preliminary Prospectuses, the U.S. Final Prospectus, or
 the Canadian Final Prospectus, untrue or that as a result of which, in the reasonable opinion
 of the Agents or counsel for the Agents, it becomes necessary to amend or supplement the
 Registration Statement in order to make the statements therein not misleading, or the U.S.
 Preliminary Prospectus, the U.S. Final Prospectus, the Canadian Preliminary Prospectus or
 the Canadian Final Prospectus in order to (i) constitute full, true and plain disclosure
 of all material facts required to be stated therein; and (ii) make the statements therein,
 in the light of the circumstances in which they are made, not misleading, or, if it is necessary
 at any time to amend or supplement the Registration Statement, the U.S. Preliminary Prospectus,
 the U.S. Final Prospectus, the Canadian Preliminary Prospectus or the Canadian Final Prospectus,
 to comply with any applicable law, the Company promptly will prepare and file with the Commission
 and the Canadian Qualifying Authorities, and furnish at its own expense to the Representatives,
 an appropriate amendment to the Registration Statement or supplement to the U.S. Preliminary
 Prospectus, the U.S. Final Prospectus, the Canadian Preliminary Prospectus or the Canadian
 Final Prospectus, so that the Registration Statement as so amended or the U.S. Preliminary
 Prospectus, the Canadian Preliminary Prospectus, the U.S. Final Prospectus or
 the Canadian Final Prospectus, as so amended or supplemented will (i) constitute full, true
 and plain disclosure of all material facts required to be stated therein; and (ii) not, in
 the light of the circumstances when it is so delivered, be misleading, or so that the Registration
 Statement, the U.S. Preliminary Prospectus, the U.S. Final Prospectus, the Canadian Preliminary
 Prospectus or the Canadian Final Prospectus will comply with such law. Before amending the
 Registration Statement, or amending or supplementing the U.S. Preliminary Prospectus, the
 U.S. Final Prospectus, the Canadian Preliminary Prospectus or the Canadian Final Prospectus,
 the Company will furnish the Representatives with a copy of such proposed amendment or supplement
 and will not file such amendment or supplement to which the Representatives reasonably objects.

&nbsp;&nbsp;&nbsp;&nbsp;(c) *General Disclosure Package*. If the General Disclosure Package is being used to solicit offers
 to buy the Securities at a time when the U.S. Final Prospectus is not yet available and any
 event shall occur as a result of which, in the judgment of the Company or in the reasonable
 opinion of the Representatives, it becomes necessary to amend or supplement the General Disclosure
 Package in order to make the statements therein, in the light of the circumstances under
 which they were made, not misleading, or to make the statements therein not conflict with
 the information contained or incorporated by reference in the Registration Statement then
 on file and not superseded or modified, or if it is necessary at any time to amend or supplement
 the General Disclosure Package to comply with the Securities Act, the Exchange Act and Canadian
 Securities Law, the Company promptly will either (i) prepare, file with the Commission and
 the Canadian Qualifying Authorities (if required) and furnish to the Agents and any dealers
 an appropriate amendment or supplement to the General Disclosure Package or (ii) prepare
 and file with the Canadian Qualifying Authorities (if required) and the Commission an appropriate
 filing under the Exchange Act which shall be incorporated by reference in the General Disclosure
 Package so that the General Disclosure Package as so amended or supplemented will not, in
 the light of the circumstances under which they were made, be misleading or conflict with
 the Registration Statement then on file, or so that the General Disclosure Package will comply
 with law the Securities Act, the Exchange Act and Canadian Securities Law, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(d) *Blue Sky Qualifications*. The Company will use its reasonable commercial efforts, in cooperation
 with the Agents, to qualify the Securities for offering and sale under the applicable securities
 laws of such states (to the extent required) and other jurisdictions (domestic or foreign)
 as the Representatives may reasonably designate and to maintain such qualifications in effect
 so long as required to complete the distribution of the Offered Securities; provided, however,
 that the Company shall not be obligated to file any general consent to service of process
 or to qualify as a foreign corporation or as a dealer in securities in any jurisdiction in
 which it is not so qualified or to subject itself to taxation in respect of doing business
 in any jurisdiction in which it is not otherwise so subject.

&nbsp;&nbsp;&nbsp;&nbsp;(e) *Rule 158*. The Company will timely file such reports pursuant to the Exchange Act as are necessary
 in order to make generally available to its securityholders as soon as practicable an earnings
 statement for the purposes of, and to provide to the Agents the benefits contemplated by,
 the last paragraph of Section 11(a) of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;(f) *Reporting Requirements*. The Company will use its commercially reasonable efforts to maintain its
 status as a "reporting issuer" (or the equivalent thereof) not in default of
 the requirements of the Canadian Securities Laws in each of the Canadian Qualifying Jurisdictions
 or the requirements of U.S. Securities Laws in the United States, until the expiry date of
 the Warrants, provided that the foregoing requirement is subject to the obligations of the
 directors to comply with their fiduciary duties to the Company. The Company, during the period
 when a prospectus relating to the Securities is (or, but for the exception afforded by Rule
 172, would be) required to be delivered under the Securities Act, will file all documents
 required to be filed with (i) the Commission pursuant to the Exchange Act within the time
 periods required by the Exchange Act and (ii) the BCSC and other applicable Canadian Qualifying
 Authorities pursuant to Canadian Securities Laws.

&nbsp;&nbsp;&nbsp;&nbsp;(g) *Listing*.
 The Company will use its reasonable commercial efforts to effect and maintain the listing
 of the Subordinate Voting Shares (including the Subordinate Voting Shares constituting a
 portion of the Securities) on Cboe or such other recognized stock exchange or quotation system
 as the Agents may approve, acting reasonably, until the expiry date of the Warrants, provided
 that the foregoing requirement is subject to the obligations of the directors to comply with
 their fiduciary duties to the Company and except in connection with a bona fide take-over
 bid made to all shareholders of the Company or similar business combination transaction.

&nbsp;&nbsp;&nbsp;&nbsp;(h) *Validly Issued Securities*. The Company will ensure that: (i) at the Closing Date, provided it
 receives payment therefor, the Unit Shares have been validly issued and are outstanding as
 fully-paid and non-assessable Subordinate Voting Shares; (ii) at the Closing Date, the Warrants
 are duly and validly created, authorized and issued and shall have attributes corresponding
 in all material respects to the description set forth in the Warrant Indenture; (iii) at
 all times prior to the expiry date of the Warrants, a sufficient number of Warrant Shares
 are allotted and reserved for issuance upon the exercise of the Warrants; (iv) the Warrant
 Shares issuable upon the exercise of the Warrants shall, upon issuance in accordance with
 the terms thereof, including payment of the exercise price therefor, be duly issued as fully
 paid and non-assessable Subordinate Voting Shares; (v) at the Closing Date, the Compensation
 Warrants are duly and validly created, authorized and issued and shall have attributes corresponding
 in all material respects to the description set forth in the Compensation Warrant Certificates;
 (vi) at all times prior to the expiry date of the Compensation Warrants, a sufficient number
 of Compensation Warrant Shares are allotted and reserved for issuance upon the exercise of
 the Compensation Warrants; and (vii) the Compensation Warrant Shares issuable upon the exercise
 of the Compensation Warrants shall, upon issuance in accordance with the terms thereof, including
 payment of the exercise price therefor, be duly issued as fully paid and non-assessable Subordinate
 Voting Shares.

&nbsp;&nbsp;&nbsp;&nbsp;(i) *Use of Proceeds*. The Company will use the net proceeds received by it from the sale of the
 Securities in all material respects in the manner specified in the Registration Statement,
 the Preliminary Prospectuses, the General Disclosure Package and the Final Prospectuses under
 "Use of Proceeds." Pending the expenditure of the net proceeds for such purposes,
 the Company will hold such net proceeds solely in instruments that do not constitute
 "investment securities" within the meaning of the Investment Company Act of 1940,
 as amended.

&nbsp;&nbsp;&nbsp;&nbsp;(j) *Right of First Refusal*. Provided that the Offered Securities are sold in accordance with the
 terms of this Agreement, A.G.P. Canada shall have an irrevocable right of first refusal (the
 "**Right of First Refusal** "), for a period of twelve (12) months after the
 Closing Date, to act as co-lead investment banker, co-lead book-runner and/or
 co-lead placement agent, at A.G.P. Canada's sole discretion, for any public
 and private equity or debt offering, including all equity linked financings (each, a "**Subject Transaction** "), during such twelve (12) month period for the Company, to or any
 successor to or subsidiary of the Company, and on terms that shall be customary to A.G.P.
 Canada for such Subject Transaction, and A.G.P. Canada shall have the sole right to determine
 whether or not any other broker dealer shall have the right to participate in any such offering(s)
 and the economic terms of any such participation. For the avoidance of any doubt, the Company
 shall not, during such twelve (12) month period, retain or engage any additional investment
 banker, book-runner, financial advisor, underwriter and/or placement agent in a Subject Transaction
 without complying with the Right of First Refusal (provided that nothing in this agreement
 shall restrict the Company from engaging a financial advisor, including in connection with
 an M&A transaction, where such engagement does not include an offering component).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The
 Company shall notify A.G.P. Canada of its intention to pursue a Subject Transaction, including
 known material terms thereof, by providing written notice thereof by email, registered mail
 or overnight courier service addressed to the Agent; and upon receipt of such notice A.G.P.
 Canada shall use best efforts to meet forthwith with the Company and discuss the Subject
 Transaction and the Agent's potential exercise or waiver of its Right of First Refusal.
 Once A.G.P. Canada determines it will exercise or waive its Right of First Refusal with respect
 to a Subject Transaction, it shall immediately notify the Company. If A.G.P. Canada fails
 to exercise, or is deemed to not exercise by failing to respond, its Right of First Refusal
 with respect to any Subject Transaction within two (2) business days after the receipt of
 such written notice, then A.G.P. Canada shall have no further claim or right with respect
 to such Subject Transaction. A.G.P. Canada may elect, in its sole and absolute discretion,
 not to exercise its Right of First Refusal with respect to any Subject Transaction; provided
 that any such election by A.G.P. Canada shall not adversely affect the Agent's Right
 of First Refusal with respect to any other Subject Transaction during the twelve (12) month
 period agreed to above. The terms and conditions, and existence, of any Subject Transaction
 shall constitute confidential information and A.G.P. Canada shall only use such information
 for the purpose of considering the exercise its Right of First Refusal and shall only disclose
 such terms to representatives, agents and advisors ()"**Representatives** ")
 on a need to know basis and the Representatives who as a condition of receiving such information
 agree to keep such information confidential and shall not use the information for any purpose
 other than to consider the exercise of the Right of First Refusal.

&nbsp;&nbsp;&nbsp;&nbsp;(k) *Tail Fee*. The Agents shall be entitled to compensation under Section 3(f) hereunder, calculated
 in the manner set forth therein, with respect to any public or private offering or other
 financing or capital-raising transaction of any kind (each, a "**Tail Financing** ")
 to the extent that such financing is both (i) provided to the Company by investors that were,
 during the term of this Agreement, contacted by the Agents or contacted the Agent and (ii)
 such Tail Financing is consummated at any time within the twelve (12) month period following
 the expiration or termination of this Agreement. Notwithstanding anything to the contrary
 herein, the compensation due hereunder shall expressly not include any stock or equity of
 the Company issued to its officers, directors, employees, consultants. The Agents shall
 provide the Company with a list of investors on the Closing Date and the Agents and the Company
 shall mutually agree to the investors subject to this Section 4(k) for purposes of any Tail
 Financing and compensation payable to the Agents pursuant to this Section 4(k).

&nbsp;&nbsp;&nbsp;&nbsp;(l) *Standstill*.
 During a period of thirty (30) days from the Closing Date, the Company will not, without
 the prior written consent of the Representatives, (i) directly or indirectly, offer, hypothecate,
 pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option
 or contract to sell, grant any option, right or warrant to purchase or otherwise transfer
 or dispose of any Subordinate Voting Shares or any securities convertible into or exercisable
 or exchangeable for Subordinate Voting Shares or file any registration statement under the
 Securities Act with respect to any of the foregoing or (ii) enter into any swap or any other
 agreement or any transaction that transfers, in whole or in part, directly or indirectly,
 the economic consequence of ownership of the Subordinate Voting Shares, whether any such
 swap or transaction described in clause (i) or (ii) above is to be settled by delivery of
 Subordinate Voting Shares or such other securities, in cash or otherwise. The foregoing sentence
 shall not apply to: (A) the Securities to be sold hereunder; (B) any Subordinate Voting Shares
 issued by the Company upon the exercise of an option or warrant or the conversion of a security
 in each case outstanding on the date hereof and referred to in the Registration Statement,
 the Preliminary Prospectuses, the General Disclosure Package or the Final Prospectuses; (C)
 any Subordinate Voting Shares issued or options to purchase Subordinate Voting Shares or
 other awards redeemable or exchangeable for Subordinate Voting Shares granted pursuant to
 existing employee benefit plans or equity incentive plans of the Company referred to in the
 Registration Statement, the Preliminary Prospectuses, the General Disclosure Package or the
 Final Prospectuses; (D) any Subordinate Voting Shares issued pursuant to any existing non-employee
 director stock plan or dividend reinvestment plan referred to in the Registration Statement,
 the Preliminary Prospectuses, the General Disclosure Package or the Final Prospectuses; (E)
 the filing by the Company of any registration statement on Form S-8 or a successor form thereto;
 (F) pursuant to an offering of securities of the Company to a strategic investor or investors
 by way of private placement; (G) the issuance of securities by the Company in connection
 with acquisitions in the normal course of business, not to exceed 10% of the issued and outstanding
 Subordinate Voting Shares; or (H) the issuance of securities of the Company pursuant
 to contractual obligations existing as of the date hereof. The Company will not qualify a
 prospectus under Canadian Securities Laws or file a registration statement under the Securities
 Act in connection with any transaction by the Company or any person that is not permitted
 pursuant to the foregoing, except for registration statements on Form S-8 relating to employee
 benefit plans or with the prior written consent of the Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;(m) *Consents and Approvals*. The Company will have made or obtained, as applicable, at or prior to
 the Closing Date, all consents, approval, permits, authorizations or filings as may be required
 by the Company under Securities Laws necessary for the consummation of the transactions contemplated
 herein, other than customary post-closing filings required to be submitted within the applicable
 time frame pursuant to Securities Laws, "blue sky laws" in the United States
 and the rules of Cboe.

&nbsp;&nbsp;&nbsp;&nbsp;(n) *Closing Conditions*. The Company will have, at or prior to the Closing Date, fulfilled or caused
 to be fulfilled, each of the conditions set out in Section 6 hereof to be fulfilled by the
 Company.

&nbsp;&nbsp;&nbsp;&nbsp;(o) *Lock-Ups*.
 At or prior to the Closing Date, the Company shall use commercially reasonable efforts to
 cause each of the directors and senior officers of the Company listed on Schedule C hereto
 to enter into a lock-up undertaking in favor of the Agents pursuant to which such person
 (and each of such person's associates and affiliates) shall agree for so long as such
 person is a director and/or a senior officer not to, directly or indirectly offer, sell,
 contract to sell, transfer, pledge, assign, lend, swap, or enter into any other agreement
 to transfer the economic consequences of, or otherwise dispose of or deal with, or publicly
 announce any intention to offer, sell, contract to sell, grant or sell any option to purchase,
 hypothecate, pledge, transfer, assign, purchase any option or contract to sell, lend, swap,
 or enter into any agreement to transfer the economic consequences of, or otherwise dispose
 of or deal with, whether through the facilities of a stock exchange, by private placement
 or otherwise, or announce any intention to do any of the foregoing, any Subordinate Voting
 Shares, or securities convertible into, exchangeable for, or otherwise exercisable to acquire
 Subordinate Voting Shares, other than (a) with the prior written consent of the Agents, (b)
 upon the exercise of previously issued options or other convertible securities, (c) transfers
 among the director's or senior officer's affiliates for tax or other planning
 purposes; or (d) a tender or sale by the director or senior officer of securities of the
 Company in or pursuant to an acquisition, take-over bid, business combination, merger or
 similar transaction involving a change of control of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;(p) *[Intentionally Omitted*. *]* 

&nbsp;&nbsp;&nbsp;&nbsp;(q) *Emerging Growth Company Status*. The Company will promptly notify the Representatives if the Company
 ceases to be an Emerging Growth Company at any time prior to the later of (i) completion
 of the distribution of the Securities within the meaning of the Securities Act and (ii) completion
 of the thirty (30)-day restricted period referred to in Section 4(l).

**5.**  **<u>Payment of Expenses</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) *Expenses*.
 The Company will pay or cause to be paid all expenses incident to the performance of its
 obligations under this Agreement, including (i) the preparation, printing and filing of the
 Registration Statement (including financial statements and exhibits) as originally filed
 and each amendment thereto, (ii) the preparation, printing and delivery to the Agents of
 copies of each Preliminary Prospectus, and the Final Prospectuses and any amendments or supplements
 thereto and any costs associated with electronic delivery of any of the foregoing by the
 Agents to purchasers, (iii) the preparation, issuance and delivery of any certificates for
 the Securities to the purchasers, including any stock or other transfer taxes and any stamp
 or other duties payable upon the sale, issuance or delivery of the Securities to the purchasers,
 (iv) the fees and disbursements of the Company's counsel, accountants and other advisors,
 (v) if required, the qualification of the Securities under securities laws in accordance
 with the provisions of Section 4(d) hereof, including filing fees and the reasonable and
 documented fees and disbursements of counsel for the Agents in connection therewith, (vi)
 the fees and expenses of any transfer agent or registrar for the Securities, (vii) the costs
 and expenses of the Company relating to investor presentations on any "road show"
 undertaken in connection with the marketing of the Offered Securities, including without
 limitation, expenses associated with the production of road show slides and graphics, fees
 and expenses of any consultants engaged by the Company in connection with the road show presentations,
 travel and lodging expenses of the representatives and officers of the Company and any such
 consultants, and half the cost of aircraft and other transportation chartered in connection
 with the road show, (viii) the filing fees incident to the review by FINRA of the terms of
 the sale of the Securities, (ix) the fees and expenses incurred (if any) in connection with
 the listing of the Unit Shares, the Warrant Shares, and the Compensation Warrant Shares on
 Cboe, (x) the reasonable and documented out-of-pocket expenses of the Agents (including the
 fees of their counsel up to a maximum of U.S. $100,000, exclusive of disbursements and applicable
 taxes), (xi) accrued legal fees from previous transactions in the amount of U.S. $300,000
 for Agent's counsel, and (xii) non-accountable expenses (the "**NAE** ")
 including, but not limited to, IPREO software related expenses, background check(s), tombstones,
 marketing related expenses; i.e. roadshow, travel, et al. and any other expenses incurred
 by the Agents in connection with the transaction, (provided, however, that such reimbursement
 amount in no way limits or impairs the indemnification and contribution provisions of this
 Agreement), not to exceed CAD$25,000. The Agents' estimated expenses may be deducted
 from the gross proceeds otherwise payable to the Company pursuant to Section 3 hereof, and
 such Agents' expenses will be payable by the Company to the Agents, at the Closing
 Date upon receiving particulars regarding such expenses or upon receipt of an invoice from
 the Agents in respect thereof. Notwithstanding the foregoing, any advance received by the
 Agents will be reimbursed to the Company to the extent not actually incurred in compliance
 with FINRA Rule 5110(g)(4)(A), if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(b) *Termination of Agreement*. If this Agreement is terminated by the Representatives in accordance with
 the provisions of Section 6 or Section 10(a) hereof, the Company shall reimburse the Agents
 for all of their reasonable and documented out-of-pocket expenses, but in no event greater
 than U.S. $400,000.

**6.**  **<u>Conditions of Agents' Obligations</u>.** The obligations of the several Agents hereunder are
 subject to the accuracy of the representations and warranties of the Company contained herein
 or in certificates of any officer of the Company delivered pursuant to the provisions hereof,
 to the performance by the Company of its covenants and other obligations hereunder, and to
 the following further conditions:

&nbsp;&nbsp;&nbsp;&nbsp;(a) *Effectiveness of Registration Statement*. No stop order or cease trade order suspending the effectiveness
 of the Registration Statement or any part thereof, preventing or suspending the use of the
 Base Prospectuses, any Preliminary Prospectuses, or the Final Prospectuses, or any part thereof
 shall have been issued and no proceedings for that purpose or pursuant to Section 8A of the
 Securities Act shall have been initiated or threatened by the Commission and/or similar proceedings
 by any Canadian Qualifying Authority, and the Final Prospectuses shall have been filed with
 the Commission and the Canadian Qualifying Authorities, if and as applicable, within the
 applicable time period prescribed for such filing by, and in compliance with, the Securities
 Laws. All requests for additional information on the part of any Canadian Qualifying Authority
 and the Commission shall have been complied with to the Representatives' reasonable
 satisfaction.

 

&nbsp;&nbsp;&nbsp;&nbsp;(b) *Opinions of Counsel for Company.* At the Closing Date, the Agents shall have received (i) the opinion
 and negative assurance letter, each dated the Closing Date, of Sheppard Mullin Richter and
 Hampton LLP, U.S. counsel for the Company, and (ii) the opinion dated the Closing Date of
 DuMoulin Black LLP, Canadian counsel for the Company (who may rely, to the extent appropriate
 in the circumstances, on the opinions of local counsel acceptable to counsel to the Agents
 as to the qualification of the Units for sale to the public and as to other matters governed
 by the laws of jurisdictions in Canada other than the provinces of Canada in which they are
 qualified to practice and may rely, to the extent appropriate in the circumstances, as to
 matters of fact on certificates of officers, public and exchange officials or of the auditor
 or transfer agent of the Company), each in form and substance reasonably satisfactory to
 the Representatives.

 

&nbsp;&nbsp;&nbsp;&nbsp;(c) *[Intentionally Omitted]*.

 

&nbsp;&nbsp;&nbsp;&nbsp;(d) *Officers' Certificate*. At the Closing Date, there shall not have been, since the date hereof or
 since the respective dates as of which information is given in the Registration Statement,
 the Preliminary Prospectuses, the General Disclosure Package or the Final Prospectuses, any
 Material Adverse Change, and the Agents shall have received a certificate of the Chief Executive Officer of the Company and of the Chief Financial Officer of the Company,
 dated the Closing Date, to the effect that (i) there has been no Material Adverse Change,
 (ii) the representations and warranties of the Company in this Agreement are true and correct
 in all material respects (or, as regards specific representations and warranties if qualified
 by materiality, in all respects) with the same force and effect as though expressly made
 at and as of the Closing Date, except for such representations and warranties which are in
 respect of a specific date in which case such representations and warranties will be true
 and correct in all material respects (or, as regards specific representations and warranties
 if qualified by materiality, in all respects) after giving effect to the transactions contemplated
 hereby, (iii) the Company has complied in all material respects with all agreements and satisfied
 all conditions on its part to be performed or satisfied at or prior to the Closing Date,
 and (iv) no stop order suspending the effectiveness of the Registration Statement under the
 Securities Act has been issued, no order preventing or suspending the use of any Preliminary
 Prospectus or the Final Prospectuses or having the effect of ceasing or suspending trading
 in the Securities or prohibiting the sale of Securities has been issued and no proceedings
 for any of those purposes have been instituted or are pending or, to their knowledge, contemplated.

 

&nbsp;&nbsp;&nbsp;&nbsp;(e) *Accountant's Comfort Letter*. At the time of execution of this Agreement, the Agents shall have
 received from M&K CPAS, PLLC, the accountants for the Company, and Smythe LLP,
 the former accountants of the Company, if applicable, a comfort letter, dated such date,
 in form and substance satisfactory to the Representatives, together with signed or reproduced
 copies of such letter for each of the other Agents containing statements and information
 of the type ordinarily included in accountants' "comfort letters" to agents
 with respect to the financial statements and certain financial information contained in the
 Registration Statement, the Preliminary Prospectuses, the General Disclosure Package and
 the Final Prospectuses.

 

&nbsp;&nbsp;&nbsp;&nbsp;(f) *Bring-down Comfort Letter*. At the Closing Date, the Agents shall have received from M&K CPAS,
 PLLC a letter, and from Smythe LLP a letter, if
 applicable , dated as of the Closing Date, to the effect that they reaffirm the
 statements made in the letter furnished pursuant to subsection (e) of this Section, except
 that the specified date for procedures referred to therein shall be brought down to a date
 not more than three business days prior to the Closing Date.

 

&nbsp;&nbsp;&nbsp;&nbsp;(g) *Approval of Listing*. At the Closing Date, the Subordinate Voting Shares shall be listed on Cboe,
 and the Unit Shares, the Warrant Shares, and the Compensation Warrant Shares shall have been
 approved for listing on Cboe subject only to satisfaction of customary post-closing conditions
 imposed by Cboe in similar circumstances.

 

&nbsp;&nbsp;&nbsp;&nbsp;(h) *Lock-up Agreements*. At the time of the execution of this Agreement, the Representatives shall
 have received an agreement substantially in the form of <u>Exhibit A</u> hereto signed by
 the directors, officers and such other persons or entities listed in <u>Schedule C</u> hereto.

 

&nbsp;&nbsp;&nbsp;&nbsp;(i) *Chief Accounting Officer's Certificate*. At the time of the execution of this Agreement,
 the Agents shall have received a certificate of the Chief Accounting Officer of the Company
 substantially in the form of <u>Exhibit B</u> hereto, dated the Closing Date, certifying
 certain financial information set forth in the Registration Statement, the Preliminary Prospectuses,
 General Disclosure Package and the Final Prospectuses.

 

&nbsp;&nbsp;&nbsp;&nbsp;(j) *Secretary's Certificate*. At the Closing Date, the Agents shall have received a certificate of the
 Secretary of the Company, dated the Closing Date, in form and substance reasonably satisfactory
 to the Representatives.

 

&nbsp;&nbsp;&nbsp;&nbsp;(k) *Good Standing Certificate.* The Agents shall have received certificates of status and/or compliance,
 where issuable under applicable law, for the Company, dated within one (1) business
 day prior to the Closing Date.

 

&nbsp;&nbsp;&nbsp;&nbsp;(l) *Warrant Indenture.* The Agents shall have received an executed copy of the Warrant Indenture.

 

&nbsp;&nbsp;&nbsp;&nbsp;(m) *Transfer Agent Certificate.* The Agents shall have received, at the Closing Date, a certificate
 from Endeavor Trust Corporation as to the number of Subordinate Voting Shares issued and
 outstanding as at the end of business day on the trading date prior to the Closing Date.

 

&nbsp;&nbsp;&nbsp;&nbsp;(n) *[Intentionally Omitted*. *]* 

 

&nbsp;&nbsp;&nbsp;&nbsp;(o) *Additional Documents*. At the Closing Date, counsel for the Agents shall have been furnished with
 such documents and opinions as they may reasonably require for the purpose of enabling them
 to pass upon the issuance and sale of the Securities as herein contemplated, or in order
 to evidence the accuracy of any of the representations or warranties, or the fulfillment
 of any of the conditions, herein contained; and all proceedings taken by the Company in connection
 with the issuance and sale of the Securities as herein contemplated shall be reasonably satisfactory
 in form and substance to the Representatives and counsel for the Agents.

 

&nbsp;&nbsp;&nbsp;&nbsp;(p) *Termination of Agreement*. The Agents shall not have exercised any rights of termination set forth
 in the Agreement. If any condition specified in this Section shall not have been fulfilled
 when and as required to be fulfilled, this Agreement, may be terminated by the Representatives
 by notice to the Company at any time at or prior to the Closing Date and such termination
 shall be without liability of any party to any other party except as provided in Section
 5 and except that Sections 2, 7, 8, 9, 13, 14, 15, 16 and 21 shall survive any such termination
 and remain in full force and effect.

 

**7.**  **<u>Indemnification</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) *Indemnification of Agents*. The Company agrees to indemnify and hold harmless each Agent, its affiliates
 (as such term is defined in Rule 405 under the Securities Act (each, an "**Affiliate** ")),
 any selling agents, and each person, if any, who controls any Agent within the meaning of
 Section 15 of the Securities Act or Section 20 of the Exchange Act, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) against
 any and all loss, liability, claim, damage and expense whatsoever, as incurred, including,
 without limitation, any legal or other expenses reasonably incurred in connection with defending
 or investigating any such action or claim (but excluding loss of profits and other consequential
 damages), arising out of any untrue statement or alleged untrue statement of a material fact
 contained in the Registration Statement (or any amendment thereto), or the omission or alleged
 omission therefrom of a material fact required to be stated therein or necessary to make
 the statements therein not misleading or arising out of any untrue statement or alleged untrue
 statement of a material fact included in the U.S. Preliminary Prospectus, the General Disclosure
 Package or the U.S. Final Prospectus (or any amendment or supplement thereto), or the omission
 or alleged omission in the U.S. Preliminary Prospectus, the General Disclosure Package,
 or the U.S. Final Prospectus of a material fact necessary in order to make the statements
 therein, in the light of the circumstances under which they were made, not misleading; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) against
 any and all loss, liability, claim, damage and expense whatsoever, as incurred, including,
 without limitation, any legal or other expenses reasonably incurred in connection with defending
 or investigating any such action or claim (but excluding loss of profits and other consequential
 damages), arising out of any misrepresentation or alleged misrepresentation (as that term
 is defined under applicable Canadian Securities Laws) contained in the Canadian Preliminary
 Prospectus, the Canadian Final Prospectus or any amendment or supplement thereto;

provided, however, that this indemnity agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out of any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with the information provided in writing by the Agents to the Company for use in connection with the General Disclosure Package, the Preliminary Prospectuses or the Final Prospectuses.

&nbsp;&nbsp;&nbsp;&nbsp;(b) *Indemnification of Company, Directors and Officers*. Each Agent severally agrees to indemnify and hold
 harmless the Company, its directors, each of its officers who signed the Registration Statement
 or the Canadian Final Prospectus, to the same extent as the foregoing indemnity from the
 Company to each Agent, but only with reference to the information provided in writing by
 the Agents to the Company for use in connection with the General Disclosure Package, the
 Preliminary Prospectuses, or the Final Prospectuses.

&nbsp;&nbsp;&nbsp;&nbsp;(c) *Actions against Parties; Notification.* Each indemnified party shall give notice as promptly as
 reasonably practicable to each indemnifying party of any action commenced against it in respect
 of which indemnity may be sought hereunder, but failure to so notify an indemnifying party
 shall not relieve such indemnifying party from any liability hereunder to the extent it is
 not materially prejudiced as a result thereof and in any event shall not relieve it from
 any liability which it may have otherwise than on account of this indemnity agreement. In
 the case of parties indemnified pursuant to Section 7(a) above, counsel to the indemnified
 parties shall be selected by the Representatives, and, in the case of parties indemnified
 pursuant to Section 7(b) above, counsel to the indemnified parties shall be selected by the
 Company. An indemnifying party may participate at its own expense in the defense of any such
 action; provided, however, that counsel to the indemnifying party shall not (except with
 the consent of the indemnified party) also be counsel to the indemnified party. In no event
 shall the indemnifying parties be liable for the reasonable fees and expenses of more than
 one counsel (in addition to any local counsel) separate from their own counsel for all indemnified
 parties in connection with any one action or separate but similar or related actions in the
 same jurisdiction arising out of the same general allegations or circumstances. No indemnifying
 party shall, without the prior written consent of the indemnified parties, settle or compromise
 or consent to the entry of any judgment with respect to any litigation, or any investigation
 or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever
 in respect of which indemnification or contribution could be sought under this Section 7
 or Section 8 hereof (whether or not the indemnified parties are actual or potential parties
 thereto), unless such settlement, compromise or consent (i) includes an unconditional release
 of each indemnified party from all liability arising out of such litigation, investigation,
 proceeding or claim and (ii) does not include a statement as to or an admission of fault,
 culpability or a failure to act by or on behalf of any indemnified party.

**8.**  **<u>Contribution</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) *Allocation of Contribution.* If the indemnification provided for in Section 7 hereof is for any reason
 unavailable to or insufficient to hold harmless an indemnified party in respect of any losses,
 liabilities, claims, damages or expenses referred to therein, then each indemnifying party
 shall contribute to the aggregate amount of such losses, liabilities, claims, damages and
 expenses incurred by such indemnified party, as incurred, (i) in such proportion as is appropriate
 to reflect the relative benefits received by the Company, on the one hand, and the Agents,
 on the other hand, from the offering of the Securities pursuant to this Agreement or (ii)
 if the allocation provided by clause (i) is not permitted by applicable law, in such proportion
 as is appropriate to reflect not only the relative benefits referred to in clause (i) above
 but also the relative fault of the Company, on the one hand, and of the Agents, on the other
 hand, in connection with the statements or omissions which resulted in such losses, liabilities,
 claims, damages or expenses, as well as any other relevant equitable considerations.

&nbsp;&nbsp;&nbsp;&nbsp;(b) *Relative Benefits.* The relative benefits received by the Company, on the one hand, and the Agents,
 on the other hand, in connection with the offering of the Securities pursuant to this Agreement
 shall be deemed to be in the same respective proportions as the total net proceeds from the
 offering of the Securities pursuant to this Agreement (before deducting expenses) received
 by the Company, on the one hand, and the total agents' fee received by the Agents,
 on the other hand, in each case as set forth on the cover of the Final Prospectuses, bear
 to the aggregate initial public offering price of the Securities as set forth on the cover
 of the Final Prospectuses.

&nbsp;&nbsp;&nbsp;&nbsp;(c) *Relative Fault.* The relative fault of the Company, on the one hand, and the Agents, on the other
 hand, shall be determined by reference to, among other things, whether any such untrue or
 alleged untrue statement of a material fact or omission or alleged omission to state a material
 fact relates to information supplied by the Company or by the Agents and the parties'
 relative intent, knowledge, access to information and opportunity to correct or prevent such
 statement or omission.

&nbsp;&nbsp;&nbsp;&nbsp;(d) *Not Pro Rata.* The Company and the Agents agree that it would not be just and equitable if
 contribution pursuant to this Section 8 were determined by pro rata allocation (even if the
 Agents were treated as one entity for such purpose) or by any other method of allocation
 which does not take account of the equitable considerations referred to above in this Section
 8. The aggregate amount of losses, liabilities, claims, damages and expenses incurred by
 an indemnified party and referred to above in this Section 7 shall be deemed to include any
 legal or other expenses reasonably incurred by such indemnified party in investigating, preparing
 or defending against any litigation, or any investigation or proceeding by any governmental
 agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue
 or alleged untrue statement or omission or alleged omission.

&nbsp;&nbsp;&nbsp;&nbsp;(e) *Compensation Cap.* Notwithstanding the provisions of this Section 8, no Agent shall be required to
 contribute any amount in excess of the agent compensation received by such Agent in connection
 with the offer and sale of the Offered Securities.

&nbsp;&nbsp;&nbsp;&nbsp;(f) *No Entitlement to Contribution.* No person guilty of fraudulent misrepresentation (within
 the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from
 any person who was not guilty of such fraudulent misrepresentation.

&nbsp;&nbsp;&nbsp;&nbsp;(g) *Persons with Contribution Rights.* For purposes of this Section 8, each person, if any, who controls
 an Agent within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
 Act and each Agent's Affiliates and selling agents shall have the same rights to contribution
 as such Agent, and each director of the Company, each officer of the Company who signed the
 Registration Statement or the Canadian Final Prospectus, and each person, if any, who controls
 the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
 Act shall have the same rights to contribution as the Company.

**9.**  **<u>Representations, Warranties and Agreements to Survive</u>.** All representations, warranties and agreements
 contained in this Agreement or in certificates of officers of the Company submitted pursuant
 hereto, shall remain operative and in full force and effect regardless of (i) any investigation
 made by or on behalf of any Agent or its Affiliates or selling agents, any person controlling
 any Agent, its officers or directors or any person controlling the Company and (ii) delivery
 of and payment for the Securities.

**10.**  **<u>Termination of Agreement</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) *Termination*.
 The Representatives may terminate this Agreement, by notice to the Company, at any time at
 or prior to the Closing Date (i) if there has been, in the judgment of the Representatives,
 since the time of execution of this Agreement or since the respective dates as of which information
 is given in the Registration Statement, the Preliminary Prospectuses, the General Disclosure
 Package or the Final Prospectuses, any Material Adverse Change, (ii) if there has occurred
 any material adverse change in the financial markets in the United States, Canada or the
 international financial markets, any outbreak of hostilities or escalation thereof or other
 calamity or crisis, including a widespread outbreak of epidemic illnesses, or any change
 or development involving a prospective change in national or international political, financial
 or economic conditions, in each case the effect of which is such as to make it, in the judgment
 of the Representatives, impracticable or inadvisable to proceed with the completion of the
 offering or to enforce contracts for the sale of the Offered Securities, (iii) if there has
 been any inquiry, action, suit, investigation or other proceeding in relation to the Company
 or any of the directors or senior officers of the Company, whether formal or informal (including
 matters of regulatory transgression or unlawful conduct), commenced, threatened or publicly
 announced or any order is made under or pursuant to any statute or by any federal, provincial,
 state, municipal or other governmental department, commission, board, bureau, stock exchange,
 regulatory authority, agency or instrumentality or there is any enactment or change of law
 or regulation, or interpretation or administration thereof, (unless solely based on the activities
 or alleged activities of the Agents), which in the reasonable opinion of the Agents, could
 operate to prevent or restrict the trading of the Subordinate Voting Shares or which seriously
 adversely affects, or will, or could seriously adversely affect the market price or value
 of the Subordinate Voting Shares; (iv) if trading in any securities of the Company has been
 suspended or materially limited by the Commission, the BCSC or any other applicable Canadian
 Qualifying Authorities, or Cboe (other than temporary trading halts), (v) if trading generally
 on Cboe has been suspended or materially limited, or minimum or maximum prices for trading
 on such exchanges have been fixed on a generally applicable basis, or maximum ranges for
 prices for trading on such exchanges have been required on a generally applicable basis,
 by any of said exchanges or by order of the Commission, FINRA or any other Governmental Authority
 having jurisdiction over any of such exchanges, (vi) a material general disruption has occurred
 in commercial banking or securities settlement, payment or clearance services in the United
 States or Canada, or (vii) if a general banking moratorium has been declared by either U.S.
 federal, Canadian or New York authorities.

&nbsp;&nbsp;&nbsp;&nbsp;(b) *Liabilities*.
 If this Agreement is terminated pursuant to this Section, such termination shall be without
 liability of any party to any other party except as provided in Section 4 hereof, and provided
 further that Sections 2, 7, 8, 9, 13, 14, 15, 16 and 21 shall survive such termination and
 remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;(c) *Rights in Addition*. The right of the Agents to terminate its obligations under this Agreement
 is in addition to such other remedies as it may have in respect of any default, act or failure
 to act of the Company in respect of any of the matters contemplated by this Agreement.

**11.**  **<u>Notices</u>.** All notices and other communications hereunder shall be in writing and shall be deemed
 to have been duly given if mailed or transmitted by any standard form of telecommunication.

Notices to the Agents shall be directed to the Representatives at:

A.G.P. Canada Investments ULC

5063 North Service Road, Suite 100

Burlington, Ontario L7L 5H6

Canada

Attention: Ann McIntosh, CEO, UDP & CCO

Email: <u>amcintosh@alliancegcanada.ca</u>

and

A.G.P./Alliance Global Partners

590 Madison Avenue, 28th Floor

New York, NY 10022

U.S.A.

Attention: Thomas Higgins, Managing Director

Email: <u>thiggins@allianceg.com</u>

with copies to

TingleMerrett LLP

1250, 639 – 5 Avenue SW

Calgary, Alberta T2P 0M9

Canada

Attention: Scott Reeves

E-mail: <u>sreeves@tinglemerrett.com</u>

Notices to the Company shall be directed to it at:

VERSES AI Inc.

‎ 205 - 810 Quayside Drive, New

Westminster, British Columbia, V3M 6B9

Canada

Attention: Gabriel René, Co-Founder and Chief Executive Officer

E-mail: <u>gabe@verses.ai</u>

with a copy of any such notice to:

Sheppard Mullin Richter and Hampton LLP

1901 Avenue of the Stars, Suite 1600

Los Angeles, CA 90067-6017

U.S.A.

Attention: Andrew J. Bond

Email: <u>ABond@sheppardmullin.com</u>

and

DuMoulin Black LLP

1111 West Hastings Street, 15<sup>th</sup> Floor

Vancouver, BC V6E 2J3

Attention: Justin Kates

E-mail: <u>jkates@dumoulinblack.com</u>

**12.**  **<u>No Advisory or Fiduciary Relationship</u>.** The Company acknowledges and agrees that (i)
 the purchase and sale of the Securities pursuant to this Agreement, including the determination
 of the initial public offering price of the Securities and any related commissions or fees,
 is an arm's-length commercial transaction between the Company, on the one hand, and
 the several Agents, on the other hand, (ii) in connection with the offering of the Offered
 Securities and the process leading thereto, each Agent is and has been acting solely as a
 principal and is not the agent or fiduciary of the Company, or its shareholders, creditors,
 employees or any other party, (iii) no Agent has assumed or will assume an advisory or fiduciary
 responsibility in favor of the Company with respect to the offering of the Securities or
 the process leading thereto (irrespective of whether such Agent has advised or is currently
 advising the Company on other matters) and no Agent has any obligation to the Company with
 respect to the offering of the Offered Securities except the obligations expressly set forth
 in this Agreement, (iv) the Agents and their respective affiliates may be engaged in a broad
 range of transactions that involve interests that differ from those of the Company, and (v)
 the Agents have not provided any legal, accounting, regulatory or tax advice with respect
 to the offering of the Offered Securities and the Company has consulted its own respective
 legal, accounting, regulatory and tax advisors to the extent it deemed appropriate. The Company
 waives to the full extent permitted by applicable law any claims it may have against the
 Agents arising from an alleged breach of fiduciary duty in connection with the offering of
 the Offered Securities.

**13.**  **<u>Parties</u>.** This Agreement shall each inure to the benefit of and be binding upon the Agents and
 the Company and their respective successors. Nothing expressed or mentioned in this Agreement
 is intended or shall be construed to give any person, firm or corporation, other than the
 Agents and the Company and their respective successors and the controlling persons and officers
 and directors referred to in Sections 7 and 8 and their heirs and legal representatives,
 any legal or equitable right, remedy or claim under or in respect of this Agreement or any
 provision herein contained. This Agreement and all conditions and provisions hereof are intended
 to be for the sole and exclusive benefit of the Agents and the Company and their respective
 successors, and said controlling persons and officers and directors and their heirs and legal
 representatives, and for the benefit of no other person, firm or corporation. No purchaser
 of Securities from any Agent shall be deemed to be a successor by reason merely of such purchase.

**14.**  **<u>Trial by Jury</u>.** The Company (on its behalf and, to the extent permitted by applicable law,
 on behalf of its shareholders and affiliates) and each of the Agents hereby irrevocably waive,
 to the fullest extent permitted by applicable law, any and all right to trial by jury in
 any legal proceeding arising out of or relating to this Agreement or the transactions contemplated
 hereby.

**15.**  **<u>Governing Law</u>.** THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED
 TO THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF, THE
 STATE OF NEW YORK WITHOUT REGARD TO ITS CHOICE OF LAW PROVISIONS.

**16.**  **<u>Consent to Jurisdiction; Waiver of Immunity</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) *Consent to Jurisdiction.* By the execution and delivery of this Agreement, the Company (i) acknowledges
 that it has, by separate written instrument, irrevocably designated and appointed Verses,
 Inc. (or any successor) (together with any successor, the "**Agent for Service** "),
 as its authorized agent upon which process may be served in any suit or proceeding arising
 out of or relating to this Agreement or the Securities, that may be instituted in any federal
 or state court in the City and County of New York, Borough of Manhattan, or brought under
 federal or state securities laws, and acknowledges that the Agent for Service has accepted
 such designation, (ii) submits to the non-exclusive jurisdiction of any such court in any
 such suit or proceeding, and (iii) agrees that service of process upon the Agent for Service
 (or any successor) and written notice of said service to the Company shall be deemed in every
 respect effective service of process upon the Company in any such suit or proceeding. The
 Company further agrees to take any and all action, including the execution and filing of
 any and all such documents and instruments, as may be necessary to continue such designation
 and appointment of the Agent for Service in full force and effect so long as required by
 the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;(b) *Waiver of Immunity.* To the extent that the Company has or hereafter may acquire any immunity
 from jurisdiction of any court or from any legal process (whether through service of notice,
 attachment prior to judgment, attachment in aid of execution, execution or otherwise) with
 respect to itself or its property, it hereby irrevocably waives such immunity in respect
 of its obligations under the above-referenced documents, to the extent permitted by law.

**17.**  **<u>Time</u>.** TIME SHALL BE OF THE ESSENCE OF THIS AGREEMENT. EXCEPT AS OTHERWISE SET FORTH HEREIN,
 SPECIFIED TIMES OF DAY REFER TO NEW YORK CITY TIME.

**18.**  **<u>Partial Unenforceability</u>.** The invalidity or unenforceability of any Section, paragraph or
 provision of this Agreement shall not affect the validity or enforceability of any other
 Section, paragraph or provision hereof. If any Section, paragraph or provision of this Agreement
 is for any reason determined to be invalid or unenforceable, there shall be deemed to be
 made such minor changes (and only such minor changes) as are necessary to make it valid and
 enforceable.

**19.**  **<u>Counterparts</u>.** This Agreement may be executed in any number of counterparts, each of which shall be
 deemed to be an original, but all such counterparts shall together constitute one and the
 same agreement.

**20.**  **<u>Effect of Headings</u>.** The Section headings herein are for convenience only and shall not affect
 the construction hereof.

**21.**  **<u>Entire Agreement</u>.** This Agreement supersedes all prior agreements and understanding (whether
 written or oral) between the Company and the Agents, or any of them, with respect to the
 subject matter hereof.

If the foregoing is in accordance with your understanding of our agreement, please sign and return to the Company a counterpart hereof, whereupon this instrument, along with all counterparts, will become a binding agreement among the Agents and the Company in accordance with its terms.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **VERSES AI INC.** | **VERSES AI INC.** |
| By: | */s/ James Christodoulou* |
| Name: | James Christodoulou |
| Title: | CFO |

---

---

| | |
|:---|:---|
| CONFIRMED AND ACCEPTED, | CONFIRMED AND ACCEPTED, |
| as of the date first above written: | as of the date first above written: |
| **A.G.P. CANADA INVESTMENTS ULC** | **A.G.P. CANADA INVESTMENTS ULC** |
| By: | */s/ Ann McIntosh* |
| Name: | Ann McIntosh |
| Title: | CEO, UDP, & CCO |
| **A.G.P./ ALLIANCE GLOBAL PARTNERS** | **A.G.P./ ALLIANCE GLOBAL PARTNERS** |
| By: | */s/ Thomas J. Higgins* |
| Name: | Thomas J. Higgins |
| Title: | Managing Director |

---

Each for itself and as Representatives of the Several Agents

**SCHEDULE A**

**[INTENTIONALLY DELETED]**

 **SCHEDULE B**

<u>Pricing Terms</u>

1. The
 Company is selling 1,007,764 Units, with each Unit consisting of (i) one Unit Share
 and (ii) one half of one Warrant.

2. The
 public offering price per Initial Unit shall be CDN$9.50.

3. The
 exercise price of the Warrants shall be CDN$11.50.

4. The
 Company has agreed to pay TriView Capital Ltd. a financial advisory fee.

**SCHEDULE C**

<u>List of Persons and Entities Subject to Lock-up</u>

&nbsp;&nbsp;&nbsp;&nbsp;1. Gabriel
 René

&nbsp;&nbsp;&nbsp;&nbsp;2. James
 Christodoulou

&nbsp;&nbsp;&nbsp;&nbsp;3. James
 Hendrickson

&nbsp;&nbsp;&nbsp;&nbsp;4. Hari
 Thiruvengada

&nbsp;&nbsp;&nbsp;&nbsp;5. Dan
 Mapes

&nbsp;&nbsp;&nbsp;&nbsp;6. Kevin
 Wilson

&nbsp;&nbsp;&nbsp;&nbsp;7. Jon
 De Vos

&nbsp;&nbsp;&nbsp;&nbsp;8. G.
 Scott Paterson

&nbsp;&nbsp;&nbsp;&nbsp;9. Michael
 Blum

**EXHIBIT A**

FORM OF LOCK-UP AGREEMENT

**EXHIBIT B**

FORM OF CERTIFICATE OF CHIEF FINANCIAL OFFICER

[●], 2025

The undersigned, [●], Chief Financial Officer of VERSES AI Inc., a corporation organized under the laws of the Province of British Columbia, Canada (the "**Company**"), solely in his capacity as Chief Financial Officer of the Company and not in any individual capacity, does herby certify pursuant to Section 6(i) of the agency agreement (the "**Agency Agreement**") dated as of July [●], 2025, by and among the Company, A.G.P. Canada Investments ULC and A.G.P./Alliance Global Partners, and any other agents named therein, as follows:

1. I
 am the duly qualified and acting Chief Financial Officer of the Company and in such capacity,
 I am familiar with the Company's accounting records and internal controls over financial
 reporting;

2. I
 or members of the Company's staff who are responsible for the Company's financial
 or accounting matters have reviewed certain information included in the Registration Statement,
 the Preliminary Prospectuses, the General Disclosure Package and the Final Prospectuses,
 which information is circled on the pages attached hereto as Annex A (the "**Financial Information** ").

3. I
 or members of the Company's staff who are responsible for the Company's financial
 or accounting matters have supervised the compilation of and reviewed the Financial Information;
 and

4. The
 Financial Information (a) was prepared in good faith by the Company, (b) has been derived
 from internal accounting records of the Company and (c) fairly presents in all material respects
 the matters which it purports to present. Nothing has come to my attention nor, to my knowledge,
 the attention of any other member of the Company's accounting staff, that would cause
 me to believe that (a) the Financial Information is inaccurate or misleading in any material
 respect or (b) that the actual consolidated results of operations of the Company will differ
 from that presented in the Financial Information in any material respect.

Unless otherwise defined herein, terms defined in the Agency Agreement and used herein shall have the meanings given to them in the Agency Agreement.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| By: |  |
| Name: |  |
| Title: | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**<u>VERSES AI INC. ANNOUNCES PROPOSED PUBLIC OFFERING OF SECURITIES</u>**

July 8, 2025

VANCOUVER, British Columbia – Verses AI Inc. (CBOE: VERS) (OTCQB: VRSSD) ("**Verses**" or the "**Company**") is pleased to announce that it intends to offer and sell securities in an agency public offering to be undertaken on a reasonable best-efforts basis (the "**Offering**").

The Offering is expected to be priced in the context of the market, with the final terms of the Offering, including the specific securities to be offered, to be determined at the time of pricing. There can be no assurance as to whether or when the Offering may be completed, or as to the actual size or terms of the Offering. The closing of the Offering remains subject to market and other customary conditions, including but not limited to, the receipt of all necessary approvals, including the approval of Cboe Canada Inc. ("**CBOE**").

A.G.P. Canada Investments ULC ("**A.G.P. Canada**") is acting as lead agent for the Offering. A.G.P./Alliance Global Partners ("**A.G.P. US**") is acting as U.S. agent in the Offering.

In connection with the Offering, the Company intends to file a preliminary prospectus supplement (the "**Preliminary Prospectus Supplement**") and a subsequent prospectus supplement (the "**Final Prospectus Supplement**") to its short form base shelf prospectus receipted on September 26, 2024 (the "**Base Shelf Prospectus**") in each of the provinces and territories of Canada, other than Québec, relating to the proposed Offering. The Preliminary Prospectus Supplement and Final Prospectus Supplement will also be filed with the U.S. Securities and Exchange Commission (the "**SEC**") as part of the Company's U.S. registration statement on Form F-10, declared effective by the SEC on October 1, 2024 (File No. 333-282301) (as amended, the "**Registration Statement**"), which includes the Base Shelf Prospectus.

The Base Shelf Prospectus is, and the Preliminary Prospectus Supplement and Final Prospectus Supplement will be, accessible on SEDAR+ at www.sedarplus.com. The Registration Statement, including the Base Shelf Prospectus is, and the Preliminary Prospectus Supplement and Final Prospectus Supplement will be, accessible in the United States on EDGAR at www.sec.gov.

An electronic or paper copy of the Base Shelf Prospectus, the Preliminary Prospectus Supplement (when filed), and the Final Prospectus Supplement (when filed), and any amendment to such documents may be obtained without charge, from A.G.P. Canada, 5063 North Service Road, Suite 100, Office 74, Burlington, Ontario L7L 5H6, by email to Info@alliancegcanada.ca, Attention: Investment Banking, and can be obtained from A.G.P. US at 590 Madison Avenue, 28th Floor, New York, NY 10022, or by telephone at (212) 624-2060, or by email at prospectus@allianceg.com, and by providing the contact with an email address or address, as applicable. The Base Shelf Prospectus, the Preliminary Prospectus and Final Prospectus Supplement (when filed) contain or will contain important, detailed information about the Company and the proposed Offering. Prospective investors should read the Base Shelf Prospectus, the Preliminary Prospectus Supplement and Final Prospectus Supplement (when filed) before making an investment decision.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such province, state or jurisdiction.

**About VERSES**

VERSES is a cognitive computing company building next-generation intelligent software systems modeled after the wisdom and genius of nature.

**On Behalf of the Company**

Gabriel René

VERSES AI Inc.

Co-Founder & CEO

press@VERSES.io

**Media and Investor Relations Inquiries**

*James Christodoulou*

*Chief Financial Officer*

*Verses AI Inc.*

*IR@Verses.ai*

*(212) 970-8889*

**Cautionary Note Regarding Forward-Looking Statements**

*This news release includes certain statements and information that may constitute forward-looking information or forward-looking statements within the meaning of applicable securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends", "expects" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or will "potentially" or "likely" occur. This information and these statements, referred to herein as "forward-looking statements", are not historical facts, are made as of the date of this news release and include, without limitation, the Company's ability to either price or complete the Offering, and the receipt of all necessary approvals, including the approval of CBOE.*

 

*Such forward-looking statements are based on a number of assumptions of management, including, without limitation, assumptions regarding the ability of the Company to obtain all necessary approvals for the Offering and the timing thereof. Additionally, forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of Verses to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: that the Offering will not be completed on the timetable anticipated or at all, that the Company will not be able to price the Offering, that the Company will not obtain all necessary approvals, including the approval of CBOE and applicable securities regulatory authorities, and that the volatility of global capital markets will impact the Offering and the development of the Company's business, as well as the risk factors set out under the heading "Risk Factors" in the Company's annual information form dated June 30, 2025 available for review on the Company's profile at www.sedarplus.ca and filed as an exhibit to the Registration Statement and the heading "Risk Factors" in the Preliminary Prospectus and Final Prospectus (when filed) with the SEC at www.sec.gov.*

 

*Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws.*

**The CBOE has not approved or disapproved the contents of this news release and is not responsible for the adequacy and accuracy of the contents herein.**

## Exhibit 99.2

**Exhibit 99.2**

**<u>VERSES AI INC. ANNOUNCES PRICING OF PUBLIC OFFERING OF UNITS</u>**

July 9, 2025

VANCOUVER, British Columbia – Verses AI Inc. (CBOE: VERS) (OTCQB: VRSSD) ("**Verses**" or the "**Company**") is pleased to announce the pricing of its previously announced public offering (the "**Offering**"), of 1,007,764 units of the Company (the "**Units**") at a price to the public of US$6.946 (C$9.50) per Unit (the "**Offering Price**") for gross proceeds of US$7,000,331 (C$9,573,758), before deducting commissions and estimated expenses incurred in connection with the Offering. Each Unit consists of one Class A subordinate voting share of the Company (a "**Share**") and one-half of one Share purchase warrant (each whole warrant, a "**Warrant**"). Each whole Warrant will be exercisable to acquire one Share, at a price of US$8.409 (C$11.50) per Share for a period of 36 months from the date of issuance.

A.G.P. Canada Investments ULC ("**A.G.P. Canada**") is acting as lead agent for the Offering. A.G.P./Alliance Global Partners ("**A.G.P. US**") is acting as U.S. agent in the Offering.

In connection with the Offering, the Company has filed a preliminary prospectus supplement (the "**Preliminary Prospectus Supplement**") and intends to file a subsequent prospectus supplement (the "**Final Prospectus Supplement**") to its short form base shelf prospectus receipted on September 26, 2024 (the "**Base Shelf Prospectus**") in each of the provinces and territories of Canada, other than Québec, relating to the proposed Offering. The Preliminary Prospectus Supplement has been and the Final Prospectus Supplement will be filed with the U.S. Securities and Exchange Commission (the "**SEC**") as part of the Company's U.S. registration statement on Form F-10, declared effective by the SEC on October 1, 2024 (File No. 333-282301) (as amended, the "**Registration Statement**"), which includes the Base Shelf Prospectus.

The closing of the Offering remains subject to market and other customary conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of Cboe Canada Inc. ("**CBOE**").

The net proceeds of the Offering will strengthen the Company's financial position and provide liquidity to ‎finance ongoing operations, including, in particular, the Company's expenses incurred, and expected to be ‎incurred, in connection with the Company's research and development objectives, and for working capital and general corporate purposes.

The Base Shelf Prospectus and Preliminary Prospectus Supplement are, and the Final Prospectus Supplement will be, accessible on SEDAR+ at www.sedarplus.com. The Registration Statement, including the Base Shelf Prospectus and Preliminary Prospectus Supplement are, and the Final Prospectus Supplement will be, accessible in the United States on EDGAR at www.sec.gov.

An electronic or paper copy of the Base Shelf Prospectus, the Preliminary Prospectus Supplement, and the Final Prospectus Supplement (when filed), and any amendment to such documents may be obtained without charge, from A.G.P. Canada, 5063 North Service Road, Suite 100, Office 74, Burlington, Ontario L7L 5H6, by email to Info@alliancegcanada.ca, Attention: Investment Banking, and can be obtained from A.G.P. US at 590 Madison Avenue, 28th Floor, New York, NY 10022, or by telephone at (212) 624-2060, or by email at prospectus@allianceg.com, and by providing the contact with an email address or address, as applicable. The Base Shelf Prospectus, the Preliminary Prospectus and Final Prospectus Supplement (when filed) contain or will contain important, detailed information about the Company and the proposed Offering. Prospective investors should read the Base Shelf Prospectus, the Preliminary Prospectus Supplement and Final Prospectus Supplement (when filed) before making an investment decision.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such province, state or jurisdiction.

References to "US$" are to United States dollars and references to or "C$" are to Canadian dollars. On July 8, 2025, the noon buying rate as reported by the Bank of Canada for the conversion of one Canadian dollar into United States dollars was C$1.00 equals US$0.7312.

**About VERSES**

VERSES is a cognitive computing company building next-generation intelligent software systems modeled after the wisdom and genius of nature.

**On Behalf of the Company**

Gabriel René

VERSES AI Inc.

Co-Founder & CEO

press@VERSES.io

**Media and Investor Relations Inquiries**

*James Christodoulou*

*Chief Financial Officer*

*Verses AI Inc.*

*IR@Verses.ai*

*(212) 970-8889*

**Cautionary Note Regarding Forward-Looking Statements**

*This news release includes certain statements and information that may constitute forward-looking information or forward-looking statements within the meaning of applicable securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends", "expects" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or will "potentially" or "likely" occur. This information and these statements, referred to herein as "forward-looking statements", are not historical facts, are made as of the date of this news release and include, without limitation, the Company's ability to complete the Offering on the terms announced or at all, the use of the net proceeds of the Offering, and the receipt of all necessary approvals, including the approval of CBOE.*

 

 

*Such forward-looking statements are based on a number of assumptions of management, including, without limitation, assumptions regarding the ability of the Company to obtain all necessary approvals for the Offering and the timing thereof. Additionally, forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of Verses to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: that the Offering will not be completed on the timetable anticipated or at all, that the use of proceeds from the Offering will differ from management's current expectations, that the Company will not obtain all necessary approvals, including the approval of CBOE and applicable securities regulatory authorities, and that the volatility of global capital markets will impact the Offering and the development of the Company's business, as well as the risk factors set out under the heading "Risk Factors" in the Company's annual information form dated June 30, 2025 available for review on the Company's profile at www.sedarplus.ca and filed as an exhibit to the Registration Statement and the heading "Risk Factors" in the Preliminary Prospectus and Final Prospectus (when filed) with the SEC at www.sec.gov.*

 

*Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws.*

 

**Prospective investors should read the Base Shelf Prospectus and the Final Prospectus Supplement (when available) and the documents incorporated by reference therein, which are available on both SEDAR+ at www.sedarplus.ca. and on EDGAR at www.sec.gov before making an investment decision.**

**The CBOE has not approved or disapproved the contents of this news release and is not responsible for the adequacy and accuracy of the contents herein.**

## Exhibit 99.3

**Exhibit 99.3**

---

| | |
|:---|:---|
| ![](ex99-3_001.jpg) | DuMoulin Black LLP<br> 15th Floor 1111 Howe Street<br> Vancouver BC Canada V6E 2J3<br> www.dumoulinblack.com |
|  | File No.5777-037 |

---

July 8, 2025

<u>Consent of DuMoulin Black LLP</u>

We hereby consent to the reference to our name on the face page and under the headings "Documents Filed as Part of the U.S. Registration Statement" and "Legal Matters" in the prospectus supplement dated July 8, 2025 relating to the issuance by VERSES AI Inc. of units, which forms part of the Registration Statement on Form F-10 (File No. 333-282301).

In giving this consent, we do not admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended.

*/s/ "DuMoulin Black LLP"*

DuMOULIN BLACK LLP

## Exhibit 99.4

**Exhibit 99.4**

![](ex99-4_001.jpg)

---

| | |
|:---|:---|
| **Reply To:** | Richard B. Wong \* |
| **Direct Line:** | (604) 602-4216 |
| **E-Mail:** | rbwong@thor.ca |

---

July 8, 2025

**<u>Consent of Thorsteinssons LLP</u>**

We hereby consent to the reference to our name on the face page and under the headings "Documents Filed as Part of the U.S. Registration Statement" and "Legal Matters," and to the reference to our name and use of our opinions under the headings "Eligibility for Investment" and "Certain Canadian Federal Income Tax Considerations," in the prospectus supplement dated July 8, 2025 relating to the issuance by VERSES AI Inc. of units, which forms part of the Registration Statement on Form F-10 (File No. 333-282301).

In giving this consent, we do not admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended.

***"Thorsteinssons LLP"***

 ****

\* PRACTISING THROUGH A PROFESSIONAL CORPORATION

## Exhibit 99.5

**Exhibit 99.5**

**<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

We hereby consent to the incorporation by reference in this Registration Statement on Form F-10, of our report dated June 30, 2025 relating to the consolidated financial statements which appeared in VERSES AI Inc. for the two years ended March 31, 2025 and 2024.

We also consent to the reference to our firm under the heading "Interest of Experts" and "Auditors, Transfer Agent and Registrar" in the short form base shelf prospectus filed as part of to the Registration Statement on Form F-10 in such registration statement.

*/s/ M&K CPA's, PLLC*

The Woodlands, TX

July 9, 2025