# EDGAR Filing Document

**Accession Number:** 0001910053
**File Stem:** 0001493152-23-007425
**Filing Date:** 2023-3
**Character Count:** 1301239
**Document Hash:** 9c496fc838cc4300b79cb40e31bf5048
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-23-007425.hdr.sgml**: 20230313

**ACCESSION NUMBER**: 0001493152-23-007425

**CONFORMED SUBMISSION TYPE**: F-1

**PUBLIC DOCUMENT COUNT**: 43

**FILED AS OF DATE**: 20230313

**DATE AS OF CHANGE**: 20230313

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Midori Group Inc.
- **CENTRAL INDEX KEY:** 0001910053
- **STANDARD INDUSTRIAL CLASSIFICATION:** PLASTICS, MATERIALS, SYNTH RESINS & NONVULCAN ELASTOMERS [2821]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** F-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-270498
- **FILM NUMBER:** 23727765

**BUSINESS ADDRESS:**
- **STREET 1:** 505 BURRARD STREET
- **STREET 2:** SUITE 1570
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V7X 1M5
- **BUSINESS PHONE:** 604-838-6014

**MAIL ADDRESS:**
- **STREET 1:** 505 BURRARD STREET
- **STREET 2:** SUITE 1570
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V7X 1M5

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** 1284670 BC Ltd.
- **DATE OF NAME CHANGE:** 20220208

**As filed with** **the Securities and Exchange Commission on March 13, 2023.**

**Registration No. 333-** 

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form F-1**

**REGISTRATION STATEMENT<br> UNDER THE SECURITIES ACT OF 1933**

**Midori Group Inc.**

(Exact name of Registrant as specified in its charter)

**Not Applicable**

(Translation of Registrant's name into English)

---

| | | |
|:---|:---|:---|
| **British Columbia** | **2821** | **N/A** |
| (State or other jurisdiction<br> of incorporation or organization) | (Primary Standard Industrial<br> Classification Code Number) | (I.R.S. Employer<br> Identification No.) |

---

**Midori Group Inc.**

**5 Hazelton Avenue Suite 400**

**Toronto, ON M5R 2E1**

**Telephone: (905) 330-9113**<br> (Address, including zip code, and telephone number, including area code, of Registrant's principal executive offices)

**Anthony L.G., PLLC**

**625 N. Flagler Drive, Suite 600**

**West Palm Beach, Florida 33401**

**Telephone: (561) 514-0936**

(Name, address, including zip code, and telephone number, including area code, of agent for service)

***Copies to:***

---

| | |
|:---|:---|
| **Laura Anthony, Esq.**<br> **Craig D. Linder, Esq.**<br> **Anthony L.G., PLLC**<br> **625 N. Flagler Drive, Suite 600**<br> **West Palm Beach, Florida 33401**<br> **Telephone: (561) 514-0936** | **Richard A. Friedman, Esq.**<br> **Stephen A. Cohen, Esq.**<br> **Sheppard, Mullin, Richter & Hampton LLP**<br> **30 Rockefeller Plaza**<br> **New York, NY 10112**<br> **Telephone: (212) 653-8700** |

---

Approximate date of commencement of proposed sale to the public: **As soon as practicable after the effective date of this registration statement.**

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933 check the following box. ☒

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.

Emerging growth company ☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, 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 7(a)(2)(B) of the Securities Act. ☐

† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

**The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the registration statement shall become effective on such date as the Commission, acting pursuant to Section 8(a) may determine.**

**The information in this preliminary prospectus is not complete and may be changed. These securities may not be sold until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities, and it is not soliciting an offer to buy these securities, in any jurisdiction where the offer or sale is not permitted.**

---

| | | |
|:---|:---|:---|
| **PRELIMINARY PROSPECTUS** | **SUBJECT TO COMPLETION** | **DATED MARCH 13, 2023** |

---

**3,726,709** **Units**

![](formf-1_001.jpg)

**MIDORI GROUP INC.**

This is the firm commitment initial public offering in the United States of 3,726,709 units (the "Units") of Midori Group Inc., a British Columbia, Canada corporation (the "Company," "we," "our" or "us"). The initial public offering price is expected to be between $4.15 and $6.15 per Unit. For purposes of this prospectus, the assumed public offering price per Unit is $4.15, the low-end of the anticipated price range. Each Unit consists of one common share, no par value (each, a "Common Share", and together, the "Common Shares") and one warrant (each, a "Warrant", and together, the "Warrants") to purchase one Common Share at an exercise price of $4.15 per share (100% of the assumed public offering price of each Unit sold in this offering). The Warrants will expire on the five-year anniversary of the initial exercise date. The Units have no stand-alone rights and will not be certified or issued as stand-alone securities. The Common Shares and Warrants are immediately separable and will be issued separately in this offering. Each Warrant offered hereby is immediately exercisable on the date of issuance and will expire five years from the date of issuance. The offering also includes the Common Shares issuable from time to time upon exercise of the Warrants.

Prior to this offering, there has been no public market for our securities. We intend to apply to list our Common Shares and Warrants (forming part of the Units offered hereby) on the Nasdaq Capital Market ("Nasdaq Capital Market") under the symbols "MDRI" and "MDRIW," respectively. There is no assurance that our listing application will be approved by the Nasdaq Capital Market. The approval of our listing on the Nasdaq Capital Market is a condition of closing this offering.

We are also seeking to register the issuance of warrants to purchase 128,571 Common Share (the "Representative's Warrants") to the underwriters (assuming the exercise of the over-allotment option by the underwriters in full), as well as the 128,571 Common Share issuable upon exercise by the underwriters of the Representative's Warrants at an exercise price of $5.1875 per share (125% of public offering price).We are an "emerging growth company" under applicable federal securities laws and are subject to reduced public company reporting requirements.

**We are a holding company and conduct our business through our operating subsidiary, Midori-Bio Inc., an Ontario corporation, in Canada.**

**Investing in our securities involves a high degree of risk. See "Risk Factors" on page 21 of this prospectus for a discussion of information that should be considered in connection with an investment in our securities.**

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.**

---

| | | |
|:---|:---|:---|
|  | **Per Unit** | **Total** |
| Public offering price (1) | $[●] | $[●] |
| Underwriting discounts and commissions (2) | $[●] | $[●] |
| Proceeds, before expenses, to us (3) | $[●] | $[●] |

---

(1) The
 public offering price and underwriting discount and commissions in respect of each unit correspond to a public offering price per
 Common Share of $4.14 and a public offering price per accompanying Warrant of $0.01.

(2) This
 table depicts broker-dealer commissions of 7.00% of the gross offering proceeds. See "Underwriting" beginning on page
 98 for disclosure regarding compensation payable to the underwriters by us.

(3) We
 estimate the total expenses of this offering will be approximately $873,792. Assumes no exercise of the over-allotment option
 we have granted to the EF Hutton, division of Benchmark Investments, LLC as described below.

We have granted the representative of the underwriters an over-allotment option to purchase up to an additional 559,006 Common Shares and/or Warrants to purchase additional 559,006 Common Shares from us in any combination thereof, at the public offering price per Common Share and public offering price per Warrant, respectively, less the underwriting discounts and commissions, for 45 days from the date of this prospectus.

The underwriters expect to deliver our securities to purchasers in the offering on or about , 2023.

*Sole Book Running Manager*

**EF Hutton**<br> division of Benchmark Investments, LLC

The date of this prospectus is , 2023

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| [CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS](#z_001) | 4 |
| [INDUSTRY AND MARKET DATA](#z_002) | 5 |
| [TRADEMARKS AND COPYRIGHTS](#z_003) | 5 |
| [PRESENTATION OF FINANCIAL INFORMATION](#z_004) | 5 |
| [PROSPECTUS SUMMARY](#z_005) | 6 |
| [RISK FACTORS](#z_006) | 21 |
| [USE OF PROCEEDS](#ya_001) | 41 |
| [DIVIDEND POLICY](#ya_002) | 41 |
| [CAPITALIZATION](#ya_003) | 42 |
| [MARKET PRICE FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS](#ya_004) | 43 |
| [DILUTION](#ya_005) | 44 |
| [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#ya_006) | 45 |
| [DESCRIPTION OF BUSINESS](#ya_007) | 53 |
| [MANAGEMENT](#ya_008) | 66 |
| [EXECUTIVE COMPENSATION](#ya_009) | 72 |
| [SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT](#jw_001) | 78 |
| [CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS](#jw_002) | 80 |
| [DESCRIPTION OF SHARE CAPITAL](#jw_003) | 83 |
| [SHARES ELIGIBLE FOR FUTURE SALE](#jw_004) | 88 |
| [MATERIAL UNITED STATES FEDERAL INCOME TAX CONSEQUENCES TO U.S. HOLDERS](#jw_005) | 89 |
| [MATERIAL CANADIAN FEDERAL INCOME TAX CONSIDERATIONS](#jw_006) | 93 |
| [ELIGIBILITY FOR INVESTMENT](#jw_007) | 96 |
| [LIMITATIONS ON RIGHTS OF NON-CANADIANS](#link_007) | 97 |
| [UNDERWRITING](#jw_008) | 98 |
| [EXPENSES RELATING TO THIS OFFERING](#jw_009) | 104 |
| [LEGAL MATTERS](#jw_010) | 104 |
| [EXPERTS](#jw_011) | 104 |
| [ENFORCEABILITY OF CIVIL LIABILITY](#jw_012) | 104 |
| [WHERE YOU CAN FIND ADDITIONAL INFORMATION](#jw_013) | 105 |
| [INDEX TO FINANCIAL STATEMENTS](#jw_014) | <u>F-1</u> |

---

**No dealer, salesperson or other individual has been authorized to give any information or to make any representation other than those contained in this prospectus in connection with the offer made by this prospectus and, if given or made, such information or representations must not be relied upon as having been authorized by us. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction in which such an offer or solicitation is not authorized or in which the person making such offer or solicitation is not qualified to do so, or to any person to whom it is unlawful to make such offer or solicitation. Neither the delivery of this prospectus nor any sale made hereunder shall, under any circumstances, create any implication that there has been no change in our affairs or that information contained herein is correct as of any time subsequent to the date hereof.**

**For investors outside the United States: We have not done anything that would permit this offering or possession or distribution of this prospectus in any jurisdiction where action for that purpose is required, other than in the United States. Persons outside the United States who come into possession of this prospectus must inform themselves, and observe any restrictions relating to, the offering of the common shares and the distribution of this prospectus outside the United States.**

**Cautionary Note Regarding Forward-Looking Statements**

This prospectus contains forward-looking statements that reflect our current expectations and views of future events, all of which are subject to risks and uncertainties. Forward-looking statements give our current expectations or forecasts of future events. You can identify these statements by the fact that they do not relate strictly to historical or current facts. You can find many (but not all) of these statements by the use of words such as "approximates," "believes," "hopes," "expects," "anticipates," "estimates," "projects," "intends," "plans," "will," "would," "should," "could," "may" or other similar expressions in this prospectus. These statements are likely to address our growth strategy, financial results and product and development programs. You must carefully consider any such statements and should understand that many factors could cause actual results to differ from our forward-looking statements. These factors may include inaccurate assumptions and a broad variety of other risks and uncertainties, including some that are known and some that are not. No forward-looking statement can be guaranteed and actual future results may vary materially. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to:

● the size and growth potential of the markets for our products, and our ability to serve those markets;

● the rate and degree of market acceptance of our products;

● our ability to expand our sales organization to address effectively existing and new markets that we intend to target;

● impact from future regulatory, judicial, and legislative changes or developments in the U.S. and foreign countries;

● our ability to compete effectively in a competitive industry;

● our ability to obtain funding for our operations;

● our ability to attract collaborators and strategic partnerships;

● our ability to continue to meet the NASDAQ requirements;

● our ability to meet our other financial operating objectives;

● the availability of qualified employees for our business operations;

● general business and economic conditions;

● our ability to meet our financial obligations as they become due;

● positive cash flows and financial viability of our operations and new business opportunities;

● ability to secure intellectual property rights over our proprietary products or enter into license agreements to secure the legal use of certain patents an intellectual property;

● our ability to be successful in new markets;

● our ability to avoid infringement of intellectual property rights; and

● the positive cash flows and financial viability of our operations and new business opportunities

We describe certain material risks, uncertainties, and assumptions that could affect our business, including our financial condition and results of operations, under "Risk Factors." We base our forward-looking statements on our management's beliefs and assumptions based on information available to our management at the time the statements are made. We caution you that actual outcomes and results may, and are likely to, differ materially from what is expressed, implied or forecast by our forward-looking statements. Accordingly, you should be careful about relying on any forward-looking statements. Except as required under the federal securities laws, we do not have any intention or obligation to update publicly any forward-looking statements after the distribution of this prospectus, whether as a result of new information, future events, changes in assumptions, or otherwise.

**INDUSTRY AND MARKET DATA**

We are responsible for the disclosure in this prospectus. However, this prospectus includes industry data that we obtained from internal surveys, market research, publicly available information and industry publications. The market research, publicly available information and industry publications that we use generally state that the information contained therein has been obtained from sources believed to be reliable. The information therein represents the most recently available data from the relevant sources and publications and we believe remains reliable. We did not fund and are not otherwise affiliated with any of the sources cited in this prospectus. Forward-looking information obtained from these sources is subject to the same qualifications and additional uncertainties regarding the other forward-looking statements in this prospectus.

**TRADEMARKS AND COPYRIGHTS**

We own or have rights to trademarks or trade names that we use in connection with the operation of our business, including our corporate names, logos and website names. In addition, we own or have the rights to copyrights, trade secrets and other proprietary rights that protect the content of our products and the formulations for such products. This prospectus may also contain trademarks, service marks and trade names of other companies, which are the property of their respective owners. Our use or display of third parties' trademarks, service marks, trade names or products in this prospectus is not intended to, and should not be read to, imply a relationship with or endorsement or sponsorship of us. Solely for convenience, some of the copyrights, trade names and trademarks referred to in this prospectus are listed without their©,® and™ symbols, but we will assert, to the fullest extent under applicable law, our rights to our copyrights, trade names and trademarks. All other trademarks are the property of their respective owners.

**PRESENTATION OF FINANCIAL INFORMATION**

The financial information contained in this prospectus derives from (i) the audited financial statements of Midori-Bio Inc., a federal corporation incorporated under the Canada Business Corporations Act on January 6, 2021, and extra-provincially registered in the province of Ontario, Canada, for the period from January 6, 2021 (inception) through September 30, 2021, and (ii) the audited consolidated financial statements of Midori Group Inc. for the year ended September 30, 2022 following the acquisition of Midori-Bio Inc. by Midori Group Inc. in January 2022. These financial statements and related notes included elsewhere in this prospectus are collectively referred to as our audited financial statements herein and throughout this prospectus. Our audited financial statements are prepared in accordance with International Financial Reporting Standards, or IFRS, as issued by the International Accounting Standards Board, or IASB. Our fiscal year ends on September 30 of each year, so all references to a particular fiscal year are to the applicable year ended September 30. We are required to file annual reports on Form 20-F with the Securities and Exchange Commission, or the SEC, under United States Securities Exchange Act of 1934, as amended, or the Exchange Act.

References to "$," "USD$" or "dollars" are to U.S. dollars, and all references to "CAD$," "CA$" or "C$" are to the lawful currency of Canada. In this prospectus, where applicable, and unless otherwise indicated, amounts are converted from U.S. dollars to Canadian dollars and vice versa by applying the closing spot rate of exchange of the Bank of Canada on September 15, 2022, which was $1.00 = C$1.32. Except as otherwise indicated, our financial statements and other information are presented in Canadian dollars.

**PROSPECTUS SUMMARY**

*This summary highlights certain information about us, this offering, and selected information contained in this prospectus. This summary is not complete and does not contain all of the information that you should consider before deciding whether to invest in our Units. For a more complete understanding of the Company and this offering, we encourage you to read and consider the more detailed information in this prospectus, including "Risk Factors" and the financial statements and related notes. Unless the context otherwise requires, "we," "us," "our," or "the Company" refer to Midori Group Inc., a British Columbia corporation, and its subsidiary, Midori-Bio Inc., an Ontario corporation.*

**Company and Business Overview**

Midori Group Inc., a British Columbia corporation, was originally incorporated as 1284670 B.C. LTD in British Columbia, Canada under the British Columbia Business Corporations Act on January 19, 2021 and renamed to Midori Group Inc. on June 29, 2022. Our wholly owned operating subsidiary, Midori-Bio Inc., a federal corporation incorporated under the Canada Business Corporations Act on January 6, 2021, and extra-provincially registered in the province of Ontario, Canada.

On August 30, 2021, Midori Group Inc. entered into a Share Exchange Agreement, as amended on October 31, 2021 (the "SEA"), with Midori-Bio Inc. and the shareholders of Midori-Bio Inc. (the "Midori-Bio Shareholders"). The SEA closed on January 6, 2022, and at such time Midori Group Inc. acquired all of the issued and outstanding capital stock of Midori-Bio Inc. (consisting of 22,000,000 Class A Common shares) from Midori-Bio Shareholders in exchange for 22,000,000 common shares of Midori Group Inc. to the Midori-Bio Shareholders at a deemed price of CAD $0.50 ($0.38) per share, and Midori-Bio Inc. became a wholly owned subsidiary of Midori Group Inc.

We are a global eco-friendly distributor, sales and marketing company of a green, biodegradable plastic additive. The additive is currently produced and supplied by a third party (EcoLogic, LLC) and sold under our own private brand label "Midori Biosolutions." The Midori Biosolutions additive is FDA FOOD, REACH, FTC, PROP65, CONEG compliant, non-toxic, no heavy metals, no starches, free of BPA & Phosphates with extensive testing data available for customers. We believe the additive will provide consumer packaged goods (CPG) brands with a sustainable end-of-life biodegradable solution, without impeding normal recycle/composting plastics, and a practical and viable solution for reducing plastic waste from the world environment. The Midori Biosolutions additive is an innovative technology that aims to solve the major problem of the amount of time it takes for untreated plastic to decompose, as it can take centuries to biodegrade. With this additive, we seek to accelerate the natural biodegradation process to just a few years. We believe that the additive can help CPG brand owners alleviate the challenges associated with unrecycled plastics, supporting their industry and governmental plastic "circularity" targets. The Midori Biosolutions additive can be applied to virtually all polymer types, processes, and applications. The test results of the ASTM D5511 studies, which is a global standard measurement for landfill biodegradation which measures biogasses created during the biodegradation process, shows the different degradation rates of various products using the Midori Biosolutions additive. Further, this study shows scientific validation that the Midori Biosolutions additive works to accelerate the natural biodegradation process.

The Midori Biosolutions additive is in the initial integration phase, and we are working with 51 consumer and industrial brands who are searching for a sustainable direction. We have firm commitments from major brands, such as Wilson Tennis, Planters Peanuts, Johnvince Foods, CMI Orchards, and Guycan Thermoforming, to purchase 24,000, 7,000, 6,000, 6,100 and 13,200 pounds of Bio-Solutions additive, respectively, to be integrated into their food packaging materials giving them a marketing advantage over their competition from a sustainability platform. We believe that once these sustainability marketing campaigns have been launched publicly by these brands in the third quarter of 2023 and first quarter 2024, such sustainability marketing campaigns will create a pathway for other more conservative brands to utilize Midori-Biosolutions additive that are waiting for other brands to launch first. We received such firm commitments by way of informal e-mail orders (which is standard in our industry rather than formal agreements). We are in testing and pre-launch production mode as to a number of other major brands, in the foods, beverages, sporting goods, footwear and medicinal industries such as Keen Shoes, Snibb's Shoes, and GP8 Water. We are not at liberty to disclose the identity as to those other brands at the current time because we are subject to non-disclosure agreements with penalties to deter disclosure prior to launch by such brands in order to give such brands a marketing advantage over their competition from a sustainability platform.

 ****

***The Problem We are Trying to Solve***

According to, Roger Warburton's 2021 article titled, Great Plastic Recycling Con Leaves Trail of Pollution, roughly 70% of plastics that get recycled end up in landfills, regardless of the effort to separate, clean and send plastic off for recycling. This is vastly due to a marketing term called "Greenwashing". "Greenwashing" is a term used to describe the marketing tactics used by big-name, fast-fashion companies to advertise their new supposedly sustainable lines of products, and also refers to the process of conveying a false impression or providing misleading information about how a company's products are more environmentally sound. According to a Landfill Management and Planning in Ontario Study done in 2018, 85% of all plastic ends up in landfills in Ontario despite diversion tactics. We believe that this is an opportunity to seek to solve this problem by integrating the Midori Biosolutions additive into plastic, thereby extending the landfill lifecycle. According to the same study, our landfills in Ontario are expected to be maxed out in the next 10 years and will require 16 new landfills by 2030.

Landfill capacity is a global problem. Currently, governments face the following issues with current government tactics relating to public waste:

● *Recycling Programs*: Recycling only processes 7% of what they collect with the balance going to landfills.

![](formf-1_002.jpg)

● *Plant-derived Plastics (PLA)*: are costly, and cannot be recycled.

![](formf-1_003.jpg)

*Composting*: requires industrial compost facilities which are often unavailable.

![](formf-1_004.jpg)

● *Bioplastic*: is expensive for businesses to implement into packaging.

![](formf-1_005.jpg)

***Our Product***

 ****

The Midori Biosolutions additive is a natural organic FDA compliant additive for plastic. The Midori-Biosolutions additive is sold by us in many formats, including, but not limited to, pellets, powder, polyethylene terephthalate (PET), polypropylene (PP), polystyrene (PS), polyethylene (PE/HDPE), acrylonitrile butadiene styrene (ABS), polyvinyl chloride (PVC), polycarbon, ethylene vinyl alcohol (EVOH), polyurethane (PU), styrofoam, stretch wrap for pallet wrap, nylon, and synthetic rubber (collectively, referred to herein as our "products"). Midori Biosolutions additive aims to solve the foregoing problems by seeking to accelerate the natural biodegradation process from hundreds of years to just a few years (based on American Standard Testing Method for Determining Anaerobic Biodegradation of Plastic ("ASTM") testing results), using the following steps:

***Step 1:*** Integrate additive at 1% into plastic during extrusion.

![](formf-1_006.jpg)

***Step 2:*** Opens polymer chain allowing microbes to enter and consume.

![](formf-1_007.jpg)

***Step 3:*** Breaks down to "Element" level:

- Inert humus, which makes soil richer

- Biogas, promotes renewable energy development

![](formf-1_008.jpg)

We do not own the intellectual property rights to our products and could lose the right to distribute our products if we do not meet the required sales goals, or otherwise breach our distribution agreement with EcoLogic.

The additive has undergone the following ASTM studies (which take between 30 to 90 days to complete), at the request of EcoLogic or Midori-Bio Inc., to show rate of degradation (parameters) facilitated by the additive, by IE EDEN LABS USA, an independent third-party laboratory:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in December 2013, an ASTM D5511 study (requested by EcoLogic) with the test result showing degradation of 12.6% in 40 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in October 2013 an ASTM D5338 study (requested by Ecologic) with the test result showing degradation of 13.4% in 24 days for MDPE Bag;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in April 2018 an ASTM D5511 study (requested by Ecologic) with the test result showing degradation of 33.9% in 338 days for PE Bag;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in April 2021 an ASTM D5511 study (requested by Midori Bio) with the test result showing degradation of 9.1% in 55 days Tennis Ball Container;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) in July 2022 an ASTM D5511 study (requested by Midori Bio) with the test result showing degradation of 7.9% in 89 days for Golf Ball Core; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) in July 2022, an ASTM D5511 study (requested by Midori Bio) with the test result showing degradation of 5.8% in 89 days for Golf Ball Cover.

We aim to provide an end-of-life solution for all plastics. The Company does not seek to interfere with current recycling efforts, and instead intends to compliment these efforts with our solutions. We believe that the Midori Biosolutions additive provides brands and retailers with a sustainable solution for fossil fuel-based plastics.

![](formf-1_009.jpg)

The Midori Biosolutions additive is 100% organic and non-starch based with no heavy metals. It leaves behind no microplastics or nano plastics, and creates a renewable energy source. The Midori Biosolutions additive aims to provide brands and retailers with a sustainable solution for fossil fuel-based plastics and can be added to virtually all polymer types, processes and applications without impeding their current programs.

The Midori Biosolutions additive is an FDA compliant proprietary blend of organic compounds. Additionally, it is also FTC labeling compliant. Biodegradation starts in presence of microbes, therefore shipping, storage, shelf presence have no effect on degradation. Process friendly, easily integrates with your current packaging supplier.

● Food Contact Compliant – FDA (USA), ANVISA (Brazil), FAST (Europe)

● Non-Toxic:

- Free of BPA, phthalates, and toxic materials such as lead,

● cadmium, hexavalent chromium and mercury

- Compliant to CA Prop 65 (California Safe Drinking Water Act)

- Compliant with US CONEG (Coalition of Northeastern Governors)

- Zero heavy metals

● Terrestrial Plant Toxicity Test (Certified ASTM E1963)

The foregoing claims about our product (Midori-Biosolutions) are supported by test results of the American Standard Testing Methods D5511 studies conducted by independent third-party laboratories (as described further below), compliance studies, certifications, and other information about the additive which we have obtained from EcoLogic, the supplier of the additive.

We believe that the organic formulations in the Midori Biosolutions additive integrate seamlessly into most manufacturing processes. The technologies are supported by independent third-party laboratories using American Standard Testing Methods. The test results of the ASTM D5511 studies, which is a global standard measurement for landfill biodegradation which measures biogasses created during the biodegradation process, shows the different degradation rates of various products using the Midori Biosolutions additive. Further, this study shows scientific validation that the Midori Biosolutions additive works to accelerate the natural biodegradation process.

*Product Highlights*

![](formf-1_010.jpg)

 **

***Our Strategy***

 **

We are pursuing a unique direction in seeking to build our market presence and customer base**.** We plan to target consumer brands, governments, and consumers.

*Consumer Brands*: We are targeting consumer and industrial brands who are searching for a sustainable direction. We believe that major brands that have used our products have recognized just how essential our customer-focused mission is in the discussions regarding plastic end-of-life strategy driven by landfill capacity and positive ESG scores. Additionally, we are targeting consumer and industrial brands who deal with "problematic" plastics as these are plastics that are not easily recycled which includes any plastics that are multilaminate films or multi-substructure items such as tennis cans, tennis balls, toys, tires, barrier food packaging and breathable food packaging. We are also targeting consumer and industrial brands who deal with recyclable plastics such as packaging items, garbage bags, diapers, coffee pods and single use plastics like forks/plates.

*Governments*: Landfill capacity expiration dates are driving the plastic diversion tactic policies, which are not achieving their targets. We believe that our additive provides government with a solution to extend their current landfill lifecycle.

*Consumers*: We aim to provide consumers with a sustainable, educated introduction as to how our solution enhances the biodegradability of plastics with end-of-life strategy that will provide consumer pressure on brands to implement.

***Current Status and Planned Growth Initiatives***

The Company does not have employees and engages consultants to conduct its sales. The Company pays all of its executive officers, including, Ken Lyons, the CEO of the Company, Robert Leeder, the President of the Company, and Joseph Leeder, the Chief Financial Officer of the Company, through consulting agreements with the Company. Ken Lyons and Robert Leeder have each agreed to devote 40 to 50 hours per week on average to the Company according to the terms of their consulting agreements. Joseph Leeder is not required to devote any particular number of hours to the Company according to the terms of his contractor agreement with the Company. The Company has agreed to (i) compensate Ken Lyons, Robert Leeder and Joseph Leeder with a fee of CAD$27,085 ($20,519), CAD$27,085 ($20,519), and CAD$16,666 ($12,626) per month plus Harmonized Sales Tax and (ii) award each of Ken Lyons and Robert Leeder 1,000,000 restricted stock units concurrently with a listing of the Company's securities on a recognized and publicly traded stock exchange in Canada or the United States. The Company's sales consultants are offered an on-going commission-based performance incentive including cash and possible share options that will motivate the desired outcome, with the Company doing the project management coordination. The range of the commission of the sales consultants is between 0% and 15% of net profits, based on the volume of sales. For a more detailed description of the consulting agreements, see "Description of Business – Consulting Agreements" on page 63 and "Executive Compensation – Consulting Agreements" on page 73 of this prospectus.

As of the date hereof, 51 branded companies have either, integrated, or are in the testing process of integrating, the Midori Biosolutions additive throughout the food, drug, textile and durance consumer goods sector globally.

We currently seek to meet key growth initiatives in the near- and medium-term future by working with brand stakeholders with the successful support of government lobbying and brand marketing.

*Consumer Brands*: We are working with 51 consumer and industrial brands who are searching for a sustainable direction. We have firm commitments from major brands, such as Wilson Tennis, Planters Peanuts, Johnvince Foods, CMI Orchards, and Guycan Thermoforming, to purchase 24,000, 7,000, 6,000, 6,100 and 13,200 pounds of Bio-Solutions additive, respectively, to be integrated into their food packaging materials giving them a marketing advantage over their competition from a sustainability platform. We believe that once these sustainability marketing campaigns have been launched publicly by these brands in the third quarter of 2023 and first quarter 2024, such sustainability marketing campaigns will create a pathway for other more conservative brands to utilize Midori-Biosolutions additive that are waiting for other brands to launch first. We received such firm commitments by way of informal e-mail orders (which is standard in our industry rather than formal agreements). We are in testing and pre-launch production mode as to a number of other major brands, in the foods, beverages, sporting goods, footwear and medicinal industries such as Keen Shoes, Snibb's Shoes, and GP8 Water. We are not at liberty to disclose the identity as to those other brands at the current time because we are subject to non-disclosure agreements with penalties to deter disclosure prior to launch by such brands in order to give such brands a marketing advantage over their competition from a sustainability platform.

*Governments*: Landfill capacity expiration dates are driving the plastic diversion tactic policies, which have not improved in the last 20 years causing governments to look towards new technologies like biodegradability. We are working with the Canadian Federal Government (ECCC Department) on creating Single Use Plastic ban exceptions for products that include the Midori Biosolutions additive. We are also working with the Ontario Government (Ministry of Environment) to support their Industrial Composting program with products that include the Midori BioSolutions additive.

*Consumers*: We aim to provide consumers with a sustainable, educated introduction as to how our solution enhances the biodegradability of plastics with end-of-life strategy with agreements with brands launching the Midori Biosolutions additive in their products to do co-branded consumer marketing.

**Effects of Coronavirus on the Company**

If the current outbreak of the coronavirus continues to grow, the effects of such a widespread infectious disease and epidemic may inhibit our ability to conduct our business and operations and could materially harm our Company. We face various risks related to the ongoing coronavirus disease 2019 ("COVID-19") pandemic. Such risks include disruptions or restrictions on our employees' ability to work effectively, as well as temporary closures of our facilities or the facilities of our customers or suppliers.

It is possible that the continued spread of COVID-19 could also further cause disruption in our supply chain by an average of 3 to 6 months depending on where globally we are working; cause delay or limit the ability of other customers to perform, including in making timely payments to us; and cause other unpredictable events. In addition, the continued spread of COVID-19 has led to disruption and volatility in the global capital markets, which increases the cost of capital and adversely impacts access to capital.

We continue to work with our stakeholders (including customers, employees, suppliers and local communities) to responsibly address COVID-19. Our management is focused on mitigating the impact of the pandemic, which has required and will continue to require a substantial investment of time and resources across the Company and could delay other value-added initiatives. Management has moved as many operations to virtual meetings in order to facilitate the progression of each project. However, in-person/on-site, plant trials have been moved to remote plant trials where necessary. We are still seeing delays of 6 to 9 months to on-board customers due to delays in shipping plant trial samples and testing data results. We continue to monitor the situation, to assess further possible implications to our business, supply chain and customers, and to take actions in an effort to mitigate adverse consequences.

The situation surrounding COVID-19 remains fluid and the ongoing impact on our business and results of operations, financial condition, expected cash flows and liquidity increases the longer the virus impacts activity levels in the United States and globally, both during the initial outbreak, as well as if additional outbreaks occur at a later date. For this reason, we cannot reasonably estimate with any degree of certainty the future impact COVID-19 may have on our results of operations, financial position, and liquidity. The extent to which the COVID-19 pandemic may impact our business, operating results, financial condition and liquidity will depend on future developments and numerous and evolving factors that are highly uncertain, vary by market and cannot be accurately predicted or quantified at this time, including the duration and spread of the outbreak. In 2023 several industry trade shows resumed, providing the opportunity to display and market our products to customers while also expanding our network and brand awareness. We have also reinstated the shipping of our sporting goods products in Asia since the removal of COVID-19 restrictions. We have experienced delays obtaining ASTM testing data and results, which are required to support customer claims and initiate new project development. In an effort to mitigate further delays, we have sourced additional qualified testing labs around the world. COVID-19 has also created a decreased supply of resins (the base ingredient in our additive), which has triggered a 10% increase in the prices of our raw materials. Despite these concerns, we believe the supply chain issues of product shortages and increased prices triggered by COVID-19 have been in the process of resolving in general. There has been an increased production of resins globally, which has increased the inventory available from countries outside the USA and Canada. This will positively impact our results of operations and financial condition, as well as improve expected cash flows and liquidity.

Relaxed government mandated restrictions and regulations; have geared up business and workforce production resulting in inflation, worker shortages and now a looming recession; will have an impact on demand for our products, collectability of customer accounts; additional and prolonged devaluation of other countries' currencies relative to the dollar. Additionally, customers might defer decision making, delay orders or seek to renegotiate or unlikely but possibly cancel some agreements.

The continuing global pandemic may also result in delays in our ability to apply for and obtain further regulatory approval for our products in various jurisdictions possibly by 3 to 6 months.

The impact of COVID-19 may also exacerbate other risks discussed herein, any of which could have a material effect on us. This situation is changing rapidly, and additional impacts may arise that we are not aware of currently.

**Effects of the Conflict in Ukraine on us**

The Company's financial condition and results of operations may be further negatively affected by economic and other consequences related to the conflict in the Ukraine and the sanctions imposed in response to that action in late February 2022. While we expect any direct impacts of the conflict in Ukraine to our business to be limited. However, the indirect impacts on the economy and the industry in general could negatively affect our business. There can be no assurance that we will not be impacted by adverse consequences that may be brought about on our business, results of operations, financial position and cash flows in the future.

**Intellectual Property**

On December 14, 2021, the Company submitted an Application for Canadian Registrar of Trademark to the Innovation, Science and Economic Development of Canada at the Canadian Intellectual Property Office, under Application Number 2153979 for the following design trademark:

![](formf-1_011.jpg)

If the application is approved, the duration of the foregoing trademark will be for a period of 10 years, however there can be no assurance that the foregoing application will be approved as planned, or at all.

**Competition**

We face significant competition, and if our competitors develop and market technologies or products more rapidly than we do or that are more effective or less expensive than our product, our commercial opportunities will be negatively impacted. Our competitors include the following:

● Eco Pure which deals with old OXO technology, creating microplastics.

● Biosphere which also deals with OXO technology, creating microplastics.

● Ciclo which deals with textiles only.

We plan to compete with such competitors by a combination of:

● Focus on consumer brands in food/non-food usage

● Working with brand stakeholder contacts such as brand owners vs downstream extrusion introduction, as extruders have little influence on brand owners

● Introducing design letter mark on all customer packaging to build awareness/trust with consumers and brands

● Work with government(s), such as Canadian Federal, Ontario Provincial, Israel, Netherland and Germany to educate and promote how this new technology helps meet their landfill diversion goals

● B2B (business to business marketing) and Direct to consumer marketing

We believe that the main scientific advantage of our additive, as compared to others in the market, is that they use the old OXO technologies using heavy metal and starches and that we do not. We only use technology that does not contain heavy metals. By not using the OXO technology, we also do not create any microplastics, which our competitors do. Our competitors who use OXO technology in their process encounter problems with packaging disintegrating prematurely during the normal use of their product. However, as we do not use this old technology our additive only biodegrades in landfills and marine environments.

**Government Regulation**

Regulation by government authorities in the United States and other countries is a significant factor in the production and marketing of biodegradable plastic additives, like the Midori Biosolutions additive, and the ongoing R&D activities relating to the additives. In order to research, develop, and manufacture products for customers and ultimately for consumer use, manufacturers of biodegradable plastic additives, in our case currently third party manufacturers of the Midori Biosolutions additive, must satisfy mandatory procedures and standards established by various regulatory bodies. Compliance with these standards is complex, and failure to comply with any of these standards can result in significant consequences.

Some applications for which the Midori Biosolutions additive may be suitable, such as food packaging, involve food contact, which is regulated by the U.S. Food and Drug Administration ("FDA") in the U.S. The Midori Biosolutions additive has been cleared for use in food-contact applications by the FDA. The additive is also contained on positive lists for food-contact in the European Union and South America. The third-party manufacturers of the additive are in the process of seeking further regulatory approvals necessary to sell and produce the additive based on local requirements in various jurisdictions worldwide, and they are prepared to seek additional such approvals as may become necessary in the ordinary course of business.

The manufacturing of the Midori Biosolutions additive is subject to federal, state, local and foreign laws, rules and regulations relating to environmental and health and safety concerns including air emissions, wastewater discharges, and solid and hazardous waste management activities, including, but not limited to, the rules and regulations of the U.S. Environmental Protection Agency ("EPA"). Manufacturers are required to take actions necessary to comply with such regulations. These steps include periodic environmental audits of manufacturer's facilities. The audits, conducted by independent engineering firms with expertise in environmental compliance, include site visits at each location, as well as a review of documentary information, to determine compliance with such federal, state, local and foreign laws, rules and regulations.

The Federal Trade Commission ("FTC") exercises jurisdiction over the advertising of Midori-Biosolutions additive. The FTC considers whether a product's advertising claims are accurate, truthful and not misleading pursuant to its authority under the Federal Trade Commission Act, or FTC Act. The FTC has instituted numerous enforcement actions against companies for failure to adequately substantiate claims made in advertising or for the use of otherwise false or misleading advertising claims. These enforcement actions have resulted in consent decrees and the payment of civil penalties and/or restitution by the companies involved. Such actions can result in substantial financial penalties and significantly restrict the marketing of a dietary supplement.

Currently, the Company is the distributor, marketer and seller of the Midori Biosolutions additive and, therefore, is only subject to the rules and regulations of the FTC exercising jurisdiction over the advertising of the additive as well as the FDA exercising jurisdiction over the use of the additive in connection with food packaging, involving food contact.

If the Company acquires the intellectual property rights to the additive from EcoLogics in the future and the Company decides to manufacture the additive, the Company will also become subject to the rules and regulations set forth above governing the manufacture of the additive.

**Proof of Biodegradability**

Our products have been tested and proven to show acerated biodegradability for landfills, composting and marine acerated biodegradation. We submit our products for testing and obtain such results from independent third party recognized laboratories, such as IE EDEN LABS USA, using the global test standards under ASTM test standards (ASTM D5511, D6400 and D6691) for our base products. These tests provide proof of acerated biodegradability versus non-treated plastics. As customers purchase product for a specific use, the customer typically obtains such proof of biodegradability to cover the customer's manufacturing specifications.

**Recent Developments**

For a detailed description of recent developments of the Company, see "Description of Business—Recent Developments" on page 60 of this prospectus.

**Risks Related to Our Business**

Our ability to execute on our business strategy is subject to a number of risks, which are discussed more fully in the section titled "Risk Factors" beginning on page 21. You should carefully consider these risks before making an investment in our common shares. These risks include, among others, the following:

● Midori Group is an early stage company with a limited operating history. Such limited operating history of Midori Group may not provide an adequate basis to judge our future prospects and results of operations.

● The management of Midori Group has concluded that material uncertainties exist which may raise substantial doubt about its ability to continue as a going concern and the auditor of Midori Group has included an explanatory paragraph relating to its ability to continue as a going concern in its auditor's report for the period from January 6, 2021 (inception) through September 30, 2021 and the year ended September 30, 2022.

● We are a holding company with no operations and rely on our operating subsidiary (Midori-Bio Inc.) to provide us with funds necessary to meet our financial obligations and to pay taxes, expenses and dividends. The subsidiary's ability to pay dividends or make other distributions and payments to us may be subject to various limitations and restrictions, including, but not limited to, the operating results, cash requirements and financial condition of the subsidiary, the applicable provisions of Ontario law that may limit the amount of funds available for distribution to the shareholders of the subsidiary, compliance by the subsidiary with restrictions, covenants and financial ratios related to future indebtedness, and other agreements entered into by the subsidiary with third parties.

● We may require additional funding for our growth plans, and such funding may result in a dilution of your investment.

● We need to raise additional capital or take other measures in the next few months in order to continue our operations and the current credit and financial environment is very uncertain.

● We face various risks related to the ongoing coronavirus (COVID-19) pandemic and similar public health crises, which may have material adverse effects on our business, financial position, results of operations and liquidity.

● The commercial success of our business depends on the widespread market acceptance of plastics manufactured with the Midori Biosolutions additive which we believe accelerates the biodegradability of plastic products to just a few years, by third-parties and if we are unable to generate interest in plastic products produced with the Midori Biosolutions additive, we will be unable to generate sales and we will be forced to cease operations.

● Currently, we distribute, sell and market a single private brand labeled additive (the Midori Biosolutions additive) which is currently produced and supplied by only one supplier, EcoLogic, LLC ("EcoLogic") and, therefore, we are entirely dependent on our relationship with EcoLogic and if that relationship were terminated, the Company's business, financial condition and results of operations would be materially adversely affected. Pursuant to the distribution agreement between EcoLogic and the Company, we are obligated to distribute the product for Ecologic for a term of five years. We could lose the right to distribute the product if we do not meet the required sales goals, or otherwise breach the distribution agreement.

● Although we seek to diversity our client base, we have historically depended on, and expect to continue to depend on, a limited number of customers for a high percentage of our revenues.

● We do not own the intellectual property rights to the additive constituting Midori Biosolutions. Although we plan to acquire the intellectual property rights from EcoLogic with a portion of the proceeds in the offering, EcoLogic has no obligation to sell us the intellectual property rights.

● Upon acquisition of the intellectual property rights to the additive, we anticipate relying on a limited number of suppliers and we may not be able to find replacements or immediately transition to alternative suppliers, which could have a material adverse effect on our financial condition, results of operations and reputation.

● Established product manufacturers could improve their ability to recycle their existing products or develop new environmentally preferable products which could render our technology less competitive.

● We face competition from various competitors, many of whom have far greater resources than we have currently, which may make it more difficult for us to achieve significant market penetration.

● Given our limited resources, we may not effectively manage our growth.

● Fluctuations in the costs of our raw materials and competitive products could have an adverse effect on our results of operations and financial condition.

● Our operations are subject to regulation by the U.S. Food and Drug Administration to the extent the Midori Biosolutions additive is a component of food and beverage containers.

● Regulatory changes applicable to us, or the products in our end-use markets, could adversely affect our financial condition and results of operations.

● We may be liable for damages based on product liability claims brought against our customers in our end-use markets.

● Loss of key personnel or our inability to attract and retain new qualified personnel could hurt our business and inhibit our ability to operate and grow successfully.

● If our products do not perform as expected or the reliability of the technology on which our product is based is questioned, we could experience lost revenue, delayed or reduced market acceptance of our product, increased costs and damage to our reputation.

● If we are unable to manufacture our product in sufficient quantities and in a timely manner, our operating results will be harmed, our ability to generate revenue could be diminished and our gross margin may be negatively impacted.

● Our operating results may fluctuate significantly, our customers' future purchases are difficult to predict and any failure to meet financial expectations may result in a decline in our stock price.

● We may not be able to timely fill orders for our products.

● If the Company's supply chain is disrupted, our financial condition and results of operations could be materially adversely affected.

● Unavailability of raw materials used to manufacture our organic additive product, increases in the price of the raw materials, or the necessity of finding alternative raw materials to use in our products could delay the introduction and market acceptance of our products.

● We may not be able to successfully compete in the environmentally friendly plastic products market.

● We are dependent on third parties to transport our products, so their failure to transport our products could adversely affect our earnings, sales and geographic market.

● Purchasers of biodegradable plastic products that contain our organic additive may assert product liability claims against us, which may materially and adversely affect our financial condition.

● Our Company is subject to regulation by the Federal Trade Commission with respect to our environmental marketing claims.

● Some of our directors or officers are residents of Canada rather than the United States and most of their and our assets are located outside the United States. Service of process upon us or our non-U.S. resident directors and officers may be difficult and it may be difficult to assert claims or enforce judgments under U.S. securities laws against them or us.

● Operating outside of the United States presents specific risks to our business, and we have substantial operations outside of the United States.

● Foreign currency fluctuations and local laws and practices may reduce our competitiveness and sales in foreign markets.

● Once our Common Shares and Warrants are listed on the Nasdaq Capital Market, there can be no assurance that we will be able to comply with Nasdaq Capital Market's continued listing standards.

● Because we are a foreign private issuer and are exempt from certain Nasdaq Capital Market corporate governance standards applicable to U.S. issuers, you will have less protection than you would have if we were a domestic issuer.

● Although as a Foreign Private Issuer we are exempt from certain corporate governance standards applicable to US issuers, if we cannot satisfy, or continue to satisfy, the listing requirements and other rules of the Nasdaq Capital Market, our securities may be delisted, which could negatively impact the price of our securities and your ability to sell them.

● We may lose our foreign private issuer status in the future, which could result in significant additional costs and expenses.

From inception (January 6, 2021) through September 30, 2021 and for the year ended September 30, 2022, Midori Group generated CAD$351,476 ($266,270) and CAD$493,056 ($373,527), respectively, in revenues, net income of CAD$37,382 ($28,320) and net loss of CAD($12,900,638) ($9,773,211), respectively, and cash flows generated from (used in) operations of CAD$36,815 ($27,890) and CAD($2,235,363) ($1,693,457), respectively. As at September 30, 2022, Midori Group had an accumulated deficit of CAD$12,863,256 ($9,744,891) and working capital surplus of CAD$4,001,873 ($3,031,722). The continued operations of Midori Group is dependent on future profitable operations, management's ability to manage costs and the future availability of equity or debt financing. The above events and conditions indicate a material uncertainty that may cast significant doubt about the ability of Midori Group to continue as a going concern. The financial statements included elsewhere in this filing, have been prepared on the basis Midori Group will operate as a going concern, which contemplates the realization of assets and settlement of liabilities and commitments in the normal course of business. The financial statements do not include adjustments to amounts and classifications of assets and liabilities that might be necessary should Midori Group be unable to continue as a going concern. See "Risk Factors—The management of Midori Group has concluded that material uncertainties exist which may raise substantial doubt about its ability to continue as a going concern and the auditor of Midori Group has included an explanatory paragraph relating to its ability to continue as a going concern in its auditor's report for the period from January 6, 2021 (inception) through September 30, 2021 and the year ended September 30, 2022."

**Implications of Our Being an "Emerging Growth Company"**

As a company with less than USD$1.235 billion in revenue during our last fiscal year, we qualify as an "emerging growth company" as defined in the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. An "emerging growth company" may take advantage of reduced reporting requirements that are otherwise applicable to larger public companies. In particular, as an emerging growth company, we:

● may present only two years of audited financial statements and only two years of related Management's Discussion and Analysis of Financial Condition and Results of Operations, or "MD&A;"

● are not required to provide a detailed narrative disclosure discussing our compensation principles, objectives and elements and analyzing how those elements fit with our principles and objectives, which is commonly referred to as "compensation discussion and analysis;"

● are not required to obtain an attestation and report from our auditors on our management's assessment of our internal control over financial reporting pursuant to the Sarbanes-Oxley Act of 2002;

● are not required to obtain a non-binding advisory vote from our shareholders on executive compensation or golden parachute arrangements (commonly referred to as the "say-on-pay," "say-on frequency" and "say-on-golden-parachute" votes);

● are exempt from certain executive compensation disclosure provisions requiring a pay-for-performance graph and chief executive officer pay ratio disclosure; and

● will not be required to conduct an evaluation of our internal control over financial reporting.

We intend to take advantage of all of these reduced reporting requirements and exemptions.

Under the JOBS Act, we may take advantage of the above-described reduced reporting requirements and exemptions until we no longer meet the definition of an emerging growth company. The JOBS Act provides that we would cease to be an "emerging growth company" at the end of the fiscal year in which the fifth anniversary of our initial sale of common equity pursuant to a registration statement declared effective under the Securities Act of 1933, as amended, herein referred to as the Securities Act, occurred, if we have more than USD$1.235 billion in annual revenues, have more than USD$700 million in market value of our Common Shares held by non-affiliates, or issue more than USD$1 billion in principal amount of non-convertible debt over a three-year period.

**Foreign Private Issuer Status**

We are a foreign private issuer within the meaning of the rules under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). As such, we are exempt from certain provisions applicable to United States domestic public companies. For example:

● we are not required to provide as many Exchange Act reports, or as frequently, as a domestic public company;

● for interim reporting, we are permitted to comply solely with our home country requirements, which are less rigorous than the rules that apply to domestic public companies;

● we are not required to provide the same level of disclosure on certain issues, such as executive compensation;

● we are exempt from provisions of Regulation FD aimed at preventing issuers from making selective disclosures of material information;

● we are not required to comply with the sections of the Exchange Act regulating the solicitation of proxies, consents, or authorizations in respect of a security registered under the Exchange Act; and

● we are not required to comply with Section 16 of the Exchange Act requiring insiders to file public reports of their share ownership and trading activities and establishing insider liability for profits realized from any "short-swing" trading transaction.

**Corporate Information**

Midori Group Inc., a British Columbia corporation, was originally incorporated as 1284670 B.C. LTD in British Columbia, Canada under the British Columbia Business Corporations Act on January 19, 2021 and renamed to Midori Group Inc. on June 29, 2022. Our wholly owned operating subsidiary, Midori-Bio Inc., a federal corporation incorporated under the Canada Business Corporations Act on January 6, 2021, and extra-provincially registered in the province of Ontario, Canada.

On August 30, 2021, Midori Group Inc. entered into a Share Exchange Agreement, as amended on October 31, 2021, with Midori-Bio Inc. and the Midori-Bio Shareholders. The Share Exchange Agreement closed on January 6, 2022, and at such time Midori Group Inc. acquired all of the issued and outstanding capital stock of Midori-Bio Inc. (consisting of 22,000,000 Class A Common shares) from Midori-Bio Shareholders in exchange for 22,000,000 common shares of Midori Group Inc. to the Midori-Bio Shareholders at a deemed price of CAD $0.50 ($0.38) per share, and Midori-Bio Inc. became a wholly owned subsidiary of Midori Group Inc.

Midori Group Inc. is currently incorporated and in good standing in British, Columbia, Canada. Our principal executive offices are located at 5 Hazelton Avenue Suite 400, Toronto, ON M5R 2E1, and our telephone number 905-330-9113. Our website address is www.midori-bio.com. The information contained on our website is not incorporated by reference into this prospectus, and you should not consider any information contained on, or that can be accessed through, our website as part of this prospectus or in deciding whether to purchase our common shares.

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| **The Offering** | **The Offering** |
| Issuer: | Midori Group Inc. |
| Securities offered by us: | 3,726,709 Units, each unit consists of one (1) Common Share and one (1) Warrant to purchase one (1) Common Share (or 4,285,715 Units if the Underwriter exercises its over-allotment option in full). The Units will not be certificated and the Common Shares and the Warrants are immediately separable at closing and will be issued and tradeable separately, but will be purchased together as a unit in this offering. |
| Public Offering Price: | $4.15 per Unit (based on an assumed public offering price per unit of $4.15, which is the low-end of the price range set forth on the cover page of this prospectus). The actual offering price per unit will be as determined between the Underwriters and us based on market conditions at the time of pricing. Therefore, the assumed public offering price used throughout this prospectus may not be indicative of the final offering price. |
| Description of Warrants included in units offered by us: | The exercise price of the Warrants is $4.15 per share (100% of the assumed public offering price of one Unit). Each Warrant is exercisable for one Common Share, subject to adjustment in the event of stock dividends, stock splits, stock combinations, reclassifications, reorganizations or similar events affecting our Common Shares as described herein. A holder may not exercise any portion of a Warrant to the extent that the holder, together with its affiliates and any other person or entity acting as a group, would own more than 4.99% of the outstanding Common Shares after exercise, as such percentage ownership is determined in accordance with the terms of the Warrants, except that upon notice from the holder to us, the holder may waive such limitation up to a percentage, not in excess of 9.99%. Each Warrant will be exercisable immediately upon issuance and will expire five years after the initial issuance date. The terms of the Warrants will be governed by a Warrant Agency Agreement, dated as of the effective date of this offering, between us and Olympia Trust Company, as the Warrant agent (the "Warrant Agent"). This prospectus also relates to the offering of the Common Shares issuable upon exercise of the Warrants. For more information regarding the Warrants, you should carefully read the section titled "Description of Securities—Warrants" in this prospectus. |

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|:---|:---|
| Over-allotment option: | We have granted the Representative an option to purchase up to an additional 559,006 Common Shares and/or Warrants to purchase up to 559,006 Common Shares (equal to 15% of the number of Common Shares and Warrants underlying the Units sold in the offering), from us in any combination thereof, at the public offering price less the underwriting discount and commissions solely to cover over-allotments, if any. The Representative may exercise this option in full or in part at any time and from time to time until 45 days after the date of this prospectus. |
| Common Shares outstanding before this offering: | 44,646,500 Common Shares (1) |
| Common Shares to be outstanding after this offering: | 48,373,209 shares (assuming that none of the Warrants are exercised) and 52,099,918 if the Warrants offered hereby are exercised in full. If the Representative's over-allotment option is exercised in full, the total number of Common shares outstanding immediately after this offering would be 48,932,215 (assuming that none of the Warrants are exercised) and 53,217,930 if the Warrants offered hereby are exercised in full. |
| Capital stock: | Our Common Shares is common equity and contains no preferences as to other classes of our capital stock. Each Common Share entitles the holder to one vote on all matters submitted to the vote of the stockholders, including the election of directors. |
| Representatives' Warrants: | The registration statement of which this prospectus is a part also registers for sale warrants (the "Representative's Warrants") to purchase 128,571 Common shares (3% of the Common Shares sold in this offering) to the underwriters, as a portion of the underwriting compensation payable in connection with this offering. The Representative's Warrants will be exercisable at any time, and from time to time, in whole or in part, 180 days following the commencement date of sales in this offering and expiring five-years following the commencement date of sales in this offering at an exercise price of $5.1875 (125% of the public offering price of the Units). Please see "Underwriting—Representative's Warrants" for a description of these warrants. |
| Use of proceeds:<br>| We expect to receive net proceeds from this offering of CAD$17,832,460 ($13509440) (or CAD$20,619,095 ($15620527) if the Representatives exercise in full their over-allotment option) based upon an assumed initial public offering price of CAD$5.478 ($4.15) per unit, the low-end of the estimated price range set forth on the cover page of this prospectus, after deducting estimated underwriting discounts and commissions (7.00% of the gross proceeds of the offering) of CAD$1,429,044 ($1082609) (or CAD$1,643,400 ($1245000) if the underwriters exercise their overallotment option) and after our offering expenses, estimated at CAD$1,153,407 ($873793) (or CAD$1,214,651 ($920190) if the underwriters exercise their overallotment option). We intend to use the net proceeds from this offering to fund (i) the acquisition of technologies that are complementary to our current business, which may include, but are not limited to, the intellectual property rights from EcoLogic, LLC to the organic additive which we private brand label Midori Biosolutions, (ii) the commercialization of Midori Biosolutions, (iii) marketing of Midori Biosolutions, (iv) the purchase of Midori Biosolutions inventory and warehousing, and (v) research and development, working capital and other general corporate purposes. See "Use of Proceeds." |

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| | |
|:---|:---|
| Risk factors: | See "Risk Factors" beginning on page 21 of this prospectus for a discussion of some of the factors you should carefully consider before deciding to invest in our Common Shares. |
| Listing Application; Separation: | We intend to apply to list our Common Shares and the Warrants comprising the Units on the Nasdaq Capital Market under the symbols "MDRI," and "MDRIW," respectively. The approval of our listing on the Nasdaq Capital Market is a condition of closing this offering.<br>We will not be issuing physical units in this offering. At closing, we will issue to investors only the Common Shares and Warrants underlying the units offered hereby. |
| Lock-Ups: | Our directors, officers and holders of 1% or more of our outstanding Common Shares have agreed with the Representatives not to offer for sale, issue, sell, contract to sell, pledge or otherwise dispose of any of our Common Shares or securities convertible into Common Shares for a period of 180 days after the date of this prospectus. See "Underwriting—Lock-Up Agreements." |
| Dividend policy: | We do not anticipate declaring or paying any cash dividends on our Common Shares following our public offering. |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Unless
 we indicate otherwise, all information in this prospectus:

● is based on 44,646,500 Common Shares issued and outstanding as of March 10, 2023;

● assumes no exercise by the Underwriter of its option to purchase up to an additional 559,006 Common Shares and/or Warrants to purchase 559,006 Common Shares to cover over-allotments, if any;

● excludes 1,000,000 Common Shares issuable upon exercise of outstanding stock options at an exercise price of CAD$0.50 ($0.38) per share as of March 10, 2023;

● excludes 504,240 Common Shares issuable upon exercise of agent warrants at an exercise price of CAD$0.50 ($0.38) per share as of March 10, 2023;

● excludes 9,000,000 Common Shares issuable upon exercise of outstanding warrants at a weighted average exercise price of CAD$0.05 ($0.04) per share as of March 10, 2023;

● excludes 5,000,000 Common Shares issuable upon exercise of outstanding performance warrants at a weighted average exercise price of CAD$0.25 ($0.19) per share as of March 10, 2023;

● excludes 3,726,709 Common Shares or 4,285,715 Common Shares with over-allotment option exercised issuable upon the full exercise of the Warrants (included as part of the units and over-allotment option) offered hereby; and

● excludes 128,571 Common Shares underlying the Representative's Warrant to be issued to the Underwriter in connection with this offering.

**SELECTED HISTORICAL FINANCIAL DATA**

The following table presents the selected historical financial data of Midori Group Inc. for the periods indicated. The selected historical financial data for the period from inception, January 6, 2021 through September 30, 2021 and the year ended September 30, 2022 and the balance sheet data as of September 30, 2021 and 2022 are derived from the audited financial statements of Midori Group Inc.

Historical results are included for illustrative and informational purposes only and are not necessarily indicative of results we expect in future periods, and results of interim periods are not necessarily indicative of results for the entire year. The data presented below should be read in conjunction with, and are qualified in their entirety by reference to, "Management's Discussion and Analysis of Financial Condition and Results of Operations" and the financial statements of Midori Group Inc. and the notes thereto included elsewhere in this prospectus.

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| | | | | |
|:---|:---|:---|:---|:---|
| (In CAD$ and USD$) | **For the Period from January 6, 2021 (Inception) Through September 30, 2021 (CAD$)** | **For the Period from January 6, 2021 (Inception) Through September 30, 2021 (USD$)** | **For the Year Ended<br> September 30, 2022 (CAD$)** | **For the Year Ended**<br> **September 30, 2022**<br> **(USD$)** |
| **Statement of Operations Data** |  |  |  |  |
| Revenue | $351476 | $266270 | $493056 | $373527 |
| Cost of sales | (118496) | (89770) | 218700 | 165682 |
| Gross margin | 232980 | 176500 | 274356 | 207845 |
| Operating expenses |  |  |  |  |
| General and administrative | (197162) | (149365) | (2391049) | (1811401) |
| Total operating expenses | (197162) | (149365) | (2391049) | (1811401) |
| Income (loss) from operations | 35818 | 27135 | (2116693) | (1603556) |
| Total other income (expenses) | 7027 | 5323 | (10789408) | (8173794) |
| Income (loss) before provision for taxes | 42845 | 32458 | (12906101) | (9777350) |
| Income tax recovery (provisions) | (5463) | (4139) | 5463 | 4139 |
| Net income (loss) | $37382 | $28319 | $(12900638) | $(9773211) |
| Basic and diluted net profit (loss) per share | $0.00 | $0.00 | $(0.45) | $(0.34) |
| **Balance Sheet Data (at period end)** |  |  |  |  |
| Cash | $36930 | $27977 | $3999183 | $3029684 |
| Working capital (1) | $37497 | $28407 | $4001873 | $3031722 |
| Total assets | $52460 | $39742 | $4577631 | $3467902 |
| Total liabilities | $14963 | $11336 | $571213 | $432737 |
| Stockholders' equity | $37497 | $28407 | $4006418 | $3035165 |

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(1) Working
 capital represents total current assets less total current liabilities.

**RISK FACTORS**

*An investment in our securities carries a significant degree of risk. You should carefully consider the following risks, as well as the other information contained in this prospectus, including our historical financial statements and related notes included elsewhere in this prospectus, before you decide to purchase our securities. Any one of these risks and uncertainties has the potential to cause material adverse effects on our business, prospects, financial condition and operating results which could cause actual results to differ materially from any forward-looking statements expressed by us and a significant decrease in the value of our common shares and Warrants. Refer to "Cautionary Statement Regarding Forward-Looking Statements."*

*We may not be successful in preventing the material adverse effects that any of the following risks and uncertainties may cause. These potential risks and uncertainties may not be a complete list of the risks and uncertainties facing us. There may be additional risks and uncertainties that we are presently unaware of, or presently consider immaterial, that may become material in the future and have a material adverse effect on us. You could lose all or a significant portion of your investment due to any of these risks and uncertainties.*

**Risks Related to Our Business and Industry**

***Midori Group is an early-stage company with a limited operating history. Such limited operating history of Midori Group may not provide an adequate basis to judge its future prospects and results of operations.***

On January 6, 2022, pursuant to the closing of the Share Exchange Agreement, we acquired Midori-<br> Bio, and Midori-Bio thereafter became our wholly owned subsidiary, and the business of Midori-Bio became the business of the Company going forward. Midori Group has limited experience and a limited operating history in which to assess its future prospects. In addition, the biodegradable plastic market for the additive offered through Midori-Bio is highly competitive. If we fail to successfully develop the additive (assuming we acquire the intellectual property rights to the additive with a portion of the proceeds of the offering in order to permit us to produce the additive ourselves), or if we fail to successfully market the additive through Midori-Bio, in an increasingly competitive market, we may not be able to capture the growth opportunities associated with it or recover our development and marketing costs, and our future results of operations and growth strategies could be adversely affected. The limited history of Group may not provide a meaningful basis for investors to evaluate our business, financial performance, and prospects.

***The management of Midori Group has concluded that material uncertainties exist which may raise substantial doubt about its ability to continue as a going concern and the auditor of Midori Group and its predecessor Midori-Bio has included an explanatory paragraph relating to its ability to continue as a going concern in its auditor's report for the period from January 6, 2021 (inception) through September 30, 2021 and the year ended September 30, 2022.***

From inception (January 6, 2021) through September 30, 2021 and for the year ended September 30, 2022, Midori Group generated CAD$351,476 ($266,270) and CAD$493,056 ($373,527), respectively, in revenues, net income of CAD$37,382 ($28,319) and net loss of CAD($12,900,638) ($9,773,211), respectively, and cash flows generated from (used in) operations of CAD$36,815 ($27,890) and CAD($2,235,363) ($1,693,457), respectively. As at September 30, 2022, Midori Group had an accumulated deficit of CAD$12,863,256 ($9,744,891) and working capital surplus of CAD$4,001,873 ($3,031,722). The continued operations of Midori Group is dependent on future profitable operations, management's ability to manage costs and the future availability of equity or debt financing. The above events and conditions indicate a material uncertainty that may cast significant doubt about the ability of Midori Group to continue as a going concern and the auditor of Midori Group has included an explanatory paragraph relating to its ability to continue as a going concern in its auditor's report for the period from January 6, 2021 (inception) through September 30, 2021 and the year ended September 30, 2022.

The financial statements included elsewhere in this filing, have been prepared on the basis that Midori Group will operate as a going concern, which contemplates the realization of assets and settlement of liabilities and commitments in the normal course of business. The financial statements do not include adjustments to amounts and classifications of assets and liabilities that might be necessary should Midori Group be unable to continue as a going concern. The financial statements of Midori Group do not include any adjustments that might result from the outcome of this uncertainty. These adjustments would likely include substantial impairment of the carrying amount of our assets and potential contingent liabilities that may arise if we are unable to fulfill various operational commitments. In addition, the value of our securities, including Common Shares issued in this offering, would be greatly impaired. Our ability to continue as a going concern is dependent upon generating sufficient cash flow from operations and obtaining additional capital and financing, including funds to be raised in this offering. If our ability to generate cash flow from operations is delayed or reduced and we are unable to raise additional funding from other sources, we may be unable to continue in business even if this offering is successful. For further discussion about our ability to continue as a going concern and our plan for future liquidity, see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Ability to Continue as a Going Concern."

***We are a holding company with no operations and rely on our operating subsidiary (Midori-Bio Inc.) to provide us with funds necessary to meet our financial obligations and to pay taxes, expenses and dividends. The subsidiary's ability to make such distributions and payments to us may be subject to various limitations and restrictions.***

 ****

We are a holding company with no direct operations that will hold as our principal asset a 100% ownership interest in Midori-Bio Inc. (our wholly owned operating subsidiary) and will rely on the subsidiary to provide us with funds necessary to meet any financial obligations. As such, we will have no independent means of generating revenue. We intend to cause the subsidiary to make distributions or, in the case of certain expenses, payments in an amount sufficient to allow us to pay our taxes and operating expenses. However, the subsidiary's ability to pay dividends or make other distributions and payments to us may be subject to various limitations and restrictions, including, but not limited to, the operating results, cash requirements and financial condition of the subsidiary, the applicable provisions of Ontario law that may limit the amount of funds available for distribution to the shareholders of the subsidiary, compliance by the subsidiary with restrictions, covenants and financial ratios related to future indebtedness, and other agreements entered into by the subsidiary with third parties. If we do not have sufficient funds to pay tax or other liabilities or to fund our operations (i.e., as a result of the subsidiary's inability to make distributions due to various limitations and restrictions), we may have to borrow funds, and thus our liquidity and financial condition could be materially and adversely affected.

***We may require additional funding for our growth plans, and such funding may result in a dilution of your investment.***

We attempted to estimate our funding requirements in order to implement our growth plans. If the costs of implementing such plans should exceed these estimates significantly or if we come across opportunities to grow through expansion plans which cannot be predicted at this time, and our funds generated from our operations prove insufficient for such purposes, we may need to raise additional funds to meet these funding requirements even if this offering is consummated.

These additional funds may be raised by issuing equity or debt securities or by borrowing from banks or other resources. We cannot assure you that we will be able to obtain any additional financing on terms that are acceptable to us, or at all. If we fail to obtain additional financing on terms that are acceptable to us, we will not be able to implement such plans fully if at all. Such financing even if obtained, may be accompanied by conditions that limit our ability to pay dividends or require us to seek lenders' consent for payment of dividends, or restrict our freedom to operate our business by requiring lender's consent for certain corporate actions.

Further, if we raise additional funds by way of a rights offering or through the issuance of new shares, any shareholders who are unable or unwilling to participate in such an additional round of fund raising may suffer dilution in their investment.

***We need to raise additional capital or take other measures in the next few months in order to continue our operations and the current credit and financial environment is very uncertain.***

The Company's cash flow projections presently indicate that projected revenues will not be sufficient to fund operations over the coming twelve months. As such, the Company will need to raise additional financing or take other measures within the next few months in order to continue its operations. However, as a newly formed business, the Company's ability to accurately project revenues and expenses can be significantly impacted by unforeseen events, developments and contingencies that cannot be anticipated. For example, the recent instability in the capital markets may make it difficult to raise capital on terms acceptable to the Company, if at all. As such, there can be no assurance that management's plans to raise additional financing will be successful or sufficient in order to sustain our operations over the coming twelve months.

***We face various risks related to the ongoing coronavirus (COVID-19) pandemic and similar public health crises, which may have material adverse effects on our business, financial position, results of operations and liquidity.***

We face various risks related to health epidemics, pandemics and similar outbreaks, including the ongoing coronavirus disease 2019 ("COVID-19") pandemic. Such risks include disruptions or restrictions on our employees' ability to work effectively, as well as temporary closures of our facilities or the facilities of our customers or suppliers.

It is possible that the continued spread of COVID-19 could also further cause disruption in our supply chain by an average of 3 to 6 months depending on where globally we are working; cause delay or limit the ability of other customers to perform, including in making timely payments to us; and cause other unpredictable events. In addition, the continued spread of COVID-19 has led to disruption and volatility in the global capital markets, which increases the cost of capital and adversely impacts access to capital.

We continue to work with our stakeholders (including customers, employees, suppliers and local communities) to responsibly address COVID-19. Our management is focused on mitigating the impact of the pandemic, which has required and will continue to require a substantial investment of time and resources across the Company and could delay other value-added initiatives. Management has moved as many operations to virtual meetings in order to facilitate the progression of each project. However, in-person/on-site, plant trials have been moved to remote plant trials where necessary. We are still seeing delays of 6 to 9 months to on-board customers due to delays in shipping plant trial samples and testing data results. We continue to monitor the situation, to assess further possible implications to our business, supply chain and customers, and to take actions in an effort to mitigate adverse consequences.

The situation surrounding COVID-19 remains fluid and the ongoing impact on our business and results of operations, financial condition, expected cash flows and liquidity increases the longer the virus impacts activity levels in the United States and globally, both during the initial outbreak, as well as if additional outbreaks occur at a later date. For this reason, we cannot reasonably estimate with any degree of certainty the future impact COVID-19 may have on our results of operations, financial position, and liquidity. The extent to which the COVID-19 pandemic may impact our business, operating results, financial condition and liquidity will depend on future developments and numerous and evolving factors that are highly uncertain, vary by market and cannot be accurately predicted or quantified at this time, including the duration and spread of the outbreak. In 2023 several industry trade shows resumed, providing the opportunity to display and market our products to customers while also expanding our network and brand awareness. We have also reinstated the shipping of our sporting goods products in Asia since the removal of COVID-19 restrictions. We have experienced delays obtaining ASTM testing data and results, which are required to support customer claims and initiate new project development. In an effort to mitigate further delays, we have sourced additional qualified testing labs around the world. COVID-19 has also created a decreased supply of resins (the base ingredient in our additive), which has triggered a 10% increase in the prices of our raw materials. Despite these concerns, we believe the supply chain issues of product shortages and increased prices triggered by COVID-19 have been in the process of resolving in general. There has been an increased production of resins globally, which has increased the inventory available from countries outside the USA and Canada. This will positively impact our results of operations and financial condition, as well as improve expected cash flows and liquidity.

Relaxed government mandated restrictions and regulations; have geared up business and workforce production resulting in inflation, worker shortages and now a looming recession; will have an impact on demand for our products, collectability of customer accounts; additional and prolonged devaluation of other countries' currencies relative to the dollar. Additionally, customers might defer decision making, delay orders or seek to renegotiate or unlikely but possibly cancel some agreements.

The continuing global pandemic may also result in delays in our ability to apply for and obtain further regulatory approval for our products in various jurisdictions possibly by 3 to 6 months.

The impact of COVID-19 may also exacerbate other risks discussed herein, any of which could have a material effect on us. This situation is changing rapidly, and additional impacts may arise that we are not aware of currently.

***The commercial success of our business depends on the widespread market acceptance of plastics manufactured with the Midori Biosolutions additive, which we believe accelerates the biodegradability of plastic products to just a few years, by third-parties and if we are unable to generate interest in plastic products produced with the Midori Biosolutions additive, we will be unable to generate sales and we will be forced to cease operations.***

The market for biodegradable plastics produced with the Midori Biosolutions additive is still developing. Our success will depend on consumer acceptance of plastics produced with Midori Biosolutions by third parties. At present, it is difficult to assess or predict with any assurance the potential size, timing and viability of market opportunities for our product in the plastics market. The standard plastics market sector is well established with entrenched and well-capitalized competitors with whom we must compete. Achieving widespread market acceptance for these products will require substantial marketing efforts and the expenditure of sufficient resources to create brand recognition and customer demand and to cause potential customers to consider the potential benefits of the Company's products as against the traditional products to which they have long been accustomed. Moreover, we have limited marketing capabilities and resources. To date, substantially all of our marketing activities have been conducted by members of management. The prospects for our product line will be largely dependent upon our ability to achieve market penetration for such products. Achieving market penetration will require sufficient efforts by the Company to create awareness of and demand for our products. The Company's ability to build its customer base will depend in part on our ability to locate, hire and retain sufficient qualified marketing personnel and to fund marketing efforts, including advertising. There can be no assurance that our products will achieve widespread market acceptance or that our marketing efforts will result in profitable operations.

***Currently, we distribute, sell and market a single private brand labeled additive (Midori Biosolutions) which is currently produced and supplied by only one supplier, EcoLogic, LLC and, therefore, we are entirely dependent on our relationship with EcoLogic, LLC and if that relationship were terminated, the Company's business, financial condition and results of operations would be materially adversely affected. Pursuant to the distribution agreement between EcoLogic and the Company, we are obligated to distribute the product for Ecologic for a term of five years. We could lose the right to distribute the product if we do not meet the required sales goals, or otherwise breach the distribution agreement.***

 ****

Currently, we distribute, sell and market a single private brand labeled additive which is currently produced and supplied by only one supplier, EcoLogic, LLC. Pursuant to the Distributor Agreement between EcoLogic and the Company, we are obligated to distribute the product for EcoLogic for a term of five years. We could lose the right to distribute the product if we do not meet the required sales goals or otherwise breach the Distributor Agreement. In the event of the termination of the Distributor Agreement, we could no longer purchase and resell the additive to our clients. There is no assurance that we would successfully locate a replacement organic additive to purchase and resell to our clients. The loss of our relationship with EcoLogic would have a material adverse effect on our business, financial condition and results of operations.

***Upon acquisition of the intellectual property rights to the additive, we anticipate relying on a limited number of suppliers and we may not be able to find replacements or immediately transition to alternative suppliers, which could have a material adverse effect on our financial condition, results of operations and reputation.***

 ****

There are only a limited number of suppliers of materials related to our organic additive product, Midori Biosolutions. Specifically at this time, EcoLogic, LLC is our sole supplier with one location in Wisconsin. An interruption in operations of the business related to this product could occur if we encounter delays or difficulties in securing the required materials, or if we cannot then obtain an acceptable substitute. Any such interruption could significantly affect the business related to this product and our financial condition, results of operations and reputation.

For example, we believe that only a small number of suppliers are currently qualified to supply materials for the production of the Midori Biosolutions additive. Currently, we have no control over the suppliers or materials EcoLogic LLC sources to manufacture the Midori Biosolutions additive that EcoLogic LLC supplies to us under our Distribution Agreement with EcoLogic, LLC. However, upon acquisition of the intellectual property rights to and our production of the additive, the use of materials furnished by replacement suppliers would require us to alter our operations related to the Midori Biosolutions additive. Transitioning to a new supplier for our product would be time consuming and expensive, may result in interruptions in our operations, could affect the performance specifications of our product or could require that we revalidate the materials. There can be no assurance that we will be able to secure alternative materials, and bring such materials on line and revalidate them without experiencing interruptions in our workflow. If we should encounter delays or difficulties in securing, reconfiguring or revalidating the materials required for our product, our business related to these products and our financial condition, results of operations and reputation could be adversely affected.

***Although we seek to diversity our client base, we have historically depended on, and expect to continue to depend on, a limited number of customers for a high percentage of our revenues.***

 ****

The loss of, or a significant reduction in orders from, any of these customers, including following any termination or failure to renew a long-term supply contract, would significantly reduce our revenues and harm our results of operations. If a large customer purchases fewer of our products, defers orders or fails to place additional orders with us for any other reason, including for business continuity purposes, our revenue could decline, and our operating results may not meet market expectations. In addition, if those customers order our products, but fail to pay on time or at all, our liquidity and operating results could be materially and adversely affected. Furthermore, if any of our current or future products compete with those of any of our largest customers, these customers may place fewer orders with us or cease placing orders with us, which would negatively affect our revenues and operating results.

***We do not own the intellectual property rights to the additive constituting Midori Biosolutions. Although we plan to acquire the intellectual property rights from EcoLogic with a portion of the proceeds in the offering, EcoLogic has no obligation to sell us the intellectual property rights.***

 ****

We do not own the intellectual property rights to the additive constituting Midori Biosolutions. Our intellectual property currently only consists of a trademark for our private brand label "Midori Biosolutions" as to the additive as the intellectual property rights to the additive are currently held by a third party supplier, EcoLogic, LLC, which has the intellectual property rights to the organic additive which we private brand label as Midori Biosolutions. Although we plan to acquire the intellectual property rights with a portion of the proceeds in the offering so we may manufacture or have third parties manufacture the additive for us, EcoLogic has no obligation to sell us the intellectual property rights.

***We may not be successful in protecting our intellectual property and proprietary rights and may be required to expend significant amounts of money and time in attempting to protect these rights. If we are unable to protect our intellectual property and proprietary rights, our competitive position in the market could suffer.***

Our success depends in part on our ability to obtain patents and maintain adequate protection of our other intellectual property for our technologies, brands and products in the U.S. and in other countries. The laws of some foreign countries do not protect proprietary rights to the same extent as do the laws of the U.S., and many companies have encountered significant problems in protecting their proprietary rights in these foreign countries. These problems may be caused by, among other factors, a lack of rules and methods for defending intellectual property rights.

The enforceability of patent positions cannot be predicted with certainty. We will apply for patents covering both our technologies and our products, if any, as we deem appropriate. Patents, if issued, may be challenged, invalidated or circumvented. There can be no assurance that no other relevant patents have been issued that could block our ability to obtain patents or to operate as we would like. Others may independently develop similar technologies or may duplicate technologies developed by us. Our future commercial success requires us not to infringe on patents and proprietary rights of third parties, or breach any licenses or other agreements that we have entered into with respect to our technologies, products and businesses. If we were to be sued for patent infringement, we might be subject to significant damages, enjoined from continuing certain businesses, or required to enter into a license agreement. There is no guarantee that such a license would be available at all or available on reasonable terms. If we were to breach any of our existing license agreements, the licensor might exercise its right to terminate the agreement, and if sued, we might be subject to damages.

We are not currently a party to any litigation with respect to any of our patent positions. However, if we become involved in litigation or interference proceedings declared by the U.S. Patent and Trademark Office, or other intellectual property proceedings outside of the U.S., we might have to spend significant amounts of money to defend our intellectual property rights. If any of our competitors files patent applications or obtains patents that claim inventions or other rights also claimed by us, we may have to participate in interference proceedings declared by the relevant patent regulatory agency to determine priority of invention and our right to a patent of these inventions in the U.S. Even if the outcome is favorable, such proceedings might result in substantial costs to us, including from (i) significant legal fees and other expenses, (ii) diversion of management time and (iii) disruption of our business. Even if successful on priority grounds, an interference proceeding may result in loss of claims based on patentability grounds raised in the interference proceeding. Uncertainties resulting from initiation and continuation of any patent or related litigation also might harm our ability to continue our research or to bring products to market.

An adverse ruling arising out of any intellectual property dispute, including an adverse decision as to the priority of our inventions would undercut or invalidate our intellectual property position. An adverse ruling also could subject us to significant liability for damages, prevent us from using certain processes, products, or brand names, or require us to enter into royalty or licensing agreements with third parties. Furthermore, necessary licenses may not be available to us on satisfactory terms, or at all.

***Confidentiality agreements with employees and others may not adequately prevent disclosure of trade secrets and other proprietary information.***

 ****

To protect our proprietary technologies and processes, we rely on trade secret protection as well as on formal legal devices such as patents. Although we have taken security measures to protect our trade secrets and other proprietary information, these measures may not provide adequate protection for such information. Our policy is to execute confidentiality and proprietary information agreements with each of our employees and consultants upon the commencement of an employment or consulting arrangement with us. These agreements generally require that all confidential information developed by the individual or made known to the individual by us during the course of the individual's relationship with us be kept confidential and not be disclosed to third parties. These agreements also generally provide that technology conceived by the individual in the course of rendering services to us shall be our exclusive property. Even though these agreements are in place there can be no assurances that that trade secrets and proprietary information will not be disclosed, that others will not independently develop substantially equivalent proprietary information and techniques or otherwise gain access to our trade secrets, or that we can fully protect our trade secrets and proprietary information. Violations by others of our confidentiality agreements and the loss of employees who have specialized knowledge and expertise could harm our competitive position and cause our sales and operating results to decline as a result of increased competition. Costly and time-consuming litigation might be necessary to enforce and determine the scope of our proprietary rights, and failure to obtain or maintain trade secret protection might adversely affect our ability to continue our research or bring products to market.

***Established product manufacturers could improve their ability to recycle their existing products or develop new environmentally preferable products which could render our technology less competitive.***

 ****

Several plastic disposable packaging manufacturers and converters and others have made efforts to increase the recycling of their products. Increased recycling of plastic products could lessen their harmful environmental impact, one major basis upon which we compete.

***We face competition from numerous competitors, many of whom have far greater resources than we have currently, which may make it more difficult for us to achieve significant market penetration.***

 ****

The biodegradable product market is intensely competitive, subject to rapid change and significantly affected by new product introductions and other market activities of industry participants.

Many of our competitors, such as Eco Pure, Biosphere and Ciclo are large, well-capitalized companies with significantly more market share and resources than we have. As a consequence, they are able to spend more aggressively on product development, marketing, sales and other product initiatives than we can. Many of these competitors have:

● significantly greater name recognition;

● larger and more established distribution networks;

● additional lines of products and the ability to bundle products to offer higher discounts or other incentives to gain a competitive advantage;

● greater experience in conducting research and development, manufacturing, clinical trials, marketing, obtaining regulatory approval and entering into collaboration or other strategic partnership arrangements; and

● greater financial and human resources for product development, sales and marketing and patent litigation.

Our current competitors, including certain of our customers, or other companies may at any time develop additional products that compete with our products. If any company develops products that compete with or are superior to our products, our revenue may decline. In addition, some of our competitors may compete by lowering the price of their products. If prices were to fall, we may not be able to improve our gross margins or sales growth sufficiently to maintain and grow our profitability.

***Given our limited resources, we may not effectively manage our growth.***

 ****

Our growth and expansion plan, which includes targeting high-growth segments with commercial products and working with third-party manufacturers and converters of biodegradable plastic products in the adoption of the Midori Biosolutions additive to enlarge our customer base, commencing and expanding our manufacturing capabilities of our product (assuming we acquire the intellectual property rights to the additive), strengthening our product leadership by developing new formulations in conjunction with customer demands and pursuing strategic alliances, requires significant management time and operational and financial resources. There is no assurance that we have the necessary operational and financial resources to manage our growth. This is especially true as we expand facilities and manufacture our organic additive on a larger commercial scale. In addition, rapid growth in our headcount and operations may place a significant strain on our management, administrative, operational and financial infrastructure. Failure to adequately manage our growth could have a material and adverse effect on our business, results of operations, financial condition and the quoted price of our Common Shares.

***Disruptions in world financial markets could impede our ability to raise capital necessary to continue our operations and could have a material adverse impact on our future results of operations, financial condition or cash flows, and/or could cause the market price of our Common Shares to decline.***

We face risks attendant to changes in economic environments, changes in interest rates, and instability in securities and capital markets, around the world, among other factors. Major market disruptions and the current adverse changes in market conditions and the regulatory climate in the United States and worldwide may impair our ability to raise capital under any future financial arrangements. We cannot predict how long the current market conditions will last. However, these recent and developing economic and governmental factors may impede our ability to raise the capital necessary to continue our operations, and may have a material adverse effect on future results of operations, financial condition or cash flows and could cause the price of our Common Shares to decline significantly.

***Fluctuations in the costs of our raw materials and competitive products could have an adverse effect on our results of operations and financial condition.***

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Our results of operations are directly affected by the cost of our raw materials. Our product, the Midori Biosolutions additive, is based in large part on resin futures costing, for our carrier/backbone ingredient. Our additive is included in a masterbatch resin. If we are working with a Polyethylene terephthalate ("PET") product, which is a type of plastic, we provide our additive in a PET masterbatch resin, if we are working with a Polypropylene ("PP") product, which is also a type of plastic, then we provide our additive in a PP masterbatch resin. Our ability to offset the effect of raw material prices by increasing sales prices is uncertain. A further increase in the price differential between 10 to 25% based raw materials relative to petroleum-based plastics could have a negative impact on our results of operations and financial position.

***Our operations are subject to regulation by the U.S. Food and Drug Administration to the extent the additive is a component of food and beverage containers.***

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The manufacture, sale and use of organic additives are subject to regulation by the U.S. Food and Drug Administration (the "FDA"). The FDA's regulations are concerned with substances used in food packaging materials, not with specific finished food packaging products. Thus, food and beverage containers are in compliance with FDA regulations if the components used in the food and beverage containers: (i) are approved by the FDA as indirect food additives for their intended uses and comply with the applicable FDA indirect food additive regulations; or (ii) are generally recognized as safe for their intended uses and are of suitable purity for those intended uses.

The Midori Biosolutions additive has been cleared for use in food-contact applications by the FDA. Therefore, we believe that the Midori Biosolutions additive is in compliance with all FDA requirements. However, failure to comply with FDA regulations could subject us to administrative, civil or criminal penalties.

***Regulatory changes applicable to us, or the products in our end-use markets, could adversely affect our financial condition and results of operations.***

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We and many of the applications for the products in the end-use markets in which we sell our products are regulated by various national and local regulations. Changes in those regulations could result in additional compliance costs, seizures, confiscations, recall or monetary fines, any of which could prevent or inhibit the development, distribution and sale of our products.

***We may be liable for damages based on product liability claims brought against our customers in our end-use markets.***

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Many of our products may provide critical performance attributes to our customers' products that will be sold to end users who could potentially bring product liability suits in which we could be named as a defendant. The sale of these products involves the risk of product liability claims. If a person were to bring a product liability suit against one of our customers, this customer may attempt to seek contribution from us. A person may also bring a product liability claim directly against us. A successful product liability claim or series of claims against us in excess of our insurance coverage for payments, for which we are not otherwise indemnified, could have a material adverse effect on our financial condition and results of operations.

***Loss of key personnel or our inability to attract and retain new qualified personnel could hurt our business and inhibit our ability to operate and grow successfully.***

Our success in the competitive markets in which we operate will continue to depend to a significant extent on our leadership and other key management and technical personnel. We may not be able to retain our current management personnel or to recruit qualified individuals to join our management team. The loss of any key individual could have a material and adverse effect on our business.

***If our products do not perform as expected or the reliability of the technology on which our product is based is questioned, we could experience lost revenue, delayed or reduced market acceptance of our product, increased costs and damage to our reputation.***

 

The Midori Biosolutions additive we manufacture is incorporated into biodegradable plastic products that are sold by other companies and we have no control over the manufacture and production of those products. Our success depends on the market's confidence that we can provide a reliable, high-quality organic additive product that can accelerate the speed of decomposer of biodegradable plastic products. Our reputation and the public image of our product and technologies may be impaired if our product fails to perform as expected. In the future, if our products experience, or are perceived to experience, a material defect or error, this could result in loss or delay of revenues, delayed market acceptance, damaged reputation, diversion of development resources, legal claims, increased insurance costs or increased service and warranty costs, any of which could harm our business. Such defects or errors could also narrow the scope of the use of our products, which could hinder our success in the market. Even after any underlying concerns or problems are resolved, any lingering concerns in our target market regarding our technology or any manufacturing defects or performance errors in our products could continue to result in lost revenue, delayed market acceptance, damaged reputation, increased service and warranty costs and claims against us.

***If we are unable to manufacture our product in sufficient quantities and in a timely manner, our operating results will be harmed, our ability to generate revenue could be diminished and our gross margin may be negatively impacted.***

 

Our revenues and other operating results will depend in large part on our ability to manufacture and assemble our organic additive product in sufficient quantities and in a timely manner. Any interruptions we experience in the manufacturing or shipping of our product could delay our ability to recognize revenues in a particular quarter. Manufacturing problems can and do arise, and as demand for our product increases, any such problems could have an increasingly significant impact on our operating results. While we have not generally experienced problems with, or delays in, our production capabilities that resulted in delays in our ability to ship our organic additive product, there can be no assurance that we will not encounter such problems in the future. We may not be able to quickly ship the product and recognize anticipated revenues for a given period if we experience significant delays in the manufacturing process. In addition, we must maintain sufficient production capacity in order to meet anticipated customer demand, which carries fixed costs that we may not be able to offset if orders slow, which would adversely affect our operating margins. If we are unable to manufacture our product consistently, in sufficient quantities, and on a timely basis, our bioprocessing revenue, gross margins and our other operating results will be materially and adversely affected.

***Our operating results may fluctuate significantly, our customers' future purchases are difficult to predict and any failure to meet financial expectations may result in a decline in our stock price.***

 

Our quarterly operating results may fluctuate in the future as a result of many factors such as the impact of seasonal spending patterns, changes in overall spending levels in the biodegradable plastic industry, the inability of some of our manufacturing customers to consummate anticipated purchases of our product due to changes in end-user demand, and other unpredictable factors that may affect ordering patterns. Because our revenue and operating results are difficult to predict, we believe that period-to-period comparisons of our results of operations are not a good indicator of our future performance. Additionally, if revenue declines in a quarter, whether due to a delay in recognizing expected revenue, adverse economic conditions or otherwise, our results of operations will be harmed because many of our expenses are relatively fixed. In particular, a large portion of our manufacturing costs, our research and development, sales and marketing and general and administrative expenses are not significantly affected by variations in revenue. If our quarterly operating results fail to meet investor expectations, the price of our Common Shares may decline.

***We may not be able to timely fill orders for our products.***

In order for us to successfully market our product, we must be able to timely fill orders for our product. Our ability to timely meet our supply requirements will depend on numerous factors including our ability to successfully maintain an effective distribution network and to maintain adequate inventories and the ability of the Company or third parties to adequately produce the Company's product in volumes sufficient to meet demand. Failure of the Company to adequately supply its products to manufacturers of biodegradable plastic products to adequately produce products to meet demand could materially adversely impact the operations of the Company.

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***If the Company's supply chain is disrupted, our financial condition and results of operations could be materially adversely affected.***

We currently rely on a single third-party manufacturer and supplier (EcoLogic) for the manufacturing and supply of the additive which we distribute, market and sell under the private brand label Midori Biosolutions. However, we plan to acquire the intellectual property rights to the additive with a portion of the proceeds in the offering so we may manufacture or have third parties manufacture the additive for us. The interruption of supply, or a significant increase in the cost of manufacturing for any reason, could have a material adverse effect on our business, financial condition and results of operation. We could be materially and adversely affected should any of third-party manufacturer facilities be seriously damaged as a result of a fire, natural disaster or otherwise. Further, we could be materially and adversely affected should such third-party manufacturers of biodegradable plastics be subject to adverse market, business or financial conditions.

***Unavailability of raw materials used to manufacture our organic additive product, increases in the price of the raw materials, or the necessity of finding alternative raw materials to use in our products could delay the introduction and market acceptance of our products.***

The failure by us (upon acquisition of the intellectual property rights to the additive) or third-party manufacturers to procure adequate supplies of raw materials could delay the commercial introduction or shipment and hinder market acceptance of biodegradable plastic manufacturers of our Midori Biosolutions additive. For example, we need to maintain readily available supplies of the Midori Biosolutions additive in commercial quantities. If the supply of Midori Biosolutions is disrupted, we may need to seek alternative sources of raw materials or modify our product formulations if the cost or availability of the Midori Biosolutions additive becomes prohibitive*.*

***We may not be able to successfully compete in the environmentally-friendly plastic products market.***

The market for environmentally-friendly plastic products is recent and a rapidly growing segment of the global economy. There are a few companies similar to our company that have entered the biodegradable market in the last few years in anticipation of the perceived opportunities surrounding environmentally safe products and as a result the markets for biodegradable plastic products are highly competitive. A significant factor in the ability of biodegradable plastic products with the Company's organic additive to compete successfully in the market will be its ability to secure customer commitment and our brand recognition. The consumer product industry is highly competitive and the biodegradable plastic products with the Company's organic additive will compete with other manufacturers and distributors. Other companies and vendors may also enter into competition with the biodegradable plastic products with the Company's organic additive as a result of the Company's increased marketing efforts as expected after this Offering is successfully completed. The lack of financial strength of the Company may be a negative factor for the Company's ability to penetrate the B2B market even if the biodegradable plastic products with the Company's organic additive are superior.

***We are dependent on third parties to transport our products, so their failure to transport our products could adversely affect our earnings, sales and geographic market.***

We will use third parties, such as EasTenn Warehouse & Distribution, for the vast majority of our shipping and transportation needs. If these parties fail to deliver our products in a timely fashion, including due to lack of available trucks or drivers, labor stoppages or if there is an increase in transportation costs, including due to increased fuel costs, it would have a material adverse effect on our earnings and could reduce our sales and geographic market.

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***Purchasers of biodegradable plastic products that contain our organic additive may assert product liability claims against us, which may materially and adversely affect our financial condition.***

Actual or claimed defects in biodegradable plastic products that contain our organic additive could give rise to product liability claims against us. We might be sued because of injury or death, property damage, loss of production or suspension of operations resulting from actual or claimed defects in the biodegradable plastic products that contain our organic additive. Regardless of whether we are ultimately determined to be liable, we might incur significant legal expenses not covered by insurance. In addition, products liability litigation could damage our reputation and impair our ability to market our products. Litigation could also impair our ability to retain products liability insurance or make our insurance more expensive. We currently carry product liability insurance with a liability limit of CAD$5,000,000. Many of the third-party manufacturers carry general commercial liability and umbrella liability insurance that covers the products it manufactures with a liability limit of CAD$5,000,000. We could incur product liability claims in excess of this insurance coverage or that are subject to substantial deductibles, or we may incur uninsured product liability costs. If we are subject to an uninsured or inadequately insured products liability claim based on our products, our business, financial condition and results of operations would be adversely affected.

***Our Company is subject to regulation by the Federal Trade Commission with respect to our environmental marketing claims.***

The Company advertises that its organic additive accelerates the rate of biodegradability in plastic products and must conform with the Federal Trade Commission's Guides for the use of Environmental Marketing Claims (the "Guides"). In the event Federal Trade Commission ("FTC") determines that our organic additive is not in compliance with the Guides and applicable State law regulations, the FTC may bring enforcement actions against on the basis that our marketing claims are false or misleading. Such action could have a material adverse effect on our business operations.

***Because we are a corporation incorporated in British Columbia and some of our directors and officers are resident in Canada, it may be difficult for investors in the United States to enforce civil liabilities against us based solely upon the federal securities laws of the United States. Similarly, it may be difficult for Canadian investors to enforce civil liabilities against our directors and officers residing outside of Canada.***

We are a corporation incorporated under the laws of British Columbia with our principal place of business in Toronto, Canada. Some of our directors and officers and the auditors or other experts named herein are residents of Canada and all or a substantial portion of our assets and those of such persons are located outside the United States. Consequently, it may be difficult for U.S. investors to effect service of process within the United States upon us or our directors or officers or such auditors who are not residents of the United States, or to realize in the United States upon judgments of courts of the United States predicated upon civil liabilities under the Securities Act. Investors should not assume that Canadian courts: (1) would enforce judgments of U.S. courts obtained in actions against us or such persons predicated upon the civil liability provisions of the U.S. federal securities laws or the securities or blue sky laws of any state within the United States or (2) would enforce, in original actions, liabilities against us or such persons predicated upon the U.S. federal securities laws or any such state securities or blue sky laws.

Similarly, some of our directors and officers are residents of countries other than Canada and all or a substantial portion of the assets of such persons are located outside Canada. As a result, it may be difficult for Canadian investors to initiate a lawsuit within Canada against these non-Canadian residents. In addition, it may not be possible for Canadian investors to collect from these non-Canadian residents judgments obtained in courts in Canada predicated on the civil liability provisions of securities legislation of certain of the provinces and territories of Canada. It may also be difficult for Canadian investors to succeed in a lawsuit in the United States, based solely on violations of Canadian securities laws.

***Operating outside of the United States presents specific risks to our business, and we have substantial operations outside of the United States.***

Our employee base and operations are located outside the United States in Canada. Most of our software development, third-party contract manufacturing, and product assembly operations are conducted outside the United States.

Risks associated with operations outside the United States include:

● effectively managing and overseeing operations that are distant and remote from corporate headquarters may be difficult and may impose increased operating costs;

● fluctuating foreign currency rates could restrict sales, increase costs of purchasing, and impact collection of receivables outside of the United States;

● volatility in foreign credit markets may affect the financial well-being of our customers and suppliers;

● violations of anti-corruption laws, including the Foreign Corrupt Practices Act and the U.K. Bribery Act could result in large fines and penalties;

● violations of privacy and data security laws could result in large fines and penalties; and

● tax disputes with foreign taxing authorities, and any resultant taxation in foreign jurisdictions associated with operations in such jurisdictions, including with respect to transfer pricing practices associated with such operations.

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***Foreign currency fluctuations and local laws and practices may reduce our competitiveness and sales in foreign markets.***

The relative change in currency values creates fluctuations in product pricing for international customers. These changes in foreign end-customer costs may result in lost orders and reduce the competitiveness of our products in certain foreign markets. These changes may also negatively impact the financial condition of some foreign customers and reduce or eliminate their future orders of our products. We also face adverse changes in, or uncertainty of, local business laws or practices, including the following:

● foreign governments may impose burdensome tariffs, quotas, taxes, trade barriers, or capital flow restrictions;

● restrictions on the export or import of technology may reduce or eliminate the ability to sell in or purchase from certain markets;

● political and economic instability, including deterioration of political relations between the United States and other countries, may reduce demand for our solutions or put our non-U.S. assets at risk;

● potentially limited intellectual property protection in certain countries may limit recourse against infringing on our solutions or cause us to refrain from selling in certain geographic territories;

● staffing may be difficult along with higher turnover at international operations;

● a government-controlled exchange rate and limitations on the convertibility of currencies, including the Chinese yuan;

● transportation delays and customs related delays that may affect production and distribution of our products; and

● integration and enforcement of laws vary significantly among jurisdictions and may change significantly over time.

Our failure to manage any of these risks successfully could harm our international operations and adversely impact our business, operating results and financial condition.

***All of our officers and directors are working under consulting agreements/relationships and have/may have external business opportunities and employment that may be in conflict with us.***

Currently, all of our officers and directors are working under consulting agreements/relationships and may dedicate time and resources to other functions and personal expenditures, some of which may conflict with our objectives as a company . Our officers and directors are not required under such consulting agreements/relationships to devote any specific hours per week to the affairs of the Company. Any and all conflicts of interest entered into by our officers and directors are brought to the company's board of director's attention, with a resolution to the conflict addressed as such, at the time of revealment.

**Risks Related to This Offering and Ownership of Our Common Stock**

***Once our Common Shares and Warrants are listed on the Nasdaq Capital Market, there can be no assurance that we will be able to comply with Nasdaq Capital Market's continued listing standards.***

Prior to this offering, there has been no public market for Common Shares. As a condition to consummating this offering, our Common Shares and Warrants offered in this prospectus must be listed on the Nasdaq Capital Market or another national securities exchange. Accordingly, in connection with the filing of the registration statement of which this prospectus forms a part, we intend to apply to list our Common Shares and Warrants (forming part of the units offered hereby) on the Nasdaq Capital Market under the symbols "MDRI" and "MDRIW," respectively. Assuming that our Common Shares and Warrants are listed and after the consummation of this offering, there can be no assurance any broker will be interested in trading our Common Shares and Warrants. Therefore, it may be difficult to sell your Common Shares or Warrants if you desire or need to sell them. Our underwriters are not obligated to make a market in our Common Shares or Warrants, and even if it makes a market, it can discontinue market making at any time without notice. Neither we nor the underwriters can provide any assurance that an active and liquid trading market in our Common Shares or Warrants will develop or, if developed, that such market will continue.

Once our Common Shares and Warrants (forming part of the units offered hereby) are approved for listing on the Nasdaq Capital Market, there is no guarantee that we will be able to maintain such listing for any period of time by perpetually satisfying Nasdaq Capital Market's continued listing requirements. Our failure to continue to meet these requirements may result in our Common Shares and Warrants being delisted from Nasdaq Capital Market.

***The market price of our Common Shares and Warrants (forming part of the units offered hereby) may be volatile, and you could lose all or part of your investment.***

We cannot predict the prices at which our Common Shares and Warrants (forming part of the units offered hereby) will trade. The initial public offering price of our Common Shares and Warrants (forming part of the units offered hereby) will be determined by negotiations between us and the underwriters and may not bear any relationship to the market price at which our Common Shares and Warrants will trade after this offering or to any other established criteria of the value of our business and prospects, and the market price of our Common Shares and Warrants following this offering may fluctuate substantially and may be lower than the initial public offering price. The market price of our Common Shares and Warrants following this offering will depend on a number of factors, including those described in this "Risk Factors" section, many of which are beyond our control and may not be related to our operating performance. In addition, the limited public float of our Common Shares and Warrants following this offering will tend to increase the volatility of the trading price of our Common Shares and Warrants. The stock market in general, and companies operating in the biodegradable plastics industry in particular, have experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of these companies. These fluctuations could cause you to lose all or part of your investment in our Common Shares and/or Warrants, since you might not be able to sell your Common Share and/or Warrants at or above the price you paid in this offering. Factors that could cause fluctuations in the market price of our Common Shares and/or Warrants include, but are not limited to, the following:

● market conditions in the broader stock market in general, or in our industry in particular;

● actual or anticipated fluctuations in our quarterly financial and operating results;

● introduction of new products and services by us or our competitors;

● sales, or anticipated sales, of large blocks of our stock;

● issuance of new or changed securities analysts' reports or recommendations;

● failure of industry or securities analysts to maintain coverage of our company, changes in financial estimates by any industry or securities analysts that follow our company, or our failure to meet such estimates;

● additions or departures of key personnel;

● regulatory or political developments;

● changes in accounting principles or methodologies;

● acquisitions by us or by our competitors;

● litigation and governmental investigations; and

● economic, political and geopolitical conditions or events.

The realization of any of the above risks or any of a broad range of other risks, including those described in this "Risk Factors" section, could have a dramatic and adverse impact on the market price of our Common Shares.

***If securities or industry analysts do not publish research or reports, or if they publish adverse or misleading research or reports, regarding us, our business or our market, our stock price and trading volume could decline.***

The trading market for our Common Shares and Warrants will be influenced by the research and reports that securities or industry analysts publish about us, our business or our market. We do not currently have and may never obtain research coverage by securities or industry analysts. If no or few securities or industry analysts commence coverage of us, the stock price would be negatively impacted. In the event we obtain securities or industry analyst coverage, if any of the analysts who cover us issue adverse or misleading research or reports regarding us, our business model, our intellectual property, our stock performance or our market, or if our operating results fail to meet the expectations of analysts, our stock price would likely decline. If one or more of these analysts cease coverage of us or fail to publish reports on us regularly, we could lose visibility in the financial markets, which in turn could cause our stock price or trading volume to decline.

***Because we are a foreign private issuer and are exempt from certain Nasdaq Capital Market corporate governance standards applicable to U.S. issuers, you will have less protection than you would have if we were a domestic issuer.***

Nasdaq Listing Rules require U.S. listed companies to have, among other things, a majority of its board members be independent. As a foreign private issuer, however, we are permitted to, and we may follow home country practice in lieu of the above requirements, or we may choose to comply with the above requirement within one year of listing. The corporate governance practice in our home country does not require a majority of our board to consist of independent directors. Thus, although a director must act in the best interests of the Company, it is possible that fewer board members will be exercising independent judgment and the level of board oversight on the management of our company may decrease as a result. In addition, Nasdaq Listing Rules also require U.S. listed companies to have a compensation committee and a nominating/corporate governance committee composed entirely of independent directors, and an audit committee with a minimum of three independent members. We, as a foreign private issuer, are not subject to these requirements. Nasdaq Listing Rules may require shareholder approval for certain corporate matters, such as requiring that shareholders be given the opportunity to vote on all equity compensation plans and material revisions to those plans, certain common share issuances. We intend to comply with the requirements of Nasdaq Listing Rules in determining whether shareholder approval is required on such matters and to appoint a nominating and corporate governance committee. We may, however, consider following home country practice in lieu of the requirements under Nasdaq Listing Rules with respect to certain corporate governance standards which may afford less protection to investors.

***Although as a Foreign Private Issuer we are exempt from certain corporate governance standards applicable to US issuers, if we cannot satisfy, or continue to satisfy, the listing requirements and other rules of the Nasdaq Capital Market, our securities may be delisted, which could negatively impact the price of our securities and your ability to sell them.***

We cannot assure you that our securities will continue to be listed on the Nasdaq Capital Market.

In addition, in order to maintain our listing on the Nasdaq Capital Market, we are required to comply with certain rules of the Nasdaq Capital Market, including those regarding minimum shareholders' equity, minimum share price, minimum market value of publicly held shares, and various additional requirements. Even if we initially meet the listing requirements and other applicable rules of the Nasdaq Capital Market, we may not be able to continue to satisfy these requirements and applicable rules. If we are unable to satisfy the Nasdaq Capital Market criteria for maintaining our listing, our securities could be subject to delisting.

If the Nasdaq Capital Market subsequently delists our securities from trading, we could face significant consequences, including:

● a limited availability for market quotations for our securities;

● reduced liquidity with respect to our securities;

● a determination that our Common Share is a "penny stock," which will require brokers trading in our Common Share to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for our Common Share;

● limited amount of news and analyst coverage; and

● a decreased ability to issue additional securities or obtain additional financing in the future.

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***We may lose our foreign private issuer status in the future, which could result in significant additional costs and expenses.***

As discussed above, we are a foreign private issuer, and therefore, we are not required to comply with all of the periodic disclosure and current reporting requirements of the Exchange Act. In the future, we would lose our foreign private issuer status if (1) more than 50% of our outstanding voting securities are owned by U.S. residents and (2) a majority of our directors or executive officers are U.S. citizens or residents, or we fail to meet additional requirements necessary to avoid loss of foreign private issuer status. If we lose our foreign private issuer status, we will be required to file with the SEC periodic reports and registration statements on U.S. domestic issuer forms, which are more detailed and extensive than the forms available to a foreign private issuer. We will also have to mandatorily comply with U.S. federal proxy requirements, and our officers, directors and principal shareholders will become subject to the short-swing profit disclosure and recovery provisions of Section 16 of the Exchange Act. In addition, we will lose our ability to rely upon exemptions from certain corporate governance requirements under the listing rules of the Nasdaq Capital Market. As a U.S. listed public company that is not a foreign private issuer, we will incur significant additional legal, accounting and other expenses that we will not incur as a foreign private issuer.

***Our Common Shares and our Warrants (forming part of the units offered) may be subject to the "penny stock" rules in the future. It may be more difficult to resell securities classified as "penny stock."***

Our Common Shares may be subject to "penny stock" rules (generally defined as non-exchange traded stock with a per-share price below $5.00) in the future. While our Common Shares and Warrants (forming part of the units offered hereby) will not be considered "penny stock" following this offering since they will be listed on the Nasdaq Capital Market, if we are unable to maintain that listing and our Common Shares and Warrants are no longer listed on the Nasdaq Capital Market, unless we maintain a per-share price above $5.00, our Common Shares and Warrants will become "penny stock." These rules impose additional sales practice requirements on broker-dealers that recommend the purchase or sale of penny stocks to persons other than those who qualify as "established customers" or "accredited investors." For example, broker-dealers must determine the appropriateness for non-qualifying persons of investments in penny stocks. Broker-dealers must also provide, prior to a transaction in a penny stock not otherwise exempt from the rules, a standardized risk disclosure document that provides information about penny stocks and the risks in the penny stock market. The broker-dealer also must provide the customer with current bid and offer quotations for the penny stock, disclose the compensation of the broker-dealer and its salesperson in the transaction, furnish monthly account statements showing the market value of each penny stock held in the customer's account, provide a special written determination that the penny stock is a suitable investment for the purchaser, and receive the purchaser's written agreement to the transaction.

Legal remedies available to an investor in "penny stocks" may include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● If a "penny stock" is sold to the investor in violation of the requirements listed above, or other federal or states securities laws, the investor may be able to cancel the purchase and receive a refund of the investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● If a "penny stock" is sold to the investor in a fraudulent manner, the investor may be able to sue the persons and firms that committed the fraud for damages.

These requirements may have the effect of reducing the level of trading activity, if any, in the secondary market for a security that becomes subject to the penny stock rules. The additional burdens imposed upon broker-dealers by such requirements may discourage broker-dealers from effecting transactions in our securities, which could severely limit the market price and liquidity of our securities. These requirements may restrict the ability of broker-dealers to sell our Common Shares or our Warrants and may affect your ability to resell our Common Shares and our Warrants.

Many brokerage firms will discourage or refrain from recommending investments in penny stocks. Most institutional investors will not invest in penny stocks. In addition, many individual investors will not invest in penny stocks due, among other reasons, to the increased financial risk generally associated with these investments.

For these reasons, penny stocks may have a limited market and, consequently, limited liquidity. We can give no assurance at what time, if ever, our Common Shares or our Warrants will not be classified as a "penny stock" in the future.

***If the benefits of any proposed acquisition do not meet the expectations of investors, stockholders or financial analysts, the market price of our Common Shares may decline.***

If the benefits of any proposed acquisition do not meet the expectations of investors or securities analysts, the market price of our Common Shares prior to the closing of the proposed acquisition may decline. The market values of our Common Shares at the time of the proposed acquisition may vary significantly from their prices on the date the acquisition target was identified.

In addition, broad market and industry factors may materially harm the market price of our Common Shares irrespective of our operating performance. The stock market in general has experienced price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of the particular companies affected. The trading prices and valuations of these stocks, and of our securities, may not be predictable. A loss of investor confidence in the market for retail stocks or the stocks of other companies which investors perceive to be similar to us could depress our stock price regardless of our business, prospects, financial conditions or results of operations. A decline in the market price of our securities also could adversely affect our ability to issue additional securities and our ability to obtain additional financing in the future.

***There are inherent uncertainties involved in estimates, judgments and assumptions used in the preparation of financial statements in accordance with IFRS. Any changes in these estimates, judgments or assumptions, including any changes as a result of changes***  ***in accounting principles and guidance, or their interpretation, could result in unfavorable accounting charges or effects.***

The preparation offinancial statements in accordance with IFRS as issued by IASB requires management and the Board to make judgments, estimates and assumptions that affect the application of policies and the reported amounts of assets and liabilities, income and expenses. Estimates, judgments and assumptions are inherently subject to change in the future, and any such changes, including any changes as a result of changes in accounting principles and guidance, or their interpretation, could result in corresponding changes to the amounts of assets and liabilities, income and expenses.

***As an "emerging growth company" under the JOBS Act, we are permitted to rely on exemptions from certain disclosure requirements.***

We qualify as an "emerging growth company" under the JOBS Act. As a result, we are permitted to, and intend to, rely on exemptions from certain disclosure requirements. For so long as we are an emerging growth company, we will not be required to:

● have an auditor report on our internal control over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act;

● comply with any requirement that may be adopted by the Public Company Accounting Oversight Board regarding mandatory audit firm rotation or a supplement to the auditors' report providing additional information about the audit and the financial statements (i.e., an auditor discussion and analysis);

● submit certain executive compensation matters to stockholder advisory votes, such as "say-on-pay" and "say-on-frequency"; and

● disclose certain executive compensation related items such as the correlation between executive compensation and performance and comparisons of the chief executive officer's compensation to median employee compensation.

We will remain an emerging growth company until the earliest to occur of: (i) the end of the first fiscal year in which our annual gross revenue is $1.235 billion or more; (ii) the end of the fiscal year in which the market value of our common shares that are held by non-affiliates is at least $700.0 million as of the last business day of our most recently completed second fiscal quarter; (iii) the date on which we have, during the previous three-year period, issued more than $1.0 billion in non-convertible debt; and (iv) the end of the fiscal year during which the fifth anniversary of this offering occurs.

Until such time, however, we cannot predict if investors will find our securities less attractive because we may rely on these exemptions. If some investors find our securities less attractive as a result, there may be a less active trading market for our securities and the price of our securities may be more volatile.

***If we fail to maintain proper and effective internal controls, our ability to produce accurate financial statements on a timely basis could be impaired.***

After the closing of this offering, we will be subject to the reporting requirements of the Securities Exchange Act of 1934, as amended, the Sarbanes-Oxley Act and the rules and regulations of Nasdaq Capital Market. The Sarbanes-Oxley Act requires, among other things, that we maintain effective disclosure controls and procedures and internal controls over financial reporting. Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with accounting principles generally accepted in the U.S. We must perform system and process evaluation and testing of our internal controls over financial reporting to allow management to report on the effectiveness of our internal controls over financial reporting in our Form 20-F filing for that year, as required by Section 404 of the Sarbanes-Oxley Act. This will require that we incur substantial additional professional fees and internal costs to expand our accounting and finance functions and that we expend significant management efforts.

During the evaluation and testing process of our internal controls, if we identify one or more material weaknesses in our internal control over financial reporting, we will be unable to assert that our internal control over financial reporting is effective. We cannot assure you that there will not be material weaknesses or significant deficiencies in our internal control over financial reporting in the future. Any failure to maintain internal control over financial reporting could severely inhibit our ability to accurately report our financial condition or results of operations. If we are unable to conclude that our internal control over financial reporting is effective, or if our independent registered public accounting firm determines we have a material weakness or significant deficiency in our internal control over financial reporting, we could lose investor confidence in the accuracy and completeness of our financial reports, the market price of our Common Shares could decline, and we could be subject to sanctions or investigations by Nasdaq Capital Market, the SEC, or other regulatory authorities. Failure to remedy any material weakness in our internal control over financial reporting, or to implement or maintain other effective control systems required of public companies, could also restrict our future access to the capital markets.

 ****

***Upon becoming a public company, we will incur significant increased costs as a result of operating as a public company in the United States, and our management will be required to devote substantial time to new compliance initiatives.***

As a public company in the United States, we will incur significant legal, accounting and other expenses. Upon becoming a public company, we will be subject to the reporting requirements of the Securities Exchange Act of 1934, as amended, which requires, among other things, that we file with the SEC annual and current reports with respect to our business and financial Capital Market condition. In addition, the Sarbanes-Oxley Act, as well as rules subsequently adopted by the SEC and Nasdaq Capital Market to implement provisions of the Sarbanes-Oxley Act, impose significant requirements on public companies, including requiring establishment and maintenance of effective disclosure and financial controls and changes in corporate governance practices. Further, in July 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act, or the Dodd-Frank Act, was enacted. There are significant corporate governance and executive-compensation-related provisions in the Dodd-Frank Act that require the SEC to adopt additional rules and regulations in these areas. Recent legislation permits emerging growth companies to implement many of these requirements over a longer period and up to five years from the pricing of our public offering. We intend to take advantage of this legislation, but cannot assure you that we will not be required to implement these requirements sooner than planned and thereby incur unexpected expenses. Stockholder activism, the current political environment and the current high level of government intervention and regulatory reform may lead to substantial new regulations and disclosure obligations, which may lead to additional compliance costs and impact the manner in which we operate our business in ways we cannot currently anticipate.

The rules and regulations applicable to public companies substantially increase our legal and financial compliance costs and make some activities more time-consuming and costly. If these requirements divert the attention of our management and personnel from other business concerns, they could have a material adverse effect on our business, financial condition and results of operations. The increased costs will decrease our net income or increase our consolidated net loss, and may require us to reduce costs in other areas of our business or increase the prices of our products or services. For example, we expect these rules and regulations to make it more difficult and more expensive for us to obtain director and officer liability insurance and we may be required to incur substantial costs to maintain the same or similar coverage. We cannot predict or estimate the amount or timing of additional costs we may incur to respond to these requirements. The impact of these requirements could also make it more difficult for us to attract and retain qualified persons to serve on our board of directors, our board committees or as executive officers.

***After this offering, our***  ***executive officers, directors and principal stockholders, if they choose to act together, will continue to have the ability to significantly influence all matters submitted to stockholders for approval.***

Upon the completion of this offering, based on shares outstanding as of March 10, 2023, our executive officers and directors, combined with our shareholders who owned more than 5% of our outstanding capital stock before this offering will, upon the closing of this offering, in the aggregate, beneficially own shares representing approximately 31% of our common shares. As a result, if these shareholders were to choose to act together, they would be able to significantly influence all matters submitted to our shareholders for approval, as well as our management and affairs. For example, these persons, if they choose to act together, would be able to significantly influence the election of directors and approval of any merger, consolidation or sale of all or substantially all of our assets. This concentration of ownership control may:

● delay, defer or prevent a change in control;

● entrench our management and the board of directors; or

● impede a merger, consolidation, takeover or other business combination involving us that other shareholders may desire.

***New investors in our securities will experience immediate and substantial dilution after this offering.***

The public offering price of our Units will be substantially higher than the pro forma net tangible book value per share of the outstanding Common Shares immediately after this offering. Based on an assumed public offering price of CAD$5.48 ($4.15) per Unit and our net tangible book value as of September 30, 2022, if you purchase our Common Shares in this offering you will pay more for your shares than the amounts paid by our existing stockholders for their shares and you will suffer immediate dilution of approximately CAD$5.03 ($3.81) per share in pro forma net tangible book value. As a result of this dilution, investors purchasing Common Shares in this offering may receive significantly less than the full purchase price that they paid for the shares purchased in this offering in the event of a liquidation.

Immediately prior to the consummation of this offering, we have outstanding stock options to purchase 1,000,000 Common Shares at an exercise price of CAD$0.50 ($0.38) per share that are below the assumed public offering price of our Units offered hereby. To the extent that these options were equal to or below the offering price and are exercised, there would be further dilution to the purchasers of our Units.

***If a substantial number of shares become available for sale and are sold in a short period of time, the market price of our Common Shares could decline.***

After the closing of this offering, we will have 48,373,209 common shares outstanding (assuming no exercise of the over-allotment option). This includes the 3,726,709 common shares that we are selling in this offering, which may be resold in the public market immediately. We, our executive officers and directors, and the holders of 1% or more of the outstanding Common Shares as of the effective date of the registration statement of which this prospectus forms a part (including all holders of securities exercisable for or convertible into 1% or more of the issued and outstanding Common Shares), collectively representing 83.5% of our outstanding shares and options on a fully-diluted basis, have agreed with the underwriters that, subject to limited exceptions, for a period of 180 days after the date of this prospectus, we and they will not directly or indirectly offer, pledge, sell, contract to sell, grant any option to purchase or otherwise dispose of any common shares or any securities convertible into or exercisable or exchangeable for such shares, or in any manner transfer all or a portion of the economic consequences associated with the ownership of our common shares, or cause a registration statement or prospectus relating to our common shares to be filed, without the prior written consent of EF Hutton, who may, in their sole discretion and at any time without notice, release all or any portion of the shares subject to these lock-up agreements. In addition, as of September 30, 2022, there were outstanding warrants and options to acquire an aggregate of 15,504,240 common shares.

If our existing stockholders sell substantial amounts of our Common Shares in the public market following this offering and the expiration of the lock-up agreements, the market price of our Common Shares could decrease significantly. The perception in the public market that our existing stockholders might sell Common Shares could also depress our market price. Upon whole or part exercise of the Warrants or other warrants, respectively, we could significantly increase our outstanding Common Shares.

In addition, the holders of Common Shares will have the right, subject to certain exceptions and conditions, to require us to register their Common Shares under the Securities Act, and they will have the right to participate in future registrations of securities by us. Registration of any of these outstanding Common Shares would result in such shares becoming freely tradable without compliance with Rule 144 upon effectiveness of the registration statement. A decline in the price of shares of our Common Shares might impede our ability to raise capital through the issuance of additional shares of our Common Shares or other equity securities.

***Since we do not expect to pay any cash dividends for the foreseeable future, investors in this offering may be forced to sell their stock in order to obtain a return on their investment***

We do not anticipate declaring or paying in the foreseeable future any cash dividends on our capital stock. Instead, we plan to retain any earnings to finance our operations and growth plans discussed elsewhere or incorporated by reference in this prospectus. Accordingly, investors must rely on sales of their Common Shares after price appreciation, which may never occur, as the only way to realize any return on their investment. As a result, investors seeking cash dividends should not purchase our Common Shares.

***We have broad discretion in the use of the net proceeds from this offering and may not use them effectively.***

Our management will have broad discretion in the application of the net proceeds from this offering, including for any of the purposes described in the section entitled "Use of Proceeds," and you will not have the opportunity as part of your investment decision to assess whether the net proceeds will be used appropriately. Because of the number and variability of factors that will determine our use of the net proceeds from this offering, their ultimate use may vary substantially from their currently intended use. Our management might not apply our net proceeds in ways that ultimately increase the value of your investment. We currently intend to use the net proceeds from this offering to fund (i) the acquisition of technologies that are complementary to our current business, which may include, but are not limited to, the intellectual property rights from EcoLogic, LLC to the organic additive which we private brand label Midori Biosolutions, (ii) the commercialization of Midori Biosolutions, (iii) marketing of Midori Biosolutions, (iv) the purchase of Midori Biosolutions inventory and warehousing, and (v) working capital and other general corporate purposes.

Our expected use of net proceeds from this offering represents our current intentions based upon our present plans and business condition. As of the date of this prospectus, we cannot predict with certainty all of the particular uses for the net proceeds to be received upon the completion of this offering, or the amounts that we will actually spend on the uses set forth above. The amounts and timing of our actual use of the net proceeds will vary depending on numerous factors, including the commercial success of our systems and the costs of our research and development activities, as well as the amount of cash used in our operations. As a result, our management will have broad discretion in the application of the net proceeds, and investors will be relying on our judgment regarding the application of the net proceeds of this offering.

The failure by our management to apply these funds effectively could harm our business. Pending their use, we may invest the net proceeds from this offering in short-term, investment-grade, interest-bearing securities. These investments may not yield a favorable return to our stockholders. If we do not invest or apply the net proceeds from this offering in ways that enhance stockholder value, we may fail to achieve expected financial results, which could cause our stock price to decline.

***A possible "short squeeze" due to a sudden increase in demand of our Common Shares that largely exceeds supply may lead to price volatility in our Common Shares.***

Investors may purchase our Common Shares to hedge existing exposure in our Common Shares or to speculate on the price of our Common Shares. Speculation on the price of our Common Shares may involve long and short exposures. To the extent aggregate short exposure exceeds the number of our Common Shares available for purchase in the open market, investors with short exposure may have to pay a premium to repurchase our Common Shares for delivery to lenders of our Common Shares. Those repurchases may in turn, dramatically increase the price of our Common Shares until investors with short exposure are able to purchase additional Common Shares to cover their short position. This is often referred to as a "short squeeze." A short squeeze could lead to volatile price movements in our Common Shares that are not directly correlated to the performance or prospects of our Common Shares and once investors purchase the Common Shares necessary to cover their short position the price of our Common Shares may decline.

 ****

***We may be subject to securities litigation, which is expensive and could divert management attention.***

The market price of our Common Shares may be volatile and, in the past, companies that have experienced volatility in the market price of their stock have been subject to securities class action litigation. This risk is especially relevant for us because biotechnology companies have experienced significant stock price volatility in recent years and we may be the target of this type of litigation in the future. Securities litigation against us could result in substantial costs and divert our management's attention from other business concerns, which could seriously harm our business.

***If an active, liquid trading market for our Warrants (forming part of the units offered hereby) does not develop, you may not be able to sell your Warrants quickly or at a desirable price.***

The Warrants forming a part of the units issued in this offering will be immediately exercisable and expire on the fifth anniversary of the date of issuance. The Warrants will have an initial exercise price per share equal to CAD$5.48 ($4.15). In the event that the stock price of our Common Shares does not exceed the exercise price of the Warrants during the period when the Warrants are exercisable, the Warrants may not have any value.

There is no established trading market for the Warrants sold in this offering, and the market for the Warrants may be highly volatile or may decline regardless of our operating performance. We intend to apply to list the Warrants offered in this offering the Nasdaq Capital Market under the symbol "MDRIW". However, an active public market for our Warrants may not develop or be sustained. We cannot predict the extent to which investor interest in our company will lead to the development of an active trading market in our Warrants or how liquid that market might become. If a market does not develop or is not sustained, it may be difficult for you to sell your Warrants at the time you wish to sell them, at a price that is attractive to you, or at all.

***Warrants (forming part of the units offered hereby) are speculative in nature.***

The Warrants offered in this offering do not confer any rights of Common Share ownership on their holders, such as voting rights or the right to receive dividends, but rather merely represent the right to acquire Common Shares at a fixed price for a limited period of time. Specifically, commencing on the date of issuance, holders of the Warrants may exercise their right to acquire the Common Shares and pay an exercise price of CAD$5.48 ($4.15) per share (with an exercise price no less than 100% of the public offering price of a Unit), prior to five years from the date of issuance, after which date any unexercised warrants will expire and have no further value. Commencing on the date of issuance, holders of the Warrants may exercise their right to acquire the Common Shares and pay an exercise price of CAD$5.48 ($4.15) per share.

***Holders of the Warrants (forming part of the units offered hereby) will have no rights as a Common Shareholder until they acquire our Common Shares.***

Until holders of the Warrants acquire Common Shares upon exercise of those warrants, the holders will have no rights with respect to the Common Shares issuable upon exercise of those warrants. Upon exercise of those Warrants, the holder will be entitled to exercise the rights of a Common Shareholder as to the security exercised only as to matters for which the record date occurs after the exercise.

**USE OF PROCEEDS**

We estimate that the net proceeds to us from the sale of the units in this offering will be CAD$17,832,460 ($13,509,440) (or CAD$20,619,095 ($15,620,527) if the underwriters exercise their overallotment option to purchase 559,006 additional Common Shares and 559,006 additional Warrants to purchase 559,006 Common Shares in full), and after deducting the estimated underwriting discounts and commissions of CAD$1,429,044 ($1,082,609) (or CAD$1,643,400 ($1,245,001) if the underwriters exercise their overallotment option) and estimated offering expenses payable by us of CAD$1,153,407 ($873,793) (or CAD$1,214,651 ($920,190) if the underwriters exercise their overallotment option).

Each CAD$1.32 ($1.00) increase (decrease) in the assumed initial public offering price of CAD$5.48 ($4.15) per unit would increase (decrease) the net proceeds to us from this offering by CAD$4.58 ($3.47) million, assuming the number of units of 3,726,709 offered by us remains the same, and after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us. Similarly, each increase (decrease) of 1.0 million shares in the number of units offered by us would increase (decrease) the net proceeds to us from this offering by approximately CAD$5.10 ($3.86) million, assuming the assumed initial public offering price of CAD$5.48 ($4.15) per unit remains the same, and after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us. We do not expect that a change in the initial public offering price or the number of units by these amounts would have a material effect on our uses of the proceeds from this offering, although it may accelerate the time at which we will need to seek additional capital.

The principal purposes of this offering are to obtain additional capital to support our operations, establish a public market for our Common Shares and Warrants (each forming a part of the units) and facilitate our future access to the public capital markets. We currently anticipate that we will use the net proceeds from this offering, together with our existing resources, as follows:

● approximately CAD$10,000,000 ($7,575,758) to fund the acquisition of technologies that are complementary to our current business, which may include, but are not limited to, the intellectual property rights from EcoLogic, LLC to the organic additive which we private brand label Midori Biosolutions;

● approximately CAD$2,750,000 ($2,083,333) to fund the commercialization of Midori Biosolutions;

● approximately CAD$3,500,000 ($2,651,515) to fund the marketing of Midori Biosolutions;

● approximately CAD$500,000 ($378,788) to fund the purchase of Midori Biosolutions inventory and warehousing; and

● the remainder to fund general research and development activities, working capital and other general corporate activities.

The foregoing represents our current intentions based upon our present plans and business conditions to use and allocate the net proceeds of this offering. Our management, however, will have some flexibility and discretion to apply the net proceeds of this offering. If an unforeseen event occurs or business conditions change, we may use the proceeds of this offering differently than as described in this prospectus. To the extent that the net proceeds we receive from this offering are not immediately used for the above purposes, we intend to invest our net proceeds in short-term, interest-bearing bank deposits or debt instruments.

We hope to reach the following milestones in the next 12 months:

● May 2023 – Launching tennis products with Wilson Sporting Goods, Head Sport GmbH, Penn Racquet Sports Inc., demonstrating how including our additive allows the products to biodegrade in a few short years leaving no microplastics. We will be supporting these high-profile tennis brands with marketing support. We anticipate up to CAD$540,000 ($409,091) of funding to accomplish this milestone.

● July 2023 – Launching plastic products and packaging with Franklin Sports, including their official pickleball products.

● Summer 2023 – Launching a subsidiary company with the focus of creating a biodegradable stretch film to be used in shipping and packaging services. This product will be offered first to our existing customers, and then to the rest of the market.

● Fall 2023 – Launching with the global toy manufacture Spin Master Ltd. We will be integrating our additive into plastic products including the Rubik's Cube.

● Fall 2023 – Launching plastic packaging with the global appliance company Miele Inc., including our stretch film pallet wrap.

● November 2023 – Acquire intellectual property rights to complimentary technology. Anticipate up to CAD$10,000,000 ($7,575,758) of funding to accomplish this milestone.

● November 2023 – Launching with Asics Footwear, who is targeting shoe sales of approximately 1 billion pairs. We anticipate up to CAD$500,000 ($378,788) of funding to accomplish this milestone.

● December 2023 – Developing a third-party logistics warehouse operation in Asia with inventory to provide customers timely access to products and reducing the risk of shipping delays. We anticipate up to CAD$500,000 ($378,788) of funding of inventory/warehouse cost to accomplish this milestone.

The intended use of proceeds in this section takes into account the potential impacts of COVID-19.

**DIVIDEND POLICY**

We have never declared or paid any dividends on our Common Shares. We do not anticipate paying any dividends in the foreseeable future. We currently intend to retain any future earnings to fund business development and growth, and we do not expect to pay any dividends in the foreseeable future. Any future determination to declare cash dividends will be made at the discretion of our board of directors, subject to applicable laws, and will depend on a number of factors, including our financial condition, results of operations, capital requirements, contractual restrictions, general business conditions and other factors that our board of directors may deem relevant.

**CAPITALIZATION**

The following table shows:

● Our capitalization as of September 30, 2022; and

● On a pro forma basis, our audited capitalization as of September 30, 2022, as adjusted to reflect the receipt of the net proceeds from the sale by us in this offering of units, at an assumed initial public offering price of CAD$5.48 ($4.15) per unit, the low-end of the estimated price range set forth on the cover page of the prospectus, after deducting CAD$1,429,044 ($1,082,609) in estimated underwriting discounts and commissions and CAD$1,153,407 ($873,793) in estimated offering expenses payable by us.

We derived this table from, and it should be read in conjunction with and is qualified in its entirety by reference to, our historical and the accompanying notes included elsewhere in this prospectus. You should also read this table in conjunction with "Selected Historical Financial and Operating Data" and "Management's Discussion and Analysis of Financial Condition and Results of Operations."

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| | | |
|:---|:---|:---|
|  | **As of September 30, 2022** | **As of September 30, 2022** |
|  | **Actual** | **As Adjusted (1)** |
| (In CAD$) | **(Audited)** |  |
| Cash | $3999183 | $21831643 |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;Common shares, no par value; unlimited shares authorized and 44,646,500 shares issued and outstanding on an actual basis, and unlimited shares authorized and 48,373,209 shares issued and outstanding on an adjusted basis, and | $10775674 | $28608134 |
| &nbsp;&nbsp;&nbsp;Reserves | 6094000 | 6094000 |
| Retained earnings (deficit) | (12863256) | (12863256) |
| Total shareholders' equity | 4006418 | 21838878 |
| Total capitalization | $4577631 | $22410091 |

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| | |
|:---|:---|
| (1) | Each CAD$1.32 ($1.00) increase (decrease) in the assumed initial public offering price of CAD$5.48 ($4.15) per unit would increase (decrease) the net proceeds to us from this offering by CAD$4.58 ($3.47) million, assuming the number of units of 3,726,709 offered by us remains the same, and after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us. Similarly, each increase (decrease) of 1.0 million shares in the number of units offered by us would increase (decrease) the net proceeds to us from this offering by approximately CAD$5.10 ($3.86) million, assuming the assumed initial public offering price of CAD$5.48 ($4.15) per unit remains the same, and after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us. |
|  | The number of shares of common stock to be outstanding after the offering is based on 44,646,500 which is the number of shares outstanding on September 30, 2022, assumes no exercise by the underwriters of their option to purchase up to an additional 559,006 Common Shares and/or Warrants to purchase an additional 559,006 Common Shares to cover over-allotments, if any, and excludes: |

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● 4,285,715 Common Shares issuable upon the full exercise of the Warrants (included as part of the units and over-allotment option) offered hereby;

● 1,000,000 Common Shares issuable upon exercise of outstanding stock options at an exercise price of CAD$0.50 ($0.38) per share as of September 30, 2022;

● 504,240 Common Shares issuable upon exercise of agent warrants at an exercise price of CAD$0.50 ($0.38) per share as of September 30, 2022;

● 9,000,000 Common Shares issuable upon exercise of outstanding warrants at a weighted average exercise price of CAD$0.05 ($0.04) per share as of September 30, 2022;

● 5,000,000 Common Shares issuable upon exercise of outstanding performance warrants at a weighted average exercise price of CAD$0.25 ($0.19) per share as of September 30, 2022; and

● 128,571 Common Shares underlying the Representative's Warrant to be issued to the Underwriter in connection with this offering.

**MARKET PRICE FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS**

**Market Information**

Our Common Shares are not currently listed on any national securities exchange market or quoted on the OTC Markets. We intend to apply to list our Common Shares and Warrants (forming part of the units) on the Nasdaq Capital Market under the symbol "MDRI" and "MDRIW," respectively. There is no assurance that our listing application will be approved by the Nasdaq Capital Market. The approval of our listing on the Nasdaq Capital Market is a condition of closing this offering.

**Holders of Common Shares**

As of March 10, 2023, there were approximately 215 record holders of our Common Shares. The number of record holders does not include beneficial owners of Common Shares whose shares are held in the names of banks, brokers, nominees or other fiduciaries.

**Dividends**

We have not paid any cash dividends on our Common Shares and do not currently anticipate paying cash dividends in the foreseeable future. We intend to retain future earnings, if any, for reinvestment in the development and expansion of our business.

**Historical Common Equity Transactions**

On June 17, 2021, we granted warrants to 16 investors to purchase 9,000,000 Common Shares at an exercise price of CAD$0.05 ($0.04) per share.

On June 17, 2021, we issued 9,000,000 Common Shares to 16 investors for CAD$0.02 ($0.02) per share, or CAD$180,000 ($136,364) in the aggregate.

On July 7, 2021, we issued an aggregate of 188,000 special warrants to 150 persons at a purchase price of CAD$0.10 ($0.08) per warrant, for an aggregate price of CAD$18,800 ($14,242), to purchase 188,000 Common Shares at no additional consideration following the conversion of the special warrants upon certain events.

On November 8, 2021, we issued 188,000 Common Shares to holders of the special warrants upon their conversion on November 8, 2021.

On December 21, 2021, we closed our first tranche of the Special Warrant financing and issued a total of 10,858,500 Special Warrants at CAD$0.50 ($0.38) per Special Warrant for gross proceeds of CAD$5,429,250 ($4,113,068). The special warrants automatically convert to Common Shares for no additional consideration on the date that is earlier of: (i) the third business day after receipt for a final Prospectus qualifying the distribution of the Special Warrant Shares; and (ii) April 22, 2022. Any Special Warrants exercised prior to the automatic conversion will have a hold period, the later of (i) four months and a day following the date of issuance of the Special Warrant, and (ii) the date we become a reporting issuer in a jurisdiction in Canada.

On December 21, 2021, we granted compensation options to the broker (Research Capital Corporation) to purchase 464,240 Common Shares at an exercise price of CAD$0.50 ($0.38) per share.

On January 6, 2022, we acquired all of the issued and outstanding capital stock of Midori-Bio Inc. (consisting of 22,000,000 Class A Common shares) from the shareholders of Midori-Bio Inc. in exchange for 22,000,000 Common Shares from us to the shareholders of Midori-Bio Inc. at a deemed price of CAD$0.50 ($0.38) per share, and Midori-Bio Inc. became our wholly owned subsidiary.

On January 6, 2022, pursuant to an Advisory Services Agreement, we issued warrants to purchase 1,500,000 Common Shares to Kelvin Lee at an exercise price of CAD$0.25 ($0.19) per share, which can be exercised for a period of 36 months following the date of listing of the Company's Common Shares on a recognized exchange in Canada or the United States.

On January 6, 2022, pursuant to an Advisory Services Agreement, we issued warrants to purchase 750,000 Common Shares to 1313986 BC ULC at an exercise price of CAD$0.25 ($0.19) per share, which can be exercised for a period of 36 months following the date of listing of the Company's Common Shares on a recognized exchange in Canada or the United States.

On January 6, 2022, pursuant to an Advisory Services Agreement, we issued warrants to purchase 750,000 Common Shares to Delano International at an exercise price of CAD$0.25 ($0.19) per share, which can be exercised for a period of 36 months following the date of listing of the Company's Common Shares on a recognized exchange in Canada or the United States.

On January 6, 2022, pursuant to an Advisory Services Agreement, we issued warrants to purchase 2,000,000 Common Shares to Salt Box Capital at an exercise price of CAD$0.25 ($0.19) per share, which can be exercised for a period of 36 months following the date of listing of the Company's Common Shares on a recognized exchange in Canada or the United States.

On January 21, 2022, we closed our second tranche of the Special Warrant financing and issued a total of 2,000,000 Special Warrants at CAD$0.50 ($0.38) per Special Warrant for gross proceeds of CAD$1,000,000 ($757,576). The special warrants automatically convert to Common Shares for no additional consideration on the date that is earlier of: (i) the third business day after receipt for a final Prospectus qualifying the distribution of the Special Warrant Shares; and (ii) May 22, 2022. Any Special Warrants exercised prior to the automatic conversion will have a hold period, the later of (i) four months and a day following the date of issuance of the Special Warrant, and (ii) the date we become a reporting issuer in a jurisdiction in Canada.

On January 21, 2022, we granted 1,000,000 stock options. Each option is exercisable at CAD$0.50 ($0.38) per share, which can be exercised for a period of 5 years following the date of listing of our Common Shares on a recognized exchange in Canada or the United States. 125,000 will vest 12 months from the date of Listing, 125,000 will vest on 24 months from the date of Listing. The remaining 750,000 will vest in traches: 100,000 will vest upon each CAD$5,000,000 ($3,787,879) of gross sales generated by the Company, solely from sales to the Approved Clients.

On March 25, 2022, we issued 600,000 Common Shares to Tim Ronchak at a deemed price of CAD $0.50 ($0.38) per share pursuant to a Consulting Agreement date January 13, 2022.

On April 22, 2022, we converted 10,858,500 special warrants into Common Shares.

On May 24, 2022, we converted 2,000,000 special warrants into Common Shares.

We believe that each of the above issuances was exempt from registration under the Securities Act pursuant to Section 4(2) of the Securities Act regarding transactions not involving a public offering or in reliance on Regulation S under the Securities Act regarding sales by an issuer in offshore transactions.

**DILUTION**

If you invest in our units (comprised of our Common Shares and Warrants) in this offering, your interest will be diluted to the extent of the difference between the assumed public offering price per Common Share (which forms a part of a unit) and the pro forma net tangible book value per Common Share immediately after this offering.

The net tangible book value of our Common Shares as of September 30, 2022 was CAD$4,006,418 ($3,035,165) or approximately CAD$0.09 ($0.07) per share. Net tangible book value per share represents our total tangible assets of CAD$4,577,631 ($3,467,902) less our total liabilities of CAD$571,213 ($432,737), for a tangible book value CAD$4,006,418 ($3,035,165), divided by the number of issued and outstanding Common Shares, 44,646,500.

Net tangible book value dilution per Common Share in each unit to new investors represents the difference between the amount per Common Share in each unit paid by purchasers in this offering and the pro forma net tangible book value per Common Share immediately after the completion of this offering. After giving effect to our issuance and sale of units in this offering at the assumed public offering price of CAD$5.48 ($4.15) per unit (the low-end of the range set forth on the cover page of this prospectus), and after deducting estimated underwriting discounts and commissions and estimated offering expenses, our pro forma net tangible book value as of September 30, 2022 would have been CAD$21,838,878 ($16,544,605) or approximately CAD$0.45 ($0.34) per share. This represents an immediate increase in net tangible book value of CAD$0.36 ($0.27) per share to existing stockholders and an immediate dilution in net tangible book value of CAD$5.03 ($3.81) per share to purchasers of units in this offering, as illustrated in the following table in CAD$:

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| | | |
|:---|:---|:---|
| Assumed public offering price per unit |  | $5.48 |
| Net tangible book value per share as of September 30, 2022 | $0.09 |  |
| Increase in net tangible book value per share attributable to new investors | $0.36 |  |
| Less: pro forma net tangible book value per share after giving effect to the offering |  | $0.45 |
| Immediate dilution in net tangible book value per share to new investors |  | $5.03 |

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The foregoing illustration also does not reflect the dilution that would result from the exercise of any of the Warrants sold in the offering.

The following table sets forth, as of September 30, 2022, the assumed number of Common Shares purchased from us, the total consideration paid to us and the average price per share paid by existing stockholders and to be paid by new investors purchasing units (of which Common Shares form a part) in this offering, after giving pro forma effect to the new investors in this offering at the public offering price of CAD$5.48 ($4.15) per unit, together with the total consideration paid an average price per share paid by each of these groups, before deducting underwriting discounts and commissions and estimated offering expenses.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares Purchased** | **Shares Purchased** | **Total Consideration** | **Total Consideration** | **Average**<br> **Price** |
| (in CAD$) | **Number** | **Percent** | **Amount** | **Percent** | **per Share** |
| Existing stockholders | 44646500 | 92.3% | $10775674 | 34.55% | $0.24 |
| New investors | 3726709 | 7.7% | $20414911 | 65.45% | $5.48 |
| Total | 48373209 | 100.00% | $31190585 | 100.00% | $0.64 |

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If the Representative's over-allotment option is exercised in full for Common Shares at the assumed offering price, the number of shares held by new investors will increase to 4,285,715 (assuming no exercise of the warrants), or approximately 8.76% of the total number of Common Shares outstanding after this offering and the shares held by existing stockholders will be 44,646,500 Common Shares but the percentage of shares held by existing stockholders will decrease to 91.24% of the total shares outstanding.

To the extent that the Representative's over-allotment option is exercised or any warrants or options are exercised, there will be further dilution to new investors.

The foregoing discussion and tables above do not give effect to the dilution that would result from: (i) 4,285,715 Common Shares issuable upon the full exercise of the Warrants (included as part of the units and over-allotment option) offered hereby; (ii) 1,000,000 Common Shares issuable upon exercise of outstanding stock options at an exercise price of CAD$0.50 ($0.38) per share as of September 30, 2022; (iii) 504,240 Common Shares issuable upon exercise of agent warrants at an exercise price of CAD$0.50 ($0.38) per share as of September 30, 2022; (iv) 9,000,000 Common Shares issuable upon exercise of outstanding warrants at a weighted average exercise price of CAD$0.05 ($0.04) per share as of September 30, 2022; (v) 5,000,000 Common Shares issuable upon exercise of outstanding performance warrants at a weighted average exercise price of CAD$0.25 ($0.19) per share as of September 30, 2022; and (vi) 128,571 Common Shares issuable upon exercise of the Representative's Warrant granted to the Representative upon the completion of this offering, including the exercise of any over-allotment in full.

**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

This MD&A includes "forward-looking statements," within the meaning of applicable securities legislation, which are based on the opinions and estimates of management and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions, or other future performance suggested herein. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate," "budget," "plan," "continue," "estimate," "expect," "forecast," "may," "will", "project," "predict," "potential," "targeting," "intend," "could," "might," "should," "believe" and similar words suggesting future outcomes or statements regarding an outlook. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. These forward-looking statements include but are not limited to statements concerning:

● The Company's strategies and objectives;

● The Company's other financial operating objectives;

● The availability of qualified employees for business operations;

● General business and economic conditions;

● The Company's ability to meet its financial obligations as they become due;

● The positive cash flows and financial viability of its operations and new business opportunities;

● The Company's ability to manage growth with respect to its operations and new business opportunities; and

● The Company's tax position, anticipated tax refunds and the tax rates applicable to the Company.

Readers are cautioned that the preceding list of risks, uncertainties, assumptions and other factors are not exhaustive. Events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, these forward-looking statements. The forward-looking statements contained in this document are made as of the date of this MD&A.

Unless the context otherwise requires, "we," "us," "our," or the "Company" refer to Midori Group Inc., a British Columbia corporation, and its subsidiary, Midori-Bio Inc., federal corporation incorporated under the Canada Business Corporations Act on January 6, 2021, and extra-provincially registered in the province of Ontario, Canada. The following Management Discussion and Analysis ("MD&A") reports on the operating results, financial condition and business risks of the Company and is designed to help the reader understand the results of operations and financial condition of the Company for the fiscal year ended September 30, 2022 and for the period from January 6, 2021 (inception) through September 30, 2021. This MD&A should be read in conjunction with the Company's audited financial statements for the fiscal year ended September 30, 2022 and the period from January 6, 2021 (inception) through September 30, 2021 and the notes thereto which were prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standard Board ("IASB") (collectively the "Financial Statements"). Other information contained in these documents has also been prepared by management and is consistent with the data contained in the Financial Statements. All dollar amounts referred to in this MD&A are expressed in Canadian dollars (CA$) except where indicated otherwise.

**Corporate Overview**

Midori Group Inc., a British Columbia corporation, was originally incorporated as 1284670 B.C. LTD in British Columbia, Canada under the British Columbia Business Corporations Act on January 19, 2021 and renamed to Midori Group Inc. on June 29, 2022. Midori-Bio Inc. (the "Midori-Bio"), a federal corporation incorporated under the Canada Business Corporations Act on January 6, 2021, and extra-provincially registered in the province of Ontario, Canada. On August 30, 2021, Midori Group entered into a Share Exchange Agreement, as amended on October 31, 2021 (the "SEA"), with Midori-Bio and the shareholders of Midori-Bio (the "Midori-Bio Shareholders"). The SEA closed on January 6, 2022, and at such time Midori Group acquired all of the issued and outstanding capital stock of Midori-Bio (consisting of 22,000,000 Class A Common shares) from Midori-Bio Shareholders in exchange for 22,000,000 common shares of Midori Group to the Midori-Bio Shareholders at a price of CA$0.50 (US$0.38) per share, and Midori-Bio became a wholly owned subsidiary of Midori Group. Upon closing of the acquisition, the shareholders of Midori-Bio had control of the Company and as a result, the transaction is considered a reverse acquisition of Midori Group by Midori-Bio. For accounting purposes, Midori-Bio is considered the acquirer and Midori Group, the acquiree; therefore, the consolidated financial statements are a continuation of the financial statements of Midori-Bio. The net assets of Midori Group at the date of the reverse acquisition are deemed to have been acquired by Midori-Bio and the consolidated financial statements include the results of operations of Midori Group from January 6, 2022.

Through our wholly owned subsidiary, Midori-Bio, we operate as a global "eco-friendly" distributor, sales and marketing company of a "green" biodegradable plastic additive. The additive is currently produced and supplied by a third party (EcoLogic, LLC) and sold under our own private brand label "Midori Biosolutions." The Midori Biosolutions additive is FDA FOOD, REACH, FTC, PROP65, CONEG compliant, non-toxic, no heavy metals, no starches, Free of BPA & Phosphates with extensive testing data available for customers. We believe the additive will provide consumer packaged goods (CPG) brands with a sustainable end-of-life biodegradable solution, without impeding normal recycle/composting plastics, and a practical and viable solution for reducing plastic waste from the world environment. The Midori Biosolutions additive is an innovative technology that aims to solve the major problem of the amount of time it takes for untreated plastic to decompose, as it can take centuries to biodegrade. With this additive, we seek to accelerate the natural biodegradation process to just a few years. We believe that the additive can help CPG brand owners alleviate the challenges associated with unrecycled plastics, supporting their industry and governmental plastic "circularity" targets. The Midori Biosolutions additive can be applied to virtually all polymer types, processes, and applications.

**Products**

Our Midori Biosolutions is a natural organic FDA approved additive for plastic. The Midori-Biosolutions additive is sold by us in many formats, including, but not limited to, pellets, powder, polyethylene terephthalate (PET), polypropylene (PP), polystyrene (PS), polyethylene (PE/HDPE), acrylonitrile butadiene styrene (ABS), polyvinyl chloride (PVC), polycarbon, ethylene vinyl alcohol (EVOH), polyurethane (PU), styrofoam, stretch wrap for pallet wrap, nylon, and synthetic rubber (collectively, referred to herein as our "products"). Midori Biosolutions aims to solve the foregoing problems by seeking to accelerate the natural biodegradation process to just a few years. The Company aims to provide an end-of-life solution for all plastics. The Company does not seek to interfere with current recycling efforts, and instead intends to compliment these efforts with our solutions. We believe that Midori Biosolutions provides brands and retailers with a sustainable solution for fossil fuel-based plastics.

Our Midori Biosolutions additive is 100% organic and non-starch based with no heavy metals. It leaves behind no microplastics or nano plastics and creates a renewable energy source. Midori Biosolutions aims to provide brands and retailers with a sustainable solution for fossil fuel-based plastics and can be added to virtually all polymer types, processes and applications without impeding their current programs.

Our Midori Biosolutions additive is an FDA compliant proprietary blend of organic compounds. Additionally it is also FTC labeling compliant. Biodegradation starts in presence of microbes, therefore shipping, storage, shelf presence have no effect on degradation. Process friendly, easily integrates with your current packaging supplier.

We believe that our organic formulations in our Midori Biosolutions additive integrate seamlessly into most manufacturing processes. Our technologies are supported by independent third-party laboratories using American Standard Testing Methods.

**Plan of Operations**

We hope to reach the following milestones in the next 12 months:

● May 2023 – Launching tennis products with Wilson Sporting Goods, Head Sport GmbH, Penn Racquet Sports Inc., demonstrating how including our additive allows the products to biodegrade in a few short years leaving no microplastics. We will be supporting these high-profile tennis brands with marketing support. We anticipate up to CA$540,000 (US$409,091) of funding to accomplish this milestone.

● July 2023 – Launching plastic products and packaging with Franklin Sports, including their official pickleball products.

● Summer 2023 – Launching a subsidiary company with the focus of creating a biodegradable stretch film to be used in shipping and packaging services. This product will be offered first to our existing customers, and then to the rest of the market.

● Fall 2023 – Launching with the global toy manufacture Spin Master Ltd. We will be integrating our additive into plastic products including the Rubik's Cube.

 Fall 2023 – Launching plastic packaging with the global appliance company Miele Inc., including our stretch film pallet wrap.

● November 2023 – Acquire intellectual property rights to complimentary technology. Anticipate up to CA$10,000,000 (US$7,575,758) of funding to accomplish this milestone.

● November 2023 – Launching with Asics Footwear, who is targeting shoe sales of approximately 1 billion pairs. We anticipate up to CA$500,000 (US$378,788) of funding to accomplish this milestone.

● December 2023 – Developing a third-party logistics warehouse operation in Asia with inventory to provide customers timely access to products and reducing the risk of shipping delays. We anticipate up to CA$500,000 (US$378,788) of funding of inventory/warehouse cost to accomplish this milestone.

**Financial Position**

As at September 30, 2022, Midori Group had total assets of CA$4,577,631 (US$3,467,902) and total liabilities of CA$571,213 (US$432,737). Midori Group generated CA$493,056 (US$373,527) in revenues for the year ended September 30, 2022, and CA$351,476 (US$266,270) in revenues during the period from inception on January 6, 2021 through September 30, 2021. For the year ended September 30, 2022, Midori generated a net loss of CA($12,900,638) (US($9,773,211)), as compared to net income of CA$37,382 (US$28,319) from inception on January 6, 2021 through September 30, 2021. Cash flows used in operations for the year ended September 30, 2022 were CA($2,235,363) (US($1,693,457)) as compared to cash flows generated from operations of CA$36,815 (US$27,890) from inception on January 6, 2021 through September 30, 2021. As at September 30, 2022, Midori Group had an accumulated deficit of CA$12,863,256 (US$9,744,891) and working capital surplus of CA$4,001,873 (US$3,031,722).

The continued operations of Midori Group are dependent on future profitable operations, management's ability to manage costs and the future availability of equity or debt financing. The above events and conditions indicate a material uncertainty that may cast significant doubt about the ability of Midori Group to continue as a going concern. The financial statements included elsewhere in this filing, have been prepared on the basis Midori Group will operate as a going concern, which contemplates the realization of assets and settlement of liabilities and commitments in the normal course of business. The financial statements do not include adjustments to amounts and classifications of assets and liabilities that might be necessary should Midori Group be unable to continue as a going concern. See "Risk Factors—The management of Midori Group has concluded that material uncertainties exist which may raise substantial doubt about its ability to continue as a going concern and the auditor of Midori Group has included an explanatory paragraph relating to its ability to continue as a going concern in its auditor's report for the period from January 6, 2021 (inception) through September 30, 2021 and the year ended September 30, 2022."

**Results of Operations**

For the Year Ended September 30, 2022 Compared to the Period from January 6, 2021 (incorporation date) to September 30, 2021:

*Net Revenues*

Net revenue for the year ended September 30, 2022 was CA$493,056 (US$373,527) as compared to CA$351,476 (US$266,270) for the period of inception on January 6, 2021 to September 30, 2021. The increase in net revenue was mainly attributable to sales made to new customers.

*Cost of Sales*

Cost of sales for the year ended September 30, 2022 was CA$218,700 (US$165,682) as compared to CA$118,496 (US$89,770) for the period from inception on January 6, 2021 to September 30, 2021. The cost of sales was mainly attributable to the purchase costs of materials. Approximately CA$180,000 (US$136,364) was related to the purchase of EC84-PET Injection molds and the remainder related to the purchase of rubber.

*Gross Profit*

Gross profit for the year ended September 30, 2022 was CA$274,356 (US$207,845) as compared to CA$232,980 (US$176,500) for the period from inception on January 6, 2021 to September 30, 2021. The gross profit percentage was 56% for the year ended September 30, 2022 as compared to 66% for the period of inception on January 6, 2021 to September 30, 2021. The decrease in the gross profit margin is mainly due to increased costs of raw materials, which is a result of decreased supply of resins (the base ingredient in our additive).

*General and Administrative Expenses*

Operating expenses for the year ended September 30, 2022 were CA$2,391,049 (US$1,811,401) as compared to CA$197,162 (US$149,365) for the period from inception on January 6, 2021 to September 30, 2021. The cash expenses were primarily attributable to fees paid under consulting agreements. Other cash expenses included professional fees, marketing, travel, and ASTM lab test results.

*Other Income/Losses*

Other losses for the year ended September 30, 2022 were CA($10,789,408) (US($8,173,794)) as compared to income of CA$7,027 (US$5,323) for the period from inception on January 6, 2021 to September 30, 2021. These losses are mainly attributed to the CA$10,776,838 (US$8,164,272) of transaction costs recorded for the reverse takeover.

*Net Income*

For the year ended September 30, 2022, Midori generated a net loss of CA($12,900,638) (US($9,773,211)), as compared to net income of CA$37,382 (US$28,319) from inception on January 6, 2021 through September 30, 2021.

**Liquidity and Capital Resources**

For the Year Ended September 30, 2022 Compared to the Period from January 6, 2021 (incorporation date) to September 30, 2021:

 ****

*<u>Operating Activities</u>*

Cash flows used in operations for the year ended September 30, 2022 were CA($2,235,363) (US($1,693,457)) as compared to cash flows generated from operations of CA$36,815 (US$27,890) from inception on January 6, 2021 through September 30, 2021. This amount reflects the increase in net cash outflow for general operations.

*Investment Activities*

For the year ended September 30, 2022, Midori invested CA$5,943 (US$4,502) in the purchase of equipment as compared to CA$Nil (US$Nil) for the period of inception on January 6, 2021 to September 30, 2021.

*Financing Activities*

For the year ended September 30, 2022, net cash provided by financing activities was CA$6,203,559 (US$4,699,666) as compared to CA$115 (US$87) for the period of inception on January 6, 2021 to September 30, 2021. This was mainly attributable to proceeds received from special warrant financing.

**Promissory Notes**

*October 1, 2021 Promissory Note*

 

On October 1, 2021, Midori-Bio issued a Promissory Note to Rene Bharti in the principal amount of CA$60,000 (US$45,455). The note carries interest of 18% per annum. The interest and principal payable under the note were due on the earlier of (i) the closing of the SEA and (ii) December 31, 2021. The SEA closed on January 6, 2022. On December 31, 2021, the outstanding principal and accrued interest under the note were repaid.

*October 4, 2021 Promissory Note*

 

On October 4, 2021, Midori-Bio issued a Promissory Note to 1917478 Holdings LLC in the principal amount of CA$60,000 (US$45,455). The note carries interest of 18% per annum. The interest and principal payable under the note were due on the earlier of (i) the closing of the SEA and (ii) December 31, 2021. The SEA closed on January 6, 2022. On December 31, 2021, the outstanding principal and accrued interest under the note were repaid.

*October 7, 2021 Promissory Note*

 

On October 7, 2021, Midori-Bio issued a Promissory Note to 1142377 BC LTD in the principal amount of CA$60,000 (US$45,455). The note carries interest of 18% per annum. The interest and principal payable under the note were due on the earlier of (i) the closing of the SEA and (ii) December 31, 2021. The SEA closed on January 6, 2022. On December 31, 2021, the outstanding principal and accrued interest under the note were repaid.

**Related Party Transactions**

*Key Management Compensation*

 

Key management personnel include those persons having authority and responsibility for planning, directing and controlling the activities of the Company as a whole. The Company has determined that key management personnel consist of the Company's corporate officers and directors. As at September 30, 2022, CA$32,056 (US$24,285) was owed to Robert Leeder, the President of the Company. The amount was due on demand, bears no interest and was not secured.

The Company paid CA$325,020 (US$246,228) in consulting fees to Ken Lyons, the CEO of the Company, CA$325,020 (US$246,227) in consulting fees to Robert Leeder, the President of the Company, and CA$32,000 (US$24,242) in consulting fees to Robert Kang, the former CFO of the Company. The Company paid CA$40,020 (US$30,318) in professional fees to a company controlled by Ken Lyons, the CEO of the Company.

On January 11, 2021, the Company entered into a consulting agreement with a company owned and controlled by Ken Lyons, the CEO of the Company. The Company agreed to compensate the consultant as follows: (i) a fee at a rate of CA$27,085 (US$20,519) per month plus Harmonized Sales Tax (HST) commencing August 1, 2021; and (ii) in the event that the Company or an entity that acquires all of the issued and outstanding securities of the Company ("Parentco"), completes a listing of its securities on a recognized and publicly traded stock exchange in Canada or the United States (a "Listing Event"), the Company or the Parentco shall award the consultant 1,000,000 restricted stock units concurrently with a Listing Event pursuant to the terms of a Restricted Stock Unit Plan to be adopted by the Company or Parentco. The Company may terminate the consulting agreement upon providing the consultant with thirty-six months' notice in writing; provided the Company may provide the consultant with thirty-six months' pay in lieu of notice including the ten percent of the annual net profit of the Company calculated and payable within ninety days of each fiscal year end over the 36-month termination period.

On January 11, 2021, the Company entered into a consulting agreement with a company owned and controlled by Robert Leeder, the President of the Company. The Company agreed to compensate the consultant as follows: (i) a fee at a rate of CA$27,085 (US$20,519) per month plus HST commencing August 1, 2021; and (ii) in the event that the Company or Parentco, completes a Listing Event, the Company or the Parentco shall award the consultant 1,000,000 restricted stock units concurrently with a Listing Event pursuant to the terms of a Restricted Stock Unit Plan to be adopted by the Company or Parentco. The Company may terminate the consulting agreement upon providing the consultant with thirty-six months' notice in writing; provided the Company may provide the consultant with thirty-six months' pay in lieu of notice including the ten percent of the annual net profit of the Company calculated and payable within ninety days of each fiscal year end over the 36-month termination period.

On February 1, 2022, Midori Group entered into an Executive Employment Agreement (the "Employment Agreement") with Robert Kang, the former Chief Financial Officer. The term of the Employment Agreement commences from February 1, 2022 and continues on a month to month basis until terminated in accordance with the terms of the Employment Agreement. Pursuant to the Employment Agreement, Midori Group agreed to compensate the former Chief Financial Officer with a monthly base salary of CA$4,000 (US$3,030).

**Selected Annual Information**

The following table summarized the selected annual information for the year ended September 30, 2022 and the period from inception on January 6, 2021 to September 30, 2021.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Year ended September 30, 2022 | Year ended September 30, 2022 | Year ended September 30, 2022 | Year ended September 30, 2022 | Period ended September 30, 2021 | Period ended September 30, 2021 | Period ended September 30, 2021 | Period ended September 30, 2021 |
| Revenue | CA$ | 493056 | US$ | 373527 | CA$ | 351476 | US$ | 266270 |
| Net (loss) income  |  | (12900638) |  | (9773211) |  | 37382 |  | 28319 |
| Net (loss) income per share  |  | (0.45) |  | (0.34) |  | 0.00 |  | 0.00 |
| Total assets |  | 4577631 |  | 3467902 |  | 52460 |  | 39742 |
| Total liabilities |  | 571213 |  | 432737 |  | 14963 |  | 11336 |

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**Effects of Coronavirus on the Company**

If the current outbreak of the coronavirus continues to grow, the effects of such a widespread infectious disease and epidemic may inhibit our ability to conduct our business and operations and could materially harm our Company. We face various risks related to the ongoing coronavirus disease 2019 ("COVID-19") pandemic. Such risks include disruptions or restrictions on our employees' ability to work effectively, as well as temporary closures of our facilities or the facilities of our customers or suppliers.

It is possible that the continued spread of COVID-19 could also further cause disruption in our supply chain by an average of 3 to 6 months depending on where globally we are working; cause delay or limit the ability of other customers to perform, including in making timely payments to us; and cause other unpredictable events. In addition, the continued spread of COVID-19 has led to disruption and volatility in the global capital markets, which increases the cost of capital and adversely impacts access to capital.

We continue to work with our stakeholders (including customers, employees, suppliers and local communities) to responsibly address COVID-19. Our management is focused on mitigating the impact of the pandemic, which has required and will continue to require a substantial investment of time and resources across the Company and could delay other value-added initiatives. Management has moved as many operations to virtual meetings in order to facilitate the progression of each project. However, in-person/on-site, plant trials have been moved to remote plant trials where necessary. We are still seeing delays of 6 to 9 months to on-board customers due to delays in shipping plant trial samples and testing data results. We continue to monitor the situation, to assess further possible implications to our business, supply chain and customers, and to take actions in an effort to mitigate adverse consequences.

The situation surrounding COVID-19 remains fluid and the ongoing impact on our business and results of operations, financial condition, expected cash flows and liquidity increases the longer the virus impacts activity levels in the United States and globally, both during the initial outbreak, as well as if additional outbreaks occur at a later date. For this reason, we cannot reasonably estimate with any degree of certainty the future impact COVID-19 may have on our results of operations, financial position, and liquidity. The extent to which the COVID-19 pandemic may impact our business, operating results, financial condition and liquidity will depend on future developments and numerous and evolving factors that are highly uncertain, vary by market and cannot be accurately predicted or quantified at this time, including the duration and spread of the outbreak. In 2023 several industry trade shows resumed, providing the opportunity to display and market our products to customers while also expanding our network and brand awareness. We have also reinstated the shipping of our sporting goods products in Asia since the removal of COVID-19 restrictions. We have experienced delays obtaining ASTM testing data and results, which are required to support customer claims and initiate new project development. In an effort to mitigate further delays, we have sourced additional qualified testing labs around the world. COVID-19 has also created a decreased supply of resins (the base ingredient in our additive), which has triggered a 10% increase in the prices of our raw materials. Despite these concerns, we believe the supply chain issues of product shortages and increased prices triggered by COVID-19 have been in the process of resolving in general. There has been an increased production of resins globally, which has increased the inventory available from countries outside the USA and Canada. This will positively impact our results of operations and financial condition, as well as improve expected cash flows and liquidity.

Relaxed government mandated restrictions and regulations; have geared up business and workforce production resulting in inflation, worker shortages and now a looming recession; will have an impact on demand for our products, collectability of customer accounts; additional and prolonged devaluation of other countries' currencies relative to the dollar. Additionally, customers might defer decision making, delay orders or seek to renegotiate or unlikely but possibly cancel some agreements.

The continuing global pandemic may also result in delays in our ability to apply for and obtain further regulatory approval for our products in various jurisdictions possibly by 3 to 6 months.

The impact of COVID-19 may also exacerbate other risks discussed herein, any of which could have a material effect on us. This situation is changing rapidly, and additional impacts may arise that we are not aware of currently.

**Effects of the Conflict in Ukraine on us**

The Company's financial condition and results of operations may be further negatively affected by economic and other consequences related to the conflict in the Ukraine and the sanctions imposed in response to that action in late February 2022. While we expect any direct impacts of the conflict in Ukraine to our business to be limited. However, the indirect impacts on the economy and the industry in general could negatively affect our business. There can be no assurance that we will not be impacted by adverse consequences that may be brought about on our business, results of operations, financial position and cash flows in the future.

**Going Concern**

We adopted IAS 1 "Presentation of Financial Statements", which, among other things, requires that management evaluate whether there are relevant conditions and events that, in the aggregate, raise substantial doubt about the entity's ability to continue as a going concern and to meet its obligations as they become due within one year after the date that the financial statements are issued.

The accompanying financial statements have been prepared assuming that we will continue as a going concern. While the Company is attempting to generate additional revenues, the Company's current cash position may not be significant enough to support the Company's daily operations. Therefore, management intends to raise additional funds by way of a public or private offering. Management believes that the actions presently being taken to further implement its business plan, manage costs and generate revenues provide the opportunity for the Company to continue as a going concern. While the Company believes in the viability of its strategy to generate revenues and in its ability to raise additional funds, there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon the Company's ability to further implement its business plan and generate revenues. We will require additional cash funding to fund operations. The above conditions indicate a material uncertainty that may cast significant doubt about the Company's ability to continue as a going concern and our independent registered public accounting firm has included an explanatory paragraph relating to our ability to continue as a going concern in its audit report with respect to our audited financial statements for the period from January 6, 2021 (inception) to September 30, 2021 and the fiscal year ended September 30, 2022.

To fund further operations, we will need to raise additional capital. We may obtain additional financing in the future through the issuance of our common stock, or through other equity or debt financings. Our ability to continue as a going concern or meet the minimum liquidity requirements in the future is dependent on its ability to raise significant additional capital, of which there can be no assurance. If the necessary financing is not obtained or achieved, we will likely be required to reduce our planned expenditures, which could have an adverse impact on the results of operations, financial condition and our ability to achieve our strategic objective. There can be no assurance that financing will be available on acceptable terms, or at all. The financial statements contain no adjustments for the outcome of these uncertainties. These factors raise substantial doubt about our ability to continue as a going concern and have a material adverse effect on our future financial results, financial position and cash flows.

**Financial Instruments and Risk Management**

The Company's financial instruments are exposed to certain financial risks, including currency risk, credit risk, liquidity risk and commodity price risk.

*Credit risk*

Credit risk is the risk of loss associated with counterparty's inability to fulfill its payment obligations. The financial instruments that represent a potential concentration of credit risk consist primarily of cash. The Company limits its exposure to credit loss by placing its deposits with Tier-1 Canadian financial institutions. The carrying amount of financial assets represents the maximum credit exposure.

The Company believes it has no significant short or long term credit risk with respect to accounts receivable. Trade accounts receivable has been collected after the year end. The sales tax and income tax receivable are due from the government.

*Liquidity risk*

 

Liquidity risk is the risk that the Company will not be able to meet its financial obligations. The Company manages its liquidity risk by ensuring that it has enough cash to meet its financial liabilities. As at September 30, 2022, the Company had a working capital surplus of CA$4,001,873 (US$3,031,722), the majority of which is comprised of a cash balance of CA$3,999,183 (US$3,029,684) to settle current liabilities of CA$571,213 (US$432,737). All of the Company's financial liabilities sounds have contractual maturities of less than 30 days and are subject to normal trade terms.

*Market risk*

 

Market risk is the risk of loss that may arise from changes in market factors, interest rates, foreign exchange rates and equity prices. The Company believes it has no significant market risk.

*Interest rate risk*

 

The Company is exposed to interest rate risk on the variable rate of interest earned on bank deposits. The interest rate risk on bank deposits is insignificant as the deposits are short term.

*Foreign currency risk*

 

Foreign currency risk is the risk that the fair values of future cash flows of a financial instrument will fluctuate because they are denominated in currencies that differ from the respective functional currency. The Company is exposed to currency risk as the Company incurs transactions in US dollar. The Company does not hedge its exposure to fluctuations in foreign exchange rates. The Company does not have significant foreign currency risk.

 

*Fair value hierarchy*

 

The Company applied the following fair value hierarchy for financial instruments that are carried at fair value. The hierarchy prioritizes the inputs used in the valuation methodologies in measuring fair value into three levels:

The three levels are defined as follows:

● Level 1 – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

● Level 2 – inputs to valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

● Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The Company's cash is measured at level 1 fair value.

**Off-Balance Sheet Arrangements**

As of September 30, 2022, we did not have any off-balance sheet arrangements as defined in Item 303(a)(4)(ii) of Regulation S-K promulgated under the Securities Act of 1934 reasonably likely to have a material effect on our financial condition.

**CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS**

**Critical Accounting Estimates, Judgments and Assumptions**

The preparation of the Company's consolidated financial statements in conformity with IFRS requires management to make judgments, estimates, and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. Significant judgments, estimates and assumptions that have the most significant effect on the amounts recognized in the consolidated financial statements are described below.

As of September 30, 2022, we did not have any critical accounting estimates as defined in Item 303(b)(3) of Regulation S-X promulgated under the Securities Act of 1934 reasonably likely to have a material effect on our financial condition.

*Going concern*

 

The assessment of the Company's ability to continue as a going concern requires significant judgment. The consolidated financial statements have been prepared on the basis of accounting principles applicable to a going concern, as disclosed in note 1 to our financial statements appearing elsewhere in this prospectus.

The continued operations of the Company are dependent on future profitable operations, management's ability to manage costs and the future availability of equity or debt financing.

*Principal versus agent considerations*

The assessment of whether the Company acts as a principal or agent with regards to the sale of Midori Biosolutions additive under the Distribution Agreement requires significant judgment, as disclosed in revenue recognition significant accounting policy in Note 3 to our financial statements appearing elsewhere in this prospectus.

**DESCRIPTION OF BUSINESS**

Midori Group Inc., a British Columbia corporation, was originally incorporated as 1284670 B.C. LTD in British Columbia, Canada under the British Columbia Business Corporations Act on January 19, 2021 and renamed to Midori Group Inc. on June 29, 2022. Our wholly owned operating subsidiary, Midori-Bio Inc., a federal corporation incorporated under the Canada Business Corporations Act on January 6, 2021, and extra-provincially registered in the province of Ontario, Canada.

We are a global eco-friendly distributor, sales and marketing company of a green biodegradable plastic additive. The additive is currently produced and supplied by third parties and sold under our own private brand label "Midori Biosolutions." The Midori Biosolutions additive is FDA FOOD, REACH, FTC, PROP65, CONEG compliant, non-toxic, no heavy metals, no starches, free of BPA & Phosphates with extensive testing data available for customers. We believe the additive will provide consumer packaged goods (CPG) brands with a sustainable end-of-life biodegradable solution, without impeding normal recycle/composting plastics, and a practical and viable solution for reducing plastic waste from the world environment. The Midori Biosolutions additive is an innovative technology that aims to solve the major problem of the amount of time it takes for untreated plastic to decompose, as it can take centuries to biodegrade. With this additive, we seek to accelerate the natural biodegradation process to just a few years. We believe that the additive can help CPG brand owners alleviate the challenges associated with unrecycled plastics, supporting their industry and governmental plastic "circularity" targets. The Midori Biosolutions additive can be applied to virtually all polymer types, processes, and applications. The test results of the ASTM D5511 studies, which is a global standard measurement for landfill biodegradation which measures biogasses created during the biodegradation process, shows the different degradation rates of various products using the Midori Biosolutions additive. Further, this study shows scientific validation that the Midori Biosolutions additive works to accelerate the natural biodegradation process.

The Midori Biosolutions additive is in the initial integration phase, and we are working with 51 consumer and industrial brands who are searching for a sustainable direction. We have firm commitments from major brands, such as Wilson Tennis, Planters Peanuts, Johnvince Foods, CMI Orchards, and Guycan Thermoforming, to purchase 24,000, 7,000, 6,000, 6,100 and 13,200 pounds of Bio-Solutions additive, respectively, to be integrated into their food packaging materials giving them a marketing advantage over their competition from a sustainability platform. We believe that once these sustainability marketing campaigns have been launched publicly by these brands in the third quarter of 2023 and first quarter 2024, such sustainability marketing campaigns will create a pathway for other more conservative brands to utilize Midori-Biosolutions additive that are waiting for other brands to launch first. We received such firm commitments by way of informal e-mail orders (which is standard in our industry rather than formal agreements). We are in testing and pre-launch production mode as to a number of other major brands, in the foods, beverages, sporting goods, footwear and medicinal industries such as Keen Shoes, Snibb's Shoes, and GP8 Water. We are not at liberty to disclose the identity as to those other brands at the current time because we are subject to non-disclosure agreements with penalties to deter disclosure prior to launch by such brands in order to give such brands a marketing advantage over their competition from a sustainability platform.

 **

***The Problem We are Trying to Solve***

 **

According to, Roger Warburton's 2021 article titled, Great Plastic Recycling Con Leaves Trail of Pollution, Roger Warburton, roughly 70% of plastics that get recycled end up in landfills, regardless of the effort to separate, clean and send plastic off for recycling. This is vastly due to a marketing term called 'Greenwashing'. 'Greenwashing' is a term used to describe the marketing tactics used by big-name, fast-fashion companies to advertise their new supposedly sustainable lines of products, and also refers to the process of conveying a false impression or providing misleading information about how a company's products are more environmentally sound. According to a Landfill Management and Planning in Ontario Study done in 2018, 85% of all plastic ends up in landfills despite diversion tactics. We believe that this is an opportunity to seek to solve this problem by integrating the Midori Biosolutions additive into plastic, thereby extending the landfill lifecycle. According to the same study, our landfills are expected to be maxed out in the next 10 years and will require 16 new landfills by 2030.

Landfill capacity is a global problem. Currently, governments face the following issues with current government tactics relating to public waste:

● *Recycling Programs*: Recycling only processes 7% of what they collect with the balance going to landfills.

![](formf-1_002.jpg)

● *Plant-derived Plastics (PLA)*: are costly, and cannot be recycled.

![](formf-1_003.jpg)

● *Composting*: requires industrial compost facilities which are often unavailable.

![](formf-1_004.jpg)

● *Bioplastic*: is expensive for businesses to implement into packaging.

![](formf-1_005.jpg)

***Our Product***

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The Midori Biosolutions additive is a natural organic FDA compliant additive for plastic. The Midori-Biosolutions additive is sold by us in many formats, including, but not limited to, pellets, powder, polyethylene terephthalate (PET), polypropylene (PP), polystyrene (PS), polyethylene (PE/HDPE), acrylonitrile butadiene styrene (ABS), polyvinyl chloride (PVC), polycarbon, ethylene vinyl alcohol (EVOH), polyurethane (PU), styrofoam, stretch wrap for pallet wrap, nylon, and synthetic rubber (collectively, referred to herein as our "products"). Midori Biosolutions additive aims to solve the foregoing problems by seeking to accelerate the natural biodegradation process from hundreds of years to just a few years (based on American Standard Testing Method for Determining Anaerobic Biodegradation of Plastic ("ASTM") testing results), using the following steps:

***Step 1:*** Integrate additive at 1.5% into plastic during extrusion.

![](formf-1_006.jpg)

***Step 2:*** Opens polymer chain allowing microbes to enter and consume.

![](formf-1_007.jpg)

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***Step 3:*** Breaks down to "Element" level:

- Inert humus, which makes soil richer

- Biogas, promotes renewable energy development

![](formf-1_008.jpg)

We do not own the intellectual property rights to our products and could lose the right to distribute our products if we do not meet the required sales goals, or otherwise breach our distribution agreement with EcoLogic.

The additive has undergone the following ASTM studies (which take between 30 to 90 days to complete), at the request of EcoLogic or Midori-Bio Inc., to show rate of degradation (parameters) facilitated by the additive, by IE EDEN LABS USA, an independent third-party laboratory:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in December 2013, an ASTM D5511 study (requested by EcoLogic) with the test result showing degradation of 12.6% in 40 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in October 2013 an ASTM D5338 study (requested by Ecologic) with the test result showing degradation of 13.4% in 24 days for MDPE Bag;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in April 2018 an ASTM D5511 study (requested by Ecologic) with the test result showing degradation of 33.9% in 338 days for PE Bag;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in April 2021 an ASTM D5511 study (requested by Midori Bio) with the test result showing degradation of 9.1% in 55 days Tennis Ball Container;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) in July 2022 an ASTM D5511 study (requested by Midori Bio) with the test result showing degradation of 7.9% in 89 days for Golf Ball Core; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) in July 2022, an ASTM D5511 study (requested by Midori Bio) with the test result showing degradation of 5.8% in 89 days for Golf Ball Cover.

We aim to provide an end-of-life solution for all plastics. The Company does not seek to interfere with current recycling efforts, and instead intends to compliment these efforts with our solutions. We believe that the Midori Biosolutions additive provides brands and retailers with a sustainable solution for fossil fuel-based plastics.

![](formf-1_009.jpg)

The Midori Biosolutions additive is 100% organic and non-starch based with no heavy metals. It leaves behind no microplastics or nano plastics, and creates a renewable energy source. The Midori Biosolutions additive aims to provide brands and retailers with a sustainable solution for fossil fuel-based plastics and can be added to virtually all polymer types, processes and applications without impeding their current programs.

The Midori Biosolutions additive is an FDA compliant proprietary blend of organic compounds. Additionally, it is also FTC labeling compliant. Biodegradation starts in presence of microbes, therefore shipping, storage, shelf presence have no effect on degradation. Process friendly, easily integrates with your current packaging supplier.

● Food Contact Compliant – FDA (USA), ANVISA (Brazil), FAST (Europe)

● Non-Toxic:

- Free of BPA, phthalates, and toxic materials such as lead,

● cadmium, hexavalent chromium and mercury

- Compliant to CA Prop 65 (California Safe Drinking Water Act) <br> - Compliant with US CONEG (Coalition of Northeastern Governors) <br> - Zero heavy metals

● Terrestrial Plant Toxicity Test (Certified ASTM E1963)

The foregoing claims about our product (Midori-Biosolutions) are supported by test results of the American Standard Testing Methods D5511 studies conducted by independent third-party laboratories (as described further below), compliance studies, certifications, and other information about the additive which we have obtained from EcoLogic, the supplier of the additive.

We believe that the organic formulations in the Midori Biosolutions additive integrate seamlessly into most manufacturing processes. The technologies are supported by independent third-party laboratories using American Standard Testing Methods. The test results of the ASTM D5511 studies, which is a global standard measurement for landfill biodegradation which measures biogasses created during the biodegradation process, shows the different degradation rates of various products using the Midori Biosolutions additive. Further, this study shows scientific validation that the Midori Biosolutions additive works to accelerate the natural biodegradation process.

 

*Product Highlights*

 

![](formf-1_010.jpg)

***Our Strategy***

 ****

We are pursuing a unique direction in seeking to build our market presence and customer base**.** We plan to target consumer brands, governments, and consumers.

*Consumer Brands*: We are targeting consumer and industrial brands who are searching for a sustainable direction. We believe that major brands that have used our products have recognized just how essential our customer-focused mission is in the discussions regarding plastic end-of-life strategy driven by landfill capacity and positive ESG scores. Additionally, we are targeting consumer and industrial brands who deal with "problematic" plastics as these are plastics that are not easily recycled which includes any plastics that are multilaminate films or multi-substructure items such as tennis cans, tennis balls, toys, tires, barrier food packaging and breathable food packaging. We are also targeting consumer and industrial brands who deal with recyclable plastics such as packaging items, garbage bags, diapers, coffee pods and single use plastics like forks/plates.

*Governments*: Landfill capacity expiration dates are driving the plastic diversion tactic policies, which are not achieving their targets. We believe that our additive provides government with a solution to extend their current landfill lifecycle.

*Consumers*: We aim to provide consumers with a sustainable, educated introduction as to how our solution enhances the biodegradability of plastics with end-of-life strategy that will provide consumer pressure on brands to implement.

***Current Status and Planned Growth Initiatives***

 ****

As of the date hereof, 51 branded companies have either, integrated or are in the testing process of integrating, the Midori Biosolutions additive throughout the food, drug, textile and durance consumer goods sector globally.

We currently seek to meet key growth initiatives in the near- and medium-term future by working with brand stakeholders with the successful support of government lobbying and brand marketing.

*Consumer Brands*: We are working with 51 consumer and industrial brands who are searching for a sustainable direction. We have firm commitments from major brands, such as Wilson Tennis, Planters Peanuts, Johnvince Foods, CMI Orchards, and Guycan Thermoforming, to purchase 24,000, 7,000, 6,000, 6,100 and 13,200 pounds of Bio-Solutions additive, respectively, to be integrated into their food packaging materials giving them a marketing advantage over their competition from a sustainability platform. We believe that once these sustainability marketing campaigns have been launched publicly by these brands in the third quarter of 2023 and first quarter 2024, such sustainability marketing campaigns will create a pathway for other more conservative brands to utilize Midori-Biosolutions additive that are waiting for other brands to launch first. We received such firm commitments by way of informal e-mail orders (which is standard in our industry rather than formal agreements). We are in testing and pre-launch production mode as to a number of other major brands, in the foods, beverages, sporting goods, footwear and medicinal industries such as Keen Shoes, Snibb's Shoes, and GP8 Water. We are not at liberty to disclose the identity as to those other brands at the current time because we are subject to non-disclosure agreements with penalties to deter disclosure prior to launch by such brands in order to give such brands a marketing advantage over their competition from a sustainability platform.

 

*Governments*: Landfill capacity expiration dates are driving the plastic diversion tactic policies, which have not improved in the last 20 years causing governments to look towards new technologies like biodegradability. We are working with the Canadian Federal Government (ECCC Department) on creating Single Use Plastic ban exceptions for products that include the Midori-Biosolutions additive. We are also working with the Ontario Government (Ministry of Environment) to support their Industrial Composting program with products that include the Midori-Biosolution additive.

*Consumers*: We aim to provide consumers with a sustainable, educated introduction as to how our solution enhances the biodegradability of plastics with end-of-life strategy with agreements with brands launching the Midori-Biosolutions additive in their products to do co-branded consumer marketing.

**Competition**

We face and will face substantial competition from a variety of companies in the biodegradable, renewable resource-based plastic segment, as well as from companies in the conventional, non-biodegradable petroleum-based industry segment. We face competition from other entrants or established companies seeking to mitigate the environmental impact of plastics. Some of their products are suitable for use in a range of products at a price which may be lower than our product offerings. Many of these companies have longer operating histories, greater name recognition, larger customer bases and significantly greater financial, sales and marketing, manufacturing, distribution, technical and other resources than us. Our competitors may be able to adapt more quickly to new or emerging technologies, changes in customer requirements and changes in laws and regulations. In addition, current and potential competitors have established or may establish financial or strategic relationships among themselves or with existing or potential customers or other third parties. Accordingly, new competitors or alliances among competitors could emerge and rapidly acquire significant market share. There can be no assurance that we can develop products that are more effective or achieve greater market acceptance than competitive products, or that our competitors will not succeed in developing products and technologies that are more effective than those being developed by us and that would therefore render our products and technologies less competitive or even obsolete. We cannot assure you that we will be able to compete successfully against current or new competitors.

Our closest competitors include the following:

● Eco Pure which deals with old OXO technology, creating microplastics.

● Biosphere Plastic which also deals with OXO technology, creating microplastics.

● Ciclo which deals with textiles only.

Other competitors that are suppliers of OXO-biodegradable additives include EPI Environmental Technologies, Wells/Bioxo, Addiflex, and Symphony.

We plan to compete with such competitors by a combination of:

● Focus on consumer brands in food/non-food usage

● Working with brand stakeholder contacts such as brand owners vs downstream extrusion introduction, as extruders have little influence on brand owners

● Introducing design letter mark on all customer packaging to build awareness/trust with consumers and brands

● Work with government(s), such as Canadian Federal, Ontario Provincial, Israel, Netherland and Germany to educate and promote how this new technology helps meet their landfill diversion goals

● B2B (business to business marketing) and Direct to consumer marketing

We believe that the main scientific advantage of our additive, as compared to others in the market, is that they use the old OXO technologies using heavy metal and starches and that we do not. We only use technology that does not contain heavy metals. By not using the OXO technology, we also do not create any microplastics, which our competitors do. Our competitors who use OXO technology in their process encounter problems with packaging disintegrating prematurely during the normal use of their product. However, as we do not use this old technology our additive only biodegrades in landfills and marine environments.

**Effects of Coronavirus on the Company**

If the current outbreak of the coronavirus continues to grow, the effects of such a widespread infectious disease and epidemic may inhibit our ability to conduct our business and operations and could materially harm our Company. We face various risks related to the ongoing coronavirus disease 2019 ("COVID-19") pandemic. Such risks include disruptions or restrictions on our employees' ability to work effectively, as well as temporary closures of our facilities or the facilities of our customers or suppliers.

It is possible that the continued spread of COVID-19 could also further cause disruption in our supply chain by an average of 3 to 6 months depending on where globally we are working; cause delay or limit the ability of other customers to perform, including in making timely payments to us; and cause other unpredictable events. In addition, the continued spread of COVID-19 has led to disruption and volatility in the global capital markets, which increases the cost of capital and adversely impacts access to capital.

We continue to work with our stakeholders (including customers, employees, suppliers and local communities) to responsibly address COVID-19. Our management is focused on mitigating the impact of the pandemic, which has required and will continue to require a substantial investment of time and resources across the Company and could delay other value-added initiatives. Management has moved as many in-person operations to virtual meetings in order to facilitate the progression of each project. However, in-person/on-site, plant trials have been moved to remote plant trials where necessary. We are still seeing delays of 6 to 9 months to on-board customers due to delays in shipping plant trial samples, delayed testing data results and absent staffing issues. We continue to monitor the situation, to assess further possible implications to our business, supply chain and customers, and to take actions in an effort to mitigate adverse consequences.

The situation surrounding COVID-19 remains fluid and the ongoing impact on our business and results of operations, financial condition, expected cash flows and liquidity increases the longer the virus impacts activity levels in the United States and globally, both during the initial outbreak, as well as if additional outbreaks occur at a later date. For this reason, we cannot reasonably estimate with any degree of certainty the future impact COVID-19 may have on our results of operations, financial position, and liquidity. The extent to which the COVID-19 pandemic may impact our business, operating results, financial condition and liquidity will depend on future developments and numerous and evolving factors that are highly uncertain, vary by market and cannot be accurately predicted or quantified at this time, including the duration and spread of the outbreak. In 2023 several industry trade shows resumed, providing the opportunity to display and market our products to customers while also expanding our network and brand awareness. We have also reinstated the shipping of our sporting goods products in Asia since the removal of COVID-19 restrictions. We have experienced delays obtaining ASTM testing data and results, which are required to support customer claims and initiate new project development. In an effort to mitigate further delays, we have sourced additional qualified testing labs around the world. COVID-19 has also created a decreased supply of resins (the base ingredient in our additive), which has triggered a 10% increase in the prices of our raw materials. Despite these concerns, we believe the supply chain issues of product shortages and increased prices triggered by COVID-19 have been in the process of resolving in general. There has been an increased production of resins globally, which has increased the inventory available from countries outside the USA and Canada. This will positively impact our results of operations and financial condition, as well as improve expected cash flows and liquidity.

Relaxed government mandated restrictions and regulations; have geared up business and workforce production resulting in inflation, worker shortages and now a looming recession; will have an impact on demand for our products, collectability of customer accounts; additional and prolonged devaluation of other countries' currencies relative to the dollar. Additionally, customers might defer decision making, delay orders or seek to renegotiate or unlikely but possibly cancel some agreements.

The continuing global pandemic may also result in delays in our ability to apply for and obtain further regulatory approval for our products in various jurisdictions possibly by 3 to 6 months due to testing laboratories are delaying results and the move from in person operations to virtual meetings have slowed the decision making process.

The impact of COVID-19 may also exacerbate other risks discussed herein, any of which could have a material effect on us. This situation is changing rapidly, and additional impacts may arise that we are not aware of currently.

**Effects of the Conflict in Ukraine on us**

The Company's financial condition and results of operations may be further negatively affected by economic and other consequences related to the conflict in the Ukraine and the sanctions imposed in response to that action in late February 2022. While we expect any direct impacts of the conflict in Ukraine to our business to be limited. However, the indirect impacts on the economy and the industry in general could negatively affect our business. There can be no assurance that we will not be impacted by adverse consequences that may be brought about on our business, results of operations, financial position and cash flows in the future.

**Intellectual Property**

On December 14, 2021, the Company submitted an Application for Canadian Registrar of Trademark to the Innovation, Science and Economic Development of Canada at the Canadian Intellectual Property Office, under Application Number 2153979 for the following design trademark:

![](formf-1_011.jpg)

If the application is approved, the duration of the foregoing trademark will be for a period of 10 years, however there can be no assurance that the foregoing application will be approved as planned, or at all.

**Recent Developments**

***Resignation of Ravinder Kang as Chief Financial Officer, Secretary and director; Appointment of Joseph Leeder as Chief Financial Officer and Secretary; Consulting Agreement with Joseph Leeder***

On February 28, 2023, Ravinder Kang resigned as the Chief Financial Officer, Secretary and a director of the Company to pursue personal interests. There was no disagreement or dispute between Mr. Kang and the Company which led to his resignation. On February 28, 2023, the Company's Board of Directors appointed Joseph Leeder as the Company's Chief Financial Officer and Secretary, effective March 1, 2023.

In connection with Mr. Joseph Leeder's appointment, on February 28, 2023, the Company entered into a Contractor Agreement, dated March 1, 2023, by and between the Company and Leeder Holdings Inc. pursuant to which Mr. Joseph Leeder would work full-time as a consultant in the capacity of the Chief Financial Officer and Secretary of the Company. See "Executive Compensation—Consulting Agreement" for information regarding the Consulting Agreement.

**Regulations**

**Government Regulation**

Regulation by government authorities in the United States and other countries is a significant factor in the production and marketing of biodegradable plastic additives, like the Midori Biosolutions additive, and the ongoing R&D activities relating to the additives. In order to research, develop, and manufacture products for customers and ultimately for consumer use, manufacturers of biodegradable plastic additives, in our case currently third party manufacturers of Midori Biosolutions additive, must satisfy mandatory procedures and standards established by various regulatory bodies. Compliance with these standards is complex, and failure to comply with any of these standards can result in significant consequences.

Some applications for which the Midori Biosolutions additive may be suitable, such as food packaging, involve food contact, which is regulated by the U.S. Food and Drug Administration ("FDA") in the U.S. The Midori Biosolutions additive has been cleared for use in food-contact applications by the FDA. The additive is also contained on positive lists for food-contact in the European Union and Japan. The third-party manufacturers of the additive are in the process of seeking further regulatory approvals necessary to sell and produce the additive based on local requirements in various jurisdictions worldwide, and they are prepared to seek additional such approvals as may become necessary in the ordinary course of business.

***Proof of***  ***Biodegradability***

Our products have been tested and proven to show acerated biodegradability for landfills, composting and marine acerated biodegradation. We submit our products for testing and obtain such results from independent third party recognized laboratories, such as IE EDEN LABS USA, using the global test standards under ASTM test standards (ASTM D5511, D6400 and D6691) for our base products. These tests provide proof of acerated biodegradability versus non-treated plastics. As customers purchase product for a specific use, the customer typically obtains such proof of biodegradability to cover the customer's manufacturing specifications.

**Material Agreements**

***Share Exchange Agreement***

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On August 30, 2021, Midori Group Inc. (formerly 1284670 B.C. LTD) entered into a Share Exchange Agreement, as amended on October 31, 2021 with Midori-Bio Inc. and the Midori-Bio Shareholders. The Share Exchange Agreement closed on January 6, 2022, and at such time Midori Group Inc. acquired all of the issued and outstanding capital stock of Midori-Bio Inc. (consisting of 22,000,000 Class A Common shares) from Midori-Bio Shareholders in exchange for 22,000,000 common shares of Midori Group Inc. to the Midori-Bio Shareholders at a deemed price of CAD$0.50 ($0.38) per share, and Midori-Bio Inc. became a wholly owned subsidiary of Midori Group Inc.

A copy of the SEA is filed as Exhibit 10.2 to the registration statement of which this prospectus forms a part and is incorporated by reference herein.

***Loan Agreements***

 ****

*December 16, 2021 Loan Agreement*

 

On December 16, 2021, the Company entered into a loan agreement (the "Loan Agreement") with Midori-Bio pursuant to which the Company agreed to lend the Midori-Bio CAD $200,000 ($151,515). The purpose of the loan was to provide the Midori-Bio with additional capital for its operating expenses in order to be able to continue its operations pending completion of the Share Exchange Agreement between the Company and Midori-Bio. The maturity date of the loan was March 31, 2022, and the Company was able to provide an extension for the maturity date in its sole discretion. The loan did not carry any interest. A copy of the Loan Agreement is filed as Exhibit 10.4 to the registration statement of which this prospectus forms a part and is incorporated by reference herein.

 

*October 1, 2021 Promissory Note*

 

On October 1, 2021, Midori-Bio issued a Promissory Note to Rene Bharti in the principal amount of CA$60,000 (US$45,455). The note carries interest of 18% per annum. The interest and principal payable under the note were due on the earlier of (i) the closing of the SEA and (ii) December 31, 2021. The SEA closed on January 6, 2022. On December 31, 2021, the outstanding principal and accrued interest under the note were repaid. A copy of the note is filed as Exhibit 10.5 to the registration statement of which this prospectus forms a part and is incorporated by reference herein.

*October 4, 2021 Promissory Note*

 

On October 4, 2021, Midori-Bio issued a Promissory Note to 1917478 Holdings LLC in the principal amount of CA$60,000 (US$45,455). The note carries interest of 18% per annum. The interest and principal payable under the note were due on the earlier of (i) the closing of the SEA and (ii) December 31, 2021. The SEA closed on January 6, 2022. On December 31, 2021, the outstanding principal and accrued interest under the note were repaid. A copy of the note is filed as Exhibit 10.7 to the registration statement of which this prospectus forms a part and is incorporated by reference herein.

*October 7, 2021 Promissory Note*

 

On October 7, 2021, Midori-Bio issued a Promissory Note to 1142377 BC LTD in the principal amount of CA$60,000 (US$45,455). The note carries interest of 18% per annum. The interest and principal payable under the note were due on the earlier of (i) the closing of the SEA and (ii) December 31, 2021. The SEA closed on January 6, 2022. On December 31, 2021, the outstanding principal and accrued interest under the note were repaid. A copy of the note is filed as Exhibit 10.6 to the registration statement of which this prospectus forms a part and is incorporated by reference herein.

***Distributor Agreement***

 ****

On January 25, 2021, Midori-Bio entered into a Distributor Agreement (the "Distributor Agreement") with EcoLogic, LLC ("EcoLogic"). EcoLogic owns the rights in and is engaged in the business of manufacturing, marketing, selling and distributing certain organic additives, which when added to certain plastic resins, can render plastics biodegradable. Pursuant to the Distributor Agreement, Midori-Bio agreed to purchase certain EcoLogic products as set forth in the Distributor Agreement (the "Products") and to resell the Products to certain clients as set forth in the Distributor Agreement (the "Customers"). Pursuant to the Distributor Agreement, Midori-Bio must obtain written authorization from EcoLogic prior to making any solicitation to any Customers that are not set forth in the Distributor Agreement. Additional Customers may be added under the Distributor Agreement upon the written agreement of both parties. Pursuant to the Distributor Agreement, the Customers are limited by certain territories as set forth in the Distributor Agreement (the "Exclusions") and Midori-Bio will not directly or indirectly promote or market the Products in a manner that conflicts with the Exclusions.

Pursuant to the Distributor Agreement, Midori-Bio agreed to purchase, market and resell Ecologic ingredients (comprised of Midori-Bio's purchases from EcoLogic) representing a total volume at minimum of:

● 1,000 kilograms in the first year

● 2,000 kilograms in the second year

● 4,000 kilograms in the third year

● 6,000 kilograms in the fourth year

● 8,000 kilograms in the fifth year

(referred to together as the "Target Volume") for each year. In the event that Midori-Bio fails to meet the Target Volume in an given year, Midori-Bio will have 30 days from the date of notification from EcoLogic of such failure to cure the failure, and if not rectified in 30 days, EcoLogic will have the unilateral right to amend the Distributor Agreement to remove the exclusivity applicable to the Customers or terminate the Agreement. Midori-Bio will have the option, at EcoLogic's discretion to purchase the remaining quantity of Products at the end of each year to reach the Target Volume to continue the Distributor Agreement without amendments. The initial prices at which Midori-Bio purchases the Products from EcoLogic is set forth in the Distributor Agreement. Midori-Bio agreed to resell the Products to Customers at prices as it may determine in its discretion. The difference between the payment received by Midori-Bio and the initial pricing provided by EcoLogic is referred to as the "Profit Margin." Any changes to pricing will occur upon not less than thirty (30) days written notice by EcoLogic to Midori-Bio.

The term of the Distributor Agreement is for five (5) years until terminated by either party as provided in the Distributor Agreement. The term of the Distributor Agreement will renew automatically for an additional five (5) years at the end of each term, however, each party will have the right to opt out of such renewals by providing written notice to the other party at least nine (9) months prior to the expiration of the current term. In the event that the Distributor Agreement is not renewed at the election of EcoLogic, Midori-Bio will continue to earn the Profit Margin actually collected by EcoLogic for all Product sales to Customers at the time of such non-renewal for two (2) years following such non-renewal. The Distributor Agreement may be terminated by either party as follows: (i)immediately upon written notice to the other party in the event such other party is in breach of the material terms, covenants or conditions of the Distributor Agreement and such breach is not cured within 30 days written notice of such breach or (ii) immediately upon written notice to the other party of "Cause," as such term is defined in the Distributor Agreement. "Cause" is defined in the Distributor Agreement as (i) a party's arrest or indictment either for a felony involving moral turpitude (ii) with respect to Midori-Bio, any crime in connection with its representation of EcoLogic which causes EcoLogic a substantial detriment (iii) actions by a party or its agents or subcontractors which may damage the reputation of, or cause financials losses or expenses to, the other party (iv) the failure of either party to pay an amount due under the Distributor Agreement within thirty (30) days of the due date thereof or (v) there occurs an affirmative act of insolvency by a party, or the filing by a party of any petition under bankruptcy, reorganization or insolvency, or any law for the relief of or relating to debtors; there is the filing of any involuntary petition under any bankruptcy statutes against a party of the appointment of any received or trustee to take possession of the property of a party, unless such petition or appointment is set aside or ceases within thirty (30) days of such filings; or any party's property becomes the subject of any levy, seizure, assignment, application or sale for or by any creditor or government agency.

Pursuant to the Distributor Agreement, Midori-Bio agreed to indemnify EcoLogic against any and all claims, demand, losses and suits, including reasonable attorney's fees, resulting from any act or omission by Midori-Bio or its agents, employees, officers and directors arising from or related in any way to Midori-Bio's activities in the course of performance and services under the Distributor Agreement or Midori-Bio's breach of any provision of the Distributor Agreement. The Distributor Agreement contains confidentiality, non-competition, non-solicitation and on-circumvention terms typically included in such agreements. A copy of the Distributor Agreement is filed as Exhibit 10.1 to the registration statement of which this prospectus forms a part and is incorporated by reference herein.

Midori-Bio purchased, marketed and resold more than 5,000 kilograms of Ecologic ingredients during 2021, which exceeded the minimum Target Volume of 1,000 kilogram required during the first year of the Distribution Agreement.

***Sales Agreements***

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*Sales Agreement with 2013097 Ontario Inc.*

On July 1, 2021, Midori-Bio entered into a sales agreement (the "SA") with 2013097 Ontario Inc. (the "Representative"), which is owned and controlled by Randy Stronge. Pursuant to the SA, Midori-Bio agreed to retain the Representative as its authorized independent and exclusive sales and marketing representative to market, promote and sell Company's EcoLogic's Eco-One products in accordance with the terms of the SA for certain approved accounts as set forth in the SA (the "Accounts"). The Accounts may be revised from time to time by Company to include additional Accounts at the approval of Midori-Bio. The Representative cannot market or solicit customers or sales outside of the approved Account list without Company's prior written consent. The representative will not be entitled to any compensation provided for in this SA with respect to any sales that occur outside the approved Account List. Pursuant to the SA, Midori-Bio agreed to pay the Representative forty percent (40%) of the net profits (meaning for the purpose of the SA product costs plus product logistics costs plus additional sales costs as agreed) and payment will be made by Midori-Bio to the Representative after full payment is received by Midori-Bio from the customer. Pursuant to the SA, the Representative agreed to use its best efforts to actively solicit orders for and promote the sale of the approved products on behalf of Midori-Bio to the approve Accounts. The Representative may hire or contract with representatives or service personnel to promote the products and perform the duties under the SA, but cannot engage in any sales of products that are competitive to Midori-Bio. The term of the SA is for a period of five (5) years until terminated by either party as provided in the SA. The SA may be terminated by either party any time in the event of breach by the other party of the SA that remains uncured after thirty (30) days following written notice thereof or for "cause." "Cause" is defined in the SA as (i) a party's arrest or indictment for a felony involving a moral turpitude (ii) with respect to the Representative, any crime in connection with its representation of Midori-Bio which causes Midori-Bio a substantial detriment (iii) actions by a party or its agents or subcontractors which may damage the reputation of, or cause financial losses or expenses to, the other party or any of its affiliates and (iv) the failure of either party to pay an amount due under the SA within thirty (30) days of the applicable due date. In the event that the SA is not renewed at the election of Midori-Bio, the Representative will continue to be paid by Midori-Bio in the amount of forty percent (40%) of the net profit actually collected by Midori-Bio from sales of the products by the Representative in place at the time of such non-renewal, for a period of 13 years following Midori-Bio's non-renewal of the SA. Upon termination of the SA for any reason, the Representative will be entitled to their percentage of net profit on all orders for products by the Representative invoiced to customers, regardless of when such orders are shipped prior to the termination date. The SRA also contains customary non-competition, non-disclosure and confidentiality terms typically included in such agreements. A copy of the SA is filed as Exhibit 10.3 to the registration statement of which this prospectus forms a part and is incorporated by reference herein.

 **

***Consulting Agreements***

 **

*Consulting Agreement with TR Global, LLC*

 

On January 13, 2022, Midori-Bio entered into a consulting agreement with the Company, Midori-Bio's parent company, and TR Global, LLC, with Tim Ronchak of TR Global, LLC agreeing to act as a consultant to Midori-Bio. The term of the consulting agreement is for an initial term of three (3) years, unless terminated earlier in accordance with the agreement, and the parties may mutually agree to renew the consulting agreement in writing for successive one (1) year terms following the expiration of the initial term. The consultant agreed to provide Midori-Bio with the following services with a minimum weekly commitment of thirty-five (35) hours: (i) sourcing & developing new business customers; (ii) support Midori-Bio's government relations strategies; (iii) support Midori-Bio's B2B and B2C relationships; (iv) support Midori-Bio's PR outreach; (v) consult and meet with Company principles and associate consultants and ambassadors, as may be required; and (vi) maintain/support certain accounts with Midori-Bio. As compensation under the consulting agreement, Midori-Bio agreed to compensate the consultant as follows: (i) the Company agreed to issue 600,000 of its common shares to the consultant (*issued*) (ii) a monthly fee of CAD$15,840 ($12,000) and (iii) one time fees equal to CAD$50,000 ($37,879) (a) if a threshold of CAD$500,000 ($378,788) gross sales is achieved by Midori-Bio in 2022, (b) if a threshold of CAD$2,000,000 ($1,515,152) gross sales is achieved by Midori-Bio in 2023 and (c) if a threshold of CAD$3,000,000 ($2,272,727) gross sales is achieved by Midori-Bio in 2024. The consulting agreement may be terminated by either party at any time in the event of a material breach by the other party under the agreement, and can also be terminated by Midori-Bio reason of death or inability of the consultant to perform the services under the agreement, or by either party if the other party (i) becomes or is declared insolvent or bankrupt; (ii) is the subject of a voluntary or involuntary bankruptcy or other proceeding related to its liquidation or solvency, which proceeding is not dismissed within 90 calendar days after its filing; (iii) ceases to do business in the normal course; or (iv) makes an assignment for the benefit of creditors. The agreement terminates automatically upon any determination by a court of competent jurisdiction that either party is excused or prohibited from performing in full all obligations thereunder, including, without limitation. There are no payment provisions associated with the termination of this consulting agreement. Pursuant to the consulting agreement, the consultant agreed to indemnify Midori-Bio, its directors, officers, shareholders, employees, representatives, dealers, agents, insurers and assignees harmless from any and all loss, liability, damage, fine, penalty, demand, expense, complaint, claim or cause of action (including court costs and legal fees) (the "Claims"), arising out of or in connection with the negligent performance or non-performance by the consultant of the services or any work performed by the consultant for Midori-Bio, or any obligations under the consulting agreement including any Claims arising out of its enforceability as well as actions of any employee, agent, subcontractor or individual or entity otherwise engaged by the consultant in relation to the provision of the services, under the consulting agreement. The consulting agreement also contains customary non-disclosure, non-solicitation and confidentiality terms typically included in such agreements. A copy of this consulting agreement is filed as Exhibit 10.11 to the registration statement of which this prospectus forms a part and is incorporated by reference herein.

*Consulting Agreement with Ben Mulroney*

 

On October 22, 2021, Midori-Bio entered into a consulting agreement with Ben Mulroney agreeing to act as a consultant to Midori-Bio. The term of the consulting agreement is for an initial term of six (6) months, unless terminated earlier in accordance with the agreement, and the parties may mutually agree to renew the consulting agreement in writing for successive one (1) year terms following the expiration of the initial term. The consultant agreed to serve as the Vice President of Business Development and Communication for Midori-Bio and to provide Midori-Bio with the following services with a minimum weekly commitment of twenty (20) hours: (i) sourcing & developing new business customers; (ii) support Midori-Bio's government relations strategies; (iii) support the Company's B2B and B2C relationships; (iv) support Midori-Bio's PR outreach; (v) support Midori-Bio's investor relationships; and (vi) consult and meet with Company principles and occasionally with our associate consultants and ambassadors. As compensation under the consulting agreement, Midori-Bio agreed to compensate the consultant as follows: (i) a monthly fee of CAD $10,000 ($7,576) *(discontinued after 6 months)*; (ii) allowing the consultant to use the title "VP of Business Development and Communication"; (iii) upon listing of Midori-Bio's securities, Midori-Bio will award 250,000 shares of its restricted stock units, pursuant to Midori-Bio's planned equity compensation plan (the "Plan") to vest over 16 months as set forth in the agreement; (iv) upon listing of Midori-Bio's securities, Midori-Bio will grant 500,000 stock options to the consultant at the listing price under the Plan with 12,500 options becoming exercisable for every CAD$500,000 ($378,788) in gross profits generated and collected by Midori-Bio that are introduced and enter into an ongoing contract with Midori-Bio solely as a result of the consultant's efforts; and (v) the consultant will be paid a commission of 5% of the net profits from any clients that are introduced and enter into an ongoing contract with Midori-Bio solely as a result of the consultant's efforts (this commission payment will cease ninety (90) days after the termination of the consulting agreement). The consulting agreement can be terminated by either party at any time for any reason by giving no less than thirty (30) days prior written notice to the other party. Other than the commission payment noted above, there are no payment provisions associated with the termination of this consulting agreement. The consulting agreement also contains customary non-competition, non-disclosure, non-solicitation and confidentiality terms typically included in such agreements. A copy of this consulting agreement is filed as Exhibit 10.8 to the registration statement of which this prospectus forms a part and is incorporated by reference herein.

*Consulting Agreement with Hotspex International Marketing, Inc.*

 

On December 23, 2021, the Company and Midori Bio entered into a consulting agreement with Hotspex International Marketing, Inc. ("HIM"), pursuant to which the Company engaged HIM to act as a consultant to assist the Company with respect to business development. The term of the consulting agreement is for an initial term of two years, and can be renewed in writing for successive 1 year terms. As compensation under the consulting agreement, the Company agreed to compensate HIM as follows (i) options to purchase 200,000 of the Company's common shares pursuant to the Company's stock option plan upon the listing of the Company on a public stock exchange and (ii) commission equal to 30% of the Company's net profits generated from sales during the first year of the term of the contract between the Company and a client listed on the consulting agreement ("Consulting Net Profits"). The Consulting Net Profits will decrease to 15% after each such client's first year contract with the Company. In addition, if the consulting agreement is not renewed for any renewal term at the option of the Company, HIM will continue to receive the trailing payments of 15%, then 7.5%, and finally 3.5% for the time periods as set forth in the consulting agreement until the earlier of, the expiration of the applicable client term with the Company or the ninth anniversary of the date of the termination of the consulting agreement. The consulting agreement can be terminated (i) by either party in the event of a breach by the other party of a material covenant, commitment or obligation under the consulting agreement that remains uncured after 30 days following written notice thereof (ii) by either party upon written notice to the other party if the other party becomes or is declared insolvent or bankrupt, is the subject of a voluntary or involuntary bankruptcy or other proceeding related to its liquidation or solvency, which proceeding is not dismissed within 90 calendar days after its filing, ceases to do business in the normal course or makes an assignment for the benefit of creditors or (iii) by the Company by giving 30 days advance written notice to HIM if HIM fails to generate CAD$500,000 ($378,788) of gross sales in any 12 month period. Pursuant to the consulting agreement, the consultant agreed to indemnify the Company, its directors, officers, shareholders, employees, representatives, dealers, agents, insurers and assignees harmless from any and all loss, liability, damage, fine, penalty, demand, expense, complaint, claim or cause of action (including court costs and legal fees) (the "Claims"), incurred from the services performed by HIM under the consulting agreement including any Claims arising out of its enforceability as well as actions of any employee, agent, subcontractor or individual or entity otherwise engaged by HIM in relation to the provision of the services and the Company agreed to indemnify HIM against all Claims arising in connection with the products sold by HIM under the consulting agreement. The consulting agreement also contains customary non-disclosure, non-solicitation and confidentiality terms typically included in such agreements. A copy of this consulting agreement is filed as Exhibit 10.14 to the registration statement of which this prospectus forms a part and is incorporated by reference herein.

*Consulting Agreement with Vasek Pospisil*

 

On December 28, 2021, the Company and Midori Bio entered into a consulting agreement with Vasek Pospisil, pursuant to which the Company engaged Mr. Pospisil to act as a consultant to assist the Company in the position of Manager of Business Development and Communication and to provide the following services in such capacity: actively sourcing & commercializing approved new business clients, supporting the Company's B2B and B2C relationships, supporting the Company's PR outreach, supporting the Company's investor relationships and consulting and meeting with the Company's principles and occasionally with associate consultants and ambassadors. The initial term of the consulting agreement is for one year, and can be renewed by the parties in writing for successive one year terms. As compensation under the consulting agreement, the Company agreed to pay Mr. Pospisil as follows: (i) 20% of Midori-Bio's net profits, calculated on the first CAD$10,000,000 ($7,575,758) of Midori-Bio's gross sales which are attributed to clients pre-approved in writing by Midori-Bio that contract with Midori-Bio solely as a result of Mr. Pospisil's efforts (ii) 10% of Midori-Bio's net profits calculated on all gross sales of Midori-Bio thereafter attributed to the clients that contract with Midori-Bio solely as a result of Mr. Pospisil's efforts and (iii) options to purchase 500,000 of the Company's common shares pursuant to the Company's stock option plan in connection with the listing of the Company on a public stock exchange (the "Listing Event") to vest in increments as set forth in the consulting agreement. If the Listing Event does not occur within 24 months of December 28, 2021, the Company will not be required to grant the stock options and instead will issue 500,000 of its common shares to Mr. Pospisil. The consulting agreement can be terminated (i) by the Company at any time without notice or pay in lieu of notice for "Just Cause" as such term is defined in the consulting agreement or (ii) by Mr. Pospisil by giving four weeks written notice of his intention to resign. In addition, if the consulting agreement is not renewed at the option of the Company for a reason other than Just Cause, Mr. Pospisil will continue to receive the compensation set forth in the consulting agreement for a period of 5 years. Pursuant to the consulting agreement, the Company agreed to indemnify Mr. Pospisil against all claims, actions, losses, expenses, costs or damages of every nature and kind whatsoever incurred by Mr. Pospisil in the course of providing services under the consulting agreement so long as Mr. Pospisil performs such services in good faith and in the best interest of the Company. The consulting agreement also contains customary non-disclosure, non-solicitation and confidentiality terms typically included in such agreements. A copy of this consulting agreement is filed as Exhibit 10.15 to the registration statement of which this prospectus forms a part and is incorporated by reference herein.

*Consulting Agreement with Stephen Arbib*

 

On April 29, 2022, the Company and Midori-Bio entered into a consulting agreement with Stephen Arbib, pursuant to which, the Company engaged Mr. Arbib as a consultant to provide consulting services in the position of Business Development Adviser and to provide the following services in such capacity: actively sourcing & commercializing approved new business clients, supporting the Company's B2B and B2C relationships, supporting the Company's PR outreach, supporting the Company's investor relationships and consulting and meeting with the Company's principles and occasionally with associate consultants and ambassadors. The initial term of the consulting agreement is for one year, and can be renewed by the parties in writing for successive one year terms. As compensation under the consulting agreement, the Company agreed to (i) pay Mr. Arbib 15% of Midori-Bio's net profits, calculated on the first CAD$10,000,000 ($7,575,758) of Midori-Bio's gross sales which are attributed to clients pre-approved in writing by Midori-Bio that contract with Midori-Bio solely as a result of Mr. Arbib's efforts and 10% thereafter attributed to any clients that contract with the Company solely as a result of Mr. Arbib's efforts (Mr. Arbib can elect to receive payment in cash or stock, and if stock is selected it will be paid based on a 20 day volume-weighted average price of the Company's common shares) and (ii) options to purchase 500,000 of the Company's common shares pursuant to the Company's stock option plan in connection with the listing of the Company on a public stock exchange (the "Listing Event") and Mr. Arbib delivering CAD$500,000 ($378,788) of annual revenue to the Company (the "Trigger Date"), to vest in increments as set forth in the consulting agreement. If the Listing Event does not occur within 24 months of the Trigger Date, the Company will not be required to grant these stock options and instead will issue 500,000 of its common shares to Mr. Arbib. The consulting agreement can be terminated (i) by the Company at any time without notice or pay in lieu of notice for "Just Cause" as such term is defined in the consulting agreement or (ii) by Mr. Arbib by giving four weeks written notice of his intention to resign. If the consulting agreement is not renewed at the option of the Company for a reason other than Just Cause, Mr. Arbib will continue to receive the compensation set forth in the consulting agreement for a period of 4 years. Pursuant to the consulting agreement, the Company agreed to indemnify Mr. Arbib against all claims, actions, losses, expenses, costs or damages of every nature and kind whatsoever incurred by Mr. Arbib in the course of providing services under the consulting agreement so long as Mr. Arbib performs such services in good faith and in the best interest of the Company. The consulting agreement also contains customary non-disclosure, non-solicitation and confidentiality terms typically included in such agreements. A copy of this consulting agreement is filed as Exhibit 10.16 to the registration statement of which this prospectus forms a part and is incorporated by reference herein.

**Employees**

As of March 10, 2023, we had 12 consultants and no full-time or part-time employees. 11 of our consultants are located in Canada, with two performing management functions, nine performing sales functions, and one performing administration. The remaining one consultant is located in USA performing sales functions.

**Facilities**

The Company's headquarters are located at 5 Hazelton Avenue, Suite 400, Toronto, ON Canada with approximately 900 square feet of space. The Company entered into a verbal lease agreement for its property on a month to month basis, beginning on August 2021 (the "Lease"). Under the Lease, the Company pays Net Rent of CAD$13.00 ($9.85) per square foot per annum, approximately CAD$12,000 ($9,091) per annum, payable in monthly equal installments. Warehouse space is a 3PL agreement of CAD$8.00 ($6.06) per pallet space plus administration cost of CAD$50.00 ($37.88) on a per month basis with Eastenn Warehouse and Distribution (Tennessee USA). However, as we move forward on-boarding our Asian customers, we will need to find a similar 3PL warehouse in Asia. Otherwise, we believe that these facilities are adequate for our current and near-term future needs.

**Legal Proceedings**

From time to time, we are involved in litigation or other legal proceedings incidental to our business. We are not currently a party to any litigation the outcome of which, if determined adversely to us, would individually or in the aggregate be reasonably expected to have a material adverse effect on our business, operating results, cash flows or financial condition.

**MANAGEMENT**

Set forth below is information concerning our directors, executive officers, and other key employees.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Age** | **Positions Held** | **Entity** | **Initial Term of Office** |
| **Officers and Directors** |  |  |  |  |
| Kenneth Lyons | 59 | Chief Executive Officer and Director | Midori Group Inc. | January 19, 2021 |
|  |  | Chief Executive Officer and Director | Midori-Bio Inc. | January 6, 2021 |
| Robert Leeder | 69 | Chairman, President and Director | Midori Group Inc. | January 19, 2021 |
|  |  | Chairman, President and Director | Midori-Bio Inc. | January 6, 2021 |
| Joseph Leeder | 68 | Chief Financial Officer and Secretary | Midori Group Inc. | March 1, 2023 |
|  |  | Chief Financial Officer and Secretary | Midori-Bio Inc. | March 1, 2023 |
| Christina Dykun | 35 | Director | Midori Group Inc. | November 24, 2021 |
|  |  | Director | Midori-Bio Inc. | November 24, 2021 |
| **Business Advisors** |  |  |  |  |
| Daniel Duguay | 50 | Chief Innovation Advisor | Midori Group Inc. | January 19, 2021 |
|  |  | Chief Innovation Advisor | Midori-Bio Inc. | January 6, 2021 |
| Benedict Mulroney | 46 | Communications Advisor | Midori Group Inc. | January 19, 2021 |
|  |  | Communications Advisor | Midori-Bio Inc. | January 6, 2021 |

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**Officers and Directors**

Set forth below is a brief biography of each of our executive officers and directors.

***Kenneth Lyons***

Ken Lyons is the Chief Executive Officer and a director of the Company since January 19, 2021. He has also served as the Co-Founder, Chief Executive Officer and a director of Midori-Bio, the wholly-owned operating subsidiary of the Company, since January 6, 2021. From 2014 to January 6, 2021, Mr. Lyons served as the President of K. Lyons Enterprises Inc., a Strategic Consultant, including business planning marketing & sales strategy development. From 2000 to 2018, he served as the North American Sales Manager of Sunrise Soya Foods. From 1998 of 2000, Mr. Lyons served as a Strategic Consultant Sales Development. From 1996 to 1998, he served as the National Sales Manager of Unisource Supply Systems. From 1993 to 1996, he served as the National Sales Manager of Maple Leaf Foods. From 1987 to 1993, he served in various roles and locations with SC Johnson Wax.

Mr. Lyons has over 35 years as a successful brand builder, sales and marketing expert and business strategist for some the world's largest consumer brand companies. He has successfully introduced and drove brands to become market leaders. As a brand builder, Mr. Lyons has supported several consumer brands with innovative packing solutions during his leadership at Bunzl Distribution and Unisource Supply Systems. He has a successful and proven history in understanding consumer-packaged goods ("CPG") challenges relating to all disciplines including distribution and packaging by leading tremendous collaboration with visionary leaders. Mr. Lyons graduated from Marketing program at Sheridan College. Mr. Lyons does not hold, and has not previously held, any directorships in any reporting companies.

***Robert Leeder***

 

Robert Leeder is the Chairman and President and a director of the Company since January 19, 2021. He has also served as the Co-Founder, Chairman and President and a director of Midori-Bio, the wholly-owned operating subsidiary of the Company, since January 6, 2021. From January 2016 to the present, Mr. Leeder serves as the owner of his own consulting business, 1161168 Ontario Ltd. Mr. Leeder has more than 30 years of executive leadership experience. He has led numerous transactions and spearheaded financial, marketing, and operational improvements for global companies across consumer-packaged goods sectors. Robert has launched and successfully guided several brands specializing in the sporting goods and outdoor recreational markets. Some of these brands include Titan and Easton sports and the Merrell footwear brand. In the last ten years Robert has introduced sustainable, toxic-free additives for synthetic-based textiles and plastics providing global brands to reduce their carbon footprint, paving the way for other environmental outdoor brands to follow this direction. Mr. Leeder does not hold, and has not previously held, any directorships in any reporting companies.

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***Joseph Leeder***

 **

Joseph Leeder is the Chief Financial Officer and Corporate Secretary of the Company on a full-time basis since March 1, 2023. He has also served as the Chief Financial Officer and Corporate Secretary of Midori-Bio, the wholly-owned operating subsidiary of the Company, since March 1, 2023. From October 2020 through February 2023, Mr. Leeder was retired. From June 2013 to September 2020, Mr. Leeder served as the Chief Financial Officer of Park Lawn Corporation, which owns and operates cemeteries, mausolea, funeral homes and other related facilities in Canada and United States. Park Lawn Corporation was a publicly traded company on the TSX. Mr. Leeder also served as a director at Park Lawn Corporation from April 2012 until May 2020. From December 1997 to December 2003 and from December 2005 to January 2010, Mr. Leeder served as the Chief Financial Officer of Envoy Capital Group, a merchant banking organization that focuses on providing financial services as well as equity and debt capital, to small and mid-cap companies. Envoy Capital Group was a public company listed on the TSX and Nasdaq stock exchanges. From March 2004 to November 2005, Mr. Leeder served as the Chief Financial Officer of UCS Forest Group, a privately owned company involved in the distribution of hardwood forest products and a full line of sheet goods to customers. Mr. Leeder has significant experience in accounting and public reporting requirements as well as all matters relating to corporate finance activities. From June 1990 to November 1997, Mr. Leeder served as a Partner in the Corporate Finance Group at KPMG, a global accounting, audit, tax and advisory services firm. Mr. Leeder graduated with a Bachelor of Commerce degree in Finance from Concordia University, Canada in 1979.

***Christina Dykun***

 ****

Christina Dykun has served as an independent director of the Company since November 24, 2021. She has also served as an independent director of Midori-Bio, the wholly-owned operating subsidiary of the Company, since January 6, 2022. In 2014, Ms. Dykun qualified as a corporate lawyer at Bennett Jones LLP (Toronto) and remains a lawyer in good standing with the Law Society of Ontario. From 2015 to 2017, Ms. Dykun moved into the world of finance and served as an Investment Analyst & Legal Associate in the investment management division of Dundee Corporation (a publicly-listed investment manager, listed on the Toronto Stock Exchange under the ticker: DC.A) focusing on hedge funds, private equity, corporate finance, and mergers & acquisitions. From 2017 to 2019, Ms. Dykun served as the Vice President of Investment Banking in the Healthcare Division at leading independent Canadian investment banks, including GMP Securities L.P. (now Stifel). As the Vice President of Investment Banking, Ms. Dykun helped execute go-publics transactions for healthcare companies with multi-billion dollar market capitalizations, large-scale public M&A transactions, and over $3B worth of completed equity/debt financings. From 2020 to 2022, Ms. Dykun has built a successful strategic advisory business focusing on leading private and public companies throughout North America in high-growth sectors, including healthcare, consumer packaged goods, and technology.

Ms. Dykun is a passionate finance professional with extensive experience in capital markets, helping advise many of the largest healthcare companies in the United States and Canada throughout the public listing, institutional financing, and merger & acquisition processes. To this day, Ms. Dykun employs a creative approach to building companies through organic growth initiatives and accretive acquisitions. Ms. Dykun's niche experience with high-growth corporates will lend itself to the Company as it builds its brand and business, while serving as an ardent proponent for a more global acceptance of environmental stewardship and sustainable solutions. Ms. Dykun graduated from the University of Toronto with an Honours Bachelor of Arts and Master of Arts Degree, as well as a Juris Doctor Degree from the University of Ottawa. In addition, Ms. Dykun achieved the Partners, Directors and Senior Officers certification through the Canadian Securities Institute. Ms. Dykun does not hold, and has not previously held, any directorships in any reporting companies.

**Business Advisors**

***Daniel Duguay***

 ****

Daniel Duguay has advised the Company on a variety of strategic, technological, and business development initiatives since November 2021. As a Senior Associate with a leading government relations firm in Ottawa Canada, Dan advises corporate and academic clients in achieving their regulatory, policy, innovation and financing priorities leveraging a career in academia, industry and government. From April 2018 to May 2022, Mr. Duguay served as a Principal and Senior Associate with Tactix Government Relations. From April 2016 to April 2018, he served as the Senior Director, Business Development with Thomson Reuters. From December 2002 to April 2016, Mr. Duguay served in various leadership roles with the Government of Canada, including strategic policy, innovation, regulatory and procurement roles. Prior, he was a manufacturing architect in several start-ups, as well as Senior Manufacturing Engineering Manager at Nortel Networks. Dan holds a B.A.Sc. (Chemical Engineering) from the University of Ottawa, and a Masters in Engineering (formulating novel biomaterial applications) from McGill University. As a Ph.D. candidate at the Ottawa Heart Institute Cardiovascular Devices Division, Mr. Duguay led the development of mathematical models predicting the enzymatic degradation of complex polymers.

 **

***Benedict Mulroney***

 **

Benedict Mulroney has advised the Company on a variety of strategic initiatives since October, 2021. Mr. Mulroney, a former Co-host of CTV's daily morning program, Your Morning from 2017 to 2021 and contributor to CTV's eTalk from 2002 to 2019, is regarded as one of Canada's premier television hosts. Mulroney got his start as the Quebec City Correspondent for talktv's The Chatroom. He then moved to the new role of entertainment reporter for CTV's Canada AM. He was also the host of Canadian Idol for six seasons, which was the most-watched English language Canadian television show on record at the time. Mulroney then co-hosted eTalk from its inception, interviewing thousands of stars and reporting from hundreds of red carpets, including the Oscars, Golden Globes, the Emmys, and the Juno Awards. Mulroney was also the national spokesperson for WaterCan in 2012, a charity focused on bringing drinking water to those most in need. Mr. Mulroney received a Bachelor of Arts degree in political science from Duke University in 1997 and a bachelor of civil law for l'université Laval in 2000.

**Terms of Directors and Executive Officers**

Each of our directors holds office until a successor has been duly elected and qualified unless the director was appointed by the board of directors, in which case such director holds office until the next following annual meeting of shareholders at which time such director is eligible for re-election. All of our executive officers are appointed by and serve at the discretion of our board of directors.

**Family Relationships**

There are no family relationships among any of our executive officers and directors, except that Robert Leeder, our Chairman and President, is the brother of Joseph Leeder, our Chief Financial Officer and Secretary.

**Consulting Relationships**

Currently, all of our officers and directors are working under consulting agreements/relationships and may dedicate time and resources to other functions and personal expenditures, some of which may conflict with our objectives as a company. Our officers and directors are not required under such consulting agreements/relationships to devote any specific hours per week to the affairs of the Company. Any and all conflicts of interest entered into by our officers and directors are brought to the company's board of director's attention, with a resolution to the conflict addressed as such, at the time of revealment.

**Involvement in Certain Legal Proceedings**

To the best of our knowledge, none of our directors or executive officers has, during the past ten years:

● been convicted in a criminal proceeding or been subject to a pending criminal proceeding (excluding traffic violations and other minor offences);

● had any bankruptcy petition filed by or against the business or property of the person, or of any partnership, corporation or business association of which he was a general partner or executive officer, either at the time of the bankruptcy filing or within two years prior to that time;

● been subject to any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction or federal or state authority, permanently or temporarily enjoining, barring, suspending or otherwise limiting, his involvement in any type of business, securities, futures, commodities, investment, banking, savings and loan, or insurance activities, or to be associated with persons engaged in any such activity;

● been found by a court of competent jurisdiction in a civil action or by the Securities and Exchange Commission or the Commodity Futures Trading Commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended, or vacated;

● been the subject of, or a party to, any federal or state judicial or administrative order, judgment, decree, or finding, not subsequently reversed, suspended or vacated (not including any settlement of a civil proceeding among private litigants), relating to an alleged violation of any federal or state securities or commodities law or regulation, any law or regulation respecting financial institutions or insurance companies including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and-desist order, or removal or prohibition order, or any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity; or

● been the subject of, or a party to, any sanction or order, not subsequently reversed, suspended or vacated, of any self-regulatory organization (as defined in Section 3(a)(26) of the Exchange Act (15 U.S.C. 78c(a)(26))), any registered entity (as defined in Section 1(a)(29) of the Commodity Exchange Act (7 U.S.C. 1(a)(29))), or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member.

**Foreign Private Issuer Status**

The listing rules of the Nasdaq Capital Market, which we also refer to as the Nasdaq Listing Rules, include certain accommodations in the corporate governance requirements that allow foreign private issuers, such as us, to follow "home country" corporate governance practices in lieu of the otherwise applicable corporate governance standards of the Nasdaq Capital Market. The application of such exceptions requires that we disclose each noncompliance with the Nasdaq Listing Rules that we do not follow and describe the British Columbia, Canada corporate governance practices we do follow in lieu of the relevant Nasdaq corporate governance standard. When our common shares are listed on the Nasdaq Capital Market, we intend to continue to follow British Columbia, Canada corporate governance practices in lieu of the corporate governance requirements of the Nasdaq Capital Market in respect of the following:

● the majority independent director requirement under Section 5605(b)(1) of the Nasdaq Listing Rules;

● the requirement under Section 5605(b)(2) of the Nasdaq Listing Rules that a company have regularly scheduled meetings at which only independent directors are present;

● the requirement under Section 5605(d) of the Nasdaq Listing Rules that a compensation committee comprised solely of independent directors governed by a compensation committee charter oversee executive compensation;

● the requirement under Section 5605I of the Nasdaq Listing Rules that director nominees be selected or recommended for selection by either a majority of the independent directors or a nominations committee comprised solely of independent directors;

● the requirement under Section 5610 of the Nasdaq Listing Rules that a company adopt one or more codes of conduct applicable to all directors, officers and employees, and that such codes are publicly available; and

● the requirement under Section 5635(d) of Nasdaq Listing Rules that a listed issuer obtain stockholder approval prior to issuing or selling securities (or securities convertible into or exercisable for common stock) that equal 20% or more of the issuer's outstanding common stock or voting power prior to such issuance or sale.

British Columbia, Canada corporate law does not impose a requirement that the board consist of a majority of independent directors. Nor does British Columbia, Canada corporate law impose specific requirements on the establishment of a compensation committee or nominating committee or nominating process. In addition, British Columbia, Canada corporate law does not impose a requirement that a company have regularly scheduled meetings at which only independent directors are present. Furthermore, British Columbia, Canada corporate law does not require a company to adopt a written code of conduct applicable to all directors, officers and employees.

The Company intends to avail itself of these exemptions. More specifically, the Company will not have a compensation committee or a nominating and corporate governance committee. Therefore, for as long as the Company remains a "foreign private issuer," the Company will not have the same protections afforded to shareholders of companies that are subject to all of these corporate governance requirements. If at any time the Company ceases to be a "foreign private issuer" under the rules of Nasdaq, the Company's Board of Directors will take all action necessary to comply with the corporate governance rules of Nasdaq, including, but not limited to, establishing certain committees composed entirely of independent directors, subject to a permitted "phase-in" period.

Notwithstanding the Company's status as a foreign private issuer, the Company will remain subject to the corporate governance standard of Nasdaq that requires the Company to have an audit committee with at least three independent directors as well as composed entirely of independent directors. For purposes of the audit committee composition requirements, we must have at least one independent director on our audit committee at the time of listing on the Nasdaq Capital Market, at least two independent directors within 90 days of listing on the Nasdaq Capital Market and at least three independent directors within one year of listing on the Nasdaq Capital Market, where at least one of the independent directors qualifies as an audit committee financial expert under SEC rules and as a financially sophisticated audit committee member under the Nasdaq Capital Market rule.

The Company's Board of Directors has affirmatively determined that one of its three current directors, namely Christina Dykun, is an independent director of the Company within the meaning of Nasdaq's rules, and two of its three current directors, namely Kenneth Lyons and Robert Leeder, are not independent directors of the Company within the meaning of Nasdaq's rules. Therefore, less than a majority of the members of the Board of Directors consists of independent directors.

**Committees of the Board of Directors**

***Audit Committee***

We have established an audit committee, which consists of three directors, including, Christina Dykun, Kenneth Lyons and Robert Leeder. We have determined that only Christina Dykun satisfies the "independence" requirements of Section 5605(a)(2) of the Nasdaq Listing Rules and Rule 10A-3 under the Securities Exchange Act. Therefore, Messrs. Leeder and Lyons, will be replaced with independent directors within 90 days and one year, respectively, of listing on the Nasdaq Capital Market, so that one year of the listing the audit committee will consist solely of independent directors and at least one of the two replacement independent directors will qualify as an audit committee financial expert under SEC rules and as a financially sophisticated audit committee member under the Nasdaq Listing Rules. Ms. Dykun is the chair of the audit committee. Our audit committee adopted a written charter, a copy of which is posted on the Corporate Governance section of our website, at www.midori-bio.com.

Our audit committee is authorized to:

● approve and retain the independent auditors to conduct the annual audit of our financial statements;

● review the proposed scope and results of the audit;

● review and pre-approve audit and non-audit fees and services;

● review accounting and financial controls with the independent auditors and our financial and accounting staff;

● review and approve transactions between us and our directors, officers and affiliates;

● recognize and prevent prohibited non-audit services;

● establish procedures for complaints received by us regarding accounting matters; and

● oversee internal audit functions, if any.

***Compensation Committee***

Because we will be a "foreign private issuer" within the meaning of the corporate governance standards of Nasdaq, we will not be required to, and do not currently expect to, have a compensation committee. If and when we are no longer a "foreign private issuer", we will be required to establish a compensation committee. We anticipate that such a compensation committee would consist of three directors who will be "independent" under the rules of the SEC, subject to the permitted "phase-in" period pursuant to the rules of Nasdaq. Upon formation of a compensation committee, we would expect to adopt a compensation committee charter defining the committee's primary duties in a manner consistent with the rules of the SEC and Nasdaq standards.

This compensation committee would:

● review and determine the compensation arrangements for management;

● establish and review general compensation policies with the objective to attract and retain superior talent, to reward individual performance and to achieve our financial goals;

● administer our incentive compensation and benefit plans and purchase plans;

● oversee the evaluation of the Board of Directors and management; and

● review the independence of any compensation advisers.

Upon formation of a compensation committee, we would expect to adopt a compensation committee charter defining the committee's primary duties in a manner consistent with the rules of the SEC and Nasdaq standards.

 ****

***Nominating and Corporate Governance Committee***

Because we will be a "foreign private issuer" within the meaning of the corporate governance standards of Nasdaq, we will not be required to, and do not currently expect to, have a nominating and corporate governance committee.

A stockholder may nominate one or more persons for election as a director at an annual meeting of stockholders if the stockholder complies with the notice and information provisions contained in our articles. Such notice must be in writing to our company not less than 30 days and not more than 65 days prior to the date of the annual meeting of shareholders; provided, however, that in the event that the annual meeting of shareholders is called for a date that is less than 40 days after the date on which the first public announcement of the date of the annual meeting was made, notice by the shareholder may be made not later than the tenth day following the date of the notice. In addition, stockholders furnishing such notice must be a holder of record on both (i) the date of delivering such notice and (ii) the record date for the determination of stockholders entitled to vote at such meeting.

If and when we are no longer a "foreign private issuer", we will be required to establish a nominating and corporate governance committee. We anticipate that such a nominating and corporate governance committee would consist of three directors who will be "independent" under the rules of the SEC, subject to the permitted "phase-in" period pursuant to the rules of Nasdaq.

The functions of the nominating and corporate governance committee, among other things, would include:

● identifying individuals qualified to become board members and recommending director;

● nominees and board members for committee membership;

● developing and recommending to our board corporate governance guidelines;

● review and determine the compensation arrangements for directors; and

● overseeing the evaluation of our Board of Directors and its committees and management.

Upon formation of a nominating and corporate governance committee, we would expect to adopt a nominating and corporate governance committee charter defining the committee's primary duties in a manner consistent with the rules of the SEC and Nasdaq standards.

**Board Leadership Structure and Board's Role in Risk Oversight**

Robert Leeder is the Chairman of the Board. The Chairman has authority, among other things, to preside over Board meetings and set the agenda for Board meetings. Accordingly, the Chairman has substantial ability to shape the work of our Board. We currently believe that separation of the roles of Chairman (Robert Leeder) and Chief Executive Officer (Kenneth Lyons) ensures appropriate oversight by the Board of our business and affairs. However, no single leadership model is right for all companies and at all times. The Board recognizes that depending on the circumstances, other leadership models, such as the appointment of a lead independent director, might be appropriate. Accordingly, the Board may periodically review its leadership structure. In addition, following the qualification of the offering, the Board will hold executive sessions in which only independent directors are present.

Our Board is generally responsible for the oversight of corporate risk in its review and deliberations relating to our activities. Our principal source of risk falls into two categories, financial and product commercialization. The audit committee oversees management of financial risks, and our Board regularly reviews information regarding our cash position, liquidity and operations, as well as the risks associated with each. The Board regularly reviews plans, results and potential risks related to our business. The Board is also expected to oversee risk management as it relates to our compensation plans, policies and practices for all employees including executives and directors, particularly whether our compensation programs may create incentives for our employees to take excessive or inappropriate risks which could have a material adverse effect on the Company.

**Code of Business Conduct and Ethics**

Our board of directors plans on adopting a code of business conduct and ethics prior to this registration statement becoming effective.

**EXECUTIVE COMPENSATION**

**Summary Compensation Table**

The following table provides information in CAD$ regarding the compensation paid by our subsidiary, Midori-Bio Inc., during the period from January 6, 2021 through September 30, 2021 to Kenneth Lyons, our chief executive officer (principal executive officer), and Robert Leeder, our president. We refer to this individual as our "named executive officer." No other executive officers received total compensation in excess of CAD$132,000 ($100,000).

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and Position** | **Year** | **Salary ($)** | **Bonus ($)** | **Stock**<br> **Awards**<br> **($)** | **Option**<br> **Awards**<br> **($)** | **Non-**<br> **Equity**<br> **Incentive**<br> **Plan**<br> **Compensation**<br> **($)** | **Non-**<br> **qualified**<br> **Deferred**<br> **Compensation**<br> **Earnings**<br> **($)** | **All**<br> **Other**<br> **Compensation**<br> **($)** |  | **Total**<br> **($)** |
| Kenneth Lyons, (1) | 2022 | $325020 | $– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | – $| 40020 | (3) | $365040 |
| Chief Executive Officer <br> (principal executive officer) | 2021 | $55000 | – |  | $- |  | – $|  |  | $55000 |
| Robert Leeder, (2) | 2022 | 325020 | $– |  | $- |  | – $|  |  | 325020 |
| President | 2021 | $55000 | – |  | $- |  | – $|  |  | $55000 |

---

(1) Ken
 Lyons has served as Chief Executive Officer of the Company since January 10, 2021 and Midori-Bio Inc. since January 6, 2021.

(2) Robert
 Leeder has served as President of the Company since January 10, 2021 and Midori-Bio Inc. since January 6, 2021.

(3) The Company paid $40,020 (2021 - $Nil) as professional
 fees to a company controlled by Ken Lyons, the Chief Executive Officer of the Company.

**Consulting Agreements**

*Consulting Agreement with K. Lyons Enterprises Inc. (Ken Lyons)*

 

On January 11, 2021, Midori-Bio entered into a consulting agreement with K. Lyons Enterprises Inc., which is owned and controlled by Kenneth Lyons, Midori-Bio's Co-Founder and Chief Executive Officer, pursuant to which K. Lyons Enterprises Inc. agreed to provide consulting services to Midori-Bio. The term of the consulting agreement is for an initial term of ten (10) years, unless terminated earlier in accordance with the agreement, and the agreement will be automatically extended on an annual basis following the expiration of the initial term and any additional term. The consultant agreed to provide Midori-Bio with consulting services expected to be comprised of approximately forty (40) to fifty (50) hours per week on average. As compensation under the consulting agreement, Midori-Bio agreed to compensate the consultant as follows: (i) a fee at a rate of CAD$27,085 ($20,519) per month plus Harmonized Sales Tax (HST) commencing August 1, 2021 and (ii) in the event that Midori-Bio, or an entity that acquires all of the issued and outstanding securities of Midori-Bio ("Parentco"), completes a listing of its securities on a recognized and publicly traded stock exchange in Canada or the United States (a "Listing Event"), Midori-Bio or the Parentco, as the case may be, shall award the consultant 1,000,000 restricted stock units concurrently with a Listing Event pursuant to the terms of a Restricted Stock Unit Plan to be adopted by Midori-Bio or Parentco, as the case may be. The consulting agreement can be terminated: (i) at any time for any reason by mutual written consent of the parties; (ii) Midori-Bio can terminate the agreement by proving the consultant with thirty-six (36) months' notice in writing (provided Midori-Bio may provide the consultant with thirty-six (36) months' pay in lieu of notice); (iii) by the consultant by giving Midori-Bio thirty (30) days written notice in advance; and (iv) the agreement terminates automatically by reason of death of the Consultant's principal, Kenneth Lyons. Additionally, Midori-Bio may terminate the agreement any time without notice to the consultant if: (i) the consultant persistently fails to perform the services or otherwise fails to comply with a material provision of the agreement; (ii) the consultant or any employee of the consultant commits any material misrepresentation or any dishonest or fraudulent act in the performance of any obligations thereunder; (iii) the consultant or any employee of the consultant engages in conduct that tends to damage Midori-Bio's goodwill or reputation for which the consultant has been put on written notice; or (iv) if the consultant becomes a participant in, or subject to, any legal proceedings where it is alleged that the consultant has committed gross negligence, fraud, conversion or wrongful death. Other than the option for the thirty-six (36) months' pay in lieu of notice noted above, there are no payment provisions associated with the termination of this consulting agreement. The consulting agreement also contains customary non-disclosure terms typically included in such agreements. A copy of this consulting agreement is filed as Exhibit 10.9 to the registration statement of which this prospectus forms a part and is incorporated by reference herein.

*Consulting Agreement with 2863358 ONTARIO INC. (Robert Leeder)*

On January 11, 2021, Midori-Bio entered into a consulting agreement with 2863358 ONTARIO INC., which is owned and controlled by Robert Leeder, Midori-Bio's Co-Founder, Chairman and president pursuant to which the consultant agreed to provide consulting services to Midori-Bio. The term of the consulting agreement is for an initial term of ten (10) years, unless terminated earlier in accordance with the agreement, and the agreement will be automatically extended on an annual basis following the expiration of the initial term and any additional term. The consultant agreed to provide Midori-Bio with consulting services expected to be comprised of approximately forty (40) to fifty (50) hours per week on average. As compensation under the consulting agreement, Midori-Bio agreed to compensate the consultant as follows (i) a fee at a rate of CAD$27,085 ($20,519) per month plus Harmonized Sales Tax (HST) commencing August 1, 2021 and (ii) in the event that Midori-Bio, or Parentco completes a Listing Event, Midori-Bio or the Parentco, as the case may be, shall award the consultant 1,000,000 restricted stock units concurrently with a Listing Event pursuant to the terms of a Restricted Stock Unit Plan to be adopted by Midori-Bio or Parentco, as the case may be. The consulting agreement can be terminated: (i) at any time for any reason by mutual written consent of the parties; (ii) Midori-Bio can terminate the agreement by proving the consultant with thirty-six (36) months' notice in writing (provided Midori-Bio may provide the consultant with thirty-six (36) months' pay in lieu of notice); (iii) by the consultant by giving Midori-Bio thirty (30) days written notice in advance; and (iv) the agreement terminates automatically by reason of death of the Consultant's principal, Robert Leeder. Additionally, Midori-Bio may terminate the agreement any time without notice to the consultant if: (i) the consultant persistently fails to perform the services or otherwise fails to comply with a material provision of the agreement; (ii) the consultant or any employee of the consultant commits any material misrepresentation or any dishonest or fraudulent act in the performance of any obligations thereunder; (iii) the consultant or any employee of the consultant engages in conduct that tends to damage Midori-Bio's goodwill or reputation for which the consultant has been put on written notice; or (iv) if the consultant becomes a participant in, or subject to, any legal proceedings where it is alleged that the consultant has committed gross negligence, fraud, conversion or wrongful death. Other than the option for the thirty-six (36) months' pay in lieu of notice noted above, there are no payment provisions associated with the termination of this consulting agreement. The consulting agreement also contains customary non-disclosure terms typically included in such agreements. A copy of this consulting agreement is filed as Exhibit 10.10 to the registration statement of which this prospectus forms a part and is incorporated by reference herein.

*Contractor Agreement with Leeder Holdings Inc. (Joseph Leeder)*

 

On March 1, 2023, the Company entered into a contractor agreement with Leeder Holdings Inc. which is owned and controlled by Joseph Leeder, the Company's Chief Financial Officer and Secretary pursuant to which the consultant agreed to provide consulting services to the Company. The term of the contractor agreement is for an initial term of one (1) year, unless terminated earlier in accordance with the agreement, and the agreement will be automatically extended on an annual basis following the expiration of the initial term and any additional term. The consultant is not required to devote any particular number of hours to the Company. As compensation under the contractor agreement, the Company agreed to compensate the consultant with a fee at a rate of CAD$16,666 ($12,626) per month plus Harmonized Sales Tax (HST). The contractor agreement can be terminated: (i) at any time for any reason by mutual written consent of the parties; (ii) the Company can terminate the agreement by proving the consultant with three (3) months' notice in writing (provided the Company may provide the consultant with three (3) months' pay in lieu of notice); (iii) by the consultant by giving the Company thirty (30) days written notice in advance; and (iv) the agreement terminates automatically by reason of death of the Consultant's principal, Joseph Leeder. Additionally, the Company may terminate the agreement any time without notice to the consultant if: (i) the consultant persistently fails to perform the services or otherwise fails to comply with a material provision of the agreement; (ii) the consultant or any employee of the consultant commits any material misrepresentation or any dishonest or fraudulent act in the performance of any obligations thereunder; (iii) the consultant or any employee of the consultant engages in conduct that tends to damage the Company's goodwill or reputation for which the consultant has been put on written notice; or (iv) if the consultant becomes a participant in, or subject to, any legal proceedings where it is alleged that the consultant has committed gross negligence, fraud, conversion or wrongful death. Other than the option for the three (3) months' pay in lieu of notice noted above, there are no payment provisions associated with the termination of this contractor agreement. The contractor agreement also contains customary non-disclosure terms typically included in such agreements. A copy of this contractor agreement is filed as Exhibit 10.12 to the registration statement of which this prospectus forms a part and is incorporated by reference herein.

**Elements of Compensation**

Messrs. Ken Lyons and Robert Leeder were provided with the following primary elements of compensation during the period from January 6, 2021 (inception) to September 30, 2021 and the year ended September 30, 2022:

***Base Salary***

 ****

Messrs. Ken Lyons and Robert Leeder received a fixed base compensation in an amount set forth in his consulting agreement with Midori-Bio based on a number of factors, including:

● The nature, responsibilities and duties of the officer's position;

● The officer's expertise, demonstrated leadership ability and prior performance;

● The officer's salary history and total compensation, including annual cash bonuses and long-term incentive compensation; and

● The competitiveness of the market for the officer's services.

Messrs. Ken Lyons' and Robert Leeder's base compensation during the period from January 6, 2021 (inception) to September 30, 2021 is listed in "—Summary Compensation Table."

***Bonus Award***

 ****

We did not award any bonuses to our executive officers during the period from January 6, 2021 (inception) to September 30, 2021 or the year ended September 30, 2022.

***Stock Awards***

 ****

We did not grant any stock awards to our directors or executive officers during the period from January 6, 2021 (inception) to September 30, 2021 and the year ended September 30, 2022.

***Stock Option Grants***

We did not grant any stock options to our directors or executive officers during the period from January 6, 2021 (inception) to September 30, 2021 and the year ended September 30, 2022.

***2022 Stock Option Plan***

 

The Board approved a rolling stock option plan on January 21, 2022 (the "Option Plan"), which provides for a total of 10% of the issued and outstanding Common Shares available for issuance thereunder.

The purpose of the Option Plan is to allow the Company to grant stock options to directors, officers, employees and consultants, as additional compensation, and as an opportunity to participate in the success of the Company. The granting of such Options is intended to align the interests of such persons with that of the Company's shareholders.

The tables below summarize information in CAD$ about the options expected to be issued prior to listing:

---

| | | | |
|:---|:---|:---|:---|
|  | Shares under Option | Exercise Price | Expiry Date |
| Executive Officers | Nil | N/A | N/A |
| Directors | Nil | N/A | N/A |
| Employees | Nil | N/A | N/A |
| Consultants (1) | 1000000 | CAD$0.50 | 5 years from the date of listing |

---

(1) Consists of Dale Storey , who is an advisor to the Company.

 **

***Terms of the Plan***

 **

The full text of the Option Plan is available upon written request made directly to the Company at its registered office located at 1500 – 1055 West Georgia Street, Vancouver, British Columbia.

<u>Administration</u>

The Option Plan shall be administered by the Board, a special committee of the Board (the "Committee") or by an administrator appointed by the Board or the Committee (the "Administrator") either of which will have full and final authority with respect to the granting of all Options thereunder. Options may be granted under the Option Plan to such directors, officers, employees or consultants of the Company, as the Board, the Committee or the Administrator may from time to time designate.

<u>Number of Common Shares Reserved</u>

Subject to adjustment as provided for in the Option Plan, the aggregate number of Common Shares which will be available for purchase pursuant to Options granted under to the Option Plan will not exceed 10% of the number of Common Shares which are issued and outstanding on the particular date of grant. If any Option expires or otherwise terminates for any reason without having been exercised in full, the number of Common Shares in respect of such expired or terminated Option shall again be available for the purposes of granting Options pursuant to the Option Plan.

<u>Exercise Price</u>

The exercise price at which an Option holder may purchase a Common Share upon the exercise of an Option shall be determined by the Committee and shall be set out in the Option certificate (an "Option Certificate") issued in respect of the Option. The exercise price shall not be less than the price determined in accordance with Nasdaq Capital Market policies while, and if, the Company's Common Shares are listed on the Nasdaq Capital Market.

<u>Maximum Term of Options</u>

The term of any Option granted under the Option Plan (the "Term") shall be determined by the Board, the Committee or the Administrator, as applicable, at the time the Option is granted but, subject to earlier termination in the event of termination, or in the event of death or disability of the Option holder. In the event of death or disability, the Option shall expire on the earlier of the date which is one year following the date of disability or death and the applicable expiry date of the Option. Options granted under the Option Plan are not to be transferable or assignable other than by will or other testamentary instrument or pursuant to the laws of succession.

<u>Termination</u>

Subject to such other terms or conditions that may be attached to Options granted under the Option Plan, an Option holder may exercise an Option in whole or in part at any time and from time to time during the Term. Any Option or part thereof not exercised within the Term shall terminate and become null, void and of no effect as of the date of expiry of the Option. The expiry date of an Option shall be the date so fixed by the Committee at the time the Option is granted as set out in the Option Certificate or, if no such date is set out in for the Option Certificate the applicable circumstances, the date established, if applicable, in paragraphs (a) or (b) below or in the event of death or disability (as discussed above under "Maximum Term of Options") or in the event of certain triggering events occurring, as provided for under the Option Plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Ceasing to Hold Office - In the event that the Option holder holds his or her Option as an executive and such Option holder ceases to hold such position other than by reason of death or disability, the expiry date of the Option shall be, unless otherwise determined by the Committee, the Board or the Administrator, as applicable and expressly provided for in the Option certificate, the 30<sup>th</sup> day following the date the Option holder ceases to hold such position unless the Option holder ceases to hold such position as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) ceasing
 to meet the qualifications set forth in the corporate legislation applicable to the Company;

(ii) a
 special resolution having been passed by the shareholders of the Company removing the Option Holder as a director of the Company
 or any Subsidiary; or

(iii) an
 order made by any Regulatory Authority having jurisdiction to so order,

in which case the Expiry Date shall be the date the Option Holder ceases to hold such position; OR

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) termination
 for cause;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) resigning his
 or her position; or

(iii) an order made
 by any Regulatory Authority having jurisdiction to so order,

in which case the Expiry Date shall be the date the Option Holder ceases to hold such position.

In the event that the Option holder ceases to hold the position of executive, employee or consultant for which the Option was originally granted, but comes to hold a different position as an executive, employee or consultant prior to the expiry of the Option, the Committee, the Board or the Administrator, as applicable, may, in its sole discretion, choose to permit the Option to stay in place for that Option holder with such Option then to be treated as being held by that Option holder in his or her new position and such will not be considered to be an amendment to the Option in question requiring the consent of the Option holder. Notwithstanding anything else contained in the Option Plan, in no case will an Option be exercisable later than the expiry date of the Option.

***Director Compensation***

 ****

Prior to the effectiveness of the registration statement of which this prospectus forms a part, we did not have a formal policy to compensate our non-employee directors. Immediately prior to the effectiveness of the registration statement of which this prospectus forms a part, we intend to implement a formal policy pursuant to which our non-employee directors will be eligible to receive the following cash retainers and equity awards.

Our policy will provide (as codified in the independent director agreements) that each non-employee director elected to our board of directors after the effectiveness of this registration statement of which this prospectus forms a part, upon initial election to our board of directors, will be compensated as follows:

● Each director will be paid the sum of CAD$30,000 ($22,727) annually for director's service as a director of the Company, to be paid CAD$7,500 ($5,682) each calendar quarter, payable within 5 business days of the end of each calendar quarter, and with such amount for any partial calendar quarter being appropriately prorated.

● Each director shall be paid CAD$5,000 ($3,788) annually for service as a member of the Audit Committee and an additional sum of CAD$5,000 ($3,788) annually for service as the Chairman of the Audit Committee, with each of these payments to be paid quarterly in equal portions, within 5 business days of the end of each calendar quarter, and with any amount for any partial calendar quarter being appropriately prorated.

During the term of the applicable independent director agreement, the Company will reimburse the applicable director for all reasonable out-of-pocket expenses incurred by the applicable director in attending any in-person meetings, provided that the applicable director complies with the generally applicable policies, practices and procedures of the Company for submission of expense reports, receipts or similar documentation of such expenses. Any reimbursements for allocated expenses (as compared to out-of-pocket expenses of the applicable director in excess of CAD$500. ($379)) must be approved in advance by the Company.

Each of the agreements contains customary confidentiality provisions, and customary provisions related to Company ownership of intellectual property conceived or made by the applicable director in connection with the performance of their duties under the applicable agreement (i.e., a "work-made-for-hire" provision).

Each of the agreement provide that, during the term (which continues as long as the applicable director is serving as a director of the Company), the applicable director is be entitled to indemnification and insurance coverage for officers' liability, fiduciary liability and other liabilities arising out of the applicable director's position with the Company in any capacity, in an amount not less than the highest amount available to any other director, and such coverage and protections, with respect to the various liabilities as to which the applicable director has been customarily indemnified prior to termination of employment, shall continue for at least six years following the end of the term. Any indemnification agreement entered into between the Company and the applicable director will continue in full force and effect in accordance with its terms following the termination of the applicable agreement.

Each of the agreements contains customary representations and warranties by the applicable director, relating to the agreement, and contains other customary miscellaneous provisions relating to waivers, assignments, third party rights, survival of provisions following termination, severability, notices, waiver of jury trials and other provisions.

Each of the agreements is governed by and construed and enforced in accordance with the internal laws of the State of Delaware, and for all purposes shall be construed in accordance with the laws of such state, without giving effect to the choice of law provisions of such state. Each of the agreements provide that all legal proceedings concerning the applicable agreement will be in the state and federal courts sitting in Santa Clara County, California, provided that each agreement also includes a provision relating to any disputes being settled by arbitration.

***Executive Compensation Philosophy***

Our Board of Directors determines the compensation given to our executive officers in their sole determination. Our Board of Directors reserves the right to pay our executives or any future executives a salary, and/or issue them shares of common stock issued in consideration for services rendered and/or to award incentive bonuses which are linked to our performance, as well as to the individual executive officer's performance. This package may also include long-term stock based compensation to certain executives, which is intended to align the performance of our executives with our long-term business strategies. Additionally, while our Board of Directors has not granted any performance base stock options to date, the Board of Directors reserves the right to grant such options in the future, if the Board in its sole determination believes such grants would be in the best interests of the Company.

***Incentive Bonus***

The Board of Directors may grant incentive bonuses to our executive officers and/or future executive officers in its sole discretion, if the Board of Directors believes such bonuses are in the Company's best interest, after analyzing our current business objectives and growth, if any, and the amount of revenue we are able to generate each month, which revenue is a direct result of the actions and ability of such executives.

***Long-Term, Stock Based Compensation***

In order to attract, retain and motivate executive talent necessary to support the Company's long-term business strategy we may award our executives and any future executives with long-term, stock-based compensation in the future, at the sole discretion of our Board of Directors.

**SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT**

The following table sets forth the number of shares of and percent of the Company's common stock beneficially owned as of March 10, 2023, by all directors, our named executive officers, our directors and executive officers as a group, and persons or groups known by us to own beneficially 5% or more of our common stock, immediately prior to this Offering, and immediately after the closing of this offering, as adjusted to reflect the assumed sale of units (which includes Common Shares and immediately exercisable Warrants to purchase Common Shares) in this Offering and the exercise of the Representative's over-allotment option in full to purchase additional Common Shares and Warrants to purchase Common Shares, but assumes the Warrants forming part of the units and over-allotment option are not exercised.

The business address of each of the beneficial owners listed below is c/o Midori Group Inc., 5 Hazelton Avenue Suite 400, Toronto, ON M5R 2E1.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Beneficial Owner** | **Amount**<br> **and**<br> **Nature of Beneficial Ownership** | **Pre- Closing Percentage of Class (1)** | **Post-**<br> **Closing Amount**<br> **and**<br> **Nature of Beneficial Ownership** | **Post- Closing Percentage of Class (1)** |
| **Directors and Executive Officers** |  |  |  |  |
| Ken Lyons, CEO and Director <sup>(2)</sup> | 11250000 | 24.65% | 11250000 | 22.53% |
| Robert Leeder, Chairman, President, and Director<sup>(3)</sup> | 10500000 | 23.00% | 10500000 | 21.03% |
| Christina Dykun, Director<sup>(4)</sup> | 150000 | \*% | 150000 | \*% |
| All directors and officers as a group (4 persons) <sup>(5)</sup> | 21900000 | 46.80% | 21900000 | 42.87% |
| **Principal Shareholders (more than 5%):** |  |  |  |  |
| KALE INVESTMENT FUND LP<sup>(6)</sup> | 2000000 | 4.48% | 2000000 | 4.17% |

---

\* less than 1%.

&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 pre-closing percentages in the table have been calculated on the basis of treating as outstanding
 for a particular person, all shares of our capital stock outstanding on March 10, 2023. The
 post-closing percentages in the table have been calculated on the basis of treating as outstanding
 for a particular person, all shares of our capital stock outstanding on March 10, 2023, plus
 the assumed sale of 4,285,715 units (which includes our Common Shares and immediately exercisable
 Warrants to purchase our Common Shares) in this Offering and the exercise of the Representative's
 over-allotment option in full to purchase Common Shares and Warrants to purchase Common Shares,
 but assumes the Warrants forming part of the units and over-allotment option are not exercised.
 On March 10, 2023, there were 44,646,500 Common Shares outstanding. To calculate a stockholder's
 percentage of beneficial ownership, we include in the numerator and denominator the Common
 Shares outstanding and all of our Common Shares issuable to that person in the event of the
 exercise of outstanding warrants and other derivative securities owned by that person which
 are exercisable within 60 days of March 10, 2023. Common Share warrants and derivative securities
 held by other stockholders are disregarded in this calculation. Therefore, the denominator
 used in calculating beneficial ownership among our stockholders may differ. Unless we have
 indicated otherwise, each person named in the table has sole voting power and sole investment
 power for the shares listed opposite such person's name.

(2) Includes
 (i) 9,250,000 Common Shares held by 1000040627 ONTARIO INC., of which Mr. Lyons has voting and dispositive control, (ii) 1,000, 0000
 Common Shares issued to Lyons Family Trust, of which Mr. Lyons is a co-trustee with voting and dispositive power, and (iii) 1,000,000
 restricted stock units to be issued by Midori Group to 1000040627 ONTARIO INC., of which Mr. Lyons has voting and dispositive control,
 which vest upon successful listing of Midori Group on the Nasdaq Capital Market.

(3) Includes
 (i) 9,500,000 Common Shares held by 2863358 ONTARIO INC., of which Mr. Leeder has voting and dispositive control and (ii) 1,000,000
 restricted stock units to be issued by Midori Group to 2863358 ONTARIO INC., of which Mr. Leeder has voting and dispositive control,
 which vest upon successful listing of Midori Group on the Nasdaq Capital Market.

(4) Includes
 150,000 restricted units to be issued to Ms. Dykun by Midori Group which vest upon successful
 listing of Midori-Group on the Nasdaq Capital Market. Ms. Dykun will also receive 200,000
 Options (exercisable at CAD$0.50 ($0.38)) vested over a 2 year period (100,000 options at
 12 months of listing and 100,000 options at 24 months of listing) of Midori-Group on the
 Nasdaq Capital Market.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Includes
 Ken Lyons, Robert Leeder, Christina Dykun, and Joseph Leeder, our Chief Financial Officer
 and Corporate Secretary. Joseph Leeder does not beneficially own any Common Shares.

(6) The
 2,000,000 Common Shares held by KALE INVESTMENT FUND LP, are beneficially owned by Dale Storey and Kevin Jardine, who have voting
 and dispositive power over such shares.

**Compensation Plan Information**

The table below sets forth information, as of September 30, 2022, with respect to our compensation plans under which common shares are authorized for issuance.

---

| | | | |
|:---|:---|:---|:---|
| **Plan Category** | **Number of securities to be issued upon exercise of outstanding options, warrants and rights** | **Weighted-average exercise price of outstanding options, warrants and rights** | **Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))** |
|  | (a) | (b) | (c) |
| Equity compensation plans approved by security holders |  |  |  |
| Equity compensation plans not approved by security holders |  |  |  |
| Total |  |  |  |

---

**CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS**

***Policies and Procedures for Related Party Transactions***

Under Item 404 of SEC Regulation S-K, a related person transaction is any actual or proposed transaction, arrangement or relationship or series of similar transactions, arrangements or relationships, including those involving indebtedness not in the ordinary course of business, to which we or our subsidiaries were or are a party, or in which we or our subsidiaries were or are a participant, in which the amount involved exceeded or exceeds the lesser of $120,000 or one percent of the average of our total assets at year-end for the last two completed fiscal years and in which any of our directors, nominees for director, executive officers, beneficial owners of more than 5% of any class of our voting securities (a "significant shareholder"), or any member of the immediate family of any of the foregoing persons, had or will have a direct or indirect material interest.

We recognize that transactions between us and any of our directors or executives or with a third party in which one of our officers, directors or significant shareholders has an interest can present potential or actual conflicts of interest and create the appearance that our decisions are based on considerations other than the best interests of our Company and stockholders.

The Audit Committee of the Board of Directors is charged with responsibility for reviewing, approving and overseeing any transaction between the Company and any related person (as defined in Item 404 of Regulation S-K), including the propriety and ethical implications of any such transactions, as reported or disclosed to the Audit Committee by the independent auditors, employees, officers, members of the Board of Directors or otherwise, and to determine whether the terms of the transaction are not less favorable to us than could be obtained from an unaffiliated party.

From time to time we engage in transactions with related parties. The following is a summary of the related party transactions during the period from January 6, 2021 (inception) to September 30, 2021 and the year ended September 30, 2022 requiring disclosure pursuant to Item 404 of Regulation S-K.

***Share Exchange***

 ****

On August 30, 2021, Midori Group Inc. entered into a Share Exchange Agreement, as amended on October 31, 2021 , with Midori-Bio Inc. and the Midori-Bio Shareholders. The Share Exchange Agreement closed on January 6, 2022, and at such time Midori Group Inc. acquired all of the issued and outstanding capital stock of Midori-Bio Inc. (consisting of 22,000,000 Class A Common shares) from Midori-Bio Shareholders in exchange for 22,000,000 common shares of Midori Group Inc. to the Midori-Bio Shareholders at a deemed price of CAD$0.50 ($0.38) per share, and Midori-Bio Inc. became a wholly owned subsidiary of Midori Group Inc.

 ****

***Key Management Compensation***

Key management personnel include those persons having authority and responsibility for planning, directing and controlling the activities of the Company as a whole. The Company has determined that key management personnel consist of the Company's corporate officers and directors.

The remuneration of key management personnel during the year ended September 30, 2022 and period from January 6, 2021 through September 30, 2021, are as follows:

---

| | | |
|:---|:---|:---|
| In CAD | **Year ended<br> September 30, 2022** | **Period from <br> January 6, 2021<br> through<br> September 30, 2021** |
| Chief Executive Officer | $365040 | $55000 |
| President | $325020 | $55000 |
| Chief Financial Officer | $32000 | $- |
|  | $722060 | $110000 |

---

The Company paid CAD$325,020 (2021 - CAD$55,000) in consulting fees to the Chief Executive Officer of the Company, CAD$325,020 (2021 - CAD$55,000) in consulting fees to the President of the Company and $32,000 (2021 - $Nil) in consulting fees to the Chief Financial Officer of the Company. The Company paid $40,020 (2021 - $Nil) as professional fees to a company controlled by Ken Lyons, the Chief Executive Officer of the Company.

 **

***Consulting Agreements***

 **

On January 11, 2021, Midori-Bio entered into a consulting agreement with K. Lyons Enterprises Inc., which is owned and controlled by Kenneth Lyons, Midori-Bio's Co-Founder and Chief Executive Officer, pursuant to which K. Lyons Enterprises Inc. agreed to provide consulting services to Midori-Bio.

On January 11, 2021, Midori-Bio entered into a consulting agreement with 2863358 ONTARIO INC., which is owned and controlled by Robert Leeder, Midori-Bio's Co-Founder, Chairman and president pursuant to which the consultant agreed to provide consulting services to Midori-Bio.

On March 1, 2023, the Company entered into a contractor agreement with Leeder Holdings Inc. which is owned and controlled by Joseph Leeder, the Company's Chief Financial Officer and Secretary, pursuant to which the consultant agreed to provide consulting services to the Company.

See "Executive Compensation – Consulting Agreements" hereof for a better description of each of the foregoing consulting agreements.

 **

***Affiliated Loans***

 **

*December 16, 2021 Loan Agreement*

On December 16, 2021, the Company entered into a loan agreement (the "Loan Agreement") with Midori-Bio pursuant to which the Company agreed to lend to Midori-Bio CAD$200,000 ($151,515). The purpose of the loan was to provide Midori-Bio with additional capital for its operating expenses in order to be able to continue its operations pending completion of the Share Exchange Agreement between the Company and Midori-Bio. The maturity date of the loan was March 31, 2022, and the Company was able to provide an extension for the maturity date in its sole discretion. The loan did not carry any interest.

*October 1, 2021 Promissory Note*

 

On October 1, 2021, Midori-Bio issued a Promissory Note to Rene Bharti in the principal amount of CA$60,000 (US$45,455). The note carries interest of 18% per annum. The interest and principal payable under the note were due on the earlier of (i) the closing of the SEA and (ii) December 31, 2021. The SEA closed on January 6, 2022. On December 31, 2021, the outstanding principal and accrued interest under the note were repaid. A copy of the note is filed as Exhibit 10.5 to the registration statement of which this prospectus forms a part and is incorporated by reference herein.

*October 4, 2021 Promissory Note*

 

On October 4, 2021, Midori-Bio issued a Promissory Note to 1917478 Holdings LLC in the principal amount of CA$60,000 (US$45,455). The note carries interest of 18% per annum. The interest and principal payable under the note were due on the earlier of (i) the closing of the SEA and (ii) December 31, 2021. The SEA closed on January 6, 2022. On December 31, 2021, the outstanding principal and accrued interest under the note were repaid. A copy of the note is filed as Exhibit 10.7 to the registration statement of which this prospectus forms a part and is incorporated by reference herein.

*October 7, 2021 Promissory Note*

 

On October 7, 2021, Midori-Bio issued a Promissory Note to 1142377 BC LTD in the principal amount of CA$60,000 (US$45,455). The note carries interest of 18% per annum. The interest and principal payable under the note were due on the earlier of (i) the closing of the SEA and (ii) December 31, 2021. The SEA closed on January 6, 2022. On December 31, 2021, the outstanding principal and accrued interest under the note were repaid. A copy of the note is filed as Exhibit 10.6 to the registration statement of which this prospectus forms a part and is incorporated by reference herein.

**Director Independence**

The Company's Board of Directors has affirmatively determined that currently one of its three directors, namely Christina Dykun, is an independent director of the Company within the meaning of Nasdaq's rules. We are a "foreign private issuer" under Nasdaq rules and are not required to have a majority of independent directors on the Board. See "Management—Controlled Company and Director Independence" for additional information.

**DESCRIPTION OF SHARE CAPITAL**

The following description of our share capital and provisions of our memorandum and articles of association are summaries and do not purport to be complete. Reference is made to our memorandum and articles of association, copies of which are filed as an exhibit to the registration statement of which this prospectus is a part (and which is referred to in this section as, respectively, the "memorandum" and the "articles").

**Common Shares**

All of our issued and outstanding common shares ("Common Shares") are fully paid and non-assessable. Our Common Shares are issued in registered form, and are issued when registered in our register of members. Unless the board of directors determine otherwise, each holder of our Common Shares will not receive a certificate in respect of such Common Shares. Our shareholders who are non-residents of British Columbia may freely hold and vote their Common Shares.

We are authorized to issue an unlimited amount of Common Shares with no par value per share. Subject to the provisions of the Business Corporations Act (British Columbia) ("Business Corporations Act") and our articles regarding redemption and purchase of the shares, the directors have general and unconditional authority to allot (with or without confirming rights of renunciation), grant options over or otherwise deal with any unissued shares to such persons, at such times and on such terms and conditions as they may decide. Such authority could be exercised by the directors to allot shares which carry rights and privileges that are preferential to the rights attaching to Common Shares. No share may be issued at a discount except in accordance with the provisions of the Business Corporations Act. The directors may refuse to accept any application for shares, and may accept any application in whole or in part, for any reason or for no reason.

**Warrants**

*Overview*

The following summary of certain terms and provisions of the Warrants offered hereby is not complete and is subject to, and qualified in its entirety by, the provisions of the warrant agency agreement between us and Olympia Trust Company, the Warrant Agent, and the form of Warrant, both of which are filed as exhibits to the registration statement of which this prospectus is a part. Prospective investors should carefully review the terms and provisions set forth in the warrant agency agreement, including the annexes thereto, and form of Warrant.

The Warrants entitle the registered holder to purchase Common Shares at a price equal to CAD$5.478 ($4.15) per share, subject to adjustment as discussed below, immediately following the issuance of such warrant and terminating at 5:00 p.m., New York City time, five years after the closing of this offering.

The exercise price and number of Common Shares issuable upon exercise of the Warrants may be adjusted in certain circumstances, including in the event of a stock dividend or recapitalization, reorganization, merger or consolidation. However, the warrants will not be adjusted for issuances Common Shares at prices below its exercise price.

*Exercisability*. The Warrants are exercisable at any time after their original issuance and at any time up to the date that is five years after their original issuance. The Warrants may be exercised upon surrender of the warrant certificate on or prior to the expiration date at the offices of the Warrant Agent, with the exercise form on the reverse side of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise price, by certified or official bank check payable to us, for the number of warrants being exercised. Under the terms of the Warrant Agreement, we must use our best efforts to maintain the effectiveness of the registration statement and current prospectus relating to Common Shares issuable upon exercise of the Warrants until the expiration of the Warrants. If we fail to maintain the effectiveness of the registration statement and a current prospectus relating to the Common Shares issuable upon exercise of the Warrants, the holders of the Warrants will have the right to exercise the Warrants solely via a cashless exercise feature provided for in the Warrants, until such time as there is an effective registration statement and a current prospectus.

*Exercise Limitation*. A holder may not exercise any portion of a Warrant to the extent that the holder, together with its affiliates and any other person or entity acting as a group, would own more than 4.99% of the outstanding Common Shares after exercise, as such percentage ownership is determined in accordance with the terms of the Warrant, except that upon prior notice from the holder to us, the holder may waive such limitation up to a percentage not in excess of 9.99%.

*Exercise Price.* The exercise price per whole Common Share purchasable upon exercise of the Warrants is no less than 100% of public offering price of the Units offered by the Company in this offering. The exercise price is subject to appropriate adjustment in the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events affecting our Common Shares and also upon any distributions of assets, including cash, stock or other property to our stockholders.

*Fractional Shares*. No fractional Common Shares will be issued upon exercise of the Warrants. As to any fraction of a share which the holder would otherwise be entitled to purchase upon such exercise, the Company will, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the exercise price or round up to the nearest whole share.

*Transferability*. Subject to applicable laws, the Warrants may be offered for sale, sold, transferred or assigned without our consent. However, the warrants will not trade on the Nasdaq Capital Market and no trading market is expected to develop for the Warrants.

*Warrant Agent; Global Certificate.* The Warrants will be issued in registered form under a warrant agency agreement between the Warrant Agent and us. The warrants were will initially be represented only by one or more global warrants deposited with the Warrant Agent, as custodian on behalf of The Depository Trust Company (DTC) and registered in the name of Cede & Co., a nominee of DTC, or as otherwise directed by DTC.

*Fundamental Transactions*. In the event of a fundamental transaction, as described in the Warrants and generally including any reorganization, recapitalization or reclassification of our Common Shares, the sale, transfer or other disposition of all or substantially all of our properties or assets, our consolidation or merger with or into another person, the acquisition of more than 50% of our outstanding Common Shares, or any person or group becoming the beneficial owner of 50% of the voting power represented by our outstanding Common Shares, the holders of the Warrants will be entitled to receive the kind and amount of securities, cash or other property that the holders would have received had they exercised the Warrants immediately prior to such fundamental transaction.

*Rights as a Stockholder*. The Warrant holders do not have the rights or privileges of holders of Common Shares or any voting rights until they exercise their warrants and receive Common Shares. After the issuance of Common Shares upon exercise of the Warrants, each holder will be entitled to one vote for each share held of record on all matters to be voted on by shareholders.

*Governing Law*. The warrants and the warrant agency agreement are governed by New York law.

**Listing**

Prior to this offering, there has been no public market for our securities. We intend to apply to list our Common Shares and Warrants (forming part of the Units offered hereby) on the Nasdaq Capital Market under the symbols "MDRI" and "MDRIW," respectively. There is no assurance that our listing application will be approved by the Nasdaq Capital Market. The approval of our listing on the Nasdaq Capital Market is a condition of closing this offering.

**Transfer Agent**

The transfer agent for the Common Shares is Olympia Trust Company, located at 4000, 520 - 3rd Ave SW, Calgary, Alberta, T2P 0R3 with a phone number of 1-403-770-0001.

**Dividends**

Subject to the provisions of the Business Corporations Act and any rights attaching to any class or classes of shares under and in accordance with the articles:

(a) the
 directors may declare dividends or distributions out of our funds which are lawfully available for that purpose; and

(b) our
 shareholders may, by ordinary resolution, declare dividends but no such dividend shall exceed the amount recommended by the directors.

Unless provided by the rights attached to a share, no dividend shall bear interest.

**Voting Rights**

Subject to any rights or restrictions as to voting attached to any shares, unless any share carries special voting rights, on a show of hands every shareholder who is present in person and every person representing a shareholder by proxy shall have one vote per Common Share. During a shareholder vote, every shareholder who is present in person and every person representing a shareholder by proxy shall have one vote for each share of which he or the person represented by proxy is the holder. In addition, all shareholders holding shares of a particular class are entitled to vote at a meeting of the holders of that class of shares. Votes may be given either personally or by proxy.

**Variation of Rights of Shares**

Whenever our capital is divided into different classes of shares, the rights attaching to any class of share (unless otherwise provided by the terms of issue of the shares of that class) may be varied either with the consent in writing of the holders of not less than two-thirds of the issued shares of that class, or with the sanction of a resolution passed by a majority of not less than two-thirds of the holders of shares of the class present in person or by proxy at a separate general meeting of the holders of shares of that class.

Unless the terms on which a class of shares was issued state otherwise, the rights conferred on the shareholder holding shares of any class shall not be deemed to be varied by the creation or issue of further shares ranking pari passu with the existing shares of that class.

**Alteration of Share Capital**

Subject to the Business Corporations Act, the Company may, by ordinary resolution:

(1) create
 one or more classes or series of shares or, if none of the shares of a class or series of shares are allotted or issued, eliminate
 that class or series of shares;

(2) increase,
 reduce or eliminate the maximum number of shares that the Company is authorized to issue out of any class or series of shares or
 establish a maximum number of shares that the Company is authorized to issue out of any class or series of shares for which no maximum
 is established;

(3) subdivide
 or consolidate all or any of its unissued, or fully paid issued, shares;

(4) if
 the Company is authorized to issue shares of a class of shares with par value:

&nbsp;&nbsp;&nbsp;&nbsp;(a) decrease
 the par value of those shares; or

&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 none of that class of shares are allotted or issued, increase the par value of those shares;

(5) change
 all or any of its unissued, or fully paid issued, shares with par value into shares without par value or any of its unissued shares
 without par value into shares with par value;

(6) alter
 the identifying name of any of its shares; or

(7) otherwise
 alter its shares or authorized share structure when required or permitted to do so by the Business Corporations Act.

**Inspection of Books and Records**

Holders of our Common Shares will have no general right under the Business Corporations Act to inspect or obtain copies of our register of members or our corporate records.

**General Meetings**

Under the Business Corporations Act, the Company must hold its first annual general meeting within 18 months after the date on which it was incorporated or otherwise recognized, and after that much hold an annual general meeting at least once in each calendar year and not more than 15 months after the last annual reference date at such time and place as may be determined by the directors.

If all the shareholders who are entitled to vote at an annual general meeting consent by a unanimous resolution to all of the business that is required to be transacted at that annual general meeting, the annual general meeting is deemed to have been held on the date of the unanimous resolution. The shareholders much, in any unanimous resolution, select as the Company's annual reference date, a date that would be appropriate for the holding of the applicable annual general meeting.

The directors also may whenever think fit, call a meeting of the shareholders.

A general meeting of the Company may be held anywhere in North America, as determined by the directors.

The Company must send notice of the date, time and location of any meeting of shareholders in the manner provided in the Business Corporations Act to each shareholder entitled to attend the meeting and to each director of the Company if and for so long as the Company is a public company, twenty-one days, and otherwise ten days.

The directors may set a date as the record date for the purpose of determining shareholders entitled to, or the non-receipt of any notice by, any of the persons entitled to notice does not invalidate any proceeding at that meeting. Any persons entitled to notice of a meeting of shareholders may, in writing or otherwise, waive or reduce the period of notice of such meeting.

Accidental omission to send notice of any meeting of shareholder to, or the non-receipt of any notice by, any of the persons entitled to notice does not invalidate any proceeding at that meeting. Any person entitled to notice of a meeting of shareholders may, in writing or otherwise, waive or reduce the period of notice of such meeting.

If a meeting of shareholders is to consider special business, as defined in the Company's Articles of Association, the notice of meeting must:

(1) state
 the general nature of the special business;

(2) if
 the special business includes considering, approving, ratifying, adopting or authorizing any document or the signing of or giving
 of effect to any document, have attached to it a copy of the document or state that a copy of the document will be available for
 inspection by shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;(a) at
 the Company's record office, or at such other reasonably accessible location in Ontario as is specified in the notice; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) during
 statutory business hours on any one or more specified days before the day set for the holding of the meeting.

A shareholder may participate in a meeting of the shareholders in person or by telephone if all shareholders participate in the meeting, whether in person or by telephone or other communications medium, are able to communicate with each other and if all shareholders who wish to participate in the meeting agree to such participation.

The quorum for the transaction of business at a meeting of shareholders is two persons, who are or representing by proxy, shareholders holding, in the aggregate, at least 33.33 percent of the issued shares entitled to be voted at the meeting. On a show of hands, every person present who is a shareholder or proxy holder entitled to vote on the matter has one vote.

**Directors**

Under the Business Corporations Act, as a publicly traded company, the Company must have at least three directors, and as many directors as set by ordinary resolution. The shareholders may elect or appoint the directors needed to fill any vacancies in the board of directors up to the number of opened vacancies. A director is entitled to remuneration for acting as directors.

At every annual general meeting, the shareholder entitled to vote must elect, or in the unanimous resolution, appoint, a board of directors consisting of the number of directors for the time being

The shareholding qualification for directors may be fixed by our shareholders by ordinary resolution and unless and until so fixed no share qualification shall be required.

Each director holds office for the term, if any, fixed by the terms of his appointment or until his earlier death, bankruptcy, insanity, resignation or removal. If no term is fixed on the appointment of a director, the director serves indefinitely until his earlier death, bankruptcy, insanity, resignation or removal.

A director may be removed by ordinary resolution.

A director may at any time resign or retire from office by giving us notice in writing. Unless the notice specifies a different date, the director shall be deemed to have resigned on the date that the notice is delivered to us.

Subject to the provisions of the articles, the office of a director may be terminated forthwith if:

&nbsp;&nbsp;&nbsp;&nbsp;(a) he
 resigns his office by notice to us;

&nbsp;&nbsp;&nbsp;&nbsp;(b) he
 only held office as a director for a fixed term and such term expires;

&nbsp;&nbsp;&nbsp;&nbsp;(c) he
 dies; or

&nbsp;&nbsp;&nbsp;&nbsp;(d) he
 is removed pursuant to the articles of the Company.

Each of the compensation committee and the nominating and corporate governance committee shall consist of at least three directors and the majority of the committee members are independent within the meaning of Section 5605(a)(2) of the Nasdaq Listing Rules. The audit committee consists of at least three directors, all of whom are independent within the meaning of Section 5605(a)(2) of the Nasdaq Listing Rules and meet the criteria for independence set forth in Rule 10A-3 or Rule 10C-1 of the Exchange Act.

**Powers and Duties of Directors**

Subject to the provisions of the Business Corporations Act and our articles of association, our business shall be managed by the directors, who may exercise all our powers. No prior act of the directors shall be invalidated by any subsequent alteration of our articles of association. To the extent allowed by the Business Corporations Act, however, shareholders may by special resolution validate any prior or future act of the directors which would otherwise be in breach of their duties.

The directors may delegate any of their powers to any person to be the attorney of the Company.

The board of directors may establish any local or divisional board of directors or agency and delegate to it its powers and authorities (with power to sub-delegate) for managing any of our affairs.

The directors may from time to time and at any time by power of attorney or in any other manner they determine appoint any person, either generally or in respect of any specific matter, to be our agent with or without authority for that person to delegate all or any of that person's powers.

The directors may from time to time and at any time by power of attorney or in any other manner appoint any person, whether nominated directly or indirectly by the directors, to be our attorney or our authorized signatory and for such period and subject to such conditions as they may think fit. The powers, authorities and discretions, however, must not exceed those vested in, or exercisable, by the directors under the articles.

The board of directors may remove any person so appointed and may revoke or vary the delegation.

A director may, as a director, vote (and be counted in the quorum) in respect of any contract, transaction, arrangement or proposal in which he has an interest which is not a material interest. However, a director who holds a disclosable interest in a contract or transaction win which the Company has entered or proposes to enter is not entitled to vote on any directors' resolutions to approve the contract or transaction, unless the directors have disclosable interest in that contract or transaction, in which case any or all of those directors may vote on such resolution. Such director who holds a disclosable interest that is present for a meeting of directors may be counted in the quorum at the meeting, whether or not the director votes on any or all of the resolutions considered at the meeting.

**SHARES ELIGIBLE FOR FUTURE SALE**

Future sales of substantial amounts of our Common Shares in the public market could adversely affect prevailing market prices. Furthermore, since only a limited number of shares will be available for sale shortly after the offering because of contractual and legal restrictions on resale described below, sales of substantial amounts of Common Shares in the public market after the restrictions lapse could adversely affect the prevailing market price for shares of our Common Shares as well as our ability to raise equity capital in the future.

Upon completion of this offering, we will have 48,373,209 Common Shares issued and outstanding (or 48,932,215 shares if the underwriters exercise in full their option to purchase additional shares of our Common Shares).

Of these shares, the 3,726,709 Common Shares sold in this offering (or 4,285,715 shares, if the underwriters exercise in full their option to purchase additional shares of our Common Shares) will be freely tradable without further restriction or registration under the Securities Act, except that any shares purchased by our affiliates may generally only be sold in compliance with Rule 144, which is described below. The remaining Common Shares will be deemed "restricted securities" under the Securities Act. Restricted securities may be sold in the public market only if they are registered under the Securities Act or if they qualify for an exemption from registration under Rules 144 or 701 under the Securities Act, which are discussed below.

**Lock-up Agreements**

We and each of our executive officers and directors anticipate entering into lock-up agreements under which these parties have agreed not to sell or otherwise transfer their shares for a period of 180 days after the date of this prospectus. These lock-up restrictions are subject to certain exceptions and may be waived by the representatives of the underwriters at any time. As a result of these contractual restrictions, shares of our Common Shares subject to lock-up agreements will not be eligible for sale, including pursuant to Rules 144 or 701 under the Securities Act as discussed below, until these agreements expire or the restrictions are waived by the representatives of the underwriters.

See "Underwriting" for a more complete description of the lock-up agreements.

**Rule 144**

In general, Rule 144 provides that once we have been subject to the public company reporting requirements of Section 13 or Section 15(d) of the Exchange Act for at least 90 days, a person who is not deemed to have been one of our affiliates for purposes of the Securities Act at any time during the 90 days preceding a sale and who has beneficially owned the shares of our Common Shares proposed to be sold for at least six months is entitled to sell those shares without complying with the manner of sale, volume limitation, or notice provisions of Rule 144, subject to compliance with the public information requirements of Rule 144. If such a person has beneficially owned the shares proposed to be sold for at least one year, including the holding period of any prior owner other than our affiliates, then that person would be entitled to sell those shares without complying with any of the requirements of Rule 144.

In general, Rule 144 provides that our affiliates or persons selling shares of our Common Shares on behalf of our affiliates are entitled to sell upon expiration of the market standoff agreements and lock-up agreements described above, within any three-month period, a number of shares of our Common Shares that does not exceed the greater of:

● 1% of the number of shares of our Common Shares then outstanding, which will equal 48,373,209 shares immediately after the completion of this offering; or

● the average weekly trading volume of our Common Shares during the four calendar weeks preceding the filing of a notice on Form 144 with respect to that sale.

**Rule 701**

Rule 701 generally allows a stockholder who purchased shares of our capital stock pursuant to a written compensatory plan or contract and who is not deemed to have been an affiliate of our company during the immediately preceding 90 days to sell these shares in reliance upon Rule 144, but without being required to comply with the public information, holding period, volume limitation, or notice provisions of Rule 144. Rule 701 also permits affiliates of our company to sell their Rule 701 shares under Rule 144 without complying with the holding period requirements of Rule 144. All holders of Rule 701 shares, however, are required to wait until 180 days after the date of this prospectus before selling those shares pursuant to Rule 701.

**Registration Statement on Form S-8**

We intend to file with the SEC one or more registration statements on Form S-8 covering the Common Shares reserved for issuance under our incentive plans. These registration statements are expected to be filed and become effective as soon as practicable after completion of this offering. Upon effectiveness, the Common Shares covered by these registration statements will generally be eligible for sale in the public market, subject to the lock-up agreements described above.

**MATERIAL UNITED STATES FEDERAL INCOME TAX CONSEQUENCES TO U.S. HOLDERS**

The following discussion describes the material United States federal income tax consequences to a United States Holder (as defined herein) of the purchase, ownership and disposition of our voting shares as of the date hereof. This discussion deals only with voting shares that are held as capital assets by a United States Holder. In addition, the discussion set forth below is applicable only to United States Holders (i) who are residents of the United States for purposes of the current United States—Canada Income Tax Convention (the "Treaty"), (ii) whose voting shares are not, for purposes of the Treaty, effectively connected with a permanent establishment in Canada and (iii) who otherwise qualify for the full benefits of the Treaty.

As used herein, the term "United States Holder" means a beneficial owner of our voting shares that is, for United States federal income tax purposes, any of the following:

● an individual citizen or resident of the United States;

● a corporation (or other entity treated as a corporation for United States federal income tax purposes) created or organized in or under the laws of the United States, any state thereof or the District of Columbia;

● an estate the income of which is subject to United States federal income taxation regardless of its source; or

● a trust if it (1) is subject to the primary supervision of a court within the United States and one or more United States persons have the authority to control all substantial decisions of the trust or (2) has a valid election in effect under applicable United States Treasury regulations to be treated as a United States person.

This discussion is based upon provisions of the Internal Revenue Code of 1986, as amended (the "Code"), and regulations, rulings and judicial decisions thereunder as of the date hereof. Those authorities may be changed, perhaps retroactively, so as to result in United States federal income tax consequences different from those summarized below.

This discussion does not represent a detailed description of the United States federal income tax consequences applicable to you if you are subject to special treatment under the United States federal income tax laws, including if you are:

● a dealer in securities or currencies;

● a financial institution;

● a regulated investment company;

● a real estate investment trust;

● an insurance company;

● a tax-exempt organization;

● a person holding our voting shares as part of a hedging, integrated or conversion transaction, a constructive sale or a straddle;

● a trader in securities that has elected the mark-to-market method of tax accounting for your securities;

● a person liable for alternative minimum tax;

● a person who owns or is deemed to own 10% or more of our stock (by vote or value);

● a partnership or other pass-through entity for United States federal income tax purposes;

● a person required to accelerate the recognition of any item of gross income with respect to our voting shares as a result of such income being recognized on an applicable financial statement; or

● a person whose "functional currency" is not the United States dollar.

If a partnership (or other entity treated as a partnership for United States federal income tax purposes) holds our voting shares, the tax treatment of a partner will generally depend upon the status of the partner and the activities of the partnership. If you are a partner of a partnership holding our voting shares, you should consult your tax advisors.

This discussion does not contain a detailed description of all the United States federal income tax consequences to you in light of your particular circumstances and does not address the Medicare tax on net investment income or the effects of any state, local or non- United States tax laws. If you are considering the purchase of our voting shares, you should consult your own tax advisors concerning the particular United States federal income tax consequences to you of the purchase, ownership and disposition of our voting shares, as well as the consequences to you arising under other United States federal tax laws and the laws of any other taxing jurisdiction.

This discussion assumes that we are not, and will not become, a passive foreign investment company, as described below.

 ****

***Taxation of Dividends***

The gross amount of distributions on the voting shares (including any amounts withheld to reflect Canadian withholding taxes) will be taxable as dividends to the extent paid out of our current or accumulated earnings and profits, as determined under United States federal income tax principles. To the extent that the amount of any distribution exceeds our current and accumulated earnings and profits for a taxable year, the distribution will first be treated as a tax-free return of capital, causing a reduction in the tax basis of the voting shares, and to the extent the amount of the distribution exceeds your tax basis, the excess will be taxed as capital gain recognized on a sale or exchange. We do not, however, expect to determine earnings and profits in accordance with United States federal income tax principles. Therefore, you should expect that a distribution will generally be treated as a dividend.

Any dividends that you receive (including any withheld taxes) will be includable in your gross income as ordinary income on the day actually or constructively received by you. Such dividends will not be eligible for the dividends received deduction allowed to corporations under the Code.

With respect to non-corporate United States Holders, certain dividends received from a qualified foreign corporation may be subject to reduced rates of taxation. A qualified foreign corporation includes a non-U.S. corporation that is eligible for the benefits of a comprehensive income tax treaty with the United States which the United States Treasury Department determines to be satisfactory for these purposes and which includes an exchange of information provision. The United States Treasury Department has determined that the Treaty meets these requirements, but we may not be eligible for the benefits of the Treaty. However, a non-U.S. corporation is also treated as a qualified foreign corporation with respect to dividends paid by that corporation on shares that are readily tradable on an established securities market in the United States. United States Treasury Department guidance indicates that our voting shares, which will be listed on the Nasdaq Capital Market, will be readily tradable on an established securities market in the United States. There can be no assurance, however, that our voting shares will be considered readily tradable on an established securities market in later years. Non-corporate holders that do not meet a minimum holding period requirement during which they are not protected from the risk of loss or that elect to treat the dividend income as "investment income" pursuant to Section 163(d)(4) of the Code will not be eligible for the reduced rates of taxation regardless of our status as a qualified foreign corporation. In addition, the rate reduction will not apply to dividends if the recipient of a dividend is obligated to make related payments with respect to positions in substantially similar or related property. This disallowance applies even if the minimum holding period has been met. You should consult your own tax advisors regarding the application of these rules to your particular circumstances.

The amount of any dividend paid in Canadian dollars will equal the United States dollar value of the Canadian dollars received calculated by reference to the exchange rate in effect on the date the dividend is received by you, regardless of whether the Canadian dollars are converted into United States dollars. If the Canadian dollars received as a dividend are converted into United States dollars on the date they are received, you generally will not be required to recognize foreign currency gain or loss in respect of the dividend income. If the Canadian dollars received as a dividend are not converted into United States dollars on the date of receipt, you will have a basis in the Canadian dollars equal to their United States dollar value on the date of receipt. Any gain or loss realized on a subsequent conversion or other disposition of the Canadian dollars will be treated as United States source ordinary income or loss.

Subject to certain conditions and limitations, Canadian withholding taxes on dividends may be treated as foreign taxes eligible for credit against your United States federal income tax liability. For purposes of calculating the foreign tax credit, dividends paid on the voting shares will be treated as income from sources outside the United States and will generally constitute passive category income. However, in certain circumstances, if you have held the voting shares for less than a specified minimum period during which you are not protected from risk of loss, or are obligated to make payments related to the dividends, you will not be allowed a foreign tax credit for Canadian withholding taxes imposed on dividends paid on the voting shares. If you do not elect to claim a United States foreign tax credit, you may instead claim a deduction for Canadian income tax withheld, but only for a taxable year in which you elect to do so with respect to all foreign income taxes paid or accrued in such taxable year. The rules governing the foreign tax credit are complex. You are urged to consult your tax advisors regarding the availability of the foreign tax credit under your particular circumstances.

 ****

***Passive Foreign Investment Company***

We do not believe that we are, for United States federal income tax purposes, a passive foreign investment company (a "PFIC"), and we expect to operate in such a manner so as not to become a PFIC. If, however, we are or become a PFIC, you could be subject to additional United States federal income taxes on gain recognized with respect to the voting shares and on certain distributions, plus an interest charge on certain taxes treated as having been deferred under the PFIC rules.

 ****

***Taxation of Capital Gains***

For United States federal income tax purposes, you will recognize taxable gain or loss on any sale or exchange of the voting shares in an amount equal to the difference between the amount realized for the voting shares and your tax basis in the voting shares. Such gain or loss will generally be capital gain or loss and will generally be long-term capital gain or loss if you have held the voting shares for more than one year. Long-term capital gains of non-corporate United States Holders (including individuals) are eligible for reduced rates of taxation. The deductibility of capital losses is subject to limitations. Any gain or loss recognized by you will generally be treated as United States source gain or loss. Consequently, you may not be able to use the foreign tax credit arising from any Canadian tax imposed on the disposition of voting shares unless such credit can be applied (subject to applicable limitations) against tax due on other income treated as derived from foreign sources.

 ****

***Information Reporting and Backup Withholding***

In general, information reporting will apply to dividends in respect of our voting shares and the proceeds from the sale, exchange or other disposition of our voting shares that are paid to you within the United States (and in certain cases, outside the United States), unless you are an exempt recipient. A backup withholding tax may apply to such payments if you fail to provide a taxpayer identification number or certification of exempt status or fail to report in full dividend and interest income.

Backup withholding is not an additional tax and any amounts withheld under the backup withholding rules will be allowed as a refund or a credit against your United States federal income tax liability provided the required information is timely furnished to the Internal Revenue Service.

 ****

***Reporting Obligations for Specified Foreign Financial Assets***

United States Holders who are individuals (and certain entities) are required to report on Internal Revenue Service Form 8938 specified foreign financial assets that they own if the aggregate value of those assets exceeds certain threshold amounts. Specified foreign financial assets may include stock of a foreign issuer such as the voting shares if not held through a financial account maintained at a United States "financial institution," as defined in the applicable rules. United States Holders should consult their own tax advisors as to the possible application of this reporting obligation under their particular circumstances.

**MATERIAL CANADIAN FEDERAL INCOME TAX CONSIDERATIONS**

The following is, as of the date hereof, a summary of the principal Canadian federal income tax considerations under the *Income Tax Act* (Canada) (the "Canadian Tax Act") and the regulations thereunder (the "Regulations") generally applicable to an investor who acquires Units pursuant to the offering. For purposes of this summary, references to a Common Share includes a Common Share comprising a Unit ("Unit Share") and a Common Share acquired on the exercise of a Warrant ("Warrant Share") unless otherwise indicated. This summary applies only to a purchaser who is a beneficial owner of Common Shares and Warrants acquired pursuant to this offering and who, for the purposes of the Canadian Tax Act, and at all relevant times: (i) deals at arm's length with the Company and EF Hutton, (ii) is not affiliated with the Company or EF Hutton; and (iii) acquires and holds the Common Shares, Warrants and any Common Shares acquired on the exercise of the Warrants as capital property (a "Holder").

Common Shares and Warrants will generally be considered to be capital property to a Holder unless they are held in the course of carrying on a business of trading or dealing in securities or were acquired in one or more transactions considered to be an adventure or concern in the nature of trade.

This summary is not applicable to a Holder: (i) that is a "financial institution" for the purposes of the mark-to-market rules contained in the Canadian Tax Act; (ii) that is a "specified financial institution" (as defined in the Canadian Tax Act); (iii) an interest in which is a "tax shelter investment" for purposes of the Canadian Tax Act; (iv) that has made a functional currency reporting election under section 261 of the Canadian Tax Act to report its "Canadian tax results" as defined in the Canadian Tax Act in a currency other than Canadian currency; (v) that has entered into, or will enter into, a "derivative forward agreement" or "synthetic disposition arrangement" (each as defined in the Canadian Tax Act) with respect to the Common Shares or Warrants; or (vi) that receives dividends on Common Shares under or as part of a "dividend rental arrangement" (as defined in the Canadian Tax Act). This summary does not address the deductibility of interest by a Holder who has borrowed money to acquire Units. Such Holders should consult their own tax advisors.

Additional considerations, not discussed herein, may apply to a Holder that is a corporation resident in Canada, and is or becomes (or does not deal at arm's length for purposes of the Canadian Tax Act with a corporation resident in Canada that is or becomes), as part of a transaction or event or series of transactions or events that includes the acquisition of the Units, controlled by a non-resident person or a group of persons comprised of any combination of non-resident corporations, non-resident individuals or non-resident trusts that do not deal with each other at arm's length for purposes of the "foreign affiliate dumping" rules in section 212.3 of the Canadian Tax Act. Such Holders should consult their own tax advisors with respect to the consequences of purchasing Units pursuant to the offering.

This summary is based on the current provisions of the Canadian Tax Act and the Regulations in force on the date hereof, all specific proposals to amend the Canadian Tax Act or the Regulations publicly announced by or on behalf of the Minister of Finance (Canada) prior to the date of this prospectus (the "Proposed Amendments") and counsel's understanding of the current administrative practices and assessing policies of the Canada Revenue Agency (the "CRA") publicly available prior to the date hereof. This summary assumes that the Proposed Amendments will be enacted in the form proposed. However, no assurances can be given that the Proposed Amendments will be enacted as proposed or at all. This summary is not exhaustive of all possible Canadian federal income tax considerations and, except for the Proposed Amendments, does not take into account or anticipate any changes in the law or in the administrative practices or assessing policies of CRA, whether by legislative, governmental, administrative or judicial decision or action, nor does it take into account or consider other federal or any provincial, territorial or foreign tax considerations, which may differ significantly from the Canadian federal income tax considerations discussed in this summary.

**This summary is not exhaustive of all possible Canadian federal income tax considerations applicable to an investment in Units. The following description of income tax matters is of a general nature only and is not intended to be, nor should it be construed to be, legal or income tax advice to any particular Holder. Holders are urged to consult their own income tax advisors with respect to the tax consequences applicable to them based on their own particular circumstances.**

 ****

***Allocation of Offering Price***

The offering price of a Unit must be allocated on a reasonable basis between the Unit Share and the Warrant comprising a Unit to determine the cost of each to the Holder for purposes of the Canadian Tax Act. For its purposes, the Company intends to allocate [●] of the offering price as consideration for the issue of each Unit Share and [●] of the offering price as consideration for the issue of the Warrant acquired as part of a Unit.

The Company believes that such allocation is reasonable but such allocation will not be binding on the CRA or a Holder, and the Company expresses no opinion with respect to such allocation. A Holder's adjusted cost base of a Unit Share will be determined by averaging the cost of such share with the adjusted cost base of all Common Shares of the Company (if any) held by the Holder as capital property immediately before such acquisition.

 ****

***Exercise of Warrants***

A Holder will not realize a gain or loss upon the exercise of a Warrant to acquire a Warrant Share. When a Warrant is exercised, the Holder's cost of the Warrant Share acquired thereby will be equal to the aggregate of the Holder's adjusted cost base of such Warrant and the exercise price paid for the Warrant Share. The Holder's adjusted cost base of the Warrant Share so acquired will be determined by averaging the cost of the Warrant Share with the adjusted cost base to the Holder of all Common Shares of the Company (if any) held as capital property immediately before the exercise of the Warrant.

***Taxation of Resident Holders***

The following portion of this summary applies to a Holder who, for the purposes of the Canadian Tax Act, is or is deemed to be resident in Canada at all relevant times (a "**Resident Holder**"). A Resident Holder whose Common Shares might not otherwise qualify as capital property may be entitled to make an irrevocable election permitted by subsection 39(4) of the Canadian Tax Act to deem the Common Shares, and every other "Canadian security" (as defined in the Canadian Tax Act), held by such person, in the taxation year of the election and each subsequent taxation year to be capital property. This election does not apply to Warrants. Resident Holders should consult their own tax advisors regarding this election.

 ****

***Expiry of Warrants***

The expiry of an unexercised Warrant generally will result in a capital loss to the Resident Holder equal to the adjusted cost base of the Warrant to the Resident Holder immediately before its expiry. The tax treatment of capital gains and capital losses is discussed in greater detail below under the heading "*Capital Gains and Capital Losses.*"

 ****

***Dividends***

Dividends received or deemed to be received on the Common Shares will be included in computing a Resident Holder's income. In the case of an individual (other than certain trusts), such dividends will be subject to the gross-up and dividend tax credit rules normally applicable in respect of "taxable dividends" received from "taxable Canadian corporations" (as such terms are defined in the Canadian Tax Act). An enhanced gross-up and dividend tax credit will be available to individuals in respect of "eligible dividends" designated by the Company to the Resident Holder in accordance with the provisions of the Canadian Tax Act. There may be limitations on the ability of the Company to designate dividends as eligible dividends.

Dividends received or deemed to be received on the Common Shares by a Resident Holder that is a corporation will be included in computing its income for the taxation year in which such dividends are received, but such dividends will generally be deductible in computing the corporation's taxable income. In certain circumstances, subsection 55(2) of the Canadian Tax Act will treat a taxable dividend received or deemed to be received by a Resident Holder that is a corporation as proceeds of disposition or a capital gain. Resident Holders that are corporations should consult their own tax advisors having regard to their own circumstances.

A Resident Holder that is a "private corporation" as defined in the Canadian Tax Act or a "subject corporation" as defined in subsection 186(3) of the Canadian Tax Act may be liable under Part IV of the Canadian Tax Act to pay a refundable tax on dividends received or deemed to be received on the Common Shares to the extent that such dividends are deductible in computing the Resident Holder's taxable income for the taxation year. Such Resident Holders should consult their own tax advisors in this regard.

 ****

***Disposition of Common Shares and Warrants***

A Resident Holder who disposes, or is deemed to dispose, of a Common Share (other than on a disposition to the Company that is not a sale in the open market in the manner in which shares would normally be purchased by any member of the public in an open market), or a Warrant (other than on the exercise thereof) generally will realize a capital gain (or capital loss) in the taxation year of the disposition equal to the amount, if any, by which the proceeds of disposition, net of any reasonable costs of disposition, are greater (or are less) than the adjusted cost base to the Resident Holder of such Common Shares or Warrant, as the case may be, immediately before the disposition or deemed disposition. The taxation of capital gains and losses is generally described below under the heading "*Capital Gains and Capital Losses.*"

 ****

***Capital Gains and Capital Losses***

Generally, a Resident Holder is required to include in computing income for a taxation year one-half of the amount of any capital gain (a "taxable capital gain") realized by the Resident Holder in such taxation year. Subject to and in accordance with the rules contained in the Canadian Tax Act, a Resident Holder is required to deduct one-half of the amount of any capital loss (an "allowable capital loss") realized in a particular taxation year against taxable capital gains realized by the Resident Holder in the year. Allowable capital losses in excess of taxable capital gains realized in a taxation year may be carried back and deducted in any of the three preceding taxation years or carried forward and deducted in any subsequent taxation year against net taxable capital gains realized in such years, to the extent and under the circumstances described in the Canadian Tax Act.

The amount of any capital loss realized by a Resident Holder that is a corporation on the disposition or deemed disposition of a Common Share may be reduced by the amount of any dividends received or deemed to have been received by such Resident Holder on such shares, to the extent and under the circumstances described in the Canadian Tax Act. Similar rules may apply where a Resident Holder that is a corporation is a member of a partnership or a beneficiary of a trust that owns Common Shares, directly or indirectly, through a partnership or trust. Resident Holders to whom these rules may be relevant should consult their own tax advisors.

***Additional Taxes***

A Resident Holder that is throughout the relevant taxation year a "Canadian-controlled private corporation" (as defined in the Canadian Tax Act) or a "substantive CCPC" (as proposed to be defined in the Canadian Tax Act pursuant to the legislative proposals released by the Minister of Finance (Canada) on August 9, 2022) may be liable to pay an additional tax (refundable in certain circumstances) on certain investment income, including taxable capital gains and dividends (to the extent that such dividends are not deductible.in computing the Resident Holder's taxable income). Such Resident Holders should consult their own tax advisors.

***Alternative Minimum Tax***

Generally, a Resident Holder that is an individual (other than certain trusts) that receives or is deemed to have received taxable dividends on the Common Shares or realizes a capital gain on the disposition or deemed disposition of the Common Shares or Warrant may be liable for alternative minimum tax under the Canadian Tax Act. Resident holders should consult their own tax advisors with respect to the application of alternative minimum tax.

***Taxation of Non-Resident Holders***

The following portion of this summary is generally applicable to Holders who, for the purposes of the Canadian Tax Act and at all relevant times: (i) are not resident or deemed to be resident in Canada, and (ii) do not use or hold Common Shares or Warrant in the course of a business carried on or deemed to be carried on in Canada ("Non-Resident Holders"). Special rules, which are not discussed in this summary, may apply to a Non-Resident Holder that is an insurer carrying on business in Canada and elsewhere or that is an "authorized foreign bank" (as defined in the Canadian Tax Act). Such Non-Resident Holders should consult their own tax advisors.

***Dividends***

Dividends paid or credited or deemed to be paid or credited to a Non-Resident Holder on the Common Shares will generally be subject to Canadian withholding tax at the rate of 25% on the gross amount of the dividend, unless such rate is reduced by the terms of an applicable income tax treaty or convention. Under the Treaty, the rate of withholding tax on dividends paid or credited to a Non-Resident Holder who is resident in the U.S. for purposes of the Treaty, is the beneficial owner of the dividends, and is fully entitled to benefits under the Treaty (a "U.S. Holder") is generally reduced to 15% of the gross amount of the dividend. The rate of withholding tax is further reduced to 5% if the beneficial owner of such dividend is a U.S. Holder that is a company that owns, directly or indirectly, at least 10% of the voting stock of the Company. Non-Resident Holders should consult their own tax advisors regarding the application of the Treaty or any other tax treaty.

***Disposition of Common Shares and Warrants***

A Non-Resident Holder will not be subject to tax under the Canadian Tax Act in respect of any capital gain realized on a disposition or deemed disposition of a Common Shares or Warrant, nor will capital losses arising therefrom be recognized under the Canadian Tax Act, unless such securities, as the case may be, constitutes "taxable Canadian property" (as defined in the Canadian Tax Act) of the Non-Resident Holder at the time of disposition and the Non-Resident Holder is not entitled to relief under an applicable income tax treaty or convention between Canada and the country in which the Non-Resident Holder is resident.

Provided that the Common Shares are listed on a "designated stock exchange" for the purposes of the Canadian Tax Act (which currently includes the Nasdaq Capital Market), at the time of disposition, the Common Shares, and Warrant generally will not constitute taxable Canadian property of a Non-Resident Holder at that time, unless at any time during the 60 month period immediately preceding the disposition, the following two conditions were satisfied concurrently: (i) 25% or more of the issued shares of any class or series of the capital stock of the Company were owned by, or belonged to, any combination of (a) the Non-Resident Holder; (b) persons with whom the Non-Resident Holder did not deal at arm's length (for purposes of the Canadian Tax Act); and (c) partnerships in which the Non-Resident Holder or a person described in (b) holds a membership interest directly or indirectly through one or more partnerships; and (ii) at such time, more than 50% of the fair market value of such shares was derived, directly or indirectly, from any combination of real or immovable property situated in Canada, "Canadian resource property" (as defined in the Canadian Tax Act), "timber resource property" (as defined in the Canadian Tax Act), or options in respect of, interests in, or for civil law rights in such properties, whether or not such property exists. Notwithstanding the foregoing, the Common Shares and Warrant may also be deemed to be taxable Canadian property to a Non-Resident Holder for purposes of the Canadian Tax Act in certain other circumstances. Non-Resident Holders should consult their own tax advisors as to whether their Common Shares or Warrant constitute "taxable Canadian property" in their own particular circumstances.

In the event that a Common Share or Warrant constitutes taxable Canadian property of a Non-Resident Holder and any capital gain that would be realized on the disposition thereof is not exempt from tax under the Canadian Tax Act pursuant to an applicable income tax treaty or convention, the income tax consequences discussed above for Resident Holders under "*Taxation of Resident Holders – Disposition of Common Shares and Warrants*" and "*Capital Gains and Capital Losses*" will generally apply to the Non-Resident Holder. Non-Resident Holders whose Common Shares or Warrant are taxable Canadian property should consult their own tax advisors.

**THE FOREGOING SUMMARY IS NOT INTENDED TO CONSTITUTE A COMPLETE DESCRIPTION OF ALL TAX CONSEQUENCES THAT MAY BE RELEVANT TO PARTICULAR HOLDERS OF UNITS AND IS NOT TAX OR LEGAL ADVICE. HOLDERS OF UNITS SHOULD CONSULT THEIR OWN TAX ADVISORS AS TO THE PARTICULAR TAX CONSEQUENCES TO THEM OF ACQUIRING, HOLDING AND DISPOSING OF UNITS.**

**ELIGIBILITY FOR INVESTMENT**

In the opinion of McMillan LLP, Canadian counsel to the Company, based on the current provisions of the Canadian Tax Act and the Regulations thereunder, in force as of the date hereof, the Unit Shares, Warrant Shares and Warrants, would, at a particular time, be qualified investments for trusts governed by a registered retirement savings plan ("RRSP"), registered retirement income fund ("RRIF"), registered education savings plan ("RESP"), registered disability savings plan ("RDSP"), tax-free savings account ("TFSA") or deferred profit sharing plan (collectively, the (Deferred Income Plans") at the time of the acquisition of such Unit Shares, Warrant Shares and Warrant, provided that at such time:

(i) in
 the case of the Unit Shares and Warrant Shares, the Unit Shares or Warrant Shares, as applicable, are listed on a "designated
 stock exchange" as defined in the Canadian Tax Act (which currently includes the Nasdaq Capital Market) or the Company
 qualifies as a "public corporation" (as defined in the Canadian Tax Act); and

(ii) in
 the case of the Warrants, (a) the Warrants are listed on a "designated stock exchange" as defined in the Canadian
 Tax Act (which currently includes the Nasdaq Capital Market), or (b) the Warrant Shares are qualified investments as described
 in (i) above and neither the Company, nor any person with whom the Company does not deals at arm's length, is an annuitant,
 a beneficiary, an employer or a subscriber under or a holder of such Registered Plan or DPSP.

The Unit Shares, Warrants and Warrant Shares are currently not listed on a "designated stock exchange" and the Company is currently not a "public corporation", as those terms are defined in the Canadian Tax Act. Accordingly, the Unit Shares, Warrants and Warrant Shares are currently not a qualified investment for Deferred Income Plans. The Company must rely on the Nasdaq Capital Market to list the Unit Shares, Warrants and Warrant Shares and have them posted for trading prior to or concurrent with the issuance of such securities on Closing and to otherwise proceed in such manner as may be required to result in such securities being considered as listed on the Nasdaq Capital Market for purposes of the Canadian Tax Act at the time of their issuance on Closing, and counsel expresses no opinion in this regard. Listing will be subject to the Company fulfilling all of the requirements of the Nasdaq Capital Market, and there can be no guarantee that the Nasdaq Capital Market approval of a listing (if at all) will be granted or will be in a form that is, or is acceptable to the Canada Revenue Agency (the "CRA") as, a full and unconditional listing sufficient for "qualified investment" status under the Canadian Tax Act for purposes of a Deferred Income Plan. If the Unit Shares, Warrants and Warrant Shares are not effectively listed on a "designated stock exchange" (which currently includes the Nasdaq Capital Market) for purposes of the Canadian Tax Act at the time of their issuance on Closing and the Company is not otherwise a "public corporation" at that time, the Unit Shares, Warrants and Warrant Shares will not be "qualified investments" for the Deferred Income Plans at that time. The adverse tax consequences where a Deferred Income Plan acquires or holds Unit Shares, Warrants or Warrant Shares that are not a "qualified investment" are not discussed in this summary. Holders who intend to acquire or hold Unit Shares, Warrants or Warrant Shares within a Deferred Income Plan should consult their own tax advisors in this regard.

Notwithstanding that Unit Shares, Warrants and Warrant Shares may become a qualified investment as referred to above, the holder of a TFSA or an RDSP, the annuitant under an RRSP or RRIF, or the subscriber of an RESP, as the case may be, will be subject to a penalty tax in respect of Unit Shares, Warrants or Warrant Shares held in such Deferred Income Plan if such securities are a "prohibited investment" for the relevant Deferred Income Plan. Generally, A security will not be a "prohibited investment" for a TFSA, RRSP, RRIF, RDSP or RESP if the holder, annuitant or subscriber, as the case may be, deals at arm's length with the Company for the purposes of the Canadian Tax Act and does not have a "significant interest" (as defined in the Canadian Tax Act) in the Company. In addition, the Unit Shares and Warrant Shares will not be a "prohibited investment" for a particular TFSA, RRSP, RRIF, RDSP or RESP if such securities are "excluded property",as defined in the Canadian Tax Act, for such TFSA, RRSP, RRIF, RDSP or RESP.

Based on legislative proposals released by the Minister of Finance (Canada) on August 9, 2022, it is expected that upon such amendments coming into force (which, under the August 2022 Proposed Amendments, would occur on January 1, 2023), (a) the Units Shares, Warrants and Warrant Shares would, provided they are qualified investments for Registered Plans as described above, also be qualified investments for trusts governed by a first home savings account (an "FHSA"), and (b) holders of FHSAs would also be subject to the prohibited investment rules described above.

**Prospective purchasers who intend to hold Common Shares or Warrant in a Deferred Income Plan or FHSA should consult their own tax advisors regarding their particular circumstances.**

**LIMITATIONS ON RIGHTS OF NON-CANADIANS**

Midori Group, Inc. is incorporated pursuant to the laws of the Province of British Columbia, Canada. There is no law or governmental decree or regulation in Canada that restricts the export or import of capital, or affects the remittance of dividends, interest or other payments to a non-resident holder of common shares, other than withholding tax requirements. Any such remittances to United States residents are generally subject to withholding tax, however no such remittances are likely in the foreseeable future. See the section titled "*Certain Canadian Federal Income Tax Considerations For United States Residents*" below.

There is no limitation imposed by Canadian law or by the charter or other constituent documents of our Company on the right of a non-resident to hold or vote common shares of our company. However, the Investment Canada Act (Canada) (the "Investment Act") has rules regarding certain acquisitions of shares by non-Canadians, along with other requirements under that legislation.

The following discussion summarizes the principal features of the Investment Act for a "non-Canadian" (as defined under the Investment Act) who proposes to acquire common shares of our Company. The discussion is general only; it is not a substitute for independent legal advice from an investor's own advisor; and it does not anticipate statutory or regulatory amendments.

The Investment Act is a federal statute of broad application regulating the establishment and acquisition of Canadian businesses by non-Canadians, including individuals, governments or agencies thereof, corporations, partnerships, trusts or joint ventures (each an "entity"). Investments by non-Canadians to acquire control over existing Canadian businesses or to establish new ones are either reviewable or notifiable under the Investment Act. If an investment by a non-Canadian to acquire control over an existing Canadian business is reviewable under the Investment Act, the Investment Act generally prohibits implementation of the investment unless, after review, the Minister of Innovation, Science and Economic Development Canada (the "Minister") is satisfied that the investment is likely to be of net benefit to Canada.

A non-Canadian would acquire control of our Company for the purposes of the Investment Act through the acquisition of common shares if the non-Canadian acquired a majority of the common shares of our Company.

Further, the acquisition of less than a majority but one-third or more of the common shares of our Company by a non-Canadian would be presumed to be an acquisition of control of our Company unless it could be established that, on the acquisition, our Company was not controlled in fact by the acquirer through the ownership of common shares.

For a direct acquisition that would result in an acquisition of control of our Company, subject to the exception for "WTO-investors" that are controlled by persons who are nationals or permanent residents of World Trade Organization ("WTO") member nations, a proposed investment generally would be reviewable where the value of the acquired assets is CAD$5 million or more.

For a proposed indirect acquisition by an investor other than a so-called "WTO investor" that would result in an acquisition of control of our Company through the acquisition of a non-Canadian parent entity, the investment generally would be reviewable where the value of the assets of the entity carrying on the Canadian business, and of all other entities in Canada, the control of which is acquired, directly or indirectly is CAD$50 million or more.

In the case of a direct acquisition by a WTO investor, the threshold is significantly higher. An investment in common shares of our Company by a WTO investor that is not a state-owned enterprise would be reviewable only if it was an investment to acquire control of the company and the enterprise value of the assets of the company was equal to or greater than a specified amount, which is published by the Minister after its determination for any particular year. For 2022, this amount is CAD$1.141 billion (unless the investor is controlled by persons who are nationals or permanent residents of countries that are party to one of a list of certain free trade agreements, in which case the amount is CAD$1.711 billion for 2022); each January 1, both thresholds are adjusted by a GDP (Gross Domestic Product) based index.

The higher WTO threshold for direct investments and the exemption for indirect investments do not apply where the relevant Canadian business is carrying on a "cultural business". The acquisition of a Canadian business that is a "cultural business" is subject to lower review thresholds under the Investment Act because of the perceived sensitivity of the cultural sector.

In 2009, amendments were enacted to the Investment Act concerning investments that may be considered injurious to national security. If the Minister has reasonable grounds to believe that an investment by a non-Canadian "could be injurious to national security," the Minister may send the non-Canadian a notice indicating that an order for review of the investment may be made. The review of an investment on the grounds of national security may occur whether or not an investment is otherwise subject to review on the basis of net benefit to Canada or otherwise subject to notification under the Investment Act.

Certain transactions, except those to which the national security provisions of the Investment Act may apply, relating to Common Shares of the Company are exempt from the Investment Act, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the acquisition of our
 Common Shares by a person in the ordinary course of that person's business as a trader or dealer in securities;

(b) the acquisition of control
 of the Company in connection with the realization of security granted for a loan or other financial assistance and not for a purpose
 related to the provisions of the Investment Act, if the acquisition is subject to approval under the *Bank Act*, *Cooperative Credit Associations Act*, the *Insurance Companies Act* or the *Trust and Loan Companies Act*; and

(c) the acquisition of control
 of the Company by reason of an amalgamation, merger, consolidation or corporate reorganization following which the ultimate direct
 or indirect control in fact of the Company through the ownership of Common Shares, remained unchanged.

**UNDERWRITING**

We are offering the units described in this prospectus through the underwriters listed below. EF Hutton, division of Benchmark Investments, LLC, or the representative, is acting as the lead underwriter and sole bookrunning manager of this offering. We have entered into an underwriting agreement with the underwriters. Subject to the terms and conditions of the underwriting agreement, we have agreed to sell to each underwriter named below, and each underwriter named below has severally agreed to purchase, at the public offering price less the underwriting discounts set forth on the cover page of this prospectus, the number of units listed next to its name in the following table

---

| | |
|:---|:---|
| **Name of Underwriter** | **Number of Units** |
| EF Hutton, division of Benchmark Investments, LLC |  |
| Total |  |

---

The underwriters are committed to purchase all of the units offered by us other than those Common Shares and Warrants covered by the over-allotment option described below, if it purchases any units. The obligations of the underwriters may be terminated upon the occurrence of certain events specified in the underwriting agreement. Furthermore, pursuant to the underwriting agreement, the underwriters' obligations are subject to customary conditions, representations and warranties contained in the underwriting agreement, such as receipt by the underwriters of officers' certificates and legal opinions.

We have agreed to indemnify the underwriters against specified liabilities, including liabilities under the Securities Act, and to contribute to payments the underwriters may be required to make in respect thereof.

The underwriters are offering the units, subject to prior sale, when, as and if issued to and accepted by them, subject to approval of legal matters by their counsel and other conditions specified in the underwriting agreement. The underwriters reserve the right to withdraw, cancel or modify offers to the public and to reject orders in whole or in part.

**Over-Allotment Option**

We have granted to the underwriters an option to purchase from us up to an additional Common Shares, representing 15% of the Common Shares sold in this offering and/or up to an additional Warrants, representing 15% of the Warrants sold in this offering, assuming an public offering price of $ per Unit (which is the low-end of the estimated range of the public offering price shown on the cover page of this prospectus), in any combination thereof, solely to cover over-allotments, if any. The Common Shares to be purchased pursuant to the over-allotment option will be acquired at the public offering price, less the underwriting discounts and the warrants to be purchased pursuant to the over-allotment option will be acquired at $4.15 per Warrant. The underwriters may exercise this option, in whole or in part, for the common shares and/or the warrants, any time during the 45-day period after the closing date of the offering, but only to cover over-allotments, if any. To the extent the underwriters exercise the option, the underwriters will become obligated, subject to certain conditions, to purchase the shares and/or warrants for which they exercise the option.

**Underwriting Discount**

The following table shows the per unit and total underwriting discounts and commissions to be paid to the underwriters. Such amounts are shown assuming both no exercise and full exercise of the underwriters' over-allotment.

---

| | | | |
|:---|:---|:---|:---|
|  | **Per Unit** | **Without Over-Allotment Option** | **With Over-Allotment Option** |
| Public offering price | $| $| $|
| Underwriting discounts and commissions (7%) |  |  |  |
| Non-accountable expense allowance (2%) |  |  |  |
| Proceeds, before expenses, to us | $| $| $|

---

The underwriters propose to offer the units offered by us to the public at the public offering price set forth on the cover of this prospectus. In addition, the underwriters may offer some of the units to other securities dealers at such price less a concession of $ per unit. If all of the units offered by us are not sold at the public offering price, the representative may change the offering price and other selling terms by means of a supplement to this prospectus.

We have also agreed that in the event that we do not consummate this offering, the representative will be entitled to a cash fee equal to 7% of the gross proceeds received by us from the sale of securities to any investor actually introduced by the representative to us through or within the twelve (12) month period following the financing of the offering and such financing is consummated at any time through or within the twelve (12) month period, provided that such financing is by a party actually introduced to us in an offering in which we have direct knowledge of such financing party's participation and is not a party that we can demonstrate was already known to us.

We have also agreed to pay the following expenses of the representative relating to the offering: (a) all filing fees and expenses relating to the registration of the Securities with the Commission; (b) all fees and expenses relating to the listing of the Common Stock on a national exchange, if applicable; (c) all fees, expenses and disbursements relating to the registration or qualification of the Securities under the "blue sky" securities laws of such states and other jurisdictions as the representative may reasonably designate (including, without limitation, all filing and registration fees, and the reasonable fees and disbursements of our "blue sky" counsel, which will be the representative's counsel) unless such filings are not required in connection with our proposed listing on a national exchange, if applicable; (d) all fees, expenses and disbursements relating to the registration, qualification or exemption of the Securities under the securities laws of such foreign jurisdictions as the representative may reasonably designate; (e) the costs of all mailing and printing of the Offering documents; (f) transfer and/or stamp taxes, if any, payable upon the transfer of Securities from the company to the representative; (g) the fees and expenses of the Company's accountants; (h) all filing fees and communication expenses associated with the review of the Offering by FINRA; (i) the representative's actual accountable road show expenses for the Offering; (j) the cost associated with the representative's use of Ipreo's book building, prospectus tracking and compliance software for the offering; (k) the costs associated with bound volumes of the Offering materials as well as commemorative mementos and lucite tombstones; and (l) the fees for the representative's legal counsel. For the sake of clarity, these expenses shall not exceed $150,000 total. The representative may deduct from the net proceeds of the Offering payable to the company on the date of Closing, or the closing of the Over-Allotment Option, if any, the expenses set forth herein to be paid by the company to the underwriters. Additionally, two percent (2.0%) of the gross proceeds of the Offering shall be provided to the representative for non-accountable expenses.

We estimate that the total expenses of the offering payable by us, excluding the total underwriting discount and the nonaccountable expense reimbursement which is based on the amount raised, will be approximately $564,475.

**No Sales of Similar Securities; Lock-Up**

We have agreed with the underwriters that we will not, without the prior written consent of the representative and subject to certain exceptions, for a period of 180 days after the date of this prospectus: (i) offer, 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, lend, or otherwise transfer or dispose of, directly or indirectly, any classes of our shares or any securities convertible into or exercisable or exchangeable for classes of our shares; (ii) file or caused to be filed any registration statement with the SEC, relating to the offering of any classes of our shares or any securities convertible into or exercisable or exchangeable for any classes of our shares; (iii) complete any offering of debt securities, other than entering into a line of credit with a traditional bank; or (iv) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any classes of our shares, whether any such transaction described in clause (i), (ii), (iii) or (iv) above is to be settled by delivery of any classes of our shares or such other securities, in cash or otherwise.

In addition, each of our directors, officers and holders of 1% or more of our outstanding common shares have agreed that they will not, without the prior written consent of the representative and subject to certain exceptions, for a period of 180 days after the closing of this offering: (i) offer, sell, agree to offer or sell, solicit offers to purchase, grant any call option or purchase any put option with respect to, pledge, encumber, assign, borrow or otherwise dispose of any of our common shares or any securities convertible into or exercisable or exchangeable for our common shares, or otherwise publicly disclose the intention to do so, or (ii) establish or increase any "put equivalent position" or liquidate or decrease any "call equivalent position" with respect to such securities (in each case within the meaning of Section 16 of the Exchange Act and the rules and regulations thereunder) with respect to any such security or otherwise enter into any swap, derivative or other transaction or arrangement that transfers to another, in whole or in part, any economic consequence of ownership of any such security, whether or not such transaction is to be settled by the delivery of such securities, other securities, cash or other consideration, or otherwise publicly disclose the intention to do so.

**Representative's Warrants**

We have agreed to issue to the representative or its designees at the closing of this offering warrants to purchase the number of Common Shares equal to 3% of the aggregate number of shares sold in this offering. The warrants will be exercisable at any time and from time to time, in whole or in part, during the four-and-a-half-year period commencing six months after the date of the commencement of the sales of the public securities. The Warrants will be exercisable at a per share price equal to 125% of the public offering price per unit in the offering. The Warrants have been deemed compensation by FINRA and are therefore subject to a 180-day lock-up pursuant to Rule 5110(g)(1) of FINRA. The representative (or permitted assignees under Rule 5110(g)(1)) will not sell, transfer, assign, pledge, or hypothecate these warrants or the securities underlying these warrants, nor will they engage in any hedging, short sale, derivative, put, or call transaction that would result in the effective economic disposition of the Warrants or the underlying securities for a period of 180 days after the date of the commencement of the sales of the public securities. The Warrants and the Common Shares underlying the Warrants are being registered as a part of the registration statement of which this prospectus forms a part and will be freely tradable upon the declaration of the effectiveness of such registration statement by the SEC.

The Warrants will provide for registration rights (including a one-time demand registration right and unlimited piggyback rights) and 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, reorganization, mergers and similar events).

**Right of First Refusal**

We have granted the representative an irrevocable right of first refusal, for a period of twelve (12) months from the closing of the offering, to act as sole investment banker, sole book-runner, and/or sole placement agent, at the representative's sole discretion, for each and every future public and private equity and debt offering, including all equity linked financings, subject to certain exceptions (each being referred to as a subject transaction), during such twelve (12) month period, of the Company, or any successor to or subsidiary of the Company, on terms and conditions customary to the representative for such subject transactions. The representative shall have the sole right to determine whether or not any other broker dealer shall have the right to participate in the subject transaction and the economic terms of such participation.

**Tail Financing**

In the event that the offering is not consummated, the representative will be entitled to a cash fee equal to seven percent (7%) of the gross proceeds received by us from the sale of the securities to any investor actually introduced to us by the representative during the during the representative's engagement period, and such financing is consummated at any time during the while the representative is engaged or within the twelve (12) month period following the expiration of the engagement period, provided that such financing is by a party actually introduced to us in an offering in which we have direct knowledge of such party's participation and is not a party that we can demonstrate was already known to us.

**Price Stabilization, Short Positions and Penalty Bids**

To facilitate this offering, the underwriters may engage in transactions that stabilize, maintain or otherwise affect the price of our securities during and after the offering. Specifically, the underwriters may over-allot or otherwise create a short position in our securities for their own account by selling more securities than we have sold to the underwriters. The underwriters may close out any short position by either exercising their option to purchase additional securities or purchasing securities in the open market.

In addition, the underwriters may stabilize or maintain the price of our securities by bidding for or purchasing securities in the open market and may impose penalty bids. If penalty bids are imposed, selling concessions allowed to broker-dealers participating in this offering are reclaimed if securities previously distributed in this offering are repurchased, whether in connection with stabilization transactions or otherwise. The effect of these transactions may be to stabilize or maintain the market price of our securities at a level above that which might otherwise prevail in the open market. The imposition of a penalty bid may also affect the price of our securities to the extent that it discourages resales of our securities. The magnitude or effect of any stabilization or other transactions is uncertain. These transactions may be effected on the Nasdaq Capital Market or otherwise and, if commenced, may be discontinued at any time.

In connection with this offering, the underwriters and selling group members, if any, may also engage in passive market making transactions in our securities on the Nasdaq Capital Market. Passive market making consists of displaying bids on the Nasdaq Capital Market by the prices of independent market makers and effecting purchases limited by those prices in response to order flow. Rule 103 of Regulation M promulgated by the SEC limits the amount of net purchases that each passive market maker may make and the displayed size of each bid. Passive market making may stabilize the market price of our common stock at a level above that which might otherwise prevail in the open market and, if commenced, may be discontinued at any time.

Neither we nor the underwriters make any representation or prediction as to the direction or magnitude of any effect that the transactions described above may have on the price of our securities. In addition, neither we nor the underwriters make any representation that the underwriters will engage in these transactions or that any transaction, if commenced, will not be discontinued without notice.

**Affiliations**

The underwriters and their respective affiliates are full service financial institutions engaged in various activities, which may include securities trading, commercial and investment banking, financial advisory, investment management, investment research, principal investment, hedging, financing and brokerage activities. Each of the underwriters may in the future engage in investment banking and other commercial dealings in the ordinary course of business with us or our affiliates. The underwriters may in the future receive customary fees and commissions for these transactions.

In the ordinary course of their various business activities, the underwriters and their respective affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers, and such investment and securities activities may involve our securities and/or instruments. The underwriters and respective affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or instruments and may at any time hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

**Electronic Offer, Sale and Distribution**

In connection with this offering, the underwriters or certain of the securities dealers may distribute prospectuses by electronic means, such as e-mail. In addition, the underwriters may facilitate Internet distribution for this offering to certain of their internet subscription customers. The underwriters may allocate a limited number of units for sale to their online brokerage customers. An electronic prospectus is available on the Internet websites maintained by any such underwriters. Other than the prospectus in electronic format, the information on the websites of the underwriters are not part of this prospectus.

**Listing**

Prior to this offering, there has been no public market for our securities. We intend to apply to list our Common Shares and Warrants (forming part of the Units offered hereby) on the Nasdaq Capital Market under the symbols "MDRI" and "MDRIW," respectively. There is no assurance that our listing application will be approved by the Nasdaq Capital Market. The approval of our listing on the Nasdaq Capital Market is a condition of closing this offering.

**Selling Restrictions**

***Canada.*** The securities may be sold in Canada only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45 106 *Prospectus Exemptions* or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument 31 103 *Registration Requirements, Exemptions and Ongoing Registrant Obligations*. Any resale of the securities must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws.

Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for particulars of these rights or consult with a legal advisor.

Pursuant to section 3A.3 of National Instrument 33 105 *Underwriting Conflicts* (NI 33 105), the underwriters are not required to comply with the disclosure requirements of NI 33 105 regarding underwriter conflicts of interest in connection with this offering.

***European Economic Area.*** In relation to each Member State of the European Economic Area which has implemented the Prospectus Directive, or a Relevant Member State, an offer to the public of any of the securities may not be made in that Relevant Member State, except that an offer to the public in that Relevant Member State of any of the securities may be made at any time under the following exemptions under the Prospectus Directive, if they have been implemented in that Relevant Member State:

● to any legal entity which is a qualified investor as defined in the Prospectus Directive;

● to fewer than 100 or, if the Relevant Member State has implemented the relevant provision of the 2010 PD Amending Directive, 150, natural or legal persons (other than qualified investors as defined in the Prospectus Directive), as permitted under the Prospectus Directive, subject to obtaining the prior consent of the representatives for any such offer; or

● in any other circumstances falling within Article 3(2) of the Prospectus Directive, provided that no such offer of the securities shall result in a requirement for the publication by us or any underwriter of a prospectus pursuant to Article 3 of the Prospectus Directive.

For the purposes of this provision, the expression an "offer to the public" in relation to any of the securities in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and any of the securities to be offered so as to enable an investor to decide to purchase the securities, as the same may be varied in that Member State by any measure implementing the Prospectus Directive in that Member State, the expression "Prospectus Directive" means Directive 2003/71/EC (and amendments thereto, including the 2010 PD Amending Directive, to the extent implemented in the Relevant Member State), and includes any relevant implementing measure in the Relevant Member State, and the expression "2010 PD Amending Directive" means Directive 2010/73/EU.

***United Kingdom.*** Each of the underwriters have represented and agreed that:

● it has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the Financial Services and Markets Act 2000, or the FSMA) received by it in connection with the issue or sale of the securities in circumstances in which Section 21(1) of the FSMA does not apply to us; and

● it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to the securities in, from or otherwise involving the United Kingdom.

***Switzerland.*** The securities may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange, or the SIX, or on any other stock exchange or regulated trading facility in Switzerland. This document has been prepared without regard to the disclosure standards for issuance prospectuses under art. 652a or art. 1156 of the Swiss Code of Obligations or the disclosure standards for listing prospectuses under art. 27 ff. of the SIX listing rules or the listing rules of any other stock exchange or regulated trading facility in Switzerland. Neither this document nor any other offering or marketing material relating to the securities or the offering may be publicly distributed or otherwise made publicly available in Switzerland.

Neither this document nor any other offering or marketing material relating to the offering, or the securities have been or will be filed with or approved by any Swiss regulatory authority. In particular, this document will not be filed with, and the offer of the securities will not be supervised by, the Swiss Financial Market Supervisory Authority FINMA, and the offer of the securities has not been and will not be authorized under the Swiss Federal Act on Collective Investment Schemes, or CISA. Accordingly, no public distribution, offering or advertising, as defined in CISA, its implementing ordinances and notices, and no distribution to any non-qualified investor, as defined in CISA, its implementing ordinances and notices, shall be undertaken in or from Switzerland, and the investor protection afforded to acquirers of interests in collective investment schemes under CISA does not extend to acquirers of the securities.

***Australia.*** No placement document, prospectus, product disclosure statement or other disclosure document has been lodged with the Australian Securities and Investments Commission in relation to the offering.

This prospectus does not constitute a prospectus, product disclosure statement or other disclosure document under the Corporations Act 2001, or the Corporations Act, and does not purport to include the information required for a prospectus, product disclosure statement or other disclosure document under the Corporations Act.

Any offer in Australia of the securities may only be made to persons (referred to as Exempt Investors) who are "sophisticated investors" (within the meaning of section 708(8) of the Corporations Act), "professional investors" (within the meaning of section 708(11) of the Corporations Act) or otherwise pursuant to one or more exemptions contained in section 708 of the Corporations Act so that it is lawful to offer the securities without disclosure to investors under Chapter 6D of the Corporations Act.

The securities applied for by Exempt Investors in Australia must not be offered for sale in Australia in the period of 12 months after the date of allotment under the offering, except in circumstances where disclosure to investors under Chapter 6D of the Corporations Act would not be required pursuant to an exemption under section 708 of the Corporations Act or otherwise or where the offer is pursuant to a disclosure document which complies with Chapter 6D of the Corporations Act. Any person acquiring securities must observe such Australian on-sale restrictions.

This prospectus contains general information only and does not take account of the investment objectives, financial situation or particular needs of any particular person. It does not contain any securities recommendations or financial product advice. Before making an investment decision, investors need to consider whether the information in this prospectus is appropriate to their needs, objectives and circumstances, and, if necessary, seek expert advice on those matters.

***Israel.*** In the State of Israel, this prospectus shall not be regarded as an offer to the public to purchase securities under the Israeli Securities Law, 5728 — 1968, which requires a prospectus to be published and authorized by the Israel Securities Authority, if it complies with certain provisions of Section 15 of the Israeli Securities Law, 5728 — 1968, including, inter alia, if: (i) the offer is made, distributed or directed to not more than 35 investors, subject to certain conditions, or the Addressed Investors; or (ii) the offer is made, distributed or directed to certain qualified investors defined in the First Addendum of the Israeli Securities Law, 5728 — 1968, subject to certain conditions, or the Qualified Investors. The Qualified Investors shall not be taken into account in the count of the Addressed Investors and may be offered to purchase securities in addition to the 35 Addressed Investors. Our company has not and will not take any action that would require it to publish a prospectus in accordance with and subject to the Israeli Securities Law, 5728 — 1968. We have not and will not distribute this prospectus or make, distribute or direct an offer to subscribe for our securities to any person within the State of Israel, other than to Qualified Investors and up to 35 Addressed Investors.

Qualified Investors may have to submit written evidence that they meet the definitions set out in of the First Addendum to the Israeli Securities Law, 5728 — 1968. In particular, we may request, as a condition to be offered securities, that Qualified Investors will each represent, warrant and certify to us or to anyone acting on our behalf: (i) that it is an investor falling within one of the categories listed in the First Addendum to the Israeli Securities Law, 5728 — 1968; (ii) which of the categories listed in the First Addendum to the Israeli Securities Law, 5728 — 1968 regarding Qualified Investors is applicable to it; (iii) that it will abide by all provisions set forth in the Israeli Securities Law, 5728 — 1968 and the regulations promulgated thereunder in connection with the offer to be issued securities; (iv) that the securities that it will be issued are, subject to exemptions available under the Israeli Securities Law, 5728 — 1968: (a) for its own account; (b) for investment purposes only; and (c) not issued with a view to resale within the State of Israel, other than in accordance with the provisions of the Israeli Securities Law, 5728 — 1968; and (v) that it is willing to provide further evidence of its Qualified Investor status. Addressed Investors may have to submit written evidence in respect of their identity and may have to sign and submit a declaration containing, inter alia, the Addressed Investor's name, address and passport number or Israeli identification number.

**EXPENSES RELATING TO THIS OFFERING**

Set forth below is an itemization of the total expenses in USD$, excluding Underwriting discounts, expected to be incurred in connection with this offering by us. With the exception of the SEC registration fee, Nasdaq Capital Market filing fee and the FINRA filing fee, all amounts are estimates.

---

| | |
|:---|:---|
| SEC registration fee | $5919 |
| Nasdaq Capital Market filing fee | $75000 |
| FINRA filing fee | $8556 |
| Transfer agent and warrant agent fees and expenses | $10000 |
| Printer fees | $5000 |
| Legal fees and expenses | $300000 |
| Accounting fees and expenses | $150000 |
| Non-accountable expenses | $355715 |
| Miscellaneous expenses | $10000 |
| Total | $920190 |

---

**LEGAL MATTERS**

The validity of the issuance of the Units and Common Shares offered in this prospectus as to British Columbia, Canada law will be passed upon for us by McMillan LLP, our Canadian counsel. The validity of the issuance of the Warrants and Representative's Warrants offered in this prospectus and certain matters related to the laws of the United States will be passed upon for us by Anthony L.G., PLLC, West Palm Beach, Florida. Sheppard, Mullin, Richter & Hampton LLP is acting as counsel to the underwriters.

**EXPERTS**

Our consolidated financial statements for the year ended September 30, 2022 and for the period from January 6, 2021 (inception) to September 30, 2021, included in this prospectus will have been so included in reliance on the report of our auditor, Crowe MacKay LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.

**ENFORCEABILITY OF CIVIL LIABILITY**

We are incorporated under the laws of British Columbia, Canada. Service of process upon us and upon certain of our directors and officers and the experts named in this prospectus, who reside outside the U.S., may be difficult to obtain within the U.S. Furthermore, because a substantial amount of our assets and certain of our directors and officers are located outside the U.S., any judgment obtained in the U.S. against us or certain of our directors and officers may not be collectible within the U.S.

We have also been advised by McMillan LLP, our Canadian legal advisor, that there is doubt as to the enforceability, in original actions in Canadian courts, of liabilities based on the U.S. federal securities laws or "blue sky" laws of any state within the United States and as to the enforceability in Canadian courts of judgments of U.S. courts obtained in actions based on the civil liability provisions of the U.S. federal securities laws or any such state securities or blue sky laws. Therefore, it may not be possible to enforce those judgments against us, certain of our directors and officers, and the experts named in this prospectus.

**WHERE YOU CAN FIND ADDITIONAL INFORMATION**

We have filed with the SEC a registration statement on Form F-l, including relevant exhibits and schedules under the Securities Act, covering the Common Shares offered by this prospectus. You should refer to our registration statements and their exhibits and schedules if you would like to find out more about us and about the Common Shares. This prospectus summarizes material provisions of contracts and other documents that we refer you to. Since the prospectus may not contain all the information that you may find important, you should review the full text of these documents.

We are subject to periodic reporting and other informational requirements of the Exchange Act, as applicable to foreign private issuers. Accordingly, we are required to file reports, including annual reports on Form 20-F, and other information with the SEC. As a foreign private issuer, we are exempt from the rules of the Exchange Act prescribing the furnishing and content of proxy statements to shareholders under the federal proxy rules contained in Sections 14(a), (b) and (c) of the Exchange Act, and our executive officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act.

We have filed with the SEC a registration statement (including exhibits to the registration statement) on Form F-1 under the Securities Act. This prospectus, which is part of the registration statement, does not contain all of the information set forth in the registration statement. The rules and regulations of the SEC allow us to omit certain information from this prospectus that is included in the registration statement and the exhibits and schedules to the registration statement. For further information, we refer you to the registration statement and the exhibits and schedules filed as part of the registration statement.

Statements made in this prospectus concerning the contents of any contract, agreement or other document are not complete descriptions of all terms of these documents. If a document has been filed as an exhibit to the registration statement, we refer you to the copy of the document that has been filed for a complete description of its terms. Each statement in this prospectus relating to a document filed as an exhibit is qualified in all respects by the filed exhibit. You should read this prospectus and the documents that we have filed as exhibits to the registration statement of which this prospectus is a part completely.

We are subject to the informational requirements of the Exchange Act. Accordingly, we are required to file reports and other information with the SEC, including annual reports on Form 20-F and reports on Form 6-K. The SEC maintains an internet website that contains reports and other information about issuers, like us, that file electronically with the SEC. The address of that website is www.sec.gov.

As a foreign private issuer, we are exempt under the Exchange Act from, among other things, the rules prescribing the furnishing and content of proxy statements, and our officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act. In addition, we are not required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act.

The SEC maintains a website that contains reports, proxy statements and other information about issuers, such as us, who file electronically with the SEC. The address of that website is http://www.sec.gov. The information on that website is not a part of this prospectus.

No dealers, salesperson or other person is authorized to give any information or to represent anything not contained in this prospectus. You must not rely on any unauthorized information or representations. This prospectus is an offer to sell only the securities offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this prospectus is current only as of its date.

**MIDORI GROUP INC.**

**INDEX TO FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm](#ka_001) | F-2 |
| [Consolidated Statements of Financial Position, as of September 30, 2022 and 2021 (Audited)](#link_002) | F-3 |
| [Consolidated Statements of Income (loss) and Comprehensive Income (loss) for the Year Ended September 30, 2022 and the Period from January 6, 2021 (inception) to September 30, 2021 (Audited)](#link_003) | F-4 |
| [Consolidated Statements of Changes in Equity for the Year Ended September 30, 2022 and the Period from January 6, 2021 (inception) to September 30, 2021 (Audited)](#link_004) | F-5 |
| [Consolidated Statements of Cash Flows for the Year Ended September 30, 2022 and the Period from January 6, 2021 (inception) to September 30, 2021 (Audited)](#link_005) | F-6 |
| [Notes to Consolidated Financial Statements](#link_006) | F-7 |

---

---

| | |
|:---|:---|
| ![](auditor_001.jpg) | **Crowe MacKay LLP** |
| ![](auditor_001.jpg) |  |
| ![](auditor_001.jpg) | 1100 – 1177 West Hastings Street |
| ![](auditor_001.jpg) | Vancouver, BC V6E 4T5 |
| ![](auditor_001.jpg) | Main +1 (604) 687-4511 |
| ![](auditor_001.jpg) | Fax +1 (604) 687-5805 |
| ![](auditor_001.jpg) | www.crowemackay.ca |

---

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Directors of Midori Group Inc.

**Opinion on the Consolidated Financial Statements**

We have audited the accompanying consolidated statements of financial position of Midori Group Inc. and its subsidiary (the "Company") as of September 30, 2022 and September 30, 2021, the related consolidated statements of income (loss) and comprehensive income (loss), cash flows and changes in equity for the periods then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies.

In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Company as of September 30, 2022 and September 30, 2021, and the results of its operations and its cash flows for the periods then ended, in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board.

**Emphasis of Matter Regarding Going Uncertainty**

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the consolidation financial statements, the continued operations of the Company are dependent on future profitable operations, management's ability to manage costs and the future availability of equity or debt financing which raise substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 1. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Our opinion is not modified in respect of this matter.

**Basis for Opinion**

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

**Auditor's Responsibilities for the Audit of the Financial Statements**

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Crowe MacKay LLP

**Chartered Professional Accountants**

We have served as the Company's auditor since 2021.

**Vancouver, Canada**

March 13, 2023

**Midori Group Inc.**

**(Formerly 1284670 B.C. Ltd.)** 

**Consolidated Statements of Financial Position**

(In Canadian Dollars)

------

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br> **2022** | September 30, <br>2021 |
| **Assets** |  |  |
| **Current assets** |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $**3999183** | $36930 |
| &nbsp;&nbsp;&nbsp;Accounts receivables (Note 11) | **250513** | 14846 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | **684** | 684 |
| &nbsp;&nbsp;&nbsp;Inventories (Note 5) | **322706** | - |
|  | **4573086** | 52460 |
| &nbsp;&nbsp;&nbsp;Equipment | **4545** | - |
|  | $**4577631** | $52460 |
| **Liabilities** |  |  |
| **Current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | $**379282** | $9500 |
| &nbsp;&nbsp;&nbsp;Deferred revenue (Note 10) | **137070** |  |
| &nbsp;&nbsp;&nbsp;Subscriptions payable | **54861** |  |
| &nbsp;&nbsp;&nbsp;Current income taxes payable | **-** | 5463 |
|  | **571213** | 14963 |
| Total liabilities | **571213** | 14963 |
| **Equity** |  |  |
| &nbsp;&nbsp;&nbsp;Share capital (Note 6) | **10775674** | 220 |
| &nbsp;&nbsp;&nbsp;Share subscription receivable (Note 6) | **-** | (105) |
| &nbsp;&nbsp;&nbsp;Reserves (Note 6) | **6094000** |  |
| &nbsp;&nbsp;&nbsp;Retained earnings (Deficit) | **(12863256)** | 37382 |
| Total equity | **4006418** | 37497 |
|  | $**4577631** | $52460 |

---

Nature of operations and going concern *(Note 1)*

Commitments *(Note 13)*

 

Approved on behalf of the Board of Directors:

---

| |
|:---|
| *"Ken Lyons"* |
| **Ken Lyons, Director** |
| *"Robert Leeder"* |
| **Robert Leeder, Director** |

---

*The accompanying notes are an integral part of these consolidated financial statements.* 

 

**Midori Group Inc.**

**(Formerly 1284670 B.C. Ltd.)** 

**Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)**

(In Canadian Dollars)

------

---

| | | |
|:---|:---|:---|
|  | ***For the year ended*** <br>***September 30, 2022*** | ***For the period ended <br> September 30, 2021*** |
| **Revenue *(Note 10)*** | $**493056** | $**351476** |
| **Cost of sales *(Note 5)*** | **218700** | **118496** |
|  | **274356** | **232980** |
| **General and administrative expenses** |  |  |
| &nbsp;&nbsp;&nbsp;Management and consulting fees *(Note 7)* | **1568751** | **110000** |
| &nbsp;&nbsp;&nbsp;Professional fees | **528587** | **14770** |
| &nbsp;&nbsp;&nbsp;Marketing | **112541** | **8135** |
| &nbsp;&nbsp;&nbsp;Travel | **70045** | **-** |
| &nbsp;&nbsp;&nbsp;Office and general | **47562** | **15379** |
| &nbsp;&nbsp;&nbsp;Research and development | **23602** | **-** |
| &nbsp;&nbsp;&nbsp;Commissions | **22936** | **48878** |
| &nbsp;&nbsp;&nbsp;Interest *(Note 9)* | **9143** | **-** |
| &nbsp;&nbsp;&nbsp;Storage | **6484** | **-** |
| &nbsp;&nbsp;&nbsp;Depreciation | **1398** | **-** |
|  | **(2391049)** | **(197162)** |
| **Operating income (loss)** | **(2116693)** | **35818** |
| Interest income | **2232** | **-** |
| Foreign exchange gain (loss) | **(14802)** | **7027** |
| Transaction cost *(Note 4)* | **(10776838)** | **-** |
| I**ncome from operations before tax** | **(12906101)** | **42845** |
| Income tax recovery (expense) *(Note 8)* | **5463** | **(5463)** |
| **Net income (loss) and comprehensive income (loss) for the period** | $**(12900638)** | $**37382** |
| **Basic and diluted profit (loss) per share** | $**(0.45)** | $**0.00** |
| Weighted average number of common shares outstanding - basic and diluted | **28621410** | **22000000** |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

 

 

**Midori Group Inc.**

**(Formerly 1284670 B.C. Ltd.)** 

**Consolidated Statements of Changes in Equity**

(In Canadian Dollars)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares** | **Number of<br> Special<br> Warrants** | **Share<br> Capital<br> Amount** | **Special<br> Warrants<br> Amount** | **Share<br> subscription<br> receivable** | **Reserves** | **Retained<br> Earnings<br> (Deficit)** | **Total** |
| Common shares issued, <br>January 6, 2021 | 22000000 |  | $220 | $- | $(105) | $- | $- | $115 |
| Net income for the period | - | - | - | - | - | - | 37382 | 37382 |
| **Balance, September 30, 2021** | **22000000** | **-** | **220** | **-** | **(105)** | **-** | **37382** | **37497** |
| Elimination of Midori-Bio shares upon RTO | (22000000) |  |  |  |  |  |  |  |
| Shares issued to Midori-Bio shareholders upon RTO | 22000000 |  |  |  |  |  |  |  |
| Shares and warrants of Midori Group on RTO | 9188000 |  | 4594000 |  |  | 4115000 |  | 8709000 |
| Warrants issued for advisory services |  |  |  |  |  | 1857000 |  | 1857000 |
| Shares issued for consulting services | 600000 |  | 300000 |  |  |  |  | 300000 |
| Special warrants issued for concurrent financing |  | 12858500 |  | 6429250 |  |  |  | 6429250 |
| Special warrants issue costs |  |  |  | (547796) |  | 122000 |  | (425796) |
| Subscription received |  |  |  |  | 105 |  |  | 105 |
| Special warrants converted to common shares | 12858500 | (12858500) | 5881454 | (5881454) |  |  |  |  |
| Net loss for the year | - | - | - | - | - | - | (12900638) | (12900638) |
| **Balance, September 30, 2022** | **44646500** | **-** | $**10775674** | $**-** | $**-** | $**6094000** | $**(12863256)** | $**4006418** |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

 

 

**Midori Group Inc.**

**(Formerly 1284670 B.C. Ltd.)** 

**Consolidated Statements of Cash Flows**

(In Canadian Dollars)

------

---

| | | |
|:---|:---|:---|
|  | **For the year ended<br> September 30, 2022** | For the period ended<br> September 30, 2021 |
| **Operating activities** |  |  |
| Income (loss) for the period | $**(12900638)** | $37382 |
| Depreciation | **1398** |  |
| Consulting fees paid by share issuance | **300000** |  |
| Transaction cost | **10776838** |  |
| Change in non-cash working capital components |  |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable | **(235667)** | (14846) |
| &nbsp;&nbsp;&nbsp;Prepaid expenses |  | (684) |
| &nbsp;&nbsp;&nbsp;Inventories | **(322706)** |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | **(40956)** | 9500 |
| &nbsp;&nbsp;&nbsp;Deferred revenue | **137070** |  |
| &nbsp;&nbsp;&nbsp;Current income taxes payable | **(5463)** | 5463 |
| &nbsp;&nbsp;&nbsp;Share subscription payable | **54761** | - |
| **Cash from (used) in operating activities** | **(2235363)** | 36815 |
| **Investing activity** |  |  |
| &nbsp;&nbsp;&nbsp;Purchase of equipment | **(5943)** | - |
| **Cash used in investing activity** | **(5943)** | - |
| **Financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Cash paid for special warrants issuance costs | **(425796)** |  |
| &nbsp;&nbsp;&nbsp;Cash received for special warrant financing | **6429250** |  |
| &nbsp;&nbsp;&nbsp;Loan from Midori Group Inc. prior to RTO | **200000** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from promissory notes | **180000** |  |
| &nbsp;&nbsp;&nbsp;Repayment of promissory notes | **(180000)** |  |
| &nbsp;&nbsp;&nbsp;Share subscription received | **105** |  |
| &nbsp;&nbsp;&nbsp;Proceeds on issuance of shares | **-** | 115 |
| **Cash provided by financing activities** | **6203559** | 115 |
| **Increase in cash during the period** | **3962253** | 36930 |
| **Cash, beginning of period** | **36930** | - |
| **Cash, end of period** | $**3999183** | $36930 |
| Cash paid for taxes | $**7755** | $- |
| Cash paid for interests | $**9143** | $- |
| Agent warrant issued | $**122000** | $- |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

 

 

**Midori Group Inc.**

**(Formerly 1284670 B.C. Ltd.)** 

**Notes to the Consolidated Financial Statements**

**For the year ended September 30, 2022 and for the period from January 6, 2021 (inception) to September 30, 2021**

(In Canadian Dollars)

------

**1.** **Nature of Operations and Going Concern** 

Midori Group Inc. ("Midori Group" or the "Company") was originally incorporated as 1284670 B.C. Ltd. in British Columbia, Canada under the British Columbia Business Corporations Act on January 19, 2021 and renamed to Midori Group Inc. on June 29, 2022. The wholly owned operating subsidiary, Midori-Bio Inc. ("Midori-Bio") was incorporated in Ontario, Canada under the Canada Business Corporations Act on January 6, 2021. The Company's head office is located at 5 Hazelton Avenue Suite 400, Toronto, Ontario, M5R 2E1. The registered and records office of the Company is located at Suite 1500 – 1055 West Georgia Street, Vancouver, British Columbia V6E 4N7.

On January 6, 2022, 1284670 BC. Ltd. acquired all the issued and outstanding shares of Midori-Bio by way of reverse takeover (the "RTO"). Pursuant to the acquisition, Midori-Bio became a wholly owned subsidiary of Midori Group for legal purposes and the Company changed its name to Midori Group Inc. Upon closing of the transaction, the shareholders of Midori-Bio had control of the Company and as a result, the transaction is considered a reverse acquisition of Midori Group by Midori-Bio. For accounting purposes, Midori-Bio is considered the acquirer and Midori Group, the acquiree; therefore, these consolidated financial statements are a continuation of the financial statements of Midori-Bio. The net assets of Midori Group at the date of the reverse acquisition are deemed to have been acquired by Midori-Bio and these consolidated financial statements include the results of operations of Midori Group from January 6, 2022. See Note 4 for additional details.

Post RTO, the Company will apply to list (the "Listing") its common shares on the NASDAQ Stock Exchange ("Nasdaq"). The Company will carry on the business of Midori-Bio.

The situation surrounding COVID-19 remains fluid and the ongoing impact on the Company's business, operating results, financial condition and liquidity will depend on future developments and numerous and evolving factors that are highly uncertain, vary by market and cannot be accurately predicted or quantified at this time. In 2021 several industry trade shows were cancelled causing delays in planned revenue from new customers and the potential new customers. The Company was negatively impacted by factory shutdowns in Asia. COVID-19 has also created a decreased supply of resins (base ingredient in our additive) that triggered a price increase in the raw material by 10%. However, the Company believes these supply chain issues (shortage of supplies and increased prices) triggered by COVID-19 to be temporary and have been in the process of resolving in general.

The Company's business financial condition and results of operations may be further negatively affected by economic and other consequences from the conflict in the Ukraine and the sanctions imposed in response to that action in late February 2022. While the Company expects any direct impacts of the pandemic and the conflict in Ukraine to the business to be limited, the indirect impacts on the economy and the industry in general could negatively affect the business. There can be no assurance that the Company will not be impacted by adverse consequences that may be brought about on its business, results of operations, financial position and cash flows in the future.

The consolidated financial statements have been prepared on the assumption that the Company and its subsidiary will continue as a going concern, meaning it will continue in operation for the foreseeable future and will be able to realize assets and discharge liabilities in the ordinary course of operations. As of September 30, 2022, the Company's accumulated deficit was $12,863,256. The continued operations of the Company are dependent on future profitable operations, management's ability to manage costs and the future availability of equity or debt financing. The above events and conditions indicate a material uncertainty that may cast significant doubt about the Company's ability to continue as a going concern. These consolidated financial statements have been prepared on the basis the Company will operate as a going concern, which contemplates the realization of assets and settlement of liabilities and commitments in the normal course of business. These consolidated financial statements do not include adjustments to amounts and classifications of assets and liabilities that might be necessary should the Company be unable to continue as a going concern.

**Midori Group Inc.**

**(Formerly 1284670 B.C. Ltd.)** 

**Notes to the Consolidated Financial Statements**

**For the year ended September 30, 2022 and for the period from January 6, 2021 (inception) to September 30, 2021**

(In Canadian Dollars)

------

**2.** **Basis of Preparation** 

**Statement of Compliance**

These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") issued by the International Accounting Standards Board ("IASB") and interpretations of the International Reporting Interpretation Committee ("IFRIC") for all periods presented. The consolidated financial statements were approved by the Board of Directors of the Company on March 13, 2023.

**Basis of Presentation**

These consolidated financial statements have been prepared on an accrual basis and are based on historical cost basis except for certain financial instruments which are measured at their fair value as explained in the accounting policies set out below.

**Basis of Consolidation**

These consolidated financial statements include the accounts of the Company and its wholly owned subsidiary at the end of the reporting period.

As of September 30, 2022, the Company had a wholly-owned subsidiary, Midori-Bio Inc. The Company did not have any subsidiary as at September 30, 2021.

The results of the wholly owned subsidiary will continue to be included in the consolidated financial statements of the Company until the date that the Company's control over the subsidiary ceases. Control exists when the Company has the power, directly or indirectly, to govern the financial and operating policies of an entity to obtain benefits from its activities. Intercompany balances and transactions, including unrealized income and expenses arising from intercompany transactions, are eliminated on consolidation.

These consolidated financial statements are a continuation of the financial statements of Midori-Bio. The net assets of Midori Group at the date of the reverse acquisition are deemed to have been acquired by Midori-Bio and these consolidated financial statements include the results of operations of Midori Group from January 6, 2022.

**3.** **Significant Accounting Policies** 

**Functional and Presentation Currency**

These consolidated financial statements are presented in Canadian dollars, unless otherwise noted, which is the functional currency of the Company and its subsidiary.

**Midori Group Inc.**

**(Formerly 1284670 B.C. Ltd.)** 

**Notes to the Consolidated Financial Statements**

**For the year ended September 30, 2022 and for the period from January 6, 2021 (inception) to September 30, 2021**

(In Canadian Dollars)

------

**Cash and cash equivalents**

Cash and cash equivalents include cash on hand, demand deposits with financial institutions and other short-term highly liquid investments that are readily convertible to a known amount of cash and not subject to a significant risk of changes in value.

**Revenue recognition**

The Company recognizes revenue in accordance with IFRS 15, Revenue from Contracts with Customers ("IFRS 15"). Revenue is recorded at an amount that reflects the consideration to which the entity expects to be entitled in exchange for transferring goods or services to a customer.

The principles in IFRS 15 are applied using the following five steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Identify
 the contract(s) with a customer

2. Identify
 the performance obligation in the contract

3. Determine
 the transaction price

4. Allocate
 the transaction price to the performance obligations in the contract

5. Recognize
 revenue when (or as) the entity satisfies a performance obligation

Revenue related to sales of goods is recognized based on the consideration specified in contracts with customers. The Company recognizes revenue at a point in time when it transfers control of the goods to the buyer. This is generally at the time the customer obtains legal title to the product and when it is physically transferred to the custody transfer point agreed with the customer. For goods ordered and paid for and subsequently picked up by or delivered to the customer, revenue is recorded as deferred revenue until legal title has been transferred to the customer.

The Company generates revenue from distributing a single private brand labeled additive (the "Midori Biosolutions additive") which is produced and supplied by only one supplier, EcoLogic, LLC. For revenue generated under the Distribution Agreement, the Company has a single performance obligation, with no variable considerations in its selling price. The Company acts as a principal. The Company holds inventory of the Midori Biosolutions additive. The sale price of the Midori Biosolutions additive is solely dictated by the Company. All of the performance obligations and rights of the sales contract the Company enters into are solely fulfilled by the Company. Revenue is presented on a gross basis.

**Inventories**

Inventories consisting of raw materials are stated at the lower of cost and net realizable value. Cost is determined using weighted average costs, and includes all costs incurred to deliver inventory to the Company's warehouse including freight, non-refundable taxes, duty and other landing costs.

The Company periodically reviews its inventories and makes a provision as necessary to appropriately value goods that are obsolete, have quality issues, or are damaged. The amount of the provision is equal to the difference between the cost of the inventory and its net realizable value based upon assumptions about product quality, damages, future demand, selling prices, and market conditions. If changes in market conditions result in reductions in the estimated net realizable value of its inventory below its previous estimate, the Company would increase its reserve in the period in which it made such a determination.

**Equipment**

Equipment is recorded at cost less accumulated depreciation. Cost includes all expenditures incurred to bring assets to the location and condition necessary for them to be operated in the manner intended by management. Equipment under production and miners not available for use will be depreciated once they are completed and are ready for use. Computer equipment are depreciated on a straight-line basis over a 3-year life.

**Midori Group Inc.**

**(Formerly 1284670 B.C. Ltd.)** 

**Notes to the Consolidated Financial Statements**

**For the year ended September 30, 2022 and for the period from January 6, 2021 (inception) to September 30, 2021**

(In Canadian Dollars)

------

**Income taxes**

*Current tax* 

Current tax assets and liabilities for the current and prior years are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the statements of financial position date.

*Deferred tax*

Deferred tax is provided using the liability method, providing for temporary differences between the tax bases of assets and liabilities and their carrying amounts in the financial statements. The temporary difference is not provided for if it arises from the initial recognition of goodwill or the initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the financial position reporting date and whose implementation is expected over the period in which the deferred tax is realized or recovered. A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be used.

Deferred tax assets and liabilities are presented as non-current. Assets and liabilities are offset where the entity has a legally enforceable right to offset current tax assets and liabilities or deferred tax assets and liabilities, and the respective assets and liabilities relate to income taxes levied by the same taxation authority on the same taxable entity or different taxable entities which intend to settle the liabilities and assets on a net basis.

**Share Capital**

Common shares, issued and to be issued, are classified as equity. Costs directly identifiable with share capital financing are charged against share capital. Share issuance costs incurred in advance of share subscriptions are recorded as deferred financing costs. Share issuance costs related to uncompleted share subscriptions are charged to profit or loss in the period they are incurred.

**Share-based Payments**

The Company grants share options to acquire common shares of the Company to directors, officers, employees, and consultants. The fair value of share-based payments to employees is measured at grant date, using the Black-Scholes option pricing model, and is recognized over the vesting period for employees using the graded method. Fair value of share-based payments for non-employees is recognized and measured at the date the goods or services are received based on the fair value of the goods or services received. If it is determined that the fair value of goods and services received cannot be reliably measured, the share-based payment is measured at the fair value of the equity instruments issued using the Black-Scholes option pricing model.

For both employees and non-employees, the fair value of share-based payments is recognized as an expense with a corresponding increase in share-based payments reserve. The amount recognized as expense is adjusted to reflect the number of share options expected to vest. Consideration received on the exercise of stock options is recorded in share capital and the related share-based payment in share-based payments reserve is transferred to share capital.

**Midori Group Inc.**

**(Formerly 1284670 B.C. Ltd.)** 

**Notes to the Consolidated Financial Statements**

**For the year ended September 30, 2022 and for the period from January 6, 2021 (inception) to September 30, 2021**

(In Canadian Dollars)

------

Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.

Where a grant of options is cancelled and settled during the vesting period, excluding forfeitures when vesting conditions are not satisfied, the Company immediately accounts for the cancellation as an acceleration of vesting and recognizes the amount that otherwise would have been recognized for services received over the remainder of the vesting period. Any payment made to the employee on the cancellation is accounted for as the repurchase of an equity interest, except to the extent the payment exceeds the fair value of the equity instrument granted, measured at the repurchase date. Any such excess is recognized as an expense. The amounts recorded in reserves for unexercised share options are transferred from share-based payments reserve to retained earnings (deficit) upon their expiry or cancellation.

**Financial Instruments** 

Financial instruments are accounted for in accordance with IFRS 9, "Financial Instruments: Classification and Measurement". A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

*Financial assets*

On initial recognition, financial assets are recognized at fair value and are subsequently classified and measured at: (i) amortized cost; (ii) fair value through other comprehensive income ("FVOCI"); or (iii) fair value through profit or loss ("FVTPL"). The classification of financial assets is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. A financial asset is measured at fair value net of transaction costs that are directly attributable to its acquisition except for financial assets at FVTPL where transaction costs are expensed.

All financial assets not classified and measured at amortized cost or FVOCI are measured at FVTPL. On initial recognition of an equity instrument that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment's fair value in other comprehensive income.

The Company derecognizes financial assets only when the contractual rights to cash flows from the financial assets expire, or when it transfers the financial assets and substantially all of the associated risks and rewards of ownership to another entity.

The classification determines the method by which the financial assets are carried on the statement of financial position subsequent to inception and how changes in value are recorded.

*Financial assets at FVTOCI*

Investments in equity instruments designated at FVTOCI are initially recognized at fair value plus transaction costs. Subsequently they are measured at fair value, with both realized and unrealized gains and losses recognized in other comprehensive income (loss) in the period in which they arise.

 

*Financial assets and liabilities at amortized cost*

Financial assets and liabilities at amortized cost are initially recognized at fair value plus or minus transaction costs, respectively, and subsequently carried at amortized cost less any impairment.

 

 

**Midori Group Inc.**

**(Formerly 1284670 B.C. Ltd.)** 

**Notes to the Consolidated Financial Statements**

**For the year ended September 30, 2022 and for the period from January 6, 2021 (inception) to September 30, 2021**

(In Canadian Dollars)

------

 

*Financial assets and liabilities at FVTPL*

Financial assets and liabilities carried at FVTPL are initially recorded at fair value and transaction costs are expensed in profit or loss. Realized and unrealized gains and losses arising from changes in the fair value of the financial assets and liabilities held at FVTPL are included in profit or loss in the period in which they arise. Where management has opted to recognize a financial liability at FVTPL, any changes associated with the Company's own credit risk will be recognized in other comprehensive income (loss).

*Impairment of financial assets*

IFRS 9 uses the expected credit loss ("ECL") model. The credit loss model groups receivables based on similar credit risk characteristics and days past due in order to estimate bad debts. The ECL model applies to the Company's receivables.

An 'expected credit loss' impairment model applies which requires a loss allowance to be recognized based on expected credit losses. The estimated present value of future cash flows associated with the asset is determined and an impairment loss is recognized for the difference between this amount and the carrying amount as follows: the carrying amount of the asset is reduced to estimated present value of the future cash flows associated with the asset, discounted at the financial asset's original effective interest rate, either directly or through the use of an allowance account and the resulting loss is recognized in profit or loss for the period.

In a subsequent period, if the amount of the impairment loss related to financial assets measured at amortized cost decreases, the previously recognized impairment loss is reversed through profit or loss to the extent that the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortized cost would have been had the impairment not been recognized.

 

*Financial liabilities*

Financial liabilities are designated as either: (i) fair value through profit or loss; or (ii) other financial liabilities. All financial liabilities are classified and subsequently measured at amortized cost except for financial liabilities at FVTPL. The classification determines the method by which the financial liabilities are carried on the statement of financial position subsequent to inception and how changes in value are recorded. Accounts payable and accrued liabilities are classified under other financial liabilities and carried on the statement of financial position at amortized cost.

The Company derecognizes a financial liability when its contractual obligations are discharged or cancelled or expire. The Company also derecognizes a financial liability when the terms of the liability are modified such that the terms and / or cash flows of the modified instrument are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value.

Gains and losses on derecognition are generally recognized in profit or loss.

Cash is measured at FVTPL, accounts receivable, accounts payable and accrued liabilities, and subscription payable are measured at amortized costs.

**Earnings per Share**

The Company presents basic and diluted earnings per share data for its common shares. Basic earnings per share is computed by dividing the net earnings (loss) for the period by the weighted average number of shares outstanding during the period. The calculation of earnings per common share is based on the reported net income divided by the weighted average number of shares outstanding during the period. Diluted earnings per share is calculated on the treasury stock basis. Where potentially dilutive equity instruments are anti-dilutive, basic and diluted earnings per share are the same. The assumed conversion of outstanding common share options and warrants had an anti-dilutive impact in 2022. There were 1,000,000 outstanding stock options (2021 – Nil) and 14,504,240 warrants (2021 - Nil) as of September 30, 2022 that were not included in the calculation of diluted per share amounts.

**Midori Group Inc.**

**(Formerly 1284670 B.C. Ltd.)** 

**Notes to the Consolidated Financial Statements**

**For the year ended September 30, 2022 and for the period from January 6, 2021 (inception) to September 30, 2021**

(In Canadian Dollars)

------

**Foreign currency translation**

Transactions in foreign currencies are translated to the functional currency at a rate of exchange approximating the prevailing rate at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the foreign exchange rate in effect at that date. Nonmonetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Realized and unrealized exchange gains and losses are recognized in profit or loss.

**New accounting standards and amendments to be adopted**

The Company expects to adopt the following amendments to standards when they are effective. The Company is in the process of assessing the impact from adoption.

<u>Onerous Contracts—Cost of Fulfilling a Contract (Amendments to IAS 37)</u>

The amendments to IAS 37 specify which costs an entity includes in determining the cost of fulfilling a contract for the purpose of assessing whether the contract is onerous. Costs that relate directly to a contract can either be incremental costs of fulfilling that contract (examples would be direct labour, materials) or an allocation of other costs that relate directly to fulfilling contracts (an example would be the allocation of the depreciation charge for an item of property, plant and equipment used in fulfilling the contract). These amendments are effective for reporting periods beginning on or after January 1, 2022.

<u>Classification of Liabilities as Current or Non-current (Amendments to IAS 1)</u>

The amendments to IAS1 provide a more general approach to the classification of liabilities based on the contractual arrangements in place at the reporting date. These amendments are effective for reporting periods beginning on or after January 1, 2023.

**Critical Accounting Estimates, Judgments and Assumptions**

The preparation of the Company's consolidated financial statements requires management to make judgments, estimates, and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. Significant judgments, estimates and assumptions that have the most significant effect on the amounts recognized in the consolidated financial statements are described below.

 

 

**Midori Group Inc.**

**(Formerly 1284670 B.C. Ltd.)** 

**Notes to the Consolidated Financial Statements**

**For the year ended September 30, 2022 and for the period from January 6, 2021 (inception) to September 30, 2021**

(In Canadian Dollars)

------

 

*Going concern*

The assessment of the Company's ability to continue as a going concern requires significant judgment. The consolidated financial statements have been prepared on the basis of accounting principles applicable to a going concern, as disclosed in Note 1.

 

*Principal versus agent considerations*

The assessment of whether the Company acts as a principal or agent with regards to the sale of Midori Biosolutions additive under the Distribution Agreement requires significant judgment.

*Reverse acquisition*

The determination of the acquirer in the RTO of Midori-Bio by Midori Group requires significant judgment assessing the relative voting rights, composition of the governing body, and composition of senior management of the combined entity, amongst other factors. The Company concluded Midori-Bio to be the acquirer, and its acquisition of all of the outstanding shares of Midori Group has been determined to be an asset acquisition as Midori Group does not meet the definition of a business under IFRS 3, Business Combinations. As a result, the transaction has been accounted for as a reverse takeover by Midori-Bio of Midori Group's net assets in accordance with the guidance under IFRS 2, Share-based Payment.

The Company bases its estimates and judgments on current facts and various other factors that it believes to be reasonable under the circumstances. The actual results experienced by the Company may differ materially and adversely from the Company's estimates and could affect future results of operations and cash flows.

**4.** **Reverse Take-Over Transaction** 

On January 6, 2022, the Company completed a RTO with Midori-Bio, whereby the Company acquired 100% of the issued and outstanding common shares of Midori-Bio by issuing 22,000,000 Class A Common shares of the Company to the Midori-Bio shareholders, and Midori-Bio became a wholly-owned subsidiary of Midori Group.

The transaction constituted a reverse acquisition of Midori Group and had been accounted for as a reverse acquisition transaction in accordance with the guidance provided under IFRS 2, Share-based Payment and IFRS 3, Business Combinations. As Midori Group did not qualify as a business according to the definition in IFRS 3, this reverse acquisition was accounted for as an asset acquisition by the issuance of shares and warrants of the Company for the net assets of Midori Group.

The consideration paid was determined as equity settled share-based payment under IFRS 2, at the fair value of the equity of Midori-Bio retained by the shareholders of Midori Group based on the fair value of the concurrent financing at the time of RTO at $0.50 per share. Midori Group had 9,188,000 common shares outstanding at the time of RTO. As a result of the RTO, the Company also assumed 9,000,000 share purchase warrants, valued at $4,115,000. The share purchase warrants were valued using the Black-Scholes Option Pricing model using the following assumptions: Risk free rate of 1.11%; Volatility of 100%; Stock Price of $0.50; Exercise price of $0.05; Dividend yield of Nil% and expected life of 2.45 years.

For accounting purposes, Midori-Bio has been treated as the accounting parent company (legal subsidiary) and Midori Group has been treated as the accounting subsidiary (legal parent) in these consolidated financial statements. As Midori-Bio was deemed to be the acquirer for accounting purposes, its assets, liabilities, and operations since incorporation are included in these consolidated financial statements at their historical carrying value. The results of operations of Midori Group are included in these consolidated financial statements from the date of the reverse acquisition of January 6, 2022.

**Midori Group Inc.**

**(Formerly 1284670 B.C. Ltd.)** 

**Notes to the Consolidated Financial Statements**

**For the year ended September 30, 2022 and for the period from January 6, 2021 (inception) to September 30, 2021**

(In Canadian Dollars)

------

In connection with the transaction, the Company issued 5,000,000 share purchase warrants with a fair value of $1,857,000 to its advisors. The share purchase warrants were valued using Black-Scholes Option Pricing model with the assumptions as disclosed in Note 6e.

In connection with the RTO, on December 16, 2021, Midori Group entered into a loan agreement with Midori-Bio pursuant to which Midori Group agreed to lend Midori-Bio $200,000, interest free.

The following table summarizes the allocation of the purchase price to the fair value of the assets acquired and liabilities assumed at the date of acquisition is based on management's best estimate using the information currently available and may be revised by the Company as additional information is received and finalized.

---

| | |
|:---|:---|
| Fair value of 9,188,000 common shares at $0.50 per share | $4594000 |
| Fair value of 9,000,000 share purchase warrants | 4115000 |
| Total consideration | 8709000 |
| Allocated to the fair value of the Company's net assets: |  |
| Note receivable | 200000 |
| Accounts payable and accrued liabilities | (410738) |
| Subscriptions payable | (100) |
| Total net liabilities assumed | (210838) |
| Fair value of 5,000,000 share purchase warrants as advisory fees | 1857000 |
| Transaction cost | $10776838 |

---

**5.** **Inventories** 

The Company's inventories comprise of raw materials recorded at the lower of cost and net realizable value. $218,700 (2021 - $118,496) of inventories were expensed in 2022.

**6.** **Share Capital** 

&nbsp;&nbsp;&nbsp;&nbsp;a. Authorized

Unlimited number of common shares without par value

&nbsp;&nbsp;&nbsp;&nbsp;b. Issued
 and outstanding

During the year ended September 30, 2022:

i) On January 6, 2022, the Company completed the RTO with Midori-Bio and issued 22,000,000 common shares in the Company to former Midori-Bio Shareholders (Note 4).

ii) On March 25, 2022, the Company issued 600,000 common shares with a fair value of $0.50 per share to a consultant of the Company pursuant to a consulting agreement dated January 13, 2022 (Note 13).

iii) On April 22, 2022, the Company converted 10,858,500 Special Warrants at a value of $0.50 per warrant into common shares of the Company.

iv) On May 24, 2022, the Company converted 2,000,000 Special Warrants at a value of $0.50 per warrant into common shares of the Company.

**Midori Group Inc.**

**(Formerly 1284670 B.C. Ltd.)** 

**Notes to the Consolidated Financial Statements**

**For the year ended September 30, 2022 and for the period from January 6, 2021 (inception) to September 30, 2021**

(In Canadian Dollars)

------

During the period ended September 30, 2021:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) On
 January 6, 2021, the Company issued 22,000,000 class A common shares for gross proceeds of $220 of which $105 was receivable at September
 30, 2021. The subscription receivable of $105 had been received during the year ended September 30, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;c. Stock
 options

The Board approved a rolling stock option plan on January 21, 2022 (the "Option Plan"), which provides for a total of 10% of the issued and outstanding Common Shares available for issuance thereunder.

The purpose of the Option Plan is to allow the Company to grant stock options to directors, officers, employees and consultants, as additional compensation, and as an opportunity to participate in the success of the Company. The granting of such Options is intended to align the interests of such persons with that of the Company's shareholders.

On January 21, 2022, the Company granted 1,000,000 stock options with an exercise price of $0.50 per share having an expiry date that is five years from the date of listing of the shares on a public stock exchange (the "Listing Date") to a consultant of the Company. The stock options will vest in accordance with the following:

---

| | |
|:---|:---|
| i) | 125,000 Shares will vest and be exercisable on or after 12 months from the Listing Date; |
| ii) | 125,000 additional Shares will vest and be exercisable on or after 24 months from the Listing Date; |
| iii) | The remaining 750,000 will vest in tranches as follows: |
|  | 100,000 will vest upon each $5,000,000 of gross sales generated by Midori, solely from sales to the clients set forth on Schedule 1 attached to the Advisory Board Agreement dated January 21, 2022 between the Company and the Option Holder which shall be updated from time to time on written agreement of the parties. |

---

The following is a summary of changes in stock options:

---

| | | |
|:---|:---|:---|
|  | **Options<br> outstanding** | **Weighted-average**<br> **exercise price ($)** |
| Balance, January 6, 2021 and September 30, 2021 |  |  |
| Granted | 1000000 | 0.50 |
| Balance, September 30, 2022 | 1000000 | 0.50 |

---

The stock options outstanding and exercisable as at September 30, 2022, are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Outstanding** | **Exercisable** | **Exercise price ($)** | **Expiry date** |
| 1000000 |  | 0.50 | five years from Listing |

---

For the year ending September 30, 2022, the Company recognized a stock-based compensation expense of $Nil (2021 - $Nil).

**Midori Group Inc.**

**(Formerly 1284670 B.C. Ltd.)** 

**Notes to the Consolidated Financial Statements**

**For the year ended September 30, 2022 and for the period from January 6, 2021 (inception) to September 30, 2021**

(In Canadian Dollars)

------

&nbsp;&nbsp;&nbsp;&nbsp;d. Special
 Warrants

On December 21, 2021, the Company closed its first tranche of the Special Warrant financing and issued a total of 10,858,500 Special Warrants at $0.50 per Special Warrant for gross proceeds of $5,429,250. The Special Warrants automatically convert to common shares for no additional consideration on the date that is earlier of: (i) the third business day after receipt for a final Prospectus qualifying the distribution of the Special Warrant Shares; and (ii) April 22, 2022. Any Special Warrants exercised prior to the automatic conversion will have a hold period, the later of (i) four months and a day following the date of issuance of the Special Warrant, and (ii) the date the Company becomes a reporting issuer in a jurisdiction in Canada. Following the closing of the financing, the Company issued 464,240 agent warrants to an agent. Each agent warrant is exercisable at $0.50 per share and will expire on December 21, 2023.

On January 21, 2022, the Company closed its second tranche of the Special Warrant financing and issued a total of 2,000,000 Special Warrants at $0.50 per Special Warrant for gross proceeds of $1,000,000. The special warrants automatically convert to common shares for no additional consideration on the date that is earlier of: (i) the third business day after receipt for a final Prospectus qualifying the distribution of the Special Warrant Shares; and (ii) May 22, 2022. Any Special Warrants exercised prior to the automatic conversion will have a hold period, the later of (i) four months and a day following the date of issuance of the Special Warrant, and (ii) the date the Company becomes a reporting issuer in a jurisdiction in Canada. Following the closing of the financing, the Company issued 40,000 agent warrants to an agent. Each agent warrant is exercisable at $0.50 per share and will expire on January 21, 2024.

The agent warrants were valued at $122,000 using Black-Scholes Option Pricing model. The Company incurred $425,796 special warrants issuance cost. The following is a summary of changes in special warrants outstanding for the year ended September 30, 2022:

---

| | |
|:---|:---|
|  | **Special Warrants outstanding** |
| Balance, January 6, 2021 and September 30, 2021 |  |
| Granted | 12858500 |
| Converted to common shares | (12858500) |
| Balance, September 30, 2022 | - |

---

&nbsp;&nbsp;&nbsp;&nbsp;e. Warrants

On January 6, 2022, the Company issued 5,000,000 common share purchase warrants with an exercise price of $0.25 per share having an expiry date that is three years from the date of Listing for advisory services. The share purchase warrants were valued at $1,857,000 using the Black-Scholes Option Pricing model using the following assumptions: Risk free rate of 1.2%; Volatility of 100%; Stock Price of $0.50; Exercise price of $0.25; Dividend yield of Nil% and expected life of 3 years.

Following is a summary of changes in warrants outstanding for the year ended September 30, 2022:

---

| | | |
|:---|:---|:---|
|  | **Warrants<br> outstanding** | **Weighted-average**<br> **exercise price ($)** |
| Balance, January 6, 2021 and September 30, 2021 |  |  |
| Granted | 5000000 | 0.25 |
| Assumed from RTO | 9000000 | 0.05 |
| Granted, Agent Warrants | 504240 | 0.50 |
| Balance, September 30, 2022 | 14504240 | 0.13 |

---

**Midori Group Inc.**

**(Formerly 1284670 B.C. Ltd.)** 

**Notes to the Consolidated Financial Statements**

**For the year ended September 30, 2022 and for the period from January 6, 2021 (inception) to September 30, 2021**

(In Canadian Dollars)

------

The following weighted average assumptions were used in the valuation of agent warrants granted in the Black-Scholes Option Pricing model:

---

| | |
|:---|:---|
|  | **2022** |
| Risk-free interest rate | 0.96% |
| Expected life | 2 years |
| Annualized volatility | 100% |
| Dividend rate | 0.00% |
| Stock price | $0.50 |

---

The warrants outstanding and exercisable as at September 30, 2022, are as follows:

---

| | | |
|:---|:---|:---|
| **Outstanding** | **Exercise price ($)** | **Expiry date** |
| 464240 | 0.50 | December 21, 2023 |
| 40000 | 0.50 | January 21, 2024 |
| 9000000 | 0.05 | June 17, 2024 |
| 5000000 | 0.25 | 36 months from Listing |

---

For the year ended September 30, 2022, the Company recognized a transaction cost of $1,857,000 (2021 - $Nil) and special warrants issuance costs of $122,000 (2021 - $Nil).

**7.** **Related Party Transactions** 

*Key Management Compensation*

Key management personnel include those persons having authority and responsibility for planning, directing and controlling the activities of the Company as a whole. The Company has determined that key management personnel consist of the Company's corporate officers and directors.

The remuneration of key management personnel during the periods ended September 30, 2022 and 2021, are as follows:

---

| | | |
|:---|:---|:---|
|  | Year ended <br>September 30, 2022 | Period ended <br>September 30, 2021 |
| Chief Executive Officer | $365040 | $55000 |
| President  | 325020 | 55000 |
| Former Chief Financial Officer  | 32000 | - |
|  | $722060 | $110000 |

---

The Company paid $325,020 (2021 - $55,000) in consulting fees to the CEO of the Company, $325,020 (2021 - $55,000) in consulting fees to the President of the Company and $32,000 (2021 - $Nil) in consulting fees to the former CFO of the Company. The Company paid $40,020 (2021 - $Nil) in professional fees to a company controlled by the CEO of the Company.

As at September 30, 2022, $32,056 (2021 - $Nil)was owed to the President of the Company. The amount was due on demand, bears no interest and was not secured.

**Midori Group Inc.**

**(Formerly 1284670 B.C. Ltd.)** 

**Notes to the Consolidated Financial Statements**

**For the year ended September 30, 2022 and for the period from January 6, 2021 (inception) to September 30, 2021**

(In Canadian Dollars)

------

On January 11, 2021, the Company entered into a consulting agreement with a company owned and controlled by the CEO of the Company for an initial term of 10 years. The Company agreed to compensate the consultant as follows: (i) a fee at a rate of $27,085 per month commencing August 1, 2021; and (ii) in the event that the Company or an entity that acquires all of the issued and outstanding securities of the Company ("Parentco"), completes a listing of its securities on a recognized and publicly traded stock exchange in Canada or the United States (a "Listing Event"), the Company or the Parentco shall award the consultant 1,000,000 restricted stock units concurrently with a Listing Event pursuant to the terms of a Restricted Stock Unit Plan to be adopted by the Company or Parentco. The Company may terminate the consulting agreement upon providing the consultant with thirty-six months' notice in writing; provided the Company may provide the consultant with thirty-six months' pay in lieu of notice including the ten percent of the annual net profit of the Company calculated and payable within ninety days of each fiscal year end over the 36-month termination period.

On January 11, 2021, the Company entered into a consulting agreement with a company owned and controlled by the President of the Company for an initial term of 10 years. The Company agreed to compensate the consultant as follows: (i) a fee at a rate of $27,085 per month commencing August 1, 2021; and (ii) in the event that the Company or an entity that acquires all of the issued and outstanding securities of the Company ("Parentco"), completes a listing of its securities on a recognized and publicly traded stock exchange in Canada or the United States (a "Listing Event"), the Company or the Parentco shall award the consultant 1,000,000 restricted stock units concurrently with a Listing Event pursuant to the terms of a Restricted Stock Unit Plan to be adopted by the Company or Parentco. The Company may terminate the consulting agreement upon providing the consultant with thirty-six months' notice in writing; provided the Company may provide the consultant with thirty-six months' pay in lieu of notice including the ten percent of the annual net profit of the Company calculated and payable within ninety days of each fiscal year end over the 36-month termination period.

On February 1, 2022, Midori Group entered into an Executive Employment Agreement (the "Employment Agreement") with the former Chief Financial Officer. The term of the Employment Agreement commences from February 1, 2022 and continues on a month to month basis until terminated in accordance with the terms of the Employment Agreement. Pursuant to the Employment Agreement, Midori Group agreed to compensate the former Chief Financial Officer with a monthly base salary of $4,000.

**8.** **Income Taxes** 

A reconciliation of the expected income tax expense (recovery) is as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended<br> September 30, 2022** | **Period ended<br> September 30, 2021** |
| Net income (loss) before taxes | $(12906101) | $42845 |
| &nbsp;&nbsp;&nbsp;- Statutory tax rate | 26.50% | 12.20% |
| &nbsp;&nbsp;&nbsp;- Expected income tax expense at the statutory tax rate | $(3420117) | $5227 |
| &nbsp;&nbsp;&nbsp;- Non-deductible for tax purposes | 2876180 | 236 |
| &nbsp;&nbsp;&nbsp;- Tax rate differences | (6111) |  |
| &nbsp;&nbsp;&nbsp;- Change in unrecognized tax benefits | 544585 | - |
| Income tax expense (recovery) | $(5463) | $5463 |

---

The Company has non capital loss carry forwards of approximately $2,500,000, if not utilized, will expire between 2041 and 2042. Deferred tax assets have not been recognized in respect of these items because it is not probable that future taxable profit will be available against which the Company can utilize the benefits therefrom.

**Midori Group Inc.**

**(Formerly 1284670 B.C. Ltd.)** 

**Notes to the Consolidated Financial Statements**

**For the year ended September 30, 2022 and for the period from January 6, 2021 (inception) to September 30, 2021**

(In Canadian Dollars)

------

**9.** **Promissory Notes** 

In October 2021, the Company received $180,000 from the lenders of 3 promissory notes. The promissory notes bear an interest rate of 18% per annum. The outstanding principal and interest payable is due on the earlier of (i) the closing of the acquisition of the Company pursuant to the share exchange agreement dated August 31, 2021 among the Company, the shareholders of the Company and the lenders; and (ii) December 31, 2021. The balance of $180,000 together with interest of $9,143 were paid back to the lenders post RTO.

**10.** **Segment Information and Revenue Disclosure** 

The Company had 2 customers (2021 – 3 customers) located in the United States and Thailand (2021 – United States, Canada and Thailand) whose sales represented 99.7% of total revenues (2021 – 100%).

During the year ended September 30, 2022, the Company received customer deposits of $137,070 (2021 - $Nil) related to sales in the next fiscal year.

**11.** **Financial Instruments and Risk Management** 

The Company's financial instruments are exposed to certain financial risks, including currency risk, credit risk, liquidity risk and commodity price risk.

*Credit risk*

Credit risk is the risk of loss associated with counterparty's inability to fulfill its payment obligations. The financial instruments that represent a potential concentration of credit risk consist primarily of cash. The Company limits its exposure to credit loss by placing its deposits with Tier-1 Canadian financial institutions. The carrying amount of financial assets represents the maximum credit exposure.

The Company believes it has no significant short or long term credit risk with respect to accounts receivable. Trade accounts receivable has been collected after the year end. The sales tax and income tax receivable are due from the government.

Accounts receivable is consisted of:

---

| | | |
|:---|:---|:---|
|  | September 30, 2022 | September 30, 2021 |
| Trade accounts receivable | $89026 | $- |
| Sales tax and income tax receivable | 161487 | 14816 |
|  | $250513 | $14816 |

---

 

*Liquidity risk*

Liquidity risk is the risk that the Company will not be able to meet its financial obligations. The Company manages its liquidity risk by ensuring that it has enough cash to meet its financial liabilities. As at September 30, 2022, the Company had a working capital surplus of $4,001,873, the majority of which is comprised of a cash balance of $3,999,183 to settle current liabilities of $571,213. All of the Company's financial liabilities sounds have contractual maturities of less than 30 days and are subject to normal trade terms.

 

 

**Midori Group Inc.**

**(Formerly 1284670 B.C. Ltd.)** 

**Notes to the Consolidated Financial Statements**

**For the year ended September 30, 2022 and for the period from January 6, 2021 (inception) to September 30, 2021**

(In Canadian Dollars)

------

 

*Market risk*

Market risk is the risk of loss that may arise from changes in market factors, interest rates, foreign exchange rates and equity prices. The Company believes it has no significant market risk.

*Interest rate risk*

The Company is exposed to interest rate risk on the variable rate of interest earned on bank deposits. The interest rate risk on bank deposits is insignificant as the deposits are short term.

 

*Foreign currency risk*

Foreign currency risk is the risk that the fair values of future cash flows of a financial instrument will fluctuate because they are denominated in currencies that differ from the respective functional currency. The Company is exposed to currency risk as the Company incurs transactions in US dollar. The Company does not hedge its exposure to fluctuations in foreign exchange rates. The Company does not have significant foreign currency risk.

 

*Fair value hierarchy*

The Company applied the following fair value hierarchy for financial instruments that are carried at fair value. The hierarchy prioritizes the inputs used in the valuation methodologies in measuring fair value into three levels:

The three levels are defined as follows:

● Level 1 – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

● Level 2 – inputs to valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

● Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The Company's cash is measured at level 1 fair value.

**12.** **Capital Management** 

The Company's objective when managing capital is to maintain liquidity while providing returns to shareholders and benefits for other stakeholders.

The Company includes equity, comprised of share capital and retained earnings in the definition of capital.

The Company's primary objective with respect to its capital management is to ensure that it has sufficient cash resources for its operations. To secure the additional capital necessary to pursue its business plan, the Company may attempt to raise additional funds through the issuance of equity or by securing strategic partners.

**Midori Group Inc.**

**(Formerly 1284670 B.C. Ltd.)** 

**Notes to the Consolidated Financial Statements**

**For the year ended September 30, 2022 and for the period from January 6, 2021 (inception) to September 30, 2021**

(In Canadian Dollars)

------

The Company monitors capital on the basis of maintaining sufficient cash flow to comply with financial obligations.

There have been no changes to the Company's approach to capital management during the year ended September 30, 2022. The Company is not subject to externally imposed capital requirements.

**13.** **Commitments** 

**Distributor Agreement**

On January 25, 2021, the Company entered into a Distributor Agreement (the "Distributor Agreement") with EcoLogic, LLC ("EcoLogic"). EcoLogic owns the rights in and is engaged in the business of manufacturing, marketing, selling and distributing certain organic additives, which when added to certain plastic resins, can render plastics biodegradable. Pursuant to the Distributor Agreement, the Company agreed to purchase certain EcoLogic products as set forth in the Distributor Agreement (the "Products") and to resell the Products to certain clients as set forth in the Distributor Agreement (the "Customers"). Pursuant to the Distributor Agreement, the Company must obtain written authorization from EcoLogic prior to making any solicitation to any Customers that are not set forth in the Distributor Agreement. Additional Customers may be added under the Distributor Agreement upon the written agreement of both parties. Pursuant to the Distributor Agreement, the Customers are limited by certain territories as set forth in the Distributor Agreement (the "Exclusions") and the Company will not directly or indirectly promote or market the Products in a manner that conflicts with the Exclusions.

Pursuant to the Distributor Agreement, the Company agreed to purchase, mark and resell EcoLogic ingredients (comprised of the Company's purchases from EcoLogic) representing a total volume at minimum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 1,000 kilograms in the first year (met)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 2,000 kilograms in the second year (met)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 4,000 kilograms in the third year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 6,000 kilograms in the fourth year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 8,000 kilograms in the fifth year

(referred to together as the "Target Volume") for each year. In the event that the Company fails to meet the Target Volume in a given year, the Company will have 30 days from the date of notification from EcoLogic of such failure to cure the failure, and if not rectified in 30 days, EcoLogic will have the unilateral right to amend the Distributor Agreement to remove the exclusivity applicable to the Customers or terminate the Agreement. The Company will have the option, at EcoLogic's discretion to purchase the remaining quantity of Products at the end of each year to reach the Target Volume to continue the Distributor Agreement without amendments. The initial prices at which the Company purchases the Products from EcoLogic is set forth in the Distributor Agreement. The Company agreed to resell the Products to Customers at prices as it may determine in its discretion. The difference between the payment received by the Company and the initial pricing provided by EcoLogic if referred to as the "Profit Margin." Any changes to pricing will occur upon not less than thirty (30) days written notice by EcoLogic to Midori-Bio.

**Midori Group Inc.**

**(Formerly 1284670 B.C. Ltd.)** 

**Notes to the Consolidated Financial Statements**

**For the year ended September 30, 2022 and for the period from January 6, 2021 (inception) to September 30, 2021**

(In Canadian Dollars)

------

The term of the Distributor Agreement is for five (5) years until terminated by either party as provided in the Distributor Agreement. The term of the Distributor Agreement will renew automatically for an additional five (5) years at the end of each term, however, each party will have the right to opt out of such renewals by providing written notice to the other party at least nine (9) months prior to the expiration of the current term. In the event that the Distributor Agreement is not renewed at the election of EcoLogic, the Company will continue to earn the Profit Margin actually collected by EcoLogic for all Product sales to Customers at the time of such non-renewal for two (2) years following such non-renewal. The Distributor Agreement may be terminated by either party as follows: (i) immediately upon written notice to the other party in the event such other party is in breach of the material terms, covenants or conditions of the Distributor Agreement and such breach is not cured within 30 days written notice of such breach or (ii) immediately upon written notice to the other party of "Cause," as such term is defined in the Distributor Agreement.

Pursuant to the Distributor Agreement, the Company agreed to indemnify EcoLogic against any and all claims, demand, losses and suits, including reasonable attorney's fees, resulting from any act or omission by the Company or its agents, employees, officers and directors arising from or related in any way to the Company's activities in the course of performance and services under the Distributor Agreement or the Company's breach of any provision of the Distributor Agreement. The Distributor Agreement contains confidentiality, non-competition, non-solicitation and on-circumvention terms typically included in such agreements.

**Consulting Agreement with Ben Mulroney**

On October 22, 2021, the Company entered into a consulting agreement with Ben Mulroney agreeing to act as a consultant to the Company. The term of the consulting agreement is for an initial term of six (6) months, unless terminated earlier in accordance with the agreement, and the parties may mutually agree to renew the consulting agreement in writing for successive one (1) year terms following the expiration of the initial term. The consultant agreed to serve as the Vice President of Business Development and Communication for the Company and to provide the Company with certain services with a minimum weekly commitment of twenty (20) hours. As compensation under the consulting agreement, the Company agreed to compensate the consultant as follows: (i) a monthly fee of $10,000 *(discontinued after 6 months)*; (ii) allowing the consultant to use the tile "VP of Business Development and Communication"; (iii) upon Listing, the Company will award 250,000 shares of its restricted stock units, pursuant to the Company's planned equity compensation plan (the "Plan") to vest over 16 months as set forth in the agreement; (iv) upon Listing, the Company will grant 500,000 stock options to the consultant at the listing price under the Plan with 12,500 options becoming exercisable for every $500,000 in gross profits generated and collected by the Company that are introduced and into an ongoing contract with the Company solely as a result of the consultant's efforts; and (v) the consultant will be paid a commission of 5% of the net profits from any clients that are introduced and enter into an ongoing contract with the Company solely as a result of the consultant's efforts (this commission payment will cease ninety (90) days after the termination of the consulting agreement). The consulting agreement can be terminated by either party at any time for any reason by giving no less than thirty (30) days prior written notice to the other party. Other than the commission payment noted above, there are no payment provisions associated with the termination of this the consulting agreement.

 ****

**Consulting Agreement with TR Global, LLC**

On January 13, 2022, Midori-Bio entered into a consulting agreement with the Company, Midori-Bio's parent company, and TR Global, LLC, with Tim Ronchak of TR Global, LLC agreeing to act as a consultant to Midori-Bio. The term of the consulting agreement is for an initial term of three (3) years, unless terminated earlier in accordance with the agreement, and the parties may mutually agree to renew the consulting agreement in writing for successive one (1) year terms following the expiration of the initial term. The consultant agreed to provide Midori-Bio with the certain services with a minimum weekly commitment of thirty-five (35) hours. As compensation under the consulting agreement, Midori-Bio agreed to compensate the consultant as follows: (i) the Company agreed to issue 600,000 of its common shares to the consultant *(issued)* (ii) a monthly fee of USD$12,000 and (iii) one time fees equal to $50,000 (a) if a threshold of $500,000 gross sales achieved by Midori-Bio in 2022, (b) if a threshold of $2,000,000 gross sales achieved by Midori-Bio in 2023 and (c) if a threshold of $3,000,000 gross sales achieved by Midori-Bio in 2024. The consulting agreement may be terminated by either party at any time in the event of a material breach by the other party under the agreement. There are no payment provisions associated with the termination of this the consulting agreement.

**Midori Group Inc.**

**(Formerly 1284670 B.C. Ltd.)** 

**Notes to the Consolidated Financial Statements**

**For the year ended September 30, 2022 and for the period from January 6, 2021 (inception) to September 30, 2021**

(In Canadian Dollars)

------

**Consulting Agreement with Hotspex International Marketing Inc.**

On December 23, 2021, Midori-Bio and the Company entered into a consulting agreement with Hotspex International Marketing Inc. ("HIM"), pursuant to which Midori-Bio engaged HIM to act as a consultant to assist Midori-Bio with respect to business development. The term of the consulting agreement is for an initial term of two years, and can be renewed in writing for successive 1 year terms. As compensation under the consulting agreement, Midori-Bio agreed to compensate HIM as follows (i) options to purchase 200,000 of the Company's common shares pursuant to the Company's stock option plan upon the listing of the Company on a public stock exchange and (ii) commission equal to 30% of the Midori-Bio's net profits generated from sales during the first year of the term of the contract between Midori-Bio and a client listed on the consulting agreement ("Consulting Net Profits"). The Consulting Net Profits will decrease to 15% after each such client's first year contract with Midori-Bio. In addition, if the consulting agreement is not renewed for any renewal term at the option of Midori-Bio, HIM will continue to receive the trailing payments of 15%, then 7.5%, and finally 3.5% for the time periods as set forth in the consulting agreement until the earlier of, the expiration of the applicable client term with Midori-Bio or the ninth anniversary of the date of the termination of the consulting agreement. The consulting agreement can be terminated (i) by either party in the event of a breach by the other party of a material covenant, commitment or obligation under the consulting agreement that remains uncured after 30 days following written notice thereof (ii) by either party upon written notice to the other party if the other party becomes or is declared insolvent or bankrupt, is the subject of a voluntary or involuntary bankruptcy or other proceeding related to its liquidation or solvency, which proceeding is not dismissed within 90 calendar days after its filing, ceases to do business in the normal course or makes an assignment for the benefit of creditors or (iii) by Midori-Bio by giving 30 days advance written notice to HIM if HIM fails to generate $500,000 of gross sales in any 12 month period.

**Consulting Agreement with Vasek Pospisil**

On December 28, 2021, Midori-Bio and the Company entered into a consulting agreement with Vasek Pospisil, pursuant to which Midori-Bio engaged Mr. Pospisil to act as a consultant to assist Midori-Bio in the position of Manager of Business Development and Communication. The initial term of the consulting agreement is for one year, and can be renewed by the parties in writing for successive one year terms. As compensation under the consulting agreement, Midori-Bio agreed to pay Mr. Pospisil as follows: (i) 20% of the Company's net profits, calculated on the first $10,000,000 of the Midori-Bio's gross sales which are attributed to clients pre-approved in writing by Midori-Bio that contract with Midori-Bio solely as a result of Mr. Pospisil's efforts (ii) 10% of Midori-Bio net profits calculated on all gross sales of Midori-Bio thereafter attributed to the clients that contract with Midori-Bio solely as a result of Mr. Pospisil's efforts and (iii) options to purchase 500,000 of the Company's common shares pursuant to the Company's stock option plan in connection with the listing of the Company on a public stock exchange (the "Listing Event") to vest in increments as set forth in the consulting agreement. If the Listing Event does not occur within 24 months of December 28, 2021, the Company will not be required to grant the stock options and instead will issue 500,000 of the Company's common shares to Mr. Pospisil. The consulting agreement can be terminated (i) by Midori-Bio at any time without notice or pay in lieu of notice for "Just Cause" as such term is defined in the consulting agreement or (ii) by Mr. Pospisil by giving four weeks written notice of his intention to resign. In addition, if the consulting agreement is not renewed at the option of Midori-Bio for a reason other than Just Cause, Mr. Pospisil will continue to receive the compensation set forth in the consulting agreement for a period of 5 years.

**Consulting Agreement with Stephen Arbib**

On April 29, 2022, Midori-Bio and the Company entered into a consulting agreement with Stephen Arbib, pursuant to which, Midori-Bio engaged Mr. Arbib as a consultant to provide consulting services in the position of Business Development Adviser. The initial term of the consulting agreement is for one year, and can be renewed by the parties in writing for successive one year terms. As compensation under the consulting agreement, the Company agreed to (i) pay Mr. Arbib 15% of the Midori-Bio's net profits, calculated on the first $10,000,000 of Midori-Bio's gross sales which are attributed to clients pre-approved in writing by Midori-Bio that contract with Midori-Bio solely as a result of Mr. Arbib's efforts and 10% thereafter attributed to any clients that contract with Midori-Bio solely as a result of Mr. Arbib's efforts (Mr. Arbib can elect to receive payment in cash or stock, and if stock is selected it will be paid based on a 20 day volume-weighted average price of the Company's common shares) and (ii) options to purchase 500,000 of the Company's common shares pursuant to the Company's stock option plan in connection with the listing of the Company on a public stock exchange (the "Listing Event") and Mr. Arbib delivering $500,000 of annual revenue to Midori-Bio (the "Trigger Date"), to vest in increments as set forth in the consulting agreement. If the Listing Event does not occur within 24 months of the Trigger Date, the Company will not be required to grant these stock options and instead will issue 500,000 of its common shares to Mr. Arbib. The consulting agreement can be terminated (i) by Midori-Bio at any time without notice or pay in lieu of notice for "Just Cause" as such term is defined in the consulting agreement or (ii) by Mr. Arbib by giving four weeks written notice of his intention to resign. If the consulting agreement is not renewed at the option of Midori-BIo for a reason other than Just Cause, Mr. Arbib will continue to receive the compensation set forth in the consulting agreement for a period of 4 years.

**Contractor Agreement with Leeder Holdings Inc. (Joseph Leeder)**

On March 1, 2023, the Company entered into a contractor agreement with Leeder Holdings Inc. which is owned and controlled by Joseph Leeder, the Company's Chief Financial Officer and Secretary pursuant to which the consultant agreed to provide consulting services to the Company. The term of the contractor agreement is for an initial term of one (1) years, unless terminated earlier in accordance with the agreement, and the agreement will be automatically extended on an annual basis following the expiration of the initial term and any additional term. As compensation under the contractor agreement, the Company agreed to compensate the consultant with a fee at a rate of CAD$16,666 per month plus Harmonized Sales Tax (HST).

**Up to 3,726,709 Units**

**Each Unit Consisting of**

**One Common Share and**

**One Warrant to Purchase One Common Share**

 **Common Shares Underlying the Warrants**

![](formf-1_001.jpg)

**MIDORI GROUP INC.**

**PROSPECTUS**

*Sole Book-Running Manager*

**EF HUTTON**

**division** **of Benchmark Investments, LLC**

**_________, 2023**

**Through and including ______, 2023 (the 25<sup>th</sup> day after the date of this prospectus), all dealers that effect transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to a dealer's obligation to deliver a prospectus when acting as an underwriter and with respect to an unsold allotment or subscription.**

**PART II**

**INFORMATION NOT REQUIRED IN PROSPECTUS**

**Item 6. Indemnification of Directors and Officers.**

The corporate laws of British Columbia allow us, and our Articles require us (subject to the provisions of the Business Corporations *Act* (British Columbia) (the "**Business Corporations Act**") note below), to indemnify our directors and former directors, and their respective heirs and personal or other legal representatives to the greatest extent permitted by Division 5 of Part 5 of the Business Corporations Act.

According to the Business Corporations Act, for the purposes of such an indemnification:

"**eligible party**", in relation to the Company, means an individual who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is or was a director or officer of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is or was a director or officer of another corporation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at a time when the corporation is or was an affiliate of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) at the request of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) at the request of the Company, is or was, or holds or held a position equivalent to that of, a director or officer of a partnership, trust, joint venture or other unincorporated entity,

and include/es, except in the definition of "eligible proceeding" and certain other cases, the heirs and personal or other legal representatives of that individual;

"**eligible penalty**" means a judgment, penalty or fine awarded or imposed in, or an amount paid in settlement of, an eligible proceeding;

"**eligible proceeding**" means a proceeding in which an eligible party or any of the heirs and personal or other legal representatives of the eligible party, by reason of the eligible party being or having been a director or officer of, or holding or having held a position equivalent to that of a director or officer of, the Company or an associated corporation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is or may be joined as a party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is or may be liable for or in respect of a judgment, penalty or fine in, or expenses related to, the proceeding;

"**expenses**" includes costs, charges and expenses, including legal and other fees, but does not include judgments, penalties, fines or amounts paid in settlement of a proceeding; and

"**proceedin**g" includes any legal proceeding or investigative action, whether current, threatened, pending or completed.

In addition, under the Business Corporations Act, the Company may pay, as they are incurred in advance of the final disposition of an eligible proceeding, the expenses actually and reasonably incurred by an eligible party in respect of that proceeding, provided that the Company first receives from the eligible party a written undertaking that, if it is ultimately determined that the payment of expenses is prohibited by the restrictions noted below, the eligible party will repay the amounts advanced.

Notwithstanding the provisions of our Articles noted above, the Company must not indemnify an eligible party or pay the expenses of an eligible party, if any of the following circumstances apply:

&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 the indemnity or payment is made under an earlier agreement to indemnify or pay expenses and, at the time that the agreement to indemnify
 or pay expenses was made, the company was prohibited from giving the indemnity or paying the expenses by its memorandum or articles;

(b) if
 the indemnity or payment is made otherwise than under an earlier agreement to indemnify or pay expenses and, at the time that the indemnity
 or payment is made, the company is prohibited from giving the indemnity or paying the expenses by its memorandum or articles;

(c) if,
 in relation to the subject matter of the eligible proceeding, the eligible party did not act honestly and in good faith with a view
 to the best interests of the company or the associated corporation, as the case may be; and

(d) in
 the case of an eligible proceeding other than a civil proceeding, if the eligible party did
 not have reasonable grounds for believing that the eligible party's conduct in respect of
 which the proceeding was brought was lawful.

In addition, if an eligible proceeding is brought against an eligible party by or on behalf of the Company or by or on behalf of an associated corporation, the Company must not do either of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) indemnify the eligible party in respect of the proceeding; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) pay the expenses of the eligible party in respect of the proceeding.

Notwithstanding any of the foregoing, and whether or not payment of expenses or indemnification has been sought, authorized or declined under the Business Corporations Act or our Articles, on the application of the Company or an eligible party, the British Columbia Supreme Court may do one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;(a) order
 the Company to indemnify an eligible party against any liability incurred by the eligible party in respect of an eligible proceeding;

(b) order
 the Company to pay some or all of the expenses incurred by an eligible party in respect of an eligible proceeding;

(c) order
 the enforcement of, or any payment under, an agreement of indemnification entered into by the Company;

(d) order
 the Company to pay some or all of the expenses actually and reasonably incurred by any person in obtaining an order under this section;

(e) make any other order the court considers appropriate.

Prior to the completion of this offering, we intend to enter into agreements with our directors and certain officers (each an "Indemnitee" under such agreements) to indemnify the Indemnitee, to the fullest extent permitted by law and subject to certain limitations, against all liabilities, costs, charges and expenses reasonably incurred by an Indemnitee in an action or proceeding to which the Indemnitee was made a party by reason of the Indemnitee being an officer or director of (i) our company or (ii) an organization of which our company is a shareholder or creditor if the Indemnitee serves such organization at our request.

We maintain insurance policies relating to certain liabilities that our directors and officers may incur in such capacity.

**Item 7. Recent sales of unregistered securities.**

Since the inception of the Company on January 19, 2021, we have issued the following securities. We believe that each of the following issuances was exempt from registration under the Securities Act pursuant to Section 4(2) of the Securities Act regarding transactions not involving a public offering or in reliance on Regulation S under the Securities Act regarding sales by an issuer in offshore transactions. No underwriters were involved in these issuances of securities.

On July 7, 2021, we issued an aggregate of 188,000 special warrants to 150 persons at a purchase price of CAD$0.10 ($0.08) per warrant, for an aggregate price of CAD$18,800 ($14,242), to purchase 188,000 Common Shares at no additional consideration following the conversion of the special warrants upon certain events.

On June 17, 2021, we granted warrants to 16 investors to purchase 9,000,000 Common Shares at an exercise price of CAD$0.05 ($0.04) per share.

On June 17, 2021, we issued 9,000,000 Common Shares to 16 investors for CAD$0.02 ($0.02) per share, or CAD$180,000 ($136,363) in the aggregate.

On November 8, 2021, we issued 188,000 Common Shares to holders of the special warrants upon their conversion on November 8, 2021.

On December 21, 2021, we closed our first tranche of the Special Warrant financing and issued a total of 10,858,500 Special Warrants at CAD$0.50 ($0.38) per Special Warrant for gross proceeds of CAD$5,429,250 ($4,113,068). The special warrants automatically convert to Common Shares for no additional consideration on the date that is earlier of: (i) the third business day after receipt for a final Prospectus qualifying the distribution of the Special Warrant Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) April 22, 2022. Any Special Warrants exercised prior to the automatic conversion will have a hold period, the later of (i) four months and a day following the date of issuance of the Special Warrant, and (ii) the date we become a reporting issuer in a jurisdiction in Canada.

On December 21, 2021, we granted compensation options to the broker (Research Capital Corporation) to purchase 464,240 Common Shares at an exercise price of CAD$0.50 ($0.38) per share.

On January 6, 2022, we acquired all of the issued and outstanding capital stock of Midori-Bio Inc. (consisting of 22,000,000 Class A Common shares) from the shareholders of Midori-Bio Inc. in exchange for 22,000,000 Common Shares from us to the shareholders of Midori-Bio Inc. at a deemed price of CAD$0.50 ($0.38) per share, and Midori-Bio Inc. became our wholly owned subsidiary.

On January 6, 2022, pursuant to an Advisory Services Agreement, we issued warrants to purchase 1,500,000 Common Shares to Kelvin Lee at an exercise price of CAD$0.25 ($0.19) per share, which can be exercised for a period of 36 months following the date of listing of the Company's Common Shares on a recognized exchange in Canada or the United States subject to certain performance milestones.

On January 6, 2022, pursuant to an Advisory Services Agreement, we issued warrants to purchase 750,000 Common Shares to 1313986 BC ULC at an exercise price of CAD$0.25 ($0.19) per share, which can be exercised for a period of 36 months following the date of listing of the Company's Common Shares on a recognized exchange in Canada or the United States subject to certain performance milestones.

On January 6, 2022, pursuant to an Advisory Services Agreement, we issued warrants to purchase 750,000 Common Shares to Delano International at an exercise price of CAD$0.25 ($0.19) per share, which can be exercised for a period of 36 months following the date of listing of the Company's Common Shares on a recognized exchange in Canada or the United States subject to certain performance milestones.

On January 6, 2022, pursuant to an Advisory Services Agreement, we issued warrants to purchase 2,000,000 Common Shares to Salt Box Capital at an exercise price of CAD$0.25 ($0.19) per share, which can be exercised for a period of 36 months following the date of listing of the Company's Common Shares on a recognized exchange in Canada or the United States subject to certain performance milestones.

On January 21, 2022, we closed our second tranche of the Special Warrant financing and issued a total of 2,000,000 Special Warrants at CAD$0.50 ($0.38) per Special Warrant for gross proceeds of CAD$1,000,000 ($757,576). The special warrants automatically convert to Common Shares for no additional consideration on the date that is earlier of: (i) the third business day after receipt for a final Prospectus qualifying the distribution of the Special Warrant Shares; and (ii) May 22, 2022. Any Special Warrants exercised prior to the automatic conversion will have a hold period, the later of (i) four months and a day following the date of issuance of the Special Warrant, and (ii) the date we become a reporting issuer in a jurisdiction in Canada.

On January 21, 2022, we granted 1,000,000 stock options. Each option is exercisable at CAD$0.50 ($0.38) per share, which can be exercised for a period of 5 years following the date of listing of our Common Shares on a recognized exchange in Canada or the United States. 125,000 will vest 12 months from the date of Listing, 125,000 will vest on 24 months from the date of Listing. The remaining 750,000 will vest in traches: 100,000 will vest upon each CAD$5,000,000 ($3,787,879) of gross sales generated by the Company, solely from sales to the Approved Clients.

On March 25, 2022, we issued 600,000 Common Shares to Tim Ronchak at a deemed price of CAD$0.50 ($0.38) per share pursuant to a Consulting Agreement date January 13, 2022.

On April 22, 2022, we converted 10,858,500 special warrants into Common Shares.

On May 24, 2022, we converted 2,000,000 special warrants into Common Shares.

We believe that each of the above issuances was exempt from registration under the Securities Act pursuant to Section 4(2) of the Securities Act regarding transactions not involving a public offering or in reliance on Regulation S under the Securities Act regarding sales by an issuer in offshore transactions.

**Item 8. Exhibits and Financial Statement Schedules**

(a) The following documents are filed as part of this registration statement:

---

| | |
|:---|:---|
| **Exhibit <br> Number** | **Description** |
| 1.1\*\* | Form of Underwriting Agreement |
| 3.1\* | [Notice of Articles of the Company](ex3-1.htm) |
| 3.2\* | [Articles of the Company](ex3-2.htm) |
| 4.1\*\* | Form of the Representative's Warrant (Included in Exhibit 1.1) |
| 4.2\*\* | Form of Warrant for the Purchase of Common Shares |
| 4.4\*\* | Form of Warrant Agency Agreement |
| 5.1\* | [Opinion of McMillan LLP](ex5-1.htm) |
| 5.2\* | [Opinion of Anthony L.G., PLLC](ex5-2.htm) |
| 10.1\* | [Distributor Agreement, dated as of January 25, 2021, by and between Midori-Bio Inc. and EcoLogic, LLC.](ex10-1.htm) |
| 10.2\* | [Share Exchange Agreement, dated as of August 30, 2021, by and among the Company, Midori-Bio Inc. and shareholders of Midori-Bio Inc. and Amendment thereto dated October 31, 2021.](ex10-2.htm) |
| 10.3\* | [Sales Agreement, dated as of July 1, 2021, by and between Midori-Bio Inc. and 2013097 Ontario Inc.](ex10-3.htm) |
| 10.4\* | [Loan Agreement, dated December 16, 2021, by and between the Company and Midori-Bio Inc.](ex10-4.htm) |
| 10.5\* | [Promissory Note, dated October 1, 2021, from Midori-Bio Inc. to Rene Bharti](ex10-5.htm) |
| 10.6\* | [Promissory Note, dated October 7, 2021, from Midori-Bio Inc. to 1142377 B.C. LTD](ex10-6.htm) |
| 10.7\* | [Promissory Note, dated October 4, 2021, from Midori-Bio Inc. to 1917478 Holding LLC](ex10-7.htm) |
| 10.8\* | [Consulting Agreement, dated October 22, 2021, by and between Midori-Bio Inc. and Ben Mulroney](ex10-8.htm) |
| 10.9\*† | [Consulting Agreement, dated January 11, 2021, by and between Midori-Bio Inc. and K. Lyons Enterprises Inc.](ex10-9.htm) |
| 10.10\*† | [Consulting Agreement, dated January 11, 2021, by and between Midori-Bio Inc. and 2863358 ONTARIO INC.](ex10-10.htm) |
| 10.11\* | [Consulting Agreement, dated January 13, 2022, by and among the Company, Midori-Bio Inc. and TR Global, LLC](ex10-11.htm) |
| 10.12\*† | [Contractor Agreement, dated March 1, 2023, by and among the Company and Leeder Holdings Inc.](ex10-12.htm) |
| 10.13\* | [Management and Administrative Services Agreement dated January 6, 2022, between the Company and 2710989 Ontario Limited, as the manager.](ex10-13.htm) |

---

---

| | |
|:---|:---|
| 10.14\* | [Consulting Agreement, dated December 23, 2021, by and among the Company, Midori Bio and Hotspex International Marketing, Inc.](ex10-14.htm) |
| 10.15\* | [Consulting Agreement, dated December 28, 2021, by and among the Company , Midori Bio and Vasek Pospisil](ex10-15.htm) |
| 10.16\* | [Consulting Agreement, dated April 29, 2022, by and between the Company, Midori Bio and Stephen Arbib](ex10-16.htm) |
| 21.1\* | [Subsidiaries of the Registrant.](ex21-1.htm) |
| 23.1\* | [Consent of Crowe MacKay LLP](ex23-1.htm) |
| 23.2\* | [Consent of McMillan LLP (included in Exhibit 5.1)](ex5-1.htm) |
| 23.3\* | [Consent of Anthony L.G., PLLC (included in Exhibit 5.2)](ex5-2.htm) |
| 24\* | [Power of Attorney (included on the signature page of this registration statement)](#o_007) |
| 107\* | [Filing Fee Table](ex107.htm) |

---

\* Filed herewith <br> \*\* To be filed upon amendment <br> † Includes management contracts and compensation plans and arrangements

**Item 9. Undertakings.**

The undersigned registrant hereby undertakes:

(1) To
 file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

(i) To
 include any prospectus required by Section 10(a)(3) of the Securities Act of 1933, as amended;

(ii) To
 reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent
 post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set
 forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if
 the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end
 of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if,
 in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set
 forth in the "Calculation of Registration Fee" table in the effective registration statement; and

(iii) To
 include any material information with respect to the plan of distribution not previously disclosed in the registration statement
 or any material change to such information in the registration statement.

(2) That,
 for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a
 new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be
 deemed to be the initial bona fide offering thereof.

(3) To
 remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
 termination of the offering.

(4) That,
 for the purpose of determining liability under the Securities Act to any purchaser, each prospectus filed pursuant to Rule 424(b)
 as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than
 prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date
 it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is
 part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement
 or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first
 use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration
 statement or made in any such document immediately prior to such date of first use.

(5) That,
 for the purpose of determining liability of the registrant under the Securities Act to any purchaser in the initial distribution
 of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant
 to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities
 are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller
 to the purchaser and will be considered to offer or sell such securities to such purchaser:

(i) Any
 preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule
 424;

(ii) Any
 free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by
 the undersigned registrant;

(iii) The
 portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant
 or its securities provided by or on behalf of the undersigned registrant; and

(iv) Any
 other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

(6) To
 file a post-effective amendment to the registration statement to include any financial statements required by Item 8.A of Form 20-F
 at the start of any delayed offering or throughout a continuous offering.

Insofar as indemnification for liabilities arising under the Securities may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of Burlington, Ontario on March 13, 2023.

---

| | |
|:---|:---|
| **MIDORI GROUP INC.** | **MIDORI GROUP INC.** |
| By: | */s/ Kenneth Lyons* |
|  | Kenneth Lyons |
|  | Chief Executive Officer and Director |

---

**POWER OF ATTORNEY**

**KNOW ALL BY THESE PRESENTS,** that each person whose signature appears below constitutes and appoints Kenneth Lyons as his true and lawful attorney-in-fact and agent, with the full power of substitution, for him and in his name, place or stead, in any and all capacities, to sign any and all amendments to this registration statement (including post-effective amendments), and to sign any registration statement for the same offering covered by this registration statement that is to be effective upon filing pursuant to Rule 462 promulgated under the Securities Act, and all post-effective amendments thereto, and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agents or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| */s/ Kenneth Lyons* | Chief Executive Officer and Director | March 13, 2023 |
| Kenneth Lyons | (Principal Executive Officer) |  |
| */s/ Joseph Leeder* | Chief Financial Officer and Secretary | March 13, 2023 |
| Joseph Leeder | (Principal Accounting and Financial Officer) |  |
| */s/ Robert Leeder* | Chairman, President and Director | March 13, 2023 |
| Robert Leeder |  |  |
| */s/ Christina Dykun* | Director | March 13, 2023 |
| Christina Dykun |  |  |

---

**SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES**

Pursuant to the Securities Act of 1933 as amended, the undersigned, the duly authorized representative in the United States of America of Midori Group Inc., has signed this registration statement on March 13, 2023.

---

| | |
|:---|:---|
| **ANTHONY L.G., PLLC** | **ANTHONY L.G., PLLC** |
| */s/ Laura Anthony* | */s/ Laura Anthony* |
| Name: | Laura Anthony, Esq. |

---

## Exhibit 3.1

**Exhibit 3.1**

![](ex3-1_001.jpg)

![](ex3-1_002.jpg)

## Exhibit 3.2

**Exhibit 3.2**

Number: **BC1284670**

***BUSINESS CORPORATIONS ACT***

**(British Columbia)**

**ARTICLES**

**of**

**1284670 B.C. LTD.**

(the "Company")

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **PART 1 INTERPRETATION** | **1** |
| **PART 2 SHARES AND SHARE CERTIFICATES** | **2** |
| **PART 3 ISSUE OF SHARES** | **4** |
| **PART 4 SHARE REGISTERS** | **5** |
| **PART 5 SHARE TRANSFERS** | **5** |
| **PART 6 TRANSMISSION OF SHARES** | **6** |
| **PART 7 PURCHASE, REDEEM OR OTHERWISE ACQUIRE SHARES** | **7** |
| **PART 8 BORROWING POWERS** | **8** |
| **PART 9 ALTERATIONS** | **8** |
| **PART 10 MEETINGS OF SHAREHOLDERS** | **10** |
| **PART 11 PROCEEDINGS AT MEETINGS OF SHAREHOLDERS** | **12** |
| **PART 12 VOTES OF SHAREHOLDERS** | **16** |
| **PART 13 DIRECTORS** | **20** |
| **PART 14 ELECTION AND REMOVAL OF DIRECTORS** | **22** |
| **PART 15 ALTERNATE DIRECTORS** | **29** |
| **PART 16 POWERS AND DUTIES OF DIRECTORS** | **31** |
| **PART 17 INTERESTS OF DIRECTORS AND OFFICERS** | **31** |
| **PART 18 PROCEEDINGS OF DIRECTORS** | **33** |
| **PART 19 EXECUTIVE AND OTHER COMMITTEES** | **36** |
| **PART 20 OFFICERS** | **37** |
| **PART 21 INDEMNIFICATION** | **38** |
| **PART 22 DIVIDENDS** | **40** |
| **PART 23 ACCOUNTING RECORDS AND AUDITORS** | **42** |
| **PART 24 NOTICES** | **42** |
| **PART 25 SEAL** | **44** |
| **PART 26 PROHIBITIONS** | **45** |

---

Number: **BC1284670**

***BUSINESS CORPORATIONS ACT***

**(British Columbia)**

**ARTICLES**

**of**

**1284670 B.C. LTD.**

(the "Company")

**PART 1**

**INTERPRETATION**

**Definitions**

1.1 In these Articles, unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Act**" means the *Business Corporations Act* (British Columbia) from time to time in force and all amendments thereto and includes all regulations and amendments thereto made pursuant to that Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**board of directors**", "**directors**" and "**board**" mean the directors or sole director of the Company for the time being;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Interpretation Act**" means the *Interpretation Act* (British Columbia) from time to time in force and all amendments thereto and includes all regulations and amendments thereto made pursuant to that Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**legal personal representative**" means the personal or other legal representative of the shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**registered address**" of a shareholder means the shareholder's address as recorded in the central securities register;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**seal**" means the seal of the Company, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**share**" means a share in the share structure of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**special majority**" means the majority of votes described in §11.2 which is required to pass a special resolution.

**Act and Interpretation Act Definitions Applicable**

1.2 The definitions in the Act and the definitions and rules of construction in the Interpretation Act, with the necessary changes, so far as applicable, and except as the context requires otherwise, apply to these Articles as if they were an enactment. If there is a conflict OR inconsistency between a definition in the Act and a definition or rule in the Interpretation Act relating to a term used in these Articles, the definition in the Act will prevail. If there is a conflict or inconsistency between these Articles and the Act, the Act will prevail.

**PART 2**

**SHARES AND SHARE CERTIFICATES**

**Authorized Share Structure**

2.1 The authorized share structure of the Company consists of shares of the class or classes and series, if any, described in the Notice of Articles of the Company.

**Form of Share Certificate**

2.2 Each share certificate issued by the Company must comply with, and be signed as required by, the Act.

**Shareholder Entitled to Certificate, Acknowledgment or Written Notice**

2.3 Unless the shares of which the shareholder is the registered owner are uncertificated shares, each shareholder is entitled, without charge, to (a) one share certificate representing the shares of each class or series of shares registered in the shareholder's name or (b) a non-transferable written acknowledgment of the shareholder's right to obtain such a share certificate, provided that in respect of a share held jointly by several persons, the Company is not bound to issue more than one share certificate and delivery of a share certificate for a share to one of several joint shareholders or to one of the shareholders' duly authorized agents will be sufficient delivery to all. If a shareholder is the registered owner of uncertificated shares, the Company must send to a holder of an uncertificated share a written notice containing the information required by the Act within a reasonable time after the issue or transfer of such share.

**Delivery by Mail**

2.4 Any share certificate or non-transferable written acknowledgment of a shareholder's right to obtain a share certificate, or written notice of the issue or transfer of an uncertificated share may be sent to the shareholder by mail at the shareholder's registered address and neither the Company nor any director, officer or agent of the Company is liable for any loss to the shareholder because the share certificate, acknowledgement or written notice is lost in the mail or stolen.

**Replacement of Worn Out or Defaced Certificate or Acknowledgement**

2.5 If a share certificate or a non-transferable written acknowledgment of the shareholder's right to obtain a share certificate is worn out or defaced, the Company must, on production of the share certificate or acknowledgment, as the case may be, and on such other terms, if any, as are deemed fit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) cancel the share certificate or acknowledgment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) issue a replacement share certificate or acknowledgment.

**Replacement of Lost, Stolen or Destroyed Certificate or Acknowledgment**

2.6 If a share certificate or a non-transferable written acknowledgment of a shareholder's right to obtain a share certificate is lost, stolen or destroyed, a replacement share certificate or acknowledgment, as the case may be, must be issued to the person entitled to that share certificate or acknowledgment, if the requirements of the Act are satisfied, as the case may be, if the directors receive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) proof satisfactory to it of the loss, theft or destruction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any indemnity the directors consider adequate.

**Splitting Share Certificates**

2.7 If a shareholder surrenders a share certificate to the Company with a written request that the Company issue in the shareholder's name two or more share certificates, each representing a specified number of shares and in the aggregate representing the same number of shares as the share certificate so surrendered, the Company must cancel the surrendered share certificate and issue replacement share certificates in accordance with that request.

**Certificate Fee**

2.8 There must be paid to the Company, in relation to the issue of any share certificate under §2.5, §2.6 or §2.7, the amount, if any, not exceeding the amount prescribed under the Act, determined by the directors.

**Recognition of Trusts**

2.9 Except as required by law or statute or these Articles, no person will be recognized by the Company as holding any share upon any trust, and the Company is not bound by or compelled in any way to recognize (even when having notice thereof) any equitable, contingent, future or partial interest in any share or fraction of a share or (except as required by law or statute or these Articles or as ordered by a court of competent jurisdiction) any other rights in respect of any share except an absolute right to the entirety thereof in the shareholder.

**PART 3**

**ISSUE OF SHARES**

**Directors Authorized**

3.1 Subject to the Act and the rights, if any, of the holders of issued shares of the Company, the Company may allot, issue, sell or otherwise dispose of the unissued shares, and issued shares held by the Company, at the times, to the persons, including directors, in the manner, on the terms and conditions and for the consideration (including any premium at which shares with par value may be issued) that the directors may determine. The issue price for a share with par value must be equal to or greater than the par value of the share.

**Commissions and Discounts**

3.2 The Company may at any time pay a reasonable commission or allow a reasonable discount to any person in consideration of that person's purchase or agreement to purchase shares of the Company from the Company or any other person's procurement or agreement to procure purchasers for shares of the Company.

**Brokerage**

3.3 The Company may pay such brokerage fee or other consideration as may be lawful for or in connection with the sale or placement of its securities.

**Conditions of Issue**

3.4 Except as provided for by the Act, no share may be issued until it is fully paid. A share is fully paid when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) consideration is provided to the Company for the issue of the share by one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) past services performed for the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) money; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the value of the consideration received by the Company equals or exceeds the issue price set for the share under §3.1.

**Share Purchase Warrants and Rights**

**PART 4**

**SHARE REGISTERS**

**Central Securities Register**

4.1 As required by and subject to the Act, the Company must maintain in British Columbia a central securities register and may appoint an agent to maintain such register. The directors may appoint one or more agents, including the agent appointed to keep the central securities register, as transfer agent for shares or any class or series of shares and the same or another agent as registrar for shares or such class or series of shares, as the case may be. The directors may terminate such appointment of any agent at any time and may appoint another agent in its place.

**PART 5**

**SHARE TRANSFERS**

**Registering Transfers**

5.1 A transfer of a share must not be registered unless the Company or the transfer agent or registrar for the class or series of shares to be transferred has received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) except as exempted by the Act, a written instrument of transfer in respect of the share has been received by the Company (which may be a separate document or endorsed on the share certificate for the shares transferred) made by the shareholder or other appropriate person or by an agent who has actual authority to act on behalf of that person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if a share certificate has been issued by the Company in respect of the share to be transferred, that share certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if a non-transferable written acknowledgment of the shareholder's right to obtain a share certificate has been issued by the Company in respect of the share to be transferred, that acknowledgment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) such other evidence, if any, as the Company or the transfer agent or registrar for the class or series of share to be transferred may require to prove the title of the transferor or the transferor's right to transfer the share, that the written instrument of transfer is genuine and the right of the transferee to have the transfer registered.

**Form of Instrument of Transfer**

5.2 The instrument of transfer in respect of any share of the Company must be either in the form, if any, on the back of the Company's share certificates or in any other form that may be approved by the directors from time to time or by the transfer agent or registrar for those shares.

**Transferor Remains Shareholder**

5.3 Except to the extent that the Act otherwise provides, the transferor of a share is deemed to remain the holder of it until the name of the transferee is entered in a securities register of the Company in respect of the transfer.

**Signing of Instrument of Transfer**

5.4 If a shareholder, or his or her duly authorized attorney, signs an instrument of transfer in respect of shares registered in the name of the shareholder, the signed instrument of transfer constitutes a complete and sufficient authority to the Company and its directors, officers and agents to register the number of shares specified in the instrument of transfer or specified in any other manner, or, if no number is specified, all the shares represented by the share certificates or set out in the written acknowledgments deposited with the instrument of transfer, or if the shares are uncertificated shares, then all of the shares registered in the name of the shareholder on the central securities register:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the name of the person named as transferee in that instrument of transfer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if no person is named as transferee in that instrument of transfer, in the name of the person on whose behalf the instrument is deposited for the purpose of having the transfer registered.

**Enquiry as to Title Not Required**

5.5 Neither the Company nor any director, officer or agent of the Company is bound to inquire into the title of the person named in the instrument of transfer as transferee or, if no person is named as transferee in the instrument of transfer, of the person on whose behalf the instrument is deposited for the purpose of having the transfer registered or is liable for any claim related to registering the transfer by the shareholder or by any intermediate owner or holder of the shares transferred, of any interest in such shares, of any share certificate representing such shares or of any written acknowledgment of a right to obtain a share certificate for such shares.

**Transfer Fee**

5.6 There must be paid to the Company, in relation to the registration of a transfer, the amount, if any, determined by the directors.

**PART 6**

**TRANSMISSION OF SHARES**

**Legal Personal Representative Recognized on Death**

6.1 In case of the death of a shareholder, the legal personal representative of the shareholder, or in the case of shares registered in the shareholder's name and the name of another person in joint tenancy, the surviving joint holder, will be the only person recognized by the Company as having any title to the shareholder's interest in the shares. Before recognizing a person as a legal personal representative of a shareholder, the Company shall receive the documentation required by the Act.

**Rights of Legal Personal Representative**

6.2 The legal personal representative of a shareholder has the same rights, privileges and obligations that attach to the shares held by the shareholder, including the right to transfer the shares in accordance with these Articles, provided the documents required by the Act and the directors have been deposited with the Company. This §6.2 does not apply in the case of the death of a shareholder with respect to shares registered in the name of the shareholder and the name of another person in joint tenancy.

**PART 7**

**PURCHASE, REDEEM OR OTHERWISE ACQUIRE SHARES**

**Company Authorized to Purchase, Redeem or Otherwise Acquire Shares**

7.1 Subject to §7.2, to the special rights and restrictions attached to the shares of any class or series and to the Act, the Company may, if authorized by the directors, purchase, redeem or otherwise acquire any of its shares at the price and upon the terms determined by the directors.

**Purchase When Insolvent**

7.2 The Company must not make a payment or provide any other consideration to purchase, redeem or otherwise acquire any of its shares if there are reasonable grounds for believing that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company is insolvent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) making the payment or providing the consideration would render the Company insolvent.

**Sale and Voting of Purchased Shares, Redeemed or Otherwise Acquired Shares**

7.3 If the Company retains a share redeemed, purchased or otherwise acquired by it, the Company may sell, gift or otherwise dispose of the share, but, while such share is held by the Company, it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is not entitled to vote the share at a meeting of its shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) must not pay a dividend in respect of the share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) must not make any other distribution in respect of the share.

**Company Entitled to Purchase or Redeem Share Fractions**

7.4 The Company may, without prior notice to the holders, purchase, redeem or otherwise acquire for fair value any and all outstanding share fractions of any class or kind of shares in its authorized share structure as may exist at any time and from time to time. Upon the Company delivering the purchase funds and confirmation of purchase or redemption of the share fractions to the holders' registered or last known address, or if the Company has a transfer agent then to such agent for the benefit of and forwarding to such holders, the Company shall thereupon amend its central securities register to reflect the purchase or redemption of such share fractions and if the Company has a transfer agent, shall direct the transfer agent to amend the central securities register accordingly. Any holder of a share fraction, who upon receipt of the funds and confirmation of purchase or redemption of same, disputes the fair value paid for the fraction, shall have the right to apply to the court to request that it set the price and terms of payment and make consequential orders and give directions the court considers appropriate, as if the Company were the "acquiring person" as contemplated by Division 6, Compulsory Acquisitions, under the Act and the holder were an "offeree" subject to the provisions contained in such Division, *mutatis mutandis*.

**PART 8**

**BORROWING POWERS**

8.1 The Company, if authorized by the directors, may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) borrow money in the manner and amount, on the security, from the sources and on the terms and conditions that they consider appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) issue bonds, debentures and other debt obligations either outright or as security for any liability or obligation of the Company or any other person and at such discounts or premiums and on such other terms as the directors consider appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) guarantee the repayment of money by any other person or the performance of any obligation of any other person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) mortgage, charge, whether by way of specific or floating charge, grant a security interest in, or give other security on, the whole or any part of the present and future assets and undertaking of the Company.

**PART 9**

**ALTERATIONS**

**Alteration of Authorized Share Structure**

9.1 Subject to §9.2 and the Act, the Company may by ordinary resolution (or a resolution of the directors in the case of §9.1(c) or §9.1(f):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) create one or more classes or series of shares or, if none of the shares of a class or series of shares are allotted or issued, eliminate that class or series of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) increase, reduce or eliminate the maximum number of shares that the Company is authorized to issue out of any class or series of shares or establish a maximum number of shares that the Company is authorized to issue out of any class or series of shares for which no maximum is established;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subdivide or consolidate all or any of its unissued, or fully paid issued, shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if the Company is authorized to issue shares of a class of shares with par value:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) decrease the par value of those shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if none of the shares of that class of shares are allotted or issued, increase the par value of those shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) change all or any of its unissued, or fully paid issued, shares with par value into shares without par value or any of its unissued shares without par value into shares with par value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) alter the identifying name of any of its shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) otherwise alter its shares or authorized share structure when required or permitted to do so by the Act where it does not specify by a special resolution;

and, if applicable, alter its Notice of Articles and Articles accordingly.

**Special Rights and Restrictions**

9.2 Subject to the Act and in particular those provisions of the Act relating to the rights of holders of outstanding shares to vote if their rights are prejudiced or interfered with, the Company may by ordinary resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) create special rights or restrictions for, and attach those special rights or restrictions to, the shares of any class or series of shares, whether or not any or all of those shares have been issued; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) vary or delete any special rights or restrictions attached to the shares of any class or series of shares, whether or not any or all of those shares have been issued,

and alter its Notice of Articles and Articles accordingly.

**Change of Name**

9.3 The Company may by directors resolution authorize an alteration of its Notice of Articles in order to change its name or adopt or change any translation of that name.

**Other Alterations**

9.4 If the Act does not specify the type of resolution and these Articles do not specify another type of resolution, the Company may by ordinary resolution alter these Articles.

**PART 10**

**MEETINGS OF SHAREHOLDERS**

**Annual General Meetings**

10.1 Unless an annual general meeting is deferred or waived in accordance with the Act, the Company must hold its first annual general meeting within 18 months after the date on which it was incorporated or otherwise recognized, and after that must hold an annual general meeting at least once in each calendar year and not more than 15 months after the last annual reference date at such time and place as may be determined by the directors.

**Resolution Instead of Annual General Meeting**

10.2 If all the shareholders who are entitled to vote at an annual general meeting consent in writing by a unanimous resolution to all of the business that is required to be transacted at that annual general meeting, the annual general meeting is deemed to have been held on the date of the unanimous resolution. The shareholders must, in any unanimous resolution passed under this §10.2, select as the Company's annual reference date a date that would be appropriate for the holding of the applicable annual general meeting.

**Calling of Meetings of Shareholders**

10.3 The directors may, at any time, call a meeting of shareholders.

**Notice for Meetings of Shareholders**

10.4 The Company must send notice of the date, time and location of any meeting of shareholders (including, without limitation, any notice specifying the intention to propose a resolution as an exceptional resolution, a special resolution or a special separate resolution, and any notice to consider approving an amalgamation into a foreign jurisdiction, an arrangement or the adoption of an amalgamation agreement, and any notice of a general meeting, class meeting or series meeting), in the manner provided in these Articles, or in such other manner, if any, as may be prescribed by ordinary resolution (whether previous notice of the resolution has been given or not), to each shareholder entitled to attend the meeting, to each director and to the auditor of the Company, unless these Articles otherwise provide, at least the following number of days before the meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Company is a public company, 21 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise, 10 days.

**Record Date for Notice**

10.5 The directors may set a date as the record date for the purpose of determining shareholders entitled to notice of any meeting of shareholders. The record date must not precede the date on which the meeting is to be held by more than two months or, in the case of a general meeting requisitioned by shareholders under the Act, by more than four months. The record date must not precede the date on which the meeting is held by fewer than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Company is a public company, 21 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise, 10 days.

If no record date is set, the record date is 5 p.m. on the day immediately preceding the first date on which the notice is sent or, if no notice is sent, the beginning of the meeting.

**Record Date for Voting**

10.6 The directors may set a date as the record date for the purpose of determining shareholders entitled to vote at any meeting of shareholders. The record date must not precede the date on which the meeting is to be held by more than two months or, in the case of a general meeting requisitioned by shareholders under the Act, by more than four months. If no record date is set, the record date is 5 p.m. on the day immediately preceding the first date on which the notice is sent or, if no notice is sent, the beginning of the meeting.

**Failure to Give Notice and Waiver of Notice**

10.7 The accidental omission to send notice of any meeting of shareholders to, or the non-receipt of any notice by, any of the persons entitled to notice does not invalidate any proceedings at that meeting. Any person entitled to notice of a meeting of shareholders may, in writing or otherwise, waive that entitlement or may agree to reduce the period of that notice. Attendance of a person at a meeting of shareholders is a waiver of entitlement to notice of the meeting unless that person attends the meeting for the express purpose of objecting to the transaction of any business on the grounds that the meeting is not lawfully called.

**Notice of Special Business at Meetings of Shareholders**

10.8 If a meeting of shareholders is to consider special business within the meaning of §11.1, the notice of meeting must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) state the general nature of the special business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the special business includes considering, approving, ratifying, adopting or authorizing any document or the signing of or giving of effect to any document, have attached to it a copy of the document or state that a copy of the document will be available for inspection by shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at the Company's records office, or at such other reasonably accessible location in British Columbia as is specified in the notice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) during statutory business hours on any one or more specified days before the day set for the holding of the meeting.

**Place of Meetings**

10.9 In addition to any location in British Columbia, any general meeting may be held in any location outside British Columbia approved by a resolution of the directors.

**PART 11**

**PROCEEDINGS AT MEETINGS OF SHAREHOLDERS**

**Special Business**

11.1 At a meeting of shareholders, the following business is special business:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at a meeting of shareholders that is not an annual general meeting, all business is special business except business relating to the conduct of or voting at the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at an annual general meeting, all business is special business except for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) business relating to the conduct of or voting at the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) consideration of any financial statements of the Company presented to the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) consideration of any reports of the directors or auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the setting or changing of the number of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the election or appointment of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the appointment of an auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the setting of the remuneration of an auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) business arising out of a report of the directors not requiring the passing of a special resolution or an exceptional resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any other business which, under these Articles or the Act, may be transacted at a meeting of shareholders without prior notice of the business being given to the shareholders.

**Special Majority**

11.2 The majority of votes required for the Company to pass a special resolution at a general meeting of shareholders is two-thirds of the votes cast on the resolution.

**Quorum**

11.3 Subject to the special rights and restrictions attached to the shares of any class or series of shares, and to §11.4, the quorum for the transaction of business at a meeting of shareholders is at least one person who is, or who represents by proxy, one or more shareholders who, in the aggregate, hold at least five percent of the issued shares entitled to be voted at the meeting.

**One Shareholder May Constitute Quorum**

11.4 If there is only one shareholder entitled to vote at a meeting of shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the quorum is one person who is, or who represents by proxy, that shareholder, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that shareholder, present in person or by proxy, may constitute the meeting.

**Persons Entitled to Attend Meeting**

11.5 In addition to those persons who are entitled to vote at a meeting of shareholders, the only other persons entitled to be present at the meeting are the directors, the president (if any), the secretary (if any), the assistant secretary (if any), any lawyer for the Company, the auditor of the Company, any persons invited to be present at the meeting by the directors or by the chair of the meeting and any persons entitled or required under the Act or these Articles to be present at the meeting; but if any of those persons does attend the meeting, that person is not to be counted in the quorum and is not entitled to vote at the meeting unless that person is a shareholder or proxy holder entitled to vote at the meeting.

**Requirement of Quorum**

11.6 No business, other than the election of a chair of the meeting and the adjournment of the meeting, may be transacted at any meeting of shareholders unless a quorum of shareholders entitled to vote is present at the commencement of the meeting, but such quorum need not be present throughout the meeting.

**Lack of Quorum**

11.7 If, within one-half hour from the time set for the holding of a meeting of shareholders, a quorum is not present:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of a general meeting requisitioned by shareholders, the meeting is dissolved, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of any other meeting of shareholders, the meeting stands adjourned to the same day in the next week at the same time and place.

**Lack of Quorum at Succeeding Meeting**

11.8 If, at the meeting to which the meeting referred to in §11.7(b) was adjourned, a quorum is not present within one-half hour from the time set for the holding of the meeting, the person or persons present and being, or representing by proxy, one or more shareholders entitled to attend and vote at the meeting shall be deemed to constitute a quorum.

**Chair**

11.9 The following individual is entitled to preside as chair at a meeting of shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the chair of the board, if any; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the chair of the board is absent or unwilling to act as chair of the meeting, the president, if any.

**Selection of Alternate Chair**

11.10 If, at any meeting of shareholders, there is no chair of the board or president present within 15 minutes after the time set for holding the meeting, or if the chair of the board and the president are unwilling to act as chair of the meeting, or if the chair of the board and the president have advised the secretary, if any, or any director present at the meeting, that they will not be present at the meeting, the directors present may choose either one of their number or the solicitor of the Company to be chair of the meeting. If all of the directors present decline to take the chair or fail to so choose or if no director is present or the solicitor of the Company declines to take the chair, the shareholders entitled to vote at the meeting who are present in person or by proxy may choose any person present at the meeting to chair the meeting.

**Adjournments**

11.11 The chair of a meeting of shareholders may, and if so directed by the meeting must, adjourn the meeting from time to time and from place to place, but no business may be transacted at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment took place.

**Notice of Adjourned Meeting**

11.12 It is not necessary to give any notice of an adjourned meeting of shareholders or of the business to be transacted at an adjourned meeting of shareholders except that, when a meeting is adjourned for 30 days or more, notice of the adjourned meeting must be given as in the case of the original meeting.

**Decisions by Show of Hands or Poll**

11.13 Subject to the Act, every motion put to a vote at a meeting of shareholders will be decided on a show of hands unless a poll, before or on the declaration of the result of the vote by show of hands, is directed by the chair or demanded by any shareholder entitled to vote who is present in person or by proxy.

**Declaration of Result**

11.14 The chair of a meeting of shareholders must declare to the meeting the decision on every question in accordance with the result of the show of hands or the poll, as the case may be, and that decision must be entered in the minutes of the meeting. A declaration of the chair that a resolution is carried by the necessary majority or is defeated is, unless a poll is directed by the chair or demanded under §11.13, conclusive evidence without proof of the number or proportion of the votes recorded in favour of or against the resolution.

**Motion Need Not be Seconded**

11.15 No motion proposed at a meeting of shareholders need be seconded unless the chair of the meeting rules otherwise, and the chair of any meeting of shareholders is entitled to propose or second a motion.

**Casting Vote**

11.16 In case of an equality of votes, the chair of a meeting of shareholders does not, either on a show of hands or on a poll, have a second or casting vote in addition to the vote or votes to which the chair may be entitled as a shareholder.

**Manner of Taking Poll**

11.17 Subject to §11.18, if a poll is duly demanded at a meeting of shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the poll must be taken:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at the meeting, or within seven days after the date of the meeting, as the chair of the meeting directs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the manner, at the time and at the place that the chair of the meeting directs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the result of the poll is deemed to be the decision of the meeting at which the poll is demanded; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the demand for the poll may be withdrawn by the person who demanded it.

**Demand for Poll on Adjournment**

11.18 A poll demanded at a meeting of shareholders on a question of adjournment must be taken immediately at the meeting.

**Chair Must Resolve Dispute**

11.19 In the case of any dispute as to the admission or rejection of a vote given on a poll, the chair of the meeting must determine the dispute, and his or her determination made in good faith is final and conclusive.

**Casting of Votes**

11.20 On a poll, a shareholder entitled to more than one vote need not cast all the votes in the same way.

**No Demand for Poll on Election of Chair**

11.21 No poll may be demanded in respect of the vote by which a chair of a meeting of shareholders is elected.

**Demand for Poll Not to Prevent Continuance of Meeting**

11.22 The demand for a poll at a meeting of shareholders does not, unless the chair of the meeting so rules, prevent the continuation of a meeting for the transaction of any business other than the question on which a poll has been demanded.

**Retention of Ballots and Proxies**

11.23 The Company must, for at least three months after a meeting of shareholders, keep each ballot cast on a poll and each proxy voted at the meeting, and, during that period, make them available for inspection during normal business hours by any shareholder or proxyholder entitled to vote at the meeting. At the end of such three month period, the Company may destroy such ballots and proxies.

**PART 12**

**VOTES OF SHAREHOLDERS**

**Number of Votes by Shareholder or by Shares**

12.1 Subject to any special rights or restrictions attached to any shares and to the restrictions imposed on joint shareholders under §12.3:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on a vote by show of hands, every person present who is a shareholder or proxy holder and entitled to vote on the matter has one vote; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on a poll, every shareholder entitled to vote on the matter has one vote in respect of each share entitled to be voted on the matter and held by that shareholder and may exercise that vote either in person or by proxy.

**Votes of Persons in Representative Capacity**

12.2 A person who is not a shareholder may vote at a meeting of shareholders, whether on a show of hands or on a poll, and may appoint a proxy holder to act at the meeting, if, before doing so, the person satisfies the chair of the meeting, or the directors, that the person is a legal personal representative or a trustee in bankruptcy for a shareholder who is entitled to vote at the meeting.

**Votes by Joint Holders**

12.3 If there are joint shareholders registered in respect of any share:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any one of the joint shareholders may vote at any meeting of shareholders, personally or by proxy, in respect of the share as if that joint shareholder were solely entitled to it; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if more than one of the joint shareholders is present at any meeting of shareholders, personally or by proxy, and more than one of them votes in respect of that share, then only the vote of the joint shareholder present whose name stands first on the central securities register in respect of the share will be counted.

**Legal Personal Representatives as Joint Shareholders**

12.4 Two or more legal personal representatives of a shareholder in whose sole name any share is registered are, for the purposes of §12.3, deemed to be joint shareholders registered in respect of that share.

**Representative of a Corporate Shareholder**

12.5 If a corporation, that is not a subsidiary of the Company, is a shareholder, that corporation may appoint a person to act as its representative at any meeting of shareholders of the Company, and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for that purpose, the instrument appointing a representative must be received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at the registered office of the Company or at any other place specified, in the notice calling the meeting, for the receipt of proxies, at least the number of business days specified in the notice for the receipt of proxies, or if no number of days is specified, two business days before the day set for the holding of the meeting or any adjourned meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) at the meeting or any adjourned meeting, by the chair of the meeting or adjourned meeting or by a person designated by the chair of the meeting or adjourned meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if a representative is appointed under this §12.5:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the representative is entitled to exercise in respect of and at that meeting the same rights on behalf of the corporation that the representative represents as that corporation could exercise if it were a shareholder who is an individual, including, without limitation, the right to appoint a proxy holder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the representative, if present at the meeting, is to be counted for the purpose of forming a quorum and is deemed to be a shareholder present in person at the meeting.

Evidence of the appointment of any such representative may be sent to the Company by written instrument, fax or any other customary method of transmitting recorded messages.

**Proxy Provisions Do Not Apply to All Companies**

12.6 If and for so long as the Company is a public company or a pre-existing reporting company which has the Statutory Reporting Company Provisions as part of its Articles or to which the Statutory Reporting Company Provisions apply, then §12.7 to §12.15 are not mandatory, however the directors of the Company are authorized to apply all or part of such sections or to adopt alternative procedures for proxy form, deposit and revocation procedures to the extent that the directors deem necessary in order to comply with securities laws applicable to the Company.

**Appointment of Proxy Holders**

12.7 Every shareholder of the Company entitled to vote at a meeting of shareholders may, by proxy, appoint one or more (but not more than two) proxy holders to attend and act at the meeting in the manner, to the extent and with the powers conferred by the proxy.

**Alternate Proxy Holders**

12.8 A shareholder may appoint one or more alternate proxy holders to act in the place of an absent proxy holder.

**Proxy Holder Need Not Be Shareholder**

12.9 A proxy holder need not be a shareholder of the Company.

**Deposit of Proxy**

12.10 A proxy for a meeting of shareholders must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be received at the registered office of the Company or at any other place specified, in the notice calling the meeting, for the receipt of proxies, at least the number of business days specified in the notice, or if no number of days is specified, two business days before the day set for the holding of the meeting or any adjourned meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) unless the notice provides otherwise, be received, at the meeting or any adjourned meeting, by the chair of the meeting or adjourned meeting or by a person designated by the chair of the meeting or adjourned meeting.

A proxy may be sent to the Company by written instrument, fax or any other method of transmitting legibly recorded messages, including through Internet or telephone voting or by email, if permitted by the notice calling the meeting or the information circular for the meeting.

**Validity of Proxy Vote**

12.11 A vote given in accordance with the terms of a proxy is valid notwithstanding the death or incapacity of the shareholder giving the proxy and despite the revocation of the proxy or the revocation of the authority under which the proxy is given, unless notice in writing of that death, incapacity or revocation is received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at the registered office of the Company, at any time up to and including the last business day before the day set for the holding of the meeting or any adjourned meeting at which the proxy is to be used; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at the meeting or any adjourned meeting by the chair of the meeting or adjourned meeting, before any vote in respect of which the proxy has been given has been taken.

**Form of Proxy**

12.12 A proxy, whether for a specified meeting or otherwise, must be either in the following form or in any other form approved by the directors or the chair of the meeting:

[name of company]

(the "Company")

The undersigned, being a shareholder of the Company, hereby appoints [name] or, failing that person, [name], as proxy holder for the undersigned to attend, act and vote for and on behalf of the undersigned at the meeting of shareholders of the Company to be held on [month, day, year] and at any adjournment of that meeting.

Number of shares in respect of which this proxy is given (if no number is specified, then this proxy if given in respect of all shares registered in the name of the undersigned):<u> </u>

---

| |
|:---|
| Signed [month, day, year] |
| [Signature of shareholder] |
| [Name of shareholder—printed] |

---

**Revocation of Proxy**

12.13 Subject to §12.14, every proxy may be revoked by an instrument in writing that is received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at the registered office of the Company at any time up to and including the last business day before the day set for the holding of the meeting or any adjourned meeting at which the proxy is to be used; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at the meeting or any adjourned meeting, by the chair of the meeting or adjourned meeting, before any vote in respect of which the proxy has been given has been taken.

**Revocation of Proxy Must Be Signed**

12.14 An instrument referred to in §12.13 must be signed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the shareholder for whom the proxy holder is appointed is an individual, the instrument must be signed by the shareholder or the shareholder's legal personal representative or trustee in bankruptcy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the shareholder for whom the proxy holder is appointed is a corporation, the instrument must be signed by the corporation or by a representative appointed for the corporation under §12.5.

**Production of Evidence of Authority to Vote**

12.15 The chair of any meeting of shareholders may, but need not, inquire into the authority of any person to vote at the meeting and may, but need not, demand from that person production of evidence as to the existence of the authority to vote.

**PART 13**

**DIRECTORS**

**First Directors; Number of Directors**

13.1 The first directors are the persons designated as directors of the Company in the Notice of Articles that applies to the Company when it is recognized under the Act. The number of directors, excluding additional directors appointed under §14.8, is set at:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subject to §(b) and §(c), the number of directors that is equal to the number of the Company's first directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Company is a public company, the greater of three and the most recently set of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the number of directors set by a resolution of the directors (whether or not previous notice of the resolution was given); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the number of directors in office pursuant to §14.4;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Company is not a public company, the most recently set of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the number of directors set by a resolution of the directors (whether or not previous notice of the resolution was given); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the number of directors in office pursuant to §14.4.

**Change in Number of Directors**

13.2 If the number of directors is set under §13.1(b)(i) or §13.1(c)(i):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the shareholders may elect or appoint the directors needed to fill any vacancies in the board of directors up to that number; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the shareholders do not elect or appoint the directors needed to fill any vacancies in the board of directors up to that number then the directors, subject to §14.8, may appoint directors to fill those vacancies.

**Directors' Acts Valid Despite Vacancy**

13.3 An act or proceeding of the directors is not invalid merely because fewer than the number of directors set or otherwise required under these Articles is in office.

**Qualifications of Directors**

13.4 A director is not required to hold a share as qualification for his or her office but must be qualified as required by the Act to become, act or continue to act as a director.

**Remuneration of Directors**

13.5 The directors are entitled to the remuneration for acting as directors, if any, as the directors may from time to time determine. If the directors so decide, the remuneration of the directors, if any, will be determined by the shareholders.

**Reimbursement of Expenses of Directors**

13.6 The Company must reimburse each director for the reasonable expenses that he or she may incur in and about the business of the Company.

**Special Remuneration for Directors**

13.7 If any director performs any professional or other services for the Company that in the opinion of the directors are outside the ordinary duties of a director, he or she may be paid remuneration fixed by the directors, or at the option of the directors, fixed by ordinary resolution, and such remuneration will be in addition to any other remuneration that he or she may be entitled to receive.

**Gratuity, Pension or Allowance on Retirement of Director**

13.8 Unless otherwise determined by ordinary resolution, the directors on behalf of the Company may pay a gratuity or pension or allowance on retirement to any director who has held any salaried office or place of profit with the Company or to his or her spouse or dependants and may make contributions to any fund and pay premiums for the purchase or provision of any such gratuity, pension or allowance.

**PART 14**

**ELECTION AND REMOVAL OF DIRECTORS**

**Election at Annual General Meeting**

14.1 At every annual general meeting and in every unanimous resolution contemplated by §10.2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the shareholders entitled to vote at the annual general meeting for the election of directors must elect, or in the unanimous resolution appoint, a board of directors consisting of the number of directors for the time being set under these Articles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all the directors cease to hold office immediately before the election or appointment of directors under §(a), but are eligible for re-election or re-appointment.

**Consent to be a Director**

14.2 No election, appointment or designation of an individual as a director is valid unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that individual consents to be a director in the manner provided for in the Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that individual is elected or appointed at a meeting at which the individual is present and the individual does not refuse, at the meeting, to be a director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) with respect to first directors, the designation is otherwise valid under the Act.

**Failure to Elect or Appoint Directors**

14.3 If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company fails to hold an annual general meeting, and all the shareholders who are entitled to vote at an annual general meeting fail to pass the unanimous resolution contemplated by §10.2, on or before the date by which the annual general meeting is required to be held under the Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the shareholders fail, at the annual general meeting or in the unanimous resolution contemplated by §10.2, to elect or appoint any directors;

then each director then in office continues to hold office until the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) when his or her successor is elected or appointed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) when he or she otherwise ceases to hold office under the Act or these Articles.

**Places of Retiring Directors Not Filled**

14.4 If, at any meeting of shareholders at which there should be an election of directors, the places of any of the retiring directors are not filled by that election, those retiring directors who are not re-elected and who are asked by the newly elected directors to continue in office will, if willing to do so, continue in office to complete the number of directors for the time being set pursuant to these Articles but their term of office shall expire when new directors are elected at a meeting of shareholders convened for that purpose. If any such election or continuance of directors does not result in the election or continuance of the number of directors for the time being set pursuant to these Articles, the number of directors of the Company is deemed to be set at the number of directors actually elected or continued in office.

**Directors May Fill Casual Vacancies**

14.5 Any casual vacancy occurring in the board of directors may be filled by the directors.

**Remaining Directors Power to Act**

14.6 The directors may act notwithstanding any vacancy in the board of directors, but if the Company has fewer directors in office than the number set pursuant to these Articles as the quorum of directors, the directors may only act for the purpose of appointing directors up to that number or of calling a meeting of shareholders for the purpose of filling any vacancies on the board of directors or, subject to the Act, for any other purpose.

**Shareholders May Fill Vacancies**

14.7 If the Company has no directors or fewer directors in office than the number set pursuant to these Articles as the quorum of directors, the shareholders may elect or appoint directors to fill any vacancies on the board of directors.

**Additional Directors**

14.8 Notwithstanding §13.1 and §13.2, between annual general meetings or by unanimous resolutions contemplated by §10.2, the directors may appoint one or more additional directors, but the number of additional directors appointed under this §14.8 must not at any time exceed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) one-third of the number of first directors, if, at the time of the appointments, one or more of the first directors have not yet completed their first term of office; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in any other case, one-third of the number of the current directors who were elected or appointed as directors other than under this §14.8.

Any director so appointed ceases to hold office immediately before the next election or appointment of directors under §14.1(a), but is eligible for re-election or re-appointment.

**Ceasing to be a Director**

14.9 A director ceases to be a director when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the term of office of the director expires;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the director dies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the director resigns as a director by notice in writing provided to the Company or a lawyer for the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the director is removed from office pursuant to §14.10 or §14.11.

**Removal of Director by Shareholders**

14.10 The Company may remove any director before the expiration of his or her term of office by special resolution. In that event, the shareholders may elect, or appoint by ordinary resolution, a director to fill the resulting vacancy. If the shareholders do not elect or appoint a director to fill the resulting vacancy contemporaneously with the removal, then the directors may appoint or the shareholders may elect, or appoint by ordinary resolution, a director to fill that vacancy.

**Removal of Director by Directors**

14.11 The directors may remove any director before the expiration of his or her term of office if the director is convicted of an indictable offence, or if the director ceases to be qualified to act as a director of a company and does not promptly resign, and the directors may appoint a director to fill the resulting vacancy.

**Nomination of Directors**

14.12 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject only to the Act, only persons who are nominated in accordance with the following procedures shall be eligible for election as directors of the Company. Nominations of persons for election to the board may be made at any annual meeting of shareholders, or at any special meeting of shareholders (but only if the election of directors is a matter specified in the notice of meeting given by or at the direction of the person calling such special meeting):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by or at the direction of the board or an authorized officer
of the Company, including pursuant to a notice of meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by or at the direction or request of one or more shareholders
pursuant to a proposal made in accordance with the provisions of the Act or a requisition of the shareholders made in accordance with
the provisions of the Act; or

(iii) by any person (a "**Nominating Shareholder** ")
(A) who, at the close of business on the date of the giving of the notice provided for below in this §14.12 and on the record date
for notice of such meeting, is entered in the securities register as a holder of one or more shares carrying the right to vote at such
meeting or who beneficially owns shares that are entitled to be voted at such meeting and (B) who complies with the notice procedures
set forth below in this §14.12.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition to any other applicable requirements, for a nomination to be made by a Nominating Shareholder, such person must be give

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) timely notice thereof in proper written form to the Corporate
Secretary of the Company at the principal executive offices of the Company in accordance with this §14.12.and

(ii) the representation and agreement with respect to each candidate
for nomination as required by, and within the time period specified in §14.12(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To be timely under §14.12(b)(i), a Nominating Shareholder's notice to the Corporate Secretary of the Company must be made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of an annual meeting of shareholders, not less
than 30 nor more than 65 days prior to the date of the annual meeting of shareholders; provided, however, that in the event that the
annual meeting of shareholders is called for a date that is less than 40 days after the date (the "**Notice Date**") on
which the first public announcement of the date of the annual meeting was made, notice by the Nominating Shareholder may be made not
later than the tenth (10th) day following the Notice Date; and

(ii) in the case of a special meeting (which is not also an annual
meeting) of shareholders called for the purpose of electing directors (whether or not called for other purposes), not later than the
fifteenth (15th) day following the day on which the first public announcement of the date of the special meeting of shareholders was
made.

(iii) Notwithstanding the foregoing, the board may, in its sole discretion,
waive any requirement in this §14.12(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To be in proper written form, a Nominating Shareholder's notice to the Corporate Secretary of the Company, under §14.12(b)(i) must set forth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as to each person whom the Nominating Shareholder proposes
to nominate for election as a director (A) the name, age, business address and residence address of the person, (B) the principal occupation
or employment of the person, (C) the class or series and number of shares in the capital of the Company which are controlled or which
are owned beneficially or of record by the person as of the record date for the Meeting of Shareholders (if such date shall then have
been made publicly available and shall have occurred) and as of the date of such notice, (D) a statement as to whether such person would
be "independent" of the Company (within the meaning of sections 1.4 and 1.5 of National Instrument 52-110 – *Audit Committees* of the Canadian Securities Administrators, as such provisions may be amended from time to time) if elected as a director
at such meeting and the reasons and basis for such determination and (E) any other information relating to the person that would be required
to be disclosed in a dissident's proxy circular in connection with solicitations of proxies for election of directors pursuant
to the Act and Applicable Securities Laws; and

(ii) as to the Nominating Shareholder giving the notice, (A) any
information relating to such Nominating Shareholder that would be required to be made in a dissident's proxy circular in connection
with solicitations of proxies for election of directors pursuant to the Act and Applicable Securities Laws, and (B) the class or series
and number of shares in the capital of the Company which are controlled or which are owned beneficially or of record by the Nominating
Shareholder as of the record date for the Meeting of Shareholders (if such date shall then have been made publicly available and shall
have occurred) and as of the date of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To be eligible to be a candidate for election as a director of the Company and to be duly nominated, a candidate must be nominated in the manner prescribed in this §14.12 and the candidate for nomination, whether nominated by the board or otherwise, must have previously delivered to the Corporate Secretary of the Company at the principal executive offices of the Company, not less than 5 days prior to the date of the Meeting of Shareholders, a written representation and agreement (in form provided by the Company) that such candidate for nomination, if elected as a director of the Company, will comply with all applicable corporate governance, conflict of interest, confidentiality, share ownership, majority voting and insider trading policies and other policies and guidelines of the Company applicable to directors and in effect during such person's term in office as a director (and, if requested by any candidate for nomination, the Corporate Secretary of the Company shall provide to such candidate for nomination all such policies and guidelines then in effect).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No person shall be eligible for election as a director of the Company unless nominated in accordance with the provisions of this §14.12; provided, however, that nothing in this §14.12 shall be deemed to preclude discussion by a shareholder (as distinct from nominating directors) at a meeting of shareholders of any matter in respect of which it would have been entitled to submit a proposal pursuant to the provisions of the Act. The chair of the meeting shall have the power and duty to determine whether a nomination was made in accordance with the procedures set forth in the foregoing provisions and, if any proposed nomination is not in compliance with such foregoing provisions, to declare that such defective nomination shall be disregarded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) For purposes of this §14.12:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Affiliate** ", when used to indicate a relationship
with a person, shall mean a person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or
is under common control with, such specified person;

(ii) "**Applicable Securities Laws**" means the *Securities Act* (British Columbia) and the equivalent legislation in the other provinces and in the territories of Canada, as amended from time
to time, the rules, regulations and forms made or promulgated under any such statute and the published national instruments, multilateral
instruments, policies, bulletins and notices of the securities commissions and similar regulatory authorities of each of the applicable
provinces and territories of Canada;

(iii) "**Associate** ", when used to indicate a relationship
with a specified person, shall mean (A) any corporation or trust of which such person owns beneficially, directly or indirectly, voting
securities carrying more than 10% of the voting rights attached to all voting securities of such corporation or trust for the time being
outstanding, (B) any partner of that person, (C) any trust or estate in which such person has a substantial beneficial interest or as
to which such person serves as trustee or in a similar capacity, (D) a spouse of such specified person, (E) any person of either sex
with whom such specified person is living in conjugal relationship outside marriage or (F) any relative of such specified person or of
a person mentioned in clauses (D) or (E) of this definition if that relative has the same residence as the specified person;

(iv) "**Derivatives Contract**" shall mean a contract
between two parties (the "Receiving Party" and the "Counterparty") that is designed to expose the Receiving Party
to economic benefits and risks that correspond substantially to the ownership by the Receiving Party of a number of shares in the capital
of the Company or securities convertible into such shares specified or referenced in such contract (the number corresponding to such
economic benefits and risks, the "Notional Securities"), regardless of whether obligations under such contract are required
or permitted to be settled through the delivery of cash, shares in the capital of the Company or securities convertible into such shares
or other property, without regard to any short position under the same or any other Derivatives Contract. For the avoidance of doubt,
interests in broad-based index options, broad- based index futures and broad-based publicly traded market baskets of stocks approved
for trading by the appropriate governmental authority shall not be deemed to be Derivatives Contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Meeting of Shareholders**" shall mean such
annual shareholders meeting or special shareholders meeting, whether general or not, at which one or more persons are nominated for election
to the board by a Nominating Shareholder;

(vi) "**owned beneficially**" or "**owns beneficially** "
means, in connection with the ownership of shares in the capital of the Company by a person, (A) any such shares as to which such person
or any of such person's Affiliates or Associates owns at law or in equity, or has the right to acquire or become the owner at law
or in equity, where such right is exercisable immediately or after the passage of time and whether or not on condition or the happening
of any contingency or the making of any payment, upon the exercise of any conversion right, exchange right or purchase right attaching
to any securities, or pursuant to any agreement, arrangement, pledge or understanding whether or not in writing; (B) any such shares
as to which such person or any of such person's Affiliates or Associates has the right to vote, or the right to direct the voting,
where such right is exercisable immediately or after the passage of time and whether or not on condition or the happening of any contingency
or the making of any payment, pursuant to any agreement, arrangement, pledge or understanding whether or not in writing; (C) any such
shares which are beneficially owned, directly or indirectly, by a Counterparty (or any of such Counterparty's Affiliates or Associates)
under any Derivatives Contract (without regard to any short or similar position under the same or any other Derivatives Contract) to
which such person or any of such person's Affiliates or Associates is a Receiving Party; provided, however that the number of shares
that a person owns beneficially pursuant to this clause (C) in connection with a particular Derivatives Contract shall not exceed the
number of Notional Securities with respect to such Derivatives Contract; provided, further, that the number of securities owned beneficially
by each Counterparty (including their respective Affiliates and Associates) under a Derivatives Contract shall for purposes of this clause
be deemed to include all securities that are owned beneficially, directly or indirectly, by any other Counterparty (or any of such other
Counterparty's Affiliates or Associates) under any Derivatives Contract to which such first Counterparty (or any of such first
Counterparty's Affiliates or Associates) is a Receiving Party and this proviso shall be applied to successive Counterparties as
appropriate; and (D) any such shares which are owned beneficially within the meaning of this definition by any other person with whom
such person is acting jointly or in concert with respect to the Company or any of its securities; and

(vii) "**public announcement**" shall mean disclosure
in a press release reported by a national news service in Canada, or in a document publicly filed by the Company or its agents under
its profile on the System of Electronic Document Analysis and Retrieval at www.sedar.com.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Notwithstanding any other provision to this §14.12, notice or any delivery given to the Corporate Secretary of the Company pursuant to this §14.12 may only be given by personal delivery, facsimile transmission or by email (provided that the Corporate Secretary of the Company has stipulated an email address for purposes of this notice, at such email address as stipulated from time to time), and shall be deemed to have been given and made only at the time it is served by personal delivery, email (at the address as aforesaid) or sent by facsimile transmission (provided that receipt of confirmation of such transmission has been received) to the Corporate Secretary at the address of the principal executive offices of the Company; provided that if such delivery or electronic communication is made on a day which is a not a business day or later than 5:00 p.m. (Vancouver time) on a day which is a business day, then such delivery or electronic communication shall be deemed to have been made on the subsequent day that is a business day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In no event shall any adjournment or postponement of a Meeting of Shareholders or the announcement thereof commence a new time period for the giving of a Nominating Shareholder's notice as described in §14.12(c) or the delivery of a representation and agreement as described in §14.12(e).

**PART 15**

**ALTERNATE DIRECTORS**

**Appointment of Alternate Director**

15.1 Any director (an "appointor") may by notice in writing received by the Company appoint any person (an "appointee") who is qualified to act as a director to be his or her alternate to act in his or her place at meetings of the directors or committees of the directors at which the appointor is not present unless (in the case of an appointee who is not a director) the directors have reasonably disapproved the appointment of such person as an alternate director and have given notice to that effect to his or her appointor within a reasonable time after the notice of appointment is received by the Company.

**Notice of Meetings**

15.2 Every alternate director so appointed is entitled to notice of meetings of the directors and of committees of the directors of which his or her appointor is a member and to attend and vote as a director at any such meetings at which his or her appointor is not present.

**Alternate for More than One Director Attending Meetings**

15.3 A person may be appointed as an alternate director by more than one director, and an alternate director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) will be counted in determining the quorum for a meeting of directors once for each of his or her appointors and, in the case of an appointee who is also a director, once more in that capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) has a separate vote at a meeting of directors for each of his or her appointors and, in the case of an appointee who is also a director, an additional vote in that capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) will be counted in determining the quorum for a meeting of a committee of directors once for each of his or her appointors who is a member of that committee and, in the case of an appointee who is also a member of that committee as a directors, once more in that capacity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) has a separate vote at a meeting of a committee of directors for each of his or her appointors who is a member of that committee and, in the case of an appointee who is also a member of that committee as a director, an additional vote in that capacity.

**Consent Resolutions**

15.4 Every alternate director, if authorized by the notice appointing him or her, may sign in place of his or her appointor any resolutions to be consented to in writing.

**Alternate Director an Agent**

15.5 Every alternate director is deemed to be the agent of his or her appointor.

**Revocation or Amendment of Appointment of Alternate Director**

15.6 An appointor may at any time, by notice in writing received by the Company, revoke or amend the terms of the appointment of an alternate director appointed by him or her.

**Ceasing to be an Alternate Director**

15.7 The appointment of an alternate director ceases when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) his or her appointor ceases to be a director and is not promptly re-elected or re- appointed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the alternate director dies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the alternate director resigns as an alternate director by notice in writing provided to the Company or a lawyer for the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the alternate director ceases to be qualified to act as a director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the term of his appointment expires, or his or her appointor revokes the appointment of the alternate directors.

**Remuneration and Expenses of Alternate Director**

15.8 The Company may reimburse an alternate director for the reasonable expenses that would be properly reimbursed if he or she were a director, and the alternate director is entitled to receive from the Company such proportion, if any, of the remuneration otherwise payable to the appointor as the appointor may from time to time direct.

**PART 16**

**POWERS AND DUTIES OF DIRECTORS**

**Powers of Management**

16.1 The directors must, subject to the Act and these Articles, manage or supervise the management of the business and affairs of the Company and have the authority to exercise all such powers of the Company as are not, by the Act or by these Articles, required to be exercised by the shareholders of the Company. Notwithstanding the generality of the foregoing, the directors may set the remuneration of the auditor of the Company.

**Appointment of Attorney of Company**

16.2 The directors may from time to time, by power of attorney or other instrument, under seal if so required by law, appoint any person to be the attorney of the Company for such purposes, and with such powers, authorities and discretions (not exceeding those vested in or exercisable by the directors under these Articles and excepting the power to fill vacancies in the board of directors, to remove a director, to change the membership of, or fill vacancies in, any committee of the directors, to appoint or remove officers appointed by the directors and to declare dividends) and for such period, and with such remuneration and subject to such conditions as the directors may think fit. Any such power of attorney may contain such provisions for the protection or convenience of persons dealing with such attorney as the directors think fit. Any such attorney may be authorized by the directors to sub-delegate all or any of the powers, authorities and discretions for the time being vested in him or her.

**Remuneration of an Auditor**

16.3 The directors may from time to time set the remuneration of an auditor.

**PART 17**

**INTERESTS OF DIRECTORS AND OFFICERS**

**Obligation to Account for Profits**

17.1 A director or senior officer who holds a disclosable interest (as that term is used in the Act) in a contract or transaction into which the Company has entered or proposes to enter is liable to account to the Company for any profit that accrues to the director or senior officer under or as a result of the contract or transaction only if and to the extent provided in the Act.

**Restrictions on Voting by Reason of Interest**

17.2 A director who holds a disclosable interest in a contract or transaction into which the Company has entered or proposes to enter is not entitled to vote on any directors' resolution to approve that contract or transaction, unless all the directors have a disclosable interest in that contract or transaction, in which case any or all of those directors may vote on such resolution.

**Interested Director Counted in Quorum**

17.3 A director who holds a disclosable interest in a contract or transaction into which the Company has entered or proposes to enter and who is present at the meeting of directors at which the contract or transaction is considered for approval may be counted in the quorum at the meeting whether or not the director votes on any or all of the resolutions considered at the meeting.

**Disclosure of Conflict of Interest or Property**

17.4 A director or senior officer who holds any office or possesses any property, right or interest that could result, directly or indirectly, in the creation of a duty or interest that materially conflicts with that individual's duty or interest as a director or senior officer, must disclose the nature and extent of the conflict as required by the Act.

**Director Holding Other Office in the Company**

17.5 A director may hold any office or place of profit with the Company, other than the office of auditor of the Company, in addition to his or her office of director for the period and on the terms (as to remuneration or otherwise) that the directors may determine.

**No Disqualification**

17.6 No director or intended director is disqualified by his or her office from contracting with the Company either with regard to the holding of any office or place of profit the director holds with the Company or as vendor, purchaser or otherwise, and no contract or transaction entered into by or on behalf of the Company in which a director is in any way interested is liable to be voided for that reason.

**Professional Services by Director or Officer**

17.7 Subject to the Act, a director or officer, or any person in which a director or officer has an interest, may act in a professional capacity for the Company, except as auditor of the Company, and the director or officer or such person is entitled to remuneration for professional services as if that director or officer were not a director or officer.

**Director or Officer in Other Corporations**

17.8 A director or officer may be or become a director, officer or employee of, or otherwise interested in, any person in which the Company may be interested as a shareholder or otherwise, and, subject to the Act, the director or officer is not accountable to the Company for any remuneration or other benefits received by him or her as director, officer or employee of, or from his or her interest in, such other person.

**PART 18**

**PROCEEDINGS OF DIRECTORS**

**Meetings of Directors**

18.1 The directors may meet together for the conduct of business, adjourn and otherwise regulate their meetings as they think fit, and meetings of the directors held at regular intervals may be held at the place, at the time and on the notice, if any, as the directors may from time to time determine.

**Voting at Meetings**

18.2 Questions arising at any meeting of directors are to be decided by a majority of votes and, in the case of an equality of votes, the chair of the meeting has a second or casting vote.

**Chair of Meetings**

18.3 The following individual is entitled to preside as chair at a meeting of directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the chair of the board, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the absence of the chair of the board, the president, if any, if the president is a director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any other director chosen by the directors if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) neither the chair of the board nor the president, if a director, is present at the meeting within 15 minutes after the time set for holding the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) neither the chair of the board nor the president, if a director, is willing to chair the meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the chair of the board and the president, if a director, have advised the secretary, if any, or any other director, that they will not be present at the meeting.

**Meetings by Telephone or Other Communications Medium**

18.4 A director may participate in a meeting of the directors or of any committee of the directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by telephone or by other communications medium if all directors participating in the meeting, whether in person or by telephone or other communications medium, are able to communicate with each other.

A director who participates in a meeting in a manner contemplated by this §18.4 is deemed for all purposes of the Act and these Articles to be present at the meeting and to have agreed to participate in that manner.

**Calling of Meetings**

18.5 A director may, and the secretary or an assistant secretary of the Company, if any, on the request of a director must, call a meeting of the directors at any time.

**Notice of Meetings**

18.6 Other than for meetings held at regular intervals as determined by the directors pursuant to §18.1, 48 hours' notice of each meeting of the directors, specifying the place, day and time of that meeting must be given to each of the directors by any method set out in §24.1 or orally or by telephone.

**When Notice Not Required**

18.7 It is not necessary to give notice of a meeting of the directors to a director if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the meeting is to be held immediately following a meeting of shareholders at which that director was elected or appointed, or is the meeting of the directors at which that director is appointed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the director has waived notice of the meeting.

**Meeting Valid Despite Failure to Give Notice**

18.8 The accidental omission to give notice of any meeting of directors to, or the non- receipt of any notice by, any director, does not invalidate any proceedings at that meeting.

**Waiver of Notice of Meetings**

18.9 Any director may send to the Company a document signed by him or her waiving notice of any past, present or future meeting or meetings of the directors and may at any time withdraw that waiver with respect to meetings held after that withdrawal. After sending a waiver with respect to all future meetings and until that waiver is withdrawn, no notice of any meeting of the directors need be given to that director and all meetings of the directors so held are deemed not to be improperly called or constituted by reason of notice not having been given to such director. Attendance of a director or alternate director at a meeting of the directors is a waiver of notice of the meeting unless that director or alternate director attends the meeting for the express purpose of objecting to the transaction of any business on the grounds that the meeting is not lawfully called.

**Quorum**

18.10 The quorum necessary for the transaction of the business of the directors may be set by the directors and, if not so set, is deemed to be a majority of the directors or, if the number of directors is set at one, is deemed to be set at one director, and that director may constitute a meeting.

**Validity of Acts Where Appointment Defective**

18.11 Subject to the Act, an act of a director or officer is not invalid merely because of an irregularity in the election or appointment or a defect in the qualification of that director or officer.

**Consent Resolutions in Writing**

18.12 A resolution of the directors or of any committee of the directors may be passed without a meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in all cases, if each of the directors entitled to vote on the resolution consents to it in writing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of a resolution to approve a contract or transaction in respect of which a director has disclosed that he or she has or may have a disclosable interest, if each of the other directors who have not made such a disclosure consents in writing to the resolution.

A consent in writing under this Article 18 may be by signed document, fax, email or any other method of transmitting legibly recorded messages. A consent in writing may be in two or more counterparts which together are deemed to constitute one consent in writing. A resolution of the directors or of any committee of the directors passed in accordance with this §18.12 is effective on the date stated in the consent in writing or on the latest date stated on any counterpart and is deemed to be a proceeding at a meeting of directors or of the committee of the directors and to be as valid and effective as if it had been passed at a meeting of the directors or of the committee of the directors that satisfies all the requirements of the Act and all the requirements of these Articles relating to meetings of the directors or of a committee of the directors.

**PART 19**

**EXECUTIVE AND OTHER COMMITTEES**

**Appointment and Powers of Executive Committee**

19.1 The directors may, by resolution, appoint an executive committee consisting of the director or directors that they consider appropriate, and this committee has, during the intervals between meetings of the board of directors, all of the directors' powers, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the power to fill vacancies in the board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the power to remove a director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the power to change the membership of, or fill vacancies in, any committee of the directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) such other powers, if any, as may be set out in the resolution or any subsequent directors' resolution.

**Appointment and Powers of Other Committees**

19.2 The directors may, by resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) appoint one or more committees (other than the executive committee) consisting of the director or directors that they consider appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) delegate to a committee appointed under §(a) any of the directors' powers, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the power to fill vacancies in the board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the power to remove a director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the power to change the membership of, or fill vacancies in, any committee of the directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the power to appoint or remove officers appointed by the directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) make any delegation referred to in §(b) subject to the conditions set out in the resolution or any subsequent directors' resolution.

**Obligations of Committees**

19.3 Any committee appointed under §19.1 or §19.2, in the exercise of the powers delegated to it, must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) conform to any rules that may from time to time be imposed on it by the directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) report every act or thing done in exercise of those powers at such times as the directors may require.

**Powers of Board**

19.4 The directors may, at any time, with respect to a committee appointed under §19.1 or §19.2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) revoke or alter the authority given to the committee, or override a decision made by the committee, except as to acts done before such revocation, alteration or overriding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) terminate the appointment of, or change the membership of, the committee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) fill vacancies in the committee.

**Committee Meetings**

19.5 Subject to §19.3(a) and unless the directors otherwise provide in the resolution appointing the committee or in any subsequent resolution, with respect to a committee appointed under §19.1 or §19.2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the committee may meet and adjourn as it thinks proper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the committee may elect a chair of its meetings but, if no chair of a meeting is elected, or if at a meeting the chair of the meeting is not present within 15 minutes after the time set for holding the meeting, the directors present who are members of the committee may choose one of their number to chair the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a majority of the members of the committee constitutes a quorum of the committee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) questions arising at any meeting of the committee are determined by a majority of votes of the members present, and in case of an equality of votes, the chair of the meeting does not have a second or casting vote.

**PART 20**

**OFFICERS**

**Directors May Appoint Officers**

20.1 The directors may, from time to time, appoint such officers, if any, as the directors determine and the directors may, at any time, terminate any such appointment.

**Functions, Duties and Powers of Officers**

20.2 The directors may, for each officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) determine the functions and duties of the officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) entrust to and confer on the officer any of the powers exercisable by the directors on such terms and conditions and with such restrictions as the directors think fit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) revoke, withdraw, alter or vary all or any of the functions, duties and powers of the officer.

**Qualifications**

20.3 No person may be appointed as an officer unless that person is qualified in accordance with the Act. One person may hold more than one position as an officer of the Company. Any person appointed as the chair of the board or as a managing director must be a director. Any other officer need not be a director.

**Remuneration and Terms of Appointment**

20.4 All appointments of officers are to be made on the terms and conditions and at the remuneration (whether by way of salary, fee, commission, participation in profits or otherwise) that the directors thinks fit and are subject to termination at the pleasure of the directors, and an officer may in addition to such remuneration be entitled to receive, after he or she ceases to hold such office or leaves the employment of the Company, a pension or gratuity.

**PART 21**

**INDEMNIFICATION**

**Definitions**

21.1 In this Part 21:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**eligible party**", in relation to a company, means an individual who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is or was a director, alternate director or officer of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is or was a director, alternate director or officer of another corporation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) at a time when the corporation is or was an affiliate of the Company, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) at the request of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) at the request of the Company, is or was, or holds or held a position equivalent to that of, a director, alternate director or officer of a partnership, trust, joint venture or other unincorporated entity;

and includes, except in the definition of "eligible proceeding", and §163(1)(c) and (d) and §165 of the Act, the heirs and personal or other legal representatives of that individual;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**eligible penalty**" means a judgment, penalty or fine awarded or imposed in, or an amount paid in settlement of, an eligible proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**eligible proceeding**" means a proceeding in which an eligible party or any of the heirs and personal or other legal representatives of the eligible party, by reason of the eligible party being or having been a director or officer of, or holding or having held a position equivalent to that of a director or officer of, the Company or an associated corporation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is or may be joined as a party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is or may be liable for or in respect of a judgment, penalty or fine in, or expenses related to, the proceeding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**expenses**" has the meaning set out in the Act and includes costs, charges and expenses, including legal and other fees, but does not include judgments, penalties, fines or amounts paid in settlement of a proceeding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**proceeding**" includes any legal proceeding or investigative action, whether current, threatened, pending or completed.

**Mandatory Indemnification of Eligible Parties**

21.2 Subject to the Act, the Company must indemnify each eligible party and the heirs and legal personal representatives of each eligible party against all eligible penalties to which such person is or may be liable, and the Company must, after the final disposition of an eligible proceeding, pay the expenses actually and reasonably incurred by such person in respect of that proceeding. Each eligible party is deemed to have contracted with the Company on the terms of the indemnity contained in this §21.2.

**Indemnification of Other Persons**

21.3 Subject to any restrictions in the Act, the Company may agree to indemnify and may indemnify any person (including an eligible party) against eligible penalties and pay expenses incurred in connection with the performance of services by that person for the Company.

**Authority to Advance Expenses**

21.4 The Company may advance expenses to an eligible party to the extent permitted by and in accordance with the Act.

**Non-Compliance with Act**

21.5 Subject to the Act, the failure of an eligible party of the Company to comply with the Act or these Articles or, if applicable, any former *Companies Act* or former Articles does not, of itself, invalidate any indemnity to which he or she is entitled under this Part 21.

**Company May Purchase Insurance**

21.6 The Company may purchase and maintain insurance for the benefit of any eligible party person (or his or her heirs or legal personal representatives of any eligible party) against any liability incurred by any eligible party.

**PART 22**

**DIVIDENDS**

**Payment of Dividends Subject to Special Rights**

22.1 The provisions of this Part 22 are subject to the rights, if any, of shareholders holding shares with special rights as to dividends.

**Declaration of Dividends**

22.2 Subject to the Act, the directors may from time to time declare and authorize payment of such dividends as they may deem advisable.

**No Notice Required**

22.3 The directors need not give notice to any shareholder of any declaration under §22.2.

**Record Date**

22.4 The directors must set a date as the record date for the purpose of determining shareholders entitled to receive payment of a dividend. The record date must not precede the date on which the dividend is to be paid by more than two months.

**Manner of Paying Dividend**

22.5 A resolution declaring a dividend may direct payment of the dividend wholly or partly in money or by the distribution of specific assets or of fully paid shares or of bonds, debentures or other securities of the Company or any other corporation, or in any one or more of those ways.

**Settlement of Difficulties**

22.6 If any difficulty arises in regard to a distribution under §22.5, the directors may settle the difficulty as they deem advisable, and, in particular, may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) set the value for distribution of specific assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) determine that money in substitution for all or any part of the specific assets to which any shareholders are entitled may be paid to any shareholders on the basis of the value so fixed in order to adjust the rights of all parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) vest any such specific assets in trustees for the persons entitled to the dividend.

**When Dividend Payable**

22.7 Any dividend may be made payable on such date as is fixed by the directors.

**Dividends to be Paid in Accordance with Number of Shares**

22.8 All dividends on shares of any class or series of shares must be declared and paid according to the number of such shares held.

**Receipt by Joint Shareholders**

22.9 If several persons are joint shareholders of any share, any one of them may give an effective receipt for any dividend, bonus or other money payable in respect of the share.

**Dividend Bears No Interest**

22.10 No dividend bears interest against the Company.

**Fractional Dividends**

22.11 If a dividend to which a shareholder is entitled includes a fraction of the smallest monetary unit of the currency of the dividend, that fraction may be disregarded in making payment of the dividend and that payment represents full payment of the dividend.

**Payment of Dividends**

22.12 Any dividend or other distribution payable in money in respect of shares may be paid by cheque, made payable to the order of the person to whom it is sent, and mailed to the registered address of the shareholder, or in the case of joint shareholders, to the registered address of the joint shareholder who is first named on the central securities register, or to the person and to the address the shareholder or joint shareholders may direct in writing. The mailing of such cheque will, to the extent of the sum represented by the cheque (plus the amount of the tax required by law to be deducted), discharge all liability for the dividend unless such cheque is not paid on presentation or the amount of tax so deducted is not paid to the appropriate taxing authority.

**Capitalization of Retained Earnings or Surplus**

22.13 Notwithstanding anything contained in these Articles, the directors may from time to time capitalize any retained earnings or surplus of the Company and may from time to time issue, as fully paid, shares or any bonds, debentures or other securities of the Company as a dividend representing the retained earnings or surplus so capitalized or any part thereof.

**PART 23**

**ACCOUNTING RECORDS AND AUDITORS**

**Recording of Financial Affairs**

23.1 The directors must cause adequate accounting records to be kept to record properly the financial affairs and condition of the Company and to comply with the Act.

**Inspection of Accounting Records**

23.2 Unless the directors determine otherwise, or unless otherwise determined by ordinary resolution, no shareholder of the Company is entitled to inspect or obtain a copy of any accounting records of the Company.

**Remuneration of Auditor**

23.3 The directors may set the remuneration of the auditor of the Company.

**PART 24**

**NOTICES**

**Method of Giving Notice**

24.1 Unless the Act or these Articles provide otherwise, a notice, statement, report or other record required or permitted by the Act or these Articles to be sent by or to a person may be sent by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) mail addressed to the person at the applicable address for that person as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for a record mailed to a shareholder, the shareholder's registered address;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for a record mailed to a director or officer, the prescribed address for mailing shown for the director or officer in the records kept by the Company or the mailing address provided by the recipient for the sending of that record or records of that class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in any other case, the mailing address of the intended recipient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) delivery at the applicable address for that person as follows, addressed to the person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for a record delivered to a shareholder, the shareholder's registered address;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for a record delivered to a director or officer, the prescribed address for delivery shown for the director or officer in the records kept by the Company or the delivery address provided by the recipient for the sending of that record or records of that class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in any other case, the delivery address of the intended recipient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) sending the record by fax to the fax number provided by the intended recipient for the sending of that record or records of that class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) sending the record by email to the email address provided by the intended recipient for the sending of that record or records of that class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) physical delivery to the intended recipient.

**Deemed Receipt of Mailing**

24.2 A notice, statement, report or other record that is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) mailed to a person by ordinary mail to the applicable address for that person referred to in §24.1 i is deemed to be received by the person to whom it was mailed on the day (Saturdays, Sundays and holidays excepted) following the date of mailing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) faxed to a person to the fax number provided by that person referred to in §24.1 is deemed to be received by the person to whom it was faxed on the day it was faxed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) emailed to a person to the e-mail address provided by that person referred to in §24.1 is deemed to be received by the person to whom it was e-mailed on the day that it was emailed.

**Certificate of Sending**

24.3 A certificate signed by the secretary, if any, or other officer of the Company or of any other corporation acting in that capacity on behalf of the Company stating that a notice, statement, report or other record was sent in accordance with §24.1is conclusive evidence of that fact.

**Notice to Joint Shareholders**

24.4 A notice, statement, report or other record may be provided by the Company to the joint shareholders of a share by providing such record to the joint shareholder first named in the central securities register in respect of the share.

**Notice to Legal Personal Representatives and Trustees**

24.5 A notice, statement, report or other record may be provided by the Company to the persons entitled to a share in consequence of the death, bankruptcy or incapacity of a shareholder by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) mailing the record, addressed to them:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by name, by the title of the legal personal representative of the deceased or incapacitated shareholder, by the title of trustee of the bankrupt shareholder or by any similar description; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) at the address, if any, supplied to the Company for that purpose by the persons claiming to be so entitled; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if an address referred to in §(a)(ii) has not been supplied to the Company, by giving the notice in a manner in which it might have been given if the death, bankruptcy or incapacity had not occurred.

**Undelivered Notices**

24.6 If on two consecutive occasions, a notice, statement, report or other record is sent to a shareholder pursuant to §24.1 and on each of those occasions any such record is returned because the shareholder cannot be located, the Company shall not be required to send any further records to the shareholder until the shareholder informs the Company in writing of his or her new address.

**PART 25**

**SEAL**

**Who May Attest Seal**

25.1 Except as provided in §25.2 and §25.3, the Company's seal, if any, must not be impressed on any record except when that impression is attested by the signatures of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any two directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any officer, together with any director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Company only has one director, that director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any one or more directors or officers or persons as may be determined by the directors.

**Sealing Copies**

25.2 For the purpose of certifying under seal a certificate of incumbency of the directors or officers of the Company or a true copy of any resolution or other document, despite §25.1, the impression of the seal may be attested by the signature of any director or officer or the signature of any other person as may be determined by the directors.

**Mechanical Reproduction of Seal**

25.3 The directors may authorize the seal to be impressed by third parties on share certificates or bonds, debentures or other securities of the Company as they may determine appropriate from time to time. To enable the seal to be impressed on any share certificates or bonds, debentures or other securities of the Company, whether in definitive or interim form, on which facsimiles of any of the signatures of the directors or officers of the Company are, in accordance with the Act or these Articles, printed or otherwise mechanically reproduced, there may be delivered to the person employed to engrave, lithograph or print such definitive or interim share certificates or bonds, debentures or other securities one or more unmounted dies reproducing the seal and such persons as are authorized under §25.1 to attest the Company's seal may in writing authorize such person to cause the seal to be impressed on such definitive or interim share certificates or bonds, debentures or other securities by the use of such dies. Share certificates or bonds, debentures or other securities to which the seal has been so impressed are for all purposes deemed to be under and to bear the seal impressed on them.

**PART 26**

**PROHIBITIONS**

**Definitions**

26.1 In this PART 26:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**designated security**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a voting security of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a security of the Company that is not a debt security and that carries a residual right to participate in the earnings of the Company or, on the liquidation or winding up of the Company, in its assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a security of the Company convertible, directly or indirectly, into a security described in §(a) or §(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**security**" has the meaning assigned in the *Securities Act* (British Columbia); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**voting security**" means a security of the Company that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is not a debt security; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) carries a voting right either under all circumstances or under some circumstances that have occurred and are continuing.

**Application**

26.2 §26.3 does not apply to the Company if and for so long as it is a public company, a private company which is no longer eligible to use the private issuer exemption under the *Securities Act (*British Columbia), or a pre-existing reporting company which has the Statutory Reporting Company Provisions as part of its Articles or a company to which the Statutory Reporting Company Provisions apply.

**Consent Required for Transfer of Shares or Designated Securities**

26.3 No share or designated security may be sold, transferred or otherwise disposed of without the consent of the directors and the directors are not required to give any reason for refusing to consent to any such sale, transfer or other disposition

---

| | | |
|:---|:---|:---|
| **Full name and signature of Incorporator** | **Full name and signature of Incorporator** | **Date of signing** |
| 1055 CORPORATE SERVICES LTD. | 1055 CORPORATE SERVICES LTD. |  |
| Per: | */s/ 1055 CORPORATE SERVICES LTD* | January 19, 2021 |
|  | Authorized Signatory |  |

---

## Exhibit 5.1

**Exhibit 5.1**

![](ex5-1_004.jpg)

---

| | |
|:---|:---|
| **Our File No.** | 1015927-295053 |
| **Date** | March 13, 2023 |

---

Midori Group Inc.

5 Hazelton Avenue, Suite 400

Toronto, Ontario

Canada M5R 2E1

Dear Sirs:

**<u>Re: Midori Group Inc. - Registration Statement on Form F-1</u>**

We have acted as special legal counsel to Midori Group Inc., a British Columbia corporation (the "**Company**"), in connection with the Company's Registration Statement on Form F-1 filed on March 13, 2023 (as amended and supplemented from time to time, the "**Registration Statement**") with the Securities and Exchange Commission (the "**Commission**") including a related prospectus filed with the Registration Statement (the "**Prospectus**"), covering:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 offering (the "**Offering**") for sale to EF Hutton, division of Benchmark Investments, LLC, and other underwriters
 (together the "**Underwriters**") of up to an aggregate of $22,919,260 of units (each, a "**Unit** ");

(b) the
 registration of (i) up to an aggregate of $22,919,260 of Unit Shares (defined below) and
 Warrants (defined below) included in the Units, (ii) up to an aggregate of $3,437,889 of
 Shares (defined below) and Warrants for which the Underwriters have been granted an over-allotment
 option, (iii) up to an aggregate of $26,357,149 of Warrant Shares (defined below) issuable
 from time to time upon exercise of the Warrants, (iv) Underwriter Warrants (defined below)
 to purchase up to $988,393 of common shares to be issued to the Underwriters, and
 (v) up to an aggregate of $988,393 of Underwriter Warrant Shares (defined below) issuable
 upon exercise of Underwriter Warrants; and

(c) the
 public offering of such securities by the Underwriters.

Each Unit consists of (a) one common share without par value in the capital of the Company (each a "**Unit Share**") and (b) one common share purchase warrant (each, a "**Warrant**"). The Units will not be issued or certificated, and, although the Unit Shares and Warrants comprising the Units will be purchased together in the Offering, the Unit Shares and Warrants will be issued separately. Each Warrant will entitle the holder to purchase one common share without par value in the capital of the Company (each a "**Warrant Share**") at an exercise price equal to 100% of the public offering price per Unit for a period of five years following its date of issue. The issuance, registration, transfer, exchange, exercise and replacement of the Warrants will be governed by the warrant agency agreement to be entered into between the Company and Olympia Trust Company.

McMillan LLP \| Royal Centre, 1055 W. Georgia St., Suite 1500, PO Box 11117, Vancouver, BC, Canada V6E 4N7 \| t 604.689.9111 \| f 604.685.7084<br> Lawyers \| Patent & Trade-mark Agents \| Avocats \| Agents de brevets et de marques de commerce<br> Vancouver \| Calgary \| Toronto \| Ottawa \| Montréal \| Hong Kong \| mcmillan.ca

---

| | |
|:---|:---|
| ![](ex5-1_004.jpg) | March 13, 2023 |
|  | Page 2 |

---

The Company has granted to the Underwriters a 45-day option to purchase up to an additional $3,437,889 of common shares without par value in the capital of the Company (together with the Unit Shares, the "**Shares**") and/or an additional Warrants to purchase up to $3,437,889 of common shares at the applicable offering price per Share and per Warrant, respectively, less the underwriting discount and commissions, solely to cover over-allotments.

Pursuant to the underwriting agreement (the "**Underwriting Agreement**") to be entered into among the Company and the Underwriters, the Company agrees to issue to the Underwriters, as partial compensation for their services, warrants (each, an "**Underwriter Warrant**") to purchase up to $988,393 of common shares (being the amount equal to 3.0% of the Shares sold in the Offering). Each Underwriter Warrant will entitle the holder to purchase one common share in the capital of the Company (each, an "**Underwriter Warrant Share**") at a price equal to 125% of the public offering price per Unit per Underwriter Warrant Share for a period of five years following the commencement of sales of the Offering.

In connection with this opinion, we have reviewed and relied upon the Registration Statement and Prospectus, the Company's Notice of Articles, the Company's Articles, records of the Company's corporate proceedings in connection with the Offering, and such other documents, records, certificates, memoranda and other instruments as we deem necessary as a basis for this opinion. With respect to the foregoing documents, we have assumed: (i) the authenticity of all records, documents, and instruments submitted to us as originals; (ii) the genuineness of all signatures on all agreements, instruments and other documents submitted to us; (iii) the legal capacity and authority of all persons or entities (other than the Company) executing all agreements, instruments or other documents submitted to us; (iv) the authenticity and the conformity to the originals of all records, documents, and instruments submitted to us as certified, photostatic or other copies; (v) that the documents, in the forms submitted to us for our review, have not been and will not be altered or amended in any respect; (vi) that the statements contained in the certificates and comparable documents of public officials, officers and representatives of the Company and other persons on which we have relied for purposes of this opinion are true and correct; and (vii) the due authorization, execution and delivery of all agreements, instruments and other documents by all parties thereto (other than the due authorization, execution and delivery of each such agreement, instrument and document by the Company). We have also obtained from officers of the Company certificates as to certain factual matters and, insofar as this opinion is based on matters of fact, we have relied on such certificates without independent investigation.

We have further assumed that Units, Warrants, Underwriter Warrants, Warrant Shares, and Underwriter Warrant Shares will be offered, issued and sold in compliance with applicable United States federal and state securities laws and in the manner stated in the Registration Statement and the Prospectus.

---

| | |
|:---|:---|
| ![](ex5-1_004.jpg) | March 13, 2023 |
|  | Page 3 |

---

Our opinion is limited to law of the Province of British Columbia, including all applicable provisions of the British Columbia *Business Corporations Act*. We have not considered, and have not expressed any opinion with regard to, or as to the effect of, any other law, rule, or regulation, state or federal, applicable to the Company. In particular, we express no opinion as to United States federal securities laws.

Various issues concerning the laws of the State of New York, including with respect to the validity and enforceability of the Warrants and the Underwriter Warrants, are addressed in the opinion of Anthony L.G., PLLC, separately provided to you. We express no opinion with respect to those matters herein, and to the extent elements of those opinions are necessary to the conclusions expressed herein, we have, with your consent, assumed such matters.

Based upon the foregoing and in reliance thereon, and subject to the qualifications and limitations set forth herein, we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the
 Units have been duly authorized by all necessary corporate action by the Company;

2. the
 Shares have been duly authorized and, when the Shares are issued and sold in the manner contemplated by the Underwriting Agreement
 and the Registration Statement, will be validly issued, fully paid and non-assessable;

3. the
 Warrant Shares have been duly authorized and, when issued and paid for upon exercise of the Warrants in accordance with their terms,
 will be validly issued, fully paid and non-assessable; and

4. The
 Underwriter Warrant Shares have been duly authorized and, when issued and paid for upon exercise of the Underwriter Warrants in accordance
 with their terms, will be validly issued, fully paid and non-assessable.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the use of our firm's name in the section of the Registration Statement and the Prospectus included therein entitled "Legal Matters". In giving this consent, we do not admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations of the Commission.

This opinion is furnished in accordance with the requirements of Item 8.a. of Form F-1 and Item 601(b)(5)(i) of Regulation S-K in connection with the filing of the Registration Statement and the related Prospectus, and is not to be used, circulated, quoted or otherwise relied upon for any other purpose. This opinion is limited to the specific issues addressed herein, and no opinion may be inferred or implied beyond that expressly stated herein. We disclaim any obligation to advise you of facts, circumstances, events or developments that hereafter may be brought to our attention and that may alter, affect or modify the opinion expressed herein after the effective date of the Registration Statement.

---

| |
|:---|
| Yours truly, |
| */s/ McMillan LLP* |

---

## Exhibit 5.2

**Exhibit 5.2**

**ANTHONY L.G., PLLC**

---

| | |
|:---|:---|
| ***laura aNTHONy, esq***<br> ***JOHN CACOMANOLIS, ESQ\****<br> ***CHAD FRIEND, ESQ, LLM***<br> ***SVETLANA ROVENSKAYA, ESQ\*\****<br>![](image_001.jpg)<br> ***OF COUNSEL:***<br> ***Jessica Haggard, esq. \*\*\****<br> ***MICHAEL R. GEROE, ESQ, CIPP/US\*\*\*\****<br> ***CRAIG D. LINDER, ESQ\*\*\*\*\****<br> ***PETER P. LINDLEY, ESQ, CPA, MBA***<br> ***john lowy, esq.\*\*\*\*\*\****<br> ***STUART REED, ESQ***<br> ***LAZARUS ROTHSTEIN***<br> ***Harris Tulchin, Esq. \*\*\*\*\*\*\****<br>| <br> **<u>www.ANTHONYPLLC.com</u>**<br> **<u>WWW.SECURITIESLAWBLOG.COM</u>**<br> **<u>WWW.LAWCAST.COM</u>**<br>***DIRECT E-MAIL: LANTHONY@ANTHONYPLLC.COM*** |

---

\*licensed in FL and NY

\*\*licensed in NY and NJ

\*\*\*licensed in Missouri

\*\*\*\*licensed in CA, DC, MO and NY

\*\*\*\*\*licensed in CA, FL and NY

\*\*\*\*\*\*licensed in NY and NJ

\*\*\*\*\*\*\*licensed in CA and HI (inactive in HI)

March 13, 2023

Midori Group Inc.<br> 5 Hazelton Avenue Suite 400

Toronto, ON M5R 2E1

Re: <u>Midori Group Inc. - Registration Statement on Form F-1</u>

Ladies and Gentlemen:

We have acted as securities counsel to Midori Group Inc., a company incorporated pursuant to the laws of the Province of British Columbia, Canada (the "Company"), in connection with the filing of a Registration Statement on Form F-1 (as amended through the date hereof, the "Registration Statement") filed with the Securities and Exchange Commission (the "Commission") pursuant to the Securities Act of 1933, as amended (the "Act"), for the registration by the Company of (i) up to an aggregate of $22,919,260 of units (the "Units") consisting of shares (the "Shares") of the Company's common shares, no par value (the "Common Shares"), and warrants to purchase Common Shares (the "Common Warrants"), (ii) up to an aggregate of $22,919,260 of Shares and Common Warrants included in the Units, (iii) up to an aggregate of $3,437,889 of Shares and Common Warrants for which the Underwriters (as defined below) have been granted an over-allotment option, and (iv) up to an aggregate of $26,357,149 of Common Shares issuable from time to time upon exercise of the Common Warrants (the "Common Warrant Shares"). The Units, the Shares, the Common Warrants and the Common Warrant Shares are collectively referred to as the "Securities". The Securities are to be sold by the Company pursuant to an underwriting agreement (the "Underwriting Agreement") to be entered into by and among the Company and EF Hutton, division of Benchmark Investments, LLC (the "Representative"), the form of which will be filed as Exhibit 1.1 to the Registration Statement. The Company is also registering (i) warrants to purchase up to $988,393 of Common Shares to be issued to the Underwriters as additional compensation pursuant to the Underwriting Agreement (the "Representative's Warrants" and, together with the Common Warrants, the "Warrants"), and (ii) up to an aggregate of $988,393 of Common Shares issuable upon exercise of Representative's Warrants (the "Representative's Warrant Shares"). The Common Warrants are to be issued pursuant to a warrant agency agreement (the "Warrant Agency Agreement") to be entered into between the Company and Olympia Trust Company. The Securities are to be issued and sold pursuant to an Underwriting Agreement to be entered into between the Company and the Representative, as the representative of the several underwriters ("Underwriters") listed on Schedule I thereto (the "Underwriting Agreement"). As such counsel, you have requested our opinion as to the matters described herein relating to the issuance of the Warrants.

We have examined the Notice of Articles and the Articles of the Company, each as amended and restated through the date hereof; records of corporate proceedings of the Company, as made available to us by officers of the Company; an executed copy of the Registration Statement and all exhibits thereto, in the form filed with the Commission; a certificate of an officer of the Company relating to the matters referred to herein (the "Officer's Certificate"); and such matters of law deemed necessary by us in order to deliver this opinion. We have assumed, without independently verifying or having any duty to verify, that all agreements mentioned herein have been duly authorized, executed and delivered by all parties thereto (other than the Company) and are enforceable. With respect to the duly authorized execution and delivery of the Warrant Agency Agreement and each of the Warrants, we have relied solely upon the Officer's Certificate. In the course of our examination, we have assumed the genuineness of all signatures, the authority of all signatories to sign on behalf of their principals, if any, the authenticity of all documents submitted to us as originals, the conformity to originals of all documents submitted to us as copies and the authenticity of the originals of such copies, and the legal capacity of all natural persons. As to certain factual matters, we have relied upon information furnished to us by officers of the Company.

This opinion is subject to the following additional limitations and qualifications:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) We express no opinion concerning any law of any jurisdiction other than (i) the laws of the State of New York and (ii) the federal laws of the United States of America.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) We express no opinion with respect to the enforceability of any agreement or instrument or any provision thereof (i) to the extent such enforceability may be subject to, or affected by, applicable bankruptcy, insolvency, moratorium or similar state or federal laws affecting the rights and remedies of creditors generally (including, without limitation, fraudulent conveyance laws) or general principles of equity (regardless of whether enforceability is considered in a proceeding at law or in equity), (ii) providing for specific performance, injunctive relief or other equitable remedies (regardless of whether such enforceability is sought in a proceeding in equity or at law), (iii) providing for indemnification or contribution, which provisions may be limited by federal and state securities laws or policies underlying such laws, (iv) requiring any waiver of stay or extension laws, diligent performance or other acts which may be unenforceable under principles of public policy or (v) providing for a choice of law, jurisdiction or venue. We have assumed that such agreements, instruments or provisions are enforceable.

Based on the foregoing and solely in reliance thereon, it is our opinion that, when the Warrant Agency Agreement, the Common Warrants, and the Representative's Warrants, as applicable, have been duly executed, authenticated, issued, paid for and delivered in accordance with the Warrant Agency Agreement, with respect to the Common Warrants, and the terms of the Common Warrants and Representative's Warrants, as applicable, and the Underwriting Agreement, the Warrants will be valid and binding instruments of the Company, enforceable in accordance with their terms.

In connection with our opinions expressed above, we have assumed that, at or prior to the time of the delivery of any Warrant, (i) the Registration Statement shall have been declared effective and such effectiveness shall not have been suspended, terminated or rescinded, and (vii) all securities for which any Warrant may be exercisable have been duly and validly reserved by the Company.

We hereby consent to the filing of this letter as an exhibit to the Registration Statement and to the reference to it in the prospectus included therein under the caption "Legal Matters." In giving such consent, we do not admit that we are in the category of persons whose consent is required under Section 7 of the Act.

This opinion is furnished to you in connection with the filing of the Registration Statement and is not to be used, circulated, quoted or otherwise relied upon for any other purpose except that purchasers of the securities offered pursuant to the Registration Statement may rely on this opinion to the same extent as if it were addressed to them.

Sincerely yours,

---

| |
|:---|
| */s/ Laura E. Anthony* |
| Laura E. Anthony, |
| For the Firm |

---

**625 N. FLAGLER DRIVE, SUITE 600** ● **WEST PALM BEACH, FLORIDA** ● **33401 ● PHONE: 561-514-0936** ● **FAX 561-514-0832**

## Exhibit 10.1

**Exhibit 10.1**

**DISTRIBUTOR AGREEMENT**

THIS DISTRIBUTOR AGREEMENT (the "<u>Agreement"</u>) made effective on this 25<sup>th</sup> day of January, 2021 (the "<u>Effective Date"</u>) by and between EcoLogic, LLC, a Delaware limited liability company (together with any of its subsidiaries and any assigns, successors, agents thereof, and/or any newly established business and/or entities conducting the same business for any of the above named companies, collectively hereinafter referred to as "<u>EcoLogic</u>") and Midori-Bio Inc.. a <u>Incorporated</u> corporation (together with any of Its subsidiaries and any assigns, successors, agents thereof, and/or any newly established business and/or entities conducting the same business for any of the above named companies (hereinafter "<u>Distributor"</u>).

**RECITALS**

WHEREAS, EcoLogic owns rights in and is engaged in the business of manufacturing, marketing, selling and distributing certain chemical additives which, when added to certain plastic resins, can render plastics biodegradable;

WHEREAS, Distributor desires to purchase certain EcoLogic products identified on <u>Exhibit A</u> (the "<u>Products"</u>) from EcoLogic and EcoLogic desires to supply Distributor with the Products on the terms provided herein.

WHEREAS. Distributor will resell Products to certain companies/clients as set forth on <u>Exhibit B</u> (each a "Customer" and collectively the "Customers').

WHEREAS. Distributor as part of future services to EcoLogic will refer client/companies to EcoLogic (the "Referral") that may not purchase directly from Distributor and to whom Distributor may not offer pre- and post-sales service.

**AGREEMENT**

NOWTHEREFORE, in consideration of the mutual covenants, conditions, representations and warranties herein contained, and for other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows

---

| | |
|:---|:---|
| 1. | Appointment as Distributor. |
|  | (a) Subject to the terms and conditions or this Agreement, **EcoLogic hereby appoints** Distributor as an exclusive distributor end broker of EcoLogic to sell Products directly (as a reseller) to the Customers. Distributor must obtain written authorization from EcoLogic prior to making any solicitation to any Customers not set forth on Exhibit B. Customers may be added to <u>Exhibit B</u>, following the Effective Date upon the written agreement of both Parties. |
|  | (b) Distributor agrees that Customers are limited by those territories previously granted to other persons or entities as set forth on Exhibit C hereto (collectively, the "Exclusions') Distributor agrees that it will not, directly or indirectly, promote or market the Products in a manner that conflicts with the Exclusions. EcoLogic will keep Distributor apprised of future Exclusions and update Exhibit C accordingly. |

---

(c) Distributor agrees to generate Net Sales (defined below) for EcoLogic (comprised of Distributor's purchases from EcoLogic) representing a total volume of at minimum of 1000 kilograms In (ho Oral year followed by -2000kg year 2, 4000kg year 3, 6000kg year 4, 8000kg year 5 (such total volumes collectively, the "Target Volume" for each year}, but in no event less than all of Distributor's requirements for the Products or products similar thereto In each year. In the event that, anytime during the Term, Distributor falls to meet the Target Volume, Distributor shall have thirty (30) days from the date of notification from EcoLogic of such failure to cure or rectify such failure in older to continue receiving tire right of exclusivity to Customers. If such failure is not rectified within thirty (30) days of notification, EcoLogic shall have the unilateral right to amend the Agreement to remove Customer's exclusivity to the Products or to terminate this Agreement after written notice of such default Is delivered to such defaulting party allowing for provided that such cure right shall not apply to obligations to pay for Products purchased hereunder. Distributor shall have the option at EcoLogic's discretion to purchase the remaining quantity of Products at the end of each year to reach the Target Volume to continue the Agreement without amendments.

2. <u>Use of EcoLogic Trademarks</u>. Except as set forth herein. Distributor shall not use the 'EcoLogic" trade name, or any equivalents, in any publicity, advertising, telephone listings, signs, business cards, letterhead or any other manner without the prior written consent of EcoLogic unless the EcoLogic trade name Is used solely for the purpose of direct sales and promotion of Products in accordance with and subject to such guidelines end direction as EcoLogic may from time to time provide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) EcoLogic is the owner of the trademarks ECO-ONE and ECO-ONE (and design), as shown below;

![](ex10-1_1.jpg)

and applications and registrations therefor {collectively, the "Licensed Marks") in connection with Products. EcoLogic hereby grants to Distributor a non-exclusive, non-transferable license to use the Licensed Marks In connection with the Products for sales to Customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Distributor shall have the right to sublicense its right to use the Licensed Marks, provided that i) Distributor shall obtain EcoLogic's approval of all sublicensees prior to granting any sublicense. and ii) Distributor shall remain responsible for any and all uses of the Licensed Marks by any of its sublicensees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) On all Products and Promotional Materials (defined below), Distributor shall include the following notation prominently: "ECO-ONE and related trademarks are trademarks of EcoLogic Solutions. LLC and used under license."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Distributor shall not make or authorize any use. direct or indirect, or promote the Products to any Customer not listed on Exhibit B or in any territory listed on Exhibit C unless otherwise agreed to by EcoLogic in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The license granted hereunder is conditioned upon Distributor's full and complete compliance with the marking provisions of the trademark laws of in the Customers jurisdiction and such reasonable marking and other Instructions as EcoLogic may issue from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Distributor will notify EcoLogic of the existence and content of any mandatory provision of law of which the Distributor becomes aware or should reasonably become aware in any country or jurisdiction within the Customers jurisdiction or any other applicable law that conflicts with any provision of the Agreement (whether as of the Effective Date or thereafter), including, but not limited to, any laws, ordinances, rules, regulations or judicial or arbitral decisions in the Customers jurisdiction that might affect the promotion, offering or distribution of Products in the Customers jurisdiction, or the use or protection of the Licensed Marks in the Customers jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Distributor shell take no action that could confer on EcoLogic "permanent establishment" or equivalent status (as defined in any applicable income tax treaty) in any Customers country or jurisdiction Customers or otherwise subject EcoLogic to taxation to any Customers country or political subdivision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Distributor acknowledges and agrees that EcoLogic is the owner of the Licensed Marks, and that all use of the Licensed Marks by Distributor shall inure to the benefit of EcoLogic. Distributor recognizes the value of the goodwill associated with the Licensed Marks and that such goodwill belongs exclusively to EcoLogic,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) EcoLogic does not warrant and shall not be held to have warranted the validity or scope of the Licensed Marks, In particular, EcoLogic does not represent or warrant that the Licensed Marks do not infringe on the rights of any third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Distributor acknowledges the ownership by EcoLogic of the Licensed Marks, and agrees not directly or indirectly to challenge, question, or assist any other person in challenging or questioning EcoLogic's ownership or the validity of any of the Licensed Marks Distributor agrees not to attempt to register in its own name any of the Licensed Marks or any trade names belonging to EcoLogic or any term or symbol confusingly or deceptively similar therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Distributor agrees that all Products offered, sold or rendered by Distributor in connection with the Licensed Marks, and all related packaging, advertising, promotional and other materials displaying any Licensed Mark (the "Promotional Materials") shall be of high quality, relative to those products offered, sold or rendered in the relevant industry. EcoLogic will be entitled, upon reasonable notice to Distributor, to inspect ail Promotional Materials and Products to ensure that the Products and Promotional Materials comport with the quality standards outlined hereto. In their use of the Products, Distributor and each sublicensee wilt abide by the guidance provided in the Identity Guidelines provided by EcoLogic. as amended from time to time in EcoLogic's discretion.

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| 2.0 | EcoLogic Responsibilities. EcoLogic agrees to: |
| (a) | Provide digital copies of sales/marketing materials including company and Product logos; |
| (b) | Provide, where applicable, Initial U.S. regulatory approval letters and relevant testing data: |
| (c) | Update Exhibits (at EcoLogic's discretion) and send updated copies to Distributor when updates are available: |
| (d) | Provide Product training; and |
| (e) | Provide Product specifications. |

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| 3. | <u>Distributor Responsibilities</u>. Distributor agrees to: |
|  | (a) Provide the general marketing and business development strategy, identify key Influences and establish a sales network with respect to the Customers; |
|  | (b) Diligently and aggressively promote the Products and solicit all Customers in the Territories for sales of the Products in a manner consistent with good sales procedures and customer relations, and maintain a reasonable stock of the Products in its possession to quickly provide samples to prospective customers; |
|  | (c) Advertise the Products In accordance with guidelines established by EcoLogic in local trade publications and such other media as well as participate in trade events, expositions and exhibitions agreed upon between Distributor and EcoLogic; |
|  | (d) When necessary, work with EcoLogic to apply for, and obtain, local government or agency approvals or registrations needed to sell and market the Products {for example, approval for use in food and drug packaging applications or approval for package to be labeled biodegradable, among others); |
|  | (e) Provide pre-and post-sales customer service and to promptly and diligently attempt to resolve ah inquiries and problems raised by Customers, promptly advise EcoLogic of ail such Inquiries and problems raised by said Customers, and otherwise service all Customers on an on-going basis; |
|  | f) Provide regular conference calls to review progress/opportunities and a customer list for approval by EcoLogic prior to any contact with a prospective customer in accordance with Section 1 above; |
|  | (g) Resell Products under and as the EcoLogic brands and not re-brand as their own or otherwise without prior permission; and |
|  | (h) Adhere to storage and handling conditions specified in Products specification sheets provided by EcoLogic. |
| 4. | <u>Pricing & Commissions</u>. |
|  | (a) <u>Pricing</u>. During the Term, and subject to <u>Section 5(b)</u> below, the initial pricing for the Products to be purchased by Distributor hereunder shall be set forth in <u>Exhibit A</u>. Distributor may resell the Products to Customers at such prices as it may determine in its absolute discretion, and the difference between the payment received by Distributor and the initial pricing provided by EcoLogic shall hereinafter be referred to as the "Profit Margin". Notwithstanding the foregoing, to support continued growth of EcoLogic's Products, Distributor agrees to engage in a responsible pricing strategy and will sell Products at competitive prices. In establishing its pricing, EcoLogic understands that Distributor must not only recover Its costs which may include cost of capital to support warehousing EcoLogic's Products, local marketing expenditures, providing customer service including technical support, testing/lab expenditures etc,, but also make some profit on this undertaking. |
|  | (b) <u>Price Changes</u>. The parties agree that increases or decreases to Product pricing will occur upon not less than thirty (30) days' written notice by EcoLogic to Distributor to the extent of increases or decreases In EcoLogic's Product manufacturing costs, including, but not limited to, raw material costs, labor costs, and other processing costs. Such Increases or decreases in pricing shall be made only to allow EcoLogic to maintain its gross profit margins on the Products sold to Distributor, at the same levels achieved in the initial pricing set forth above. |

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| (c) <u>Payment</u>. Immediately upon shipment, Ecologic shall submit invoices to Distributor for payment. A documented guarantee for payment via export credit insurance, Letter of Credit (LC) or similar instrument mutually agreeable between EcoLogic and Distributor shall be required for each Purchase Order. Distributor shall be responsible for the costs associated with acquiring such terms or guarantees. For regular shipments, all invoices shall be paid in full within thirty (30) days and for air shipments all invoices will be paid in full within fifteen (15) of the date of invoice submitted by EcoLogic, Any amount remaining unpaid past the due date shall accrue interest at a rate of the teaser of one percent (1.0%) per month or the highest rate allowed by law. In the event of any good faith dispute with respect to a portion of an invoice, the undisputed portion shall be paid as provided herein. Upon resolution of the disputed portion, any amounts owed to EcoLogic shall be paid with interest at the rate set forth above, accruing from die date such amounts were originally due. In addition, if Distributor foils to pay any amount due hereunder or otherwise violates any provision of this Agreement, Distributor shall pay to EcoLogic the cost of enforcing the provisions hereof, including reasonable attorneys' fees and disbursements. |
| (d) <u>Delivery</u>. The Products shall be made available for pick-up at Laredo. Texas USA. From that point on Distributor shall be responsible for ail shipping and insurance costs and for payment of all taxes, duties, tariffs and similar charges relating to the purchase and sale of the Products. All Products ordered by Distributor under this Agreement will be shipped by EcoLogic within forty five (45) days following EcoLogic's receipt of Distributor's purchase order therefore. |
| (e) <u>Additional Terms</u>, Ecologic acceptance of any purchase order from Distributor is expressly conditional on Distributor's assent to the terms and conditions contained or referenced herein. This Agreement and all documents incorporated by specific reference herein or therein, constitute the complete and exclusive statement of the terms of sate of the Products by EcoLogic to Distributor. In the event that any request for quotation, purchase orders, invoices, shipping instructions, or other documentation submitted by a party hereto contains any different or additional terms or conditions, such terms and conditions shall not become part of the terms of sate of Products to Distributor and are expressly rejected. |
| (f) <u>Referrals,</u> Distributor shall obtain prior written approval for contacting a client/company that it wishes to refer to EcoLogic, and, upon mutual approval, the same will be identified such Referral on Exhibit E hereto (which shall be updated from time to time by EcoLogic). In the event Distributor sends EcoLogic a Referral and (i) Distributor does not actively manage the pre and post-sales activities with this Referral, and (li) within six months of the initial Referral, begins purchasing Products from Ecologic, then EcoLogic will pay to Distributor 2% of all Net Sales derived from the sale of such Products to the Referral within the 24 month period following the Initial sale to such Referral ("Referral Payments"). Amounts payable to Distributor shall be subject to a charge-back or credit In favor of Ecologic for any amount previously paid to Distributor with respect to revenues that are refunded to Referrals or to the extent additional costs or expenses are incurred by EcoLogic relating to such sales following payment to Distributor. Any Referral Payments by EcoLogic shall be made monthly, on or before the 10th business day of the month following the month in which the applicable Invoice has been collected In full or in part by Ecologic or later If notified to do so In writing by Distributor, in which case Distributor will inform Ecologic when the payment should be made. No payment shall be due Distributor unless and to the extent payment is made on a particular invoice by the Referral. |

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| 5. | Additional Distributor Responsibilities. |
|  | (a) From rime to rime It Distributor may wish to engage additional distributors ("Sub- Distributors") or brokers ("Sub-Brokers"), Distributor will provide Information on Sub- Distributors or Sub-Brokers to, and seek authorization from, EcoLogic before appointing Sub-Distributors or Sub-Brokers. Any compensation payable to such additional Sub- Distributors or Sub-Brokers will be paid by Distributor and EcoLogic shall have no liability or obligation whatsoever in respect thereof Distributor agrees to set up adequate price protection clauses in Sub-Distributor and Sub-Broker agreements, Distributor shall inform each Sub-Distributor and Sub-Broker of such parties' obligations pursuant to this Agreement, and if possible provide such parties with a copy hereof. Distributor's agreement(s) with any Sub-Distributor or Sub-Broker shall include express language whereby such Sub-Distributor or Sub-Broker acknowledges, assumes, and agrees to abide by, and comply and conform with all representations, obligations and liabilities referenced herein, Without limiting the foregoing, in any agreement between Distributor and its Sub-Distributors or Sub-Brokers, Distributor shall require Sub-Distributors and Sub-Brokers to comply with the representations, obligations and liabilities of Sections 1(a), 1(b), 2,4, and 7 through 25 hereunder, |
|  | (b) Distributor shall solely be responsible for payment of any and all state, federal, city or municipal taxes, duties, fees or tariffs of any kind related to any payment made to Sub- Distributors or Sub-Brokers under this Agreement. EcoLogic shall have no obligation to withhold or pay any such taxes, duties, fees, or tariffs unless required by law. |
|  | (c) Distributor shall solely be responsible for any and all applicable workers' compensation insurance, health insurance or other employment related liabilities to any person whom Distributor decides to employ for any reason. |
|  | (d) Distributor shall solely be responsible for any tax liability arising from Distributor's compensation as an independent contractor. |

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6. <u>Commercial Management</u> in the event Ecologic, in its sole discretion, determines that Distributor is not effectively servicing the Customers, or not sufficiently and appropriately promoting EcoLogic's products or brand, Ecologic will notify Distributor in writing of such issues and require that such issues be corrected to EcoLogic's satisfaction in less than thirty (30) days from the date of notification thereof. If the corrective action is not doomed adequate by EcoLogic. EcoLogic may, in its sole discretion, reduce the list of represented Products and/or Customers being marketed and serviced by Distributor or terminate this Agreement pursuant to <u>Section 8</u>, Further EcoLogic reserves the right to offset any reasonable expenses and/or losses incurred by EcoLogic as a result of Distributor's failure to perform under this Agreement against any Referral Payments owed Distributor or add to any outstanding invoice owed by Distributor,

7. <u>Insurance</u>. Distributor agrees to carry and maintain comprehensive or commercial general liability insurance coverage including products and completed operations coverage (Including on any and all vehicles, traitors, automobiles, trucks, or other transportation equipment used by Distributor or any person employed by Distributor or any consultant, representative or other person engaged by Distributor), blanket contractual coverage and broad form commercial general liability coverage affording a minimum limit of liability of $1,000,000 combined single limit for bodily injury/property damage per occurrence and a minimum limit of liability of $2,000,000 In the aggregate. Distributor shall be obligated to provide certificates of insurance upon reasonable request of EcoLogic. Distributor shall notify EcoLogic prior to any cancellation of the applicable policy or any change in Insurance coverage. EcoLogic shall also name Distributor as an additional insured on its policy of commercial general liability coverage, in respect of any liability relating to the Products.

8. <u>Term and Cancellation</u>, This Agreement shall remain in effect for a period of five (5) years (the <sup>"</sup><u>Term<sup>")</sup></u> or until terminated by either party as provided for herein. This Agreement may be terminated by either party as follows: (x) immediately upon written notice to the other party In the event such other party shall breach any of the material terms, covenants or conditions of this Agreement and such breach Is not cured within thirty (30) days' written notice of such breach: or (y) Immediately upon written notice to the other party for cause. In the event this Agreement is not renewed at the election of EcoLogic, Distributor shall continue to earn, and Ecologic shall continue to pay to Distributor, the Profit Margin actually collected by EcoLogic for all Product sales to Customers at the time of such non-renewal, for two (2) years following EcoLogic's non-renewal of this Agreement (the "Post-Termination Payments''). The Post-Termination Payments shall be made monthly, on or before the 10th business day of the month following the month in which the applicable invoice has been collected in foil or in part by Ecologic or later if notified to do so in writing by Distributor, in which case Distributor will inform EcoLogic when the payment should be made.

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| (a) | As used herein, "<u>cause"</u> shall include: |
|  | (I) A party's arrest or Indictment for either a felony involving moral turpitude: |
|  | (ii) With respect to the Distributor, any crime In connection with its representation of EcoLogic which causes EcoLogic a substantial detriment |
|  | (iii) Actions by a party or its agents or subcontractors which may damage the reputation of, or cause financial losses or expenses to, the other party hereto, or any of its affiliates: |
|  | (Iv) Failure of either party to pay an amount due hereunder within thirty (30) days of the due date thereof: |
|  | (v) There occurs any affirmative act of insolvency by a party, or the filing by a party of any petition under bankruptcy, reorganization, or insolvency, or any law for the relief of, or relating to, debtors; there is the filing of any involuntary petition under any bankruptcy statute against a party or the appointment of any receiver or trustee to take possession of the property of a party, unless such petition or appointment is set aside or withdrawn or ceases to be in effect within thirty (30) days of the date of the filing or appointment: or any of a party's property becomes the subject of any levy, seizure, assignment, application, or sale for or by any creditor or governmental agency. |
| (b) | Upon the expiration or termination of this Agreement through any means and for any reason. Distributor agrees to provide EcoLogic with all necessary or relevant information in its possession needed by EcoLogic to provide excellent service to the Customers. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The provisions of <u>Sections 5(c) and 9 through 25</u> shall survive the expiration or termination of this Agreement through any means
and for any reason whatsoever. Further, the expiration or termination of this Agreement through any means and for any reason shall not
relieve the parties of any obligation accruing prior thereto.

8A. <u>Renewal of Term</u> So tong as Distributor is not to default of this Agreement, the Term of this Agreement shall automatically renew and extend the Term of this Agreement for five (5) years, commencing upon the expiration of the previous Term, provided that Ecologic and Distributor shall have the right to opt out of such renewals by providing written notice to the other at least nine (9) months prior to the expiration of the then current Term. Except as expressly otherwise provided in this Agreement, all the agreements and conditions to this Agreement shall apply to any renewal Term and such renewal Term will be referred to as the Term

9. <u>Representations and Warranties</u> Distributor agrees not to make any warranty regarding Products except as may be expressly authorized by Ecologic to writing. Except as set forth in <u>Exhibit F,</u> EcoLogic makes no warranties, express or Implied, of any kind concerning the Products provided by EcoLogic hereunder, and expressly disclaims the implied warranties of merchantability and fitness for a particular purpose. EcoLogic expressly disclaims any obligation or liability for loss of profits, loss of use, and special, incidental or consequential damages as a result of such Products or the use thereof. Ecologic will not be responsible for any warranty that Distributor or its agents or representatives make concerning the Products and Distributor agrees to indemnify and hold harmless EcoLogic for all loss, cost and expense incurred by Distributor resulting from the extension by Distributor or its agents or representatives of representations or warranties not written or approved and otherwise authorized by EcoLogic.

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| 10. | <u>Proprietary Items and Confidential Information.</u> |
|  | (a) <u>Confidential Information</u>. Distributor shall, and shall cause each of its employees, agents, contractors, to, strictly abide by the terms of the Confidentiality Agreement between Distributor and Ecologic. A copy of the Confidentiality Agreement is attached hereto as <u>Exhibit G</u>. |
|  | (b) <u>Property of EcoLogic</u>. Distributor acknowledges that the processes, Products, formulae, designs, materials and methodologies to be supplied or shared under this Agreement are proprietary to Ecologic or parties in privity with Ecologic, and that any improvements or Inventions related thereto (collectively '<u>Proprietary Items</u>") shall be owned solely by EcoLogic. As between Distributor and EcoLogic, Proprietary Items will be deemed Confidential information as defined in the Confidentiality Agreement dated same date as in Section 11 (a) above between EcoLogic and Distributor. All right, title and interest in and to the Proprietary Items including, but not limited to. Proprietary Items in respect of the Products, shall remain with Ecologic. Distributor shall not reverse engineer, copy, dissemble, assay or otherwise attempt to reconstruct the Formula for any samples or Products provided by EcoLogic hereunder. In the event any such actions occur, all data and results and/or any inventions, discoveries, or works arising therefrom shall be solely owned by EcoLogic and Distributors shall immediately upon request assign any such inventions or discoveries to EcoLogic. Distributor agrees that it does not have, nor will its performance hereunder give rise to, any vested or proprietary right or interest with respect to any EcoLogic products, processes, accounts, customers or Confidential Information including, but not limited to, the Products. Distributor acknowledges and agrees that all right, title and interest in and to the Products including, without limitation, all patent rights, copyright rights, trademarks, trade names and other intellectual property and trade secret rights thereto shall belong exclusively to EcoLogic. Additionally, Distributor agrees and acknowledges that all right, title and interest in and to any improvements, modifications derivative works or similar variations, whether developed or discovered by Distributor or EcoLogic, which arise out of or relate to the Products or the performance of this Agreement including, without limitation, all patent rights, copyright rights, trademarks, trade names and other intellectual property end trade secrets are and shall remain the sole and exclusive property of EcoLogic. **end Distributor hereby assigns arty and all rights therein** to EcoLogic and agrees to take all actions reasonably necessary or desired to establish, transfer, perfect, and maintain such rights in the name of EcoLogic. Distributor agrees that it does not have the right to, and will not, purchase the Products from any person or entity other than EcoLogic. |

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| (c) <u>Use of Trademark, Trade Names and Proprietary Rights by Distributor</u>- Except as provided herein, Distributor agrees that, without prior written consent from EcoLogic. it shall not use, make reference to or otherwise designate EcoLogic's trademarks or trade names, or the trademarks or trade names of any or EcoLogic's subsidiaries or affiliates, except as they may be used for the benefit of Ecologic and/or its subsidiaries or affiliates and then only when the appropriate trademark notice is utilized. Distributor acknowledges and agrees that any such use of EcoLogic's trademarks, trade names and trade secrets, or the trademarks, trade names and trade secrets of EcoLogic's subsidiaries or affiliates shall inure to the benefit of EcoLogic and/or its subsidiaries or affiliates. |
| (d) <u>Third Party Infringements</u>. Distributor shall immediately notify EcoLogic In writing If It becomes aware of any actual or suspected third party infringement of any of EcoLogic's rights in the Products. EcoLogic in its sole option shall have the right to control the prosecution of any infringement action relating to or arising out of the Products, and Distributor shall not commence any such action without EcoLogic's prior written consent Upon request, Distributor shall reasonably cooperate with EcoLogic In any such Proceeding |
| (e) <u>NDA's</u>, Prior to Distributor sharing any confidential information (Including product samples and test results) described in this <u>Section 11</u> with a Customer, Referral, prospective customer, Sub-Distributor or Broker, Distributor shall first obtain EcoLogic's written approval of the same. Once written approval is received, Distributor shall obtain an executed non-disclosure agreement in the form attached hereto as <u>Exhibit D</u> (each an <u>NDA</u>") prior to the actual sharing of any confidential information with the same. |

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11. <u>Non-Competition</u>. In consideration of the foregoing and the payment of Referral Payments to Distributor under the conditions set forth herein, and for other valuable consideration, Distributor hereby expressly covenants and agrees that during the Term of this Agreement and for as long as EcoLogic continues to make Post-Termination Payments to Distribute hereunder, Distributor will not, directly or Indirectly, for itself or as an agent of or on behalf of or In conjunction with any person, firm, entity, association or corporation, engage in the manufacture, marketing, sale or distribution to any person or entity of any product which competes with products which EcoLogic engaged Distributor to sell and market (Including, without limitation, the Products). In addition, during the Term of this Agreement, Distributor will not sell. market or distribute any of the Products to any competitive manufacturers, used-equipment dealers or suppliers, their branches, agents or representatives, without the prior written consent of EcoLogic. The two-year time period specified herein shall be tolled and shall not run during any time the Distributor is in violation of this paragraph.

12. <u>Non-Solicitation</u>, in consideration of the foregoing and the payment of Referral Payments to Distributor under the conditions set forth herein, and for other valuable consideration, Distributor hereby expressly covenants and agrees that Distributor will not, during the Term of this Agreement, and for a period of two years after termination of this Agreement, irrespective of the time, manner, or cause of termination, either as principal or agent, employee, employer, corporate officer, trustee, partner, co-partner, owner, stockholder, or In any other Individual or representative capacity whatsoever, either directly or indirectly: (1) solicit or attempt to solicit, or assist any other person or entity to solicit EcoLogic's customers, or prospective customers with whom Distributor communicated on behalf of EcoLogic during the Term of this Agreement, for the purpose of selling any products competitive with the Products of Ecologic, (2) solicit, cause or attempt to solicit or cause or assist any other person or entity to solicit or cause EcoLogic's employees or independent distributors to cease working for EcoLogic. The two year time period specified herein shaft be tolled and shall not run during any time the Distributor is in violation of this paragraph.

13. <u>Non-Circumvention</u>. During the Term of this Agreement, neither Ecologic nor any of its subsidiaries, assigns, successors, agents or affiliates, shall directly or Indirectly enter into, or in any way undertake or otherwise deal or agree to deal with any Customer of the Distributor without the express prior written agreement and consent of the Distributor, such consent which may be arbitrarily withheld.

14. <u>Injunctive Relief</u>. Distributor agrees that a violation on its part of any covenant In the preceding <u>Sections 11,12 and 13</u>. will cause such damage to EcoLogic as will be Irreparable and the amount of which will be difficult or impossible to ascertain. Distributor agrees that Ecologic shall be entitled to an injunction from court of competent jurisdiction, restraining any violation of the restrictive covenants by Distributor, its employees, partners, employer, or agents, or other persons assisting Distributor in engaging in such conduct, without bond. Distributor agrees to the immediate issuance of such temporary restraining order or preliminary injunction and hereby waives any requirement of notice or objection whatsoever to the issuance of such order, it being understood that it takes only a few days to destroy the goodwill and patronage of EcoLogic by hostile activities of Distributor The right to an injunction as provided for by this paragraph shall be cumulative and in addition to any other remedies available to Ecologic.

15. <u>Limitation of Liability and Damages,</u> NEITHER PARTY SHALL IN NO EVENT BE LIABLE FOR ANY SPECIAL, INCIDENTAL, PUNITIVE OR CONSEQUENTIAL DAMAGES OF ANY KIND ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR THE USE OR PERFORMANCE OF THE PRODUCTS, EVEN IF SUCH PARTY OR ITS REPRESENTATIVE HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH LOSS OR DAMAGE. EACH PARTY'S LIABILITY TO THE OTHER FOR ANY CAUSE WHATSOEVER. REGARDLESS OF THE FORM OF ANY CLAIM OR ACTION. SHALL NOT EXCEED THE AGGREGATE AMOUNT OF PRODUCTS PURCHASED BY DISTRIBUTOR UNDER THIS AGREEMENT DURING THE 12 MONTHS PRECEDING THE DATE SUCH CAUSE FIRST AROSE

16. <u>Indemnification,</u> Distributor shall indemnify, defend, and how EcoLogic and its members, officers, directors, agents and employees harmless against any and ail claims, demand, losses and suits, including reasonable attorney's fees, which EcoLogic and its members, officers, director, agents and employees may incur resulting from any act or omission of any kind by Distributor or Distributor's agents, employees, officers, and directors arising from or related in any way to Distributor's activities in the course of performance of the services to be provided under this Agreement or from Distributor's breach of any provision of this Agreement Distributor shall also be solely responsible and liable for the hiring, compensation, termination, payment of ail wages, commissions, bonuses, unemployment taxes, withholding taxes, Medicare, social security and any other state or federal expenses for maintaining any of its employees, or Independent Distributors, and Distributor shall indemnify and hold EcoLogic harmless from and against any injuries, claims, actions or proceedings arising from the employment relationship of such employees or Distributor's contract with independent Distributors,

17. <u>Notices</u>. Any notice. request, consent or communication (collectively a "<u>Notice"</u>) under this Agreement shall be effective only if It is in writing and (i) personally delivered, (ii) sent by certified or registered malt, return receipt requested, postage prepaid, **(iii)** sent by a nationally recognized overnight delivery service, with delivery confirmed, (iv) telexed or telecopied, with receipt confirmed, or (v) sent by electronic mail with receipt confirmed, addressed as follows:

If to Distributor to:

Midori-Bio

3134 Driftwood Dr

Burlington, ON

L7M 3E1

E-mail Address: robert@midori-bio.com

If to EcoLogic to:

EcoLogic. LLC

Attn: Duane Buelow

601 Oregon Street, Suite A

Oshkosh, Wl 54902

E-Mail Address: dbuelow@ecologic-llc.com

with a copy to;

Jason J. Hirschberg, Esq.

Hirschberg Law, LLC

601 Oregon Street, Suite A

Oshkosh, Wl 54902

E-mail Address: Jason@hirschberglaw.com

or such other persons or addresses as shall be furnished in writing by any party to the other party A Notice shall be deemed to have been given as of the date (i) when personally delivered, (ii) on the date noted on the return receipt as the delivery or attempted delivery date when deposited with the United States mail properly addressed, return receipt requested, (in) when receipt of a Notice sent by an overnight delivery service is confirmed by such overnight delivery service, or (iv) when receipt of the telex, telecopy or electronic mail is confirmed, as the case may be, unless the sending party has actual knowledge that a Notice was not received by the intended recipient.

18 <u>Governing Law and Jurisdiction</u>. THIS AGREEMENT SHALL BE GOVERNED BY, AND INTERPRETED AND ENFORCED IN ACCORDANCE WITH. THE LAWS OF THE STATE OF WISCONSIN WITHOUT REGARD TO PRINCIPLES OF CHOICE OF LAW OR CONFLICT OF LAWS. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY CONSENTS AND SUBMITS TO THE JURISDICTION OF STATE OR FEDERAL COURT LOCATED IN THE EASTERN DISTRICT OF WISCONSIN IN CONNECTION WITH ANY PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. WAIVES ANY OBJECTION TO VENUE IN THE COUNTY OF WINNEBAGO, STATE OF WISCONSIN. EXCEPT THAT AN ACTION TO ENFORCE THE COVENANTS CONTAINED IN SECTIONS 11, 12, AND 13 MAY, AT ECOLOGIC'S DISCRETION, ALSO BE BROUGHT IN ANY JURISDICTION WHERE THE DISTRIBUTOR RESIDES OR WORKS TO THE EXTENT PERMITTED BY LAW, SERVICE OF PROCESS IN ANY PROCEEDING MAY BE MADE IN THE SAME MANNER AS IS PROVIDED FOR THE DELIVERY OF NOTICES UNDER THIS AGREEMENT.

19 <u>Attorney Fees</u>. In the event of any litigation or dispute concerning this Agreement this parties agree that the,e prevailing party shall be entitled to all reasonable fees, expenses and costs of such litigation or petition for injunctive relief. including but not limited to reasonable attorneys fees and expert witness fees.

20. <u>Assignment</u>. Neither party may assign this Agreement or the rights hereunder to any third party, except to a successor (whether by merger, consolidation or otherwise) to all or substantially all of the business and assets of such party This Agreement shall be binding upon and Inure to the benefit of the parties hereto and their successors and permitted assigns,

21. <u>No Third Party Beneficiaries</u>. This Agreement is solely for the benefit of the parties hereto and no provision of this Agreement shall be deemed to confer upon any third party, any remedy, claim, liability, reimbursement, cause of action or other right.

22. <u>Independent Contractors</u>. Each party is an independent contractor hereunder. Nothing contained in this Agreement Is Intended or shall be construed to create or establish any agency, partnership, joint venture or other profit-sharing arrangement between the parties. No party shall have any authority, express or Implied, to create or assume any obligation, enter Into any agreement, or to bind or otherwise render any other party liable in any way to any other person, without the prior express written consent of the party to be affected by such action.

23. <u>EcoLogic's Rights to Sell to Others</u>. Outside of the areas identified on <u>Exhibit B</u> (after giving effect to the Exclusions of Exhibit C), nothing in this Agreement shall prohibit Ecologic or any affiliate of Ecologic from manufacturing, marketing, distributing or selling any product to any person or entity, Including, without limitation, the Products.

24. <u>Force Majeure</u>. If strikes, work stoppages, riot, war, rebellion, fire, terrorism, earthquake, pandemic or epidemic or act of governmental authorities, or any other similar causes beyond the control of a party ("<u>Force Majeure")</u> render It Impossible for such party to comply with the terms of this Agreement, no liability for non-compliance caused thereby during the continuance thereof shall exist or arise; <u>provided, however,</u> that this <u>Section 24</u> shall not be applicable to an obligation to make a payment of money. Each of Ecologic and Distributor shall use all commercially reasonable efforts to remedy any Force Majeure that II experiences

25. <u>Miscellaneous</u>. This Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof The headings included in this Agreement are for convenience only and shall not be deemed part of this Agreement or be given any effect in interpreting this Agreement This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. No waiver by either Ecologic or Distributor of any condition or of any breach of any term, covenant, representation or warranty contained in this Agreement shall be effective unless In writing, and no waiver in any one or more instances shall be deemed to be a further or continuing waiver of any such condition or breach In other instances or a waiver of any other condition or breach of any other term, covenant, representation or warranty. The terms and conditions of this Agreement may be amended only in writing signed by both parties, if any provision of this Agreement shall be held invalid, illegal or unenforceable, the validity, legality or enforceability of the other provisions hereof shall not be affected thereby, and there shall be deemed substituted for the provision at issue a valid, legal and enforceable provision as similar as possible to the provision at issue. The provisions of this Agreement shall be enforceable notwithstanding the existence of any breach by Ecologic or claim or cause of action of Distributor against EcoLogic, whether predicated on this Agreement or otherwise.

**<u>(SIGNATURE PAGE FOLLOWS)</u>**

**IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.**

---

| | |
|:---|:---|
| **ECOLOGIC:** | **ECOLOGIC:** |
| **ECOLOGIC SOLUTIONS, LLC** | **ECOLOGIC SOLUTIONS, LLC** |
| By: | */s/ Duane Buelow* |
|  | Duane Buelow, its President |
| **DISTRIBUTOR** | **DISTRIBUTOR** |
| By: | */s/ Robert Leeder* |
| Name: | Robert Leeder |
| Title: | President |

---

![](ex10-1_002.jpg)

**<u> </u>**

**<u>Exhibits B</u>**

**CUSTOMERS**

**<u>Nature of Distributorship</u> - The following Customers;**

**Bassett Packaging**

**Farodl Packaging**

**Loblaws**

**Package Containers Inc**

**Red Prince**

**vortex Packaging**

**Wilson**

**Additional customers approved by EcoLogic will be added to the complete customer list in the following document:**

**EcoLogic - Midori - Customer Review Process.docx**

**<u> </u>**

**<u>Exhibit C</u>**

**EXCLUSIONS FOR DISTRIBUTOR**

**The following territories shall be exclusions;**

**Mexico**

**Brazil**

**<u> </u>**

**<u>Exhibit D</u>**

**INTENTIONALLY OMITTED**

**<u>Exhibit E</u>**

**REFERRALS**

**To be defined**

**<u>Exhibit F</u>**

**PRODUCT WARRANTY**

A, **<u>LIMITED WARRANTY</u>**, **Subject to the limitations of Section 0, EcoLogic warrants that the Eco-One® Products sold to Distributor by EcoLogic will be free from defects in material and workmanship and meat the applicable EcoLogic Product specifications under normal use and service during the six (6) month period starting on the date of delivery of the Eco-One Products by EcoLogic. THESE ARE THE SOLE AND EXCLUSIVE WARRANTIES GIVEN BY ECOLOGIC WITH RESPECT TO THE PRODUCTS AND ARE IN USE OF AND EXCLUDE ALL OTHER WARRANTIES, EXPRESS OR IMPLIED, ARISING BY OPERATION OF LAW OR OTHERWISE, INCLUDING WITHOUT LIMITATION, THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE WHETHER OR NOT THE PURPOSE OR USE HAS BEEN DISCLOSED TO ECOLOGIC IN SPECIFICATIONS, DRAWINGS OR OTHERWISE, AND WHETHER OR NOT ECOLOGIC'S PRODUCTS ARE SPECIFICALLY DESIGNED AND/OR MANUFACTURED BY ECOLOGIC FOR COSTUMER'S USE OR PURPOSE**. These warranties do not extend to any losses or damages due to misuse, accident, abuse, neglect, normal wear and tear, unsuitable environmental conditions, negligence (other than EcoLogic's), unauthorized modification or alteration, improper installation, maintenance or application or any other cause not the fault of EcoLogic, If within thirty (30) days after Distributor' discovery of any warranty defects within the applicable warranty period. Distributor notifies EcoLogic thereof in writing, Ecologic shall, at its option, repair, correct or replace F.O.B. point of manufacture, or refund the purchase price for that portion of the Eco-One® Products found by EcoLogic to be defective. Failure by Distributor to give such written notice within the applicable time period shall be deemed an absolute and unconditional waiver of Distributor' claim for such defects. Advance written permission to return Eco-One® Products that are claimed to be defective must be obtained from EcoLogic, Such Eco-One® Products must be shipped, transportation prepaid, to EcoLogic in accordance with EcoLogic's then current policy and procedures. Products returned without EcoLogic's written permission will! not be accepted by Ecologic, Products repaired or replaced during the applicable warranty period shall he covered by the foregoing warranties for the remainder of the original warranty period or sixty (60) days from the date of shipment, whichever is longer, Distributor assumes all other responsibility for any loss, damage, or injury to persons or property arising out of, connected with, or resulting from the use of Eco-One® Products, either atone or in combination with other products/components. This Section A applies to any entity or person who may buy, acquire or use the Eco-One® Products, including any entity or person who obtains the Eco-One® Products from Distributor, and shall be bound by the limitations therein, including Section B Distributor agrees to provide such subsequent transferee conspicuous, written notice of the provisions of Sections A and B.

**B. <u>LIMITATION OF REMEDY AND LIABILITY</u>: THE SOLE AND EXCLUSIVE REMEDY FOR BREACH OF ANY WARRANTY HEREUNDER SHALL BE LIMITED TO REPAIR, CORRECTION OR REPLACEMENT OR REFUND OF THE PURCHASE PRICE UNDER SECTION A. ECOLOGIC SHALL NOT BE LIABLE FOR DAMAGES CAUSED BY DELAY IN PERFORMANCE AND IN NO EVENT, REGARDLESS OF THE FORM OF THE CLAIM OR CAUSE OF ACTION (WHETHER BASED IN CONTRACT, INFRINGEMENT, NEGLIGENCE, STRICT LIABILITY, OTHER TORT OR OTHERWISE). SHALL ECOLOGIC'S LIABILITY TO COMPANY EXCEED THE PRICE PAID BY COMPANY FOR THE SPECIFIC PRODUCTS PROVIDED BY ECOLOGIC GIVING RISE TO THE CLAIM OR CAUSE OF ACTION. COMPANY AGREES THAT IN NO EVENT SHALL ECOLOGIC'S LIABILITY TO COMPANY EXTEND TO INCLUDE INCIDENTAL, CONSEQUENTIAL OR PUNITIVE DAMAGES. THE TERM "CONSEQUENTIAL DAMAGES" SHALL INCLUDE. BUT NOT BE LIMITED TO. LOSS OF ANTICIPATED PROFITS. BUSINESS INTERRUPTION, LOSS OF USE OR REVENUE, COST OF CAPITAL OR LOSS OR DAMAGE TO PROPERTY OR EQUIPMENT. IT IS EXPRESSLY UNDERSTOOD THAT ANY TECHNICAL ADVICE FURNISHED BY ECOLOGIC WITH RESPECT TO THE USE OF THE PRODUCTS IS GIVEN WITHOUT CHARGE, AND ECOLOGIC ASSUMES NO OBLIGATION OR LIABILITY FOR THE ADVICE GIVEN, OR RESULTS OBTAINED, ALL SUCH ADVICE BEING GIVEN AND ACCEPTED AT COMPANY's RISK.**

**<u>Exhibit G</u>**

**MUTUAL CONFIDENTIALITY AGREEMENT**

**This Agreement is made as of <u>January 25th</u>, 2021 ("Effective Date"),** by **and between** Ecologic Solutions, LLC, a Delaware limited liability company (EcoLogic) with offices at 601 Oregon Street Suite A. Oshkosh. Wl 54902 and <u>Midori-Bio Inc</u>, a **<u>Incorporated</u> ("COMPANY"), with principal offices at <u>3134 Driftwood Dr, Burlington, ON, L7M 3E1 Canada</u>, For purposes of this Agreement COMPANY** shall he deemed to include its parent company, subsidiaries and any affiliated companies, as listed on the attached Exhibit A.

**<u>recitals</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** Ecologic is in the business of selling plastic resin **additives** intended to **enhance** the biodegradability of plastics manufactured from such resins (the "Ecologic Additives"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** COMPANY is in the business of manufacturing and selling certain plastic products <u>Eco-One in various applications</u> (the "Products").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** The parties wish to explore the possibility of a business relationship whereby COMPANY purchases and uses the Ecologic Additives to enhance the biodegradability of the Products

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** To determine if COMPANY can successfully use the Ecologic Additives, it is necessary for COMPANY to perform tests to evaluate the Ecologic Additives' ability to enhance the biodegradability of the Products and for Ecologic to test the biodegradability of the Products after use of the Ecologic Additives (the "Purpose").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** To accomplish the Purpose, each party will be required to disclose Confidential information to the other **party.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** The parties are entering into this Agreement to set forth the terms and conditions regarding the disclosure and use of the Confidential Information.

**<u>AGREEMENT</u>**

1. **Confidential Information**. For the purpose of this Agreement, Confidential Information shall include any and all non-public and proprietary
 information, intellectual property and data related to any aspect of the business of a party, Including but not limited to, trade
 secrets, formulas, samples, research and development objectives, product ideas and developments, date, designs, sketches, photographs;
 drawings, reports, test methods, product composition, processes and process conditions, know-how, product or manufacturing specifications,
 equipment molds, tooling, product or component samples, customer relationships and information, supplier relationships and information,
 manufacturer relationships and Information, financial and tax information, employee relationships end Information, business affiances,
 referral sources, cost and pricing information, business strategies and plans, marketing strategies and plans, contracts and agreements,
 studies, findings, inventions, end ideas. The selection and amount of Confidential Information to be disclosed shall be at the discretion
 of the party disclosing Confidential Information (the "Discloser"). The party receiving Confidential information under this
 Agreement is termed the "Recipient."

2. **Exclusions**.
 The obligations set forth herein shall not apply when, and to the extent that such specific Confidential Information:

a. is
 lawfully and properly known by the Recipient at the time of Ms receipt, and not through a prior disclosure by the Discloser;

b. &
 at (ha time of disclosure or thereafter (awfully published and part of the public domain, without breach of this Agreement by the
 Recipient or unauthorized acts or omissions of third parties:

c. is
 subsequently disclosed to the Recipient by a third party who has the right to make such disclosure:

d. is
 developed independently by Recipient without using any of confidential Information, or

e. is
 required to be disclosed, based on the good faith opinion of the Recipient's counsel, pursuant to a lawful court order or government
 mandate, but in such event the Recipient shall notify the Discloser with sufficient time so that Discloser may take action to protect
 the confidentiality of the Confidential Information by means of a protective order or the like.

3. **Obligations of a Recipient A Recipient shall**:

a. maintain
 the confidentiality of such Confidential Information and will not disclose it to any third parties.

b. use
 such Confidential Information solely for the Purpose:

c. minimize
 the dissemination or copying of the Confidential Information except to the extent necessary to carry out the Purpose .

d. limit
 access to the Confidential information to employees having direct involvement with the Purpose and with reason to know;

e. advise
 any employees with access to the Confidential Information of the contents of this Agreement; and

f. not
 reverse engineer, copy, dissemble, assay or otherwise attempt to reconstruct the formula for any Confidential Information. In the
 event any such actions occur, all data and results and/or any Inventions, discoveries, or works arising therefrom shall be solely
 owned by Discloser, and Recipient shall immediately upon request assign any such inventions or discoveries to Discloser.

4. **Ownership**.
 All Confidential Information and all materials, products or substances containing Confidential Information delivered to the Recipient
 by the Discloser under this Agreement are and shall remain the sole and exclusive property of the Disclose. All improvements, inventions,
 or enhancements to Discloser's Confidential Information or products which occur as a result of the disclosures allowed under
 this Agreement shall be the exclusive property of Discloser. Test results obtained by COMPANY in order to ensure the validity and implementation of the Ecologic Additives ("Results") may be retained by COMPANY.
 COMPANY will share the Results with Ecologic upon request

5. **Term**.
 This Agreement shall commence on the Effective Date and shall continue in effect for a period of five (5) years The parties may terminate
 the Agreement at any time with or without cause upon written notice to the other Party. Upon expiration or termination of this Agreement
 and written notice from Disposer, the Recipient shall, within thirty (30) days of receiving such written notice, return or destroy
 all Confidential Information provided by Discloser in any form or medium, and any reproductions thereof and extracts therefrom which
 may contain Confidential Information. In the event Recipient destroys Confidential Information in accordance with this article, Recipient
 shall promptly notify Discloser with a certificate detailing such destruction. Any request for the return of Confidential Information
 must be made within one (1) year of the termination or expiration of this Agreement.

6. **No Further Agreement or License**. Except for the obligations set forth herein, neither party shall have any obligation to enter into
 any further agreement or business relationship between (lie parties. Nothing contained herein shall restrict (lie Disposer's
 right to discuss similar matters or undertake similar projects with third parties, provided the Confidently Information disclosed
 under this Agreement may not be disclosed to such third parties. Nor shall this Agreement he construed to grant any license with
 respect to any Confidential information

7. **Right to disclose**. Each party represents and warrants that it has the right to disclose Confidential Information to other party without
 breaching confidentiality agreement or confidential obligations with any third party.

8. **No Assignment.** This Agreement may not be assigned or transferred by either party without the other party's written consent,
 which consent shall not be unreasonably withheld.

9. **Severance.** in the event any provision of this Agreement is hold to be invalid or unenforceable by a court of competent jurisdiction, it shall
be separated from the others and shall not affect the validity of the other provisions so long as the general intent of this Agreement
can be fulfilled,

10. **Injunction/Arbitration/Governing Law.** it Is expressly acknowledged that a breach of this Agreement would cause grave and Irreparable harm to the Discloser's
 valuable proprietary interests, such that the parties agree that injunctive relief should issue, without bond. Any dispute arising
 from or in connection with this Agreement or individual agreement shall, if unresolved by amicable discussions between Ecologic and
 COMPANY, be referred to arbitration under the then existing Rules of Arbitration of the International Chamber of Commerce. Any arbitration
 proceeding shall be conducted in English and located at Chicago, Illinois. The language to be used In the arbitration proceeding
 shall be English. The validity, construction and performance of this Agreement shall be governed and interpreted to accordance with
 the laws and regulations of the United States and the State of Wisconsin. In the event of any such arbitration. or dispute concerning
 this Agreement or a Recipient's use or retention of Confidential Information, the parties agree that the prevailing party
 shall be entitled to all reasonable fees, expenses and costs of such litigation or petition for injunctive relief including but
 not limited to reasonable attorneys' fees and expert witness fees,

---

| | |
|:---|:---|
| 11 | **Entire Agreement/Amendment**. This Agreement contains the entire agreement of the parties relating to the subject matter hereof and supersedes all proposals, negotiations, representations, warranties, conditions and agreements, collateral or otherwise, oral or written, made prior to the execution hereof. Any modifications or amendments to this Agreement must be signed In writing by both parties, This Agreement is binding upon and shall inure to the benefit of the parties their heirs, successors and assigns. |
| 12. | **Reproductions/Counterparts**. This Agreement may be executed counterparts, each of which shall be deemed to be an original and all of which, taken together, shall constitute one and the same instrument. Signature by facsimile or electronic signature or approval in form by electronic real shall be deemed as good as original signature. |
| 13. | **Survival**. In the event of expiration or termination of this Agreement far any reason, the obligations contained herein shall survive for a period of ten (10) years from the last disclosure of Confidential Information made pursuant to this Agreement The Agreement shall not replace, supersede or otherwise affect any intellectual properly protections or other legal protections enjoyed by the Confidential Information, |
| 14. | **Authority.** The person executing this Agreement on behalf of a party warrants and represents that he/she has been authorized to do so and that this Agreement will be binding upon the party. |

---

**IN WITNESS WHEREOF,** the parties have caused this Agreement to be duly executed as of too date set forth above.

---

| | | | |
|:---|:---|:---|:---|
| By: | */s/ Duane Buelow* | By: | */s/ Robert Leeder* |
| Name: | Duane Buelow | Name: | Robert Leeder |
| Title: | President | Title: | President |

---

## Exhibit 10.2

**Exhibit 10.2**

**Execution Copy**

**SHARE EXCHANGE AGREEMENT**

**THIS SHARE EXCHANGE AGREEMENT** is made effective the 30<sup>th</sup> day of August, 2021.

**AMONG:**

**1284670 B.C. LTD.,**

a corporation existing under the laws of British Columbia, having an office at Suite 1570 - 505 Burrard Street, Vancouver, British Columbia V7X 1MS

(hereinafter referred to as the **"Purchaser")**

- and -

**MIDORI-BIO INC.,**

a corporation existing under the laws of the Province of Ontario, having an office at 3134 Driftwood Drive, Burlington Ontario L7M 3El

(hereinafter referred to as **"Midori")**

-and-

The common shareholders of Midori listed in the attached Schedule "A" together, if applicable, with any persons that become shareholders of Midori prior to Closing, hereinafter collectively referred to as, the **"Shareholders",** and individually as, a **"Shareholder")**

**WHEREAS:**

A. The
 Shareholders are collectively the legal and beneficial owners of all of the issued and outstanding
 voting shares in the capital of Midori (the **"Midori Shares");** 

B. The
 Purchaser has agreed to purchase all of the outstanding Midori Shares in exchange for common
 shares of the Purchaser on the terms and conditions set forth in this Agreement (the **"Transaction");** and

C. The
 Shareholders who have executed this Agreement have agreed to the Transaction.

**NOW THEREFORE THIS AGREEMENT WITNESSES** that in consideration of the premises and the respective covenants and agreements herein contained, the parties hereto covenant and agree as follows:

**ARTICLE** I

**INTERPRETATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.01**  **<u>Definitions</u>** 

In this Agreement, unless otherwise defined, capitalized words and terms shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **"Agreement"** means this share exchange agreement as the same may be supplemented or amended from time
 to time;

(b) **"Alternative Transaction"** means any of the following (and excludes the transactions contemplated
 by this Agreement): (a) any merger, amalgamation, arrangement, share exchange, take-over
 bid, tender offer, recapitalization, consolidation or other business combination directly
 or indirectly involving Midori or the Purchaser, or any analogous transaction; (b) any acquisition
 of all or substantially all of the assets of Midori or the Purchaser (or any lease, long-term
 supply agreement, exchange, mortgage, pledge or other arrangement having a similar economic
 effect); (c) any acquisition of beneficial ownership of 50% or more of Midori's or
 the Purchaser's common shares in a single transaction or a series of related transactions;
 (d) any acquisition by Midori or the Purchaser of any assets or capital stock of another
 person (other than acquisitions of capital stock or assets of any other person that are not,
 individually or in the aggregate, material to Midori or the Purchaser); or (e) any bona fide
 proposal to, or public announcement of an intention to, do any of the foregoing on or before
 the Termination Date;

(c) **"Applicable Laws"** means all applicable rules, policies, notices, orders and legislation of
 any kind whatsoever of any Governmental Authority having jurisdiction over the transactions
 contemplated hereby;

(d) **"Books and Records"** means all technical, business and financial records, financial books
 and records of account, books, data, reports, files, lists, drawings, plans, logs, briefs,
 customer and supplier lists, deeds, certificates, contracts, surveys, title opinions or any
 other documentation and information in any form whatsoever (including written, printed, electronic
 or computer printout form) relating to a corporation and its business;

(e) **"Business Day"** means a day which is not a Saturday, Sunday or a statutory holiday in the
 Province of British Columbia;

(f) **"Closing"** means the completion of the Transaction in accordance with the terms and conditions of
 this Agreement;

(g) **"Closing Date"** means the date of Closing, which shall be the third Business Day following
 the satisfaction or waiver of all conditions to the obligations of the parties to consummate
 the Transaction (other than conditions that are satisfied with respect to actions the respective
 parties will take at the Closing itself), or earlier or later date as the Purchaser and Midori
 may mutually determine;

(h) **"Common Shares"** means common shares without par value in the capital of the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **"Contracts"** (individually, a **"Contract")** means all written or oral outstanding
 contracts and agreements, leases (including the real property leases), third-party licenses,
 insurance policies, deeds, indentures, instruments, entitlements, commitments, undertakings
 and orders made by or to which a party is bound or under which a party has, or will have,
 any rights or obligations and includes rights to use, franchises, license and sub-licenses
 agreements and agreements for the purchase and sale of assets or shares;

(i) **"Corporate Records"** means the corporate records of a corporation, including (i) its articles,
 notice of articles or other constating documents, any unanimous shareholders agreement and
 any amendments thereto; (ii) all minutes of meetings and resolutions of shareholders, directors
 and any committee thereof; (iii) the share certificate books, register of shareholders, register
 of transfers and registers of directors and officers; and (iv) all accounting records;

(k) **"CSE"** means the Canadian Securities Exchange, operated by the CNSX Markets Inc.;

(I) **"Disclosed"** means, in the case of the Shareholders and Midori, disclosed in writing (for clarity,
 including disclosure via uploads to the Dropbox file hosting service) to the Purchaser prior
 to the date of this Agreement (with sufficient details to identify the nature and scope of
 the matter disclosed), and, in the case of the Purchaser, disclosed in writing to Midori
 prior to the date of this Agreement (with sufficient details to identify the nature and scope
 of the matter disclosed);

(m) **"GAAP"** means generally accepted accounting principles in Canada (and, if applicable, includes
 Accounting Standards for Private Enterprises and International Financial Reporting Standards);

(n) **"Governmental Authority"** means any (a) multinational, federal, provincial, territorial, state,
 regional, municipal, local or other government, governmental or public department, court,
 tribunal, commission, board or agency, domestic or foreign, or (b) regulatory authority,
 including any securities commission, or stock exchange, including the CSE;

(o) **"IP"** means any and all intellectual property or proprietary rights arising at law or in equity, including, without limitation, (i) patents, all patent rights and all patent rights and all applications therefor and all reissues, re-examinations, continuations, continuations- in-part, divisions, and patent term extensions thereof, (ii) inventions (whether patentable or not), discoveries, improvements, concepts, innovations and industrial models, (iii) registered and unregistered copyrights, copyright registrations and applications, mask works and mask work registrations and applications therefor, author's rights and works of authorship, (iv) URLs, web sites, web pages and any part thereof, (v) technical information, know-how, trade secrets, drawings, designs, design protocols, specifications, proprietary data, customer lists, databases, proprietary and manufacturing processes, technology, formulae, and algorithms, (vi) trade names, trade dress, trademarks, domain names, service marks, logos, business names, and registrations and applications therefor, (vii) industrial designs or design patents, whether or not patentable or registrable, patented or registered or the subject of applications for registration or patent or registration and all rights of priority, applications, continuations, continuations-in-part, divisions, re-examinations, reissues and other derivative applications and patents therefor, (viii) licenses, contacts and agreements otherwise relating to the IP, and (ix) the goodwill symbolized or represented by the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) **"laws"** means all statutes, codes, ordinances, decrees, rules, regulations, municipal by-laws,
 judicial or arbitral or administrative or ministerial or departmental or regulatory judgments,
 orders, decisions, rulings or awards, or any provisions of the foregoing, including general
 principles of common and civil law and equity, binding on or affecting the person referred
 to in the context in which such word is used; and **"law"** means any one
 of them;

(q) **"Letter of Intent"** means the letter of intent dated [August 11], 2021 between the Purchaser
 and Midori related to the Transaction,

(r) **"Lien"** means any mortgage, encumbrance, charge, pledge, hypothecation, security interest, assignment,
 lien (statutory or otherwise), charge, title retention agreement or arrangement, restrictive
 covenant or other encumbrance of any nature or any other arrangement or condition, which,
 in substance, secures payment, or performance of an obligation;

(s) **"Listing"** means the Purchaser's application for listing on the CSE after Closing;

(t) **"Listing Statement"** means the listing statement of the Purchaser pertaining to the Listing
 and in the form prescribed by the CSE;

(u) **"Material Adverse Effect"** means (i) any change, effect, fact, circumstance or event which,
 individually or when taken together with any other changes, effects, facts, circumstances
 or events, could reasonably be expected to be materially adverse to the assets, liabilities,
 condition (financial or otherwise), business, properties or results of operation of the Purchaser
 or Midori, as applicable, or (ii) a material impairment of or delay in the ability of the
 parties (or any one of them) to perform their obligations hereunder or consummate the Transaction,
 provided that the COVID-19 pandemic will be deemed not to constitute a Material Adverse Effect;

(v) **"Material Contract"** means any Contract to which a person is a party and which is material
 to such person, including any Contract: (i) the termination of which would have a Material
 Adverse Effect on such person; (ii) any contract which would result in payments to or from
 such person or its subsidiaries (if any) in excess of $25,000, whether payable in one payment
 or in successive payments; (iii) any agreement or commitment relating to the borrowing of
 money or to capital expenditures; and (iv) any agreement or commitment not entered into in
 the ordinary course of business;

(w) **"material fact"** shall have the meaning ascribed to it in the *Securities Act* (British
 Columbia);

(x) **"Midori Assets"** means the assets of Midori listed in the attached Schedule "D";

(y) **"Midori Board Nominees"** means Ken Lyons and Robert Leeder;

(z) "Midori
 Material Contracts" has the meaning set forth in Section 5.03(i);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(aa)** "Midori
 Shares" has the meaning set forth in the recitals of this Agreement.

(bb) **"New Midori Shareholder"** has the meaning set forth in Section 2.01;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) **"Non-Resident Shareholders"** means those Shareholders identified in the attached Schedule "A" as being non-residents of Canada
 for the purposes of the Tax Act;

(dd) **"Payment Shares"** has the meaning set forth in Section 2.02;

(ee) **"Performance Warrants"** means up to 5,000,000 common share purchase warrants of the Purchaser exercisable to acquire up to 5,000,000 Common
 Shares at an exercise price of $0.25 per Common Share for a period of 12 months from the date of Listing if the Purchaser's Common
 Shares trade on the CSE at a price equal to or exceeding CDN$1.00 for five consecutive trading days within the 12-month period;

(ff) **"person"** includes an individual, sole proprietorship, partnership, limited partnership, unincorporated association or organization, unincorporated
 syndicate, body corporate, trust, trustee, executor, administrator, legal representative of the Crown or any agency or instrumentality
 thereof;

(gg) **"Private Placement"** means a private placement of a minimum of 8,000,000 Shares at a price of $0.50 per Share for gross proceeds of
 not less than $4,000,000;

(hh) **"Prospectus"** means the non-offering prospectus of the Purchaser prepared in accordance with Applicable Laws;

(ii) **"Purchased Shares"** means all of the Midori Shares purchased by the Purchaser pursuant to this
 Agreement;

(jj) **"Purchaser Material Contracts"** has the meaning set forth in Section 5.0l(n);

(kk) **"Purchaser's Board of Directors"** means the board of directors of the Purchaser;

(11) **"Regulation D"** means Regulation D under the U.S. Securities Act;

(mm) **"Regulation S"** means Regulation Sunder the U.S. Securities Act;

(nn) **"Securities Laws"** means the securities legislation having application, the regulations and rules thereunder and all administrative
 policy statements, instruments, blanket orders, notices, directions and rulings issued or adopted by the applicable securities regulatory
 authority, all as amended;

(oo) **"SEDAR"** means the System for Electronic Document Analysis and Retrieval of the Canadian Securities
 Administrators;

(pp) **"Shareholder Consent Agreement"** means the consent agreement to be entered into between the Purchaser
 and each New Midori Shareholder by the Time of Closing, substantially in the form attached
 hereto as Schedule "B";

(qq) **"Shareholders"** and **"Shareholder"** have the respective meanings set forth in the first page of this Agreement;

(rr) **"Special Warrants"** means up to 188,000 special warrants of the Purchaser issued at a price
 of $0.10 per special warrant the terms of which shall provide that each special warrant shall
 be automatically converted (without payment of any further consideration) into one (1) Common
 Share on the date that is the earlier of: (i) the third business day after receipt for its
 non-offering final long form prospectus which qualifies the distribution the Common Shares
 underlying the Special Warrants; or (ii) four (4) months and one day after the issue date
 of the Special Warrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) **"Tax"** means any tax, impost, levy, withholding, duty, fee, premium, assessment and other charge of any kind, however denominated and
 any instalment or advance payment in respect thereof, including any interest, penalties, fines or other additions that have been, are
 or will become payable in respect thereof, imposed by any Governmental Authority, including for greater certainty any income, gain
 or profit tax (including federal, state, provincial and territorial income tax), payroll and employee withholding tax, employment or
 payroll tax, unemployment insurance, disability tax, social insurance tax, social security contribution, sales and use tax, consumption
 tax, customs tax, ad valorem tax, excise tax, goods and services tax, harmonized sales tax, franchise tax, gross receipts tax, capital
 tax, business license tax, alternative minimum tax, estimated tax, abandoned or unclaimed (escheat) tax, occupation tax, real and personal
 property tax, stamp tax, environmental tax, transfer tax, severance tax, workers' compensation, Canada and other government pension
 plan premium or contribution and other governmental charge, and other obligations of the same or of a similar nature to any of the
 foregoing, together with any interest, penalties or other additions to tax that may become payable in respect of such tax, and any
 interest in respect of such interest, penalties and additions whether disputed or not, and **"Taxes"** has a corresponding
 meaning;

(tt) **"Tax Act"** means the *Income Tax Act* (Canada);

(uu) **"Tax Return"** means all returns, declarations, designations, forms, schedules, reports, elections, notices, filings, statements
 (including withholding tax returns and reports and information returns and reports) and other documents of every nature whatsoever
 filed or required to be filed with any Governmental Authority with respect to any Tax together with all amendments and supplements
 thereto;

(vv) **"Termination Date"** means October 31, 2021 or such later date as may be agreed in writing between the Purchaser and Midori;

(ww) **"Time of Closing"** means 10:00 a.m. (Vancouver time) on the Closing Date, or such other time as the parties may mutually determine;

(xx) **"Transaction"** has the meaning set forth in the recitals of this Agreement;

(yy) **"United States"** means the United States of America, its territories and possessions, any state of the United States and the District
 of Columbia;

(zz) **"U.S. Person"** means a U.S. person as defined in Rule 902(k) of Regulation S under the U.S. Securities Act;

(aaa) **"U.S. Securities Act"** means the United States Securities Act of 1933, as amended; and

(bbb) **"U.S. Shareholder"** means (i) a U.S. Person, (ii) any person who receives or received
 an offer
of the Payment Shares while in the United States; (iii) any person acquiring the Payment Shares on behalf of, or for the account or benefit
of any U.S. Person or any person in the United States, or (iv) any person who is or was in the United States at the time when such person
executed or delivered this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 <u>Currency</u> 

All sums of money which are referred to in this Agreement are expressed in lawful money of Canada unless otherwise specified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 <u>Interpretation Not Affected by Headings, etc.</u> 

The division of this Agreement into articles, sections and other portions and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation of this Agreement. Unless otherwise indicated, any reference in this Agreement to an Article, Section or a Schedule or Exhibit refers to the specified Article or Section of, or Schedule or Exhibit to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 <u>Number, etc.</u> 

Unless the subject matter or context requires the contrary, words importing the singular number only shall include the plural and vice versa; words importing the use of any gender shall include all genders and words importing persons shall include natural persons, firms, trusts, partnerships and corporations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 <u>Date for Any Action</u> 

In the event that any date on which any action is required or permitted to be taken hereunder by any person is not a Business Day, such action shall be required to be taken on the next succeeding day which is a Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 <u>Statutory References</u> 

Any reference in this Agreement to a statute includes all regulations and rules made thereunder, all amendments to such statute in force from time to time and any statute, regulation or rule that supplements or supersedes such statute, regulation or rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 <u>Accounting Principles</u> 

Wherever in this Agreement reference is made to generally accepted accounting principles, such reference shall be deemed to be the International Financial Reporting Standards or the Canadian generally accepted accounting principles, as applicable, approved by the International Accounting Standards Board or the Chartered Professional Accountants of Canada, as the case may be, or any successor thereto, applicable as at the date on which a calculation is made or required to be made in accordance with generally accepted accounting principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 <u>Knowledge</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any
 reference herein to "the knowledge of the Purchaser" (or similar expressions)
 will be deemed to mean the actual knowledge of any director or executive officer of the Purchaser,
 together with the knowledge such person would have had if they had conducted a diligent inquiry
 into the relevant subject matter.

(b) Any
 reference herein to "the knowledge of Midori" (or similar expressions) will be
 deemed to mean the actual knowledge of Ken Lyons and Robert Leeder, officers and directors
 of Midori, together with the knowledge such persons would have had if they had conducted
 a diligent inquiry into the relevant subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any
 reference herein to "the knowledge of the Shareholder" (or similar expressions)
 will be deemed to mean the actual knowledge of the applicable Shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 <u>Schedules</u> 

The schedules to this Agreement, listed below, are an integral part of this Agreement, and must be completed and attached before the Closing Date for this Agreement to be fully-integrated and thereafter enforceable by or against the parties:

---

| | |
|:---|:---|
| **<u>Schedule</u>** | **<u>Description</u>** |
| Schedule "A" | Shareholders of Midori |
| Schedule "B" | Shareholder Consent Agreement |
| Schedule "C" | U.S. Representation Letter for U.S. Shareholders Midori |
| Schedule "D" | Assets, IP and Employees |

---

**ARTICLE II**

**PURCHASE AND SALE OF PURCHASED SHARES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01 <u>Purchase and Sale</u> 

Subject to the terms and conditions hereof, each of the Shareholders covenants and agrees, on its own behalf, to sell, assign and transfer to the Purchaser and the Purchaser covenants and agrees to purchase from the Shareholders, the number of Purchased Shares which are beneficially owned by such Shareholder at the Time of Closing. As of the date of this Agreement, the number of Purchased Shares which are beneficially owned by each Shareholder is the number set forth opposite the name of such Shareholder as set out in Schedule "A" attached hereto.

It is acknowledged and agreed that, prior to Closing, the Shareholders may transfer some or all of their Midori Shares to a trustee or nominee shareholder (the **"New Midori Shareholder")** (while retaining beneficial ownership) as part of personal tax planning and the Purchaser shall be notified in writing of any such transfer not less than one (I) Business Days prior to Closing, on condition that such transferring Shareholder obtains the consent and agreement of the New Midori Shareholder to the Transaction evidenced by the execution and delivery by such New Midori Shareholder of a Shareholder Consent Agreement in the form attached as Schedule "B" hereto. The parties agree that the New Midori Shareholder shall become a party to and be bound by this Agreement holding the Midori Shares previously registered in the name of the transferor of those Purchased Shares.

If any Shareholder may acquire any additional Midori Shares (for example, from another Shareholder that might not be a party to this Agreement, or with the consent of the Purchaser), such additional Midori Shares so acquired shall form part of the Purchased Shares and the applicable Shareholder covenants and agrees to sell, assign and transfer to the Purchaser and the Purchaser covenants and agrees to purchase from such Shareholder the additional Midori Shares held by such Shareholder so acquired, in addition to the Purchased Shares described in Schedule "A".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02 <u>Purchase Price</u> 

In consideration for the acquisition of the Midori Shares, the Purchaser shall issue from treasury to the Shareholders pro rata in proportion to their holdings of Purchased Shares at the Time of Closing, an aggregate of 22,000,000 Common Shares, free and clear of any encumbrances (the **"Payment Shares")** as set out in Schedule "A" attached hereto. The Payment Shares are being issued at a deemed value of $0.50 per Payment Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03 <u>Tax Election</u> 

The Purchaser agrees that, at the request of any Shareholder who is resident in Canada for the purposes of the Tax Act, the Purchaser shall jointly elect with the Shareholder for the provisions of subsection 85(1) or (2) of the Tax Act and any equivalent provision under provincial legislation (each a **"Tax Election Provision")** to apply to the Purchased Shares acquired by the Purchaser from the Shareholder. In order to make any such election, the Shareholder shall prepare any prescribed election form (each a **"Tax Election Form")** and deliver any such Tax Election Form to the Purchaser within 90 days of the Closing Date. Upon receipt, the Purchaser shall sign the Tax Election Form and deliver a copy of the Tax Election Form to the Shareholder by mail using the address that the Shareholder provided to the Purchaser in the Tax Election Form within 30 days of receipt thereof. It shall be the sole responsibility of the Shareholder making the request to file the Tax Election Form with the Canada Revenue Agency or relevant provincial Governmental Authority. The Purchaser shall not be liable for any damages arising to a Shareholder for a late filing of a Tax Election Form or any errors or omissions on a Tax Election Form. The obligations of the Purchaser pursuant to this Section 2.03, shall survive the Closing of the Transaction.

Notwithstanding anything contained in this Agreement, the Purchaser does not assume and shall not be liable for any taxes under the Tax Act or under provincial legislation or any other amount whatsoever which may be or become payable by Shareholders including, without limiting the generality of the foregoing, any Tax resulting from or arising as a consequence of the sale by Shareholders to the Purchaser of the Purchased Shares herein contemplated, or the availability (or lack thereof) of any Tax Election Provision, or the content or impact of any election made under any Tax Election Provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04 <u>Restrictions on Resale</u> 

Each of the Shareholders acknowledges and agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 transfer of the Purchased Shares and the issuance of the Payment Shares in exchange therefor
 will be made pursuant to the take-over bid prospectus exemption found in Section 2.16 of
 National Instrument 45-106 - *Prospectus Exemption* (the **"Exemption");** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as
 a consequence of acquiring the Payment Shares pursuant to the Exemption, but without limiting
 the obligation of the Purchaser to provide the Shareholders with full true and plain disclosure
 of all material facts and material information with respect to the business, property, assets
 and liabilities of the Purchaser, and its liability to the Shareholders in respect of any
 misrepresentations contained therein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Shareholder will be restricted from using certain of the civil remedies available under the
 Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Shareholder may not receive information that might otherwise be required to be provided to
 the Shareholder if the Exemption was not being relied upon, and the Purchaser is relieved
 from certain obligations that would otherwise apply under Securities Laws if the Exemption
 were not being relied upon by the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) no
 securities commission, stock exchange or similar regulatory authority has reviewed or passed
 on the merits of an investment in the Payment Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) there
 is no government or other insurance covering the Payment Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) an
 investment in the Payment Shares is speculative and of high risk;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 certificates representing the Payment Shares will bear such legends as required by Securities
 Laws and the policies of the CSE and it is the responsibility of the Shareholder to find
 out what those restrictions are and to comply with them before selling the Payment Shares;
 and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Shareholder is knowledgeable of, or has been independently advised as to, the Applicable
 Laws of that jurisdiction which apply to the sale of the Purchased Shares and the issuance
 of the Payment Shares and which may impose restrictions on the resale of such Payment Shares
 in that jurisdiction and it is the responsibility of the Shareholder to find out what those
 resale restrictions are, and to comply with them before selling the Payment Shares.

**ARTICLE III**

**CONDITIONS OF CLOSING**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.01**  **<u>Mutual Conditions of Closing</u>** 

The obligations to complete the Transaction are subject to the fulfillment of the following conditions on or before the Time of Closing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) there
 shall be no action taken under any applicable law by any court or Governmental Authority
 that makes it illegal or restrains, enjoins or prohibits the Transaction, results in a judgment
 or assessment of damages relating to the Transaction that is materially adverse to the Purchaser
 or Midori or that could reasonably be expected to impose any condition or restriction upon
 the Purchaser or Midori which, after giving effect to the Transaction, would so materially
 and adversely impact the economic or business benefits of the Transaction as to render inadvisable
 the consummation of the Transaction;

(b) there
 shall be no legislation (whether by statute, regulation, order-in-council, notice of ways
 and means motion, by-law or otherwise) enacted, introduced or tabled which, in the opinion
 of the Purchaser or Midori, acting reasonably, materially adversely affects or is reasonable
 likely to materially adversely affect the Transaction;

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

(d) neither
 party shall be subject to unresolved litigation or court proceedings;

(e) there
 being no prohibition at law against the completion of the Transaction; and

(f) the
 Closing Date shall be on or before the Termination Date.

The foregoing conditions precedent are for the benefit of all parties to this Agreement and may be waived by Midori (on its own behalf and on behalf of the Shareholders) and the Purchaser, in whole or in part, without prejudice to any such party's right to rely on any other condition in favour of any party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02 <u>Conditions of Closing in Favour of the Purchaser</u> 

The obligations of the Purchaser to complete the Transaction are subject to the fulfillment of the following conditions on or before the Time of Closing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Midori
 and the Shareholders shall have tendered all closing deliveries set forth in Sections 4.02(e)
 and 4.04, respectively, including delivery of the Purchased Shares, duly endorsed in blank
 for transfer or accompanied by duly executed stock transfer powers or other evidence of authorizing
 transfer of the Purchased Shares to the Purchaser acceptable to the Purchaser, acting reasonably;

(b) on
 or before the Time of Closing, Midori shall have obtained the consent of each of the New
 Midori Shareholders, if any, evidenced by the delivery of the Shareholder Consent Agreements;

(c) neither
 Midori nor any of the Shareholders shall have violated Section 9.01;

(d) the
 representations and warranties of Midori set forth in this Agreement shall have been true
 and correct as of the date hereof and shall be true and correct at the Time of Closing in
 all respects (in the case of any representation or warranty containing any materiality or
 Material Adverse Effect qualifier) or in all material respects (in the case of any representation
 or warranty without any materiality or Material Adverse Effect qualifier), except as affected
 by the transactions contemplated by this Agreement, and a certificate of a director of Midori
 to this effect shall have been delivered to the Purchaser;

(e) all
 of the terms, covenants and conditions of this Agreement to be complied with or performed
 by Midori at or before the Time of Closing will have been complied with or performed and
 a certificate of a director of Midori to this effect shall have been delivered to the Purchaser;

(f) the
 representations and warranties of the Shareholders set forth in this Agreement shall have
 been true and correct in all material respects as of the date hereof and shall be true and
 correct in all material respects as of the Time of Closing and delivery by each Shareholders
 of the documents described in Section 4.04 required to be delivered by such Shareholders
 shall constitute a reaffirmation and confirmation by such Shareholders of such representations
 and warranties;

(g) all
 of the terms, covenants and conditions of this Agreement to be complied with or performed
 by the Shareholders at or before the Time of Closing will have been complied with or performed
 and delivery of the documents described in Section 4.04 shall constitute confirmation of
 such compliance and performance;

(h) all
 consents, assignments, waivers, permits, orders and approvals of all Governmental Authorities
 (including the CSE) or other persons, including, if applicable, all those party to the Material
 Contracts, necessary to permit the completion of the Transaction shall have been obtained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) there
 being no inquiry or investigation (whether formal or informal) in relation to Midori or its
 respective directors or officers commenced or threatened by any securities commission or
 official of the CSE or regulatory body having jurisdiction such that the outcome of such
 inquiry or investigation could have a material adverse effect on, Midori, its business, assets
 or financial condition; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) there
 shall not have been after the date of this Agreement any Material Adverse Effect with respect
 to Midori.

The foregoing conditions precedent are for the benefit of the Purchaser and may be waived by the Purchaser, in whole or in part, without prejudice to the Purchaser's right to rely on any other condition in favour of the Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.03 <u>Conditions of Closing in Favour of Midori and the Shareholders</u> 

The obligations of Midori and each of the Shareholders to complete the Transaction are subject to the fulfillment of the following conditions on or before the Time of Closing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Purchaser shall have tendered all closing deliveries set forth in Section 4.02 including
 delivery of the Payment Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all
 consents, waivers, permits, orders and approvals of all Governmental Authorities (including
 the CSE) or other persons, including, if applicable, all those party to the material contracts
 necessary to permit the completion of the Transaction shall have been obtained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Purchaser shall not have violated Section 9.02;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 representations and warranties of the Purchaser set forth in this Agreement shall have been
 true and correct as of the date hereof and shall be true and correct at the Time of Closing
 in all respects (in the case of any representation or warranty containing any materiality
 or Material Adverse Effect qualifier) or in all material respects (in the case of any representation
 or warranty without any materiality or Material Adverse Effect qualifier), except as affected
 by the transactions contemplated by this Agreement, and a certificate of a senior officer
 of the Purchaser to this effect shall have been delivered to the Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all
 of the terms, covenants and conditions of this Agreement to be complied with or performed
 by the Purchaser at or before the Time of Closing will have been complied with or performed
 and a certificate of a senior officer of the Purchaser to this effect shall have been delivered
 to the Shareholders and Midori;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) there
 shall not have been after the date of this Agreement any Material Adverse Effect with respect
 to the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the
 Payment Shares will have been approved for issuance by the directors of the Purchaser and
 the Payment Shares, when issued will be issued as fully paid and non-assessable shares in
 the capital of the Purchaser, free and clear of any and all encumbrances, liens, charges
 and demands of whatsoever nature;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) there
 being no inquiry or investigation (whether formal or informal) in relation to the Purchaser
 or its respective directors or officers commenced or threatened by any securities commission
 or official of the CSE or regulatory body having jurisdiction such that the outcome of such
 inquiry or investigation could have a material adverse effect on, the Purchaser, its business,
 assets or financial condition; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Private Placement shall close on or before the Time of Closing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) post-closing
 of the Private Placement (and subsequent to the conversion of the Special Warrants) the Purchaser
 shall have a sufficient number of shareholders each holding a sufficient number of Common
 Shares to satisfy the distribution requirements of the CSE and shall in all other respects
 meet the listing requirements of the CSE upon completion of the Private Placement and the
 Transaction as determined by legal counsel to Midori, acting reasonably.

The foregoing conditions precedent are for the benefit of Midori and each of the Shareholders and may be waived by Midori (on its own behalf and on behalf of the Shareholders) and the Shareholders, in whole or in part, without prejudice to Midori's and any such Shareholders' right to rely on any other condition in favour of Midori and the Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.04 <u>Notice and Cure Provision</u> 

Each party will give prompt notice to the other parties hereto of the occurrence, or failure to occur, at any time from the date hereof until the Closing Date, of any event or state of facts which occurrence or failure would or would be likely to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) cause
 any of the representations or warranties of such party contained herein to be untrue or inaccurate
 on the date hereof or at the Closing Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) result
 in the failure by such party to comply with or satisfy any covenant, condition or agreement
 to be complied with or satisfied by such party hereunder prior to the Closing Date.

Subject to Article VII, no party may elect not to complete the Transaction as contemplated herein as a result of the non-fulfillment of the conditions precedent contained in Sections 3.01 , 3.02, or 3.03, as applicable, unless the party intending to rely thereon has delivered a written notice to the other parties hereto prior to the Time of Closing specifying, in reasonable detail, all breaches of representations and warranties or covenants or other matters which the party delivering such notice is asserting as the basis for the non-fulfillment of the applicable condition precedent.

**ARTICLE IV**

**CLOSING AND POST CLOSING ARRANGEMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.01 <u>Time and Place of Closing</u> 

Closing of the Transaction shall take place at the Time of Closing at the offices of McMillan LLP, Suite 1500, Royal Centre, 1055 West Georgia Street, Vancouver, British Columbia, V6E 4N7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.02 <u>Closing Deliveries of the Purchaser</u> 

At the Time of Closing, the Purchaser will deliver or cause to be delivered:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) share
 certificates evidencing the Payment Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 certificate of one of the Purchaser's senior officers, dated as of the Closing Date,
 certifying: (i) that attached thereto are true and complete copies of the notice of articles
 and articles of the Purchaser (and all amendments thereto as in effect as on such date);
 and (ii) all resolutions of the board of directors of the Purchaser approving the entering
 into of this Agreement and all ancillary agreements contemplated herein and the completion
 of the Transaction, including the issuance of the Payment Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 officer's certificates referred to in Sections 3.03(d) and 3.03(e);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if
 applicable, duly executed copies of any Shareholder Consent Agreement referred to in Section
 3.02(b) signed by the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a
 shareholders' register showing shareholder ownership of the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a
 certificate of good standing for the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) duly
 executed resignations (including a statement certifying that said director does not have
 any claim in any respect against the Purchaser) and duly executed resolutions of the Purchaser's
 Board of Directors (and if applicable, the shareholders of the Purchaser) appointing the
 Midori Board Nominees such that the Purchaser Board of Directors will be comprised of no
 more than four (4) directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) duly
 executed resignations (including a statement certifying that said officer does not have any
 claim in any respect against the Purchaser) and duly executed resolutions of the Purchaser's
 Board of Directors (and if applicable, the shareholders of the Purchaser) appointing Ken
 Lyons as the CEO of the Purchaser and Robert Leeder as the President of the Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.03 <u>Closing Deliveries of Midori</u> 

At the Time of Closing, Midori will deliver or cause to be delivered:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 certificate of a director of Midori, dated as of the Closing Date, certifying: (i) that attached
 thereto are true and complete copies of the articles and Notice of Articles of Midori (and
 all amendments thereto as in effect as on such date); and (ii) all resolutions of the board
 of directors of Midori approving the entering into of this Agreement and the completion of
 the Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 officer's certificates referred to in Sections 3.02(d) and 3.02(e);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) resolutions
 consented to in writing by the directors of Midori (and if applicable, the shareholders of
 Midori) appointing two nominees of the Purchaser as directors of Midori such that the Midori
 board of directors will consist of four directors, two of which will be nominees of the Purchaser
 and two of which will be nominees of Midori;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if
 applicable, and if not previously delivered to the Purchaser, duly executed copies of the
 Shareholder Consent Agreements referred to in Section 3.02(b) signed by each New Midori Shareholder
 and Midori; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a
 certificate of good standing for Midori.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.04**  **<u>Closing Deliveries of the Shareholders</u>** 

At the Time of Closing, each of the Shareholders will cause to be delivered:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with
 respect to each Shareholder, share certificates evidencing the Purchased Shares owned by
 such Shareholder, duly endorsed in blank for transfer or accompanied by duly executed stock
 transfer powers or other evidence of authorizing transfer of the Purchased Shares to the
 Purchaser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with
 respect to U.S. Shareholders, the U.S. Representation Letter attached hereto as Schedule
 "C".

**ARTICLE V** 

**REPRESENTATIONS AND WARRANTIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.01**  **<u>Representations and Warranties of the Purchaser</u>** 

The Purchaser represents and warrants to and in favour of each of the Shareholders and Midori as follows, and acknowledges that such parties are relying upon such representations and warranties in connection with the transactions contemplated herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Purchaser is a corporation validly existing and in good standing under the laws of the Province
 of British Columbia and is duly registered, licensed or qualified to carry on business as
 an extra-provincial or foreign corporation under the laws of the jurisdictions in which the
 nature of its business makes such registration, licensing or qualification necessary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Purchaser is not a 'reporting issuer' or equivalent in any jurisdiction nor are
 any shares of the Purchaser listed or quoted on any stock exchange or electronic quotation
 system;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Purchaser has the corporate power and capacity to enter into this Agreement and each additional
 agreement or instrument to be delivered pursuant to this Agreement, to perform its obligations
 hereunder and thereunder, to own and lease its property, and to carry on its businesses as
 now being conducted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) this
 Agreement has been, and each additional agreement or instrument to be delivered pursuant
 to this Agreement will be prior to the Time of Closing, duly authorized, executed and delivered
 by the Purchaser and each is, or will be at the Time of Closing, a legal, valid and binding
 obligation of the Purchaser, enforceable against the Purchaser in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 execution and delivery of this Agreement does not, and the consummation of the Transaction
 will not, (i) result in a breach or violation of the articles of the Purchaser or of any
 resolutions of the directors or shareholders of the Purchaser, (ii) conflict with, result
 in a breach of, constitute a default under or accelerate the performance required by or result
 in the suspension, cancellation, material alteration or creation of an encumbrance upon any
 material agreement (including any Purchaser Material Contract), licence or permit to which
 the Purchaser is a party or by which the Purchaser is bound or to which any material assets
 or property of the Purchaser is subject, or (iii) violate any provision of any applicable
 law or regulation or any judicial or administrative order, award, judgment or decree applicable
 to the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 authorized capital of the Purchaser consists of an unlimited number of Common Shares, of
 which, immediately prior to the Time of Closing, no more than 9,000,000 Common Shares will
 be issued and outstanding as fully paid and non- assessable (on a fully-diluted basis, excluding
 the Common Shares to be issued upon the automatic conversion of the Special Warrants), 9,000,000
 common share purchase warrants of the Purchaser will be outstanding which are exercisable
 to acquire 9,000,000 Common Shares at a price of $0.05 per Common Share, 5,000,000 Performance
 Warrants will be outstanding exercisable to acquire 5,000,000 Common Shares at a price of
 $0.25 per Common Share upon meeting certain milestones and nil stock options are (or will
 be) outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) when
 issued in accordance with the terms hereof, the Payment Shares will be validly issued as
 fully paid and non-assessable Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) other
 than as set out in Section 5.01 (f), there are no other Common Shares, preferred shares or
 securities convertible, exercisable or exchangeable into Common Shares or preferred shares
 issued or outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all
 securities of the Purchaser issued from the date of its incorporation to the date hereof
 have been have been issued in accordance with the provisions of all Applicable Laws;

(j) no
 person has any agreement, option, right or privilege (whether by law, pre-emptive or contractual)
 capable of becoming an agreement, including convertible securities, options, warrants or
 convertible obligations of any nature, for the purchase, subscription, allotment or issuance
 of any unissued shares or other securities of the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the
 Purchaser has conducted and is conducting its business in compliance in all material respects
 with all applicable laws, regulations, by-laws, ordinances, regulations, rules, judgments,
 decrees and orders of each jurisdiction in which its business is carried on;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the
 Purchaser has no subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the
 Purchaser is not indebted to any director, officer, employee or agent of the Purchaser or
 any of any affiliate or associate of any of the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) there
 is no person, firm or company acting or purporting to act at the request of the Purchaser
 who is or will be entitled to any brokerage or finder's fee in connection with the
 transactions contemplated herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the
 Material Contracts of the Purchaser (the **"Purchaser Material Contracts")** are
 each in full force and effect, unamended, and there exists no default, warranty claim or
 other obligation or liability or event, occurrence, condition or act (including the purchase
 and sale of the Purchased Shares hereunder and the other transactions contemplated hereunder,
 including, without limitation, the issuance of the Payment Shares) which, with the giving
 of notice, the lapse of time or the happening of any other event or condition, would become
 a default, or give rise to a warranty claim or other obligation or liability thereunder.
 The Purchaser has not violated or breached, in any material respect, any of the terms or
 conditions of any Purchaser Material Contract and all the covenants to be performed by any
 other party thereto have been fully and properly performed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) there
 are no waivers, consents, notices or approvals required to be given or obtained by the Purchaser
 in connection with Transaction and the other transactions contemplated by this Agreement
 under any Contract to which the Purchaser is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) no
 consent, approval, order or authorization of, or registration or declaration with, any applicable
 Governmental Authority with jurisdiction over the Purchaser is required to be obtained by
 the Purchaser in connection with the execution and delivery of this Agreement or the consummation
 of the Transaction, including, without limitation, the issuance of the Payment Shares, except
 for those consents, orders, authorizations, declarations, registrations or approvals which
 are contemplated by this Agreement or those consents, orders, authorizations, declarations,
 registrations or approvals that, if not obtained, would not prevent or materially delay the
 consummation of the Transaction or otherwise prevent or materially delay the Purchaser from
 performing its obligations under this Agreement and could not reasonably be expected to have
 a Material Adverse Effect on the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) there
 is no suit, action or proceeding or, to the knowledge of the Purchaser, pending or threatened
 against the Purchaser that, individually or in the aggregate, could reasonably be expected
 to have a Material Adverse Effect on the Purchaser, and there is no judgment, decree, injunction,
 rule or order of any Governmental Authority outstanding against the Purchaser causing, or
 which could reasonably be expected to cause, a Material Adverse Effect on the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) no
 bankruptcy, insolvency or receivership proceedings have been instituted by the Purchaser
 or, to the knowledge of the Purchaser, are pending against the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) the
 Purchaser has good and marketable title to its properties and assets (other than property
 or an asset as to which the Purchaser is a lessee, in which case it has a valid leasehold
 interest), except for such defects in title that individually or in the aggregate, could
 not reasonably be expected to have a Material Adverse Effect on the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) no
 person has any written or oral agreement, option, understanding or commitment for the purchase
 from the Purchaser of any of its assets or property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the
 Purchaser has all permits, licences, certificates of authority, orders and approvals of,
 and has made all filings, applications and registrations with, applicable Governmental Authorities
 that are required in order to permit it to carry on its business as presently conducted,
 except for such permits, licences, certificates, orders, filings, applications and registrations,
 the failure to have or make, individually or in the aggregate, could not reasonably be expected
 to have a Material Adverse Effect on the Purchaser, and all such all permits, licences, certificates
 of authority, orders and approvals are in good standing in all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) the
 Purchaser has filed in the prescribed manner and within the prescribed times all Tax Returns
 required to be filed by the Purchaser in all applicable jurisdictions as of the date hereof
 and all Tax Returns that have been filed by, or with respect to the Purchaser are true, complete
 and correct, report all income and all other amounts and information required to be reported
 thereon and disclose any Tax required to be paid for the periods covered thereby. The Purchaser
 has duly and timely paid any Tax due and payable by it, including all instalments on account
 of Tax that are due and payable before the date hereof, whether or not assessed by the appropriate
 Governmental Authority, and has duly and timely paid all assessments and reassessments it
 has received in respect of any Tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) there
 are no audits, reassessments or other proceedings in progress or, to the knowledge of the
 Purchaser, threatened against the Purchaser, in respect of any Tax and, in particular, there
 are no currently outstanding reassessments or written enquiries which have been issued or
 raised by any Governmental Authority relating to any Tax, and the Purchaser is not aware
 of any contingent liability of the Purchaser for Tax or any grounds that could prompt an
 assessment or reassessment for any Tax, and the Purchaser has not received any indication
 from any Governmental Authority that any assessment or reassessment is proposed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) the
 Purchaser has deducted, withheld or collected and remitted in a timely manner to the relevant
 Governmental Authority each Tax or other amount required to be deducted, withheld or collected
 and remitted by the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) the
 Purchaser has not been notified by any Governmental Authority of any investigation with respect
 to it that is pending or threatened, nor has any Governmental Authority notified the Purchaser
 of such Governmental Authority's intention to commence or to conduct any investigation,
 that could be reasonably likely to have a Material Adverse Effect on the Purchaser;

(aa) no
 current or former employee, officer or director of the Purchaser is entitled to a severance,
 termination or other similar payment as of Closing, whether as a result of the Transaction
 or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) the
 Corporate Records of the Purchaser are complete and accurate in all material respects and
 all corporate proceedings and actions reflected therein have been conducted or taken in compliance
 with all applicable laws and with the constating documents of the Purchaser, and without
 limiting the generality of the foregoing: (i) the minute books contain complete and accurate
 minutes of all meetings of the directors (and any committee thereof) and shareholders of
 the Purchaser; (ii) such minute books contain all written resolutions passed by the directors
 (and any committee thereof) and shareholders of the Purchaser; (iii) the share certificate
 books, if any, the central securities register and register of transfers, and branch registers,
 of the Purchaser are complete and accurate, and all transfers of shares of the Purchaser
 reflected therein have been duly completed and approved; and (iv) the registers of directors
 and officers are complete and accurate and all former and present directors and officers
 of the Purchaser were duly elected or appointed as the case may be;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) all
 Books and Records of the Purchaser have been fully, properly and accurately kept and, where
 required, completed in accordance with generally accepted accounting principles, and there
 are no material inaccuracies or discrepancies of any kind contained or reflected therein;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) to
 the knowledge of the Purchaser, no representation or warranty of the Purchaser contained
 in this Agreement contains any untrue statement of a material fact or omits to state a material
 fact necessary in order to make the statements contained herein or therein not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02 <u>Representations and Warranties of the Shareholders</u> 

Other than as Disclosed, each of the Shareholders, on its own behalf and not on behalf of any other Shareholders, hereby severally and proportionally based on its ownership of Purchased Shares (and, for greater certainty, not jointly with any other Shareholders) represents and warrants to the Purchaser as follows and acknowledges that the Purchaser is relying on such representations and warranties in connection with the transactions contemplated herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) this
 Agreement has been, and each additional agreement or instrument required to be delivered
 by the Shareholder pursuant to this Agreement will be prior to the Time of Closing, duly
 authorized, executed and delivered by the Shareholders and each is, or will be at the Time
 of Closing, a legal, valid and binding obligation of the Shareholders, enforceable against
 the Shareholders in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 the Shareholder is not an individual, the Shareholder is validly existing under the laws
 of its jurisdiction of organization and has the corporate or other power to enter into this
 Agreement and any other agreement to which it is, or is to become, a party to pursuant to
 the terms hereof and to perform its obligations hereunder and thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 execution and delivery of this Agreement does not, and the consummation of the Transaction
 will not, (i) if the Shareholder is not an individual, result in a breach or violation of
 the articles or by-laws of the Shareholder (or other constating documents of the Shareholder)
 or of any resolutions of the directors or shareholders of the Shareholder, or (ii) violate
 any provision of any applicable law or regulation or any judicial or administrative order,
 award, judgment or decree applicable to the Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Shareholder is the registered and beneficial owner of that number of Midori Shares set forth
 opposite the Shareholder's name in Schedule "A" (such common shares comprising
 part of the Purchased Shares), free and clear of all liens, charges, mortgages, security
 interests, pledges, demands, claims and other encumbrances of any nature whatsoever;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) except
 for the Purchaser's rights hereunder, no person has any agreement or option or any
 right or privilege capable of becoming an agreement for the purchase of the Purchased Shares
 held or beneficially owned by the Shareholder and none of such Midori Shares are subject
 to any voting trust, shareholders agreement, voting agreement or other agreement with respect
 to the disposition or enjoyment of any rights of such common shares of Midori;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to
 the knowledge of the Shareholder, no consent, approval, order or authorization of, or registration
 or declaration with, any applicable Governmental Authority with jurisdiction over the Shareholder
 is required to be obtained by the Shareholders in connection with the execution and delivery
 of this Agreement or the consummation by the Shareholder of the Transaction, except for those
 consents, orders, authorizations, declarations, registrations or approvals which are contemplated
 by this Agreement or those consents, orders, authorizations, declarations, registrations
 or approvals that, if not obtained, would not prevent or materially delay the consummation
 of the Transaction or otherwise prevent the Shareholder from performing its obligations under
 this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) except
 for the Non-Resident Shareholders, the Shareholder is not a "non-resident" of
 Canada within the meaning of the Tax Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) unless
 the Shareholder is a U.S. Shareholder and has completed and delivered a U.S. Representation
 Letter for U.S. Shareholders in the form attached hereto as Schedule "C" (in
 which case the Shareholder makes the representations, warranties and covenants therein):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 offer to purchase the Shareholder's Purchased Shares was not made to the Shareholder
 when either the Shareholder or any beneficial purchaser for whom it is acting, if applicable,
 was in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Shareholder is not a U.S. Person, is not in the United States and is not acquiring the applicable
 Payment Shares on behalf of, or for the account or benefit of, a U.S. Person or a person
 in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) at
 the time this Agreement was executed and delivered by the Shareholder, the Shareholder was
 outside the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if
 the Shareholder is a corporation or entity, (A) a majority of the Shareholder's voting
 equity is beneficially owned by persons resident outside the United States; and (B) the Shareholder's
 affairs are wholly controlled and directed from outside of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the
 Shareholder or any beneficial purchaser for whom it is acting, if applicable, has no intention
 to distribute either directly or indirectly any of the Payment Shares in the United States,
 except in compliance with the U.S. Securities Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the
 current structure of this transaction and all transactions and activities contemplated in
 this Agreement is not a scheme by the Shareholder to avoid the registration requirements
 of the U.S. Securities Act and any applicable state securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Non-Resident
 Shareholders represent, warrant and/or acknowledge, as applicable, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Payment Shares issuable hereunder have not been and will not be registered under the securities
 laws of any foreign jurisdiction and that the issuance of the Payment Shares pursuant to
 the terms of this Agreement is being made in reliance on applicable exemptions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 receipt of the Payment Shares by Non-Resident Shareholders does not contravene any of the
 applicable securities legislation in the jurisdiction in which it is resident and does not
 trigger: (i) any obligation to prepare and file a prospectus or similar document, or any
 other report with respect to such transfer; and (ii) any registration or other obligation
 on the part of Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the
 Shareholder has not authorized any person to act as broker or finder or in any other similar
 capacity in connection with the transactions contemplated by this Agreement, that in any
 manner may or will impose liability on Midori or the Purchaser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) to
 the knowledge of the Shareholder, no representation or warranty of the Shareholder contained
 in this Agreement contains any untrue statement of a material fact or omits to state a material
 fact necessary in order to make the statements contained herein or therein not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.02**  **<u>Representations and Warranties of Midori</u>** 

Midori represents and warrants to the Purchaser as follows, except as Disclosed, and acknowledges that the Purchaser is relying on such representations and warranties in connection with the transactions contemplated herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Midori
 is a corporation validly existing and in good standing under the laws of the jurisdiction
 of incorporation and is duly registered, licensed or qualified to carry on business under
 the laws of the jurisdictions in which the nature of its business makes such registration,
 licensing or qualification necessary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Midori
 has the corporate power and capacity to enter into this Agreement and each additional agreement
 or instrument to be delivered pursuant to this Agreement, to perform its obligations hereunder
 and thereunder to own and lease it property, and to carry on its businesses as now being
 conducted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) this
 Agreement has been, and each additional agreement or instrument to be delivered pursuant
 to this Agreement will be prior to the Time of Closing, duly authorized, executed and delivered
 by Midori and each is, or will be at the Time of Closing, a legal, valid and binding obligation
 of Midori, enforceable against Midori in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 execution and delivery of this Agreement does not, and the consummation of the Transaction
 will not, (i) result in a breach or violation of the articles or by-laws of Midori or of
 any resolutions of the directors or shareholders of Midori, (ii) conflict with, result in
 a breach of, constitute a default under or accelerate the performance required by or result
 in the suspension, cancellation, material alteration or creation of an encumbrance upon any
 material agreement (including any Midori Material Contract), license or permit to which Midori
 is a party or by which Midori is bound or to which any material assets or property of Midori
 is subject, or (iii) violate any provision of any applicable law or regulation or any judicial
 or administrative order, award, judgment or decree applicable to Midori;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 authorized capital of Midori consists of an unlimited number of common shares which, as of
 the date of this Agreement, 22,000,000 common shares are, or will be, issued and outstanding
 as fully paid and non-assessable shares; and as of the date hereof, nil common share purchase
 warrants and nil stock options of Midori are outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) other
 than as set out herein, no person (other than the Purchaser pursuant to this Agreement) has
 any agreement, option, right or privilege (whether by law, pre-emptive or contractual) capable
 of becoming an agreement, including convertible securities, options, warrants or convertible
 obligations of any nature, for the purchase, subscription, allotment or issuance of any unissued
 shares or other securities of Midori;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Midori
 does not own, and has not at any time owned, and does not have any agreements of any nature
 to acquire, directly or indirectly, any shares in the capital of or other equity or proprietary
 interests in any person, and Midori does not have any agreements to acquire or lease any
 material assets or properties or any other business operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Midori
 has conducted and is conducting its business in compliance in all material respects with
 all applicable laws, regulations, by-laws, ordinances, regulations, rules, judgments, decrees
 and orders of each jurisdiction in which its business is carried on;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all
 of the Contracts of Midori material to its business and operations (the **"Midori Material Contracts"),** together with this Agreement, and after the execution and
 delivery hereof, all ancillary agreements contemplated herein, constitute all the Material
 Contracts of Midori. Each of the Midori Material Contracts is in full force and effect, unamended,
 there exists no default, warranty claim or other obligation or liability or event, occurrence,
 condition or act (including the purchase and sale of the Purchased Shares hereunder and the
 other transactions contemplated hereunder, including, without limitation, the issuance of
 the Payment Shares) which, with the giving of notice, the lapse of time or the happening
 of any other event or condition, would become a default, or give rise to a warranty claim
 or other obligation or liability thereunder. Midori has not violated or breached, in any
 material respect, any of the terms or conditions of any Midori Material Contract and all
 the covenants to be performed by any other party thereto have been fully and properly performed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) there
 are no waivers, consents, notices or approvals required to be given or obtained by Midori
 in connection with the Transaction and the other transactions contemplated by this Agreement
 under any Contract to which Midori is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) no
 consent, approval, order or authorization of, or registration or declaration with, any applicable
 Governmental Authority with jurisdiction over Midori is required to be obtained by Midori
 in connection with the execution and delivery of this Agreement, except for those consents,
 orders, authorizations, declarations, registrations or approvals which are contemplated by
 this Agreement or those consents, orders, authorizations, declarations, registrations or
 approvals that, if not obtained, would not prevent or materially delay the consummation of
 the Transaction or otherwise prevent or materially delay Midori from performing its obligations
 under this Agreement and could not reasonably be expected to have a Material Adverse Effect
 on Midori;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) there
 is no suit, action or proceeding or, to the knowledge of Midori, pending or threatened against
 Midori that, individually or in the aggregate, could reasonably be expected to have a Material
 Adverse Effect on Midori, and there is no judgment, decree, injunction, rule or order of
 any Governmental Authority outstanding against Midori causing, or which could reasonably
 be expected to cause, a Material Adverse Effect on Midori;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) no
 bankruptcy, insolvency or receivership proceedings have been instituted by Midori or, to
 the knowledge of Midori, are pending against Midori;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Midori
 has good and marketable title to its properties and assets (other than property or an asset
 as to which Midori is a lessee, in which case it has a valid leasehold interest), except
 for such defects in title that individually or in the aggregate, could not reasonably be
 expected to have a Material Adverse Effect on Midori;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) no
 person has any written or oral agreement, option, understanding or commitment, or any right
 or privilege capable of becoming an agreement, option, understanding or commitment for the
 purchase from Midori of any of its assets or property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Midori
 has all permits, licences, certificates of authority, orders and approvals of, and has made
 all filings, applications and registrations with, applicable Governmental Authorities and
 other persons that are required in order to permit it to carry on its business as presently
 conducted, except for such permits, licences, certificates, orders, filings, applications
 and registrations, the failure to have or make, individually or in the aggregate, could not
 reasonably be expected to have a Material Adverse Effect on Midori, and all such permits,
 licenses, certificates of authority, orders and approvals are in good standing and fully
 complied with in all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) Midori
 has filed in the prescribed manner and within the prescribed times all Tax Returns required
 to be filed by Midori in all applicable jurisdictions as of the date hereof and all Tax Returns
 that have been filed by, or with respect to Midori are true, complete and correct, report
 all income and all other amounts and information required to be reported thereon and disclose
 any Tax required to be paid for the periods covered thereby. Midori has duly and timely paid
 any Tax due and payable by it, including all instalments on account of Tax that are due and
 payable before the date hereof, whether or not assessed by the appropriate Governmental Authority,
 and has duly and timely paid all assessments and reassessments it has received in respect
 of any Tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) there
 are no audits, reassessments or other proceedings in progress or, to the knowledge of Midori,
 threatened against Midori, in respect of any Tax and, in particular, there are no currently
 outstanding reassessments or written enquiries which have been issued or raised by any Governmental
 Authority relating to any Tax, and Midori is not aware of any contingent liability of Midori
 for Tax or any grounds that could prompt an assessment or reassessment for any Tax, and Midori
 has not received any indication from any Governmental Authority that any assessment or reassessment
 is proposed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Midori
 has deducted, withheld or collected and remitted in a timely manner to the relevant Governmental
 Authority each Tax or other amount required to be deducted, withheld or collected and remitted
 by Midori;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Midori
 has not been notified by any Governmental Authority of any investigation with respect to
 it that is pending or threatened, nor has any Governmental Authority notified Midori of such
 Governmental Authority's intention to commence or to conduct any investigation that
 could be reasonably likely to have a Material Adverse Effect on Midori;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) other
 than as disclosed in Schedule "D" or the Dropbox file hosting service, Midori
 has no employees and Midori is not a party to any employment, management or consulting agreement
 of any kind whatsoever;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) no
 current or former employee, officer or director of Midori is entitled to a severance, termination
 or other similar payment as a result of the Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) the
 Corporate Records of Midori are complete and accurate in all material respects and all corporate
 proceedings and actions reflected therein have been conducted or taken in compliance with
 all applicable laws and with the constating documents of Midori, and without limiting the
 generality of the foregoing: (i) the minute books of Midori contain complete and accurate
 minutes of all meetings of the directors and shareholders of Midori; (ii) such minute books
 contain all written resolutions passed by the directors and shareholders of Midori; (iii)
 the securities register of Midori are complete and accurate, and all transfers of shares
 of Midori have been duly completed and approved; and (iv) the registers of directors and
 officers are complete and accurate and all former and present directors and officers of Midori
 were duly elected or appointed as the case may be;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) all
 Books and Records of Midori have been fully, properly and accurately kept and, where required,
 completed in accordance with generally accepted accounting principles, and there are no material
 inaccuracies or discrepancies of any kind contained or reflected therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) other
 than as disclosed in Schedule "D" or uploaded to the Dropbox file hosting service,
 Midori has no material IP and there are no Contracts that are material to the business and
 operations of Midori as presently conducted under which Midori licenses any IP from a third
 party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) Midori
 is not a 'reporting issuer' or equivalent in any jurisdiction nor are any shares
 of Midori listed or quoted on any stock exchange or electronic quotation system; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) to
 the knowledge of Midori, no representation or warranty of Midori contained in this Agreement
 contains any untrue statement of a material fact or omits to state a material fact necessary
 in order to make the statements contained herein or therein not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.04 <u>Survival of Representations and Warranties</u> 

The representations and warranties made by the parties and contained in this Agreement or any document or certificate given pursuant hereto shall survive the Closing of the Transaction until the date that is 12 months from the date of Closing. No claim for breach of any representation, warranty or covenant shall be valid unless that party against whom such claim is made has been given notice thereof before the expiry of such 12-month period.

**ARTICLE VI**

**COVENANTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.01 <u>Mutual Covenants</u> 

Each of the parties hereby covenants and agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 use commercially reasonable efforts to satisfy (or cause the satisfaction of) the conditions
 precedent to its obligations hereunder which are reasonably under its control and to take,
 or cause to be taken, all other actions and to do, or cause to be done, all other things
 necessary, proper or advisable under applicable laws and regulations to complete the Transaction
 in accordance with the terms of this Agreement. Without limiting the generality of the foregoing,
 in the event that any person, including without limitation, any securities regulatory authority,
 seeks to prevent, delay or hinder implementation of all or any portion of the Transaction
 or seeks to invalidate all or any portion of this Agreement, the Purchaser and Midori shall
 use commercially reasonable efforts to resist such proceedings and to lift or rescind any
 injunction or restraining order or other order or action seeking to stop or otherwise adversely
 affecting the ability of the parties to complete the Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 use commercially reasonable efforts to obtain, before the Time of Closing, all authorizations,
 waivers, exemptions, consents, orders and other approvals from domestic or foreign courts,
 Governmental Authorities, shareholders and third parties as are necessary for the consummation
 of the transactions contemplated herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to
 use commercially reasonable efforts to defend or cause to be defended any lawsuits or other
 legal proceedings brought against it challenging this Agreement or the completion of the
 Transaction; neither the Purchaser nor Midori will settle or compromise any claim brought
 against them in connection with the transactions contemplated by this Agreement prior to
 the Closing Date without the prior written consent of each of the others, such consent not
 to be unreasonably withheld or delayed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to
 promptly notify each of the other parties if any representation or warranty made by it in
 this Agreement ceases to be true and correct in all respects (in the case of any representation
 or warranty containing any materiality or Material Adverse Effect qualifier) or in all material
 respects (in the case of any representation or warranty without any materiality or Material
 Adverse Effect qualifier) and of any failure to comply in any material respect with any of
 its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to
 co-operate with each of the other parties hereto in good faith in order to ensure the timely
 completion of the Transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to
 use commercially reasonable efforts to co-operate with each of the other parties hereto in
 connection with the performance by the other of its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.02 <u>Covenants of the Purchaser</u> 

The Purchaser covenants and agrees with each of the Shareholders and Midori that, until the earlier of the Closing Date and the date upon which this Agreement is terminated in accordance with Article VII, subject to Section 9.02, it will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 a timely and expeditious manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) file
 and/or deliver any document or documents as may be required in order for the Transaction
 as contemplated herein to be effective; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subsequent
 to review by Midori and/or its counsel, file and/or deliver any document or documents required
 pursuant to applicable laws and/or the rules and policies of the CSE in connection with the
 Transaction as contemplated herein after the Closing;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to
 make available and afford Midori and its authorized representatives and, if requested by
 Midori, provide a copy of all title documents, contracts, financial statements, minute books,
 share certificate books, if any, share registers, plans, reports, licences, orders, permits,
 books of account, accounting records, constating documents and all other documents, information
 and data relating to the Purchaser. The Purchaser will afford Midori and its authorized representatives
 every reasonable opportunity to have free and unrestricted access to the Purchaser's
 property, assets, undertaking, records and documents. At the request of Midori, the Purchaser
 will execute or cause to be executed such consents, authorizations and directions as may
 be necessary to permit any inspection of the Purchaser's business and any of its property
 or to enable Midori or its authorized representatives to obtain full access to all files
 and records relating to any of the assets of the Purchaser maintained by governmental or
 other public authorities. The obligations in this Section 6.02(c) are subject to any access
 or disclosure contemplated herein not being otherwise prohibited by reason of a confidentiality
 obligation owed to a third party for which a waiver cannot be obtained, provided that in
 such circumstance the Purchaser will be required to disclose that information has been withheld
 on this basis. The exercise of any rights of inspection by or on behalf of Midori under this
 Section 6.02(c) will not mitigate or otherwise affect the representations and warranties
 of the Purchaser hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to
 the extent necessary, make application to the CSE and diligently pursue the approval of the
 Transaction (including the obligation of the Purchaser to issue the Payment Shares);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) except
 for non-substantive communications, and provided that such disclosure is not otherwise prohibited
 by reason of a confidentiality obligation owed to a third party for which a waiver cannot
 be obtained (provided that in such circumstance the Purchaser will be required to disclose
 that information has been withheld on this basis), furnish promptly to Midori (on behalf
 of itself and the Shareholders) a copy of each notice, report, schedule or other document
 or communication delivered, filed or received by the Purchaser in connection with or related
 to the Transaction, any filings under applicable laws and any dealings with any Governmental
 Authority in connection with or in any way affecting the Transaction as contemplated herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) use
 commercially reasonable efforts to satisfy (or cause the satisfaction of) the conditions
 precedent to its obligations set forth in this Agreement to the extent the same are within
 its control and to take, or cause to be taken, all other actions and to do, or cause to be
 done, all other things necessary, proper or advisable under all applicable laws to complete
 the Transaction as contemplated herein, including using commercially reasonable efforts to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) obtain
 all necessary waivers, consents and approvals required to be obtained by it from other parties
 to loan agreements, leases, licenses, agreements and other Contracts, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) effect
 all necessary registrations and filings and submissions of information requested by any Governmental
 Authority required to be effected by it in connection with the Transaction and participate
 and appear in any proceedings of either the Purchaser or Midori before any Governmental Authority
 to the extent permitted by such authorities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) fulfill
 all conditions and satisfy all provisions of this Agreement and the Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) subject
 to Applicable Laws or as authorized by this Agreement, not take any action, refrain from
 taking any action, or permit any action to be taken or not taken inconsistent with this Agreement
 or which would reasonably be expected to significantly impede the consummation of the Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) conduct
 and operate its business and affairs only in the ordinary course consistent with past practice
 and use commercially reasonable efforts to preserve its business organization, goodwill and
 material business relationships with other persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) except
 as may be necessary or desirable in order to effect the Transaction as contemplated hereunder,
 not alter or amend its notice of articles or articles as the same exist at the date of this
 Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) not
 merge into or with, or amalgamate or consolidate with, or enter into any other corporate
 reorganization or arrangement with, or transfer its undertaking or assets as an entirety
 or substantially as an entirety to, any other person or perform any act which would render
 inaccurate in any material way any of its representations and warranties set forth herein
 as if such representations and warranties were made at a date subsequent to such act and
 all references to the date of this Agreement were deemed to be such later date, except as
 contemplated in this Agreement, and without limiting the generality of the foregoing, it
 will not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) make
 any distribution by way of dividend, distribution of property or assets, return of capital
 or otherwise to or for the benefit of its shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) increase
 or decrease its paid-up capital or purchase or redeem any shares except pursuant to the exercise
 of share purchase warrants or options or conversion of convertible securities of the Purchaser
 outstanding as of the date hereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) issue
 or enter into any commitment to issue any of its shares or securities convertible into, or
 rights, warrants or options to acquire, any such shares, except pursuant to the exercise
 of share purchase warrants or options or conversion of convertible securities of the Purchaser
 outstanding as of the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) take
 all necessary corporate action and proceedings to approve and authorize the issuance of the
 Payment Shares to the Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) prepare
 and file with all applicable securities commissions such notifications and fees necessary
 to permit, or that are required in connection with, the issuance of the Payment Shares to
 the Shareholders on a basis exempt from the prospectus and registration requirements of the
 applicable Securities Laws of the provinces of Canada in which the Shareholders and Midori
 are resident; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) not
 to authorize, sell or issue, or negotiate or enter into an agreement to sell or issue, any
 debt, equity or other securities of the Purchaser (including those that are convertible or
 exchangeable into securities of the Purchaser), other than as contemplated under this Agreement
 or pursuant to the exercise or conversion of share purchase warrants, options or convertible
 securities of the Purchaser outstanding as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.03 <u>Covenants of Midori</u> 

Midori covenants and agrees with the Purchaser that, until the earlier of the Closing Date and the date upon which this Agreement is terminated in accordance with Article VII, subject to Section 9.01, it will:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 make available and afford the Purchaser and its authorized representatives and, if requested
 by the Purchaser, provide a copy of all title documents, contracts, financial statements,
 minute books, share certificate books, if any, share registers, plans, reports, licences,
 orders, permits, books of account, accounting records, constating documents and all other
 documents, information and data relating to Midori. Midori will afford the Purchaser and
 its authorized representatives every reasonable opportunity to have free and unrestricted
 access to Midori's property, assets, undertaking, records and documents. At the request
 of the Purchaser, Midori will execute or cause to be executed such consents, authorizations
 and directions as may be necessary to permit any inspection of Midori's business and
 any of its property or to enable the Purchaser or its authorized representatives to obtain
 full access to all files and records relating to any of the assets of Midori maintained by
 governmental or other public authorities. The obligations in this Section 6.03(b) are subject
 to any access or disclosure contemplated herein not being otherwise prohibited by reason
 of a confidentiality obligation owed to a third party for which a waiver cannot be obtained,
 provided that in such circumstance Midori will be required to disclose that information has
 been withheld on this basis. The exercise of any rights of inspection by or on behalf of
 Purchaser under this Section 6.03(b) will not mitigate or otherwise affect the representations
 and warranties of Midori hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) except
 for non-substantive communications, and provided that such disclosure is not otherwise prohibited
 by reason of a confidentiality obligation owed to a third party for which a waiver cannot
 be obtained (provided that in such circumstance Midori will be required to disclose that
 information has been withheld on this basis), furnish promptly to the Purchaser a copy of
 each notice, report, schedule or other document or communication delivered, filed or received
 by Midori in connection with or related to the Transaction, any filings under applicable
 laws and any dealings with any Governmental Authority in connection with or in any way affecting
 the Transaction as contemplated herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) use
 commercially reasonable efforts to satisfy (or cause the satisfaction of) the conditions
 precedent to its obligations set forth in this Agreement to the extent the same are within
 its control and to take, or cause to be taken, all other actions and to do, or cause to be
 done, all other things necessary, proper or advisable under all applicable laws to complete
 the Transaction, including using commercially reasonable efforts to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) obtain
 all necessary waivers, consents and approvals required to be obtained by it from other parties
 to loan agreements, leases, licenses, agreements and other Contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) effect
 all necessary registrations and filings and submissions of information requested by any Governmental
 Authority required to be effected by it in connection with the Transaction and participate
 and appear in any proceedings of either Midori or the Purchaser before any Governmental Authority
 to the extent permitted by such authorities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) fulfill
 all conditions and satisfy all provisions of this Agreement and the Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) subject
 to Applicable Laws or as authorized by this Agreement, not take any action, refrain from
 taking any action, or permit any action to be taken or not taken inconsistent with this Agreement
 or which would reasonably be expected to significantly impede the consummation of the Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) other
 than as contemplated under this Agreement, or as Disclosed, conduct and operate its business
 and affairs only in the ordinary course consistent with past practice and use commercially
 reasonable efforts to preserve its business organization, goodwill and material business
 relationships with other persons and, for greater certainty, it will not enter into any material
 transaction out of the ordinary course of business consistent with past practice without
 the prior consent of the Purchaser, and Midori will keep the Purchaser fully informed as
 to the material decisions or actions required or required to be made with respect to the
 operation of its business, provided that such disclosure is not otherwise prohibited by reason
 of a confidentiality obligation owed to a third party for which a waiver could not be obtained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) except
 as may be necessary or desirable in order to effect the Transaction as contemplated hereunder,
 not alter or amend its articles or notice of articles as the same exist at the date of this
 Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) other
 than as contemplated under this Agreement, not merge into or with, or amalgamate or consolidate
 with, or enter into any other corporate reorganization or arrangement with, or transfer its
 undertaking or assets as an entirety or substantially as an entirety to, any other person
 or perform any act which would render inaccurate in any material way any of its representations
 and warranties set forth herein as if such representations and warranties were made at a
 date subsequent to such act and all references to the date of this Agreement were deemed
 to be such later date, except as contemplated in this Agreement, and without limiting the
 generality of the foregoing, it will not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) make
 any distribution by way of dividend, distribution of property or assets, return of capital
 or otherwise to or for the benefit of its shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) increase
 or decrease its paid-up capital or purchase or redeem any shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) issue
 or enter into any commitment to issue any of its shares or securities convertible into, or
 rights, warrants or options to acquire any such shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) not
 to authorize, sell or issue, or negotiate or enter into an agreement to sell or issue, any
 securities of Midori (including those that are convertible or exchangeable into securities
 of Midori), other than as contemplated under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) take
 all necessary corporate action and proceedings to approve and authorize the valid and effective
 transfer of the Purchased Shares to the Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.04 <u>Covenants of the Shareholders</u> 

Each of the Shareholders, on its own behalf, covenants and agrees with the other parties hereto that, until the earlier of the Closing Date and the date upon which this Agreement is terminated in accordance with Article VII, subject to Section 9.01, it will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) use
 commercially reasonable efforts to satisfy (or cause the satisfaction of) the conditions
 precedent to its obligations set forth in this Agreement to the extent the same are within
 its control and to take, or cause to be taken, all other action and to do, or cause to be
 done, all other things necessary, proper or advisable under all applicable laws to complete
 the Transaction, including using commercially reasonable efforts to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) effect
 all necessary registrations and filings and submissions of information requested by any Governmental
 Authority required to be effected by it in connection with the Transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) fulfill
 all conditions and satisfy all provisions of this Agreement and the Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject
 to Applicable Laws or as otherwise authorized by this Agreement, not take any action, refrain
 from taking any action, or permit any action to be taken or not taken, inconsistent with
 this Agreement or which would reasonably be expected to significantly impede the consummation
 of the Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if
 the Shareholder is a corporation or entity, take all necessary corporate action and proceedings
 to approve and authorize the valid and effective transfer of the Purchased Shares to the
 Purchaser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) not
 encumber in any manner the Purchased Shares and ensure that at the Time of Closing the Purchased
 Shares are free and clear of all Liens, charges, mortgages, security interests, pledges,
 demands, claims and other encumbrances whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.05**  **<u>Post-Closing Covenants - Listing Statement and Prospectus</u>** 

Each of the Purchaser and Midori, on its own behalf, covenants and agrees for the benefit of the other parties hereto, including the Shareholders, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Promptly
 after the Closing Date, the Purchaser and Midori shall jointly prepare and complete the Listing
 Statement and the Prospectus together with any other documents required by the BCBCA, applicable
 Securities Laws and other Applicable Laws and the rules and policies of the CSE in connection
 with the Transaction, and Purchaser shall, as promptly as reasonably practicable after obtaining
 the approval of the CSE as to the final Listing Statement and the approval of the BCSC as
 to the final Prospectus file such final Listing Statement and final Prospectus on SEDAR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 Purchaser represents and warrants that the Listing Statement and Prospectus will comply in
 all material respects with all Applicable Laws (including applicable Securities Laws), and,
 without limiting the generality of the foregoing, that the Listing Statement and Prospectus
 shall 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 contained therein not misleading
 in light of the circumstances in which they are made (provided that the Purchaser shall not
 be responsible for the accuracy of any information relating to Midori that is furnished in
 writing by Midori for inclusion in the Listing Statement or Prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Midori
 represents and warrants that any information or disclosure relating to Midori that is furnished
 in writing by Midori for inclusion in the Listing Statement or Prospectus will comply in
 all material respects with all Applicable Laws (including applicable Securities Laws), and,
 without limiting the generality of the foregoing, that the Listing Statement shall 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 contained therein not misleading in light of
 the circumstances in which they are made (provided that Midori shall not be responsible for
 the accuracy of any information relating to the Purchaser that is furnished in writing by
 the Purchaser for inclusion in the Listing Statement or Prospectus).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Midori,
 the Purchaser and their respective legal counsel shall be given a reasonable opportunity
 to review and comment on drafts of the Listing Statement and Prospectus and other documents
 related thereto, and reasonable consideration shall be given to any comments made by Midori,
 the Purchaser and their respective counsel, provided that all information relating solely
 to the Purchaser included in the Listing Statement or Prospectus shall be in form and content
 satisfactory to the Purchaser, acting reasonably, and all information relating solely to
 Midori included in the Listing Statement or Prospectus shall be in form and content satisfactory
 to Midori, acting reasonably.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The
 Purchaser and Midori shall promptly notify each other if at any time before the date of filing
 in respect of the Listing Statement or Prospectus, either Party becomes aware that the Listing
 Statement or Prospectus contains an untrue statement of a material fact or omits to state
 a material fact required to be stated therein or necessary to make the statements contained
 therein not misleading in light of the circumstances in which they are made, or that otherwise
 requires an amendment or supplement to the Listing Statement or Prospectus and the Parties
 shall cooperate in the preparation of any amendment or supplement to such documents, as the
 case may be, as required or appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.01**  **<u>Survival of Covenants</u>** 

The covenants made by the parties and contained in this Agreement or any document or certificate given pursuant hereto shall survive the Closing of the Transaction.

**ARTICLE VII**

**TERMINATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.01**  **<u>Termination</u>** 

This Agreement may be terminated in writing at any time prior to the Closing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 mutual written consent of the Purchaser and Midori;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by
 either Midori or the Purchaser if the Closing shall not have been consummated on or prior
 to the Termination Date, without liability to the terminating party on account of such termination;
 provided that the right to terminate this Agreement pursuant to this Section 7.01 (b) shall
 not be available to a party whose breach or violation of any representation, warranty, covenant,
 obligation or agreement under this Agreement has been the cause of or has resulted in the
 failure of the Closing to occur on or before such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by
 the Purchaser, if there has been a material breach by Midori or the Shareholders of any representation,
 warranty, covenant or agreement set forth in this Agreement or any of the documents contemplated
 hereby which breach would result in the failure to satisfy one or more of the conditions
 set forth in Section 3.01 or 3.02 which Midori or the Shareholders, as applicable, fails
 to cure within ten (10) Business Days after written notice thereof is given by the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by
 Midori if there has been a material breach by the Purchaser of any representation, warranty,
 covenant or agreement set forth in this Agreement or any of the documents contemplated hereby
 which breach would result in the failure to satisfy one or more of the conditions set forth
 in Section 3.01 or 3.03 which the Purchaser fails to cure within ten (I 0) Business Days
 after written notice thereof is given by Midori;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) by
 the Purchaser or Midori, if the other party completes an Alternative Transaction or enters
 into a definitive and binding agreement to effect an Alternative Transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) by
 any party, if any permanent injunction or other order of a court or other competent authority
 preventing the Closing shall have become final and non-appealable; provided, however, that
 no party shall be entitled to terminate this Agreement if such party's material breach
 of this Agreement or any of the documents contemplated hereby has resulted in such permanent
 injunction or order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.02**  **<u>Effect of Termination</u>** 

Upon termination of this Agreement in accordance with the terms hereof, the parties hereto shall have no further obligations under this Agreement, other than the obligations contained in Sections 10.03 and 10.08.

**ARTICLE VIII**

**INDEMNIFICATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.01**  **<u>Indemnification by the Purchaser</u>** 

Subject to Section 5.04, the Purchaser shall indemnify and save the Shareholders and Midori harmless for and from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 loss, damages or deficiencies suffered by the Shareholders or Midori as a result of any breach
 of representation, warranty or covenant on the part of the Purchaser contained in this Agreement
 or in any certificate or document delivered pursuant to or contemplated by this Agreement;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all
 claims, demands, costs and expenses, including legal fees, in respect of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.02**  **<u>Indemnification by Midori</u>** 

Subject to Section 5.04, Midori shall indemnify and save the Purchaser harmless for and from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 loss, damages or deficiencies suffered by the Purchaser as a result of any breach of representation,
 warranty or covenant on the part of Midori contained in this Agreement or in any certificate
 or document delivered pursuant to or contemplated by this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all
 claims, demands, costs and expenses, including legal fees, in respect of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.03**  **<u>Indemnification by Shareholders</u>** 

Subject to Section 5.04, each of the Shareholders, on its own behalf, and not on behalf of any other Shareholder, severally and proportionally based on its ownership of Purchased Shares (and for greater certainty, not jointly with any other Shareholder) shall indemnify and save the Purchaser harmless for and from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 loss, damages or deficiencies suffered by the Purchaser as a result of any breach by such
 Shareholder of any representation, warranty or covenant on the part of such Shareholder contained
 in this Agreement or in any certificate or document delivered pursuant to or contemplated
 by this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all
 claims, demands, costs and expenses, including legal fees, in respect of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.04**  **<u>Notice of Claim</u>** 

A party entitled to and seeking indemnification pursuant to the terms of this Agreement (the **"Indemnified Party")** shall promptly give written notice to the party or parties, as applicable, responsible for indemnifying the Indemnified Party (the **"Indemnifying Party")** of any claim for indemnification pursuant to Sections 8.01, 8.02 and 8.03 (a **"Claim",** which term shall include more than one Claim). Such notice shall specify whether the Claim arises as a result of a claim by a person against the Indemnified Party (a **"Third Party Claim")** or whether the Claim does not so arise (a **"Direct Claim"),** and shall also specify with reasonable particularity (to the extent that the information is available):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 factual basis for the Claim; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 amount of the Claim, or, if any amount is not then determinable, an approximate and reasonable
 estimate of the likely amount of the Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.05**  **<u>Procedure for Indemnification</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Direct Claims</u>. With respect to Direct Claims, following receipt of notice from the Indemnified
 Party of a Claim, the Indemnifying Party shall have 30 days to make such investigation of
 the Claim as the Indemnifying Party considers necessary or desirable, acting reasonably.
 For the purpose of such investigation, the Indemnified Party shall make available to the
 Indemnifying party the information relied upon by the Indemnified Party to substantiate the
 Claim. If the Indemnified Party and the Indemnifying Party agree at or prior to the expiration
 of such 30 day period (or any mutually agreed upon extension thereof) to the validity and
 amount of such Claim, the Indemnifying Party shall immediately pay to the Indemnified Party
 the full agreed upon amount of the Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Third Party Claims</u>. With respect to any Third Party Claim, the Indemnifying Party shall have
 the right, at its own expense, to participate in or assume control of the negotiation, settlement
 or defence of such Third Party Claim and, in such event, the Indemnifying Party shall reimburse
 the Indemnified Party for all the Indemnified Party's commercially reasonable out-of-pocket
 expenses incurred as a result of such participation or assumption. If the Indemnifying Party
 elects to assume such control, the Indemnified Party shall cooperate with the Indemnifying
 Party, shall have the right to participate in the negotiation, settlement or defence of such
 Third Party Claim at its own expense and shall have the right to disagree on reasonable grounds
 with the selection and retention of counsel, in which case counsel satisfactory to the Indemnifying
 Party and the Indemnified Party shall be retained by the Indemnifying Party. If the Indemnifying
 Party, having elected to assume such control, thereafter fails to defend any such Third Party
 Claim within a reasonable time, the Indemnified Party shall be entitled to assume such control
 and the Indemnifying Party shall be bound by the results obtained by the Indemnified Party
 with respect to such Third Party Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.06**  **<u>General Indemnification Rules</u>** 

The obligations of the Indemnifying Party to indemnify the Indemnified Party in respect of Claims shall also be subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) without
 limiting the generality of Sections 8.01, 8.02 and 8.03, any Claim for breach of any representation,
 warranty or covenant shall be subject to Section 5.04;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Indemnifying Party's obligation to indemnify the Indemnified Party shall only apply
 to the extent that the Claims in respect of which the Indemnifying Party has given an indemnity,
 in the aggregate, exceed $25,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) notwithstanding
 anything to the contrary in this Agreement, the aggregate liability of an Indemnifying Party
 which is a Shareholder to any and all Indemnified Parties under this Article VIII shall be
 limited to the amount paid to such Indemnifying Party in respect of its Purchased Shares
 pursuant to Section 2.02; for greater certainty, no Shareholder shall be liable, in the aggregate,
 to any and all Indemnified Parties for any amount in excess of the value of its *pro rata* share of the Payment Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) notwithstanding
 anything to the contrary in this Agreement, the aggregate liability of Midori or the Purchaser
 to any and all Indemnified Parties under this Article VIII shall be limited to the value
 of the Payment Shares issuable under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if
 any Third Party Claim is of a nature such that the Indemnified Party is required by applicable
 law to make a payment to any person (a **"Third Party")** with respect to
 such Third Party Claim before the completion of settlement negotiations or related legal
 proceedings, the Indemnified Party may make such payment and thereafter seek reimbursement
 from the Indemnifying Party for any such payment. If any Indemnifying Party pays, or reimburses
 an Indemnified Party in respect of any Third Party Claim before completion of settlement
 negotiations or related legal proceedings, and the amount of any liability of the Indemnified
 Party under the Third Party Claim in respect of which such a payment was made, as finally
 determined, is less than the amount which was paid by the Indemnifying Party, the Indemnified
 Party shall, forthwith after receipt of the difference from the Third Party, pay the amount
 of such difference to the Indemnifying Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) except
 in the circumstance contemplated by Section 8.05, and whether or not the Indemnifying Party
 assumes control of the negotiation, settlement or defence of any Third Party Claim, the Indemnified
 Party shall not negotiate, settle, compromise or pay any Third Party Claim except with the
 prior written consent of the Indemnifying Party (which consent shall not be unreasonably
 withheld);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the
 Indemnified Party shall not permit any right of appeal in respect of any Third Party Claim
 to terminate without giving the Indemnifying Party notice and an opportunity to contest such
 Third Party Claim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the
 Indemnified Party and the Indemnifying Party shall cooperate fully with each other with respect
 to Third Party Claims and shall keep each other fully advised with respect thereto (including
 supplying copies of all relevant documentation promptly as it becomes available); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 provisions of this Article VIII shall constitute the sole remedy available to a party against
 another party with respect to any and all breaches of any agreement, covenant, representation
 or warranty made by such other party in this Agreement.

**ARTICLE IX** 

**EXCLUSIVITY AND ACCESS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.01**  **<u>Obligations of Midori and Shareholders</u>** 

Prior to the Termination Date, or the earlier termination of this Agreement, neither Midori nor the Shareholders shall, directly or indirectly, negotiate or deal with any party other than with the Purchaser relating to an Alternative Transaction involving Midori or the sale or disposition of any part of the outstanding Midori Shares or assets of Midori, or solicit enquiries or provide information with respect to same. Nothing contained in this Agreement will prohibit, prevent or restrict Midori from furnishing or providing information in respect of or otherwise responding to or engaging in discussions or negotiations in respect of, an unsolicited Alternative Transaction not resulting from a breach of this Section 9.01, or the directors of Midori, in the fulfilment of their fiduciary duties, from supporting or facilitating any such unsolicited Alternative Transaction, or Midori or the Shareholders from completing any such Alternative Transaction, or entering into a definitive and binding agreement to effect such an Alternative Transaction, if directors of Midori determine in good faith, after consultation, to the extent considered appropriate by the directors, with its financial and legal advisors, that such unsolicited Alternative Transaction constitutes, or could reasonably be expected to lead to or result in, a transaction that would, if consummated in accordance with its terms, be more favourable to Midori or the Shareholders than the Transaction provided, however, that prior to taking such action, the directors of Midori shall have concluded, after considering applicable laws, and receiving advice of outside counsel, that such action would be a proper exercise of its fiduciary duties, or is otherwise required, under applicable laws, that it is appropriate that the directors take such action in order to properly discharge their fiduciary duties or that such action is otherwise required under applicable laws. In the event Midori or its Shareholders receive any form of offer or inquiry, Midori shall forthwith (in any event within one business day following receipt) notify the Purchaser of such offer or inquiry and provide the Purchaser with such details as it may request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.02**  **<u>Obligations of Purchaser</u>** 

Prior to the Termination Date, or the earlier termination of this Agreement, the Purchaser shall not, directly or indirectly, negotiate or deal with any party other than Midori relating to an Alternative Transaction involving the Purchaser, or solicit enquiries or provide information with respect to same. Nothing contained in this Agreement will prohibit, prevent or restrict the Purchaser from furnishing or providing information in respect of or otherwise responding to or engaging in discussions or negotiations in respect of, an unsolicited Alternative Transaction not resulting from a breach of this Section 9.02, or the directors of the Purchaser, in the fulfilment of their fiduciary duties, from supporting or facilitating any such unsolicited Alternative Transaction, or the Purchaser from completing any such Alternative Transaction, or entering into a definitive and binding agreement to effect such an Alternative Transaction, if directors of the Purchaser determine in good faith, after consultation, to the extent considered appropriate by the directors, with its financial and legal advisors, that such unsolicited Alternative Transaction constitutes, or could reasonably be expected to lead to or result in, a transaction that would, if consummated in accordance with its terms, be more favourable to the Purchaser than the Transaction provided, however, that prior to taking such action, the directors of the Purchaser shall have concluded, after considering applicable laws, and receiving advice of outside counsel, that such action would be a proper exercise of its fiduciary duties, or is otherwise required, under applicable laws, that it is appropriate that the directors take such action in order to properly discharge their fiduciary duties or that such action is otherwise required under applicable laws. In the event the Purchaser receives any form of offer or inquiry, the Purchaser shall forthwith (in any event within one business day following receipt) notify Midori of such offer or inquiry and provide Midori with such details as it may request.

**ARTICLE X** 

**GENERAL**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.01**  **<u>Power of Attorney</u>** 

Each of the Shareholders hereby severally and irrevocably appoints Midori as its agent and attorney to take any action that is required under the Agreement or to execute and deliver any documents on their behalf, including without limitation, for the purposes of all Closing matters (including without limitation, the receipt of certificates representing the Payment Shares) and deliveries of documents and do and cause to be done all such acts and things as may be necessary or desirable in connection with the closing matters for the Transaction. Without limiting the generality of the foregoing, Midori may, on its own behalf and on behalf of the Shareholders, extend the Termination Date and/or the Closing Date, modify or waive any conditions as are contemplated herein, negotiate, settle and deliver the final forms of any documents that are necessary or desirable to give effect to the Transaction, extend such time periods as may be contemplated herein or terminate this Agreement, in its absolute discretion, as it deems appropriate. Each of the Shareholders hereby acknowledges and agrees that any decision or exercise of discretion made by Midori under this Agreement, shall be final and binding upon the Shareholders so long as such decision or exercise was made in good faith. Each Shareholder agrees that Midori shall have no obligation or liability to any Shareholder for any action taken or omitted by Midori in good faith, and each Shareholder shall indemnify and hold harmless Midori from, and shall pay to Midori the amount of, or reimburse Midori for, any loss that Midori may suffer, sustain, or become subject to as a result of any such action or omission by Midori acting as the Shareholders' agent and attorney under this Agreement. The Purchaser shall have no duty to enquire into the validity of any document executed or other action taken by Midori on behalf of the Shareholders pursuant to this Article X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.02**  **<u>Notices</u>** 

Any notice, consent, waiver, direction or other communication required or permitted to be given under this Agreement (each, a **"notice")** shall be in writing shall be in writing addressed as follows:

---

| | | |
|:---|:---|:---|
| (a) | if to the Purchaser: | if to the Purchaser: |
|  | 1284670 B.C. Ltd. | 1284670 B.C. Ltd. |
|  | 1570 - 505 Burrard Street | 1570 - 505 Burrard Street |
|  | Vancouver, British Columbia V7X IMS | Vancouver, British Columbia V7X IMS |
|  | Attention: | Karan Thakur, Director |
|  | E-mail: | kthakur@k2capital.ca |

---

---

| | |
|:---|:---|
| with a courtesy copy (which copy shall not constitute notice to the Purchaser) to: | with a courtesy copy (which copy shall not constitute notice to the Purchaser) to: |
| McMillan LLP | McMillan LLP |
| 1500 Royal Centre | 1500 Royal Centre |
| 1055 West Georgia Street | 1055 West Georgia Street |
| Vancouver, British Columbia V6E 4N7 | Vancouver, British Columbia V6E 4N7 |
| Attention: | Jeff Wust |
| E-mail: | jeff.wust@mcmillan.ca |

---

---

| | | |
|:---|:---|:---|
| (b) | if to Midori or the Shareholders: | if to Midori or the Shareholders: |
|  | Midori-Bio Inc. | Midori-Bio Inc. |
|  | 3134 Driftwood Drive Burlington, | 3134 Driftwood Drive Burlington, |
|  | Ontario L7M 3E1 | Ontario L7M 3E1 |
|  | Attention: | Ken Lyons, CEO |
|  | E-mail: | ken@midori-bio.com |

---

---

| | |
|:---|:---|
| with a courtesy copy (which copy shall not constitute notice to Midori) to: | with a courtesy copy (which copy shall not constitute notice to Midori) to: |
| Loopstra Nixon LLP | Loopstra Nixon LLP |
| 600 - 135 Queens Plate Drive | 600 - 135 Queens Plate Drive |
| Toronto, Ontario M9W 6V7 | Toronto, Ontario M9W 6V7 |
| Attention: | Derek Van Doom |
| E-mail: | dvandoom@loonix.com |

---

or such other address as may be designated by notice given by either Midori or the Purchaser to the other in accordance with this Section 10.02. Each notice shall be personally delivered to the addressee or sent by e-mail to the addressee and a notice which is personally delivered or sent by email shall, if delivered or sent prior to 4:00 p.m. (local time of the recipient) on a Business Day, be deemed to be given and received on that day and, in any other case, be deemed to be given and received on the next Business Day. Any notice delivered to Midori in accordance with this Section 10.02 prior to the Time of Closing shall be deemed to have been delivered to each of the Shareholders. The previous sentence of this Section 10.02 shall not apply to a notice given as contemplated in Section 3.04 of the occurrence, or failure to occur, of any event or state of facts which would or would likely to cause any of the representations or warranties of any Shareholder to be untrue or inaccurate or result in the failure by any Shareholder to comply with or satisfy any covenant, condition or agreement, which notice shall not be deemed to have been received by such Shareholder unless delivered to the address of such Shareholder as reflected in the books of Midori (or after the Time of Closing, the books of the Purchaser). Any Shareholder may, from time to time, by notice given in accordance with this Section 10.02, designate or provide an address of such Shareholder for notices to be given after the Time of Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.03**  **<u>Confidentiality</u>** 

Prior to Closing and, if the Transaction is not completed, at all times thereafter, each of the parties hereto will keep confidential and refrain from using all information obtained by it in connection with the transactions contemplated by this Agreement relating to any other party hereto, provided however that such obligation shall not apply to any information which was in the public domain at the time of its disclosure to a party or which subsequently comes into the public domain other than as a result of a breach of such party's obligations under this Section 10.03. For greater certainty, nothing contained herein shall prevent any disclosure of information which may be required pursuant to applicable laws or pursuant to an order in judicial or administrative proceedings or any other order made by any Governmental Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.04**  **<u>Assignment</u>** 

Other than as provided herein, no party may assign this Agreement or its rights or obligations hereunder without the prior written consent of the other parties hereto, such consent not to be unreasonably withheld or delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.05**  **<u>Binding Effect</u>** 

This Agreement shall be binding upon and shall enure to the benefit of the parties hereto and their respective heirs, successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.06**  **<u>Waiver</u>** 

No waiver of any provision of this Agreement will constitute a waiver of any other provision, nor will any waiver constitute a continuing waiver unless otherwise expressly provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.07**  **<u>Governing Law</u>** 

This Agreement shall be governed by and construed and interpreted in accordance with the laws of the Province of British Columbia and the federal laws of Canada applicable therein and is to be treated in all respects as a British Columbia contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.08**  **<u>Expenses</u>** 

Midori shall be responsible for its costs and expenses incurred with respect to the transactions contemplated herein, which are comprised of its legal fees and disbursements relating to preparing this Agreement and related documents specifically relating to the transactions contemplated herein, it being acknowledged, that documentation in respect of the Transaction shall, to as great an extent as reasonably possible, be prepared by the Purchaser's counsel with the assistance of Midori as needed. The Purchaser shall be responsible for its costs and expenses incurred with respect to the transactions contemplated herein. If during the term of this Agreement, the Transaction does not successfully complete, then each party will be responsible for its own expenses incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.09**  **<u>No Personal Liability</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No
 director, officer, employee or agent of the Purchaser (in such capacity) shall have any personal
 liability whatsoever to Midori or the Shareholders under this Agreement or any other document
 delivered in connection with the Transaction on behalf of the Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No
 director, officer, employee or agent of Midori (in such capacity) shall have any personal
 liability whatsoever to the Purchaser, or the Shareholders under this Agreement or any other
 document delivered in connection with the Transaction on behalf of Midori, or the Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.10**  **<u>Time of Essence</u>** 

Time is of the essence of this Agreement and of each of its provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.11**  **<u>Public Announcements</u>** 

Midori and the Purchaser shall co-operate with the other in releasing information concerning this Agreement and the transactions contemplated herein, and shall furnish to and discuss with the other drafts of all press and other releases prior to publication. No press release or other public announcement concerning the proposed transactions contemplated by this Agreement will be made by any party hereto without the prior consent of the other parties, such consent not to be unreasonably withheld or delayed; provided that nothing contained herein shall prevent any party hereto at any time from furnishing any information to any Governmental Authority or to the public if so required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.12**  **<u>Further Assurances</u>** 

Each party will, upon request but without further consideration, from time to time promptly execute and deliver all further documents and take all further action necessary or appropriate to give effect to and perform the provisions and intent of this Agreement and to complete the transactions contemplated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.13**  **<u>Entire Agreement</u>** 

This Agreement, together with the documents required to be delivered pursuant to this Agreement, constitute the entire agreement among the parties hereto pertaining to the subject matter hereof and supersedes all prior agreements, understandings, negotiations, and discussions, whether oral or written, between the parties hereto with respect to the subject matter hereof, including the Letter of Intent. There are no representations, warranties, covenants or conditions with respect to the subject matter hereof except as contained in this Agreement and any document delivered pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.14**  **<u>Amendments</u>** 

No amendment of any provision of this Agreement will be binding on any party unless consented to in writing by such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.15**  **<u>Severability</u>** 

In the event that any provision or part of this Agreement is determined by any court or other judicial or administrative body to be illegal, null, void, invalid or unenforceable, that provision shall be severed to the extent that it is so declared and the other provisions of this Agreement shall continue in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.16**  **<u>Remedies Cumulative</u>** 

The rights and remedies of the parties under this Agreement are cumulative and in addition to and not in substitution for any rights or remedies provided by law. Any single or partial exercise by any party hereto of any right or remedy for default or breach of any term, covenant or condition of this Agreement does not waive, alter, affect or prejudice any other right or remedy to which such party may be lawfully entitled for the same default or breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.17**  **<u>Counterparts</u>** 

This Agreement may be executed and delivered in one or more counterparts and may be executed and delivered by facsimile or any other electronically communicated method, each of which when executed and delivered shall be deemed an original and all of which counterparts together shall be deemed to constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.18**  **<u>Independent Legal Advice</u>** 

EACH SHAREHOLDER ACKNOWLEDGES, CONFIRMS AND AGREES THAT HE, SHE OR IT HAS HAD THE OPPORTUNITY TO SEEK AND WAS NOT PREVENTED OR DISCOURAGED BY ANY PARTY HERETO FROM SEEKING INDEPENDENT LEGAL ADVICE PRIOR TO THE EXECUTION AND DELIVERY OF THIS AGREEMENT AND THAT, IN THE EVENT THAT ANY SHAREHOLDER DID NOT AVAIL HIMSELF/HERSELF/ITSELF WITH THAT OPPORTUNITY PRIOR TO SIGNING THIS AGREEMENT, SUCH SHAREHOLDER DID SO VOLUNTARILY WITHOUT ANY UNDUE PRESSURE AND AGREES THAT SUCH SHAREHOLDER'S FAILURE TO OBTAIN INDEPENDENT LEGAL ADVICE SHALL NOT BE USED BY HIM/HER/IT AS A DEFENCE TO THE ENFORCEMENT OF HIS/HER/ITS OBLIGATIONS UNDER THIS AGREEMENT. EACH SHAREHOLDER ACKNOWLEDGES AND AGREES THAT MCMILLAN LLP ONLY ACTS FOR THE PURCHASER AND LOOPSTRA NIXON LLP ONLY ACTS FOR MIDORI, AND NEITHER REPRESENTS NOR ACTS FOR THE SHAREHOLDERS IN CONNECTION WITH THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT.

***[Signature pages follow.]***

 

**IN WITNESS WHEREOF** this Agreement has been executed by the parties hereto on the date first above written.

---

| | |
|:---|:---|
| **1284670 B.C. LTD.** | **1284670 B.C. LTD.** |
| By: | */s/ Karan Thakur* |
| Name: | Karan Thakur |
| Title: | Director |
| **MIDORI-BIO INC.** | **MIDORI-BIO INC.** |
| By: | */s/ Ken Lyons* |
| Name: | Ken Lyons |
| Title: | CEO |

---

***[Signature pages of the Shareholders follows.]***

---

| | |
|:---|:---|
| **Midori Shareholders** |  |
| | **BRIANNE LEEDER** |
| Name of Witness [Please Print] |  |
|  | */s/ Brianne Leeder* |
| Signature of Witness | Signature of Shareholder |
|  | **<u>KRISTIN LEEDER</u>** |
| Name of Witness [Please Print] |  |
|  | ***/s/ Kristin Leeder*** |
| Signature of Witness | Signature of Shareholder |
|  | **<u>MELISSA FOURNIER</u>** |
| Name of Witness [Please Print] |  |
|  | ***/s/ Melissa Fournier*** |
| Signature of Witness | Signature of Shareholder |
|  | **<u>KEVIN LYONS</u>** |
| Name of Witness [Please Print] |  |
|  | ***/s/ Kevin Lyons*** |
| Signature of Witness | Signature of Shareholder |
|  | **<u>2863358 ONTARIO INC.</u>** |
|  | Robert Leeder |
|  | Name of Authorized Signatory [Please Print] |
|  | ***/s/*** *Robert Leeder* |
|  | Signature of Authorized Signatory |

---

---

| |
|:---|
| **<u>PLK ACCOUNTING</u>** <u>& **FINANCE INC.**</u> |
| Rene Bharti |
| Name of Authorized Signatory [Please Print] |
| ***/s/*** *Rene Bharti* |
| Signature of Authorized Signatory |
| **<u>THE 2021 LYONS FAMILY TRUST</u>** |
| Ken Lyons |
| Name of Authorized Signatory [Please Print] |
| ***/s/*** *Ken Lyons* |
| Signature of Authorized Signatory |
| **<u>GESTION DINO FARRESE INC. #116968434</u>** |
| Dino Farrese |
| Name of Authorized Signatory [Please Print] |
| ***/s/*** *Dino Farrese* |
| Signature of Authorized Signatory |

---

 ****

**SCHEDULE "A"**

**Common Shareholders of Midori**

---

| | | |
|:---|:---|:---|
| **Name and Address of Shareholder** | **Number of Common Shares** | **Number of Payment Shares** |
| 2863358 Ontario Inc. <br>181 Wynford Drive, Suite 2205 Toronto, Ontario <br>M3C 0C6 | 9500000 | 9500000 |
| Brianne Leeder <br>54 Saint Andrews Gardens Toronto, Ontario M4W 2El | 500000 | 500000 |
| Kristin Leeder <br>54 Saint Andrews Gardens Toronto, Ontario M4W 2El | 500000 | 500000 |
| PLK Accounting & Finance Inc. 1410-120 Adelaide St West Toronto, Ontario <br>M5H 1TI | 1000000 | 1000000 |
| The 2021 Lyons Family Trust 3134 Driftwood Drive Burlington, Ontario <br>L7M 3El | 10250000 | 10250000 |
| Gestion Dino Farrese Inc.# 116968434 3223 Judith Ste-Marie <br>Longueuil, Quebec J4N 1A9 | 50000 | 50000 |
| Melissa Founier 1852 Hutton Ave Ottawa Ontario KlG 1M2 | 100000 | 100000 |
| Kevin Lyons <br>3134 Driftwood Drive Burlington, Ontario L7M 3El | 100000 | 100000 |
| **TOTAL** | **22000000** | **22000000** |

---

**SCHEDULE "B"**

**Shareholder Consent Agreement**

**SHAREHOLDER CONSENT AGREEMENT**

THIS AGREEMENT MADE EFFECTIVE AS OF <u>____________________________________</u>_____,2021 (the **"Agreement").**

---

| | |
|:---|:---|
| AMONG: |  |
|  | **<u>1284670 B.C. LTD.</u>** |
|  | a corporation existing under the laws of British Columbia (the **"Purchaser")** |
| AND: |  |
|  | **<u>MIDORI-BIO INC.</u>** |
|  | a corporation existing under the laws of Alberta |
|  | **("Midori")** |
| AND: |  |
|  | **<u>THE NEW MIDORI SHAREHOLDERS</u>** who have executed this Agreement |
|  | (individually a **"New Midori Shareholder"** and collectively the **"New Midori Shareholders")** |

---

WHEREAS:

A. The
 Purchaser, Midori and the Shareholders entered into a Share Exchange Agreement dated effective
 August 30, 2021 and attached as Schedule "A" hereto (the **"Share Exchange Agreement");** 

B. Pursuant
 to the Share Exchange Agreement, Midori agreed to the Transaction and further agreed to obtain
 the consent of the New Midori Shareholders to the Transaction (as defined therein); and

C. The
 New Midori Shareholder has agreed to provide such consent and to be bound by the terms of
 the Share Exchange Agreement.

**NOW THEREFORE THIS AGREEMENT WITNESSES** that in consideration of the covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto do covenant and agree each with the other as follows:

**1.** Unless
 specifically defined herein or unless the context otherwise requires, terms used herein which
 are defined in the Share Exchange Agreement shall have the meanings ascribed to such terms
 in the Share Exchange Agreement.

2. On
 the execution of this Agreement by a New Midori Shareholder, such New Midori Shareholder
 covenants and agrees that it shall, together with the Shareholder (the **"New Midori Shareholder's Transferor")** from whom such New Midori Shareholder acquired
 common shares of Midori as trustee or nominee for the New Midori Shareholder's Transferor,
 be bound by all of the provisions of the Share Exchange Agreement as if such New Midori Shareholder
 and the New Midori Shareholder's Transferor were collectively an original party to
 the Share Exchange Agreement including, without limitation, all representations, warranties
 and covenants of the New Midori Shareholder's Transferor contained therein (provided
 that it is acknowledged and agreed that the New Midori Shareholder is the registered owner
 of the common shares of Midori acquired by the New Midori Shareholder referred to below,
 but is not the beneficial owner thereof, and that the New Midori Shareholder's Transferor
 is the beneficial owner of such shares).

3. This
 Agreement shall be subject to, governed by, and construed in accordance with the laws of
 the Province of British Columbia and the federal laws of Canada applicable therein, and the
 parties hereby agree to attorn to the exclusive jurisdiction of the Courts of British Columbia
 and not to commence any form of proceedings in any other forum.

4. This
 Agreement may be signed by facsimile (including in .pdf format) and in counterpart, and each
 copy so signed shall be deemed to be an original, and all such counterparts together shall
 constitute one and the same instrument.

**IN WITNESS WHEREOF** the parties have duly executed this Agreement as of the day and year first above written.

---

| | |
|:---|:---|
| **1284670 B.C. LTD.** | **1284670 B.C. LTD.** |
| Per: | |
|  | Authorized Signatory |

---

---

| | |
|:---|:---|
| **MIDORI-BIO INC.** | **MIDORI-BIO INC.** |
| Per: | |
|  | Authorized Signatory |

---

---

| |
|:---|
| **AND THE FOLLOWING NEW MIDORI SHAREHOLDER:** |
| **Name:** |
| **Number of Shares:** |
| **Address:** |
| **Signed:** |
| **Witness Name:** |
| **Signed:** |
| **DATE:<u> </u>** |

---

**SCHEDULE "C"**

**U.S. Representation Letter for U.S. Shareholders**

---

| | |
|:---|:---|
| **TO:** | **1284670 B.C. LTD. ("BCCO")** |

---

---

| | |
|:---|:---|
| **RE:** | **ACQUISITION OF SECURITIES OF BCCO PURSUANT TO SHARE EXCHANGE AGREEMENT (the "Securities")** |

---

Capitalized terms not specifically defined in this certification have the meaning ascribed to them in the Share Exchange Agreement to which this Schedule is attached. In the event of a conflict between the terms of this certification and such Share Exchange Agreement, the terms of this certification shall prevail.

In addition to the covenants, representations and warranties contained in the Share Exchange Agreement to which this Schedule is attached, the undersigned (the **"U.S. Shareholder")** covenants, represents and warrants to BCCO that:

(a) It
 has such knowledge, skill and experience in financial, investment and business matters as
 to be capable of evaluating the merits and risks of an investment in the Securities and it
 is able to bear the economic risk of loss of its entire investment. To the extent necessary,
 the U.S. Shareholder has retained, at his or her own expense, and relied upon, appropriate
 professional advice regarding the investment, tax and legal merits and consequences of the
 Share Exchange Agreement and owning the Securities.

(b) BCCO
 has provided to it the opportunity to ask questions and receive answers concerning the terms
 and conditions of the offering and it has had access to such information concerning BCCO
 as it has considered necessary or appropriate in connection with its investment decision
 to acquire the Securities, including access to BCCO's public filings available on the
 Internet at <u>www.sedar.com,</u> and that any answers to questions and any request for information
 have been complied with to the U.S. Shareholder's satisfaction.

(c) It
 is acquiring the Securities for its own account, for investment purposes only and not with
 a view to any resale or distribution and, in particular, it has no intention to distribute
 either directly or indirectly the Securities in the United States or to, or for the account
 or benefit of, a U.S. Person or a person in the United States; provided, however, that this
 paragraph shall not restrict the U.S. Shareholder from selling or otherwise disposing of
 the Securities pursuant to registration thereof pursuant to the U.S. Securities Act and any
 applicable state securities laws or under an exemption from such registration requirements.

(d) The
 address of the U.S. Shareholder set out in the signature block below is the true and correct
 principal address of the U.S. Shareholder and can be relied on by BCCO for the purposes of
 state blue-sky laws and the U.S. Shareholder has not been formed for the specific purpose
 of purchasing the Securities.

(e) It
 understands (i) the Securities have not been and will not be registered under the U.S. Securities
 Act or the securities laws of any state of the United States; and (ii) the offer and sale
 contemplated hereby is being made in reliance on an exemption from such registration requirements
 in reliance on Rule 506(b) of Regulation D and/or Section 4(a)(2) of the U.S. Securities
 Act.

(f) The
 U.S. Shareholder is

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an
 "accredited investor" as defined in Rule 501(a) of Regulation D of the U.S. Securities
 Act by virtue of meeting one of the following criteria set forth in Appendix A hereto **(please hand-write your initials on the appropriate lines on Appendix A),** which Appendix A forms
 an integral part hereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is
 not an "accredited investor" as defined in Rule 501 (a) of Regulation D of the
 U.S. Securities Act, has a pre-existing substantive relationship with BCCO, and has completed
 Appendix B hereto, which forms an integral part hereof.

(g) The
 U.S. Shareholder has not purchased the Securities as a result of any form of "general
 solicitation" or "general advertising" (as those terms are used in Regulation
 D under the U.S. Securities Act), including advertisements, articles, press releases, notices
 or other communications published in any newspaper, magazine or similar media or on the Internet,
 or broadcast over radio or television, or the Internet or other form of telecommunications,
 including electronic display, or any seminar or meeting whose attendees have been invited
 by general solicitation or general advertising.

(h) It
 acknowledges that the Securities will be "restricted securities", as such term
 is defined in Rule 144(a)(3) under the U.S. Securities Act, and may not be offered, sold,
 pledged, or otherwise transferred, directly or indirectly, without prior registration under
 the U.S. Securities Act and applicable state securities laws, and it agrees that if it decides
 to offer, sell, pledge or otherwise transfer, directly or indirectly, any of the Securities,
 it will not offer, sell or otherwise transfer, directly or indirectly, the Securities except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** to
 BCCO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) outside the United States in an "offshore transactions" meeting the requirements of Rule 904 of Regulation S under the U.S. Securities Act, if available, and in compliance with applicable local laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in compliance with the exemption from the registration requirements under the U.S. Securities Act provided by Rule 144 thereunder, if available, and in accordance with any applicable state securities or "blue sky" laws; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in a transaction that does not require registration under the U.S. Securities Act or any applicable state securities laws governing the offer and sale of securities,

and, in the case of each of (iii) and (iv) above, it has prior to such sale furnished to BCCO and opinion of counsel in form and substance reasonably satisfactory to BCCO stating that such transaction is exempt from registration under applicable securities laws and that the legend referred to in paragraph (k) below may be removed.

(i) It
 understands and agrees that the Securities may not be acquired in the United States or by
 a U.S. Person or on behalf of, or for the account or benefit of, a U.S. Person or a person
 in the United States unless registered under the U.S. Securities Act and any applicable state
 securities laws or unless an exemption from such registration requirements is available.

(j) It
 acknowledges that it has not purchased the Securities as a result of, and will not itself
 engage in, any "directed selling efforts" (as defined in Regulation S under the
 U.S. Securities Act) in the United States in respect of the Securities which would include
 any activities undertaken for the purpose of, or that could reasonably be expected to have
 the effect of, conditioning the market in the United States for the resale of the Securities.

(k) The certificates representing the Securities issued hereunder, as well as all certificates issued in exchange for or in substitution of the foregoing, until such time as the same is no longer required under the applicable requirements of the U.S. Securities Act or applicable state securities laws and regulations, will bear, on the face of such certificate, the following legend:

"THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF 1284670 B.C. LTD. (THE "COMPANY") THAT SUCH SECURITIES MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY (A) TO THE COMPANY; (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT AND IN ACCORDANCE WITH ALL LOCAL LAWS AND REGULATIONS; (C) IN ACCORDANCE WITH THE EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER, IF AVAILABLE, AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS; OR (D) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS, AND, IN THE CASE OF CLAUSE (C) OR (D), THE SELLER FURNISHES TO THE COMPANY AN OPINION OF COUNSEL OF RECOGNIZED STANDING IN FORM AND SUBSTANCE SATISFACTORY TO THE COMPANY TO SUCH EFFECT. THE PRESENCE OF THIS LEGEND MAY IMPAIR THE ABILITY OF THE HOLDER HEREOF TO EFFECT "GOOD DELIVERY" OF THE SECURITIES REPRESENTED HEREBY ON A CANADIAN STOCK EXCHANGE."

Provided, that if the Securities are being sold outside the United States in compliance with the requirements of Rule 904 of Regulation S in circumstances where Rule 905 of Regulation S does not apply, and in compliance with Canadian local laws and regulations, the legend set forth above may be removed by providing an executed declaration to the registrar and transfer agent of BCCO, in substantially the form set forth as Appendix C attached hereto (or in such other forms as BCCO may prescribe from time to time) and, if requested by BCCO or the transfer agent, an opinion of counsel of recognized standing in form and substance reasonably satisfactory to BCCO and the transfer agent to the effect that such sale is being made in compliance with Rule 904 of Regulation S; and provided, further, that, if any Securities are being sold otherwise than in accordance with Regulation S and other than to BCCO, the legend may be removed by delivery to the registrar and transfer agent and BCCO of an opinion of counsel, of recognized standing reasonably satisfactory to BCCO, that such legend is no longer required under applicable requirements of the U.S. Securities Act or state securities laws.

(1) It
 understands and agrees that there may be material tax consequences to the U.S. Shareholder
 of an acquisition, holding or disposition of any of the Securities. BCCO gives no opinion
 and makes no representation with respect to the tax consequences to the U.S. Shareholder
 under United States, state, local or foreign tax law of the undersigned's acquisition,
 holding or disposition of such Securities. In particular, no determination has been made
 whether BCCO will be a "passive foreign investment company" within the meaning
 of Section 1297 of the United States Internal Revenue Code of 1986, as amended.

(m) It
 consents to BCCO making a notation on its records or giving instructions to any transfer
 agent of BCCO in order to implement the restrictions on transfer set forth and described
 in this certification and the Share Exchange Agreement.

(n) It
 understands that (i) BCCO may be deemed to be an issuer that is, or that has been at any
 time previously, an issuer with no or nominal operations and no or nominal assets other than
 cash and cash equivalents (a **"Shell Company"),** (ii) if BCCO is deemed
 to be, or to have been at any time previously, a Shell Company, Rule 144 under the U.S. Securities
 Act may not be available for resales of the Securities, and (iii) BCCO is not obligated to
 make Rule 144 under the U.S. Securities Act available for resales of the Securities.

(o) It
 understands and agrees that the financial statements of BCCO have been prepared in accordance
 with International Financial Reporting Standards and therefore may be materially different
 from financial statements prepared under U.S. generally accepted accounting principles and
 therefore may not be comparable to financial statements of United States companies.

(p) It
 understands and acknowledges that BCCO is incorporated outside the United States, consequently,
 it may be difficult to provide service of process on BCCO and it may be difficult to enforce
 any judgment against BCCO.

(q) It
 understands that BCCO does not have any obligation to register the Securities under the U.S.
 Securities Act or any applicable state securities or "blue-sky" laws or to take
 action so as to permit resales of the Securities. Accordingly, the U.S. Shareholder understands
 that absent registration, it may be required to hold the Securities indefinitely. As a consequence,
 the U.S. Shareholder understands it must bear the economic risks of the investment in the
 Securities for an indefinite period of time.

The foregoing representations contained in this certificate are true and accurate as of the date of this certificate and will be true and accurate as of the Time of Closing. If any such representations shall not be true and accurate prior to the Time of Closing, the undersigned shall give immediate written notice of such fact to BCCO prior to the Time of Closing.

**ONLY U.S. SHAREHOLDERS NEED COMPLETE AND SIGN**

---

| | |
|:---|:---|
| Dated _______________________________ 2021. |  |
|  | **X** |
|  | Signature of individual (if U.S. Shareholder **is** an individual) |
|  | **X** |
|  | Authorized signatory (if U.S. Shareholder is **not** an individual) |
|  | Name of U.S. Shareholder **(please print)** |
|  | Address of U.S. Shareholder **(please print)** |
|  | Name of authorized signatory **(please print)** |
|  | Official capacity of authorized signatory **(please print)** |

---

**Appendix "A" to**

<u>U.S. REPRESENTATION LETTER FOR U.S. SHAREHOLDERS</u>

**TO BE COMPLETED BY U.S. SHAREHOLDERS THAT ARE U.S. ACCREDITED INVESTORS**

In addition to the covenants, representations and warranties contained in the Share Exchange Agreement and the Schedule "C" to which this Appendix is attached, the undersigned (the **"U.S. Shareholder")** covenants, represents and warrants to BCCO that the U.S. Shareholder is an "accredited investor" as defined in Rule 501(a) of Regulation D of the U.S. Securities Act by virtue of meeting one of the following criteria **(please hand-write your initials on the appropriate lines):**

---

| | |
|:---|:---|
| 1.<br> Initials___ __ | Any bank as defined in Section 3(a)(2) of the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any savings and loan association or other institution as defined in Section 3(a)(5)(A) of the U.S. Securities Act whether acting in its individual or fiduciary capacity; any broker or dealer registered pursuant to Section 15 of the U.S. Securities Exchange Act of 1934; any insurance company as defined in Section 2(a)(l3) of the U.S. Securities Act; any investment company registered under the U.S. Investment Company Act of 1940 or a business development company as defined in Section 2(a)(48) of that Act; any Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the U.S. Small Business Investment Act of 1958; any plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, if such plan has total assets in excess of US$5,000,000; any employee benefit plan within the meaning of the U.S. *Employee Retirement Income Security Act of 1974* if the investment decision is made by a plan fiduciary, as defined in Section 3(21) of such Act, which is either a bank, savings and loan association, insurance company, or registered investment adviser, or if the employee benefit plan has total assets in excess of US$5,000,000, or, if a self-directed plan, with investment decisions made solely by persons that are "accredited investors" (as such term is defined in Rule 501 of Regulation D of the U.S. Securities Act); |
| 2.<br> Initials___ __ | Any private business development company as defined in Section 202(a)(22) of the U.S. *Investment Advisers Act of 1940;* |
| 3.<br> Initials___ __ | Any organization described in Section 501(c)(3) of the U.S. *Internal Revenue Code,* corporation, Massachusetts or similar business trust, or partnership, not formed for the specific purpose of acquiring the securities offered, with total assets in excess of US$5,000,000; |
| 4.<br> Initials___ __ | Any trust with total assets in excess of US$5,000,000, not formed for the specific purpose of acquiring the securities offered, whose purchase is directed by a sophisticated person (being defined as a person who has such knowledge and experience in financial and business matters that he or she is capable of evaluating the merits and risks of the prospective investment); |

---

---

| | |
|:---|:---|
| 5.<br> Initials___ __ | A natural person whose individual net worth, or joint net worth with that person's spouse, at the time of purchase, exceeds US$1,000,000 (for the purposes of calculating net worth), |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the person's primary residence shall not be included as an asset; |
|  | (ii) indebtedness that is secured by the person's primary residence, up to the estimated fair market value of the primary residence at the time of this certification, shall not be included as a liability (except that if the amount of such indebtedness outstanding at the time of this certification exceeds the amount outstanding 60 days before such time, other than as a result of the acquisition of the primary residence, the amount of such excess shall be included as a liability); and |
| 6.<br> Initials___ __ | (iii) indebtedness that is secured by the person's primary residence in excess of the estimated fair market value of the primary residence shall be included as a liability; |
| 7.<br> Initials___ __<br>8.<br> Initials___ __ | A natural person who had annual gross income during each of the last two full calendar years in excess of US$200,000 (or together with his or her spouse in excess of US$300,000) and reasonably expects to have annual gross income in excess of US$200,000 (or together with his or her spouse in excess of US$300,000) during the current calendar year, and no reason to believe that his or her annual gross income will not remain in excess of US$200,000 (or that together with his or her spouse will not remain in excess of US$300,000) for the foreseeable future; |
|  | Any director or executive officer of BCCO; or |
|  | Any entity in which all of the equity owners meet the requirements of at least one of the above categories - if this category is selected, you must identify each equity owner and provide statements from each demonstrating how they qualify as an accredited investor. |

---

**ONLY U.S. SHAREHOLDERS WHO <u>ARE</u> ACCREDITED INVESTORS NEED TO COMPLETE AND SIGN**

---

| | |
|:---|:---|
| Dated _______________________________ 2021. |  |
|  | **X** |
|  | Signature of individual (if U.S. Shareholder is an individual) |
|  | **X** |
|  | Authorized signatory (if U.S. Shareholder is **not** an individual) |
|  | Name of U.S. Shareholder **(please print)** |
|  | Address of U.S. Shareholder **(please print)** |
|  | Name of authorized signatory **(please print)** |
|  | Official capacity of authorized signatory **(please print)** |

---

**Appendix "B" to**

<u>U.S. REPRESENTATION LETTER FOR U.S. SHAREHOLDERS</u>

**TO BE COMPLETED BY U.S. SHAREHOLDERS THAT ARE NOT U.S. ACCREDITED INVESTORS**

In addition to the covenants, representations and warranties contained in the Share Exchange Agreement and the Schedule "C" to which this Appendix is attached, the undersigned (the **"U.S. Shareholder")** covenants, represents and warrants to 1284670 B.C. Ltd. (also referred to herein as the **"Company")** that the U.S. Shareholder understands that the Securities have not been and will not be registered under the U.S. Securities Act and that the offer and sale of the Securities to the U.S. Shareholder contemplated by the Share Exchange Agreement is intended to be a private offering pursuant to Section 4(a)(2) of the U.S. Securities Act.

Your answers will at all times be kept strictly confidential. However, by signing this suitability questionnaire (the **"Questionnaire")** the U.S. Shareholder agrees that the Company may present this Questionnaire to such parties as may be appropriate if called upon to verify the information provided or to establish the availability of an exemption from registration of the private offering under the federal or state securities laws or if the contents are relevant to issue in any action, suit or proceeding to which the Company is a party or by which it is or may be bound. A false statement by the U.S. Shareholder may constitute a violation of law, for which a claim for damages may be made against the U.S. Shareholder. Otherwise, your answers to this Questionnaire will be kept strictly confidential.

**Please complete the following questionnaire:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **Relationship to the Officers of Directors** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> Are you a relative of a director, senior officer or control person of the Company:<br>| **Yes: ______________** | **No:** _______________ |
| &nbsp;&nbsp;<br>If yes, state the name of the director, senior officer or control person of the Company |  | |
| &nbsp;&nbsp;<br>If yes, state the name of the director, senior officer or control person of the Company | |  |
| &nbsp;&nbsp;<br>If yes, state the relationship to the director, senior officer or control person of the Company |  | |
| &nbsp;&nbsp;<br>If yes, state the relationship to the director, senior officer or control person of the Company | |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)** **Close Friend of Officer or Director** 

---

| | | |
|:---|:---|:---|
| <br>Are you a close personal friend of a director, senior officer or control person of the Company:<br>| **Yes: ________________** | **No: ________________** |
| <br>If yes, state the name of the director, senior officer or control person of the Company |  | |
| <br>If yes, state the name of the director, senior officer or control person of the Company | | |
| <br>If yes, state how long you have known the director, senior officer or control person of the Company |  | |
| <br>If yes, state how long you have known the director, senior officer or control person of the Company | | |

---

*A close personal friend is an individual who has known the director, senior officer or control person for a sufficient period of time to be in a position to assess the capabilities and trustworthiness of the director, senior officer or control person. An individual is not a close personal friend solely because the individual is a member of the same organization, association or religious group.*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4)** **Close Business Associate of an Officer or Director** 

---

| | | |
|:---|:---|:---|
| <br>Are you a close business associate of a director, senior officer or control person of the Company:<br>| **Yes: ________________** | **No: ________________** |
| <br>If yes, state the name of the director, senior officer or control person of the Company |  | |
| <br>If yes, state the name of the director, senior officer or control person of the Company | | |
| <br>If yes, describe your business relationship with the director, senior officer or control person of the Company |  | |
| <br>If yes, describe your business relationship with the director, senior officer or control person of the Company | | |

---

 

*A close business associate is an individual who has had sufficient prior business dealings with the director, senior officer or control person to be in a position to assess the capabilities and trustworthiness of the director, senior officer or control person. A casual business associate or a person introduced or solicited for the purpose of purchasing securities is not a close business associate. An individual is not a close business associate solely because the individual is a client or former client. For example, an individual is not a close business associate of a registrant or former registrant solely because the individual is a client or former client of that registrant or former registrant. The relationship between the individual and the director, senior officer or control person must be direct. For example, the exemption is not available for a close business associate of a close business associate of a director, senior officer or control person.*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5)** **Income** 

**"income"** shall mean adjusted gross income as reported for federal tax purposes reduced by (a) any deduction for long term capital gain, (b) any deduction for depletion, (c) any exclusion for interest and (d) any losses allocated to the U.S. Shareholder as an individual

(a) Was
 your annual income for the calendar year ended December 31, 2020 over US$150,000?

---

| | |
|:---|:---|
| **Yes ______** | **No** ____ |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Was
 your annual income for the calendar year ended December 31, 2019 over US$150,000?

---

| | |
|:---|:---|
| **Yes ______** | **No ____** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Do
 you anticipate that your annual income for the year ended December 31, 2021 will be over
 US$150,000?

---

| | |
|:---|:---|
| **Yes ______** | **No ____** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Do
 you anticipate that your current amount of income will change in the foreseeable future?

---

| | |
|:---|:---|
| **Yes ______** | **No ____** |

---

If so, when, why and to what amount will that income change?:

____________________________________________________________

____________________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If
 your responses to questions 4(a) through 4(c) were "No," please provide your
 annual income for the calendar years ending December 31, 2020 and December 31, 2019.

**December 31, 2020: US$**

**December 31, 2019: US$**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If
 your responses to questions 4(a) through 4(c) were "No" please provide your joint
 annual income with your spouse for the calendar years ending December 31, 2020 and December
 31, 2019.

**December 31, 2020: US$**

_________________________________________________________________________________

**December 31, 2019: US$**

_________________________________________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6)** **Net Worth** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please
 provide your net worth (for the purposes of calculating net worth: (i) your primary residence
 shall not be included as an asset; (ii) indebtedness that is secured by your primary residence,
 up to the estimated fair market value of the primary residence at the time of the sale and
 purchase of Securities contemplated by the accompanying Share Exchange Agreement, shall not
 be included as a liability (except that if the amount of such indebtedness outstanding at
 the time of the sale and purchase of the Securities contemplated by the accompanying Share
 Exchange Agreement exceeds the amount outstanding 60 days before such time, other than as
 a result of the acquisition of the primary residence, the amount of such excess shall be
 included as a liability); and (iii) indebtedness that is secured by your primary residence
 in excess of the estimated fair market value of the primary residence shall be included as
 a liability)

**Net Worth: US$**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Does
 your proposed purchase of the Securities exceed:

---

| | |
|:---|:---|
| _____ | 10% of your net worth (excluding your personal residence, home furnishings and automobiles)? |

---

---

| | |
|:---|:---|
| _____ | 20% of your net worth (excluding your personal residence, home furnishings and automobiles)? |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7)** **Educational Background** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8)** Briefly
 describe educational background, relevant institutions attended, dates, degrees:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(9)** Briefly
 describe business involvement or employment during the past IO years or since graduation
 from school, whichever period is shorter. (Specific employers need not be named. A sufficient
 description is needed to assist the Company in determining the extent of vocationally related
 experience in financial and business matters).

------

**7.** **Investment experience** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please
 indicate the frequency of your investment in marketable securities:

---

| | | | |
|:---|:---|:---|:---|
| () **Often;** | () **Occasionally; ;** | () **Seldom; ;** | () **Never.** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Please
 indicate the frequency of your investment in commodities futures:

---

| | | | |
|:---|:---|:---|:---|
| () **Often;** | () **Occasionally; ;** | () **Seldom; ;** | () **Never.** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Please
 indicate the frequency of your investment in options:

---

| | | | |
|:---|:---|:---|:---|
| () **Often;** | () **Occasionally; ;** | () **Seldom; ;** | () **Never.** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Please
 indicate the frequency of your investment in securities purchased on margin:

---

| | | | |
|:---|:---|:---|:---|
| () **Often;** | () **Occasionally; ;** | () **Seldom; ;** | () **Never.** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Please
 indicate the frequency of your investment in unmarketable securities;

---

| | | | |
|:---|:---|:---|:---|
| () **Often;** | () **Occasionally; ;** | () **Seldom; ;** | () **Never.** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(10)** Have
 your purchased securities sold in reliance on the private offering Exemption from registration
 pursuant to the U.S. Securities Act or any state laws during the past three years?

Yes _________ No _________

If you answered "Yes," please provide the following information:

---

| | | | |
|:---|:---|:---|:---|
| Year | Nature of Security | Business of issuer | Total amount invested |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(11)** Do
 you believe you have sufficient knowledge and experience in financial and business affairs
 that you can evaluate the merits and risks of a purchase of the Securities?

Yes _________ No _________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(12)** Do
 you believe you have sufficient knowledge of investments in general, and investments similar
 to a purchase of the Securities in particular, to evaluate the risks associated with a purchase
 of the Securities?

Yes _________ No _________

You hereby acknowledge that the foregoing statements are true and accurate to the best of your information and belief and that you will promptly notify the Company of any changes in the foregoing answers.

**ONLY U.S. SHAREHOLDERS WHO ARE <u>NOT</u> ACCREDITED INVESTORS NEED TO COMPLETE AND SIGN**

---

| | |
|:---|:---|
| Dated _______________________________ 2021. |  |
|  | **X** |
|  | Signature of individual (if U.S. Shareholder **is** an individual) |
|  | **X** |
|  | Authorized signatory (if U.S. Shareholder is **not** an individual) |
|  | Name of U.S. Shareholder **(please print)** |
|  | Address of U.S. Shareholder **(please print)** |
|  | Name of authorized signatory **(please print)** |
|  | Official capacity of authorized signatory **(please print)** |

---

**Appendix "C" to**

<u>U.S. REPRESENTATION LETTER FOR U.S. SHAREHOLDERS</u>

Form of Declaration for Removal of Legend

---

| | |
|:---|:---|
| **TO:** | **1284670 B.C. Ltd. (the "Corporation")** |

---

---

| | |
|:---|:---|
| **TO:** | **Registrar and transfer agent for the shares of the Corporation** |

---

The undersigned (A) acknowledges that the sale of __________________________ (the **"Securities")** of the Corporation, represented by certificate number(s) , to which this declaration relates is being made in reliance on Rule 904 of Regulation S under the United States Securities Act of 1933, as amended (the **"U.S. Securities Act"),** and (B) certifies that (1) the undersigned is not (a) an "affiliate" of the Corporation (as that term is defined in Rule 405 under the U.S. Securities Act, except any officer or director of the Company who is an affiliate solely by virtue of holding such position) (b) a "distributor" as defined in Regulation S or (c) an affiliate of a distributor; (2) the offer of such Securities was not made to a person in the United States and either (a) at the time the buy order was originated, the buyer was outside the United States, or the seller and any person acting on its behalf reasonably believed that the buyer was outside the United States, or (b) the transaction was executed on or through the facilities of the Toronto Stock Exchange, the TSX Venture Exchange, the Canadian Securities Exchange or another "designated offshore securities market", and neither the seller nor any person acting on its behalf knows that the transaction has been prearranged with a buyer in the United States; (3) neither the seller nor any affiliate of the seller nor any person acting on their behalf has engaged or will engage in any directed selling efforts in the United States in connection with the offer and sale of such Securities; (4) the sale is bona fide and not for the purpose of "washing off' the resale restrictions imposed because the Securities are "restricted securities" (as that term is defined in Rule 144(a)(3) under the U. S. Securities Act); (5) the seller does not intend to replace such Securities with fungible unrestricted securities; and (6) the contemplated sale is not a transaction, or part of a series of transactions, which, although in technical compliance with Regulation S, is part ofa plan or scheme to evade the registration provisions of the U.S. Securities Act. Terms used herein have the meanings given to them by Regulation S under the U.S. Securities Act.

---

| | |
|:---|:---|
| Dated ______________ 20 | **X** |
|  | Signature of individual (if Seller **is** an individual) |
|  | **X** |
|  | Authorized signatory (if Seller is **not** an individual) |
|  | Name of Seller **(please print)** |
|  | Name of authorized signatory **(please print)** |
|  | Official capacity of authorized signatory **(please print)** |

---

**Affirmation by Seller's Broker-Dealer** 

**(Required for sales pursuant to Section (B)(2)(b) above)**

We have read the foregoing representations of our customer, ____________________________ (the **"Seller"),** dated ___________________, 20___ , with regard to the sale, for such Seller's account, of _________________ common shares (the **"Securities")** of BCCO Capital Partners Inc. (the "Corporation") represented by certificate number(s)________________________. We have executed sales of the Securities pursuant to Rule 904 of Regulation S under the United States Securities Act of 1933, as amended (the **"U.S. Securities Act"),** on behalf of the Seller. In that connection, we hereby represent to you as follows:

(1) no offer to sell Securities was made to a person in the United States;

(2) the
 sale of the Securities was executed in, on or through the facilities of the Toronto Stock
 Exchange, the TSX Venture Exchange, the Canadian Securities Exchange or another "designated
 offshore securities market" (as defined in Rule 902(b) of Regulation S under the U.S.
 Securities Act), and, to the best of our knowledge, the sale was not pre-arranged with a
 buyer in the United States;

(3) no
 "directed selling efforts" were made in the United States by the undersigned,
 any affiliate of the undersigned, or any person acting on behalf of the undersigned; and

(4) we
 have done no more than execute the order or orders to sell the Securities as agent for the
 Seller and will receive no more than the usual and customary broker's commission that
 would be received by a person executing such transaction as agent.

For purposes of these representations: "affiliate" means a person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the undersigned; "directed selling efforts" means any activity undertaken for the purpose of, or that could reasonably be expected to have the effect of, conditioning the market in the United States for the Securities (including, but not be limited to, the solicitation of offers to purchase the Securities from persons in the United States); and "United States" means the United States of America, its territories or possessions, any State of the United States, and the District of Columbia.

Legal counsel to the Corporation shall be entitled to rely upon the representations, warranties and covenants contained herein to the same extent as if this affirmation had been addressed to them.

---

| | |
|:---|:---|
| Name of Firm | Name of Firm |
|  | Name of Firm |
| By: |  |
|  | Authorized Officer |
| Dated: | ____________________________ 20____ |

---

**SCHEDULE "D"**

**Midori Assets, IP and Employees**

**AMENDING AGREEMENT**

**THIS AGREEMENT** made as of the 31<sup>st</sup> day of October, 2021

**BETWEEN:**

**1284670 B.C. LTD.**, a corporation existing under the laws of British Columbia

(the "**Purchaser**")

OF THE FIRST PART

**AND:**

**MIDORI-BIO INC.**, a corporation existing under the laws of Ontario

("**Midori**")

OF THE SECOND PART

**WHEREAS:**

(A) the parties hereto (together with the shareholders of Midori) entered into a share exchange agreement dated effective August 30, 2021 pursuant to which, and subject to the terms thereof, the Purchaser agreed to acquire all of the issued and outstanding securities of Midori from the Midori shareholders (the "**Share Exchange Agreement**");

(B) §10.14 of the Share Exchange Agreement provides that such agreement may be amended by an agreement in writing signed by the parties thereto; and

(C) the parties hereto wish to enter into this Amending Agreement in the manner set forth herein.

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

1. In this Amending Agreement capitalized terms not otherwise defined herein will have the meaning given to them in the Share Exchange Agreement.

2. §1.01(vv) of the Share Exchange Agreement is hereby deleted in its entirety and replaced with the following:

"**Termination Date**" means January 15, 2022, or such later date as may be agreed in writing between the Purchaser and Midori;

3. The Share Exchange Agreement is, in all other respects, ratified, confirmed and approved.

4. This Amending Agreement may be executed in as many counterparts as may be necessary or by facsimile and each such counterpart or facsimile so executed are deemed to be an original and such counterparts and facsimile copies together will constitute one and the same instrument.

*(Remainder of page left intentionally blank. Signature page follows.)* 

**IN WITNESS WHEREOF**, this Amending Agreement has been executed by the parties hereto on the day and year first above written.

---

| | |
|:---|:---|
| **MIDORI - BIO INC.** | **MIDORI - BIO INC.** |
| By: | */s/ Ken Lyons* |
| Name: | Ken Lyons |
| Title: | CEO |
| **1284670 B.C. LTD.** | **1284670 B.C. LTD.** |
| By: | */s/ Karamveer Thakur* |
| Name: | Karamveer Thakur |
| Title: | Director |

---

## Exhibit 10.3

**Exhibit 10.3**

**SALES AGREEMENT**

This Sales Agreement (the "Agreement") is entered into this 1st day of July, 2021 (the "Effective Date"), between Midori-Bio Inc. ("Company"), an Ontario limited liability company with offices located at 4145 North Service Road Suite 200 Burlington, Ontario Canada L7L 6A3 and 2013097 Ontario Inc. with offices located at <u>189 Kenollie Avenue,</u> Mississauga, <u>Ontario Canada L5G 2H7</u>. Company and 2013097 Ontario Inc. are sometimes individually referred to herein as a "Party" and collectively as the "Parties".

**WHEREAS**, Company manufactures <u>or distributes</u> and sells MiDori-Bio's, MiDori BioSolution<sup>®</sup> product line (the "Products");

**WHEREAS**, Company desires to retain the 2013097 Ontario Inc. as its authorized <u>representative</u> to market, promote and sell the Products pursuant to the terms and conditions set forth herein.

**WHEREAS**, 2013097 Ontario Inc. is experienced in the <u>consumer packaged goods market</u>. 2013097 Ontario Inc. further desires and is willing to promote and sell the Products pursuant to the terms and conditions set forth in this Agreement.

**NOW, THEREFORE**, in consideration of the promises and mutual covenants contained herein and other good and valuable consideration, the adequacy and receipt of which is hereby acknowledged, the Parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. **Appointment.** Company hereby appoints 2013097 Ontario Inc. as an independent <u>and exclusive</u> sales and marketing representative of the
 Company for the Products with the approved <u>Account List (Schedule A</u> as defined below). <u>Such exclusivity extends to the same or similar products manufactured and marketed by the supplier of Midori-Bio products.</u> 

2. **Accounts.** 2013097 Ontario Inc.'s Account <u>List</u> shall consist of Consumer Packaged Goods Accounts <u>or convertors therefor</u> (the
 "Account"). The Accounts may be revised from time to time by Company to include additional Accounts at the approval of
 the Company. 2013097 Ontario Inc. shall not market or solicit customers or sales outside of the approved Account list without Company's
 prior written consent. 2013097 Ontario Inc. shall not be entitled to any compensation provided for in this Agreement with respect
 to any sales that occur outside the approved Account List. In the event 2013097 Ontario Inc. becomes aware of any inquiries and/or
 leads for the sale of Products outside the defined Account List, 2013097 Ontario Inc. will promptly refer same to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Sale of the Company!s Products.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. **Prices and Terms of Sale.** Company shall provide 2013097 Ontario Inc. with copies of its current price lists, its delivery schedules,
 and its standard terms and conditions of sale for the Products, as may be established by Company from time to time. Company may change
 the prices, delivery schedules, and terms and conditions for the Products upon 30 days prior written notice to 2013097 Ontario Inc.
 based, but any such changes shall not affect any existing contracts or pricing agreements.

3.2. **Orders; Acceptance of Orders.** All orders for the Products shall be in PO form written to the Company, once accepted by the Company, will
 be sold, invoiced and shipped by the Company. Company reserves the right to reject, at its sole discretion, any order or any
 part <u>thereof</u> for any reason and with any liability or other obligation to 2013097 Ontario Inc. or any other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. **Commission.** Company shall pay 2013097 Ontario Inc. 40% of the <u>Net Profit</u>, <u>Net Profit, for this purpose, is defined as Net Sales less (Product cost plus product logistics costs plus additional sales costs as agreed)</u> Commission payments will be made after
 full payment is received by the customer to the Company.

3.4. **Product Availability; Allocations.** Company will do its best to fill all accepted orders however Company will not be liable to ship or
 pay commissions for uncontrollable circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;4. **2013097 Ontario Inc.'s Duties and Responsibilities.** 2013097 Ontario Inc. agrees that at all times during the term of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. 2013097
 Ontario Inc. shall, at its own expense, use its best efforts to actively solicit orders for and promote the sale of the Products
 on behalf of the Company to the approved Account List. 2013097 Ontario Inc. may hire or contract with sales representatives or service
 personnel to promote the Products and perform the duties hereunder. 2013097 Ontario Inc. shall ensure that any subcontractor or sales
 representative it uses complies with the terms and conditions of this Agreement.

4.2. 2013097
 Ontario Inc. shall not make any false or misleading representations to customers or others regarding the Products or the Company.
 2013097 Ontario Inc. shall not make any representations, warranties (express or implied) or guarantees with respect to the specifications,
 features or capabilities of the Products that are not consistent with Company's documentation accompanying the Products or
 the Company's literature describing the Products.

4.3. 2013097
 Ontario Inc. will be responsible for all its costs and expenses incurred in marketing and selling the Products to the customers on
 the approved Account list and with respect to its performance of this Agreement.

4.4. Company
 may reasonably modify any of the above provisions in this Section 5 upon written notice to 2013097 Ontario Inc.

&nbsp;&nbsp;&nbsp;&nbsp;5. **No Sale of Competitive Products.** 2013097 Ontario Inc. acknowledges and agrees that the sale by 2013097 Ontario Inc. of any products
 competitive with the Company's Products will constitute a conflict of interest. 2013097 Ontario Inc. therefore will not, either
 individually or in partnership or jointly or in conjunction with any other person, firm or corporation, whether as principal, agent,
 2013097 Ontario Inc., shareholder, officer, employee, manager or otherwise, carry on or be engaged in or concerned with any corporation
 or other business enterprise engaged in or concerned with the sales of any product which is competitive with the Company's
 Products.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Company Obligations .** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. Company
 shall provide sales training to 2013097 Ontario Inc.'s personnel from time to time.

6.2. Company
 shall be responsible for obtaining any governmental approvals as may be necessary to distribute and sell the Products in the Account.

6.3. Company
 shall provide 2013097 Ontario Inc., at no charge, with marketing and technical information and promotional materials for the Products,
 such as brochures, catalogs, handbooks, specification sheets instructional material, advertising literature, product samples, and
 other Product data, as deemed necessary and at the discretion of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;7. **Intellectual Property Rights.** During the term of this Agreement, 2013097 Ontario Inc. shall have the right to indicate to the public that
 it is an authorized 2013097 Ontario Inc. of the Products and to advertise and market the Products in the Account utilizing the logos,
 trademarks, marks, and trade names that Company has or may adopt from time to time (collectively the "Company Mark(s)").
 During the term of this Agreement Company hereby grants to 2013097 Ontario Inc. a revocable, non-transferable, nonexclusive, limited
 license to use the Company Marks solely in connection with the marketing, advertisement,and sale of the Products in the Account.
 Such license shall immediately terminate upon the expiration or termination of this Agreement. 2013097 Ontario Inc. shall strictly
 comply with all standards of use for the Company Marks and must at all times display appropriate trademark and copyright notices
 as instructed by Company. All media advertising, printed materials, and electronic documents in which a Company Mark is used must
 be submitted by the 2013097 Ontario Inc. to the Company for review in advance and must not be distributed or used in any manner without
 the prior written approval of Company, which approval shall be at the Company's sole discretion. 2013097 Ontario Inc. shall
 not alter or remove any Company Mark applied to the Products. 2013097 Ontario Inc. acknowledges and agrees that the Company Marks
 and other intellectual property provided to 2013097 Ontario Inc. by Company, if any, are the sole and exclusive property of Company.
 2013097 Ontario Inc. shall not acquire any right, title, or interest under this Agreement or otherwise in any patent, copyright,
 Company Mark, or other intellectual property right of any kind of Company. No implied license, patent, copyright, or other intellectual
 property right of Company is granted under this Agreement or otherwise. During the term of this Agreement and thereafter, 2013097
 Ontario Inc. shall not do anything that will in any manner infringe, impeach, dilute, or lessen the value of the Company Marks, patents,
 copyrights, or other intellectual property of Company or the goodwill associated therewith or that will tend to prejudice the reputation
 of the Company or the sale of any of the Company's products.

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Confidential Information .** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. Confidential
 Information. 2013097 Ontario Inc. acknowledges that by reason of its relationship to Company hereunder it will have access to certain
 information and materials that are confidential and proprietary to Company. "Confidential Information" shall mean (i)
 all information relating to Company's Products, business and operations including, but not limited to, the business plans,
 financial records, customers, suppliers, vendors, products, product samples, costs, sources, strategies, inventions, procedures,
 sales aids or literature, technical advice or knowledge, contractual agreements, pricing, price lists, product white paper, product
 specifications, trade secrets, procedures, distribution methods, inventories, marketing strategies and interests, algorithms, data,
 designs, drawings, work sheets, blueprints, concepts, samples, inventions, manufacturing processes, computer programs and systems
 and know- how or other intellectual property of Company and its affiliates that may be at any time furnished, communicated or delivered
 by Company to 2013097 Ontario Inc., whether in oral, tangible, electronic or other form; (ii) the terms of any agreement, including
 this Agreement, and the discussions, negotiations and proposals related to any agreement; (iii) information acquired during any tours
 of any Company facilities; and (iv) all other non- public information provided by Company to 2013097 Ontario Inc. including, but
 not limited, to financial, technical and business information. All Confidential Information shall remain the property of the Company.

8.2. **Use of Confidential Information, Standard of Care**. 2013097 Ontario Inc. shall maintain the Confidential Information in strict confidence
 and disclose the Confidential Information only to its employees who have a need to know such Confidential Information in order to
 fulfill the business affairs and transactions between the Parties contemplated by this Agreement and who are under confidentiality
 obligations no less restrictive than this Agreement. 2013097 Ontario Inc. shall at all times remain responsible for breaches of this
 Agreement arising from the acts of its employees and agents. 2013097 Ontario Inc. shall take every reasonable precaution to protect
 the Confidential Information to prevent its unauthorized use, disclosure, dissemination, or publication. 2013097 Ontario Inc. agrees
 not to use the Company's Confidential Information for its own purpose or for the benefit of any third party, without the prior
 written approval of the Company. 2013097 Ontario Inc. shall not decompile, disassemble, or reverse engineer all or any part of the
 Confidential Information. 2013097 Ontario Inc. will not manufacture or have manufactured any products which are the same as or similar
 to the Products using confidential designs or engineering data which have been transmitted to the 2013097 Ontario Inc. by the Company
 in connection with the sale of Products hereunder. No Confidential Information furnished to 2013097 Ontario Inc. shall be duplicated
 or copied by 2013097 Ontario Inc. except as may be strictly necessary to effectuate the purpose of this Agreement. 2013097 Ontario
 Inc. shall promptly return or, at Company's option, certify destruction of all copies of Confidential Information at any time
 upon request by Company or within ten (10) days following the expiration or earlier termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3. **Exceptions.** Confidential Information does not include information that:

8.4. was
 lawfully in 2013097 Ontario Inc.'s possession before receipt from Company as evidenced by the 2013097 Ontario Inc.'s
 written records; (b) at or after the time of disclosure by Company, becomes generally available to the public other than through
 any act or omission of 2013097 Ontario Inc.; (c) is developed by 2013097 Ontario Inc. independently of any Confidential Information
 it receives from Company as demonstrated by the 2013097 Ontario Inc.'s written records; or (d) 2013097 Ontario Inc. receives
 from a third party free to make such disclosure without breach of any legal or contractual obligation. For the purposes of this Agreement,
 disclosures which provide specific, detailed information shall not be deemed to be within the foregoing exceptions merely because
 they are embraced by more general disclosures in the public domain or in the 2013097 Ontario Inc.'s possession. In addition,
 any combination of features or components shall not be deemed to be within the foregoing exceptions merely because information about
 individual components are separately in the public domain or in 2013097 Ontario Inc.'s possession, but only if the combination
 itself and its principle of operation are in the public domain or in the lawful possession of Recipient without restriction on disclosure.
 In the event the 2013097 Ontario Inc. is requested in any legal action or proceeding to disclose any Confidential Information, the
 2013097 Ontario Inc. shall, unless prohibited by applicable law, give the Company prompt notice of such request, and shall reasonably
 assist the Company in its efforts to obtain an appropriate protective order.

8.5. **Equitable Relief.** 2013097 Ontario Inc. hereby agrees and acknowledges that any breach or threatened breach of this Agreement regarding
 the treatment of the Confidential Information will result in irreparable harm to the Company for which there will be no adequate
 remedy at law. In such event the Company shall be entitled to receive an injunction, without the necessity of posting a bond and
 without having to establish any actual damages, to prevent any further breach of this Agreement by the 2013097 Ontario Inc., in addition
 to all other remedies available in law or at equity.

&nbsp;&nbsp;&nbsp;&nbsp;9. **Limitation of Liability; Actions.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1. **EXCEPT FOR THE PARTIES INDEMNIFICATION OBLIGATIONS UNDER SECTION 11 OF THIS AGREEMENT AND 2013097 ONTARIO INC.'S CONFIDENTIALITY OBLIGATIONS UNDER SECTION 10 OF THIS AGREEMENT, IN NO EVENT SHALL EITHER PARTY BE LIABLE UNDER THIS AGREEMENT TO THE OTHER PARTY FOR ANY INCIDENTAL, CONSEQUENTIAL, INDIRECT, STATUTORY, SPECIAL, OR PUNITIVE DAMAGES, INCLUDING, BUT NOT LIMITED TO, LOST PROFITS, LOSS OF USE, LOSS OF TIME, INCONVENIENCE, LOSS BUSINESS OPPORTUNITIES, DAMAGE TO GOODWILL OR REPUTATION, OR LOSS OF DATA, REGARDLESS OF WHETHER SUCH LIABILITY IS BASED ON BREACH OF CONTRACT, TORT, STRICT LIABILITY OR OTHERWISE, AND EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES OR SUCH DAMAGES COULD HAVE BEEN REASONABLY FORESEEN. NO ACTION SHALL BE BROUGHT FOR ANY CLAIM RELATING TO OR ARISING OUT OF THIS AGREEMENT MORE THAN THREE (3) YEAR AFTER THE ACCRUAL OF SUCH CAUSE OF ACTION.** 

&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Terminations.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1. Termination
 for Breach. Either Party may terminate this Agreement at any time in the event of a breach by the other Party of a material covenant,
 commitment or obligation under this Agreement that remains uncured after 30 days following written notice thereof. Such termination
 shall be effective immediately and automatically upon the expiration of the applicable notice period, without further notice or action
 by either Party. Termination shall be in addition to any other remedies that may be available to the non- breaching Party.

10.2. Termination
 for Financial Insecurity. Either Party may terminate this Agreement immediately at its option upon written notice if the other Party:
 becomes or is declared insolvent or bankrupt; (ii) is the subject of a voluntary or involuntary bankruptcy or other proceeding related
 to its liquidation or solvency, which proceeding is not dismissed within 90 calendar days after its filing; (iii) ceases to
 do business in the normal course; or (iv) makes an assignment for the benefit of creditors. This Agreement shall terminate immediately
 and automatically upon any determination by a court of competent jurisdiction that either Party is excused or prohibited from performing
 in full all obligations hereunder, including, without limitation.

**10.3.** **As used herein, "cause" shall include:** 

10.4. A
 party's arrest or indictment for a felony involving a moral turpitude.

10.5. with
 respect to the 2013097 Ontario Inc., any crime in connection with its representation of miDori-Bio which causes miDori-Bio a substantial
 detriment.

10.6. Actions
 by a party or its agents or subcontractors which may damage the reputation of, or cause financial losses or expenses to, the other
 party hereto, or any of its affiliates.

10.7. failure
 of either party to pay an amount due hereunder within thirty (30) days of the due date thereof.

10.8. **Obligations upon Termination.** Upon termination of this Agreement, 2013097 Ontario Inc. shall immediately cease to be an independent sales
 representative of the Company. Upon termination, 2013097 Ontario Inc. shall immediately remove and not thereafter use any sign, display,
 or other advertising or marketing means containing Company Marks. In addition, 2013097 Ontario Inc. shall immediately return or destroy
 all Confidential Information, as well as all advertising matter and other printed materials in its possession or under its control
 containing the Company Marks. Within 10 days of the termination of this Agreement any reason, 2013097 Ontario Inc. shall return all
 sales, advertising, technical, Confidential Information and any other material of the Company supplied to 2013097 Ontario Inc. in
 connection with this Agreement, and 2013097 Ontario Inc. shall not make or retain any copies of same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9. **Payment of Commissions after Termination.** This Agreement shall remain in effect for a period of five (5) years (the "Term"),
 or until terminated by either party as provided for herein. This Agreement may be terminated by either party as follows: (x) immediately
 upon written notice to the other party in the event such other parties shall breach is not cured within thirty (30) days written
 notice of such breach; or (y) Immediately upon written notice to the other party for cause. In the event this agreement is not renewed
 at the election of miDori-Bio, 2013097 Ontario Inc. shall continue to earn and miDori-Bio shall continue to pay 2013097 Ontario Inc.,
 the 40% of the net profit actually collected by miDori-Bio for all product sales to Customers at the time of such non-renewal, for
 1 <u>3</u> year <u>s</u> following miDori-Bio's non-renewal of this agreement (the "Post- Termination Payments").
 Upon termination of this Agreement for any reason, 2013097 Ontario Inc shall be entitled to their percentage of net profit on all
 orders for Product invoiced to customers, regardless of when such orders are shipped prior to the termination date. No fees shall
 be payable after 1 year following the termination date. So long as 2013097 Ontario Inc. is not in default of this agreement, the
 Term Agreement shall automatically renew and extend the Term of this Agreement for five (5) years, commencing upon the expiration
 of the previous Term, provided that miDori-Bio and 2013097 Ontario Inc have the option to opt out of such renewals by providing written
 notice to the other at least nine (9) months prior to the expiration of the then current Term. Except as expressly otherwise provided
 in this Agreement, all the agreement and conditions in this Agreement shall apply to any renewal Term and such renewal Term will
 be referred to as the Term

&nbsp;&nbsp;&nbsp;&nbsp;11. **Compliance with Laws; Notification.** 2013097 Ontario Inc. agrees, at its own expense, to operate in full compliance with all governmental
 laws, regulations, and requirements applicable to the duties conducted hereunder and maintain in force all licenses, permits, and
 approvals required for its performance under this Agreement.

12. **Force Majeure.** Neither Party shall be liable for delay or failure in the performance of its obligations under this Agreement if such
 delay or failure is caused by conditions beyond its reasonable control, including but not limited to, fire, flood, inclement weather,
 accident, earthquakes, telecommunications line failures, electrical outages, network failures, acts of God, terrorism, civil commotion,
 or labor disputes. Each Party shall use reasonable efforts to notify the other Party of the occurrence of such an event within three
 (3) business days of its occurrence.

13. **Relationship of Parties.** 2013097 Ontario Inc. and its employees, subcontractors, and personnel performing any services on behalf of Company
 under this Agreement are independent contractors and not employees of Company. Except for the limited purpose of soliciting orders
 and promoting and selling the Products in the approved Account List as set forth in this Agreement, the 2013097 Ontario Inc. is not
 an agent of the Company and shall have no right or authority to make any contract, sale or other agreement in the name of, or for
 the account of the Company, or to make any representation, or to assume, create or incur any obligation or liability of any kind,
 express or implied, on behalf of the Company. 2013097 Ontario Inc. will carry all insurance necessary to comply with the workmen's
 compensation and employer's liability laws of the state(s) in which 2013097 Ontario Inc. and its personnel will perform any
 services under this Agreement, and 2013097 Ontario Inc. will be responsible for any applicable payment and withholdings of any salary,
 benefits, incentives, and any other compensation or taxes relevant to its personnel. Nothing in this Agreement, and no course of
 dealing between the Parties, shall be construed to create or imply an employment or 2013097 Ontario Inc. relationship or a partnership
 or joint venture relationship between the Parties or between one Party and the other Party's employees or agents. It is understood
 the 2013097 Ontario Inc. will not be allowed to contact the Company's product suppliers without approval from the Company.

&nbsp;&nbsp;&nbsp;&nbsp;14. **Assignment; Binding Agreement.** Neither this Agreement, nor any right or interest herein, may be assigned, in whole or in part, without the
 express written consent of the other Party, except that Company may assign this Agreement to any affiliated company or if the assignment
 is carried out as part of a merger, restructuring, or reorganization, or sale or transfer of all or substantially all of Company's
 assets upon written notice to the 2013097 Ontario Inc. Any purported assignment that is not expressly permitted by this clause shall
 be null and void. Without limiting the foregoing, this Agreement shall be binding upon the Parties hereto and their heirs, successors
 and permitted assigns.

15. **Governing Law and Venue.** This Agreement will be governed by and interpreted in accordance with the laws of the Province of Ontario, Canada,
 without giving effect to the principles of conflicts of law of such state. The UN Convention on Contracts for the International Sale
 of Goods shall not apply to this Agreement. The Parties hereby agree that any action arising out of this Agreement will be brought
 solely in any state court located in Burlington Ontario Canada. Both Parties hereby submit to the exclusive jurisdiction and venue
 of any such court. THE PARTIES FURTHER AGREE, TO THE EXTENT PERMITTED BY APPLICABLE LAW, TO WAIVE ANY RIGHT TO TRIAL BY JURY WITH
 RESPECT TO ANY CLAIM, COUNTERCLAIM OR ACTION ARISING FROM THE TERMS OF THIS AGREEMENT.

16. **Notices.** All notices shall be deemed effective when received and made in writing by either (i) registered mail, (ii) certified mail, return
 receipt requested,(iii) overnight mail, or (iv) fax with confirmation, addressed to the Party to be notified at the following address
 or to such other address as such Party shall specify by like notice hereunder:

---

| | |
|:---|:---|
| Company: |  |
|  | Midori-Bio Inc. Att: Ken Lyons<br> 4145 North Service Road<br> Suite 200 |
|  | Burlington Ontario L7L 6A3<br> E-mail: ken@midori-bio.com |
|  | 2013097 Ontario Inc.: |
|  | <u>189 Kenollie Avenue,</u><br> <u>Mississauga, Ontario</u><br> <u>Canada L5G</u> |
|  | 2H7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;17. **Severability.** If any provision or portion of this Agreement shall be held by a court of competent jurisdiction to be illegal, invalid, or unenforceable,
 the remaining provisions or portions shall remain in full force and effect.

18. **Counterparts.** This Agreement may be executed in counterparts by facsimile or electronic transmission, each of which will be deemed to be an
 original, but all of which together will constitute one and the same instrument, without necessity of production of the others.

&nbsp;&nbsp;&nbsp;&nbsp;19. **Captions; Construction.** The captions of any articles, paragraphs or sections of this Agreement are inserted for convenience purposes only
 and are in no way intended to and shall not define, limit, control or affect the meaning or construction of any provision hereof
 and each section of this Agreement shall be known and interpreted by its plain meaning. This Agreement shall not be construed more
 strongly against either Party regardless of which Party is more responsible for its preparation.

20. If
 either Party incurs any legal fees associated with the enformcent of this Agreement or any rights under this Agreement, the prevailing
 Party shall be entitled to recover its reasonable attorney's fees and any court, arbitration, meditation, or other litigation
 expenses from the other Party.

21. **Rights Cumulative.** The rights and remedies of the Parties herein provided shall be cumulative and not exclusive of any rights or remedies
 provided by law or equity.

22. **Waiver.** No waiver of any term or right in this Agreement shall be effective unless in writing, signed by an authorized <u>representative</u> of the waiving Party. The failure of either Party to enforce any provision of this Agreement shall not be construed as a waiver
 or modification of such provision, or impairment of its right to enforce such provision or any other provision of this Agreement
 thereafter.

23. **Entire Agreement; Modification.** This Agreement, including the Exhibits hereto, is the entire agreement between the Parties with respect
 to its subject matter and supersedes any prior agreements, communications and understandings between the Parties, whether written,
 oral, electronic or otherwise, relating hereto. No representation, inducement or promise has been made or relied upon by either Party,
 unless expressly set forth in this Agreement. No change, modification, amendment, or addition of or to this Agreement or any part
 thereof shall be valid unless in writing and signed by an authorized <u>representative</u> of the Party to be charged therewith.

In witness whereof, the Parties hereto have executed this Agreement on the date set forth below.

COMPANY:

MIDORI-BIO INC.

---

| | |
|:---|:---|
| By: | */s/ Ken Lyons* |
| Name: | Ken Lyons |
| Title: | coCEO/President |
| Date: | July 28 2021 |

---

2013097 ONTARIO Inc.

Name: Randy Stronge <br> Title: President <br> Date: Aug 5 2021

<u>Schedule A – (Account List)</u>

○ Grupo Phoenix

○ Polytainers Inc.

○ Intrapac

○ Onex Corp

○ Berry Global

○ Alpla Group

○ CMG Plastics

○ Airlite Plastics

○ IPL Plastics

○ IML Containers

○ Greiner Packaging

○ Winpak

○ Silgan Plastics

○ Dynamic Colour

○ Richards Packaging

○ Duncan Copland Inc.

○ Knowltan Packaging

○ Graham Packaging

○ Consolidated Bottle

○ Willard Packaging

○ Jamieson Vitamins

○ Bericap

○ Amcor

○ Hofmann Plastic

## Exhibit 10.4

**Exhibit 10.4** 

**<u>LOAN AGREEMENT</u>**

**THIS AGREEMENT** made effective December 16, 2021 (the "**Effective Date**").

**BETWEEN:**

**1284670 B.C. LTD.**, a corporation existing under the laws of British Columbia, having an office at Suite 1570 – 505 Burrard Street, Vancouver, B.C V7X 1M5

(the "**Lender**")

**AND**:

**MIDORI-BIO INC.,** a corporation existing under the laws of the Province of Ontario, having an office at 3134 Driftwood Drive, Burlington, ON L7M 3E1

(the "**Borrower**")

**WHEREAS:**

A. The Lender and the Borrower have entered into a share exchange agreement (the "**SEA**") dated August 30, 2021, as amended (the "**SEA**") whereby the Lender has agreed, subject to certain conditions precedent, to acquire the outstanding shares of the Borrower (the "**Transaction**");

B. The Borrower seeks additional capital for its operating expenses in order to be able to continue its operations pending completion of the Transaction; and

C. The Lender has agreed to loan the sum of CDN$200,000 to the Borrower, on the terms and conditions set forth herein.

**NOW THEREFORE THIS AGREEMENT WITNESSES** that for and in consideration of the terms and conditions set out herein and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties agree as follows:

1. <u>DEFINITIONS AND INTERPRETATION</u>

1.1 For the purpose of this Agreement, the following words and phrases will have meanings set forth below unless the parties or the context otherwise require(s):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **"Agreement** "
 and "**this Agreement**" means this loan agreement and all schedules hereto as the same may be amended, modified,
 replaced or restated from time to time;

(b) "**Borrower' Indebtedness**" means all present and future indebtedness and liability, direct and indirect, of the Borrower to the Lender
 arising under and pursuant to the Loan Documents (including, without limitation, at any point in time the principal amount outstanding
 under the Loan, all unpaid accrued interest thereon, and all fees and costs and expenses then payable in connection therewith);

(c) "**Business Day**" means any day other than a Saturday, Sunday or other day on which commercial banks in Vancouver British Columbia,
 are not open for business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Event of Default**" means any of the events specified in Section 11, and "**Default**" mean any of such events;

(e) "**Interest Rate**" means nil % per year;

(f) "**Lien** "
 means, with respect to any Person, any mortgage, lien, pledge, hypothecation, charge, security interest (including, without limitation,
 an assignment, notice, or security interest filed pursuant to the *Bank Act* (Canada) or similar legislation in the Province
 of British Columbia) or other encumbrance, or any interest or title of any vendor, lessor, or lender to or other secured party of
 such Person under any conditional sale or other title retention agreement, upon or with respect to any property, asset or undertaking
 of such Person, including any agreement to create any of the foregoing;

(g) "**Loan Documents**" means this Agreement, and any other documents delivered in connection with this Agreement;

(h) "**Loan** "
 means the loan in the principal amount of CDN$200,000 made available to the Borrower by the Lender pursuant to this Agreement;

(i) "**material adverse change**" and "**material adverse effect**" in respect of the Borrower means, respectively, a material
 adverse change in or a material adverse effect on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 business, operations, affairs, financial condition, property, assets or undertakings of one or more of the Borrower, or

(ii) the
 validity, priority or enforceability of any material agreement (including this Agreement) to which the Borrower is a party or by
 which any of its property, assets and undertakings are bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**material** "
 in respect of the Borrower means material in relation to the business, operations, affairs, financial condition, assets or properties
 of the Borrower;

(k) "**Maturity Date**" means March 31, 2021, unless sooner determined due to the occurrence of an Event of Default; and

(l) "**Person** "
 means and includes an individual, a partnership, a joint venture, a corporation, a limited liability company, a trust, an unincorporated
 organization and a government or any department or agency thereof.

2. <u>LOAN</u>

2.1 The Lender agrees, subject to the terms and conditions of this Agreement, to make the Loan available to the Borrower in a single advance on the Effective Date.

3. <u>PURPOSE</u>

3.1 The Loan will be made available to the Borrower for the purpose of funding the operating expenses of the Borrower.

4. <u>TERM</u>

4.1 The outstanding principal amount of the Loan together with all accrued and unpaid interest and all other amounts outstanding hereunder shall become due and payable in full on the Maturity Date, unless sooner determined by the Lender due to the occurrence of an Event of Default.

5. <u>EXTENSION OF TERM</u>

5.1 An extension of the term of the Loan will be authorized by the Lender in its sole discretion.

6. <u>INTEREST</u>

6.1 **Calculation of Interest.** The outstanding daily principal balance of the Loan will bear interest at the Interest Rate until paid in full.

6.2 **Overdue Interest.** Interest accrued but not paid on the Maturity Date and all fees, costs, and other amounts payable by the Borrower hereunder will be added to the principal balance and will bear interest at the Interest Rate until paid in full.

7. <u>REPAYMENT</u>

7.1 **No Set-off.** Any amounts payable by the Borrower under this Agreement will be paid without set-off or counterclaim, and without any deductions or withholdings whatsoever.

7.2 **Application of Payments.** Subject to the provisions hereof, all payments received by the Lender on account of the Borrower' Indebtedness will be applied first in payment of outstanding interest and secondly in reduction of the principal balance of the Loan then outstanding. If any payment is received at any time while an Event of Default remains outstanding, the Lender may appropriate such payment to such part or parts of the Borrower' Indebtedness as the Lender in its sole discretion may determine and the Lender may from time to time revoke and change any such appropriation.

7.3 **Business Day.** Notwithstanding anything in this Agreement to the contrary, any payment of principal of or interest on the Borrower' Indebtedness that is due on a date other than a Business Day will be made on the next succeeding Business Day. If the date for any payment on the Borrower' Indebtedness is extended to the next succeeding Business Day by reason of the preceding sentence, the period of such extension will not be included in the computation of the interest payable on such Business Day.

7.4 **Payments to be Made**. The Borrower will make all payments due hereunder, when due to the Lender by wire transfer to such bank account as the Lender may advise the Borrower in writing from time to time. All monies received after 12:00 p.m. (Pacific Time) will be deemed received on the next Business Day.

8. <u>CONDITIONS PRECEDENT TO THE LOAN</u>

8.1 The Lender's obligation to make the Loan is subject to the following conditions precedent having been met to the Lender's sole satisfaction or waived by the Lender in writing, namely:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Lender having received a properly executed copy of this Agreement;

(b) the
 Borrower' representations and warranties contained in this Agreement being true and correct in all material respects; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no
 Default or Event of Default has occurred or would arise immediately after giving effect to or as a result of advancing the Loan.

9. <u>REPRESENTATIONS AND WARRANTIES</u>

9.1 The Borrower represents and warrants to the Lender as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it
 is a corporation duly organized, validly existing and in good standing under the laws of British Columbia;

(b) it
 has the corporate power and capacity to carry on business, own property or interests therein, borrow and lend money, grant security,
 make, keep, observe and perform representations, warranties, covenants and agreements and incur obligations and liabilities, all
 as contemplated hereby;

(c) there
 is no action, suit, investigation or proceeding outstanding or pending against the Borrower, or any of its property, assets or undertakings
 by or before any court, arbitrator or administrative or governmental body which would reasonably be expected to have a material adverse
 effect;

(d) it
 is in compliance with all applicable laws, judgements and orders and rulings, guidelines and decisions having force of law, other
 than such non-compliance which would reasonably be expected to not have a material adverse effect;

(e) it
 is not in violation of its constating documents or applicable shareholder agreement;

(f) it
 is not a party to any agreement or instrument or subject to any restriction which has or may have a material adverse effect;

(g) it
 has not made out loans or advances to or for the benefit of any shareholder, director or affiliate of the Borrower, nor will any
 such loans be made while the Loan is outstanding;

(h) this
 Agreement has been duly authorized, executed and delivered by the Borrower and constitutes a legal, valid and binding obligation
 of the Borrower, enforceable against the Borrower in accordance with its terms, except as such enforcement may be limited by applicable
 bankruptcy, insolvency, reorganization or similar laws relating to or affecting the rights of creditors generally; and

(i) the
 execution and delivery by it of this Agreement and the performance by it of its obligations hereunder and thereunder, do not and
 will not conflict with or result in a breach of any of the terms, conditions, or provisions of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) its
 constating documents, or

(ii) any
 law, regulation, or decree applicable or binding on it or any of its property, assets and undertaking.

10. <u>COVENANTS</u>

10.1 **Positive Covenants**. So long as there remains any outstanding amount owing to the Lender under the Loan, the Borrower covenants and agrees with the Lender that the Borrower will do as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) preserve
 and maintain its corporate existence;

(b) obtain
 and maintain in effect at all times all permits and licenses required to carry on its businesses;

(c) fully
 observe and perform its obligations under the Loan Documents;

(d) comply
 with all laws, ordinances or governmental rules or regulations applicable to it or any of its property, assets and undertakings;

(e) promptly
 following its occurrence, inform the Lender of any Default or Event of Default or event which could have a materially adverse effect;

(f) promptly
 following its occurrence, inform the Lender of any actual and/or threatened litigation and all proceedings before any governmental
 or regulatory agencies or arbitration authorities affecting or which may affect the Borrower;

(g) carry
 on its business in a diligent and continuous manner and will not cause or authorize any conduct, activity or transaction that is
 likely to materially adversely affect the financial position of the Borrower;

(h) file,
 by the stipulated deadlines, its income tax returns and any other documents required, as applicable with the applicable authorities;

(i) punctually
 pay all taxes, assessments, deductions at source, withholdings, remittances, income taxes and annuities when due;

(j) ensure
 that the Loan shall be used only by the Borrower for the purposes set out in Section 3.1;

(k) at
 all times, give the Lender's representatives the right to inspect its establishments and provide access thereto, and further
 permit the Lender's representatives to examine its books of account and other records, and take extracts therefrom and/or copies
 thereof; and

(l) execute
 or cause to be executed, such further documents and instruments as the Lender may request or require in order to effectuate the terms
 and intentions of this Agreement. In the event the Borrower fails or is unable to execute or cause to be executed any such documents
 or instruments, the Borrower hereby appoint the Lender its attorney-in-fact with the full right and authority to execute and delivery
 any such documents or instruments.

10.2 **Negative Covenants.** So long as there remains any outstanding amount owing to the Lender under the Loan, the Borrower covenants and agrees with the Lender that it will not, without the prior written consent of the Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) amend
 its articles or by-laws in any manner which may adversely affect the success of the Transaction;

(b) substantially
 change the nature of its operations or business;

(c) amalgamate,
 consolidate or merge with any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) enter
 into any agreements with third parties that contains terms and conditions that conflict with the terms and conditions contained in
 this Agreement;

(e) grant,
 create, or permit any Lien to be registered against it;

(f) sell,
 exchange, lease, release or abandon or otherwise dispose of any of its property or assets to any Person, other than in the ordinary
 course of business; or

(g) make
 any advances or loans to, or any investment in, or provide any guarantees on behalf of, any Person other than the Borrower's
 subsidiaries and affiliates.

11. <u>EVENTS OF DEFAULT</u>

11.1 At the option of the Lender, the Borrower' Indebtedness will immediately become due and payable and this Agreement will become enforceable, upon the happening of any one or more of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 the Borrower defaults in any payment of principal, interest, or other money payable by it hereunder when the same becomes due hereunder
 or thereunder;

(b) if
 the Borrower defaults in any material respect in the observance or performance of something required to be done or some covenant,
 agreement, term, stipulation, provision or condition required to be observed or performed hereunder, and such default, if capable
 of being cured, is not, to the Lender's reasonable satisfaction, cured within 10 Business Days of the Borrower's receipt
 of the Lender's notice of Default;

(c) if
 any representation or warranty given by or on behalf of the Borrower herein or in any certificate, declaration, application or other
 instrument delivered pursuant hereto is found at any time to be incorrect or untrue in any material respect;

(d) if
 an order is made, a resolution is passed or a voluntary motion or a petition is filed, or an involuntary motion or a petition is
 filed and not dismissed within 10 Business Days, for the liquidation, dissolution or winding-up of the Borrower;

(e) if
 the Borrower is declared insolvent; or makes an assignment or proposal under the *Bankruptcy and Insolvency Act* or similar
 legislation in any other jurisdiction, a general assignment in favour of its creditors, or a bulk sale of its assets; or if a voluntary
 bankruptcy petition is filed by the Borrower or an involuntary a bankruptcy petition is filed or presented against the Borrower and
 not dismissed within 10 Business Days;

(f) if
 a receiver, receiver and manager, or receiver-manager, or any person with like powers, is appointed for all or any of the property,
 assets and undertakings of the Borrower;

(g) if
 any proceedings with respect to the Borrower are commenced under the *Companies Creditors Arrangement Act* (Canada) or under
 the *Bankruptcy and Insolvency Act* (Canada) or similar legislation in any other jurisdiction, and, if involuntary, are not
 dismissed or terminated within 10 Business Days;

(h) if,
 without the prior written consent of the Lender, the Borrower transfers or sells all or substantially all of its business or assets
 to any other Person;

(i) if
 the Borrower ceases, or threatens to cease, to carry on its business as the same is conducted by the Borrower from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) if
 a distress or analogous process is levied upon the any of the material property, assets or undertakings of the Borrower or any part
 thereof, unless the process is disputed in good faith;

(k) if
 one of the shareholders of the Borrower commences an action against it which action relates to the Borrower' obligations under
 this Agreement, or gives a notice of dissent in accordance with the provisions of the *Business Corporations Act* (Ontario),
 or amendments thereto or a similar notice by a shareholder under other applicable legislation; or

(l) if
 the Borrower carries on any business that it is restricted from carrying on by its contacting documents.

12. <u>WAIVER</u>

12.1 The Lender may waive any breach by the Borrower of any of the provisions contained in this Agreement or any default by the Borrower in the observance or performance of any covenant or condition required to be observed or performed by the Borrower under the terms of this Agreement; but any waiver by the Lender of such breach or default, or any failure to take any action to enforce its rights hereunder, will not extend to or be taken in any manner whatsoever to affect any subsequent breach or default or the rights resulting therefrom.

13. <u>REMEDIES UNDER THIS AGREEMENT</u>

13.1 **Remedies Cumulative.** All rights and remedies stipulated for the Lender hereunder will be deemed to be in addition to and not restrictive of the right and remedies which the Lender might be entitled to at law or in equity.

13.2 **No Waiver.** The acceptance by the Lender of any further security or of any payment of or on account of any of the Borrower' Indebtedness after a Default or of any payment on account of any past Default will not be construed to be a waiver of any right in respect of any future default or of any past default not completely cured thereby; and the Lender may, in its uncontrolled discretion, exercise any and all rights, powers, remedies and recourses available to it in accordance with this Agreement concurrently or individually without the necessity of any election.

14. <u>MISCELLANEOUS</u>

14.1 **Further Assurances.** Each of the parties hereto will forthwith at all times, and from time to time, at the Borrower' sole cost and expense, do, execute, acknowledge and deliver, or cause to be done, executed, acknowledged and delivered, all such further acts, deeds, documents and assurances which, in the opinion of a Lender, acting reasonably, are necessary or advisable for the better accomplishing and effecting of the intent of this Agreement.

14.2 **Pay Costs.** Each party will be responsible for the payment of their own legal costs and other costs incurred in connection with the preparation and negotiation of this Agreement.

14.3 **Assignment.** Neither this Agreement nor any benefits hereunder may be transferred, assigned or otherwise disposed of (i) by the Borrower to any Person without the prior written consent of the Lender and (ii) by the Lender to any Person without the prior written consent of the Borrower.

14.4 **Amendment.** No amendment, waiver or modification of, or agreement collateral to, this Agreement will be enforceable against any party hereto unless it is by a formal instrument in writing expressed to be a modification of this Agreement and executed in the same fashion as this Agreement.

14.5 **Enurement.** All covenants and other agreements in this Agreement contained by or on behalf of any of the parties hereto will bind and enure to the benefit of the respective successors and, subject to Section 14.3, assigns of the parties hereto (including, without limitation, any transferee) whether so expressed or not.

14.6 **Notice.** Any notice required or permitted to be given under this Agreement will be in writing and may be given by delivering, sending by electronic facsimile transmission or other means of electronic communication capable of producing a printed copy, or sending by prepaid registered mail or by courier capable of tracking the status of such delivery, the notice to the addresses or facsimile numbers of the respective parties as set out on the first page of this Agreement.

Any notice delivered or sent by electronic facsimile transmission or other means of electronic communication capable of producing a printed copy on a Business Day will be deemed conclusively to have been effectively given on the day the notice was delivered, or the transmission was sent successfully to the number set out above, as the case may be. Any notice sent by prepaid registered mail or courier will be deemed conclusively to have been effectively given on the day of actual delivery to the addressee of such registered mail or courier package.

14.7 **Headings for Convenience Only.** The descriptive headings of the several sections of this Agreement are inserted for convenience only and do not constitute a part of this Agreement.

14.8 **Governing Law.** This Agreement will be construed and enforced in accordance with, and the rights of the parties will be governed by the laws of British Columbia. The Lender and the Borrower hereby attorn to the courts of competent jurisdiction of courts of British Columbia in any proceedings hereunder. In addition, the Lender shall be entitled to enforce any and all rights and remedies stipulated for the Lender hereunder against the Borrower in any court of competent jurisdiction.

14.9 **Counterparts.** This Agreement may be executed simultaneously in two or more counterparts, each of which will be deemed an original, and it will not be necessary in making proof of this Agreement to produce or account for more than one such counterpart.

14.10 **Independent Covenants.** All covenants hereunder will be given independent effect so that if a particular action or condition is prohibited by any one of such covenants, the fact that it would be permitted by an exception to, or otherwise be in compliance within the limitations of, another covenant will not avoid the occurrence of a Default or Event of Default if such action is taken or such condition exists.

14.11 **Severability.** Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions of this Agreement, and any such prohibition or unenforceability in any jurisdiction shall (to the full extent permitted by law) not invalidate or render unenforceable such provision in any other jurisdiction.

14.12 **Entire Agreement.** This Agreement (including the schedules attached hereto) constitute the entire agreement between the parties with respect to the Loan and their execution has not been induced by, nor do any of the parties rely upon or regard as material, any representations or writings whatever not incorporated herein or therein and made a part hereof or thereof. This Agreement supersedes and replaces any preliminary or other agreement or arrangement, whether oral or written, express or implied, statutory or otherwise heretofore existing among the parties in respect of the Loan.

14.13 **Currency.** Unless otherwise provided for herein, all monetary amounts referred to herein shall refer to the lawful money of Canada.

**IN WITNESS WHEREOF**, the parties hereto have caused this Loan Agreement to be duly executed and delivered by their respective officers thereunto duly authorized on the 16<sup>th</sup> day of December, 2021.

---

| | |
|:---|:---|
| **1284670 B.C. LTD.** | **1284670 B.C. LTD.** |
| Per: | */s/ Karamveer Thakur* |
|  | Authorized Signatory |
| **MIDORI-BIO INC.** | **MIDORI-BIO INC.** |
| Per: | */s/ Kenneth Lyons* |
|  | Authorized Signatory |

---

## Exhibit 10.5

**Exhibit 10.5**

**PROMISSORY NOTE**

---

| | |
|:---|:---|
| $[60,000 CAD] | October 1, 2021 |

---

**FOR VALUE RECEIVED MIDORI-B10 INC.** (the **"Borrower'')** acknowledges itself indebted to and unconditionally promises to pay to or to the order of Rene Bharti (the "Lender'') the principal amount of $60,000 (CAD) together with interest on the unpaid principal balance hereunder, at the rate and as payable in accordance with the terms of this promissory note (the **"Promissory Note").**

The Borrower further agrees as follows:

---

| | |
|:---|:---|
| **1.** | **Definitions.** As used herein, the terms referenced below shall have the following meanings: |
|  | (a) **"Borrower"** has the meaning assigned to such term in the recitals; |
|  | (b) **"Business Day"** means any day other than a Saturday, Sunday or other day on which commercial banks in Toronto, Ontario are required or authorized by law to be closed; |
|  | (c) **"Event of Default"** has the meaning assigned to such term in Section 8; |
|  | (d) **"Lender''** has the meaning assigned to such term in the recitals; |
|  | (e) **"Maturity Date"** has the meaning assigned to such term in Section 3; |
|  | (f) **"Prepayment"** has the meaning assigned to such term in Section 4; and |
|  | (g) **"Promissory Note"** has the meaning assigned to such term in the recitals. |
| **2.** | **Interest.** Interest shall accrue on the principal amount outstanding at a rate of eighteen percent (18%) per annum on the basis of a 365-day year. Interest shall be payable on the Maturity Date. Interest shall be payable at the same rate before and after the occurrence and continuance of an Event of Default. |
| **3.** | **Payments of Principal and Interest.** Unless earlier payment is required by the lender pursuant to Section 7 hereof, the outstanding principal and interest payable hereunder is due on the earlier of (i) the closing of the acquisition of the Borrower pursuant to the Share Exchange Agreement dated August 31, 2021 among the Borrower, 1284670 B.C. Ltd. and the shareholders of the Borrower; and (ii) December 31, 2021 (the **"Maturity Date").** |
| **4.** | **Prepayment.** The Borrower shall be entitled, from time to time and in its sole discretion, on one occasion or multiple occasions, to prepay all or any part of the indebtedness evidenced by this Promissory Note without notice, bonus or penalty (each, a **"Prepayment").** Any Prepayment shall be applied first towards unpaid interest (if any) and then towards principal. |

---

PROMISSORY NOTE

---

| | |
|:---|:---|
| **5.** | **Representations and Warranties.** The Borrower represents and warrants and so long as this Promissory Note remains in effect shall be deemed to continuously represent and warrant that: |
| (a) | the Borrower has the legal right and corporate power and authority to enter into this Promissory Note and to do all acts and things and execute and deliver all other documents and instruments as are required hereunder to be done observed or performed by it in accordance with the terms hereof; and |
| (b) | this Promissory Note constitutes the valid and legal obligations of the Borrower subject to (i) applicable bankruptcy, reorganization, winding up, insolvency, moratorium or other similar laws of general application affecting creditors' rights and (ii) general principles of equity, including the fact that equitable remedies, such as specific performance and injunction, may only be awarded in the discretion of the court. |
| **6.** | **Conditions Precedent.** Prior to the effectiveness of this Promissory Note, unless waived in writing in advance by the Lender, the Borrower shall have delivered to the Lender the following documents, in form and substance satisfactory to the Lender: |
| (a) | an executed copy of this Promissory Note; and |
| (b) | such other documents or certificates, and completion of such other matters, as the Lender may reasonably request. |
| **7.** | **Default.** During the occurrence and continuance of an Event of Default, the Lender may, at its option, give notice that all amounts, including, for greater certainty, principal and accrued interest, owing under this Promissory Note shall be immediately due and payable at any time and the Borrower shall make immediate payment of all amounts due hereunder to or to the order of the Lender. |
|  | In addition, at any time or from time to time during the occurrence and continuance of an Event of Default, the Lender may exercise any and all remedies available to it at law, in equity and pursuant to any security it may hold at such time in connection with the Borrower's obligations under this Promissory Note. |
| **8.** | **Events of Default.** As used herein, **"Event of Default"** means the occurrence of any one or more of the following: |
| (a) | the failure of the Borrower to pay any amounts, including, for greater certainty, principal and interest, under this Promissory Note, within two (2) calendar days after such amounts are due and payable; |
| (b) | the occurrence of any of the following events: |
| (i) | the Borrower takes any steps to obtain or is granted protection from its creditors under any applicable legislation; |

---

PROMISSORY NOTE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Borrower enters into, or resolves to enter into, an arrangement or reconstruction or composition with, or assignment for the benefit
 of, all or any class of its creditors or It proposes a reorganization, moratorium or other administration involving any of them for
 reasons relating to insolvency;

(iii) the
 Borrower admits in writing that it Is unable to pay, or fails to pay, its debts generally when they fall due;

(iv) the
 Borrower resolves to wind itself up, assigns itself into bankruptcy or commits any act of bankruptcy as such term is defined In the *Bankruptcy and Insolvency Act* (Canada) or in any other legislation relating to insolvency, or gives notice of its Intention
 to do so for reasons relating to insolvency;

(v) an
 order appointing a liquidator, an administrator or a provisional liquidator in respect of the Borrower Is made and such order or
 appointment is continuing, unstayed and in effect for a period of 30 days, or one of them is appointed;

(vi) a
 receiver, receiver and manager, statutory manager, trustee or similar official is appointed in respect of the Borrower or all or
 substantially all of its assets and such order or appointment is continuing, unstayed and in effect for a period of 30 days;

(vii) an
 order is made that the Borrower be wound up;

(viii) an
 order for relief is entered against the Borrower under the *Bankruptcy and Insolvency Act* (Canada), the *Companies' Creditors Arrangement Act* (Canada) or any other present or future federal bankruptcy or insolvency laws of Canada now or hereafter
 in effect;

(ix) the
 commencement of an involuntary proceeding against the Borrower (A) seeking bankruptcy, liquidation, reorganization, dissolution,
 winding up, a composition or arrangement with creditors, readjustment of debts, or other relief with respect to it or its debts
 under any bankruptcy laws or other customary insolvency actions, or (B) seeking the appointment of a trustee, receiver, liquidator,
 custodian or other similar official of it or any substantial part of its assets, the issuance of a writ of attachment, execution, or
 similar process, or like relief if, in any case, (x) such involuntary proceeding shall remain undismissed and unstayed for a period
 of thirty (30) days, (y) the Borrower files an answer admitting the material allegations of a petition filed against it in any such
 involuntary proceeding, or (z) the Borrower consents to any relief referred to in this Section 10(c) (ix) or to the appointment of
 or taking possession by any such official in any such involuntary proceeding; or

PROMISSORY NOTE

---

| | | |
|:---|:---|:---|
|  | (x) | anything analogous or having a substantially similar effect to any of the events specified above happens in relation to the Borrower under the law of any applicable jurisdiction; |
| (c) | If any creditor of a Borrower sells, forecloses upon or otherwise takes possession of any assets of the Borrower; or | If any creditor of a Borrower sells, forecloses upon or otherwise takes possession of any assets of the Borrower; or |
| (d) | the occurrence of a default or event of default under any agreement to which the Borrower is a party with a third party or third parties resulting in a right by such third party or parties, whether or not exercised, to accelerate the maturity of any indebtedness of the Borrower. | the occurrence of a default or event of default under any agreement to which the Borrower is a party with a third party or third parties resulting in a right by such third party or parties, whether or not exercised, to accelerate the maturity of any indebtedness of the Borrower. |
| **9.** | **Assignment.** The Lender may at any time and from time to time, assign or transfer any or all of its rights, title or interest in, to and under this Promissory Note to any person. The Borrower shall not assign any or all of its obligations hereunder without the prior written consent of the Lender which may be arbitrarily or unreasonably withheld. | **Assignment.** The Lender may at any time and from time to time, assign or transfer any or all of its rights, title or interest in, to and under this Promissory Note to any person. The Borrower shall not assign any or all of its obligations hereunder without the prior written consent of the Lender which may be arbitrarily or unreasonably withheld. |
| **10.** | **Enurement.** This Promissory Note shall be binding upon and enure to the benefit of the Borrower and the Lender and their respective successors and permitted assigns. | **Enurement.** This Promissory Note shall be binding upon and enure to the benefit of the Borrower and the Lender and their respective successors and permitted assigns. |
| **11.** | **Waiver, Etc.** The Borrower hereby waives presentment, notice of dishonour, protest and notice of protest. No failure or delay by the Lender in exercising any right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right exclude other further exercise thereof or the exercise of any other right. | **Waiver, Etc.** The Borrower hereby waives presentment, notice of dishonour, protest and notice of protest. No failure or delay by the Lender in exercising any right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right exclude other further exercise thereof or the exercise of any other right. |
| **12.** | **Governing Law.** This Promissory Note shall be governed by and construed in accordance with the laws of the Province of Ontario and the laws of Canada applicable therein and the Borrower and Lender and their respective successors and permitted assigns attorn to the non-exclusive jurisdiction of the courts of Ontario. | **Governing Law.** This Promissory Note shall be governed by and construed in accordance with the laws of the Province of Ontario and the laws of Canada applicable therein and the Borrower and Lender and their respective successors and permitted assigns attorn to the non-exclusive jurisdiction of the courts of Ontario. |
| **13.** | **Rules of Interpretation.** In this Promissory Note, unless the subject matter or context clearly indicates to the contrary: | **Rules of Interpretation.** In this Promissory Note, unless the subject matter or context clearly indicates to the contrary: |
| (a) | all references to "dollars" or"$" hereunder shall mean Canadian dollars; | all references to "dollars" or"$" hereunder shall mean Canadian dollars; |
| (b) | all uses of the words "hereto", "herein", "hereof', "hereby" and "hereunder" and similar expressions refer to this Promissory Note and not to any particular section or portion of it, and all references in this Promissory Note to Sections and Schedules shall be construed to refer to Sections and Schedules to this Promissory Note; | all uses of the words "hereto", "herein", "hereof', "hereby" and "hereunder" and similar expressions refer to this Promissory Note and not to any particular section or portion of it, and all references in this Promissory Note to Sections and Schedules shall be construed to refer to Sections and Schedules to this Promissory Note; |
| (c) | words importing the singular include the plural and vice versa and words importing gender include the masculine, feminine and neutral genders; | words importing the singular include the plural and vice versa and words importing gender include the masculine, feminine and neutral genders; |
| (d) | the terms "in writing" and "written" shall include printing, typewriting or any electronic means of communication capable of being visibly reproduced at the | the terms "in writing" and "written" shall include printing, typewriting or any electronic means of communication capable of being visibly reproduced at the |

---

PROMISSORY NOTE

DATED as of the date first set out above.

**BORROWER:**

---

| | |
|:---|:---|
| **MIDORI-BIO INC.** | **MIDORI-BIO INC.** |
| **By:** | ***/s/*** *Ken Lyons* |
| **Name:** | Ken Lyons |
| **Title:** | CEO |

---

**LENDER:**

---

| | |
|:---|:---|
| **By:** | ***/s/*** *Rene Bharti* |
| **Name:** | Rene Bharti |
| **Title:** | A Man |
| **Sep. 29, 2021** | **Sep. 29, 2021** |

---

PROMISSORY NOTE

## Exhibit 10.6

**Exhibit 10.6**

**PROMISSORY NOTE**

---

| | |
|:---|:---|
| $60000.00 | October 7, 2021 |

---

**FOR VALUE RECEIVED MIDORI-BIO INC.** (the "**Borrower**") acknowledges itself indebted to and unconditionally promises to pay to or to the order of <u>1142377 BC LTD</u> (the "**Lender"**) the principal amount of <u>$60,000.00</u>, together with interest on the unpaid principal balance hereunder, at the rate and as payable in accordance with the terms of this promissory note (the "**Promissory Note**").

The Borrower further agrees as follows:

1. **Definitions.** As used herein, the terms referenced below shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Borrower**" has the meaning assigned to such term in the recitals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Business Day**" means any day other than a Saturday, Sunday or other day on which commercial banks in Toronto, Ontario are required or authorized by law to be closed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Event of Default**" has the meaning assigned to such term in Section 8;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Lender**" has the meaning assigned to such term in the recitals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Maturity Date**" has the meaning assigned to such term in Section 3;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Prepayment**" has the meaning assigned to such term in Section 4; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Promissory Note**" has the meaning assigned to such term in the recitals.

2. **Interest.** Interest
 shall accrue on the principal amount outstanding at a rate of eighteen percent (18%) per annum on the basis of a 365-day year.
 Interest shall be payable on the Maturity Date. Interest shall be payable at the same rate before and after the occurrence and
 continuance of an Event of Default.

3. **Payments of Principal and Interest.** Unless earlier payment is required by the Lender pursuant to Section 7 hereof, the outstanding principal
 and interest payable hereunder is due on the earlier of (i) the closing of the acquisition of the Borrower pursuant to the Share
 Exchange Agreement dated August 31, 2021 among the Borrower, 1284670 B.C. Ltd. and the shareholders of the Borrower; and (ii) December
 31, 2021 (the "**Maturity Date** ").

4. **Prepayment.** The Borrower shall be entitled, from time to time and in its sole discretion, on one occasion or multiple occasions, to prepay
 all or any part of the indebtedness evidenced by this Promissory Note without notice, bonus or penalty (each, a "**Prepayment** ").
 Any Prepayment shall be applied first towards unpaid interest (if any) and then towards principal.

5. **Representations and Warranties.** The Borrower represents and warrants and so long as this Promissory Note remains in effect shall be deemed to
 continuously represent and warrant that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Borrower has the legal right and corporate power and authority to enter into this Promissory Note and to do all acts and things and
 execute and deliver all other documents and instruments as are required hereunder to be done observed or performed by it in accordance
 with the terms hereof; and

(b) this
 Promissory Note constitutes the valid and legal obligations of the Borrower subject to (i) applicable bankruptcy, reorganization,
 winding up, insolvency, moratorium or other similar laws of general application affecting creditors' rights and (ii) general
 principles of equity, including the fact that equitable remedies, such as specific performance and injunction, may only be awarded
 in the discretion of the court.

6. **Conditions Precedent.** Prior to the effectiveness of this Promissory Note, unless waived in writing in advance by the Lender, the Borrower
 shall have delivered to the Lender the following documents, in form and substance satisfactory to the Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an
 executed copy of this Promissory Note; and

(b) such
 other documents or certificates, and completion of such other matters, as the Lender may reasonably request.

---

| | |
|:---|:---|
| 7. | **Default.** During the occurrence and continuance of an Event of Default, the Lender may, at its option, give notice that all amounts, including, for greater certainty, principal and accrued interest, owing under this Promissory Note shall be immediately due and payable at any time and the Borrower shall make immediate payment of all amounts due hereunder to or to the order of the Lender. |
|  | In addition, at any time or from time to time during the occurrence and continuance of an Event of Default, the Lender may exercise any and all remedies available to it at law, in equity and pursuant to any security it may hold at such time in connection with the Borrower's obligations under this Promissory Note. |

---

8. **Events of Default.** As used herein, "**Event of Default**" means the occurrence of any one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 failure of the Borrower to pay any amounts, including, for greater certainty, principal and interest, under this Promissory Note,
 within two (2) calendar days after such amounts are due and payable;

(b) the
 occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Borrower takes any steps to obtain or is granted protection from its creditors under any applicable legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Borrower enters into, or resolves to enter into, an arrangement or reconstruction or composition with, or assignment for the benefit
 of, all or any class of its creditors or it proposes a reorganization, moratorium or other administration involving any of them for
 reasons relating to insolvency;

(iii) the
 Borrower admits in writing that it is unable to pay, or fails to pay, its debts generally when they fall due;

(iv) the
 Borrower resolves to wind itself up, assigns itself into bankruptcy or commits any act of bankruptcy as such term is defined in the *Bankruptcy and Insolvency Act* (Canada) or in any other legislation relating to insolvency, or gives notice of its intention
 to do so for reasons relating to insolvency;

(v) an
 order appointing a liquidator, an administrator or a provisional liquidator in respect of the Borrower is made and such order or
 appointment is continuing, unstayed and in effect for a period of 30 days, or one of them is appointed;

(vi) a
 receiver, receiver and manager, statutory manager, trustee or similar official is appointed in respect of the Borrower or all or
 substantially all of its assets and such order or appointment is continuing, unstayed and in effect for a period of 30 days;

(vii) an
 order is made that the Borrower be wound up;

(viii) an
 order for relief is entered against the Borrower under the *Bankruptcy and Insolvency Act* (Canada), the *Companies' Creditors Arrangement Act* (Canada) or any other present or future federal bankruptcy or insolvency laws of Canada now or hereafter
 in effect;

(ix) the
 commencement of an involuntary proceeding against the Borrower (A) seeking bankruptcy, liquidation, reorganization, dissolution,
 winding up, a composition or arrangement with creditors, readjustment of debts, or other relief with respect to it or its debts under
 any bankruptcy laws or other customary insolvency actions, or (B) seeking the appointment of a trustee, receiver, liquidator, custodian
 or other similar official of it or any substantial part of its assets, the issuance of a writ of attachment, execution, or similar
 process, or like relief if, in any case, (x) such involuntary proceeding shall remain undismissed and unstayed for a period of thirty
 (30) days, (y) the Borrower files an answer admitting the material allegations of a petition filed against it in any such involuntary
 proceeding, or (z) the Borrower consents to any relief referred to in this Section 10(c)(ix) or to the appointment of or taking possession
 by any such official in any such involuntary proceeding; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) anything
 analogous or having a substantially similar effect to any of the events specified above happens in relation to the Borrower under
 the law of any applicable jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if
 any creditor of a Borrower sells, forecloses upon or otherwise takes possession of any assets of the Borrower; or

(d) the
 occurrence of a default or event of default under any agreement to which the Borrower is a party with a third party or third parties
 resulting in a right by such third party or parties, whether or not exercised, to accelerate the maturity of any indebtedness of
 the Borrower.

9. **Assignment.** The Lender may at any time and from time to time, assign or transfer any or all of its rights, title or interest in, to and under
 this Promissory Note to any person. The Borrower shall not assign any or all of its obligations hereunder without the prior written
 consent of the Lender which may be arbitrarily or unreasonably withheld.

10. **Enurement.** This Promissory Note shall be binding upon and enure to the benefit of the Borrower and the Lender and their respective successors
 and permitted assigns.

11. **Waiver, Etc.** The Borrower hereby waives presentment, notice of dishonour, protest and notice of protest. No failure or delay by the Lender
 in exercising any right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right exclude
 other further exercise thereof or the exercise of any other right.

12. **Governing Law.** This Promissory Note shall be governed by and construed in accordance with the laws of the Province of Ontario and the laws
 of Canada applicable therein and the Borrower and Lender and their respective successors and permitted assigns attorn to the non-exclusive
 jurisdiction of the courts of Ontario.

13. **Rules of Interpretation.** In this Promissory Note, unless the subject matter or context clearly indicates to the contrary:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 references to "dollars" or "$" hereunder shall mean Canadian dollars;

(b) all
 uses of the words "hereto", "herein", "hereof", "hereby" and "hereunder"
 and similar expressions refer to this Promissory Note and not to any particular section or portion of it, and all references in this
 Promissory Note to Sections and Schedules shall be construed to refer to Sections and Schedules to this Promissory Note;

(c) words
 importing the singular include the plural and vice versa and words importing gender include the masculine, feminine and neutral genders;

(d) the
 terms "in writing" and "written" shall include printing, typewriting or any electronic means of communication
 capable of being visibly reproduced at the point of reception, including, without limitation, telexes, telegraphs or facsimile; and

(e) the
 division of this Promissory Note into sections and the insertion of headings are for reference only and are not to affect the construction
 or interpretation of this Promissory Note.

14. **Severability**.
 Any provision of this Promissory Note which is prohibited or unenforceable in any jurisdiction shall not invalidate the remaining
 provisions and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision
 in any other jurisdiction.

 

*[Signature Page to Follow]* 

 

 

DATED as of the date first set out above.

**BORROWER:**

---

| | |
|:---|:---|
| **MIDORI-BIO INC.** | **MIDORI-BIO INC.** |
| By: | */s/ Kenneth Lyons* |
| Name: |  |
| Title: |  |

---

**LENDER:**

---

| | |
|:---|:---|
| **1142377 BC LTD** | **1142377 BC LTD** |
| By: | */s/ Karan Thakur* |
| Name: | Karan Thakur |
| Title: | Director |

---

## Exhibit 10.7

**Exhibit 10.7**

**PROMISSORY NOTE**

---

| | |
|:---|:---|
| $60000.00 | October 4, 2021 |

---

**FOR VALUE RECEIVED MIDORI-BIO INC.** (the "**Borrower**") acknowledges itself indebted to and unconditionally promises to pay to or to the order of <u>1142377 BC LTD</u> (the "**Lender"**) the principal amount of <u>$60,000.00</u>, together with interest on the unpaid principal balance hereunder, at the rate and as payable in accordance with the terms of this promissory note (the "**Promissory Note**").

The Borrower further agrees as follows:

1. **Definitions.** As used herein, the terms referenced below shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Borrower** "
 has the meaning assigned to such term in the recitals;

(b) "**Business Day**" means any day other than a Saturday, Sunday or other day on which commercial
 banks in Toronto, Ontario are required or authorized by law to be closed;

(c) "**Event of Default**" has the meaning assigned to such term in Section 8;

(d) "**Lender** "
 has the meaning assigned to such term in the recitals;

(e) "**Maturity Date**" has the meaning assigned to such term in Section 3;

(f) "**Prepayment** "
has the meaning assigned to such term in Section 4; and

(g) "**Promissory Note**" has the meaning assigned to such term in the recitals.

2. **Interest.** Interest shall accrue on the principal amount outstanding at a rate of eighteen percent
 (18%) per annum on the basis of a 365-day year. Interest shall be payable on the Maturity
 Date. Interest shall be payable at the same rate before and after the occurrence and continuance
 of an Event of Default.

3. **Payments of Principal and Interest.** Unless earlier payment is required by the Lender pursuant
 to Section 7 hereof, the outstanding principal and interest payable hereunder is due on the
 earlier of (i) the closing of the acquisition of the Borrower pursuant to the Share Exchange
 Agreement dated August 31, 2021 among the Borrower, 1284670 B.C. Ltd. and the shareholders
 of the Borrower; and (ii) December 31, 2021 (the "**Maturity Date** ").

4. Prepayment.
 The Borrower shall be entitled, from time to time and in its sole discretion, on one occasion
 or multiple occasions, to prepay all or any part of the indebtedness evidenced by this Promissory
 Note without notice, bonus or penalty (each, a "**Prepayment** "). Any Prepayment
 shall be applied first towards unpaid interest (if any) and then towards principal.

5. **Representations and Warranties.** The Borrower represents and warrants and so long as this Promissory Note
 remains in effect shall be deemed to continuously represent and warrant that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Borrower has the legal right and corporate power and authority to enter into this Promissory
 Note and to do all acts and things and execute and deliver all other documents and instruments
 as are required hereunder to be done observed or performed by it in accordance with the terms
 hereof; and

(b) this
 Promissory Note constitutes the valid and legal obligations of the Borrower subject to (i)
 applicable bankruptcy, reorganization, winding up, insolvency, moratorium or other similar
 laws of general application affecting creditors' rights and (ii) general principles
 of equity, including the fact that equitable remedies, such as specific performance and injunction,
 may only be awarded in the discretion of the court.

6. **Conditions Precedent.** Prior to the effectiveness of this Promissory Note, unless waived in writing
 in advance by the Lender, the Borrower shall have delivered to the Lender the following documents,
 in form and substance satisfactory to the Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an
 executed copy of this Promissory Note; and

(b) such
 other documents or certificates, and completion of such other matters, as the Lender may
 reasonably request.

---

| | |
|:---|:---|
| 7. | **Default.** During the occurrence and continuance of an Event of Default, the Lender may, at its option, give notice that all amounts, including, for greater certainty, principal and accrued interest, owing under this Promissory Note shall be immediately due and payable at any time and the Borrower shall make immediate payment of all amounts due hereunder to or to the order of the Lender. |
|  | In addition, at any time or from time to time during the occurrence and continuance of an Event of Default, the Lender may exercise any and all remedies available to it at law, in equity and pursuant to any security it may hold at such time in connection with the Borrower's obligations under this Promissory Note. |

---

8. **Events of Default.** As used herein, "**Event of Default**" means the occurrence
 of any one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 failure of the Borrower to pay any amounts, including, for greater certainty, principal and
 interest, under this Promissory Note, within two (2) calendar days after such amounts are
 due and payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Borrower takes any steps to obtain or is granted protection from its creditors under any
 applicable legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Borrower enters into, or resolves to enter into, an arrangement or reconstruction or composition
 with, or assignment for the benefit of, all or any class of its creditors or it proposes
 a reorganization, moratorium or other administration involving any of them for reasons relating
 to insolvency;

(iii) the
 Borrower admits in writing that it is unable to pay, or fails to pay, its debts generally
 when they fall due;

(iv) the
 Borrower resolves to wind itself up, assigns itself into bankruptcy or commits any act of
 bankruptcy as such term is defined in the *Bankruptcy and Insolvency Act* (Canada) or
 in any other legislation relating to insolvency, or gives notice of its intention to do so
 for reasons relating to insolvency;

(v) an
 order appointing a liquidator, an administrator or a provisional liquidator in respect of
 the Borrower is made and such order or appointment is continuing, unstayed and in effect
 for a period of 30 days, or one of them is appointed;

(vi) a
 receiver, receiver and manager, statutory manager, trustee or similar official is appointed
 in respect of the Borrower or all or substantially all of its assets and such order or appointment
 is continuing, unstayed and in effect for a period of 30 days;

(vii) an
 order is made that the Borrower be wound up;

(viii) an
 order for relief is entered against the Borrower under the *Bankruptcy and Insolvency Act* (Canada), the *Companies' Creditors Arrangement Act* (Canada) or any other
 present or future federal bankruptcy or insolvency laws of Canada now or hereafter in effect;

(ix) the
 commencement of an involuntary proceeding against the Borrower (A) seeking bankruptcy, liquidation,
 reorganization, dissolution, winding up, a composition or arrangement with creditors, readjustment
 of debts, or other relief with respect to it or its debts under any bankruptcy laws or other
 customary insolvency actions, or (B) seeking the appointment of a trustee, receiver, liquidator,
 custodian or other similar official of it or any substantial part of its assets, the issuance
 of a writ of attachment, execution, or similar process, or like relief if, in any case, (x)
 such involuntary proceeding shall remain undismissed and unstayed for a period of thirty
 (30) days, (y) the Borrower files an answer admitting the material allegations of a petition
 filed against it in any such involuntary proceeding, or (z) the Borrower consents to any
 relief referred to in this Section 10(c)(ix) or to the appointment of or taking possession
 by any such official in any such involuntary proceeding; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) anything
 analogous or having a substantially similar effect to any of the events specified above happens
 in relation to the Borrower under the law of any applicable jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if
 any creditor of a Borrower sells, forecloses upon or otherwise takes possession of any assets
 of the Borrower; or

(d) the
 occurrence of a default or event of default under any agreement to which the Borrower is
 a party with a third party or third parties resulting in a right by such third party or parties,
 whether or not exercised, to accelerate the maturity of any indebtedness of the Borrower.

9. **Assignment.** The Lender may at any time and from time to time, assign or transfer any or all of its
 rights, title or interest in, to and under this Promissory Note to any person. The Borrower
 shall not assign any or all of its obligations hereunder without the prior written consent
 of the Lender which may be arbitrarily or unreasonably withheld.

10. **Enurement.** This Promissory Note shall be binding upon and enure to the benefit of the Borrower and
 the Lender and their respective successors and permitted assigns.

11. **Waiver, Etc.** The Borrower hereby waives presentment, notice of dishonour, protest and notice
 of protest. No failure or delay by the Lender in exercising any right hereunder shall operate
 as a waiver thereof, nor shall any single or partial exercise of any right exclude other
 further exercise thereof or the exercise of any other right.

12. **Governing Law.** This Promissory Note shall be governed by and construed in accordance with the laws
 of the Province of Ontario and the laws of Canada applicable therein and the Borrower and
 Lender and their respective successors and permitted assigns attorn to the non-exclusive
 jurisdiction of the courts of Ontario.

13. **Rules of Interpretation.** In this Promissory Note, unless the subject matter or context clearly
 indicates to the contrary:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 references to "dollars" or "$" hereunder shall mean Canadian dollars;

(b) all
 uses of the words "hereto", "herein", "hereof", "hereby"
 and "hereunder" and similar expressions refer to this Promissory Note and not
 to any particular section or portion of it, and all references in this Promissory Note to
 Sections and Schedules shall be construed to refer to Sections and Schedules to this Promissory
 Note;

(c) words
 importing the singular include the plural and vice versa and words importing gender include
 the masculine, feminine and neutral genders;

(d) the
 terms "in writing" and "written" shall include printing, typewriting
 or any electronic means of communication capable of being visibly reproduced at the point
 of reception, including, without limitation, telexes, telegraphs or facsimile; and

(e) the
 division of this Promissory Note into sections and the insertion of headings are for reference
 only and are not to affect the construction or interpretation of this Promissory Note.

14. **Severability**.
 Any provision of this Promissory Note which is prohibited or unenforceable in any jurisdiction
 shall not invalidate the remaining provisions and any such prohibition or unenforceability
 in any jurisdiction shall not invalidate or render unenforceable such provision in any other
 jurisdiction.

 

*[Signature Page to Follow]*

 

DATED as of the date first set out above.

---

| | | |
|:---|:---|:---|
| **BORROWER:** |  |  |
|  | **MIDORI-BIO INC.** | **MIDORI-BIO INC.** |
|  | By: | */s/ Ken Lyons* |
|  | Name: | Ken Lyons |
|  | Title: |  |

---

---

| | | |
|:---|:---|:---|
| **LENDER:** |  |  |
|  | **1142377 BC LTD** | **1142377 BC LTD** |
|  | By: | */s/ Karan Thakur* |
|  | Name: | Karan Thakur |
|  | Title: | Director |

---

## Exhibit 10.8

**Exhibit 10.8**

**Consulting Agreement**

**This Consulting Agreement** (the "***Agreement***") is made and entered into as of October 22, 2021

Among:

Midori-Bio Inc.

5 Hazelton Ave. Suite 400 Toronto, Ontario

M5R 2E1

(the "***Company***")

And:

Ben Mulroney

196 Inglewood Dr

Toronto ON M4T 1H9

(the "***Consultant***").

The Company and the Consultant may be referred to herein individually as a "***Party***" or collectively, as the "***Parties***."

**R** **ECITAL**

As part of its ongoing business, the Company desires to retain qualified individuals to advise and assist the Company with respect to Business Development. In furtherance thereof, the Company desires to retain Consultant, and Consultant is willing to serve, as a VP Business Development and Communication. The Company and Consultant desire to enter into this relationship on the terms and conditions set forth herein.

**AGREEMENT**

In consideration of the mutual covenants set forth below, the Parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Consulting Services.** 

Effective as of date first written above (the "***Effective Date***") October 22, 2021, the Company hereby retains Consultant, and Consultant hereby agrees to serve, as the VP of Business Development and Communication. The Consultant agrees to devote his reasonable efforts to provide the services on an as-is and as-available basis (the "***Services***"). It is understood that the consultant will allocate a minimum of (20) hour per week either by phone or in person and that the main objective of duties which include the following:

1. The Consultant, through the activist of Ben Mulroney will perform the following duties:

● sourcing & developing new business customers

● support company's government relations strategies

● support company's B2B and B2C relationships

● support company's PR outreach

● support company's investor relationships

● consult and meet with company principles and occasionally with our associate consultants and ambassadors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Compensation.** 

As full and complete compensation for performing the Services, the Company will pay the following compensation to the Consultant:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Consultant will be paid a monthly fee of CDN $10,000 per month starting on November 22, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Consultant will have the right to use the title "VP of Business Development and Communication."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon listing of the securities of the Company (including any successor or acquiror) ("**Listing**"), the Company will award 250,000 RSUs to the Consultant pursuant to the terms of an RSU plan. Such RSU's are intended to entitle the Consultant to receive 250,000 common shares of the Company for nil monetary consideration. In the event that this Agreement is still in effect and in good standing, such shares will be released to the Consultant after Listing as follows:

● 25% 4 months after Listing

● 25% 8 months after Listing

● 25% 12 months after Listing and

● 25% 16 months after Listing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon Listing, the Company (including any successor or acquiror) will grant 500,000 stock options at the listing price (currently estimated to be $0.50) to the Consultant pursuant to the terms of the Company's stock option plan (or the option plan of any successor or acquiror). Such stock options which will be valid for a term of 5 years and will vest and be exercisable on the following basis:

● 12,500 options are exercisable for every $500,000 of gross profit generated and collected from clients that are introduced and enter into an ongoing contract with the Company solely as a result of the Consultant's efforts.

2. ● The ability to exercise options will expire 90 days after this Agreement is terminated or otherwise in accordance with the terms of the applicable stock option plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Consultant will be paid a commission of 5% of the net profits from any clients that are introduced and enter into an ongoing contract with the Company solely as a result of the Consultant's efforts. Such collected net profits will be calculated on a quarterly basis and paid quarterly so long as this Agreement in effect and in good standing. For the avoidance of doubt, such payments will cease 90 days after termination of the consulting relationship among the parties. All such payments will be made within 45 days after quarter-end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Company will also reimburse Consultant promptly for reasonable travel and other incidental expenses incurred by Consultant in performing the Services under this Agreement; provided, however, that the Company will not be obligated hereunder unless (i) the Company has agreed in advance to reimburse such costs and (ii) Consultant provides the Company with appropriate receipts or other relevant documentation for all such costs as part of any submission for reimbursement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Independent Contractor.** 

The Parties understand and agree that Consultant is an independent contractor and not an employee of the Company. Consultant has no authority to obligate the Company by contract or otherwise. Consultant will not be eligible for any employee benefits, nor will the Company make deductions from Consultant's fees for taxes (except as otherwise required by applicable law or regulation). Any taxes imposed on Consultant due to activities performed hereunder will be the sole responsibility of Consultant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Recognition of Company's Rights; Nondisclosure.** 

Consultant recognizes that the Company is engaged in a continuous program of research and development respecting its business activities. Without limiting the Confidentiality and Proprietary Information Agreement attached hereto, Consultant agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At all times during the term of Consultant's association with the Company and thereafter, Consultant will hold in strictest confidence and will not disclose, use, lecture upon or publish any of the Company's Proprietary Information (defined below), except to the extent such disclosure, use or publication may be (i) required in direct connection with Consultant's performing requested Services for the Company, (ii) is expressly authorized in writing or by email by an officer of the Company, or (iii) is expressly required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The term "***Proprietary Information***" shall mean any and all trade secrets, confidential knowledge, know-how, data or other proprietary information or materials of the Company. By way of illustration but not limitation, Proprietary Information includes: (i) inventions, ideas, samples, procedures and formulations for producing any such samples, processes, formulas, data, know-how, improvements, discoveries, developments, designs and techniques arising from the Services or otherwise disclosed or made available to Consultant by or on behalf of Company; and (ii) information regarding Company's plans for investment or research, development, new products, marketing and selling, business plans, budgets and unpublished financial statements, licenses, prices and costs, suppliers and customers; and (iii) information regarding the skills and compensation of employees or other consultants of the Company.

3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Consultant understands that the Company has received and in the future will receive from third parties confidential or proprietary information ("***Third Party Information***") subject to a duty on the Company's part to maintain the confidentiality of such information and to use it only for certain limited purposes. During the term of Consultant's association and thereafter, Consultant will hold Third Party Information in the strictest confidence and will not disclose or use Third Party Information, except (i) in connection with Consultant's performing requested Services for the Company, (ii) as expressly authorized in writing or by email by an officer of the Company, or (iii) as expressly required law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Consultant agrees that, during the term of Consultant's association with the Company, the Company may use Consultant's name in connection with the Company's marketing activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Non-Competition and Non-Solicitation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Consultant covenants, undertakes and agrees with the Company that during the term of this Agreement and for a period of three (3) years from the date of expiration or termination of this Agreement for any reason whatsoever, he will not, on his/her own behalf or on behalf of any person, whether directly or indirectly, in any capacity whatsoever:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) offer employment to or solicit the employment of or otherwise entice away from the employment of the Company or any affiliated entity of the Company, any individual who is employed or engaged by the Company or any affiliated entity of the Company at the date of expiration or termination of this Agreement or who was employed or engaged by the Company or any affiliated entity of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Consultant acknowledges and agrees that the above restrictions in this Section 5 are reasonable and necessary for the proper protection of the businesses, property and goodwill of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) communicate directly with Midori-Bio's suppliers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **No Improper Use of Materials.** 

Consultant agrees not to bring to the Company or to use in the performance of Services for the Company any materials or documents of a present or former employer of Consultant, or any materials or documents obtained by Consultant from a third party under a binder of confidentiality, unless such materials or documents are generally available to the public or Consultant has authorization from such present or former employer or third party for the possession and unrestricted use of such materials. Consultant understands that Consultant is not to breach any obligation of confidentiality that Consultant has to present or former employers or clients, and agrees to fulfill all such obligations during the term of this Agreement.

4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Term and Termination.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement, and Consultant's Services hereunder, shall commence on the Effective Date and shall continue for an initial term of six (6) months after the Effective Date, unless earlier terminated as provided below. With the ability to renew for a period of one (1) year, at the end of each year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Consultant or the Company may terminate the Agreement at any time by giving no less than thirty (30) days prior written notice to the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The obligations set forth in Sections 3, 4, 5, 6, 7, 8, 9, 10, 11, 12 and 13 will survive any termination or expiration of this Agreement. Upon termination of this Agreement, Consultant will promptly deliver to the Company all documents and other materials of any nature pertaining to the Services, together with all documents and other items containing or pertaining to any Proprietary Information, provided that with respect to Proprietary Information stored electronically on non-removable media, Consultant may comply with this by delivering an electronic or physical copy of the same to the Company and thereafter promptly deleting it by secure means, as long as the Consultant does not directly or indirectly recover or restore the same whether through forensics, archives, undeletion or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Assignment.** 

The rights and liabilities of the Parties hereto shall bind and inure to the benefit of their respective successors, heirs, executors and administrators, as the case may be; *provided that,* as the Company has specifically contracted for Consultant's Services, Consultant may not assign or delegate Consultant's obligations under this Agreement either in whole or in part without the prior written consent of the Company. The Company may assign its rights and obligations hereunder to any person or entity who succeeds to all or substantially all of the Company's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Legal and Equitable Remedies.** 

Because Consultant's Services are personal and unique and because Consultant may have access to and become acquainted with the Proprietary Information of the Company, the Company shall have the right to enforce this Agreement and any of its provisions by injunction, specific performance or other equitable relief without prejudice to any other rights and remedies that the Company may have for a breach of this Agreement.

Except in relation to a breach of Section 4 or 5, in no event shall Consultant be liable for loss of profits, or any special, punitive, exemplary, incidental, indirect or consequential damages arising out of, relating to or in connection with this Agreement, whether under theory of contract, tort (including negligence), indemnity, product liability, or otherwise, and regardless of whether the Consultant has knowledge of or could have foreseen the possibility of the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Governing Law; Severability.** 

This Agreement shall be governed by and construed according to the laws of the Province of Ontario, without regards to conflicts of laws rules. If any provision of this Agreement is found by a court of competent jurisdiction to be unenforceable, that provision shall be severed and the remainder of this Agreement shall continue in full force and effect.

5. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Complete Understanding; Modification.** 

This Agreement, and all other documents mentioned herein, constitute the final, exclusive and complete understanding and agreement of the Parties hereto and supersedes all prior understandings and agreements. Any waiver, modification or amendment of any provision of this Agreement shall be effective only if in writing and signed by the Parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Notices.** 

Any notices required or permitted hereunder shall be given to the appropriate Party at the address listed on the first page of the Agreement, or such other address as the Party shall specify in writing pursuant to this notice provision. Such notice shall be deemed given upon personal delivery to the appropriate address or three days after the date of mailing if sent by certified or registered mail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Counterparts.** 

This Agreement may be executed in one or more counterparts each of which will be deemed an original, but all of which together shall constitute one and the same instrument.

[**R** **EMAINDER OF PAGE INTENTIONALLY LEFT BLANK**]

6. **IN WITNESS WHEREOF,** the Parties hereto have executed this Agreement as of the date first written above.

Ben Mulroney

196 Inglewood Dr

Toronto ON M4T 1H9

---

| | |
|:---|:---|
| Per: | */s/ Ben Mulroney* |

---

Authorized Signatory

**Midori-Bio Inc**

**Ken Lyons**

**CEO**

---

| | |
|:---|:---|
| Per: | */s/ Ken Lyons* |

---

Authorized Signatory

**Confidentiality and Proprietary Information Agreement**

In consideration of the engagement as an employee, independent contractor, Consultant or consultant with Midori-Bio Inc. (the "Company") the undersigned (the "Participant") agrees and covenants as follows:

1. Engagement
 with the Company as an employee, independent contractor or consultant, both before and after the date of incorporation of the Company
 ("Engagement") will give the Participant access to proprietary and confidential information belonging to the Company,
 its customers, its investments and related materials, its suppliers and others (the proprietary and confidential information is collectively
 referred to in this Agreement as "Confidential Information"). Confidential Information includes but is not limited to
 Company's customer lists, marketing plans, investment pipeline, strategic partners, proposals, contracts, technical and/or
 financial information, databases, software, and know-how. All Confidential Information remains the confidential and proprietary information
 of the Company. Confidential Information does not include information that (i) is or becomes public other than through a breach of
 this Agreement, (ii) is known to the Participant prior to the date of this Agreement and with respect to which the Participant does
 not have any obligation of confidentiality as of the date of its becoming part of the public domain, or (iii) is developed independently,
 meaning that it is developed neither with any direct or indirect use of the Confidential Information whatsoever, nor through any
 performance of the Services.

2. As
 referred to herein, the "Business of the Company" shall relate to the business of the Company as the same is actually
 practiced by the Company during the Engagement and that reasonably relate to the Engagement.

3. The
 Participant may, in the course of the Participant's Engagement with the Company, conceive, develop or contribute to material
 or information related to the Business of the Company, including, without limitation as it relates to the Business of the Company,
 software, technical documentation, ideas, inventions (whether or not patentable), hardware, know-how, marketing plans, designs, techniques,
 documentation, records, regardless of the form or media, if any, on which such is stored (referred to in this Agreement as "Proprietary
 Property"). The Company shall exclusively own all Proprietary Property that the Participant conceives, develops or contributes
 to in the course of the Participant's Engagement with the Company and all intellectual and industrial property and other rights
 of any kind in or relating to the Proprietary Property, including but not limited to all copyright, patent, trade secret and trade-mark
 rights in or relating to the Proprietary Property, and, without limiting the foregoing, the Participant hereby irrevocably assigns
 all of its right, title and interest in and to the Proprietary Property to the Company. Material or information conceived, developed
 or contributed to by the Participant outside work hours but using the any Company computer networks, assets or resources (including
 Confidential Information or Proprietary Property) shall also be Proprietary Property and be governed by this Agreement if such material
 or information relates to the Business of the Company. The Participant shall keep full and accurate records accessible at all times
 to the Company relating to all Proprietary Property and shall promptly disclose and deliver to the Company all Proprietary Property.
 The Participant may not use or disclose his own or any third party's confidential information or intellectual property (including
 any Proprietary Property cannot be fully made, used, reproduced, distributed and otherwise exploited by the Company without using
 or violating the foregoing), without the Company's prior written permission.

---

| | |
|:---|:---|
| 4. | The Participant shall, both during and after the Participant's Engagement with the Company, keep all Confidential Information and Proprietary Property confidential and shall not use any of it except for the purpose of carrying out authorized activities on behalf of the Company. The Participant may, however, disclose Confidential Information which is required to be disclosed by law, whether under an order of a court or government tribunal or other legal process, provided that Participant informs the Company of such requirement in sufficient time to allow the Company to avoid such disclosure by the Participant. |
|  | The Participant shall return or destroy, as directed by the Company, Confidential Information and Proprietary Property to the Company upon request by the Company at any time. The Participant shall certify, by way of affidavit or statutory declaration that all such Confidential Information and Proprietary Property has been returned or destroyed, as applicable. With respect to non-removable electronic copies of Confidential Information and Proprietary Property, the Participant may comply with the foregoing by deleting the same using reasonably secure means, provided that it does not thereafter directly or indirectly recover or restore such Confidential Information or Proprietary Property, whether through archives, undeletion, forensics or otherwise. |
| 5. | The Participant covenants and agrees not to make any unauthorized use whatsoever of or to bring onto the Company's premises for the purpose of making any unauthorized use whatsoever of any trade secrets, confidential information or proprietary property of any third party, including without limitation any trade-marks or copyrighted materials, during the course of the Participant's Engagement with the Company. |
| 6. | At the reasonable request and at the sole expense of the Company, the Participant shall do all reasonable acts necessary and sign all reasonable documentation necessary in order to ensure the Company's ownership of the Proprietary Property and all intellectual and industrial property rights and other rights in the same, including but not limited to providing to the Company written assignments of all rights to the Company and any other documents required to enable the Company to document rights to and/or register patents, copyrights, trade-marks, industrial designs and such other protections as the Company considers advisable anywhere in the world. |
| 7. | The Participant hereby irrevocably and unconditionally waives all moral rights the Participant may now or in the future have in any Proprietary Property. |
| 8. | The Participant agrees that the Participant will, if reasonably requested from time to time by the Company, execute such further reasonable agreements as to confidentiality and proprietary rights as the Company's customers or suppliers reasonably require to protect confidential information or proprietary property. |

---

9. Regardless
 of any changes in position, salary or otherwise, including, without limitation, termination of the Participant's Engagement
 with the Company, unless otherwise stipulated pursuant to the terms hereof, the Participant will continue to be subject to each of
 the terms and conditions of this Agreement and any other(s) executed pursuant to the preceding paragraph.

10. The
 Participant agrees that the Participant's sole and exclusive remedy for any breach of this Agreement by the Company will be
 limited to monetary damages and that the Participant will not make any claim in respect of any rights to or interest in any Confidential
 Information or Proprietary Property.

11. The
 Participant acknowledges that the services provided by the Participant to the Company under this Agreement are unique. The Participant
 further agrees that irreparable harm will be suffered by the Company in the event of the Participant's breach or threatened
 breach of any of his or her obligations under this Agreement, and that the Company will be entitled to seek, in addition to any other
 rights and remedies that it may have at law or equity, to a temporary or permanent injunction restraining the Participant from engaging
 in or continuing any such breach hereof. Any claims asserted by the Participant against the Company shall not constitute a defense
 in any injunction action, application or motion brought against the Participant by the Company.

12. This
 Agreement is governed by the laws of the Province of British Columbia and the parties agree to the non-exclusive jurisdiction of
 the courts of the Province of British Columbia in relation to this Agreement.

13. If
 any provision of this Agreement is held by a court of competent jurisdiction to be invalid or unenforceable, that provision shall
 be deleted and the other provisions shall remain in effect.

**IN WITNESS WHEREOF** the Company and the Participant have caused this Agreement to be executed as of this <u>22</u> day of <u>October</u> 2021.

**●** Ben
 Mulroney

---

| | |
|:---|:---|
| Per: | */s/ Ben Mulroney* |

---

Authorized Signatory

**Midori-Bio Inc.**

**Ken Lyons**

**CEO**

---

| | |
|:---|:---|
| Per: | */s/ Ken Lyons* |

---

Authorized Signatory

## Exhibit 10.9

**<u>Exhibit 10.9</u>**

**<u>CONSULTING SERVICES AGREEMENT</u>**

**THIS AGREEMENT** made this 11<sup>th</sup> day of January, 2021 (the "**Effective Date**"):

**BETWEEN:**

---

| |
|:---|
| **MIDORI-BIO INC.**, a corporation incorporated under the *Canada Business Corporations Act* |
| (hereinafter referred to as the "**Corporation**") |
| - and- |
| **K. LYONS ENTERPRISES INC.**, a corporation incorporated under the *Business Corporations Act* (Ontario) |
| (hereinafter referred to as the "**Consultant**") |

---

**WHEREAS** the Corporation wishes to retain the Consultant to perform the Services (as herein defined) for such consideration and on such terms and conditions as set forth in this agreement (the "**Agreement**");

**AND WHEREAS** the Consultant agrees to provide the requested Services;

**NOW THERFORE** the parties agree as follows:

1. <u>Services</u>

The Corporation hereby retains the Consultant to provide the Services set forth in Schedule "A" to this Agreement.

2. <u>Term</u>

The Corporation hereby retains the Consultant for an initial term of ten (10) years, commencing upon the Effective Date (the "**Initial Term**"). Unless earlier terminated as hereinafter provided in Section 11, this Agreement shall be automatically extended on an annual basis (such annual periods referred to as "**Additional Terms**") upon the expiration of the Initial Term or any Additional Term.

3. <u>Consideration</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In
 consideration of the Consultant rendering the Services, the Corporation shall grant the consideration described in Schedule "
 B" to this Agreement.

(b) All
 or part of the amounts payable under this may be subject to Harmonized Sales Tax and/or any other applicable federal or provincial
 sales tax (collectively, "**tax** "). Where tax is applicable, an additional amount equal to the amount of tax owing
 thereon will be charged to the Corporation.

4. <u>Employee Services</u>

To the extent that the provision of Services involves employees, contractors or other personnel of the Consultant, such persons shall remain in the employment of, under contract to or in the service of the Consultant and shall not become employees of or contractors of the Corporation, regardless of the type or nature of services provided. The Consultant shall remain responsible and liable for the payment of any and all compensation, withholdings, premiums, benefits, or other obligations of any kind whatsoever owing to such persons, including all severance costs and termination payments.

5. <u>Independent Contractor</u>

At all times relevant hereto, the Consultant shall be, and remain, an independent contractor responsible for all obligations and liabilities which the Consultant may incur in connection with its performance under this Agreement. Nothing contained herein shall be considered as creating an employer-employee relationship between the parties to this Agreement. The Consultant shall be responsible for all of the Consultant's taxes and other remittances incurred in the capacity of independent consultant.

6. <u>Covenants of Consultant</u>

The Consultant hereby covenants with the Corporation, and acknowledges and confirms that the Corporation is relying on such covenants in connection with entering into this Agreement, that it will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) cause
 the Services to be performed in accordance with standards generally accepted in the industry in which the Corporation operates and
 shall render the Services honestly and in good faith and, in connection therewith, shall exercise the degree of care, diligence and
 skill that a reasonably prudent provider of similar services would exercise in comparable circumstances;

(b) abide
 by the reasonable policies, procedures, rules, regulations, guidelines and instructions which are established or conveyed by the
 Corporation, whether orally or in writing, to the Consultant, as the same may be amended from time to time, at the sole discretion
 of Corporation;

(c) it
 will coordinate all efforts with the Corporation, and at all times keep the Corporation fully advised of the Consultant's efforts;

(d) act
 at all times in a professional manner and in accordance with all applicable laws, regulations, and other requirements of applicable
 governmental authorities, and for greater certainty, the Consultant will comply with all securities laws, regulations, rules, rulings,
 orders and applicable policy statements issued by the securities regulators in all relevant jurisdictions of Canada, and all applicable
 laws of the jurisdictions outside Canada (the "**Applicable Securities Laws** "); and

(e) not
 deliver or provide to any party any information respecting the Corporation, other than information designated by the Corporation
 or its legal counsel for delivery to such party.

7. <u>Corporation-Furnished Data</u>

All computer engineering and technical data, projections, financial information, plans, specifications, or other Corporation furnished property shall remain the exclusive property of the Corporation. The Consultant agrees that such Corporation property will be used for no purpose other than for work for the Corporation under this Agreement. The Consultant shall be responsible for the safekeeping of all such property. Upon conclusion of the work/Services hereunder, such property shall be returned to the Corporation.

8. <u>Ownership of Work Product</u>

The Corporation shall have complete and unrestricted right to use all reports, documents and other data and information prepared by the Consultant in connection with its performance of the Services (herein called the "**Consultant's Work Product**"). It is expressly agreed that the Consultant's Work Product is the exclusive property of the Corporation and upon the termination of this Agreement all originals and copies of the Consultant's Work Product shall be delivered to the Corporation. The Consultant's Work Product shall not be used by the Consultant for any purpose other than the performance of the Services without the prior written consent of the Corporation.

9. <u>Intellectual Property and Proprietary Rights</u>

The Consultant shall not acquire any right, title, or interest in or to any intellectual property rights (including without limitation patents, copyright and trade secrets) of the Corporation. In the event the Consultant contributes to any new technology or patentable process invention as a result of providing services to the Corporation, such new technology or patentable invention shall be the exclusive property of the Corporation. the Corporation shall have the exclusive right to file patent applications.

10. <u>Enforcement</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Consultant acknowledges that pursuant to the Agreement, the Consultant will have access to information and processes, the disclosure
 of which could be to the great detriment of the Corporation, its affiliates, subsidiaries and related entities, and agrees that the
 restrictions and covenants contained herein are reasonably required for the protection of the Corporation and its goodwill, and that
 the Consultant's agreement to same constitute a material inducement to the Corporation to enter into or amend for the benefit
 of the Consultant a contractual relationship with the Consultant and that the Corporation would not contract with the Consultant
 absent such an inducement.

(b) The
 Consultant understands and agrees, without prejudice to any and all other rights of the Corporation, that in the event of its violation
 or attempted violation of any of the covenants contained herein, an injunction or other like remedy shall be the only effective method
 to protect the Corporation's rights and property as set out above, and that an interim injunction may be granted immediately
 on the commencement of any suit.

(c) In
 the event that any clause herein should be unenforceable or be declared invalid for any reason whatsoever, such enforceability or
 invalidity shall not affect the enforceability or validity of the remaining portions of the covenants and such unenforceable or invalid
 portions shall be severable from the remainder of the Agreement.

11. <u>Termination</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This
 Agreement may be terminated at any time, by the mutual written consent of the parties hereto.

(b) The
 Corporation may terminate this Agreement upon providing the Consultant with thirty-six (36) months' notice in writing; provided
 the Corporation may provide the Consultant with thirty-six (36) months' pay in lieu of notice in a sum equal to the Consulting
 Fee the Consultant would earn over the thirty-six (36) month termination period. For greater certainty, the Consulting Fee shall
 include ten percent (10%) of the annual net profit of the Corporation which shall be calculated and payable within ninety (90) days
 of each fiscal year end over the 36-month termination period. In addition, the Option shall vest immediately upon termination in
 accordance with this Section 11(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Consultant may terminate this Agreement upon providing the Corporation with 30 days' advance notice in writing. The Company
 may waive this period in whole or part. The Consultant shall be paid all amounts owing to the Consultant as of, and up to, the effective
 date of the termination.

(d) This
 Agreement may be terminated at any time by the Corporation immediately without further or written notice to the Consultant if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Consultant persistently fails to perform the Services or otherwise fails to comply with a material provision of this Agreement;

(ii) the
 Consultant or any employee of the Consultant commits any material misrepresentation or any dishonest or fraudulent act in the performance
 of any obligations hereunder;

(iii) the
 Consultant or any employee of the Consultant engages in conduct that tends to damage the Corporation's goodwill or reputation
 for which the Consultant has been put on written notice; or

(iv) if
 the Consultant becomes a participant in, or subject to, any legal proceedings where it is alleged that the Consultant has committed
 gross negligence, fraud, conversion or wrongful death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This
 Agreement shall be terminated immediately without notice by reason of the death of the Consultant's principal, Kenneth Lyons.
 In the event of termination pursuant to this Section, the Corporation shall pay the Consultant all Consulting Fees for Services completed
 up to and including the effective date of such termination (the "**Termination Date** "), which shall for greater certainty
 include a pro-rated bonus to the Termination Date equal to ten percent (10%) of the annual net profit of the Corporation, calculated
 and payable within ninety (90) days of that fiscal year end.

12. <u>Notices</u>

All notices, requests, demands, instructions and other communications (herein referred to as "**Notices**") shall be in writing, and shall be addressed respectively as follows:

---

| | | |
|:---|:---|:---|
| (a) | If to the Consultant: | 3134 Driftwood Drive, Burlington, ON L7M 3E1 |
|  |  | email: ken@midori-bio.com |
| (b) | If to the Corporation: | 3134 Driftwood Drive, Burlington, ON L7M 3E1 |
|  |  | Attention: Kenneth Lyons, President email: ken@midori-bio.com |

---

All Notices shall be given (a) by personal delivery to a party or (b) by electronic communication, with a confirmation sent by registered or certified mail return receipt requested, or (c) by registered or certified mail return receipt requested. All Notices shall be effective and shall be deemed delivered on the date received. A party may change its address by Notice to the other party.

13. General

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *<u>Interpretation</u>.*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any
 headings preceding the text and paragraphs in this Consulting Agreement have been inserted for convenience only and shall not be
 construed to affect the meaning, construction or effect of the Consulting Agreement.

(ii) Where
 the context so requires, words importing the singular number include the plural and vice versa, and words importing gender shall
 include the masculine, feminine and neuter genders.

(iii) All
 references herein to dollar amounts are to lawful money of Canada unless specifically stated otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *<u>Further Assurances</u>* . The parties agree to sign all such documents and to do all such things as may be necessary or desirable to more
 completely and effectively carry out the terms and intentions of this Agreement.

(c) *<u>Entire Agreement.</u>* The foregoing contains the entire agreement of the parties hereto with respect to consulting and corporate services
 and supersedes and replaces any existing agreement, whether written or oral, between the parties relating generally to the same subject
 matter.

(d) *<u>Enurement</u>* .
 The provisions of this Agreement, where the context permits, shall enure to the benefit of and be binding upon the parties hereto
 and their respective successors and permitted assigns.

(e) *<u>Survival</u>* .
 All representations and obligations (including without limitation the mutual obligations of indemnification) shall survive the termination
 of this Agreement and expire upon the earlier of (i) any limitation of liability applicable under the Limitations Act, 2002, S. O.
 2002, c. 24, Sch. B, as amended, and (ii) two years from the date of completion of Services.

(f) *<u>Severability</u>* .
 The invalidity or unenforceability of any particular provision of this Agreement shall not effect or limit the validity or enforceability
 of the remaining provisions of this Agreement.

(g) *<u>Amendment.</u>* Any amendment or supplementation of this Agreement shall be effective only if in writing.

(h) *<u>Waiver</u>.* No waiver of any provision of this Consulting Agreement shall be binding unless it is in writing. No indulgence or forbearance
 by a party shall constitute a waiver of such party's right to insist on performance in full and in a timely manner of all covenants
 in this Agreement. Waiver of any provision shall not be deemed to waive the same provision thereafter or any other provision of this
 Agreement at any time.

(i) *<u>Assignment</u>* .
 This Agreement shall not be assignable by either of the parties without the prior written consent of the other party and any purported
 assignment not permitted under this Agreement shall be void. Notwithstanding the foregoing, the Corporation shall be entitled to
 assign this Agreement to any of its affiliated companies or to any acquiror of all or substantially all of the Corporation's
 business or operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *<u>Publicity</u>* .
 Neither party will issue any press release or other public announcement relating to this Agreement or any activities related thereto
 without the prior written consent of the other party, except where such announcements are required by law or regulation, in which
 the event the parties will use all reasonable efforts to consult with each other and cooperate with respect to the wording of any
 such announcement.

(k) *<u>Governing Law</u>* . This Agreement shall be governed by the laws of the Province of Ontario and the federal laws of Canada applicable therein.

(l) *<u>Electronic Copies and Counterparts</u>* **.** Each of the parties shall be entitled to rely on delivery by electronic means of an executed
 copy of this Consulting Agreement, and such electronic copy shall be legally effective to create a valid and binding agreement between
 the parties in accordance with the terms hereof. In addition, this Consulting Agreement may be executed by the parties in separate
 counterparts each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute
 one and the same instrument.

*[The rest of this page has intentionally been left blank.]*

**IN WITNESS WHEREOF,** the parties hereto have executed this Agreement as of the date first above written.

---

| | |
|:---|:---|
| **MIDORI-BIO INC.** | **MIDORI-BIO INC.** |
| By: | */s/ Kenneth Lyons* |
|  | Kenneth Lyons, President |
|  | *I have authority to bind the Corporation.* |
| **K. LYONS ENTERPRISES INC.** | **K. LYONS ENTERPRISES INC.** |
| **By:** | ***/s/ Kenneth Lyons*** |
|  | Kenneth Lyons, President |
|  | *I have authority to bind the Corporation.* |

---

**SCHEDULE "A"**

**SERVICES**

This Schedule "A" forms part of the Agreement between the Corporation and the Consultant dated January 11<sup>th</sup>, 2021 (the "**Agreement**"). Capitalized terms used in this Schedule "A" and not otherwise defined have the meanings given to such terms in the Agreement.

**Services:**

During the Initial Term and any Additional Term the Consultant shall provide to the Corporation the following Services:

1) Services list

These duties and other duties appropriate to the position will be conducted by the Consultant using its best efforts; acting honestly and in good faith with a view to the best interests of the Corporation and its shareholders; and exercising the standard of care, skill and diligence that a reasonably prudent person would exercise in the performance of such duties in comparable circumstances.

**SCHEDULE "B"**

**CONSIDERATION**

This Schedule "B" forms part of the Consulting Agreement between the Corporation and the Consultant dated January 11<sup>th</sup>, 2021 (the "**Agreement**"). Capitalized terms used in this Schedule "B" and not otherwise defined have the meanings given to such terms in the Agreement.

1. Compensation for Services.

**In consideration of the Consultant rendering the Services,**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Corporation shall pay the Consultant the following consideration for its Services (collectively, the "**Consulting Fee** "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 fee at a rate of **CAD$27,085.00 per month plus HST**. For further clarity, the Consulting Fee for the Initial Term and any Additional
 Terms that are a full month will be paid at the full Consulting Fee rate. The Consultant shall submit monthly invoices to the Corporation
 in advance of the provision of Services, which invoices shall be paid within two business days of receipt by the Corporation;

(ii) Ten
 percent (10%) of the annual net profit of the Corporation, calculated and payable within ninety (90) days of each fiscal year end;
 and

(iii) The
 Corporation shall grant the Consultant an irrevocable option ()"**Option**") to purchase One Million (1,000,000) Class
 A Common shares (collectively, the "**Optioned Shares**") from the Corporation's treasury, at an exercise price
 of $0.00001 per Optioned Share. The option for the optioned shares shall vest and become fully exercisable upon the earlier of (i)
 the Corporation achieving aggregate gross sales of One Million Dollars ($1,000,000.00), and (ii) termination of the Agreement in
 accordance with Section 11(b). The terms and conditions of the Option shall be set forth in an option agreement, in the form attached
 hereto as Appendix I.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Service contemplated herein are anticipated to comprise approximately **forty (40) to fifty (50) hours per week** of effort on
 average; however, this is an approximation and the parties agree that such time commitment may be reasonably more or less than that
 total, and that the total is considered for an average week during the term of this Agreement.

2. Expenses.

The Corporation shall reimburse the Consultant for reasonable expenses incurred by the Consultant in connection with the Services.

## Exhibit 10.10

**Exhibit 10.10**

**<u>CONSULTING SERVICES AGREEMENT</u>**

**THIS AGREEMENT** made this 11<sup>th</sup> day of January, 2021 (the "**Effective Date**"):

**BETWEEN:**

**MIDORI-BIO INC.**, a corporation incorporated under the *Canada Business Corporations Act*

 

(hereinafter referred to as the "**Corporation**")

- and-

**2863358 ONTARIO INC.**, a corporation incorporated under the *Business Corporations Act* (Ontario)

(hereinafter referred to as the "**Consultant**")

**WHEREAS** the Corporation wishes to retain the Consultant to perform the Services (as herein defined) for such consideration and on such terms and conditions as set forth in this agreement (the "**Agreement**");

**AND WHEREAS** the Consultant agrees to provide the requested Services;

**NOW THERFORE** the parties agree as follows:

1. <u>Services</u>

The Corporation hereby retains the Consultant to provide the Services set forth in Schedule "A" to this Agreement.

2. <u>Term</u>

The Corporation hereby retains the Consultant for an initial term of ten (10) years, commencing upon the Effective Date (the "**Initial Term**"). Unless earlier terminated as hereinafter provided in Section 11, this Agreement shall be automatically extended on an annual basis (such annual periods referred to as "**Additional Terms**") upon the expiration of the Initial Term or any Additional Term.

3. <u>Consideration</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) In
 consideration of the Consultant rendering the Services, the Corporation shall grant the consideration described in Schedule "
 B" to this Agreement.

(b) All
 or part of the amounts payable under this may be subject to Harmonized Sales Tax and/or any other applicable federal or provincial
 sales tax (collectively, "**tax** "). Where tax is applicable, an additional amount equal to the amount of tax owing
 thereon will be charged to the Corporation.

4. <u>Employee Services</u>

To the extent that the provision of Services involves employees, contractors or other personnel of the Consultant, such persons shall remain in the employment of, under contract to or in the service of the Consultant and shall not become employees of or contractors of the Corporation, regardless of the type or nature of services provided. The Consultant shall remain responsible and liable for the payment of any and all compensation, withholdings, premiums, benefits, or other obligations of any kind whatsoever owing to such persons, including all severance costs and termination payments.

5. <u>Independent Contractor</u>

At all times relevant hereto, the Consultant shall be, and remain, an independent contractor responsible for all obligations and liabilities which the Consultant may incur in connection with its performance under this Agreement. Nothing contained herein shall be considered as creating an employer-employee relationship between the parties to this Agreement. The Consultant shall be responsible for all of the Consultant's taxes and other remittances incurred in the capacity of independent consultant.

6. <u>Covenants of Consultant</u>

The Consultant hereby covenants with the Corporation, and acknowledges and confirms that the Corporation is relying on such covenants in connection with entering into this Agreement, that it will:

&nbsp;&nbsp;&nbsp;&nbsp;(a) cause
 the Services to be performed in accordance with standards generally accepted in the industry in which the Corporation operates and
 shall render the Services honestly and in good faith and, in connection therewith, shall exercise the degree of care, diligence and
 skill that a reasonably prudent provider of similar services would exercise in comparable circumstances;

(b) abide
 by the reasonable policies, procedures, rules, regulations, guidelines and instructions which are established or conveyed by the
 Corporation, whether orally or in writing, to the Consultant, as the same may be amended from time to time, at the sole discretion
 of Corporation;

(c) it
 will coordinate all efforts with the Corporation, and at all times keep the Corporation fully advised of the Consultant's efforts;

(d) act
 at all times in a professional manner and in accordance with all applicable laws, regulations, and other requirements of applicable
 governmental authorities, and for greater certainty, the Consultant will comply with all securities laws, regulations, rules, rulings,
 orders and applicable policy statements issued by the securities regulators in all relevant jurisdictions of Canada, and all applicable
 laws of the jurisdictions outside Canada (the "**Applicable Securities Laws** "); and

(e) not
 deliver or provide to any party any information respecting the Corporation, other than information designated by the Corporation
 or its legal counsel for delivery to such party.

7. <u>Corporation-Furnished Data</u>

All computer engineering and technical data, projections, financial information, plans, specifications, or other Corporation furnished property shall remain the exclusive property of the Corporation. The Consultant agrees that such Corporation property will be used for no purpose other than for work for the Corporation under this Agreement. The Consultant shall be responsible for the safekeeping of all such property. Upon conclusion of the work/Services hereunder, such property shall be returned to the Corporation.

8. <u>Ownership of Work Product</u>

The Corporation shall have complete and unrestricted right to use all reports, documents and other data and information prepared by the Consultant in connection with its performance of the Services (herein called the "**Consultant's Work Product**"). It is expressly agreed that the Consultant's Work Product is the exclusive property of the Corporation and upon the termination of this Agreement all originals and copies of the Consultant's Work Product shall be delivered to the Corporation. The Consultant's Work Product shall not be used by the Consultant for any purpose other than the performance of the Services without the prior written consent of the Corporation.

9. <u>Intellectual Property and Proprietary Rights</u>

The Consultant shall not acquire any right, title, or interest in or to any intellectual property rights (including without limitation patents, copyright and trade secrets) of the Corporation. In the event the Consultant contributes to any new technology or patentable process invention as a result of providing services to the Corporation, such new technology or patentable invention shall be the exclusive property of the Corporation. the Corporation shall have the exclusive right to file patent applications.

10. <u>Enforcement</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Consultant acknowledges that pursuant to the Agreement, the Consultant will have access to information and processes, the disclosure
 of which could be to the great detriment of the Corporation, its affiliates, subsidiaries and related entities, and agrees that the
 restrictions and covenants contained herein are reasonably required for the protection of the Corporation and its goodwill, and that
 the Consultant's agreement to same constitute a material inducement to the Corporation to enter into or amend for the benefit
 of the Consultant a contractual relationship with the Consultant and that the Corporation would not contract with the Consultant
 absent such an inducement.

(b) The
 Consultant understands and agrees, without prejudice to any and all other rights of the Corporation, that in the event of its violation
 or attempted violation of any of the covenants contained herein, an injunction or other like remedy shall be the only effective method
 to protect the Corporation's rights and property as set out above, and that an interim injunction may be granted immediately
 on the commencement of any suit.

(c) In
 the event that any clause herein should be unenforceable or be declared invalid for any reason whatsoever, such enforceability or
 invalidity shall not affect the enforceability or validity of the remaining portions of the covenants and such unenforceable or invalid
 portions shall be severable from the remainder of the Agreement.

11. <u>Termination</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) This
 Agreement may be terminated at any time, by the mutual written consent of the parties hereto.

(b) The
 Corporation may terminate this Agreement upon providing the Consultant with thirty-six (36) months' notice in writing; provided
 the Corporation may provide the Consultant with thirty-six (36) months' pay in lieu of notice in a sum equal to the Consulting
 Fee the Consultant would earn over the thirty-six (36) month termination period. For greater certainty, the Consulting Fee shall
 include ten percent (10%) of the annual net profit of the Corporation which shall be calculated and payable within ninety (90) days
 of each fiscal year end over the 36-month termination period. In addition, the Option shall vest immediately upon termination in
 accordance with this Section 11(b).

&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Consultant may terminate this Agreement upon providing the Corporation with 30 days' advance notice in writing. The Company
 may waive this period in whole or part. The Consultant shall be paid all amounts owing to the Consultant as of, and up to, the effective
 date of the termination.

(d) This
 Agreement may be terminated at any time by the Corporation immediately without further or written notice to the Consultant if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Consultant persistently fails to perform the Services or otherwise fails to comply with a material provision of this Agreement;

(ii) the
 Consultant or any employee of the Consultant commits any material misrepresentation or any dishonest or fraudulent act in the performance
 of any obligations hereunder;

(iii) the
 Consultant or any employee of the Consultant engages in conduct that tends to damage the Corporation's goodwill or reputation
 for which the Consultant has been put on written notice; or

(iv) if
 the Consultant becomes a participant in, or subject to, any legal proceedings where it is alleged that the Consultant has committed
 gross negligence, fraud, conversion or wrongful death.

&nbsp;&nbsp;&nbsp;&nbsp;(e) This
 Agreement shall be terminated immediately without notice by reason of the death of the Consultant's principal, Robert Leeder.
 In the event of termination pursuant to this Section, the Corporation shall pay the Consultant all Consulting Fees for Services completed
 up to and including the effective date of such termination (the "**Termination Date** "), which shall for greater certainty
 include a pro-rated bonus to the Termination Date equal to ten percent (10%) of the annual net profit of the Corporation, calculated
 and payable within ninety (90) days of that fiscal year end.

12. <u>Notices</u>

All notices, requests, demands, instructions and other communications (herein referred to as "**Notices**") shall be in writing, and shall be addressed respectively as follows:

---

| | | |
|:---|:---|:---|
| (a) | If to the Consultant: | ● |
| (b) | If to the Corporation: | 3134 Driftwood Drive, Burlington, ON L7M 3E1 |
|  |  | Attention: Kenneth Lyons, President |
|  |  | email: ken@midori-bio.com |

---

All Notices shall be given (a) by personal delivery to a party or (b) by electronic communication, with a confirmation sent by registered or certified mail return receipt requested, or (c) by registered or certified mail return receipt requested. All Notices shall be effective and shall be deemed delivered on the date received. A party may change its address by Notice to the other party.

13. <u>General</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) *<u>Interpretation.</u>* 

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any
 headings preceding the text and paragraphs in this Consulting Agreement have been inserted for convenience only and shall not be
 construed to affect the meaning, construction or effect of the Consulting Agreement.

(ii) Where
 the context so requires, words importing the singular number include the plural and vice versa, and words importing gender shall
 include the masculine, feminine and neuter genders.

(iii) All
 references herein to dollar amounts are to lawful money of Canada unless specifically stated otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;(b) *<u>Further Assurances</u>* . The parties agree to sign all such documents and to do all such things as may be necessary or desirable to more
 completely and effectively carry out the terms and intentions of this Agreement.

(c) *<u>Entire Agreement.</u>* The foregoing contains the entire agreement of the parties hereto with respect to consulting and corporate services
 and supersedes and replaces any existing agreement, whether written or oral, between the parties relating generally to the same subject
 matter.

(d) *<u>Enurement</u>* .
 The provisions of this Agreement, where the context permits, shall enure to the benefit of and be binding upon the parties hereto
 and their respective successors and permitted assigns.

(e) *<u>Survival</u>* .
 All representations and obligations (including without limitation the mutual obligations of indemnification) shall survive the termination
 of this Agreement and expire upon the earlier of (i) any limitation of liability applicable under the Limitations Act, 2002, S. O.
 2002, c. 24, Sch. B, as amended, and (ii) two years from the date of completion of Services.

(f) *<u>Severability</u>* .
 The invalidity or unenforceability of any particular provision of this Agreement shall not effect or limit the validity or enforceability
 of the remaining provisions of this Agreement.

(g) *<u>Amendment.</u>* Any amendment or supplementation of this Agreement shall be effective only if in writing.

(h) *<u>Waiver</u>.* No waiver of any provision of this Consulting Agreement shall be binding unless it is in writing. No indulgence or forbearance
 by a party shall constitute a waiver of such party's right to insist on performance in full and in a timely manner of all covenants
 in this Agreement. Waiver of any provision shall not be deemed to waive the same provision thereafter or any other provision of this
 Agreement at any time.

(i) *<u>Assignment</u>* .
 This Agreement shall not be assignable by either of the parties without the prior written consent of the other party and any purported
 assignment not permitted under this Agreement shall be void. Notwithstanding the foregoing, the Corporation shall be entitled to
 assign this Agreement to any of its affiliated companies or to any acquiror of all or substantially all of the Corporation's
 business or operations.

&nbsp;&nbsp;&nbsp;&nbsp;(j) *<u>Publicity</u>* .
 Neither party will issue any press release or other public announcement relating to this Agreement or any activities related thereto
 without the prior written consent of the other party, except where such announcements are required by law or regulation, in which
 the event the parties will use all reasonable efforts to consult with each other and cooperate with respect to the wording of any
 such announcement.

(k) *<u>Governing Law</u>* . This Agreement shall be governed by the laws of the Province of Ontario and the federal laws of Canada applicable therein.

(l) *<u>Electronic Copies and Counterparts</u>* **.** Each of the parties shall be entitled to rely on delivery by electronic means of an executed
 copy of this Consulting Agreement, and such electronic copy shall be legally effective to create a valid and binding agreement between
 the parties in accordance with the terms hereof. In addition, this Consulting Agreement may be executed by the parties in separate
 counterparts each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute
 one and the same instrument.

*[The rest of this page has intentionally been left blank.]*

 

**IN WITNESS WHEREOF,** the parties hereto have executed this Agreement as of the date first above written.

---

| | |
|:---|:---|
| **MIDORI-BIO INC.** | **MIDORI-BIO INC.** |
| By: | */s/ Kenneth Lyons* |
|  | Kenneth Lyons, President |
|  | *I have authority to bind the Corporation.* |

---

---

| | |
|:---|:---|
| **2863358 ONTARIO INC.** | **2863358 ONTARIO INC.** |
| By: | */s/ Robert Leeder* |
|  | Robert Leeder, President |
|  | *I have authority to bind the Corporation.* |

---

 

**SCHEDULE "A"**

**SERVICES**

This Schedule "A" forms part of the Agreement between the Corporation and the Consultant dated January 11<sup>th</sup>, 2021 (the "**Agreement**"). Capitalized terms used in this Schedule "A" and not otherwise defined have the meanings given to such terms in the Agreement.

**Services:**

During the Initial Term and any Additional Term the Consultant shall provide to the Corporation the following Services:

1) Services list

These duties and other duties appropriate to the position will be conducted by the Consultant using its best efforts; acting honestly and in good faith with a view to the best interests of the Corporation and its shareholders; and exercising the standard of care, skill and diligence that a reasonably prudent person would exercise in the performance of such duties in comparable circumstances.

**SCHEDULE "B"**

**CONSIDERATION**

This Schedule "B" forms part of the Consulting Agreement between the Corporation and the Consultant dated January 11<sup>th</sup>, 2021 (the "**Agreement**"). Capitalized terms used in this Schedule "B" and not otherwise defined have the meanings given to such terms in the Agreement.

1. Compensation for Services.

**In consideration of the Consultant rendering the Services,**

(a) the
 Corporation shall pay the Consultant the following consideration for its Services (collectively, the "**Consulting Fee** "):

(i) a
 fee at a rate of **CAD$27,085.00 per month plus HST**. For further clarity, the Consulting Fee for the Initial Term
 and any Additional Terms that are a full month will be paid at the full Consulting Fee rate. The Consultant shall submit monthly
 invoices to the Corporation in advance of the provision of Services, which invoices shall be paid within two business days of receipt
 by the Corporation;

(ii) Ten
 percent (10%) of the annual net profit of the Corporation, calculated and payable within ninety (90) days of each fiscal year end;
 and

(iii) The
 Corporation shall grant the Consultant an irrevocable option ()"**Option**") to purchase One Million (1,000,000) Class
 A Common shares (collectively, the "**Optioned Shares**") from the Corporation's treasury, at an exercise price
 of $0.00001 per Optioned Share. The option for the optioned shares shall vest and become fully exercisable upon the earlier of (i)
 the Corporation achieving aggregate gross sales of One Million Dollars ($1,000,000.00), and (ii) termination of the Agreement in
 accordance with Section 11(b). The terms and conditions of the Option shall be set forth in an option agreement, in the form attached
 hereto as Appendix I.

(b) The
 Services contemplated herein are anticipated to comprise approximately **forty (40) to fifty (50) hours per week** of effort on
 average; however, this is an approximation and the parties agree that such time commitment may be reasonably more or less than that
 total, and that the total is considered for an average week during the term of this Agreement.

2. Expenses.

The Corporation shall reimburse the Consultant for reasonable expenses incurred by the Consultant in connection with the Services.

## Exhibit 10.11

**<u>Exhibit 10.11</u>**

**<u>Consulting Agreement</u>**

**THIS CONSULTING AGREEMENT** (the "**Agreement**") is made and entered into as of the 13<sup>th</sup> day of January, 2022 (the "**Effective Date**"),

AMONG:

**MIDORI-BIO INC.**

5 Hazelton Ave., Suite 400 Toronto, Ontario

M5R 2E1

(the "**Corporation**") And:

**1284670 B.C. LTD.**

1570 – 505 Burrard Street Vancouver, British Columbia V7X 1M5

("**128**")

And:

**TR GLOBAL LLC**

1516 Edgewater Ave West Arden Hills, MN 55112, USA

(the "**Consultant**").

The Corporation, 128 and the Consultant may be referred to herein individually as a "**Party**" or collectively, as the "**Parties**."

**Recital**

As part of its ongoing business, the Corporation desires to retain qualified individuals to advise and assist the Corporation with respect to business development. In furtherance thereof, the Corporation and Consultant desire to enter into this relationship on the terms and conditions set forth herein.

**Agreement**

In consideration of the mutual covenants set forth below, the Parties hereby agree as follows:

1. Consulting Services and Term.

Effective as of the Effective Date, the Corporation hereby retains Consultant, and Consultant hereby agrees to provide the duties Services set forth in Schedule "A" to this Agreement (the "**Services**") for an initial term of three (3) years, commencing upon the Effective Date (the "**Initial Term**"), unless terminated earlier in accordance with the provisions of Section 7 herein. The parties may mutually agree to renew this Agreement in writing for successive one (1) year terms following expiration of the Initial Term (the "**Renewal Terms**" and collectively with the Initial Term, the "**Term**").

2. Compensation.

As full and complete compensation for performing the Services, Consultant shall receive the following compensation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parties agree and acknowledge that on January 6, 2022, 128 acquired all of the issued and outstanding shares of the Corporation in exchange for shares of 128 and that it is the intention of the Parties that the securities of 128 shall be listed on a public stock exchange (the happening of such event hereinafter, a "**Listing Event**"). As the parent company, 128 will benefit from the provision of the Services to the Corporation. With the foregoing in mind, 128 agrees to issue 600,000 common shares in the capital of 128 (the "**Consideration Shares**") to the Consultant at a deemed price of $0.50 per Consideration Share (for the avoidance of doubt, the Consultant will not be required to pay any cash consideration for the Consideration Shares) within five (5) business days of the Effective Date. The Consultant agrees and acknowledges that the certificates representing the Consideration Shares will bear such legends as required by applicable securities laws and, in addition, certificates representing 400,000 Consideration Shares will be subject to resale restrictions for a period of twelve (12) months from the Listing Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Consultant will be paid a monthly fee equal to Twelve Thousand United States Dollars ($12,000.00 USD) plus such taxes as Consultant is legally required to collect, on the first day of each month following provision of the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In addition to the foregoing, the Consultant may be paid the following one-time fees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a one-time fee equal to Fifty Thousand Dollars ($50,000.00) if the Corporation achieves a minimum of Five Hundred Thousand Dollars ($500,000.00) of gross sales in the 2022 calendar year (the "**2022 Threshold**") solely from sales to the clients set forth on Schedule "B" attached hereto (the "**Approved Clients**"), provided that if the Corporation fails to achieve the 2022 Threshold for any reason whatsoever, no fee shall be payable to the Consultant pursuant to this subsection 2(c)(i), this subsection 2(c)(i) shall be null and void and the Corporation shall have no liability to the Consultant whatsoever as a result;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a one-time fee equal to Fifty Thousand Dollars ($50,000.00) if the Corporation achieves a minimum of Two Million Dollars ($2,000,000.00) of gross sales in the 2023 calendar year (the "**2023 Threshold**") solely from sales to the Approved Clients; provided that if the Corporation fails to achieve the 2023 Threshold for any reason whatsoever, no fee shall be payable to the Consultant pursuant to this subsection 2(c)(ii), this subsection 2(c)(ii) shall be null and void and the Corporation shall have no liability to the Consultant whatsoever as a result; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a one-time fee equal to Fifty Thousand Dollars ($50,000.00) if the Corporation achieves a minimum of Three Million Dollars ($3,000,000.00) of gross sales in the 2024 calendar year (the "**2024 Threshold**") solely from sales to the Approved Clients; provided that if the Corporation fails to achieve the 2024 Threshold for any reason whatsoever, no fee shall be payable to the Consultant pursuant to this subsection 2(c)(iii), this subsection 2(c)(iii) shall be null and void and the Corporation shall have no liability to the Consultant whatsoever as a result.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Corporation will reimburse Consultant promptly for reasonable travel and other incidental expenses incurred by Consultant in performing the Services under this Agreement; provided, however, that the Corporation will not be obligated hereunder unless (i) the Corporation has agreed in advance to reimburse such costs and (ii) Consultant provides the Corporation with appropriate receipts or other relevant documentation for all such costs as part of any submission for reimbursement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Except otherwise specified, all references to currency, monetary values and dollars in this Agreement are expressed in lawful money of Canada.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Consultant represents, warrants, acknowledges and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Consideration Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the "**U.S. Securities Act**"), or under any U.S. state securities laws, and have been offered and will be issued to the Consultant in reliance on (A) the exemption from the registration requirements of the U.S. Securities Act provided by section 4(a)(2) thereof, and (B) the exemption from registration under the Minnesota Uniform Securities Act (2002) provided by § 80A.46

(14) thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Consultant, either alone or together with its advisers, has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Consideration Shares, and the Consultant is able to bear the economic risk of loss of the Consultant's entire investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Consultant will acquire the Consideration Shares for the Consultant's own account, for investment purposes only and not with a view to any resale, distribution or other disposition of the Consideration Shares in violation of the United States securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Consultant acknowledges that it will not be acquiring the Consideration Shares as a result of any form of general solicitation or general advertising, including advertisements, articles, notices or other communications published in any newspaper, magazine or similar media or on the Internet, or broadcast over radio, television or the Internet, or any seminar or meeting whose attendees have been invited by general solicitation or general advertising;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Consultant has been given access to such other information concerning 128 and the Corporation as it has considered necessary or appropriate in connection with its investment decision to accept the Consideration Shares pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) there may be material tax consequences to the Consultant of an acquisition or disposition of the Consideration Shares, and neither 128 nor the Corporation gives any opinion or representation with respect to the tax consequences to the Consultant under United States federal, state, local or foreign tax law of the Consultant's acquisition or disposition of such securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Consideration Shares will be issued as "restricted securities" as defined in Rule 144(a)(3) under the U.S. Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) if the Consultant decides to offer, sell or otherwise transfer any of the Consideration Shares, it will not offer, sell or otherwise transfer any such securities directly or indirectly, unless

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** the sale is to 128;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** the sale is made outside the United States in a transaction meeting the requirements of Rule 904 of Regulation S under the U.S. Securities Act ("Regulation S") and in compliance with applicable local laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)** the sale is made pursuant to the exemption from the registration requirements under the U.S. Securities Act provided by Rule 144 thereunder, if available, and in accordance with any applicable state securities or "Blue Sky" laws; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4)** the Consideration Shares are sold in a transaction that does not require registration under the U.S. Securities Act or any applicable state laws and regulations governing the offer and sale of securities,

and, in the case of clauses (C) or (D) above, it has prior to such sale furnished to 128 an opinion of counsel of recognized standing or other evidence of exemption in form and substance reasonably satisfactory 128;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the certificates or other instruments representing the Consideration Shares, as well as all certificates or other instruments issued in exchange for or in substitution of the foregoing, until such time as is no longer required under the applicable requirements of the U.S. Securities Act or applicable state securities laws, will bear, on the face of such certificate, the restrictive legend substantially in the following form:

"THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THESE SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE COMPANY, (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE CANADIAN LOCAL LAWS AND REGULATIONS, (C) IN COMPLIANCE WITH THE EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER THE U.S. SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER, IF AVAILABLE, AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS, (D) IN ANOTHER TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS, OR (E) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE U.S. SECURITIES ACT, PROVIDED THAT, IN THE CASE OF TRANSFERS PURSUANT TO CLAUSE (C) OR (D) ABOVE, THE HOLDER HAS, PRIOR TO SUCH TRANSFER, FURNISHED TO THE COMPANY AN OPINION OF COUNSEL OF RECOGNIZED STANDING OR OTHER EVIDENCE OF EXEMPTION, IN EITHER CASE REASONABLY SATISFACTORY TO THE COMPANY. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE "GOOD DELIVERY" IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA."

provided that if the Consideration Shares are being sold outside the United States in compliance with the requirements of Rule 904 of Regulation S, the legend set forth above may be removed by providing an executed declaration to 128's registrar and transfer agent, in substantially the form set forth as Schedule "C" attached hereto (or in such other forms as 128 may prescribe from time to time) and, if requested by 128 or the transfer agent, an opinion of counsel of recognized standing in form and substance satisfactory to 128 and the transfer agent to the effect that such sale is being made in compliance with Rule 904 of Regulation S; and provided, further, that, if any Consideration Shares are being sold otherwise than in accordance with Regulation S and other than to 128, the legend may be removed by delivery to the registrar and transfer agent and 128 of an opinion of counsel, of recognized standing reasonably satisfactory to 128, that such legend is no longer required under applicable requirements of the U.S. Securities Act or state securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the Consultant consents to 128 making a notation on its records or giving instruction to its registrar and transfer agent in order to implement the restrictions on transfer set forth and described herein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the Consultant understands and acknowledges that 128 has no obligation or present intention of filing with the United States Securities and Exchange Commission or with any state securities administrator any registration statement to facilitate the resale of the Consideration Shares in the United States, or to take any other action (including, without limitation, in respect of Rule 144 under the U.S. Securities Act) to facilitate the resale of any of the Consideration Shares in the United States.

3. Independent Contractor.

The Parties understand and agree that Consultant is an independent contractor and not an employee of the Corporation. Consultant has no authority to obligate the Corporation by contract or otherwise. Consultant will not be eligible for any employee benefits, nor will the Corporation make deductions from Consultant's fees for taxes (except as otherwise required by applicable law or regulation). Any taxes imposed on Consultant due to activities performed hereunder will be the sole responsibility of Consultant.

4. Recognition of Corporation's Rights; Nondisclosure.

Consultant recognizes that the Corporation is engaged in a continuous program of research and development respecting its business activities. Without limiting the Confidentiality and Proprietary Information Agreement attached hereto, Consultant agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At all times during the Term and thereafter, Consultant will hold in strictest confidence and will not disclose, use, lecture upon or publish any of the Corporation's Proprietary Information (defined below), except to the extent such disclosure, use or publication may be (i) required in direct connection with Consultant's performing requested Services for the Corporation, (ii) is expressly authorized in writing or by email by an officer of the Corporation, or (iii) is expressly required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The term "**Proprietary Information**" shall mean any and all trade secrets, confidential knowledge, know-how, data or other proprietary information or materials of the Corporation. By way of illustration but not limitation, Proprietary Information includes: (i) inventions, ideas, samples, procedures and formulations for producing any such samples, processes, formulas, data, know-how, improvements, discoveries, developments, designs and techniques arising from the Services or otherwise disclosed or made available to Consultant by or on behalf of Corporation; and (ii) information regarding Corporation's plans for investment or research, development, new products, marketing and selling, business plans, budgets and unpublished financial statements, licenses, prices and costs, suppliers and customers; and (iii) information regarding the skills and compensation of employees or other consultants of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Consultant understands that the Corporation has received, and in the future will receive from third parties, confidential or proprietary information ("**Third Party Information**") subject to a duty on the Corporation's part to maintain the confidentiality of such information and to use it only for certain limited purposes. During the Term and thereafter, Consultant will hold Third Party Information in the strictest confidence and will not disclose or use Third Party Information, except (i) in connection with Consultant's performing requested Services for the Corporation, (ii) as expressly authorized in writing or by email by an officer of the Corporation, or (iii) as expressly required law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Consultant agrees that, during the Term, the Corporation may use Consultant's name in connection with the Corporation's marketing activities.

5. Non-Solicitation.

The Consultant covenants, undertakes and agrees with the Corporation that it will not, during the Term and for a period of three (3) years from the date of expiration or termination of this Agreement, for any reason whatsoever, either alone or in conjunction with any person, whether as principal, agent, consultant, director, officer, employee, investor, shareholder (other than a holding of shares listed on a recognized North American stock exchange that does not exceed five percent (5%) of the outstanding shares so listed), or in any other manner, whatsoever, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) hire or offer to hire, attempt to, or in any way induce, interfere with, approach, solicit, divert or otherwise obtain the withdrawal from the Corporation, any individual who is employed or engaged by the Corporation or any affiliated entity of the Corporation at the date of expiration or termination of this Agreement or who was employed or engaged by the Corporation or any affiliated entity of the Corporation within the 12 month period prior to the date of expiration or termination of this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) induce, interfere with, approach, solicit or divert any Client, customer or supplier to cease doing business with, or otherwise reduce or alter the relationship or association such party has or may have with the Corporation or the business.

6. No Improper Use of Materials.

Consultant agrees not to bring to the Corporation or to use in the performance of Services for the Corporation any materials or documents of a present or former employer of Consultant, or any materials or documents obtained by Consultant from a third party under a binder of confidentiality, unless such materials or documents are generally available to the public or Consultant has authorization from such present or former employer or third party for the possession and unrestricted use of such materials. Consultant understands that Consultant is not to breach any obligation of confidentiality that Consultant has to present or former employers or clients and agrees to fulfill all such obligations during the Term.

7. Termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Termination for Breach.** Either Party may terminate this Agreement at any time in the event of a breach by the other Party of a material covenant, commitment or obligation under this Agreement (including the Service requirements set out in Schedule "A" attached hereto) that remains uncured after thirty (30) days following written notice thereof. Such termination shall be effective immediately and automatically upon the expiration of the applicable notice period, without further notice or action by either Party. Termination shall be in addition to any other remedies that may be available to the non-breaching Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Termination for Financial Insecurity.** Either Party may terminate this Agreement immediately at its option upon written notice if the other Party: (i) becomes or is declared insolvent or bankrupt; (ii) is the subject of a voluntary or involuntary bankruptcy or other proceeding related to its liquidation or solvency, which proceeding is not dismissed within 90 calendar days after its filing;

(iii) ceases to do business in the normal course; or (iv) makes an assignment for the benefit of creditors. This Agreement shall terminate immediately and automatically upon any determination by a court of competent jurisdiction that either Party is excused or prohibited from performing in full all obligations hereunder, including, without limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Termination for Other.** Corporation may terminate this Agreement immediately without further or written notice to the Consultant:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by reason of the death of Tim Ronchak or inability of Tim Ronchak or the Consultant perform the Services for a period of greater than ten (10) days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the Consultant or any employee of the Consultant engages in conduct that tends to damage the Corporation's goodwill or reputation for which the Consultant has been put on written notice; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if the Consultant becomes a participant in, or subject to, any legal proceedings where it is alleged that the Consultant has committed gross negligence, fraud, conversion or wrongful death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Obligations upon Termination.** Upon termination of this Agreement, Consultant shall immediately cease to be an independent contractor of the Corporation. Upon termination, Consultant shall immediately remove and not thereafter use any sign, display, or other advertising or marketing means containing Corporation's Proprietary Information. In addition, Consultant shall immediately return or destroy all Confidential Information, as well as all advertising matter and other printed materials in its possession or under its control containing the Corporation's intellectual property or Proprietary Information. Within 10 days of the termination of this Agreement for any reason, Consultant shall return all sales, advertising, technical, Confidential Information and any other material of the Corporation supplied to Consultant in connection with this Agreement, and Consultant shall not make or retain any copies of same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The obligations set forth in Sections 3-15 will survive any termination or expiration of this Agreement. Upon termination of this Agreement, Consultant will promptly deliver to the Corporation all documents and other materials of any nature pertaining to the Services, together with all documents and other items containing or pertaining to any Proprietary Information, provided that with respect to Proprietary Information stored electronically on non-removable media, Consultant may comply with this by delivering an electronic or physical copy of the same to the Corporation and thereafter promptly deleting it by secure means, as long as the Consultant does not directly or indirectly recover or restore the same whether through forensics, archives, undeletion or otherwise.

8. Assignment.

The rights and liabilities of the Parties hereto shall bind and inure to the benefit of their respective successors and assigns, as the case may be; *provided that,* as the Corporation has specifically contracted for Consultant's Services, Consultant may not assign or delegate Consultant's obligations under this Agreement either in whole or in part without the prior written consent of the Corporation. The Corporation may assign its rights and obligations hereunder to any person or entity who succeeds to all or substantially all of the Corporation's business.

9. Legal and Equitable Remedies.

Because Consultant's Services are personal and unique and because Consultant may have access to and become acquainted with the Proprietary Information of the Corporation, the Corporation shall have the right to enforce this Agreement and any of its provisions by injunction, specific performance or other equitable relief without prejudice to any other rights and remedies that the Corporation may have for a breach of this Agreement.

10. Indemnity

The Consultant shall defend, indemnify and hold the Corporation, its directors, officers, shareholders, employees, representatives, dealers, agents, insurers and assignees harmless from and against any and all loss, liability, damage, fine, penalty, demand, expense, complaint, claim or cause of action (including court costs and legal fees) (collectively "**Claims**"), arising out of or in connection with the negligent performance or non-performance by the Consultant of the Services or any work performed by the Consultant for the Corporation, or any obligations under this Agreement including any Claims arising out of the enforceability of this Agreement, and actions of any employee, agent, subcontractor or individual or entity otherwise engaged by the Consultant in relation to the provision of the Services, or the breach by the Consultant of any term, condition, covenant, representation, warranty or other provision contained herein.

**11. Limitations of Liability.** Except for liability for claims by the Corporation for breaches of its intellectual property rights or for indemnification:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) IN NO EVENT WILL EITHER PARTY BE LIABLE TO THE OTHER OR ANY OTHER PERSON FOR CONSEQUENTIAL, INCIDENTAL, PUNITIVE, SPECIAL OR INDIRECT DAMAGES, OR DAMAGES FOR LOSS OF PROFITS, REVENUE, GOODWILL, OR REPUTATION, HOWEVER ARISING, WHETHER IN AN ACTION IN CONTRACT, TORT, UNDER STATUTE OR OTHERWISE, AND WHETHER OR NOT THE OTHER PARTY OR ANY OTHER PERSON COULD REASONABLY HAVE FORESEEN THE POSSIBILITY OR LIKELIHOOD OF SUCH DAMAGES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) EACH PARTY'S LIABILITY FOR DAMAGES UNDER THIS AGREEMENT SHALL NOT EXCEED THE TOTAL AMOUNT OF COMPENSATION PAID BY THE CORPORATION TO THE CONSULTANT FOR THE SERVICES RENDERED DURING THE TERM.

12. Governing Law; Severability.

This Agreement shall be governed by and construed according to the laws of the Province of Ontario, without regards to conflicts of laws rules. If any provision of this Agreement is found by a court of competent jurisdiction to be unenforceable, that provision shall be severed and the remainder of this Agreement shall continue in full force and effect.

13. Complete Understanding; Modification.

This Agreement, and all other documents mentioned herein, constitute the final, exclusive and complete understanding and agreement of the Parties hereto and supersedes all prior understandings and agreements. Any waiver, modification or amendment of any provision of this Agreement shall be effective only if in writing and signed by the Parties hereto.

14. Publicity.

Neither Party will issue any press release or other public announcement relating to this Agreement or any activities related thereto without the prior written consent of the other Party, except where such announcements are required by law or regulation, in which the event the Parties will use all reasonable efforts to consult with each other and cooperate with respect to the wording of any such announcement.

15. Notices.

Any notices required or permitted hereunder shall be given to the appropriate Party at the address listed on the first page of the Agreement, or such other address as the Party shall specify in writing pursuant to this notice provision. Such notice shall be deemed given upon personal delivery to the appropriate address or three days after the date of mailing if sent by certified or registered mail.

16. Counterparts.

Each of the parties shall be entitled to rely on delivery by electronic means of an executed copy of this Agreement, and such electronic copy shall be legally effective to create a valid and binding agreement between the parties in accordance with the terms hereof. In addition, this Agreement may be executed by the parties in separate counterparts each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument.

[Remainder of Page Intentionally Left Blank]

**In Witness Whereof**, the Parties hereto have executed this Agreement as of the Effective Date.

---

| | |
|:---|:---|
| **MIDORI-BIO INC.** | **MIDORI-BIO INC.** |
| **By:** | ***/s/ Kenneth Lyons*** |
|  | Kenneth Lyons, President |
|  | *I have authority to bind the Corporation.* |
| **1284670 B.C. LTD.** | **1284670 B.C. LTD.** |
| **By:** | ***/s/ Kenneth Lyons*** |
|  | Authorized Signing Authority |
|  | *I have authority to bind the Corporation.* |
| **TR GLOBAL LLC** | **TR GLOBAL LLC** |
| **By:** | */s/ Tim Ronchak* |
|  | Authorized Signing Authority |
|  | *I have authority to bind the Corporation.* |

---

 

 

**Confidentiality and Proprietary Information Agreement**

In consideration of the engagement as an employee, independent contractor, Consultant or consultant with **MIDORI-BIO INC**. (the "**Corporation**"), the undersigned (the "**Participant**") agrees and covenants as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. Engagement
 with the Corporation as an employee, independent contractor or consultant, both before and after the date of incorporation of the
 Corporation ()"**Engagement**") will give the Participant access to proprietary and confidential information belonging
 to the Corporation, its customers, its investments and related materials, its suppliers and others (the proprietary and confidential
 information is collectively referred to in this Agreement as "**Confidential Information** "). Confidential Information
 includes but is not limited to Corporation's customer lists, marketing plans, investment pipeline, strategic partners, proposals,
 contracts, technical and/or financial information, databases, software, and know-how. All Confidential Information remains the confidential
 and proprietary information of the Corporation. Confidential Information does not include information that (i) is or becomes public
 other than through a breach of this Agreement, (ii) is known to the Participant prior to the date of this Agreement and with respect
 to which the Participant does not have any obligation of confidentiality as of the date of its becoming part of the public domain,
 or (iii) is developed independently, meaning that it is developed neither with any direct or indirect use of the Confidential Information
 whatsoever, nor through any performance of the Services.

2. As
 referred to herein, the "Business of the Corporation" shall relate to the business of the Corporation as the same is
 actually practiced by the Corporation during the Engagement and that reasonably relate to the Engagement.

3. The
 Participant may, in the course of the Participant's Engagement with the Corporation, conceive, develop or contribute to material
 or information related to the Business of the Corporation, including, without limitation as it relates to the Business of the Corporation,
 software, technical documentation, ideas, inventions (whether or not patentable), hardware, know-how, marketing plans, designs, techniques,
 documentation, records, regardless of the form or media, if any, on which such is stored (referred to in this Agreement as "**Proprietary Property** "). The Corporation shall exclusively own all Proprietary Property that the Participant conceives, develops or
 contributes to in the course of the Participant's Engagement with the Corporation and all intellectual and industrial property
 and other rights of any kind in or relating to the Proprietary Property, including but not limited to all copyright, patent, trade
 secret and trade-mark rights in or relating to the Proprietary Property, and, without limiting the foregoing, the Participant hereby
 irrevocably assigns all of its right, title and interest in and to the Proprietary Property to the Corporation. Material or information
 conceived, developed or contributed to by the Participant outside work hours but using the any Corporation computer networks, assets
 or resources (including Confidential Information or Proprietary Property) shall also be Proprietary Property and be governed by this
 Agreement if such material or information relates to the Business of the Corporation. The Participant shall keep full and accurate
 records accessible at all times to the Corporation relating to all Proprietary Property and shall promptly disclose and deliver to
 the Corporation all Proprietary Property. The Participant may not use or disclose his own or any third party's confidential
 information or intellectual property (including any Proprietary Property cannot be fully made, used, reproduced, distributed and
 otherwise exploited by the Corporation without using or violating the foregoing), without the Corporation's prior written permission.

---

| | |
|:---|:---|
| 4. | The Participant shall, both during and after the Participant's Engagement with the Corporation, keep all Confidential Information and Proprietary Property confidential and shall not use any of it except for the purpose of carrying out authorized activities on behalf of the Corporation. The Participant may, however, disclose Confidential Information which is required to be disclosed by law, whether under an order of a court or government tribunal or other legal process, provided that Participant informs the Corporation of such requirement in sufficient time to allow the Corporation to avoid such disclosure by the Participant. |
|  | The Participant shall return or destroy, as directed by the Corporation, Confidential Information and Proprietary Property to the Corporation upon request by the Corporation at any time. The Participant shall certify, by way of affidavit or statutory declaration that all such Confidential Information and Proprietary Property has been returned or destroyed, as applicable. With respect to non-removable electronic copies of Confidential Information and Proprietary Property, the Participant may comply with the foregoing by deleting the same using reasonably secure means, provided that it does not thereafter directly or indirectly recover or restore such Confidential Information or Proprietary Property, whether through archives, undeletion, forensics or otherwise. |

---

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 Participant covenants and agrees not to make any unauthorized use whatsoever of or to bring onto the Corporation's premises
 for the purpose of making any unauthorized use whatsoever of any trade secrets, confidential information or proprietary property
 of any third party, including without limitation any trade-marks or copyrighted materials, during the course of the Participant's
 Engagement with the Corporation.

6. At
 the reasonable request and at the sole expense of the Corporation, the Participant shall do all reasonable acts necessary and sign
 all reasonable documentation necessary in order to ensure the Corporation's ownership of the Proprietary Property and all intellectual
 and industrial property rights and other rights in the same, including but not limited to providing to the Corporation written assignments
 of all rights to the Corporation and any other documents required to enable the Corporation to document rights to and/or register
 patents, copyrights, trade-marks, industrial designs and such other protections as the Corporation considers advisable anywhere in
 the world. This will include $15,000 cost to develop a new Midori-Bio logo "design and logo guidelines".

7. The
 Participant hereby irrevocably and unconditionally waives all moral rights the Participant may now or in the future have in any Proprietary
 Property.

8. The
 Participant agrees that the Participant will, if reasonably requested from time to time by the Corporation, execute such further
 reasonable agreements as to confidentiality and proprietary rights as the Corporation's customers or suppliers reasonably require
 to protect confidential information or proprietary property.

9. Regardless
 of any changes in position, salary or otherwise, including, without limitation, termination of the Participant's Engagement
 with the Corporation, unless otherwise stipulated pursuant to the terms hereof, the Participant will continue to be subject to each
 of the terms and conditions of this Agreement and any other(s) executed pursuant to the preceding paragraph.

10. The
 Participant agrees that the Participant's sole and exclusive remedy for any breach of this Agreement by the Corporation will
 be limited to monetary damages and that the Participant will not make any claim in respect of any rights to or interest in any Confidential
 Information or Proprietary Property.

&nbsp;&nbsp;&nbsp;&nbsp;11. The
 Participant acknowledges that the services provided by the Participant to the Corporation under this Agreement are unique. The Participant
 further agrees that irreparable harm will be suffered by the Corporation in the event of the Participant's breach or threatened
 breach of any of his or her obligations under this Agreement, and that the Corporation will be entitled to seek, in addition to any
 other rights and remedies that it may have at law or equity, to a temporary or permanent injunction restraining the Participant from
 engaging in or continuing any such breach hereof. Any claims asserted by the Participant against the Corporation shall not constitute
 a defense in any injunction action, application or motion brought against the Participant by the Corporation.

12. This
 Agreement is governed by the laws of the Province of British Columbia and the parties agree to the non-exclusive jurisdiction of
 the courts of the Province of British Columbia in relation to this Agreement.

13. If
 any provision of this Agreement is held by a court of competent jurisdiction to be invalid or unenforceable, that provision shall
 be deleted and the other provisions shall remain in effect.

**IN WITNESS WHEREOF** the Corporation and the Participant have caused this Agreement to be executed as of the <u>_____________</u> day of <u>__________</u>, 2021.

---

| | |
|:---|:---|
| **MIDORI-BIO INC.** | **MIDORI-BIO INC.** |
| **By:** | ***/s/ Kenneth Lyons*** |
|  | Kenneth Lyons, President |
|  | *I have authority to bind the Corporation.* |
| **1284670 B.C. LTD.** | **1284670 B.C. LTD.** |
| **By:** | ***/s/ Kenneth Lyons*** |
|  | Authorized Signing Authority |
|  | *I have authority to bind the Corporation.* |
| **TR GLOBAL LLC** | **TR GLOBAL LLC** |
| By: | */s/ Tim Ronchak* |
|  | Authorized Signing Authority |
|  | *I have authority to bind the Corporation.* |

---

**<u>Schedule "A"</u>**

The Consultant agrees to perform the following Services with a minimum weekly commitment of thirty- five (35) hours, either by phone or in person, as may be required:

● sourcing & developing new business customers;

● support Corporation's government relations strategies;

● support Corporation's B2B and B2C relationships;

● support Corporation's PR outreach;

● consult and meet with Corporation principles and associate consultants and ambassadors, as may be required; and

● maintain/support the Approved Clients' accounts with the Corporation.

**<u>Schedule "B"</u>**

<u>Approved Clients:</u>

&nbsp;&nbsp;&nbsp;&nbsp;1. Wilson Sporting Goods Company

2. Head Sport GmbH

3. Penn Racquet Sports, Inc.

4. Amer Sports

5. Babalot

6. Dunlop

7. Tchnifibre

8. Royce Too

9. VF – Vans/North Face

10. General Mills

11. Tai Apparel Co

12. Activenvironmental

13. Onyx

14. Sons

15. Vouri

16. Pop Sockets

17. Asics

**<u>Schedule "C"</u>**

**Form of Declaration for Removal of Legend**

To: [1284670 B.C. LTD.] (the "**Corporation**")

And To: Registrar and transfer agent for the shares of the Corporation.

The undersigned (A) acknowledges that the sale of <u>________________</u> common shares (the "**Securities**") of the Corporation which this declaration relates, represented by certificate number <u>_____________________</u> or held in direct registration system (DRS) account number <u>_____________________</u>, is being made in reliance on Rule 904 of Regulation S under the United States Securities Act of 1933, as amended (the "**U.S. Securities Act**"), and (B) certifies that (1) the undersigned is not (a) is not an "affiliate" of the Corporation, as that term is defined in Rule 405 under the U.S. Securities Act, or is an affiliate solely by virtue of being an officer or director of the Corporation, (b) a "distributor" as defined in Regulation S or (c) an affiliate of a distributor; (2) the offer of such securities was not made to a person in the United States and either (a) at the time the buy order was originated, the buyer was outside the United States, or the seller and any person acting on its behalf reasonably believed that the buyer was outside the United States, or (b) the transaction was executed on or through the facilities of the Toronto Stock Exchange, the TSX Venture Exchange, the Canadian Securities Exchange or any other "designated offshore securities market", and neither the seller nor any person acting on its behalf knows that the transaction has been prearranged with a buyer in the United States; (3) neither the seller nor any affiliate of the seller nor any person acting on their behalf has engaged or will engage in any "directed selling efforts" in the United States in connection with the offer and sale of such securities; (4) the sale is bona fide and not for the purpose of "washing off" the resale restrictions imposed because the securities are "restricted securities" (as that term is defined in Rule 144(a)(3) under the U. S. Securities Act); (5) the seller does not intend to replace such securities with fungible unrestricted securities; and (6) the contemplated sale is not a transaction, or part of a series of transactions, which, although in technical compliance with Regulation S, is part of a plan or scheme to evade the registration provisions of the U. S. Securities Act. Terms used herein have the meanings given to them by Regulation S under the U.S. Securities Act.

Dated <u>______________</u> 20____.

---

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

---

**Affirmation by Seller's Broker-Dealer**

**(Required for sales pursuant to Section (B)(2)(b) above)**

We have read the foregoing representations of our customer, <u>______________________</u> (the "**Seller**") Dated _______________,with regard to the sale, for such Seller's account, of ________________ common shares (the "**Securities**") of the Corporation represented by certificate number <u>________________</u> or held in direct registration system (DRS) account number _________________. We have executed sales of the Securities pursuant to Rule 904 of Regulation S under the United States Securities Act of 1933, as amended (the "**U.S. Securities Act**"), on behalf of the Seller. In that connection, we hereby represent to you as follows:

(1) no
 offer to sell Securities was made to a person in the United States;

(2) the
 sale of the Securities was executed in, on or through the facilities of the Toronto Stock Exchange, the TSX Venture Exchange, the
 Canadian Securities Exchange or another designated offshore securities market (as defined in Rule 902(b) of Regulation S under the
 U.S. Securities Act), and, to the best of our knowledge, the sale was not pre-arranged with a buyer in the United States;

(3) no
 "directed selling efforts" were made in the United States by the undersigned, any affiliate of the undersigned, or any
 person acting on behalf of the undersigned; and

(4) we
 have done no more than execute the order or orders to sell the Securities as agent for the Seller and will receive no more than the
 usual and customary broker's commission that would be received by a person executing such transaction as agent.

For purposes of these representations: "**affiliate**" means a person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the undersigned; "**directed selling efforts**" means any activity undertaken for the purpose of, or that could reasonably be expected to have the effect of, conditioning the market in the United States for the Securities (including, but not be limited to, the solicitation of offers to purchase the Securities from persons in the United States); and "**United States**" means the United States of America, its territories or possessions, any State of the United States, and the District of Columbia.

Legal counsel to the Corporation shall be entitled to rely upon the representations, warranties and covenants contained herein to the same extent as if this affirmation had been addressed to them.

Dated: <u>_____________</u> 20 .

---

| | |
|:---|:---|
| Name of Firm | Name of Firm |
| By: |  |
|  | Authorized Officer |

---

## Exhibit 10.12

**Exhibit 10.12**

**<u>CONTRACTOR AGREEMENT</u>**

THIS AGREEMENT made effective the 1<sup>st</sup> day of March 2023 (the "**Effective Date**")

**BETWEEN:**

**Midori Group Inc.**

a corporation existing under the laws of the Province of British

Columbia, having an office at 5 Hazelton Ave. Suite 400, Toronto

Ontario

(the "**Corporation**")

-and-

Leeder Holdings Inc.

incorporated under the laws of the Province of Ontario

(**"Leeder"**)

(each a "**Party**" and collectively the "**Parties**")

**<u>RECITALS</u>:**

**WHEREAS** the Corporation wishes to retain the services of Leeder;

**AND WHEREAS** the Corporation and Leeder have agreed that this Agreement will govern the services Leeder will provide to the Corporation;

**NOW THEREFORE** in consideration of the mutual premises set forth herein and other good and valuable consideration (the receipt and sufficiency of which is hereby acknowledged), the Parties agree as follows:

**Article 1: SERVICES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1**  **<u>Retainer</u>** 

The Corporation hereby agrees to retain Leeder to provide services to the Corporation and Leeder agrees to be so retained and to provide the services on the terms and conditions set forth in this Agreement.

Leeder will be assigned work by the CEO of the Corporation and will utilize professional skills and care to ensure that all services rendered hereunder are to the satisfaction of the CEO, acting reasonably.

Leeder agrees that all services performed hereunder will be performed for the Corporation in a competent, diligent and prudent manner, in accordance with the highest professional standards of the industry and all applicable laws ("**Service Standards**"). Leeder will be free to select the schedule and time of work to perform all services, provided that any deadlines will be met and services will be performed in accordance with Service Standards. Midori Bio shall retain the services of Joeseph Leeder throughout the Term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2**  **<u>Term</u>** 

This Agreement shall commence on the Effective Date and continue on an annual basis, until terminated pursuant to Section 3.1 (the "**Term**").

**Article 2: COMPENSATION, BENEFITS AND EXPENSES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1**  **<u>Consulting Fee</u>** 

In consideration of the services to be provided by Leeder to the Corporation, the Corporation shall pay Leeder a monthly Fee of $16,666.00 CAD plus GST (the "**Monthly Fee**"). Payment will be made at the 25<sup>th</sup> day of each month, one month in arrears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2**  **<u>Performance of Service</u>** 

Leeder shall provide services in the capacity of the Corporation's Chief Financial Officer and Corporate Secretary as required, reporting to the CEO. Leeder shall provide these services on an as needed basis to complete all responsibilities.

Leeder shall provide an invoice of these services to the Corporation on or before the 22<sup>th</sup> day of each month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3**  **<u>Expenses</u>** 

Leeder shall be responsible for all expenses incurred by it in connection with the performance of the services, except for any expenses incurred by Leeder upon the Corporation's specific request and approved in advance by the Corporation.

**Article 3: TERMINATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1**  **<u>Termination</u>** 

This Agreement may be terminated in any of the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Termination by Leeder</u>: In the event Leeder wishes to terminate this Agreement, Leeder will give a
 minimum of thirty (30) days' advance written notice to the Corporation. Leeder will
 not be entitled to receive any compensation whatsoever other than that which has accrued
 up to Leeder's last day of active service to the Corporation, and Leeder's final
 Monthly Fee will be provided on a pro-rated basis as necessary to compensate Leeder up to
 the last day of active service (but no more). The Corporation may elect to waive the notice
 given by Leeder provided that the Corporation shall provide Leeder with remuneration it would
 have received during the period of notice so waived, to a maximum of thirty (30) days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>The Corporation shall have the right to terminate this Agreement and Leeder's retainer immediately if Leeder (i) fails to perform any material obligation, duty or responsibility under this Agreement; (ii) is in default with respect to any material term or condition of this Agreement; or (iii) otherwise commits a material breach of the terms or conditions of this Agreement.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Termination by the Corporation Without Cause</u>: The Corporation shall provide Leeder with a minimum
 of ninty (90) days' advance written notice of the termination without cause, or pay
 in lieu thereof calculated on the basis of the Monthly Fee in effect at the time notice of
 termination is given and pro-rated as necessary for any partial month in which Leeder is
 retained by the Corporation.

The Corporation agrees that Leeder's right to receive such payments shall not be subject to any obligation to mitigate, nor affected by any actual mitigation. Leeder understands and agrees that other than the aforementioned notice or payments, it shall not be entitled to any other claim or compensation, damages, payment in lieu of notice, further notice of termination, or any other damages whatsoever, whether arising out of this Agreement of the termination of this Agreement.

In the event that, contrary to the intention of the parties, a court or tribunal having jurisdiction over the parties determines that the relationship between the Corporation and Joeseph Leeder is that of a dependent contractor or employment relationship, then Joeseph Leeder will only be entitled to such minimum entitlements required by applicable employment standards legislation in full and final satisfaction of any claim which Joeseph Leeder might have arising from or relating to the termination of their employment or dependent contractor relationship, whether such claim arises under statute, contract, common law or otherwise, save and except any claim that cannot be released by operation of statute.

**Article 4: Confidentiality, INTELLECTUAL PROPERTY AND CONFLICTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1**  **<u>Confidentiality</u>** 

Leeder acknowledges and agrees that in the course of its retainer by the Corporation it will acquire or create Confidential Information. Leeder acknowledges and agrees that any disclosure of Confidential Information to the competitors, suppliers or customers of the Corporation or to the general public may be highly detrimental to the interests of the Corporation. Leeder agrees that it will hold in strict confidence and not disclose or use, for its own or any other purpose, any Confidential Information save and except in connection with the proper discharge of the services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2**  **<u>Corporation's Property</u>** 

Upon the termination of this Agreement for any reason, Leeder will deliver to the Corporation any and all property belonging to the Corporation, including, without limitation, any devices, records, data, notes, reports, proposals, client lists, correspondence, materials, equipment or other documents or property, and any copies or reproductions thereof, which may have come into Leeder's possession. Leeder agrees that such property shall remain the sole property of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3**  **<u>Intellectual Property</u>** 

Leeder acknowledges and agrees that all right and title to and interest in any work products of Leeder under this retainer including, without limitation, any technical developments, inventions, tools, equipment, creations, computer programs, system designs, design, documentation, reports, documents, records, code, data, drawings, graphic designs, logos, backups and works in progress, developed by or originating with Leeder, either alone or in conjunction with other employees or individuals working for the Corporation or its clients (the "**Work Products**") shall vest in and shall be the property of either the Corporation or the client, as determined and directed by the Corporation.

The Corporation shall have the sole and exclusive right to determine whether the Work Products are capable of protection under intellectual property rights laws of any country (including laws respecting patents and copyright, for example) and, in all such cases where the Corporation determines to seek such protection, Leeder shall give full co-operation to the Corporation, including, without limiting the generality of the foregoing, executing any and all such documentation as may be required.

By signing this conditional retainer, Leeder hereby irrevocably sells, assigns and transfers, and agrees to sell, assign and transfer exclusively to the Corporation by virtue of the retainer, any and all of its right, title and interest in and to, in the United States, Canada and all other countries in the world, any and all Work Products together with the goodwill related to all trademarks, and all patents, applications, reissues, continuations, continuations in part or divisional applications for any patent and any other intellectual property in any Work Products that it has solely or jointly authored, created, conceived, developed or reduced to practice, to the extent ownership of any such rights does not vest originally in the Corporation. Leeder agrees not to apply for any intellectual property rights for any Work Products and agrees not to oppose, contest or seek to invalidate any registration of such rights by the Corporation.

Leeder waives in whole any moral right, or similar right, which it may have in any Work Products or in any part or parts thereof, to the extent that they cannot be assigned to the Corporation as set out above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4**  **<u>Injunctive Relief</u>** 

Leeder agrees that Article 4 relates to special, unique and extraordinary matters and that a violation of any of such covenants or obligations may cause the Corporation injury; and therefore, that upon any such breach of any such covenant or obligation, or any threat thereof, the Corporation is entitled to both temporary and permanent injunctive relief. The right of the Corporation to injunctive relief is in addition to any and all other remedies available to it and will not prevent it from pursuing, either consecutively or concurrently, any and all other legal or equitable remedies available to it including the recovery of monetary damages.

**Article 5: INDEMNITY AND INSURANCE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1**  **<u>Indemnity</u>** 

The Corporation agrees to protect and indemnify Leeder against all costs, charges, and expenses including and amount paid to settle any action or satisfy a judgment reasonably incurred by Leeder in respect of any civil, criminal, or administrative action or proceeding to which he is made a party by reason of being or having been an officer of the Corporation, provided that Leeder has acted honestly and in good faith with a view to the best interests of the Corporation to the maximum extent permitted by the *Business Corporations Act* (Alberta) (and for certainty without fraud, negligence or willful misconduct).

The Corporation further agrees, both during and after the Term, to use its reasonable best efforts to obtain any approval or approval necessary to such indemnification and to co-operate with Leeder and to provide Leeder with access to any evidence which the Corporation may have or control which would enable Leeder to make an application or obtain any approval or approvals necessary for such indemnification.

Leeder shall indemnity and save harmless the Corporation, its directors, officers, members, employees and agents from all costs, claims, penalties or demands made or imposed by any governmental authority, including without limitation the Canada Revenue Agency, with respect to any sum which such authority asserts ought to have been withheld, remitted or paid to or by the Corporation with respect to the sums payable by the Corporation to Leeder hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2**  **<u>Insurance</u>** 

The Corporation agrees that it shall maintain a policy of insurance with respect to liability relating to its directors and officers and the Corporation shall include Leeder as an insured party under such policy.

**Article 6: NOTICES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1**  **<u>Method</u>** 

All notices, including requests, demands or other communications required or permitted under the provisions of this Agreement to be given by one Party to the other shall be in writing and shall be deemed to be properly given only if personally delivered or mailed by prepaid registered mail or sent by facsimile or similar form of communication:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To
 Leeder at:

Leeder Holdings Inc.

36 Hoyle Avenue

Toronto, Ontario

M4S 2X6

Attention: Joseph Leeder

Email:jleeder54@gmail.com

416-371-9892

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To
 the Corporation at:

5 Hazelton Ave, Suite 400

Toronto, Ontario

Attention: Ken Lyons, CEO

Email: ken@midori-bio.com

or to such other address in Canada of which either Party may from time to time notify the other.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2**  **<u>Receipt</u>** 

Any notices personally delivered or delivered by facsimile shall be deemed to have been given immediately upon delivery and notices mailed by prepaid single registered mail shall be deemed to have been given three (3) days after posting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3**  **<u>Disruption</u>** 

In the event of disruption or threatened disruption of regular mail service, all notices shall be deemed to have been properly given only if personally delivered or delivered by facsimile.

**Article 7: GENERAL**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1**  **<u>Further Acts</u>** 

Each of the Parties shall, at the request and expense of the other Party, execute and deliver any further documents and do all acts and things as may reasonably be required to carry out the true intent and meaning of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2**  **<u>Arbitration</u>** 

In the event there is any dispute between the Parties on any matter not specifically covered by this Agreement, or any dispute concerning the interpretation, meaning or application of the provisions of this Agreement, such dispute shall be submitted to and shall be settled by arbitration. The arbitration shall be conducted by a single arbitrator, mutually agreed upon by the Parties. If the Parties are unable to agree upon an arbitrator, the arbitration shall be conducted by a single arbitrator appointed by a Justice of the Court of Queen's Bench of Alberta upon the application of either of the Parties to the dispute. The decision of the arbitrator shall be final and binding upon all of the Parties and there shall be no appeal therefrom. The arbitration shall be conducted in accordance with the provisions of the *Arbitration Act* (Alberta) as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3**  **<u>Headings</u>** 

Headings contained in this Agreement are inserted for purposes of convenience only and are in no way to be construed as part of this Agreement or as a limitation of the scope of the provisions to which they refer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4**  **<u>Proper Law</u>** 

This Agreement shall be construed in accordance with and governed by the laws of the Province of Ontario. Any proceedings in respect of this Agreement shall be brought and carried out in the Judicial District of the Province of Ontario, and the parties hereby attorn irrevocably to the exclusive jurisdiction of such courts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.5**  **<u>Amendment</u>** 

This Agreement may be amended only by an instrument in writing signed by both Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.6**  **<u>Non-Waiver</u>** 

Failure of any Party to at any time require performance by any other Party of any provision of this Agreement shall not be deemed to be a waiver of that provision or a waiver of any subsequent default in the performance of any provision of this Agreement and shall not constitute or be construed as varying the terms of this Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.7**  **<u>Counterparts</u>** 

The Parties agree that this Agreement may be signed in counterparts, which taken together form one agreement. Signatures provided by facsimile or other electronic methods are equivalent to original signatures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.8**  **<u>Assignment and Enurement</u>** 

This Agreement shall ensure to the benefit of and be binding upon the Parties and their successors and permitted assigns. Rights which accrue to the Corporation shall be assignable to its successors or assignees. The rights of Leeder under this Agreement shall not be assignable or transferable in any way without written consent of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.9**  **<u>Entire Agreement</u>** 

This Agreement constitutes the entire contract between Leeder and the Corporation and no agreement, understanding, representation or warranty, either express or implied, other than as contained herein, shall in any way change, vary, alter, add to or modify the terms hereof. This Agreement supersedes all prior agreements, understandings, negotiations, whether oral or written, of the Parties. The Parties have not relied and are not relying on any other information, discussion or understanding in entering into this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.10**  **<u>Independent Legal Advice</u>** 

Leeder acknowledges that he has been advised and afforded an opportunity to obtain independent legal advice with respect to this Agreement and have obtained independent legal advice or have expressly determined not to seek such advice. Leeder further acknowledges entering into this Agreement with full knowledge of the contents, nature and consequences of this Agreement.

**[Remainder of page intentionally left blank. Signature page to follow.]**

**IN WITNESS WHEREOF** this Agreement has been executed by the Parties hereto on the date first above written.

---

| | | |
|:---|:---|:---|
| **Leeder Holdings Inc.** | **Leeder Holdings Inc.** |  |
| Per: */s/ Joseph Leeder* | Per: */s/ Joseph Leeder* | |
| Name: | Joseph Leeder |  |
| Title: | President and Director |  |

---

---

| | |
|:---|:---|
| **Midori Group Inc.** | **Midori Group Inc.** |
| Per: */s/ Ken Lyons* | Per: */s/ Ken Lyons* |
| Name: | Ken Lyons |
| Title: | CEO and Director |

---

## Exhibit 10.13

**Exhibit 10.13**

**<u>MANAGEMENT AND ADMINISTRATIVE SERVICES CONTRACT</u>**

**THIS AGREEMENT** made this 6<sup>th</sup> day of January, 2022

**BETWEEN:**

**1284670 BC LTD.**

1500 - 1055 West Georgia St.

Vancouver BC V6E 4N7

(the "**Company**")

**OF THE FIRST PART**

**AND:**

**2710989 Ontario Limited**

4400 – 181 Bay St

Toronto, ON M5J 2T3

(the "**Manager**")

**OF THE SECOND PART.**

**WHEREAS:**

A. The Company wishes to retain the Manager to provide services with respect to the management and administrative affairs of the Company;

B. The Manager has the ability to provide professional management and administrative services to the Company;

C. The Manager has agreed to continue to provide management and administrative services to the Company on the terms and subject to the conditions hereinafter set forth.

**NOW THEREFORE THIS AGREEMENT WITNESS THAT** in consideration of the mutual promises, covenants, representations, warranties and agreements herein contained, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

1.  **<u>ENGAGEMENT AND TERMINATION</u>** 

1.01 The Company hereby engages the Manager and the Manager hereby accepts such engagement to provide "**Management and Administrative Services**" (as hereinafter defined) to the Company for an initial term of twenty-four (24) months from the Effective Date (the "**Initial Term**") and thereafter, unless otherwise terminated in accordance with the terms hereof, on a monthly basis.

1.02 The Manager may terminate this Agreement by giving 1 month's written notice thereof to the Company.

1.03 The Company may, at any time following the Initial Term, terminate this Agreement by giving 1 month's written notice thereof to the Manager and on the last day of the notice period, pay to the Manager an amount equal to one (1) months of the fees that the Manager would have received under sections 2.02 of this Agreement. If the Company provides notice of termination of this Agreement within the one-month period following a Change of Control (as hereinafter defined), then on the last day of the notice period, the Company shall pay to the Manager an amount equal to the fees that the Manager would have received under sections 2.02 of this Agreement (the "**Termination Amount**").

1.04 If the Manager provides notice of termination of this Agreement in accordance with section 1.02 within the one-month period following a Change of Control, then on the last day of the notice period, the Company shall pay to the Manager the Termination Amount.

1.05 For the purposes of this Agreement, the following terms shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Board** "
 means the board of directors of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Change of Control**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 sales, transfer or disposition of the Company's assets in complete liquidation or dissolution of the Company;

(ii) the
 Company amalgamates, merges or enters into a plan of arrangement with another company at arm's length to the Company and its
 affiliates, other than an amalgamation, merger or plan of arrangement that would result in the voting securities of the Company outstanding
 immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of
 the surviving or resulting entity) more than 50% of the combined voting power of the surviving or resulting entity outstanding immediately
 after such amalgamation, merger or plan of arrangement;

(iii) any
 Person or combination of persons at arm's length to the Company and its affiliates acquires or becomes the beneficial owner
 of, directly or indirectly, more than 30% of the voting securities of the company, whether through the acquisition of previously
 issued and outstanding voting securities, or of voting securities that have not been previously issued, or any combination thereof,
 or any other transaction having a similar effect; or

(iv) the
 Incumbent Directors cease to constitute a majority of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Incumbent Director**" means any member of the Board who was a member of the Board prior to the occurrence of the transaction, transactions
 or elections giving rise to a Change of Control and any successor to an Incumbent Director who was recommended or elected or appointed
 to succeed an Incumbent Director by the affirmative vote of a majority of the Incumbent Directors then on the Board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Person** "
 means any individual, partnership, limited partnership, joint venture, syndicate, sole proprietorship, company or corporation with
 or without share capital, unincorporated association, trust, trustee, executor, administrator or other legal personal representative,
 regulatory body or agency, government or governmental agency or entity however designated or constituted.

**2.**  **<u>MANAGEMENT AND ADMINISTRATIVE SERVICES</u>** 

2.01 The Manager shall provide to the Company general management and administrative services in connection with the operations and business of the Company which shall include the following services (herein collectively called "**Management and Administrative Services**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) General
 liaison with regulatory authorities having jurisdiction over the affairs of the Company;

(b) Reviewing
 company-prepared news releases and dissemination;

(c) General
 liaison with the professional representatives of the Company including lawyers and accountants;

(d) Work
 with the Company on strategy business development initiatives, mergers, acquisitions, and joint ventures;

(e) Accounting
 and bookkeeping services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Accounts
 of the parent entity

■ Coordination
 of consolidation of parent entity and subsidiary(ies)

■ Coordination
 of unaudited interim financial statements

■ Preparation
 of annual financial statements for audit

■ Coordination
 with company auditors for the audit of parent entity accounts

■ Coordination
 and assistance with the Company's management in preparation of Management Discussion and Analysis ("MD&A")
 reports for approval

■ Filing
 interim and annual consolidated financial reports on SEDAR by the Company

■ Correspondence
 with CRA and auditors on accounting and tax matters related to the parent entity

*Note: Accounting of the subsidiary(ies) is/are to be handled by the subsidiary's own accounting team. The Company will not be preparing or reviewing the subsidiary(ies) accounting;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) General
 administration of company files and documents;

(g) Coordinate
 the Company's annual general meeting with lawyers, transfer agent and regulators and assist with preparation of meeting materials,
 including printing, coordination of mailing, SEDAR filing; and

(h) Prepare
 and maintain convertible securities agreements and registries (stock options and warrants).

2.02 The Company shall pay to the Manager, on the first day of each calendar month during the currency of this Agreement, as remuneration for the provision of the Management and Administrative Services set forth and outlined in this Article 2, the sum of CAD$10,000 plus applicable taxes.

2.03 The parties acknowledge that the Manager may, from time to time, be requested by the Company to provide additional Management and Administrative Services over and above that which is contemplated under section 2.01 herein and under such circumstances the parties agree that they shall, at that time, negotiate a mutually acceptable fee for such additional services.

2.04 In providing the Services hereunder, the Manager will be an independent contractor and not an employee or agent of the Company, except that the Manager will be an agent of the Company solely in circumstances where the Manager must be the agent to carry out the Management and Administrative Services as set forth in this Agreement.

2.05 The Company acknowledges that this Agreement is not exclusive. The Company also acknowledges that the Manager has now and will continue to provide management and administrative services to other companies and that these companies will require a certain portion of the Manager's employees' time. The Company agrees that the Manager may continue to provide services to such outside companies, provided that such services do not conflict with the Contractor's Management and Administrative Services under this Agreement.

3. <u>REIMBURSEMENT OF EXPENSES</u>

3.01 The Company shall reimburse the Manager or direct to the service provider, at the time of making payment to the Manager for services rendered to the Company hereunder, the actual out-of- pocket expenses incurred by the Manager, its consultants, advisors, sub-agents and employees, in connection with the provision of any of the Management and Administrative Services hereunder, and the Manager shall provide to the Company vouchers, receipts and such other information as may be reasonably requested by the Company detailing such out-of-pocket expenses.

4. <u>REPRESENTATIONS AND WARRANTIES OF THE COMPANY</u>

4.01 The Company represents and warrants to the Manager as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that
 the Company is duly incorporated, validly existing and in good standing under the laws of the jurisdiction of its incorporation;

(b) the
 Company has the power and capacity to enter into this Agreement and to carry out its terms; and

(c) the
 execution and delivery of this Agreement by the Company has been duly and validly authorized by all necessary corporate action.

5. <u>NOTICES</u>

5.01 Any notice, direction, or other instrument required or permitted to be given under this Agreement shall be in writing and shall be given by the delivery of same or by the mailing same by prepaid registered or certified mail or by sending same by email or other similar form of electronic communication, in each case addressed to the intended recipient at the address of the respective party set out on the first page hereof.

5.02 Any notice, direction or other instrument aforesaid will, if delivered, be deemed to have been given and received on the day it was delivered, and if mailed, be deemed to have been given and received on the fifth business day following the day of mailing, except in the event of disruption of the postal service in which event notice will be deemed to be received only when actually received and, if sent by email or other similar form of electronic communication, be deemed to have been given and received on the day it was actually received. For the purposes of this section 5.02, "business day" means any day, other than a Saturday, a Sunday or statutory holiday in British Columbia.

5.03 Any party may at any time give notice in writing to the other party of any change of address, and from and after the giving of such notice, the address herein specified will be deemed to be the address of such party for the purposes of giving notice hereunder.

6. <u>NO ASSIGNMENT</u>

6.01 This Agreement may not be assigned by either party hereto without the written consent of the other party.

7. <u>ENUREMENT</u>

7.01 This Agreement shall enure to the benefit of and be binding upon the parties hereto, their respective successors and permitted assigns.

8. <u>GENERAL</u>

8.01 Capitalized terms not otherwise defined herein shall have the meanings given to them in the Administrative Agreement.

8.02 No waiver of any provision of this Agreement will be effective unless made in writing and duly executed by the parties. No waiver of any provision of this Agreement will constitute a waiver of any other provision nor will any waiver of any provision of this Agreement constitute a continuing waiver unless otherwise expressly provided.

8.03 If any term, covenant, or provision of this Agreement or any application thereof is determined invalid, illegal or unenforceable in a jurisdiction, such provision shall be modified or deleted as to the jurisdiction involved only to the extent necessary to render the same valid, legal and enforceable, and the validity, legality and enforceability of the remaining provisions this Agreement will not in any way be affected or impaired thereby, nor will the validity, legality or enforceability of such provision be affected thereby in any other jurisdiction.

8.04 Sections 4.01, 5.01, 5.02, 5.03, 7.01 and 8.01 and the rights and obligations set out therein will survive any expiration or earlier termination of this Agreement.

8.05 Each party will promptly and duly execute and deliver to the other party such further documents and assurances and take such further action as such other party may from time-to-time reasonably request in order to more effectively carry out the intent and purpose of this Agreement and to establish and protect the rights and remedies created or intended to be created hereby.

8.06 This Agreement will be governed by and construed in accordance with the laws of British Columbia and the federal laws of Canada applicable therein, and each of the parties submits to the exclusive jurisdiction of the courts of British Columbia. The prevailing party in any litigation to enforce this Agreement will be entitled to an award of solicitor fees and costs.

8.07 This Agreement may be executed in counterpart and such counterparts together will constitute a single instrument. Delivery of an executed counterpart of this Agreement by electronic means, including by facsimile transmission or by electronic delivery in portable document format (".pdf"), will be equally effective as delivery of a manually executed counterpart hereof. The parties acknowledge and agree that in any legal proceedings between them respecting or in any way relating to this Agreement, each waives the right to raise any defense based on the execution this Agreement in counterparts or the delivery of such executed counterparts by electronic means.

**IN WITNESS WHEREOF** the parties hereto have executed this Agreement on the day and year first above written.

**1284670 BC LTD.**

---

| | |
|:---|:---|
| Per: | */s/ Ravinder Kang* |
|  | Authorized signatory |

---

**2710989 ONTARIO LIMITED**

---

| | |
|:---|:---|
| Per: | */s/ Raghan Thakur* |
|  | Authorized signatory |

---

## Exhibit 10.14

**Exhibit 10.14**

**<u>Consulting Agreement</u>**

**THIS CONSULTING AGREEMENT** (the "**Agreement**") is made and entered into as of December 23<sup>rd</sup>, 2021 (the "**Effective Date**"),

AMONG:

**MIDORI-BIO INC.**

5 Hazelton Ave., Suite 400<br> Toronto, Ontario

M5R 2E1

(the "**Corporation**") And:

**1284670 B.C. LTD.**

1570 – 505 Burrard Street<br> Vancouver, British Columbia<br> V7X 1M5

("**128**")

And:

**HOTSPEX INTERNATIONAL MARKETING INC.**

40 Eglinton East, Suite 801<br> Toronto ON M4P 3A2

(the "**Consultant**").

The Corporation, 128 and the Consultant may be referred to herein individually as a "**Party**" or collectively, as the "**Parties**."

**Recital**

As part of its ongoing business, the Corporation desires to retain qualified individuals to advise and assist the Corporation with respect to business development. In furtherance thereof, the Corporation and Consultant desire to enter into this relationship on the terms and conditions set forth herein.

**Agreement**

In consideration of the mutual covenants set forth below, the Parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Consulting Services.

Effective as of the Effective Date, the Corporation hereby retains Consultant, and Consultant hereby agrees to provide the duties Services set forth in Schedule "A" to this Agreement (the "**Services**") for an initial term of two (2) years, commencing upon the Effective Date (the "**Initial Term**"), unless terminated earlier in accordance with the provisions of Section 7 herein. The parties may mutually agree to renew this Agreement in writing for successive one (1) year terms following expiration of the Initial Term (the "**Renewal Terms**" and collectively with the Initial Term, the "**Term**").

1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Compensation.

As full and complete compensation for performing the Services, Consultant shall receive the following compensation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parties agree and acknowledge that the intention is 128 will acquire all of the issued and outstanding shares of the Corporation in exchange for shares of 128 and thereafter, the securities of 128 shall be listed on a public stock exchange (the happening of such event hereinafter, a "**Listing Event**"). As the parent company, 128 will benefit from the provision of the Services to the Corporation. Therefore, immediately prior to or concurrently with a Listing Event, 128 shall grant the Consultant an irrevocable option ("**Option**") to purchase Two Hundred Thousand (200,000) common shares (collectively, the "**Optioned Shares**") in 128, at an exercise price equal to $0.50 per Optioned Share, on the terms and conditions set forth in Schedule "B" attached hereto and the terms of a stock option plan to be adopted by 128.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Consultant will be paid a commission equal to 30% (the "**Commission Rate**") of the Corporation's Net Profits generated on each Client's sales during the first year of the term of that Client's contract with the Corporation (as applicable to each Client, the "**First Year**"). For the purposes of this Agreement, (A) "**Clients**" shall mean the clients listed on Schedule "C" attached hereto, which will be updated from time to time on written agreement of the Parties, and (B) "**Net Profits**" shall mean gross sales less all direct costs associated with such sales, including but not limited to the cost of goods, taxes, duties, freight and direct expenses. Following each Client's First Year, the Commission Rate shall decrease to 15% for the remainder of that Client's term of contract with the Corporation (as applicable to each Client, the "**Client Term**").

In addition, if the Agreement is not renewed for any one or more Renewal Terms at the option of the Corporation, the Consultant shall continue to receive the following trailing commission payments: 15% of the Corporation's Net Profits until the earlier of (A) expiry of the Client Term, or (B) the fifth (5<sup>th</sup>) anniversary of the date of expiration of the then-current Term (the "**Termination Date**"); *following which,* the Commission Rate shall decrease to 7.5%, until the earlier of (A) expiry of the Client Term, or (B) the seventh (7<sup>th</sup>) anniversary of the Termination Date; *following which,* the Commission Rate shall decrease to 3.5%, until the earlier of (A) expiry of the Client Term, or (B) the ninth (9<sup>th</sup>) anniversary of the Termination Date. Following the ninth (9<sup>th</sup>) anniversary of the Termination Date, no further fees or commission shall be payable to the Consultant. The collected Net Profits will be calculated on a quarterly basis and any commission payable shall be paid to the Consultant within 45 days after each quarter-end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Independent Contractor.

The Parties understand and agree that Consultant is an independent contractor and not an employee of the Corporation. Consultant has no authority to obligate the Corporation by contract or otherwise. Consultant will not be eligible for any employee benefits, nor will the Corporation make deductions from Consultant's fees for taxes (except as otherwise required by applicable law or regulation). Any taxes imposed on Consultant due to activities performed hereunder will be the sole responsibility of Consultant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Recognition
 of Corporation's Rights; Nondisclosure.

Consultant recognizes that the Corporation is engaged in a continuous program of research and development respecting its business activities. Without limiting the Confidentiality and Proprietary Information Agreement attached hereto, Consultant agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At all times during the Term and thereafter, Consultant will hold in strictest confidence and will not disclose, use, lecture upon or publish any of the Corporation's Proprietary Information (defined below), except to the extent such disclosure, use or publication may be (i) required in direct connection with Consultant's performing requested Services for the Corporation, (ii) is expressly authorized in writing or by email by an officer of the Corporation, or (iii) is expressly required by law.

2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The term "**Proprietary Information**" shall mean any and all trade secrets, confidential knowledge, know-how, data or other proprietary information or materials of the Corporation. By way of illustration but not limitation, Proprietary Information includes: (i) inventions, ideas, samples, procedures and formulations for producing any such samples, processes, formulas, data, know-how, improvements, discoveries, developments, designs and techniques arising from the Services or otherwise disclosed or made available to Consultant by or on behalf of Corporation; and (ii) information regarding Corporation's plans for investment or research, development, new products, marketing and selling, business plans, budgets and unpublished financial statements, licenses, prices and costs, suppliers and customers; and (iii) information regarding the skills and compensation of employees or other consultants of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Consultant understands that the Corporation has received, and in the future will receive from third parties, confidential or proprietary information ("**Third Party Information**") subject to a duty on the Corporation's part to maintain the confidentiality of such information and to use it only for certain limited purposes. During the Term and thereafter, Consultant will hold Third Party Information in the strictest confidence and will not disclose or use Third Party Information, except (i) in connection with Consultant's performing requested Services for the Corporation, (ii) as expressly authorized in writing or by email by an officer of the Corporation, or (iii) as expressly required law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Consultant agrees that, during the Term, the Corporation may use Consultant's name in connection with the Corporation's marketing activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Non-Solicitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Consultant's Covenants</u>: The Consultant covenants, undertakes and agrees with the Corporation that it will not, during the Term and for a period of three (3) years from the date of expiration or termination of this Agreement, for any reason whatsoever, either alone or in conjunction with any person, whether as principal, agent, consultant, director, officer, employee, investor, shareholder (other than a holding of shares listed on a recognized North American stock exchange that does not exceed five percent (5%) of the outstanding shares so listed), or in any other manner, whatsoever, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) hire or offer to hire, attempt to, or in any way induce, interfere with, approach, solicit, divert or otherwise obtain the withdrawal from the Corporation, any individual who is employed or engaged by the Corporation or any affiliated entity of the Corporation at the date of expiration or termination of this Agreement or who was employed or engaged by the Corporation or any affiliated entity of the Corporation within the 12 month period prior to the date of expiration or termination of this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) induce, interfere with, approach, solicit or divert any Client, customer or supplier to cease doing business with, or otherwise reduce or alter the relationship or association such party has or may have with the Corporation or the business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Corporation's Covenants</u>: The Corporation covenants, undertakes and agrees with the Consultant that it will not, during the Term and for a period of three (3) years from the date of expiration or termination of this Agreement, for any reason whatsoever, either alone or in conjunction with any person, whether as principal, agent, consultant, director, officer, employee, investor, shareholder (other than a holding of shares listed on a recognized North American stock exchange that does not exceed five percent (5%) of the outstanding shares so listed), or in any other manner, whatsoever, directly or indirectly, hire or offer to hire, attempt to, or in any way induce, interfere with, approach, solicit, divert or otherwise obtain the withdrawal from the Consultant, any individual who is employed or engaged by the Consultant or any affiliated entity of the Consultant at the date of expiration or termination of this Agreement or who was employed or engaged by the Consultant or any affiliated entity of the Consultant within the 12 month period prior to the date of expiration or termination of this Agreement.

3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. No
 Improper Use of Materials.

Consultant agrees not to bring to the Corporation or to use in the performance of Services for the Corporation any materials or documents of a present or former employer of Consultant, or any materials or documents obtained by Consultant from a third party under a binder of confidentiality, unless such materials or documents are generally available to the public or Consultant has authorization from such present or former employer or third party for the possession and unrestricted use of such materials. Consultant understands that Consultant is not to breach any obligation of confidentiality that Consultant has to present or former employers or clients and agrees to fulfill all such obligations during the Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Term
 and Termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Termination for Breach.** Either Party may terminate this Agreement at any time in the event of a breach by the other Party of a material covenant, commitment or obligation under this Agreement that remains uncured after 30 days following written notice thereof. Such termination shall be effective immediately and automatically upon the expiration of the applicable notice period, without further notice or action by either Party. Termination shall be in addition to any other remedies that may be available to the non-breaching Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Termination for Financial Insecurity.** Either Party may terminate this Agreement immediately at its option upon written notice if the other Party: (i) becomes or is declared insolvent or bankrupt; (ii) is the subject of a voluntary or involuntary bankruptcy or other proceeding related to its liquidation or solvency, which proceeding is not dismissed within 90 calendar days after its filing;

(iii) ceases to do business in the normal course; or (iv) makes an assignment for the benefit of creditors. This Agreement shall terminate immediately and automatically upon any determination by a court of competent jurisdiction that either Party is excused or prohibited from performing in full all obligations hereunder, including, without limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Termination for Underperformance.** Corporation may terminate this Agreement on thirty (30) days' advance written notice if the Consultant fails to generate an aggregate of Five Hundred Thousand Dollars ($500,000.00) of gross sales in any twelve (12) month period. Such termination shall be effective immediately and automatically upon the expiration of the applicable notice period, without further notice or action by either Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Termination for Other.** Corporation may terminate this Agreement immediately without further or written notice to the Consultant:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by reason of the death of Shane Skillin or inability of Shane Skillin or the Consultant to perform the Services for a period of greater than thirty (30) days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the Consultant or any employee of the Consultant engages in conduct that tends to damage the Corporation's goodwill or reputation for which the Consultant has been put on written notice; or

4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if the Consultant becomes a participant in, or subject to, any legal proceedings where it is alleged that the Consultant has committed gross negligence, fraud, conversion or wrongful death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Obligations upon Termination or Non-Renewal.** Upon termination or expiration of the then-current Term of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Consultant shall immediately cease to be an independent contractor of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Consultant shall immediately remove and not thereafter use any sign, display, or other advertising or marketing means containing Corporation's Proprietary Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Consultant shall immediately return or destroy all Confidential Information, as well as all advertising matter and other printed materials in its possession or under its control containing the Corporation's intellectual property or Proprietary Information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Consultant shall, within 10 days of termination or expiration, as the case may be, return all sales, advertising, technical, Confidential Information and any other material of the Corporation supplied to Consultant in connection with this Agreement and Consultant shall not make or retain any copies of same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The obligations set forth in Sections 3-14 will survive any termination or expiration of this Agreement. Upon termination of this Agreement, Consultant will promptly deliver to the Corporation all documents and other materials of any nature pertaining to the Services, together with all documents and other items containing or pertaining to any Proprietary Information, provided that with respect to Proprietary Information stored electronically on non-removable media, Consultant may comply with this by delivering an electronic or physical copy of the same to the Corporation and thereafter promptly deleting it by secure means, as long as the Consultant does not directly or indirectly recover or restore the same whether through forensics, archives, undeletion or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Assignment.

The rights and liabilities of the Parties hereto shall bind and inure to the benefit of their respective successors and assigns, as the case may be; *provided that,* as the Corporation has specifically contracted for Consultant's Services, Consultant may not assign or delegate Consultant's obligations under this Agreement either in whole or in part without the prior written consent of the Corporation. The Corporation may assign its rights and obligations hereunder to any person or entity who succeeds to all or substantially all of the Corporation's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Legal
 and Equitable Remedies.

Because Consultant's Services are personal and unique and because Consultant may have access to and become acquainted with the Proprietary Information of the Corporation, the Corporation shall have the right to enforce this Agreement and any of its provisions by injunction, specific performance or other equitable relief without prejudice to any other rights and remedies that the Corporation may have for a breach of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Indemnities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Consultant shall defend, indemnify and hold the Corporation, its directors, officers, shareholders, employees, representatives, dealers, agents, insurers and assignees harmless from and against any and all loss, liability, damage, fine, penalty, demand, expense, complaint, claim or cause of action (including court costs and legal fees) (collectively "**Claims**"), arising out of or in connection with the negligent performance or non-performance by the Consultant of the Services or any work performed by the Consultant for the Corporation, or any obligations under this Agreement including any Claims arising out of the enforceability of this Agreement, and actions of any employee, agent, subcontractor or individual or entity otherwise engaged by the Consultant in relation to the provision of the Services, or the breach by the Consultant of any term, condition, covenant, representation, warranty or other provision contained herein.

5. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Corporation shall defend, indemnify and hold the Consultant, its directors, officers, shareholders and assignees harmless from and against any and all Claims arising out of or in connection with the products set forth on Schedule "D" attached hereto, being sold by the Consultant in providing the Services hereunder.

**11. Limitations of Liability.** EXCEPT FOR LIABILITY FOR CLAIMS MADE BY THE CORPORATION FOR BREACH OF ITS INTELLECTUAL PROPERTY RIGHTS:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) IN NO EVENT WILL EITHER PARTY BE LIABLE TO THE OTHER OR ANY OTHER PERSON FOR CONSEQUENTIAL, INCIDENTAL, PUNITIVE, SPECIAL OR INDIRECT DAMAGES, OR DAMAGES FOR LOSS OF PROFITS, REVENUE, GOODWILL, OR REPUTATION, HOWEVER ARISING, WHETHER IN AN ACTION IN CONTRACT, TORT, UNDER STATUTE OR OTHERWISE, AND WHETHER OR NOT THE OTHER PARTY OR ANY OTHER PERSON COULD REASONABLY HAVE FORESEEN THE POSSIBILITY OR LIKELIHOOD OF SUCH DAMAGES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) IN NO EVENT SHALL EITHER PARTY'S AGGREGATE LIABILITY ARISING OUT OF OR RELATED TO INDEMNIFICATION UNDER THIS AGREEMENT EXCEED THE TOTAL OF THE COMMISSION PAID BY THE CORPORATION TO THE CONSULTANT IN THE SIX (6) MONTH PERIOD PRECEDING THE EVENT GIVING RISE TO THE CLAIM OR

$100,000.00, WHICHEVER IS LESS. FOR CLARITY, THE FOREGOING SHALL NOT APPLY TO AMOUNTS OWING TO THE CONSULTANT FOR SERVICES RENDERED HEREUNDER.

12. Governing
 Law; Severability.

This Agreement shall be governed by and construed according to the laws of the Province of Ontario, without regards to conflicts of laws rules. If any provision of this Agreement is found by a court of competent jurisdiction to be unenforceable, that provision shall be severed and the remainder of this Agreement shall continue in full force and effect.

13. Complete
 Understanding; Modification.

This Agreement, and all other documents mentioned herein, constitute the final, exclusive and complete understanding and agreement of the Parties hereto and supersedes all prior understandings and agreements. Any waiver, modification or amendment of any provision of this Agreement shall be effective only if in writing and signed by the Parties hereto.

14. Publicity .

Neither Party will issue any press release or other public announcement relating to this Agreement or any activities related thereto without the prior written consent of the other Party, except where such announcements are required by law or regulation, in which the event the Parties will use all reasonable efforts to consult with each other and cooperate with respect to the wording of any such announcement.

15. Notices.

Any notices required or permitted hereunder shall be given to the appropriate Party at the address listed on the first page of the Agreement, or such other address as the Party shall specify in writing pursuant to this notice provision. Such notice shall be deemed given upon personal delivery to the appropriate address or three days after the date of mailing if sent by certified or registered mail.

16. Counterparts.

Each of the parties shall be entitled to rely on delivery by electronic means of an executed copy of this Agreement, and such electronic copy shall be legally effective to create a valid and binding agreement between the parties in accordance with the terms hereof. In addition, this Agreement may be executed by the parties in separate counterparts each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument.

[Remainder of Page Intentionally Left Blank]

6. **In Witness Whereof**, the Parties hereto have executed this Agreement as of the Effective Date.

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| | |
|:---|:---|
| **MIDORI-BIO INC.** | **MIDORI-BIO INC.** |
| By: | */s/ Kenneth Lyons* |
|  | Kenneth Lyons, President |
|  | *I have authority to bind the Corporation.* |
| **1284670 B.C. LTD.** | **1284670 B.C. LTD.** |
| By: | */s/ Ravinder Kang* |
|  | Authorized Signing Authority |
|  | *I have authority to bind the Corporation.* |
| **HOTSPEX INTERNATIONAL MARKETING INC.** | **HOTSPEX INTERNATIONAL MARKETING INC.** |
| By: | */s/ Shane Skillen* |
|  | Authorized Signing Authority |
|  | *I have authority to bind the Corporation.* |

---

7. **Confidentiality and Proprietary Information Agreement**

In consideration of the engagement as an employee, independent contractor, Consultant or consultant with **MIDORI-BIO INC**. (the "**Corporation**"), the undersigned (the "**Participant**") agrees and covenants as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. Engagement
 with the Corporation as an employee, independent contractor or consultant, both before and
 after the date of incorporation of the Corporation ()"**Engagement**") will
 give the Participant access to proprietary and confidential information belonging to the
 Corporation, its customers, its investments and related materials, its suppliers and others
 (the proprietary and confidential information is collectively referred to in this Agreement
 as "**Confidential Information** "). Confidential Information includes but
 is not limited to Corporation's customer lists, marketing plans, investment pipeline,
 strategic partners, proposals, contracts, technical and/or financial information, databases,
 software, and know-how. All Confidential Information remains the confidential and proprietary
 information of the Corporation. Confidential Information does not include information that
 (i) is or becomes public other than through a breach of this Agreement, (ii) is known to
 the Participant prior to the date of this Agreement and with respect to which the Participant
 does not have any obligation of confidentiality as of the date of its becoming part of the
 public domain, or (iii) is developed independently, meaning that it is developed neither
 with any direct or indirect use of the Confidential Information whatsoever, nor through any
 performance of the Services.

&nbsp;&nbsp;&nbsp;&nbsp;2. As
 referred to herein, the "Business of the Corporation" shall relate to the business
 of the Corporation as the same is actually practiced by the Corporation during the Engagement
 and that reasonably relate to the Engagement.

&nbsp;&nbsp;&nbsp;&nbsp;3. The
 Participant may, in the course of the Participant's Engagement with the Corporation,
 conceive, develop or contribute to material or information related to the Business of the
 Corporation, including, without limitation as it relates to the Business of the Corporation,
 software, technical documentation, ideas, inventions (whether or not patentable), hardware,
 know-how, marketing plans, designs, techniques, documentation, records, regardless of the
 form or media, if any, on which such is stored (referred to in this Agreement as "**Proprietary Property** "). The Corporation shall exclusively own all Proprietary Property that
 the Participant conceives, develops or contributes to in the course of the Participant's
 Engagement with the Corporation and all intellectual and industrial property and other rights
 of any kind in or relating to the Proprietary Property, including but not limited to all
 copyright, patent, trade secret and trade-mark rights in or relating to the Proprietary Property,
 and, without limiting the foregoing, the Participant hereby irrevocably assigns all of its
 right, title and interest in and to the Proprietary Property to the Corporation. Material
 or information conceived, developed or contributed to by the Participant outside work hours
 but using the any Corporation computer networks, assets or resources (including Confidential
 Information or Proprietary Property) shall also be Proprietary Property and be governed by
 this Agreement if such material or information relates to the Business of the Corporation.
 The Participant shall keep full and accurate records accessible at all times to the Corporation
 relating to all Proprietary Property and shall promptly disclose and deliver to the Corporation
 all Proprietary Property. The Participant may not use or disclose his own or any third party's
 confidential information or intellectual property (including any Proprietary Property cannot
 be fully made, used, reproduced, distributed and otherwise exploited by the Corporation without
 using or violating the foregoing), without the Corporation's prior written permission.

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 Participant shall, both during and after the Participant's Engagement with the Corporation,
 keep all Confidential Information and Proprietary Property confidential and shall not use
 any of it except for the purpose of carrying out authorized activities on behalf of the Corporation.
 The Participant may, however, disclose Confidential Information which is required to be disclosed
 by law, whether under an order of a court or government tribunal or other legal process,
 provided that Participant informs the Corporation of such requirement in sufficient time
 to allow the Corporation to avoid such disclosure by the Participant.

---

| | |
|:---|:---|
|  | The Participant shall return or destroy, as directed by the Corporation, Confidential Information and Proprietary Property to the Corporation upon request by the Corporation at any time. The Participant shall certify, by way of affidavit or statutory declaration that all such Confidential Information and Proprietary Property has been returned or destroyed, as applicable. With respect to non-removable electronic copies of Confidential Information and Proprietary Property, the Participant may comply with the foregoing by deleting the same using reasonably secure means, provided that it does not thereafter directly or indirectly recover or restore such Confidential Information or Proprietary Property, whether through archives, undeletion, forensics or otherwise. |
| 5. | The Participant covenants and agrees not to make any unauthorized use whatsoever of or to bring onto the Corporation's premises for the purpose of making any unauthorized use whatsoever of any trade secrets, confidential information or proprietary property of any third party, including without limitation any trade-marks or copyrighted materials, during the course of the Participant's Engagement with the Corporation. |

---

&nbsp;&nbsp;&nbsp;&nbsp;6. At
 the reasonable request and at the sole expense of the Corporation, the Participant shall
 do all reasonable acts necessary and sign all reasonable documentation necessary in order
 to ensure the Corporation's ownership of the Proprietary Property and all intellectual
 and industrial property rights and other rights in the same, including but not limited to
 providing to the Corporation written assignments of all rights to the Corporation and any
 other documents required to enable the Corporation to document rights to and/or register
 patents, copyrights, trade-marks, industrial designs and such other protections as the Corporation
 considers advisable anywhere in the world. This will include $15,000 cost to develop a new
 Midori-Bio logo "design and logo guidelines".

&nbsp;&nbsp;&nbsp;&nbsp;7. The
 Participant hereby irrevocably and unconditionally waives all moral rights the Participant
 may now or in the future have in any Proprietary Property.

&nbsp;&nbsp;&nbsp;&nbsp;8. The
 Participant agrees that the Participant will, if reasonably requested from time to time by
 the Corporation, execute such further reasonable agreements as to confidentiality and proprietary
 rights as the Corporation's customers or suppliers reasonably require to protect confidential
 information or proprietary property.

&nbsp;&nbsp;&nbsp;&nbsp;9. Regardless
 of any changes in position, salary or otherwise, including, without limitation, termination
 of the Participant's Engagement with the Corporation, unless otherwise stipulated pursuant
 to the terms hereof, the Participant will continue to be subject to each of the terms and
 conditions of this Agreement and any other(s) executed pursuant to the preceding paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;10. The
 Participant agrees that the Participant's sole and exclusive remedy for any breach
 of this Agreement by the Corporation will be limited to monetary damages and that the Participant
 will not make any claim in respect of any rights to or interest in any Confidential Information
 or Proprietary Property.

&nbsp;&nbsp;&nbsp;&nbsp;11. The
 Participant acknowledges that the services provided by the Participant to the Corporation
 under this Agreement are unique. The Participant further agrees that irreparable harm will
 be suffered by the Corporation in the event of the Participant's breach or threatened
 breach of any of his or her obligations under this Agreement, and that the Corporation will
 be entitled to seek, in addition to any other rights and remedies that it may have at law
 or equity, to a temporary or permanent injunction restraining the Participant from engaging
 in or continuing any such breach hereof. Any claims asserted by the Participant against the
 Corporation shall not constitute a defense in any injunction action, application or motion
 brought against the Participant by the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;12. This
 Agreement is governed by the laws of the Province of British Columbia and the parties agree
 to the non-exclusive jurisdiction of the courts of the Province of British Columbia in relation
 to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;13. If
 any provision of this Agreement is held by a court of competent jurisdiction to be invalid
 or unenforceable, that provision shall be deleted and the other provisions shall remain in
 effect.

**IN WITNESS WHEREOF** the Corporation and the Participant have caused this Agreement to be executed as of the 23<sup>rd</sup> day of December, 2021.

---

| | |
|:---|:---|
| **MIDORI-BIO INC.** | **MIDORI-BIO INC.** |
| By: | */s/ Kenneth Lyons* |
|  | Kenneth Lyons, President |
|  | *I have authority to bind the Corporation.* |
| **1284670 B.C. LTD.** | **1284670 B.C. LTD.** |
| By: | */s/ Ravinder Kang* |
|  | Authorized Signing Authority |
|  | *I have authority to bind the Corporation.* |
| **HOTSPEX INTERNATIONAL MARKETING INC.** | **HOTSPEX INTERNATIONAL MARKETING INC.** |
| By: | */s/ Shane Skillen* |
|  | Authorized Signing Authority |
|  | *I have authority to bind the Corporation.* |

---

**<u>Schedule "A"</u>**

The Consultant agrees to perform the following Services on an as-is and as-available basis, either by phone or in person, as may be required:

● actively sourcing & commercializing Clients;

● support Corporation's B2B and B2C relationships;

● support Corporation's PR outreach;

● support Corporation's investor relationships;

● consult and meet with Corporation principles and associate consultants and ambassadors, as may be required;

● provide any research at Consultant's expense in order to facilitate its compensation targets.

**<u>Schedule "B"</u>**

**<u>Stock Option Terms</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**  **<u>Exercise Period</u>** . Subject to the vesting provisions, the Option shall be exercisable for a
 period of **five (5) years** from the date
 of the Listing Event (the "**Exercise Period** "). Upon the expiration of the
 Exercise Period, the Option shall expire, terminate and be of no further force or effect
 whatsoever as to such of the common shares in respect of which the Option granted hereunder
 has not then been exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.**  **<u>Vesting of Option</u>** . The Option for the Optioned Shares shall vest in tranches of Twenty-Five
 Thousand (25,000) shares upon each successful placement of a purchase order by a Client solely
 as a result of the Consultant's efforts, which results in an aggregate of not less
 than One Hundred Thousand Dollars ($100,000.00) of revenue to the Corporation. For clarity,
 no Options shall vest prior to the date of the Listing Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.**  **<u>Exercise Price Per Common Share</u>** . The exercise price shall be equal to $0.50 per Optioned Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.**  **<u>Effect of Termination of Consulting Agreement</u>** . The Option held by the Optionee, vested or
 unvested, shall expire and terminate and be of no further force or effect whatsoever as to
 such of the common shares in respect of which the Option granted hereunder has not then been
 exercised, two (2) months following the date of termination or expiration of the Consulting Agreement.

**<u>Schedule "C"</u>**

Approved list of Clients:

General Mills Midori

Starbucks Midori

Kraft Heinz Midori Bio

L'Oreal Midori

Koty Midori

Chobani Midori

Hostess Midori

Tim Horton's Midori

Cadbury Midori

AB Inbev Midori

Bacardi Midori

Diageo Midori

Northland Midori

Purina Midori

Air Canada Midori

Campbells Midori

Adidas Midori

Lactalis Midori

Unilever Midori

Lindt Midori

Danone Midori

Give and Go Midori

SCJ Midori

Clorox Midori

Coke Midori

RBC Midori

Mars Midori

Under Armour Midori

Snibbs Midori

Kellogg Midori

Pepsi Midori

P&G Midori

Mondelez Midori

**<u>Schedule "D"</u>**

The products:

Eco-One® EL10 (PE);

EL30 (EVA);

EL40(PP);

EL50 (PS);

EC84 (PET); and

EC60 (Nylon).

## Exhibit 10.15

**Exhibit 10.15**

**CONSULTING AGREEMENT**

**THIS AGREEMENT** is made as of the 28<sup>th</sup> day of December, 2021 (the "**Effective Date**")

**AMONG:**

**MIDORI-BIO INC.**

a corporation existing pursuant to the laws of Ontario, with principal address at 5 Hazelton Ave., Suite 400, Toronto, Ontario M5R 2E1

**(**hereinafter called the **"Company")**

**1284670 B.C. LTD.**

a corporation existing pursuant to the laws of British Columbia, Canada, with principal address at 1570 – 505 Burrard Street, Vancouver, B.C. V7X 1M5

(Hereinafter called **"BCCO"**)

**VASEK POSPISIL.**

an individual with an address at 2215 Coral Beach Hotel, Freeport, Bahamas F42468

**(**hereinafter called the **"Consultant")**

The Company, BCCO and the Consultant may be referred to herein individually as a "***Party***" or collectively, as the "***Parties***."

**RECITAL**

As part of its ongoing business, the Company desires to retain qualified individuals to advise and assist the Corporation with respect to Business Development. In furtherance thereof, the Corporation desires to retain Consultant, and Consultant is willing to serve, as a Manager of Business Development and Communication. The Corporation and Consultant desire to enter into this relationship on the terms and conditions set forth herein.

The parties agree and acknowledge that the Company, BCCO and the shareholders of the Company have entered into a share exchange agreement dated August 30, 2021, as may be amended, pursuant to which BCCO will acquire all of the issued and outstanding securities of the Company and the Company will become a wholly-owned subsidiary of BCCO (the "**Proposed Acquisition**"). Subsequent to the Proposed Acquisition, BCCO intends to apply to list its common shares for trading on a public stock exchange (the happening of such event hereinafter, a "**Listing Event**").

**FOR VALUABLE CONSIDERATION it is hereby agreed as follows:**

**Engagement and Term**

1. The
 Company agrees to engage the Consultant to provide consulting services in the position of Manager of Business Development and Communication
 of the Company. The Consultant shall provide services to the Company normally and usually associated with such position, including
 being an officer of certain subsidiaries or affiliates of the Company and carrying out the duties outlined in Schedule "A"
 attached hereto (the "**Services** ").

2. This
 Agreement shall commence on the Effective Date for an initial term of one (1) year subject to the termination provisions herein.
 The parties may mutually agree to renew this Agreement in writing for successive one (1) year terms following expiration of the initial
 term.

3. During
 the term of the Agreement, the Consultant will report to the Company's CEO and Board of Directors (the "**Board** ').

4. The
 Consultant represents and warrants to the Company that he has the required qualifications, skills and experience to perform the duties
 and exercise the responsibilities that will be required under this Agreement.

5. The
 Consultant shall well and faithfully serve the Company or any subsidiary as aforesaid during the continuance of this Agreement to
 the best of the Consultant's ability in a competent and professional manner and use best efforts to promote the interests of
 the Company.

**Fees and Options**

6. **Commission:** The Consultant will be paid a commission equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 20%
 of the Company's net profits, calculated on the first $10,000,000 of the Company's gross sales which are attributed to
 clients pre-approved in writing and listed on Schedule "B" attached hereto (the "**Clients**") that contract
 with the Company solely as a result of the Consultant's efforts; and

(ii) 10%
 of the Company's net profits calculated on all gross sales of the Company thereafter which are attributed to the Clients that contract
 with the Company solely as a result of the Consultant's efforts.

Such collected net profits will be calculated on a quarterly basis and paid quarterly so long as this Agreement in effect and in good standing. For the avoidance of doubt, subject to Section 16, such payments will cease 365 days after termination or expiration of this Agreement. All such payments under this subsection will be made within 45 days after each quarter-end.

7. **RSU Award:** Immediately prior to or concurrently with a Listing Event, BCCO shall award 500,000 restricted stock units ()"**RSUs** ")
 to the Consultant pursuant to the terms of a Restricted Stock Unit Plan to be adopted by BCCO prior to a Listing Event, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 125,000
 RSUs shall be awarded to the Consultant on the Listing Event date;

(ii) 125,000
 RSUs shall be awarded to the Consultant on the later of (i) the Listing Event date, or (ii) the 8-month anniversary of the Effective
 Date;

(iii) 125,000
 RSUs shall be awarded to the Consultant on the later of (i) the Listing Event date, or (ii) the 12-month anniversary of the Effective
 Date; and

(iv) 125,000
 RSUs shall be awarded to the Consultant on the later of (i) the Listing Event date, or (ii) the 16-month anniversary of the Effective
 Date.

Notwithstanding the foregoing, if the Listing Event has not occurred within 24 months from the Effective Date, neither BCCO nor the Company shall be required to issue RSUs to the Consultant pursuant to this Agreement. In such event, and in lieu thereof, the Company shall issue 500,000 common shares of the Company to the Consultant.

**Nature of Engagement**

8. This
 is a contract for services. The Consultant acknowledges and agrees to provide the Services to the Company as an independent contractor
 and not as an employee, agent or partner of the Company. Nothing in this Agreement or in the conduct of the Parties in relation to
 this Agreement shall be deemed or construed as creating any relationship (whether as employer/employee, agency, joint venture, association
 or partnership) except as expressly agreed in this Agreement.

9. As
 an independent contractor, the Consultant shall be responsible for making any and all payments and remittances that may be required
 for GST, or under the Income Tax Act (Canada), the Employment Insurance Act (Canada), the Canada Pension Plan (Canada), the Income
 Tax Act (Ontario), or any other similar statute of Canada or a province or territory thereof, in connection with the provision of
 the Services. The Consultant agrees that such remittances will be made in strict accordance with the Consultant's statutory
 obligations

**Confidentiality**

10. In
 this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. "**Confidential Information"** means information disclosed or accessible to the Consultant or acquired by the Consultant as a result of the
 Consultant's engagement with the Company and which is not in the public domain or otherwise required to be publicly disclosed
 by applicable law and includes, but is not limited to, information relating to the Company's or any of its Subsidiaries'
 current, future or proposed products/services, or development of new or improved products/services, marketing strategies, sales or
 business plans, the names and information about the Company's past, present and prospective customers and clients, the Company's
 employees (including, without limitation, compensation information and performance reviews), employee handbooks and documents related
 to the Company's internal processes and procedures, source code, inventions, discoveries, business methods, trade secrets,
 compositions, technical data, records, reports, presentation materials, interpretations, forecasts, test results, formulae, projects,
 research data, personnel data, compensation arrangements, budgets, financial statements, office plans, contracts and commercial documents,
 suppliers, manufacturers and any information received by the Company from third parties pursuant to an obligation of confidentiality.

b. "**Subsidiary** "
 and "**Subsidiaries**" shall mean any Company or company of which more than fifty percent (50%) of the outstanding
 shares carrying voting rights at all times (provided that the ownership of such shares confers the right at all times to elect at
 least a majority of the Board of Directors of such corporation or company) are for the time being owned by or held for the Company
 and/or any other corporation or company in like relation to the Company (and/or such subsidiary orsubsidiaries of the Company as
 the Company may from time to time require) and include any company in like relation to a subsidiary; and

c. "**Work Product**" shall mean all intellectual property including trade secrets, copyrights, patentable inventions or any other rights
 in any programming, documentation, technology, or other work product created in connection with the Services to be performed by the
 Consultant in accordance with this Agreement.

11. The
 Consultant acknowledges and agrees that, in the course of providing the Services under this Agreement, the Consultant will have access
 to and be entrusted with Confidential Information. The Consultant agrees that it shall not, either during the term of this Agreement,
 or at any time thereafter, disclose the private affairs of the Company and/or its Subsidiary or Subsidiaries, or any Confidential
 Information or secrets of the Company and/or Subsidiary or Subsidiaries, to any person other than the Directors of the Company and/or
 its Subsidiary or Subsidiaries or for the Company's purposes. The Consultant agrees that it shall not (either during the continuance
 of this Agreement or at any time thereafter) use, for the Consultant's own purposes or forany purpose other than those of the
 Company any Confidential Information the Consultant may acquire in relation to the business and affairs of the Company and/or its
 Subsidiary or Subsidiaries.

12. The
 Consultant agrees that the Company shall own and have the right and license to use, copy, modify and prepare derivative works of
 any of the Consultant's Work Product generated by the Services to be performed by the Consultant pursuant to this Agreement,
 as well as all pre-existing work product provided to the Company during the engagement

**Termination**

13. In
 this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. "**Change of Control**" means the acquisition of 51% or more of the equity securities in the capital of the Company by an arm's
 length third party; and

b. "**Just Cause**" means any circumstance that would permit the Company to terminate the Contractor's employment without notice
 of termination, or payment in lieu of notice of termination at common law, and will include, but not be limited to:

● Dishonesty or fraud;

● Theft;

● Breach of fiduciary duties;

● Being found guilty of bribery or attempted bribery; or

● Gross mismanagement.

14. **Just Cause:** The Company may terminate this Agreement at any time without notice or pay in lieu of notice for Just Cause.

15. In
 the event this Agreement is terminated for Just Cause, then at the request of the Board, the Consultant shall forthwith resign any
 position or office that the Consultant then holds with the Company or any Subsidiary of the Company.

16. **Obligations upon Termination or Non-Renewal:** Upon termination or expiration of the then-current term of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Consultant
 shall immediately cease to be an independent contractor of the Company;

(ii) Consultant
 shall immediately remove and not thereafter use any sign, display, or other advertising or marketing means containing Company's
 proprietary information;

(iii) Consultant
 shall immediately return or destroy all Confidential Information, as well as all advertising matter and other printed materials in
 its possession or under its control containing the Company's intellectual property or proprietary information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Consultant
 shall, within 10 days of termination or expiration, as the case may be, return all sales, advertising, technical, Confidential Information
 and any other material of the Company supplied to Consultant in connection with this Agreement and Consultant shall not make or retain
 any copies of same.

In addition, if the Agreement was not renewed at the option of the Company, the Consultant shall continue to receive the compensation set forth in section 6 herein for a period of five (5) years, and the Company shall continue to pay any such amounts owing to the Consultant in accordance with the terms set forth herein.

17. **Resignation:** The Consultant may terminate this Agreement and the Consultant's engagement with the Company at any time and for any reason,
 upon the provision of four (4) weeks of notice in writing of Consultant's intention to resign his engagement, or such other
 period as may be agreed upon with the Company.

**Non-Compete and Non-Solicit**

18. The
 Consultant expressly agrees and represents that the services to be performed by the Consultant pursuant hereto are not in contravention
 of any non-compete or non- solicitation obligations by which the Consultant is bound.

19. While
 engaged by the Company and for a period of twelve (12) months following the date of termination of engagement with the Company (whether
 such termination is voluntary or involuntary, lawful or unlawful, with or without cause), the Consultant will not

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. solicit
 or direct away from the Company, or assist others in soliciting or directing away from the Company, any current employee or individual
 of the Company; or

b. directly
 or indirectly induce or influence any current employee or individual of Company to terminate his/her employment with the Company
 or to work for any other person or entity.

20. During
 the term of this Agreement, and for a period of twelve (12) months following the date of termination of engagement with the Company
 (whether such termination is voluntary or involuntary, lawful or unlawful, with or without cause) (the "**Non-Competition Period** "), the Consultant agrees that he will not (without the prior written consent of the Company), directly or indirectly,
 anywhere within North America, either individually or in partnership or jointly with another person, firm, association, syndicate,
 company or corporation, whether as agent, shareholder, employee, consultant, or in any manner whatsoever, engage in, carry on, or
 otherwise be concerned with any business substantially similar to the Company's operations.

**Indemnity**

21. The
 Company shall indemnify and hold the Consultant harmless to the fullest extent allowed by the law from and against all claims, actions,
 losses, expenses, costs or damages of every nature and kind whatsoever the Consultant may suffer by reason of the fact that the Consultant
 is or was an advisor, employee, officer, Consultant or agent of the Company or any subsidiary of the Company, or by reason of any
 act done or not done by the Consultant in any such capacity or capacities, provided that the Consultant acted in good faith, in a
 manner reasonably believed to be in or not opposed to the best interest of the Company and its subsidiaries.

**General Provision**

22. Any
 notice in writing or permitted to be given to the Consultant hereunder shall be sufficiently given if delivered to the Consultant
 personally or mailed by registered mail, postage prepaid, addressed to the Consultant at the last residential address known to the
 Secretary of the Company. Any such notice mailed as aforesaid shall be deemed to have been received by the Consultant on the first
 business day following the date of mailing. Any notice in writing required or permitted to be given to the Company hereunder shall
 be given by registered mail, postage prepaid, addressed to the Company at the address shown on page 1 hereof. Any such notice mailed
 as aforesaid shall be deemed to have been received by the Company on the first business day following the date of the mailing. Any
 such address for the giving of notices hereunder may be changed by notice in writing given hereunder

23. The
 provisions of this Agreement shall enure to the benefit of and be binding upon the heirs, executors, administrators and legal personal
 representatives of the Consultant and the successors and assigns of the Company. For this purpose, the terms "successors"
 and "assigns" shall include any person, firm or corporation or other entity which at any time, whether by merger, purchase
 or otherwise, shall acquire all or substantially all the assets or business of the Company.

24. This
 Agreement embodies the entire understanding and agreement between the parties with respect to the subject matter hereunder and supersedes
 any prior understandings, negotiations, representations, and agreements relating thereto. No other contract, agreement, representation,
 or warranty between the parties hereto relating to the engagement exists.

25. The
 division of this Agreement into paragraphs is for the convenience of reference only and shall not affect the construction or interpretation
 of this Agreement. The terms "this Agreement", "hereof", "hereunder" and similar expressions
 refer to this Agreement and not to any particular paragraph or other portion hereof and include any agreement or instrument supplemental
 or ancillary hereto. Unless something in the subject matter or context is inconsistent therewith, references herein to paragraphs
 are to paragraphs of this Agreement.

26. Every
 provision of this Agreement is intended to be severable. If any term or provision hereof is determined to be illegal or invalid for
 any reason whatsoever, such illegality or invalidity shall not affect the validity of the remainder of the provisions of this Agreement.

27. This
 Agreement is being delivered and is intended to be performed in the Province of Ontario and shall be construed and enforced in accordance
 with, and the rights of both parties shall be governed by, the laws of such Province and the laws of Canada applicable therein. For
 the purpose of all legal proceedings this Agreement shall be deemed to have been performed in the Province of Ontario and the courts
 of the Province of Ontario shall have jurisdiction to entertain any action arising under this Agreement. The Company and the Consultant
 each hereby attorns to the jurisdiction of the courts of the Province of Ontario provided that nothing herein contained shall prevent
 the Company from proceeding at its election against the Consultant in the courts of any other province or country.

28. No
 amendment to this Agreement shall be valid or binding unless set forth in writing and duly executed by both parties hereto. No waiver
 of any breach of any term or provision of this Agreement shall be effective or binding unless made in writing and signed by the party
 purporting to give the same and, unless otherwise provided in the written waiver, shall be limited to the specific breach waived.

29. Each
 of the parties shall be entitled to rely on delivery by electronic means of an executed copy of this Agreement, and such electronic
 copy shall be legally effective to create a valid and binding agreement between the parties in accordance with the terms hereof.
 In addition, this Agreement may be executed by the parties in separate counterparts each of which when so executed and delivered
 shall be an original, but all such counterparts shall together constitute one and the same instrument.

**IN WITNESS WHEREOF**, the Parties hereto have executed this Agreement as of the Effective Date.

---

| | |
|:---|:---|
| **MIDORI-BIO INC.** | **MIDORI-BIO INC.** |
| By: | */s/ Kenneth Lyons* |
|  | Kenneth Lyons, President |
|  | *I have authority to bind the Corporation.* |

---

 

---

| | |
|:---|:---|
| **1284670 B.C. LTD.** | **1284670 B.C. LTD.** |
| By: | */s/ Kenneth Lyons* |
|  | Authorized Signing Authority |
|  | *I have authority to bind the Corporation.* |

---

---

| | |
|:---|:---|
| | */s/ Vasek Pospisil* |
| WITNESS | **VASEK POSPISIL** |

---

 

**<u>Schedule "A"</u>**

The Consultant agrees to perform the following Services on an as-is and as-available basis, either by phone or in person, as may be required:

● actively sourcing & commercializing approved new business clients

● support Corporation's B2B and B2C relationships

● support Corporation's PR outreach

● support Corporation's investor relationships

● consult and meet with Corporation's principles and occasionally with our associate consultants and ambassadors

**<u>Schedule "B"</u>**

Spin Master

Richard Branson companies

## Exhibit 10.16

**Exhibit 10.16**

**CONSULTING AGREEMENT**

**THIS AGREEMENT** is made as of the 29<sup>th</sup> day of April, 2022 (the "**Effective Date**") **AMONG:**

**MIDORI-BIO INC.**

a corporation existing pursuant to the laws of Ontario, with principal address at 5 Hazelton Ave., Suite 400, Toronto, Ontario M5R 2E1

**(**hereinafter called the **"Company")**

**1284670 B.C. LTD.**

a corporation existing pursuant to the laws of British Columbia, Canada, with principal address at 1570 – 505 Burrard Street, Vancouver, B.C. V7X 1M5

(Hereinafter called **"BCCO"**)

**Stephen Arbib**

an individual with an address at c/o {address}

**(**hereinafter called the **"Consultant")**

BCCO owns 100% of the Company and the Company, BCCO and the Consultant may be referred to herein individually as a "***Party***" or collectively, as the "***Parties***."

**Recitals**

As part of its ongoing business, the Company desires to retain qualified individuals to advise and assist the Corporation with respect to the promotion and sale of the Company's products to potential purchasers ("Business Development"). In furtherance thereof, the Corporation desires to retain Consultant, and Consultant is willing to serve, in Business Development. The Corporation and Consultant desire to enter into this relationship on the terms and conditions set forth herein.

The parties acknowledge that the Company, BCCO and the shareholders of the Company have entered into a share exchange agreement dated August 30, 2021. On January 6, 2022 BCCO completed the acquisition of the Company and the Company became a wholly owned subsidiary. BCCO intends to apply to list its common shares for trading on a public stock exchange (the happening of such event hereinafter, a "**Listing Event**").

**FOR VALUABLE CONSIDERATION it is hereby agreed as follows:**

**Engagement and Term**

1. The
 Company agrees to engage the Consultant to provide consulting services in the position of Business Development Advisor of the Company.
 The Consultant shall provide services to the Company normally and usually associated with such position, including carrying out the
 duties outlined in Schedule "A" attached hereto (the "**Services** "). The Company acknowledges that the
 Consultant is an officer and director of other companies and that the Consultant will not devote his full time and attention to carrying
 out his duties hereunder.

2. This
 Agreement shall commence on the Effective Date for an initial term of one (1) year subject to the termination provisions herein.
 The parties may mutually agree to renew this Agreement in writing for successive one (1) year terms following expiration of the initial
 term. Notwithstanding any termination, all fees earned by the Consultant shall continue to be payable as set out in Section 16.

3. During
 the term of the Agreement, the Consultant will report to the Company's Chairman and Board of Directors (the "**Board** ').

4. The
 Consultant represents and warrants to the Company that he has the required qualifications, skills and experience to perform the duties
 and exercise the responsibilities that will be required under this Agreement.

5. The
 Consultant shall well and faithfully serve the Company or any subsidiary as aforesaid during the continuance of this Agreement to
 the best of the Consultant's ability in a competent and professional manner and use best efforts to promote the interests of
 the Company.

**Fees and Options**

6. nan

(a) The Consultant will be paid a fee equal to:

(i) 15% of the Company's pre-tax net profits, calculated on the first $10,000,000.00 of the Company's gross sales which are attributed to clients pre-approved in writing and listed on Schedule "B" attached hereto or added thereto from time to time as advised by the Consultant (the "Clients") that contract with the Company solely as a result of the Consultant's efforts; and

(ii) 10% of the Company's pre-tax net profits calculated on all gross sales of the Company thereafter which are attributed to the Clients that contract with the Company solely as a result of the Consultant's efforts.

Such collected net profits will be calculated on a quarterly basis and the fee shall be paid quarterly. Payments will only be due once the client has completed and paid for the contracted goods. All such payments under this subsection will be made based on a report of the Company's calculation of the fee for the quarter setting out details of all revenues and costs used in arriving at the fee delivered to Consultant within 30 days after each quarter-end and payment within 45 days after each quarter-end. The Consultant can elect to receive payment in cash or stock (shares to be issued at the same price as last financing, or if company is public then at 20 day VWAP.) The Company shall deliver to the Consultant upon his request therefor all financial and accounting details to support the calculated fee.

(b) In
 addition to the fee, the Company shall pay HST calculated thereon. For such purposes the Consultant's HST Registration will
 be provided to the Company.

7. **RSU Award:** Immediately prior to or concurrently with a Listing Event, BCCO shall award 500,000 restricted stock units ()"**RSUs** ")
 to the Consultant pursuant to the terms of a Restricted Stock Unit Plan to be adopted by BCCO prior to a Listing Event, and upon
 the Consultant delivering $500,000 of annual revenue (the Trigger Date) and earned out as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(i) 125,000
 RSUs shall be awarded to the Consultant on the Trigger Date.;

(ii) 125,000
 RSUs shall be awarded to the Consultant on the later of (i) the Listing Event date, or (ii) the 8-month anniversary of the Trigger
 Date;

(iii) 125,000
 RSUs shall be awarded to the Consultant on the later of (i) the Listing Event date, or (ii) the 12-month anniversary of the Trigger
 Date; and

(iv) 125,000
 RSUs shall be awarded to the Consultant on the later of (i) the Listing Event date, or (ii) the 16-month anniversary of the Trigger
 Date.

Notwithstanding the foregoing, if the Listing Event has not occurred within 24 months from the Effective Date, neither BCCO nor the Company shall be required to issue RSUs to the Consultant pursuant to this Agreement. In such event, and in lieu thereof, the Company shall issue 500,000 common shares of the Company to the Consultant if the above-mentioned revenue has been delivered by the Consultant.

**Nature of Engagement**

8. This
 is a contract for services. The Consultant acknowledges and agrees to provide the Services to the Company as an independent contractor
 and not as an employee, agent or partner of the Company. Nothing in this Agreement or in the conduct of the Parties in relation to
 this Agreement shall be deemed or construed as creating any relationship (whether as employer/employee, agency, joint venture, association
 or partnership) except as expressly agreed in this Agreement.

9. As
 an independent contractor, the Consultant shall be responsible for making any and all payments and remittances that may be required
 under the Income Tax Act (Canada), the Employment Insurance Act (Canada), the Canada Pension Plan (Canada), the Income Tax Act (Ontario),
 or any other similar statute of Canada or a province or territory thereof, in connection with the provision of the Services. The
 Consultant agrees that such remittances will be made in strict accordance with the Consultant's statutory obligations

**Confidentiality**

10. In
 this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;a. "**Confidential Information"** means information disclosed or accessible to the Consultant or acquired by the Consultant as a result of the
 Consultant's engagement with the Company and which is not in the public domain or otherwise required to be publicly disclosed
 by applicable law and includes, but is not limited to, information relating to the Company's or any of its Subsidiaries'
 current, future or proposed products/services, or development of new or improved products/services, marketing strategies, sales or
 business plans, the names and information about the Company's past, present and prospective customers and clients, the Company's
 employees (including, without limitation, compensation information and performance reviews), employee handbooks and documents related
 to the Company's internal processes and procedures, source code, inventions, discoveries, business methods, trade secrets,
 compositions, technical data, records, reports, presentation materials, interpretations, forecasts, test results, formulae, projects,
 research data, personnel data, compensation arrangements, budgets, financial statements, office plans, contracts and commercial documents,
 suppliers, manufacturers and any information received by the Company from third parties pursuant to an obligation of confidentiality.

b. "**Subsidiary** "
 and "**Subsidiaries**" shall mean any Company or company of which more than fifty percent (50%) of the outstanding
 shares carrying voting rights at all times (provided that the ownership of such shares confers the right at all times to elect at
 least a majority of the Board of Directors of such corporation or company) are for the time being owned by or held for the Company
 and/or any other corporation or company in like relation to the Company (and/or such subsidiary or subsidiaries of the Company as
 the Company may from time to time require) and include any company in like relation to a subsidiary; and

c. "**Work Product**" shall mean all intellectual property including trade secrets, copyrights, patentable inventions or any other rights
 in any programming, documentation, technology, or other work product created in connection with the Services to be performed by the
 Consultant in accordance with this Agreement.

11. The
 Consultant acknowledges and agrees that, in the course of providing the Services under this Agreement, the Consultant will have access
 to and be entrusted with Confidential Information. The Consultant agrees that it shall not, either during the term of this Agreement,
 or at any time thereafter, disclose the private affairs of the Company and/or its Subsidiary or Subsidiaries, or any Confidential
 Information or secrets of the Company and/or Subsidiary or Subsidiaries, to any person other than the Directors of the Company and/or
 its Subsidiary or Subsidiaries or for the Company's purposes. The Consultant agrees that it shall not (either during the continuance
 of this Agreement or at any time thereafter) use, for the Consultant's own purposes or for any purpose other than those of
 the Company any Confidential Information the Consultant may acquire in relation to the business and affairs of the Company and/or
 its Subsidiary or Subsidiaries.

12. The
 Consultant agrees that the Company shall own and have the right and license to use, copy, modify and prepare derivative works of
 any of the Consultant's Work Product generated by the Services to be performed by the Consultant pursuant to this Agreement,
 as well as all pre-existing work product provided to the Company during the engagement

**Termination**

13. In
this Agreement:

a. "**Change of Control**" means the acquisition of 51% or more of the equity securities in the capital of the Company by an arm's
 length third party; and

b. "**Just Cause**" means any circumstance that would permit the Company to terminate the Consultant's engagement without notice
 of termination, or payment in lieu of notice of termination at common law, and will include, but not be limited to:

● Dishonesty or fraud;

● Theft;

● Breach of fiduciary duties;

● Being found guilty of bribery or attempted bribery; or

● Gross mismanagement.

14. **Just Cause:** The Company may terminate this Agreement at any time without notice or pay in lieu of notice for Just Cause.

15. In
 the event this Agreement is terminated for Just Cause, then at the request of the Board, the Consultant shall forthwith resign any
 position or office that the Consultant then holds with the Company or any Subsidiary of the Company.

16. **Obligations upon Termination or Non-Renewal:** Upon termination or expiration of the then-current term of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;(i) Consultant
 shall immediately cease to be an independent contractor of the Company;

(ii) Consultant
 shall immediately remove and not thereafter use any sign, display, or other advertising or marketing means containing Company's
 proprietary information;

(iii) Consultant
 shall immediately return or destroy all Confidential Information, as well as all advertising matter and other printed materials in
 its possession or under its control containing the Company's intellectual property or proprietary information; and

&nbsp;&nbsp;&nbsp;&nbsp;(iv) Consultant
 shall, within 10 days of termination or expiration, as the case may be, return all sales, advertising, technical, Confidential Information
 and any other material of the Company supplied to Consultant in connection with this Agreement and Consultant shall not make or retain
 any copies of same.

In addition, if the Agreement is terminated for any reason, was not renewed at the option of the Company or if the Consultant resigns, the Consultant shall continue to receive the compensation set forth in section 6 herein for a period of four (4) years, and the Company shall continue to pay any such amounts owing to the Consultant in accordance with the terms set forth herein.

17. **Resignation:** The Consultant may terminate this Agreement and the Consultant's engagement with the Company at any time and for any reason,
 upon the provision of four (4) weeks of notice in writing of Consultant's intention to resign his engagement, or such other
 period as may be agreed upon with the Company.

**Non-Compete and Non-Solicit**

18. The
 Consultant expressly agrees and represents that the services to be performed by the Consultant pursuant hereto are not in contravention
 of any non-compete or non- solicitation obligations by which the Consultant is bound.

19. While
 engaged by the Company and for a period of twelve (12) months following the date of termination of engagement with the Company (whether
 such termination is voluntary or involuntary, lawful or unlawful, with or without cause), the Consultant will not

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. solicit
 or direct away from the Company, or assist others in soliciting or directing away from the Company, any current employee or individual
 of the Company; or

b. directly
 or indirectly induce or influence any current employee or individual of Company to terminate his/her employment with the Company
 or to work for any other person or entity.

20. During
 the term of this Agreement, and for a period of twelve (12) months following the date of termination of engagement with the Company
 (whether such termination is voluntary or involuntary, lawful or unlawful, with or without cause) (the "**Non-Competition Period** "), the Consultant agrees that he will not (without the prior written consent of the Company), directly or indirectly,
 anywhere within North America, either individually or in partnership or jointly with another person, firm, association, syndicate,
 company or corporation, whether as agent, shareholder, employee, consultant, or in any manner whatsoever, engage in, carry on, or
 otherwise be concerned with any business substantially similar to the Company's business.

**Indemnity**

21. The
 Company shall indemnify and hold the Consultant harmless to the fullest extent allowed by the law from and against all claims, actions,
 losses, expenses, costs or damages of every nature and kind whatsoever the Consultant may suffer by reason of the fact that the Consultant
 is or was an advisor, employee, officer, Consultant or agent of the Company or any subsidiary of the Company, or by reason of any
 act done or not done by the Consultant in any such capacity or capacities, provided that the Consultant acted in good faith, in a
 manner reasonably believed to be in or not opposed to the best interest of the Company and its subsidiaries.

**General Provision**

22. Any
 notice in writing or permitted to be given to the Consultant hereunder shall be sufficiently given if delivered to the Consultant
 personally or mailed by registered mail, postage prepaid, addressed to the Consultant at the last residential address known to the
 Secretary of the Company. Any such notice mailed as aforesaid shall be deemed to have been received by the Consultant on the first
 business day following the date of mailing. Any notice in writing required or permitted to be given to the Company hereunder shall
 be given by registered mail, postage prepaid, addressed to the Company at the address shown on page 1 hereof. Any such notice mailed
 as aforesaid shall be deemed to have been received by the Company on the first business day following the date of the mailing. Any
 such address for the giving of notices hereunder may be changed by notice in writing given hereunder

23. The
 provisions of this Agreement shall enure to the benefit of and be binding upon the heirs, executors, administrators and legal personal
 representatives of the Consultant and the successors and assigns of the Company. For this purpose, the terms "successors"
 and "assigns" shall include any person, firm or corporation or other entity which at any time, whether by merger, purchase
 or otherwise, shall acquire all or substantially all the assets or business of the Company.

24. This
 Agreement embodies the entire understanding and agreement between the parties with respect to the subject matter hereunder and supersedes
 any prior understandings, negotiations, representations, and agreements relating thereto. No other contract, agreement, representation,
 or warranty between the parties hereto relating to the engagement exists.

25. The
 division of this Agreement into paragraphs is for the convenience of reference only and shall not affect the construction or interpretation
 of this Agreement. The terms "this Agreement", "hereof", "hereunder" and similar expressions
 refer to this Agreement and not to any particular paragraph or other portion hereof and include any agreement or instrument supplemental
 or ancillary hereto. Unless something in the subject matter or context is inconsistent therewith, references herein to paragraphs
 are to paragraphs of this Agreement.

26. Every
provision of this Agreement is intended to be severable. If any term or provision hereof is determined to be illegal or invalid for any
reason whatsoever, such illegality or invalidity shall not affect the validity of the remainder of the provisions of this Agreement.

27. This
 Agreement is being delivered and is intended to be performed in the Province of Ontario and shall be construed and enforced in accordance
 with, and the rights of both parties shall be governed by, the laws of such Province and the laws of Canada applicable therein. For
 the purpose of all legal proceedings this Agreement shall be deemed to have been performed in the Province of Ontario and the courts
 of the Province of Ontario shall have jurisdiction to entertain any action arising under this Agreement. The Company and the Consultant
 each hereby attorns to the jurisdiction of the courts of the Province of Ontario provided that nothing herein contained shall prevent
 the Company from proceeding at its election against the Consultant in the courts of any other province or country.

28. No
amendment to this Agreement shall be valid or binding unless set forth in writing and duly executed by both parties hereto. No waiver
of any breach of any term or provision of this Agreement shall be effective or binding unless made in writing and signed by the party
purporting to give the same and, unless otherwise provided in the written waiver, shall be limited to the specific breach waived.

29. Each
 of the parties shall be entitled to rely on delivery by electronic means of an executed copy of this Agreement, and such electronic
 copy shall be legally effective to create a valid and binding agreement between the parties in accordance with the terms hereof.
 In addition, this Agreement may be executed by the parties in separate counterparts each of which when so executed and delivered
 shall be an original, but all such counterparts shall together constitute one and the same instrument.

**In Witness Whereof**, the Parties hereto have executed this Agreement as of the Effective Date.

---

| | |
|:---|:---|
| **MIDORI-BIO INC.** | **MIDORI-BIO INC.** |
| By: | */s/ Kenneth Lyons* |
|  | Kenneth Lyons, CEO |
|  | *I have authority to bind the Corporation.* |

---

---

| | |
|:---|:---|
| **1284670 B.C. Ltd.** | **1284670 B.C. Ltd.** |
| *By:* | */s/ Kenneth Lyons* |
|  | Authorized Signing Authority |
|  | *I have authority to bind the Corporation.* |
|  | */s/ Stephen Arbib* |
|  | **Stephen Arbib** |

---

 

**<u>Schedule "A"</u>**

The Consultant agrees to perform the following Services on an as-is and as-available basis, either by phone or in person, as may be required:

● actively
 sourcing & commercializing approved new business clients

● support
 Corporation's B2B and B2C relationships

● support
 Corporation's PR outreach

● support
 Corporation's investor relationships

● consult
 and meet with Corporation's principles and occasionally with our associate consultants and ambassadors

**<u>Schedule "B" Pre-Approved</u>**

**<u>Clients</u>**

## Exhibit 21.1

**Exhibit 21.1**

**List of Subsidiaries of**

**Midori Group Inc.**

<u>Entity Name</u> <u>Place of Organization</u> <br>Midori-Bio Inc.\* Ontario, Canada

\* 100% owned subsidiary of Midori Group Inc.

## Exhibit 23.1

**Exhibit 23.1**

---

| | |
|:---|:---|
| ![](ex23-1_001.jpg) | **Crowe MacKay LLP**<br> 1100 - 1177 West<br> Hastings St.<br> Vancouver, BC V6E 4T5<br> Main +1 (604) 687-4511<br> Fax +1 (604) 687-5805<br> www.crowemackay.ca |

---

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the use of our auditor's report dated March 13, 2023, on the consolidated financial statements of Midori Group Inc., a British Columbia corporation, which comprise the consolidated statements of financial position as of September 30, 2022 and 2021, and the related consolidated statements of income (loss) and comprehensive (income) loss, changes in equity, and cash flows for the year ended September 30, 2022 and for the period from January 6, 2021 (inception) to September 30, 2021 and the related notes, which is included herein and to the reference to our firm under the heading "Experts" in this Registration Statement (Form F-1) dated March 13, 2023.

*/s/ Crowe MacKay LLP*

 

Chartered Professional Accountants

Vancouver, British Columbia, Canada

March 13, 2023

## Ex-Filing

**Exhibit 107**

**CALCULATION OF FILING FEE TABLES**

Form F-1

(Form Type)

**Midori Group Inc.**

(Exact Name of Registrant as Specified in its Charter)

<u>Table 1: Newly Registered Securities</u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Security Type** | **Fee Calculation Rule** | **Amount Registered** | **Proposed Maximum Offering Price Per Unit** | **Maximum Aggregate Offering Price <sup>(1)</sup>** | **Fee Rate** | **Amount of Registration Fee** |
| Units <sup>(2)</sup>, consisting of: |  |  |  |  |  |  |
| Equity (i) Common shares, no par value per share, included in the units <sup>(3)</sup> | Rule 457(o) |  |  | $26357149 | 0.0001102 | $2904.56 |
| Equity (ii) Warrants to purchase common shares, no par value per share, included in the units <sup>(3)</sup> | Rule 457(g) |  |  |  |  |  |
| Equity Common shares, no par value per share, underlying the warrants included in the units <sup>(4)</sup> | Rule 457(g) |  |  | $26357149 | 0.0001102 | 2904.56 |
| Equity Representative's Warrant to purchase common shares <sup>(5)</sup> | Rule 457(g) |  |  |  |  |  |
| Equity Common shares issuable upon exercise of Representative's Warrant to purchase common shares <sup>(6)</sup> | Rule 457(g) |  |  | $988393 | 0.0001102 | $108.92 |
|  | **Total Offering Amounts/Net Fee Due** | **Total Offering Amounts/Net Fee Due** | **Total Offering Amounts/Net Fee Due** | $53702691 |  | $5918.04 |

---

(1) Estimated
 solely for the purpose of calculating the amount of the registration fee pursuant to Rule 457(o) of the Securities Act of 1933, as
 amended (the "Securities Act").

(2) Each
 unit consists of one common share, no par value per share, and one warrant to purchase one common share, no par value per share. Includes
 [●] common shares and/or warrants to purchase [●] common shares, which may be issued upon exercise of a 45-day option
 granted to the underwriters to cover over-allotments, if any.

(3) Included
 in the price of the units. No fee required pursuant to Rule 457(g) under the Securities Act.

(4) The
 warrants are exercisable at a per share exercise price equal to 100% of the public offering price per unit. The proposed maximum
 aggregate public offering price of the common shares issuable upon exercise of the warrants was calculated to be $26,357,149
 (which is 100% of $26,357,149 since each investor will receive a warrant to purchase one common share for each common share
 purchased in this offering). Pursuant to Rule 416, the registrant is also registering an indeterminate number of additional common
 shares that are issuable by reason of the anti-dilution provisions of the warrants.

(5) No
 fee required pursuant to Rule 457(g) under the Securities Act.

(6) The
 Representative's Warrants are exercisable at a per share exercise price equal to 125% of the public offering price per share.
 As estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(g) under the Securities Act, the proposed
 maximum aggregate offering price of the representative's warrants is $988,393 which is equal to 125% of $790,714 (3% of $26,357,149
 of common shares sold in this offering). Pursuant to Rule 416, the registrant is also registering an indeterminate number of
 additional common shares that are issuable by reason of the anti-dilution provisions of the Representative's Warrants.