# EDGAR Filing Document

**Accession Number:** 0001786286
**File Stem:** 0001493152-26-008450
**Filing Date:** 2026-3
**Character Count:** 256326
**Document Hash:** 11293488d5feec7e8ea46403d42097d1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-26-008450.hdr.sgml**: 20260302

**ACCESSION NUMBER**: 0001493152-26-008450

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 5

**CONFORMED PERIOD OF REPORT**: 20260302

**FILED AS OF DATE**: 20260302

**DATE AS OF CHANGE**: 20260302

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Draganfly Inc.
- **CENTRAL INDEX KEY:** 0001786286
- **STANDARD INDUSTRIAL CLASSIFICATION:** AIRCRAFT [3721]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40688
- **FILM NUMBER:** 26703530

**BUSINESS ADDRESS:**
- **STREET 1:** 2108 ST. GEORGE AVENUE
- **CITY:** SASKATOON
- **STATE:** A9
- **ZIP:** S7M 0K7
- **BUSINESS PHONE:** 403-781-6671

**MAIL ADDRESS:**
- **STREET 1:** 235 103RD ST. E.
- **CITY:** SASKATOON
- **STATE:** A9
- **ZIP:** S7N 1Y8

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16**

**UNDER THE SECURITIES EXCHANGE ACT OF 1934**

For the Month of: **March 2026**

Commission File Number: **001-40688**

**DRAGANFLY INC.**

(*Name of registrant*)

**235 103rd St. E.**

**Saskatoon, Saskatchewan, S7N 1Y8**

**Canada**

***(Address of principal executive offices)***

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

☐ Form 20-F ☒ Form 40-F

**INCORPORATION BY REFERENCE**

Exhibits 99.2 and 99.3 to this report on Form 6-K furnished to the SEC are expressly incorporated by reference into the Registration Statement on [Form F-10](https://www.sec.gov/Archives/edgar/data/1786286/000149315225017725/formf-10.htm) of Draganfly Inc. (File No. 333-290823), as amended and supplemented.

**SIGNATURES**

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

---

| | | |
|:---|:---|:---|
|  | **DRAGANFLY INC.** | **DRAGANFLY INC.** |
| Date: March 2, 2026 | By: | */s/ Paul Sun* |
|  | Name: | Paul Sun |
|  | Title: | Chief Financial Officer |

---

**Form 6-K Exhibit Index**

---

| | |
|:---|:---|
| **Exhibit Number** | **Document Description** |
| 99.1 | [Press Release dated February 27, 2026](ex99-1.htm) |
| 99.2 | [Placement Agency Agreement, dated February 25, 2026](ex99-2.htm) |
| 99.3 | [Pre-Funded Common Share Purchase Warrant, dated February 27, 2026](ex99-3.htm) |

---

## Exhibit 99.1

**Exhibit 99.1**

![](ex99-1_001.jpg)

**Draganfly Announces Closing of US$50.0 Million Registered Direct Offering**

**Saskatoon, SK., February 27, 2026 (GLOBE NEWSWIRE)** -- Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) (FSE: 3U8A) ("Draganfly" or the "Company"), an award-winning developer of drone solutions, software, and robotics, today announced the closing of its previously announced registered direct offering of 7,150,000 common shares (or pre-funded warrants in lieu thereof) of the Company at a price of US$7.00, for gross proceeds of approximately US$50.0 million, before deducting placement agent discounts and offering expenses (the "**Offering**").

Maxim Group LLC acted as lead placement agent for the Offering. Raymond James Ltd. and Ladenburg Thalmann & Co. Inc. acted as co-placement agents for the Offering.

Draganfly currently intends to use the net proceeds from the Offering for general corporate purposes, including to fund its capabilities to meet demand for its new products including growth initiatives and/or for working capital requirements including the continuing development and marketing of the Company's core products, potential acquisitions and research and development.

The Offering was made pursuant to an effective shelf registration statement on Form F-10, as amended, (File No. 333-290823) previously filed with the U.S. Securities and Exchange Commission ("**SEC**") and which became automatically effective on February 25, 2026 and the Company's Canadian short form base shelf prospectus dated October 24, 2025 (the "**Base Shelf Prospectus**"). Draganfly offered and sold the securities in the United States only. No securities were offered or sold to Canadian purchasers.

A prospectus supplement and accompanying Base Shelf Prospectus relating to the Offering and describing the terms thereof has been filed with the applicable securities commissions in the Canadian provinces of British Columbia, Saskatchewan and Ontario, and with the SEC in the United States and is available for free by visiting the Company's profiles on the SEDAR+ website maintained by the Canadian Securities Administrators at <u>www.sedarplus.ca</u> or the SEC's website at <u>www.sec.gov</u>, as applicable. Copies of the prospectus supplement and accompanying Base Shelf Prospectus relating to the Offering may be obtained by contacting Maxim Group LLC, at 300 Park Avenue, 16<sup>th</sup> Floor, New York, NY 10022, Attention: Syndicate Department, or by telephone at (212) 895-3745 or by email at <u>syndicate@maximgrp.com</u>.

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

**About Draganfly**

Draganfly Inc. (NASDAQ: DPRO; CSE: DPRO; FSE: 3U8A) is a pioneer in drone solutions, AI-driven software, and robotics. With over 25 years of innovation, Draganfly has been at the forefront of drone technology, providing solutions for public safety, agriculture, industrial inspections, security, mapping, and surveying. The Company is committed to delivering efficient, reliable, and industry-leading technology that helps organizations save time, money, and lives.

For more information, visit <u>www.draganfly.com</u>.

For investor details, visit:

<u>NASDAQ (DPRO)</u>

<u>CSE (DPRO)</u>

<u>FSE (3U8A)</u>

**Media Contact**

Erika Racicot

Email: <u>media@draganfly.com</u>

**Company Contact**

Cameron Chell

Chief Executive Officer

(306) 955-9907

<u>info@draganfly.com</u>

**Forward Looking Statements**

Certain statements contained in this news release may constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws. Such statements, based as they are on the current expectations of management, inherently involve numerous important risks, uncertainties and assumptions, known and unknown. In this news release, such forward-looking statements include, but are not limited to, statements regarding the intended use of proceeds. These forward-looking statements are subject to numerous factors, many of which are beyond Draganfly's control, including but not limited to, important factors disclosed previously and from time to time in Draganfly's filings with the securities regulatory authorities in the Canadian provinces of British Columbia, Ontario and Saskatchewan and with the SEC. Actual future events may differ from the anticipated events expressed in such forward-looking statements. Draganfly believes that expectations represented by forward-looking statements are reasonable, yet there can be no assurance that such expectations will prove to be correct. The reader should not place undue reliance, if any, on any forward-looking statements included in this news release. These forward-looking statements speak only as of the date made, and Draganfly is under no obligation and disavows any intention to update publicly or revise such statements as a result of any new information, future event, circumstances or otherwise, unless required by applicable securities laws.‎ Investors are cautioned not to unduly rely on these forward-looking statements and are encouraged to read the Offering documents, as well as Draganfly's continuous disclosure documents, including its current annual information form, as well as its audited annual consolidated financial statements which are available on SEDAR+ at <u>www.sedarplus.ca</u> and on EDGAR at <u>www.sec.gov/edgar</u>.

## Exhibit 99.2

**Exhibit 99.2**

**PLACEMENT AGENCY AGREEMENT**

February 25, 2026

Mr. Cameron Chell

President and Chief Executive Officer

Draganfly Inc.

235 103<sup>rd</sup> St. E,

Saskatoon, SK, S7N 1Y8

Canada

Dear Mr. Chell:

This agreement (the "**Agreement**") constitutes the agreement between Maxim Group LLC ("**Maxim**" or the "**Placement Agent**") and Draganfly Inc., a company incorporated under the laws of the *Business Corporations Act* (British Columbia) (the "**Company**"), pursuant to which the Placement Agent shall serve as the exclusive placement agent for the Company, on a "reasonable best efforts" basis, in connection with the proposed placement (the "**Placement**") of 5,030,000 common shares (the "**Shares**") of the Company, no par value per share ("**Common Shares**"), and 2,120,000 prefunded warrants (the "**Prefunded Warrants**"), to purchase up to 2,120,000 Common Shares (the "**Warrant Shares**" collectively, with the Shares and the Prefunded Warrants, the "**Securities**"). The terms of the Placement and the Securities shall be mutually agreed upon by the Company and the purchasers (each, a "**Purchaser**" and, collectively, the "**Purchasers**") and nothing herein constitutes that the Placement Agent would have the power or authority to bind the Company or any Purchaser or an obligation for the Company to issue any Securities or complete the Placement. This Agreement and the documents executed and delivered by the Company and the Purchasers in connection with the Placement, including but not limited to the Lock-Up Agreement (as defined below), and the form of Prefunded Warrant, shall be collectively referred to herein as the "**Transaction Documents**." The date of the closing of the Placement shall be referred to herein as the "**Closing Date**." The Company expressly acknowledges and agrees that the Placement Agent's obligations hereunder are on a reasonable best efforts basis only and that the execution of this Agreement does not constitute a commitment by the Placement Agent to purchase the Securities and does not ensure the successful placement of the Securities or any portion thereof or the success of the Placement Agent with respect to securing any other financing on behalf of the Company. The Placement Agent may retain other brokers or dealers to act as sub-agents or selected-dealers on its behalf in connection with the Placement. The sale of the Securities to any Purchasers shall be made in accordance with and pursuant to the Registration Statement, Prospectuses and Prospectus Supplement. The Company agrees to sell to the Purchasers up to 100% of the Shares and/or Prefunded Warrants on the Closing Date for a purchase price of US$7.00 (the "**Offering Price**") per Share <u>provided</u>, <u>however</u>, the Offering Price shall be US$6.9999 per Prefunded Warrant.

<u>SECTION 1. BACKGROUND AND INTERPRETATION</u>.

&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 Company has prepared and filed with the securities regulatory authorities (the "**Canadian Commissions**") in each of the provinces of British Columbia, Saskatchewan and Ontario (collectively, the "**Qualifying Jurisdictions**") a preliminary short form base shelf prospectus dated October 10, 2025, relating to the distribution of up to CAD$200,000,000 of Common Shares, preferred shares, warrants, subscription receipts convertible into Common Shares, preferred shares, warrants, and/or units, and units comprised of Common Shares, preferred shares and/or warrants (collectively, the "**Shelf Securities**") pursuant to applicable securities laws of the Qualifying Jurisdictions and the respective rules, regulations, blanket rulings, orders and notices made thereunder and the local, uniform, national and multilateral instruments and policies adopted by the Canadian Commissions in the Qualifying Jurisdictions (collectively, as applied and interpreted, the "**Canadian Securities Laws**") and in accordance with Multilateral Instrument 11-102 - *Passport System* ("**MI 11-102**") and National Policy 11-202 - *Process for Prospectus Reviews in Multiple Jurisdictions* ("**NP 11- 202**", and together with MI 11-102, the "**Passport System**"). Such preliminary short form base shelf prospectus relating to the distribution of the Shelf Securities, including any documents incorporated by reference therein and any supplements or amendments thereto, is herein called the "**Canadian Preliminary Base Prospectus**." The Company has prepared and filed the Canadian Preliminary Base Prospectus pursuant to National Instrument 44-101 - *Short Form Prospectus Distributions* and National Instrument 44-102 – *Shelf Distributions*, the "**Shelf Procedures**". The Financial and Consumer Affairs Authority of Saskatchewan (the "**Principal Regulator**") and the Ontario Securities Commission have issued a receipt for the Canadian Preliminary Base Prospectus and the Company has satisfied the conditions in MI 11-102 to the deemed issuance of a receipt by the Canadian Commissions for the Canadian Preliminary Base Prospectus in each of the other Qualifying Jurisdictions.

&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 Company has prepared and filed with the Canadian Commissions in the Qualifying Jurisdictions a final short form base shelf prospectus dated October 24, 2025 relating to the distribution of the Shelf Securities (including any documents incorporated therein by reference and any supplements or amendments thereto, the "**Canadian Final Base Prospectus**"), pursuant to the Passport System and the Shelf Procedures, omitting the Shelf Information (as hereinafter defined) in accordance with the rules and procedures set forth in National Instrument 44-102 – *Shelf Distributions*.

&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 Company has also prepared and filed with the United States Securities and Exchange Commission (the "**SEC**") pursuant to the Canada/United States Multi-Jurisdictional Disclosure System adopted by the Canadian Commissions and the SEC (the "**MJDS**"), a registration statement on Form F-10 (Registration No. 333-290823) under the United States Securities Act of 1933, as amended (together with the rules and regulations promulgated thereunder, the "**Securities Act**"), originally filed on October 10, 2025, amended on February 25, 2026, and immediately effective (pursuant to Rule 467(b) under the Securities Act) on February 25, 2026, including the Canadian Final Base Prospectus with such deletions therefrom and additions or changes thereto as are permitted or required by Form F-10 and the applicable rules and regulations of the SEC. Such prospectus, including the documents incorporated by reference therein and any supplements or amendments thereto, is herein called the "**U.S. Final Base Prospectus."** The Company has also prepared and filed with the SEC an Appointment of Agent for Service of Process and Undertaking on Form F-X at the time of the initial filing of the registration statement on Form F-10 (the "**Form F-X**"). For purposes of this Agreement, "**U.S. Securities Laws**" means all applicable securities laws in the United States, including without limitation, the Securities Act, the Exchange Act (as defined below), including the rules and regulations promulgated thereunder, and any applicable 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;D. The Company will prepare and file, as promptly as possible and in any event (i) not later than 9:00 a.m. (Toronto time) on the second business day following the date hereof, with the Canadian Commissions in the Qualifying Jurisdictions, in accordance with the Passport System and the Shelf Procedures, a final prospectus supplement setting forth the Shelf Information (including any documents incorporated therein by reference and any supplements or amendments thereto, the "**Canadian Final Prospectus Supplement**", and together with the Canadian Final Base Prospectus, the "**Canadian Prospectus**"), and (ii) within one business day of such filing with the Canadian Commissions, with the SEC pursuant to General Instruction II.L, of Form F-10, the Canadian Final Prospectus Supplement (with such deletions therefrom and additions thereto as are permitted or required by Form F-10 and the applicable rules and regulations of the SEC) (the "**U.S. Final Prospectus Supplement**", and together with the U.S. Final Base Prospectus, the "**U.S. Prospectus**"). The information, if any, included in the Canadian Final Prospectus Supplement that is omitted from the Canadian Final Base Prospectus for which a final receipt has been obtained from the Canadian Commissions, but that is deemed under the Shelf Procedures to be incorporated by reference into the Canadian Final Base Prospectus as of the date of the Canadian Prospectus Supplement, is referred to herein as the "**Shelf 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;E. In addition, the Company: (i) will prepare and file with the Canadian Commissions in the Qualifying Jurisdictions a final prospectus supplement (the "**Canadian Warrant Supplement**") to the Canadian Final Base Prospectus (together with the Canadian Final Base Prospectus, and including any documents incorporated therein by reference and the documents otherwise deemed to be a part thereof or included therein pursuant to Canadian Securities Laws, the "**Canadian Warrant Prospectus**") relating to the issuance of the Warrant Shares upon exercise of the Pre-Funded Warrants (it being understood and agreed to by the Purchasers that the Canadian Warrant Prospectus will not be filed in respect of, and will not qualify any distribution of, the Warrant Shares upon exercise of the Warrants in any province or territory of Canada); and (ii) will prepare and file with the SEC, pursuant to General Instruction II.L of Form F-10, the Canadian Warrant Supplement (with such deletions therefrom and additions thereto as are permitted or required by Form F-10 and the applicable rules and regulations of the SEC) (the "**U.S. Warrant Supplement**", and together with the U.S. Final Base Prospectus, the "**U.S. Warrant Prospectus**", and, together with the Canadian Warrant Prospectus, the "**Warrant Prospectuses**") relating to the issuance of the Warrant Shares upon exercise of the Warrants.

&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 registration statement on Form F-10, including any amendment thereof on or prior to the Effective Date and including the exhibits thereto, the documents incorporated or deemed to be incorporated by reference therein and any information deemed to be a part thereof at the Effective Date for purposes of Section 10 under the Securities Act and including the Shelf Information, is herein called the "**Registration Statement**."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. The U.S. Prospectus and the Canadian Prospectus, including the documents incorporated by reference therein, are hereinafter collectively sometimes referred to as the "**Prospectuses**." The U.S. Final Prospectus Supplement and the Canadian Final Prospectus Supplement, including the documents incorporated by reference therein, are hereinafter collectively sometimes referred to as the "**Prospectus Supplements**."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Any amendment or supplement to the U.S. Prospectus or the Canadian Prospectus (including any document incorporated by reference therein), that may be filed by or on behalf of the Company with the Canadian Commissions in the Qualifying Jurisdictions or with the SEC after the Canadian Final Prospectus Supplement and the U.S. Final Prospectus Supplement have been filed and prior to the expiry of the period of distribution of the Securities, is referred to herein collectively as the "**Supplementary Material**."

&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. As used herein, the "**Applicable Time**" is 8:30 p.m. (New York City time) on the date of this Agreement. As used herein, a "**free writing prospectus**" has the meaning set forth in Rule 405 under the Securities Act, and a "**Time of Sale Prospectus**" means the U.S. Final Base Prospectus together with the issuer free writing prospectuses, if any, set forth on Exhibit "B" hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. As used herein, the terms "**Registration Statement**", "**Time of Sale Prospectus**" and "**Prospectuses**" shall include the documents incorporated and deemed to be incorporated by reference therein (the "**Incorporated Documents**"), including, unless the context otherwise requires, the documents, if any, filed as exhibits to such Incorporated Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. All references in this Agreement to the Registration Statement or the U.S. Prospectus shall include any copy thereof filed with the SEC pursuant to its *Electronic Data Gathering, Analysis and Retrieval system* ("**EDGAR**"). All references in this Agreement to Financial Statements (as defined in Exhibit A) and schedules and other information which are "contained," "included" or "stated" in the Registration Statement, the Time of Sale Prospectus or the U.S. Prospectus (and all other references of like import) shall be deemed to mean and include all such Financial Statements and schedules and other information which is or is deemed to be incorporated by reference in the Registration Statement, the Time of Sale Prospectus or the U.S. Prospectus, as the case may be; and all references in this Agreement to amendments or supplements to the Registration Statement, the Time of Sale Prospectus or the U.S. Prospectus, as the case may be, shall be deemed to mean and include the filing of any document under the United States Securities Exchange Act of 1934, as amended (together with the rules and regulations promulgated thereunder, the "**Exchange Act**") or otherwise that is or is deemed to be incorporated by reference in the Registration Statement, the Time of Sale Prospectus or the U.S. Prospectus, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. All references in this Agreement to "**issuer free writing prospectus**" means any "issuer free writing prospectus," as defined in Rule 433 of the Securities Act, relating to the Securities that (i) is required to be filed with the SEC by the Company, (ii) is a "road show" that is a "written communication" within the meaning of Rule 433(d)(8)(i) of the Securities Act whether or not required to be filed with the SEC, or (iii) is exempt from filing pursuant to Rule 433(d)(5)(i) of the Securities Act because it contains a description of the Securities or of the offering that does not reflect the final terms, in each case in the form filed or required to be filed with the SEC or, if not required to be filed, in the form retained in the Company's records pursuant to Rule 433(g) under the 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;M. As used herein, "**business day**" shall mean a day on which each of the Nasdaq Stock Market ("**Nasdaq**"), the Canadian Securities Exchange (the "**CSE**", and together with Nasdaq, the "**Exchanges**") are open for trading. The terms "herein," "hereof," "hereto," "hereinafter" and similar terms, as used in this Agreement, shall in each case refer to this Agreement as a whole and not to any particular section, paragraph, sentence or other subdivision of this Agreement. The term "or", as used herein, is not exclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N. As used herein, "**Governmental Authority**" means (i) any federal, provincial, state, local, municipal, national or international government or governmental authority, regulatory or administrative agency, governmental commission, department, board, bureau, agency or instrumentality, court, tribunal, arbitrator or arbitral body (public or private); (ii) any self- regulatory organization; or (iii) any political subdivision of any 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;O. As used herein, "**Applicable Law**" means any and all laws, including all federal, provincial, state and local statutes, codes, ordinances, guidelines, decrees, rules, regulations and municipal by- laws and all judicial, arbitral, administrative, ministerial, departmental or regulatory judgments, orders, directives, decisions, rulings or awards or other requirements of any Governmental Authority, binding on or affecting the person referred to in the context in which the term is used.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P. As used herein, "associate", "misrepresentation", "material fact", and "material change" shall have the meanings given to such terms under applicable Canadian Securities Laws, and the terms "affiliate" and "subsidiary" shall have the meanings given to such terms in National Instrument 45-106 - *Prospectus Exemptions*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q. All capitalized terms used herein but not otherwise defined shall have the meaning set forth in Exhibit A hereto.

<u>SECTION 2</u>. <u>Purchase, Sale, Payment and Delivery of the Securities</u>.

&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 Closing Date in respect of the Securities. Payment of the Offering Price for the Securities shall be made to the Company by wire transfer against delivery of the Shares (and Warrant Shares if any Prefunded Warrants are then exercised) to the Purchasers, through the facilities of CDS Clearing and Depository Services Inc. ("CDS") and/or The Depository Trust Company ("DTC") designated by the Purchasers, and delivery to the Purchasers of Prefunded Warrants as certificates, in such names and denominations as the Purchasers may request, and such payment and delivery shall be made at 8:30 a.m. (Toronto time), on the Closing Date (unless another time shall be agreed to by the Purchasers and 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. Delivery of the Securities and Closing Mechanics. The Company shall deliver, or cause to be delivered, to the Purchasers for the accounts of such Purchasers, the Securities at the Closing Date against the irrevocable release of a wire transfer of immediately available funds for the amount of the Offering Price therefor. The Securities shall be registered in such names and denominations as the Purchasers shall have requested at least one full business day prior to the Closing Date. Deliveries of the documents described in Section 10 hereof with respect to the purchase of the Securities shall be made at the offices of DLA Piper LLP (Canada) in Vancouver, British Columbia at 8:30 a.m. (Toronto time), or at such other place as the Purchasers and the Company may agree, on the Closing Date. Time shall be of the essence, and delivery at the time and place specified in this Agreement is a further condition to the obligations of the Purchasers.

<u>SECTION 3</u>. <u>REPRESENTATIONS AND WARRANTIES OF THE COMPANY; COVENANTS OF THE COMPANY</u>.

&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>Representations of the Company</u>. Each of the representations and warranties (together with any related disclosure schedules thereto) and covenants made by the Company in Exhibit A hereto in connection with the Placement is hereby incorporated herein by reference into this Agreement (as though fully restated herein) and is, as of the date of this Agreement and as of the Closing Date, hereby made to, and in favor of, the Placement Agent. In addition to the foregoing, the Company represents and warrants 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;1. <u>Authorization</u>; <u>Enforcement</u>. The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by this Agreement and the Registration Statement, Prospectuses and Prospectus Supplement and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of each of this Agreement by the Company and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of the Company and no further action is required by the Company, the Company's Board of Directors or the Company's shareholders in connection therewith. This Agreement has been duly executed by the Company and, when delivered in accordance with the terms hereof, will constitute the valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors' rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>No Conflicts</u>. The execution, delivery and performance by the Company of this Agreement and the transactions contemplated pursuant to the Registration Statement, Prospectuses and Prospectus Supplement, the issuance and sale of the Securities and the consummation by it of the transactions contemplated hereby and thereby to which it is a party do not and will not (i) conflict with or violate any provision of the Company's or any Subsidiary's certificate or articles of incorporation, bylaws or other organizational or charter documents, or (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, result in the creation of any Lien upon any of the properties or assets of the Company or any Subsidiary, or give to others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing a Company or Subsidiary debt or otherwise) or other understanding to which the Company or any Subsidiary is a party or by which any property or asset of the Company or any Subsidiary is bound or affected, or (iii) conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to which the Company or a Subsidiary is subject (including federal and state securities laws and regulations), or by which any property or asset of the Company or a Subsidiary is bound or affected; except in the case of each of clauses (ii) and (iii), such as could not have or reasonably be expected to result in a Material Adverse 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. There are no affiliations with any FINRA member firm among the Company's officers, directors or, to the knowledge of the Company, any ten percent (10.0%) or greater stockholder of the Company, except as set forth in the Registration Statement and SEC Reports.

&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>Covenants of the Company</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Company has delivered or made available, or will as promptly as practicable deliver or make available, to the Placement Agent complete conformed copies of the Registration Statement and of each consent and certificate of experts, as applicable, filed as a part thereof, and conformed copies of the Registration Statement (without exhibits), the Prospectuses, and the Prospectus Supplement, as amended or supplemented, in such quantities and at such places as the Placement Agent reasonably requests. Neither the Company nor any of its directors and officers has distributed and none of them will distribute, prior to the Closing Date, any offering material in connection with the offering and sale of the Securities pursuant to the Placement other than the Prospectuses, the Prospectus Supplement, the Registration Statement, copies of the Incorporated Documents and any other materials permitted by the 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;2. During the period commencing on and including the date hereof and ending on and including the 60<sup>th</sup> day following the Closing Date (the "**Lock-up Period**"), the Company will not, without the prior written consent of the Placement Agent, (i) issue, offer, sell (including, without limitation, any short sale), contract or agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree to dispose of or transfer, directly or indirectly, or establish or increase a "put equivalent position" or liquidate or decrease a "call equivalent position" within the meaning of Section 16 of the Exchange Act and the rules and regulations of the SEC promulgated thereunder, with respect to, any Common Shares, or any securities convertible into or exchangeable or exercisable for, or warrants or other rights to purchase, the foregoing, (ii) other than a registration Form on S-8 subject to the restrictions set forth below, file or cause to become effective a registration statement under the Securities Act, or to file a prospectus under the Canadian Securities Laws, relating to the offer and sale of any Common Shares or securities convertible into or exercisable or exchangeable for Common Shares or other rights to purchase Common Shares or any other securities of the Company that are substantially similar to Common Shares, or any securities convertible into or exchangeable or exercisable for, or any warrants or other rights to purchase, the foregoing, (iii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of Common Shares or any other securities of the Company that are substantially similar to Common Shares, or any securities convertible into or exchangeable or exercisable for, or any warrants or other rights to purchase, the foregoing, whether any such transaction is to be settled by delivery of Common Shares or such other securities, in cash or otherwise or (iv) publicly announce an intention to effect any transaction specified in clause (i), (ii) or (iii), except, in each case, for (A) the registration of the offer and sale of the Securities and the Warrant Shares under the Securities Act, the filing of each Applicable Prospectus and the Warrant Prospectuses under the Canadian Securities Laws and the U.S. Securities Laws, as applicable, relating to the sale of the Securities and the issuance of the Warrant Shares, (B) issuances of Common Shares upon the exercise of options or restricted share units issued under the Company's equity compensation plans, (C) the issuance of options or restricted share units in the ordinary course and the issuance of Common Shares pursuant to the Company's equity compensation plans, (D) the issuance of Common Shares pursuant to the exercise of warrants outstanding as of the date hereof, or (E) the issuance of securities of the Company in connection with bona fide arm's length acquisitions, mergers, consolidations or amalgamations of any company or companies or assets from any company or companies (other than one or more transactions involving an entity where all or substantially all of the assets are cash, marketable securities or financial in nature or an acquisition that is structured primarily to defeat the intent of this provision) provided that such securities are "restricted securities" (as defined in Rule 144 under the Securities Act) during the Lock-up Period and carry no registration rights that require or permit the filing of any registration statement in connection therewith within sixty (60) days following the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. From the date hereof until sixty (60) days following Closing Date, the Company shall be prohibited from effecting or entering into an agreement to effect any issuance by the Company or any of its Subsidiaries of Common Shares or Common Share Equivalents (or a combination of units thereof) involving a Variable Rate Transaction. "Variable Rate Transaction" means a transaction in which the Company (i) issues or sells any debt or equity securities that are convertible into, exchangeable or exercisable for, or include the right to receive, additional Common Shares either (A) at a conversion price, exercise price or exchange rate or other price that is based upon, and/or varies with, the trading prices of or quotations for the Common Shares at any time after the initial issuance of such debt or equity securities or (B) with a conversion, exercise or exchange price that is subject to being reset at some future date after the initial issuance of such debt or equity security or upon the occurrence of specified or contingent events directly or indirectly related to the business of the Company or the market for the Common Shares or (ii) enters into, or effects a transaction under, any agreement, including, but not limited to, an equity line of credit or an "at-the-market offering", whereby the Company may issue securities at a future determined price regardless of whether shares pursuant to such agreement have actually been issued and regardless of whether such agreement is subsequently canceled. The Placement Agent shall be entitled to obtain injunctive relief against the Company to preclude any such issuance, which remedy shall be in addition to any right to collect damages. "Common Share Equivalents" means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire at any time Common Shares, including, without limitation, any debt, preferred shares, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Shares.

<u>SECTION 4</u>. <u>REPRESENTATIONS OF THE PLACEMENT AGENT</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Placement Agent represents and warrants that it (i) is a member in good standing of FINRA, (ii) is registered as a broker/dealer under the Exchange Act, (iii) is licensed as a broker/dealer under the laws of the states applicable to the offers and sales of the Securities by such Placement Agent, (iv) is and will be a corporate entity validly existing under the laws of its place of incorporation, and (v) has full power and authority to enter into and perform its obligations under this Agreement. The Placement Agent will immediately notify the Company in writing of any change in its status as such. The Placement Agent covenants that it will use its reasonable best efforts to conduct the Placement hereunder in compliance with the provisions of this Agreement and the requirements of applicable law.

<u>SECTION 5</u>. <u>COMPENSATION</u>.

&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 consideration of the services to be provided for hereunder, the Company shall pay to the Placement Agent or their respective designees, the following compensation with respect to the placement of the 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;1. A cash fee (the "**Cash Fee**") equal to an aggregate of up to seven percent (7.0%) of the aggregate gross proceeds raised in the Placement. The Cash Fee shall be paid to the Placement Agent at the Closing of the Placement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. Subject to compliance with FINRA Rule 5110(f)(2)(D), the Company also agrees to reimburse the Placement Agent for all travel and other out-of-pocket expenses, including the reasonable fees, costs and disbursements of its legal counsel, in an amount not to exceed an aggregate of $75,000. The Company will reimburse the Placement Agent directly out of the Closing of the Placement. In the event that this Agreement shall terminate prior to the consummation of the Placement, Maxim shall nevertheless still be entitled to reimbursement for its actual expenses; provided, however, that such expenses shall not exceed $25,000, in the aggregate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. In addition, at each closing date of the Placement, the Company shall grant and issue to Maxim (or its designated affiliates) warrants (the "**Placement Agent Warrants**") to purchase such number of common shares of the Company equal up to 5% of the total number of securities being sold in such Offering. The Placement Agent Warrants shall have a term of three years and the exercise price of such Placement Agent Warrants shall equal to 125% of the public offering price in the Offering. The Company shall agree to register the shares issuable upon exercise of the Placement Agent Warrants under the Securities Act, and will file all necessary undertakings in connection therewith. The Placement Agent Warrants will contain provisions for one demand registration of the sale of the underlying shares at the Company's expense, an additional demand registration at the warrant holders' expense, and unlimited "piggyback" registration rights. The Placement Agent Warrants shall further provide for customary adjustments in the number and price of such warrants (and the shares underlying such warrants) to prevent dilution as permitted by FINRA Rule 5110(g)(8).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. In addition, if within sixty (60) days of the Closing Date, the Company completes any financing of equity or equity-linked capital-raising activity or debt (excluding commercial bank debt) offerings with, or receives proceeds from, any of the investors that invest in the offering or are directly introduced to the Company via telephone, video conferencing, or a physical meeting by the Placement Agent, then the Company shall pay to the Placement Agent upon closing of such financing or receipt of such proceeds the compensation equivalent to that set forth in Section 5(a) herein, provided, that, within ten (10) business days of a written request from the Company, the Placement Agent provides a list to the Company of such investors..

&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 Placement Agent reserves the right to reduce any item of its compensation or adjust the terms thereof as specified herein in the event that a determination shall be made by FINRA to the effect that such Placement Agent's aggregate compensation is in excess of FINRA Rules or that the terms thereof require adjustment.

<u>SECTION 6</u>. <u>INDEMNIFICATION</u>. The Company agrees to the indemnification and other agreements set forth in the Indemnification Provisions (the "**Indemnification Provisions**") attached hereto as Schedule "A", the provisions of which are incorporated herein by reference and shall survive the termination or expiration of this Agreement.

<u>SECTION 7</u>. <u>ENGAGEMENT TERM</u>. The Placement Agent engagement hereunder shall be until the final closing date of the Placement (such date, the "**Termination Date**" and the period of time during which this Agreement remains in effect is referred to herein as the "**Term**"). Notwithstanding anything to the contrary contained herein, the provisions concerning the Company's obligation to pay any fees actually earned pursuant to Section 5 hereof and the provisions concerning confidentiality, indemnification and contribution contained herein and the Company's obligations contained in the Indemnification Provisions will survive any expiration or termination of this Agreement. If this Agreement is terminated prior to the completion of the Placement, all fees due to the Placement Agent shall be paid by the Company to the Placement Agent on or before the Termination Date (in the event such fees are earned or owed as of the Termination Date). The Placement Agent agrees not to use any confidential information concerning the Company provided to the Placement Agent by the Company for any purposes other than those contemplated under this Agreement.

<u>SECTION 8</u>. <u>PLACEMENT AGENT INFORMATION</u>. The Company agrees that any information or advice rendered by the Placement Agent in connection with this engagement is for the confidential use of the Company only in their evaluation of the Placement and, except as otherwise required by law, the Company will not disclose or otherwise refer to the advice or information in any manner without the Placement Agent's prior written consent.

<u>SECTION 9</u>. <u>NO FIDUCIARY RELATIONSHIP</u>. This Agreement does not create, and shall not be construed as creating rights enforceable by any person or entity not a party hereto, except those entitled hereto by virtue of the Indemnification Provisions hereof. The Company acknowledges and agrees that the Placement Agent is not and shall not be construed as a fiduciary of the Company and shall have no duties or liabilities to the equity holders or the creditors of the Company or any other person by virtue of this Agreement or the retention of such Placement Agent hereunder, all of which are hereby expressly waived.

<u>SECTION 10</u>. <u>CLOSING</u>. The obligations of the Placement Agent, and the closing of the sale of the Securities hereunder are subject to the accuracy, when made and on the Closing Date, of the representations and warranties on the part of the Company contained herein and attached as Exhibit A hereto, to the accuracy of the statements of the Company made in any certificates pursuant to the provisions hereof, to the performance by the Company of their obligations hereunder, and to each of the following additional terms and conditions, except as otherwise disclosed to and acknowledged and waived by the Placement Agent by 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;A. Opinion and 10b-5 Statement of United States Counsel for the Company. On the Closing Date, the Placement Agent shall have received an opinion and Rule 10b-5 negative assurance statement of Lucosky Brookman LLP, and with regard to any United States subsidiary opinions from such counsel as the Company may designate, addressed to the Placement Agent, and dated the Closing Date, in the form and substance as may be reasonably satisfactory to counsel for the Placement Agent.

&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. Canadian Securities Law Opinion. The Placement Agent receiving a favourable legal opinion of DLA Piper (Canada) LLP, Canadian counsel to the Company, addressed to the Placement Agent, dated as of the Closing Date, as to the qualification of the Securities for sale to the Purchaser and as to other matters governed by the laws of the Qualifying Jurisdictions including but not limited to customary corporate opinions in relation to the Company and its Material Subsidiaries, provided that DLA Piper (Canada) LLP shall be entitled to rely exclusively upon the opinions of local counsel as to matters governed by the laws of any Qualifying Jurisdictions in which it is not qualified to practice, in each case in a form acceptable in all reasonable respects to counsel to the Placement Agent.

&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. Accountants' Comfort Letters. The Placement Agent shall have received from DMCL LLP, independent public or certified public accountants for the Company, (i) letters dated as of the date hereof and addressed to the Purchasers, the Placement Agent and the board of directors of the Company, in form and substance reasonably satisfactory to the Placement Agent, containing statements and information of the type ordinarily included in accountant's "comfort letters" to underwriters which letters shall cover with respect to the Financial Statements, including without limitation, certain financial and accounting disclosures contained or incorporated by reference in the Registration Statement, the Prospectuses and the Prospectus Supplements, (ii) confirming that they are independent public, certified public or chartered accountants as required by the Securities Act, and (iii) a bringdown "comfort letter" dated as of the date of the Closing Date.

&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. Agreement and Securities. The Company shall have delivered this Agreement duly executed by 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;E. Company Compliance with Prospectus and Registration Requirements; No Stop Order. For the period from and after effectiveness of this Agreement and prior to the Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 U.S. Prospectus shall have been filed with the SEC in the manner and within the time period required by the Securities Act, and the Canadian Prospectus shall have been filed with the Canadian Commissions in each of the Qualifying Jurisdictions and in accordance with the Canadian Securities Laws, and a receipt obtained therefor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. no stop order suspending the effectiveness of the Registration Statement, or any post-effective amendment to the Registration Statement, shall be in effect and no proceedings for such purpose shall have been instituted or threatened by the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. no order preventing or suspending the use of the Canadian Prospectus shall have been issued and no proceeding for that purpose shall have been initiated or threatened by any Canadian Commission or other securities regulatory authority in 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. no order, ruling, determination having the effect of suspending the issuance, sale, exercise or conversion or ceasing the trading of the Common Shares or securities convertible into Common Shares, or any other securities of the Company shall have been issued by any Governmental Authority in Canada or the United States and no proceedings for that purpose shall have been instituted or shall be pending or, to the knowledge of the Company, shall be contemplated or threatened by any such court, securities regulatory authority or stock exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Canadian Prospectus Supplement shall have been filed with the Canadian Commissions in each of the Qualifying Jurisdictions in accordance with the Shelf Procedures and a U.S. Prospectus Supplement shall have been filed with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Registration Statement and all amendments thereto shall not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; and (a) neither the Prospectuses nor any amendment or supplement thereto, shall include a misrepresentation or an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading, and (b) none of the free writing prospectuses, if any, shall include an untrue statement of a material fact or, omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they are made, not misleading; 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;vii. all requests for additional information on the part of the SEC or any Canadian Commission shall have been complied with.

&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. No Material Adverse Effect. For the period from the date of this Agreement and to and including the Closing Date, in the reasonable judgment of the Placement Agent, there shall not have occurred any Material Adverse 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;G. Officers' Certificate. On the Closing Date, the Placement Agent shall have received a written certificate, addressed to the Placement Agent, executed by the President and Chief Executive Officer of the Company and the Chief Financial Officer of the Company, in each case, in such capacity and not in their personal capacity, dated as of the Closing Date, to the effect that the conditions set forth in Section 10(e) have been met, and further to the effect that: (i) the representations, warranties and covenants of the Company set forth in Section 3 of this Agreement are true and correct in all material respects with the same force and effect as though expressly made on and as of such Closing Date, except that any representations and warranties qualified by materiality or "Material Adverse Effect" shall be true and correct in all respects; (ii) as at the Closing Date, no order, ruling or determination having the effect of ceasing or suspending trading in the Common Shares or any securities convertible into Common Shares has been issued and no proceedings for such purpose are pending or, to the best of the knowledge, information and belief of the person signing such certificate, are contemplated or threatened; and (iii) the Company has complied with all the agreements hereunder and satisfied all the conditions on its part to be performed or satisfied hereunder at or prior to such Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Secretary's Certificate. On the Closing Date, the Placement Agent shall have received a written certificate, addressed to the Placement Agent, signed by the Corporate Secretary of the Company, in such capacity and not personally, in form and content satisfactory to the Placement Agent, acting reasonably, with respect to: (i) the constating documents and articles and by-laws of the Company; (ii) the resolutions of the directors of the Company relevant to the distribution of the Securities in each of the Qualifying Jurisdictions and in the United States, allotment, issue (or reservation for issue) and sale of the Securities, the authorization of this Agreement, and the other agreements and transactions contemplated by this Agreement; and (iii) the incumbency and signatures of signing officers 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;I. Good Standing. The Placement Agent shall have received on and as of the day prior to the Closing Date, satisfactory evidence of the good standing of the Company and its Material Subsidiaries in their respective jurisdictions of organization, in each case in writing or any standard form of telecommunication from the appropriate Governmental Authorities of such jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Company's Agent for Service. Prior to the Closing Date, the Company shall have furnished to the Placement Agent satisfactory evidence of its due and valid authorization of C T Corporation System as its agent to receive service of process in the United States, and satisfactory evidence from C T Corporation System accepting its appointment as such agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. Listing. The Shares and Warrant Shares shall have been approved for listing on the CSE, subject to the fulfillment of the usual post-closing requirements, and notification of the offering of the Shares and Warrant Shares shall have been provided to Nasdaq. The Company shall have taken no action designed to, or likely to have the effect of terminating the registration of the Common Shares under the Exchange Act or delisting or suspending from trading the Common Shares from the Exchanges, nor has the Company received any information suggesting that the Commissions or the Exchange is contemplating terminating such registration or listing except as are disclosed in the Registration Statement, the Prospectuses and the Prospectus Supplement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. Lock-Up Agreements from Directors and Officers of the Company. On or prior to the Closing Date, the Company shall have furnished to the Placement Agent an agreement in form and substance satisfactory to the Placement Agent, and such agreement shall be in full force and effect on the Closing Date. The Company shall use its commercially reasonable efforts to cause each of the Company's directors and senior officers and each of the other persons listed on Schedule "C" to execute and deliver to the Placement Agent a lock-up agreement in the form of Schedule "B" hereto on or before the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. Corporate Proceedings. All corporate proceedings and other legal matters incident to the authorization, form, execution, delivery and validity of each of this Agreement, the Securities, the Registration Statement, the Prospectuses and the Prospectus Supplement and all other legal matters relating to this Agreement and the transactions contemplated hereby shall be reasonably satisfactory in all material respects to counsel for Maxim, and the Company shall have furnished to such counsel all documents and information that they may reasonably request to enable them to pass upon such matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N. Other Events. The Company (i) shall not have sustained since the date of the latest audited financial statements included or incorporated by reference in the Registration Statement, the Prospectuses and the Prospectus Supplement, any loss or interference with its business from fire, explosion, flood, terrorist act or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action, order or decree, otherwise than as set forth in or contemplated by the Registration Statement, the Prospectuses and the Prospectus Supplement, and (ii) since the date of the latest audited financial statements included or incorporated by reference in the Registration Statement, the Prospectuses and the Prospectus Supplement there shall not have been any change in the capital stock or long-term debt of the Company or any change, or any development involving a prospective change, in or affecting the business, general affairs, management, financial position, stockholders' equity, results of operations or prospects of the Company, otherwise than as set forth in or contemplated by the Registration Statement, the Prospectuses and the Prospectus Supplement, the effect of which, in any such case described in clause (i) or (ii), is, in the judgment of the Placement Agent, so material and adverse as to make it impracticable or inadvisable to proceed with the sale or delivery of the Securities on the terms and in the manner contemplated by the Prospectuses and Prospectus Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O. Actions. No action shall have been taken and no statute, rule, regulation or order shall have been enacted, adopted or issued by any governmental agency or body which would, as of the Closing Date, prevent the issuance or sale of the Securities or materially and adversely affect or potentially and adversely affect the business or operations of the Company; and no injunction, restraining order or order of any other nature by any federal or state court of competent jurisdiction shall have been issued as of the Closing Date which would prevent the issuance or sale of the Securities or materially and adversely affect or potentially and adversely affect the business or operations 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;P. The Company shall have prepared and filed with the Commission a Report on Form 6-K with respect to the Placement, including as an exhibit thereto 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;Q. FINRA shall have raised no objection to the fairness and reasonableness of the terms and arrangements of this Agreement. In addition, the Company shall, if requested by the Placement Agent, make or authorize Placement Agent's counsel to make on the Company's behalf, any filing with the FINRA Corporate Financing Department pursuant to FINRA Rule 5110 with respect to the Placement and pay all filing fees required in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R. Prior to the Closing Date, the Company shall have furnished to the Placement Agent such further information, certificates and documents, including a Chief Financial Officer Certificate, as the Placement Agent may reasonably request.

If any of the conditions specified in this Section 10 shall not have been fulfilled when and as required by this Agreement, or if any of the certificates, opinions, written statements or letters furnished to the Placement Agent or to Placement Agent's counsel pursuant to this Section 10 shall not be reasonably satisfactory in form and substance to the Placement Agent and to Placement Agent' counsel, all obligations of the Placement Agent hereunder may be cancelled by the Placement Agent at, or at any time prior to, the consummation of the Closing. Notice of such cancellation shall be given to the Company in writing or orally. Any such oral notice shall be confirmed promptly thereafter in writing.

<u>SECTION 11</u>. <u>GOVERNING LAW</u>. This Agreement will be governed by, and construed in accordance with, the laws of the State of New York applicable to agreements made and to be performed entirely in such State. This Agreement may not be assigned by either party without the prior written consent of the other party. This Agreement shall be binding upon and inure to the benefit of the parties hereto, and their respective successors and permitted assigns. Any right to trial by jury with respect to any dispute arising under this Agreement or any transaction or conduct in connection herewith is waived. Any dispute arising under this Agreement may be brought into the courts of the State of New York or into the Federal Court located in New York, New York and, by execution and delivery of this Agreement, the Company hereby accepts for itself and in respect of its property, generally and unconditionally, the jurisdiction of aforesaid courts. Each party hereto hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by delivering a copy thereof via overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. If either party shall commence an action or proceeding to enforce any provisions of a Transaction Document, then the prevailing party in such action or proceeding shall be reimbursed by the other party for its attorney's fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding.

<u>SECTION 12</u>. <u>ENTIRE AGREEMENT/MISC</u>. This Agreement (including the attached Indemnification Provisions) embodies the entire agreement and understanding between the parties hereto, and supersedes all prior agreements and understandings, relating to the subject matter hereof. If any provision of this Agreement is determined to be invalid or unenforceable in any respect, such determination will not affect such provision in any other respect or any other provision of this Agreement, which will remain in full force and effect. This Agreement may not be amended or otherwise modified or waived except by an instrument in writing signed by the Placement Agent and the Company. The representations, warranties, agreements and covenants contained herein shall survive the closing of the Placement and delivery of the Securities. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or a .pdf format file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or .pdf signature page were an original thereof. Notwithstanding anything to the contrary contained herein, the terms of the Engagement Agreement shall continue to be effective pursuant to the terms thereof.

<u>SECTION 13</u>. <u>CONFIDENTIALITY</u>. The Placement Agent (i) will keep the Confidential Information (as such term is defined below) confidential and will not (except as required by applicable law or stock exchange requirement, regulation or legal process ("**Legal Requirement**")), without the Company's prior written consent, disclose to any person any Confidential Information, and (ii) will not use any Confidential Information other than in connection with the Placement. The Placement Agent further agrees to disclose the Confidential Information only to its Representatives (as such term is defined below) who need to know the Confidential Information for the purpose of the Placement, and who are informed by the Placement Agent of the confidential nature of the Confidential Information. The term "**Confidential Information**" shall mean, all confidential, proprietary and non-public information (whether written, oral or electronic communications) furnished by the Company to a Placement Agent or its Representatives in connection with such Placement Agent's evaluation of the Placement. The term "**Confidential Information**" will not, however, include information which (i) is or becomes publicly available other than as a result of a disclosure by a Placement Agent or its Representatives in violation of this Agreement, (ii) is or becomes available to a Placement Agent or any of its Representatives on a non-confidential basis from a third-party, (iii) is known to a Placement Agent or any of its Representatives prior to disclosure by the Company or any of its Representatives, or (iv) is or has been independently developed by a Placement Agent and/or the Representatives without use of any Confidential Information furnished to it by the Company. The term "Representatives" shall mean the Placement Agent's directors, board committees, officers, employees, financial advisors, attorneys and accountants. This provision shall be in full force until the earlier of (a) the date that the Confidential Information ceases to be confidential and (b) two years from the date hereof. Notwithstanding any of the foregoing, in the event that the Placement Agent or any of its Representatives are required by Legal Requirement to disclose any of the Confidential Information, such Placement Agent and its Representatives will furnish only that portion of the Confidential Information which such Placement Agent or its Representative, as applicable, is required to disclose by Legal Requirement as advised by counsel, and will use reasonable efforts to obtain reliable assurance that confidential treatment will be accorded the Confidential Information so disclosed.

<u>SECTION 14</u>. <u>NOTICES</u>. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of (a) the date of transmission, if such notice or communication is sent to the email address specified on the signature pages attached hereto prior to 6:30 p.m. (New York City time) on a business day, (b) the next business day after the date of transmission, if such notice or communication is sent to the email address on the signature pages attached hereto on a day that is not a business day or later than 6:30 p.m. (New York City time) on any business day, (c) the third business day following the date of mailing, if sent by U.S. internationally recognized air courier service, or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications shall be as set forth on the signature pages hereto.

<u>SECTION 15</u>. <u>Press Announcements</u>. The Company agrees that the Placement Agent shall, from and after any Closing, have the right to reference the Placement and the Placement Agent's role in connection therewith in the Placement Agent's marketing materials and on its website and to place advertisements in financial and other newspapers and journals, in each case at its own expense.

[*The remainder of this page has been intentionally left blank.*]

Please confirm that the foregoing correctly sets forth our agreement by signing and returning to Maxim the enclosed copy of this Agreement.

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| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **MAXIM GROUP LLC** | **MAXIM GROUP LLC** |
| By: | */s/ Larry Glassberg* |
| Name: | Larry Glassberg |
| Title: | Co-Head of Investment Banking |
| <u>Address for notice:</u> | <u>Address for notice:</u> |

---

Accepted and Agreed to as of

the date first written above:

---

| | |
|:---|:---|
| **DRAGANFLY INC.** | **DRAGANFLY INC.** |
| By: | */s/ Cameron Chell* |
| Name: | Cameron Chell |
| Title: | Chief Executive Officer |
| <u>Address for notice</u>: | <u>Address for notice</u>: |

---

[*Signature Page to Placement Agency Agreement*]

**Schedule A**

**Indemnification Provisions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company agrees to indemnify and hold harmless the Placement Agent, its affiliates and each person controlling the Placement Agent (within the meaning of Section 15 of the Securities Act), and the directors, officers, agents and employees of the Placement Agent, its affiliates and each such controlling person (the Placement Agent, and each such entity or person. an "<u>Indemnified Person</u>") from and against any losses, claims, damages, judgments, assessments, costs and other liabilities (collectively, the "<u>Liabilities</u>"), and shall reimburse each Indemnified Person for all fees and expenses (including the reasonable fees and expenses of one counsel for all Indemnified Persons, except as otherwise expressly provided herein) (collectively, the "<u>Expenses</u>") as they are incurred by an Indemnified Person in investigating, preparing, pursuing or defending any Actions, whether or not any Indemnified Person is a party thereto, (i) caused by, or arising out of or in connection with, any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, any Incorporated Document, the Prospectuses or any Prospectus Supplement or by any omission or alleged omission to state therein a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading (other than untrue statements or alleged untrue statements in, or omissions or alleged omissions from, information relating to an Indemnified Person furnished in writing by or on behalf of such Indemnified Person expressly for use in the Incorporated Documents) or (ii) otherwise arising out of or in connection with advice or services rendered or to be rendered by any Indemnified Person pursuant to this Agreement, the transactions contemplated thereby or any Indemnified Person's actions or inactions in connection with any such advice, services or transactions; <u>provided</u>, <u>however</u>, that, in the case of clause (ii) only, the Company shall not be responsible for any Liabilities or Expenses of any Indemnified Person that are finally judicially determined to have resulted solely from such Indemnified Person's (x) gross negligence or willful misconduct in connection with any of the advice, actions, inactions or services referred to above or (y) use of any offering materials or information concerning the Company in connection with the offer or sale of the Securities in the Offering which were not authorized for such use by the Company and which use constitutes gross negligence or willful misconduct. The Company also agrees to reimburse each Indemnified Person for all Expenses as they are incurred in connection with enforcing such Indemnified Person's rights under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon receipt by an Indemnified Person of actual notice of an Action against such Indemnified Person with respect to which indemnity may be sought under this Agreement, such Indemnified Person shall promptly notify the Company in writing; provided that failure by any Indemnified Person so to notify the Company shall not relieve the Company from any liability which the Company may have on account of this indemnity or otherwise to such Indemnified Person, except to the extent the Company shall have been prejudiced by such failure. The Company shall, if requested by the Placement Agent, assume the defense of any such Action including the employment of counsel reasonably satisfactory to the Placement Agent, which counsel may also be counsel to the Company. Any Indemnified Person shall have the right to employ separate counsel in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Indemnified Person unless: (i) the Company has failed promptly to assume the defense and employ counsel or (ii) the named parties to any such action (including any impeded parties) include such Indemnified Person and the Company, and such Indemnified Person shall have been advised in the reasonable opinion of counsel that there is an actual conflict of interest that prevents the counsel selected by the Company from representing both the Company (or another client of such counsel) and any Indemnified Person; provided that the Company shall not in such event be responsible hereunder for the fees and expenses of more than one firm of separate counsel for all Indemnified Persons in connection with any action or related actions, in addition to any local counsel. The Company shall not be liable for any settlement of any action effected without its written consent (which shall not be unreasonably withheld). In addition, the Company shall not, without the prior written consent of the Placement Agent (which shall not be unreasonably withheld), settle, compromise or consent to the entry of any judgment in or otherwise seek to terminate any pending or threatened action in respect of which indemnification or contribution may be sought hereunder (whether or not such Indemnified Person is a party thereto) unless such settlement, compromise, consent or termination includes an unconditional release of each Indemnified Person from all Liabilities arising out of such action for which indemnification or contribution may be sought hereunder. The indemnification required hereby shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as such expense, loss, damage or liability is incurred and is due and payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that the foregoing indemnity is unavailable to an Indemnified Person other than in accordance with this Agreement, the Company shall contribute to the Liabilities and Expenses paid or payable by such Indemnified Person in such proportion as is appropriate to reflect (i) the relative benefits to the Company, on the one hand, and to the Placement Agent and any other Indemnified Person, on the other hand, of the matters contemplated by this Agreement or (ii) if the allocation provided by the immediately preceding clause is not permitted by applicable law, not only such relative benefits but also the relative fault of the Company, on the one hand, and the Placement Agent and any other Indemnified Person, on the other hand, in connection with the matters as to which such Liabilities or Expenses relate, as well as any other relevant equitable considerations; provided that in no event shall the Company contribute less than the amount necessary to ensure that all Indemnified Persons, in the aggregate, are not liable for any Liabilities and Expenses in excess of the amount of fees actually received by the Placement Agent pursuant to this Agreement. For purposes of this paragraph, the relative benefits to the Company, on the one hand, and to the Placement Agent on the other hand, of the matters contemplated by this Agreement shall be deemed to be in the same proportion as (a) the total value paid or contemplated to be paid to or received or contemplated to be received by the Company in the transaction or transactions that are within the scope of this Agreement, whether or not any such transaction is consummated, bears to (b) the fees paid to the Placement Agent under this Agreement. Notwithstanding the above, no person guilty of fraudulent misrepresentation within the meaning of Section 11(f) of the Securities Act, as amended, shall be entitled to contribution from a party who was not guilty of fraudulent misrepresentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company also agrees that no Indemnified Person shall have any liability (whether direct or indirect, in contract or tort or otherwise) to the Company for or in connection with advice or services rendered or to be rendered by any Indemnified Person pursuant to this Agreement, the transactions contemplated thereby or any Indemnified Person's actions or inactions in connection with any such advice, services or transactions except for Liabilities (and related Expenses) of the Company that are finally judicially determined to have resulted solely from such Indemnified Person's gross negligence or willful misconduct in connection with any such advice, actions, inactions or services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The reimbursement, indemnity and contribution obligations of the Company set forth herein shall apply to any modification of this Agreement and shall remain in full force and effect regardless of any termination of, or the completion of any Indemnified Person's services under or in connection with, this Agreement.

**Schedule B**

**Form of Lock-Up Agreement**

**Schedule C**

**LIST OF PERSONS SUBJECT TO LOCK-UP**

Cameron Chell

Scott Larson

Paul Sun

Deborah R. Greenberg

Paul Mullen

Denis Silva

Thomas Modly

Kim Moody

Tim Dunnigan

Christopher Miller

EXHIBIT A

I. ***Representations and Warranties of the Company***. The Company hereby represents and warrants to the Placement Agent, as of the date of this Agreement and as of the Closing Date, and covenants with the Placement Agent, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)  ***Registration Statement and Prospectuses.*** The Company was a "foreign private issuer"
 (as defined in Rule 405 under the Securities Act) when the Registration Statement was filed,
 and is eligible to use Form F-10 under the Securities Act to register the offering of the
 Securities under the Securities Act. The Company prepared and filed with the SEC an appointment
 of agent for service of process upon the Company on Form F-X in conjunction with the filing
 of the Registration Statement. The Registration Statement and the Form F-X conform, and any
 further amendments to the Registration Statement or the Form F-X will conform, to the requirements
 of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)  ***Compliance with Canadian Laws and Regulations.*** At the time the Company filed the Canadian Preliminary
 Base Prospectus, the Company was eligible to use the Shelf Procedures and since such time,
 has been and is eligible to use the Shelf Procedures. No cease trade order preventing or
 suspending the use of the Canadian Preliminary Base Prospectus or the Canadian Prospectus
 or preventing the distribution of the Securities has been issued and no proceeding for that
 purpose has been initiated or, to the knowledge of the Company, threatened, by any of the
 Canadian Commissions; as of their respective dates, the Canadian Preliminary Base Prospectus
 and the Canadian Prospectus complied in all material respects with all applicable Canadian
 Securities Laws; each of the Canadian Commissions in the Qualifying Jurisdictions has issued
 or is deemed to have issued receipts for the Canadian Preliminary Base Prospectus and the
 Canadian Prospectus. On the Closing Date (i) the Canadian Prospectus will comply in all material
 respects with the Canadian Securities Laws, (ii) the U.S. Prospectus will conform with the
 Canadian Prospectus except for such deletions therefrom and additions thereto as are permitted
 or required by Form F-10 and the applicable rules and regulations of the SEC and (iii) the
 Canadian Prospectus or any amendment or supplement thereto constituted at the respective
 dates thereof, and will constitute at the Closing Date full, true and plain disclosure of
 all material facts relating to the Securities, that is required to be in the Canadian Prospectus,
 and did not at the respective dates thereof, and will not at the Closing Date contain a misrepresentation
 or an untrue statement of a material fact or omit to state a material fact required to be
 stated therein or necessary to make the statements therein, in the light of the circumstances
 under which they were made, not misleading. To its knowledge, the Company is not a "related
 issuer" or "connected issuer" (as those terms are defined in National Instrument
 33-105 – *Underwriting Conflicts* of Canadian Securities Administrators) of the
 Placement Agent (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)  ***Compliance with U.S. Requirements.*** The Registration Statement has become effective under the
 Securities Act. No stop order suspending the effectiveness of the Registration Statement
 is in effect and no proceedings for such purpose have been instituted or are pending or,
 to the knowledge of the Company, are contemplated or threatened by the SEC. The U.S. Prospectus
 when filed will comply in all material respects with the Securities Act and will be identical
 in all material respects to the copies thereof delivered in connection with the offer and
 sale of the Securities. Each of the Registration Statement and any post-effective amendment
 thereto, at the time it became effective and at the Closing Date, complied and will comply
 in all material respects with the Securities Act and did not and will not contain any untrue
 statement of a material fact or omit to state a material fact required to be stated therein
 or necessary to make the statements therein not misleading. The U.S. Prospectus, as amended
 or supplemented, as of its date and at the Closing Date, did not and will not contain any
 untrue statement of a material fact or omit to state a material fact necessary in order to
 make the statements therein, in the light of the circumstances under which they were made,
 not misleading. There are no agreements, contracts, arrangements or understandings (written
 or oral) or other documents required to be described in the Time of Sale Prospectus or the
 U.S. Prospectus or to be filed as exhibits to the Registration Statement which have not been
 described or filed as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)  ***Reporting Issuer and Exchange Status.*** The Company is a "reporting issuer" in the
 Qualifying Jurisdictions. The Company is in compliance in all material respects with the
 by-laws, rules and regulations of the Exchanges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)  ***Short Form Eligibility.*** The Company is eligible to file a prospectus in the form of a short
 form prospectus under NI 44-101.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)  ***Status under the Securities Act.*** The Company was not and is not an "ineligible issuer"
 as defined in Rule 405 under the Securities Act at the times specified in Rules 164 and 433
 under the Securities Act in connection with the offering of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)  ***Incorporated Documents.*** The documents incorporated or deemed to be incorporated by reference in
 the Prospectuses and the Registration Statement, when they were filed with the Canadian Commissions
 in each of the Qualifying Jurisdictions or the SEC under the Securities Act or the Exchange
 Act, conformed in all material respects to the requirements of the Canadian Securities Laws
 or U.S. Securities Laws, as applicable; and any further documents to be incorporated by reference
 in the Prospectuses or the Registration Statement subsequent to the effectiveness of the
 Registration Statement and prior to the completion of the distribution of the Securities,
 when such documents are so filed, will conform in all material respects to the applicable
 requirements of Canadian Securities Laws and U.S. Securities Laws, as applicable, and will
 not contain a misrepresentation or an untrue statement of a material fact or omit to state
 a material fact required to be stated therein or necessary to make the statements therein,
 in the light of the circumstances under which they were made (if and as applicable), not
 misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)  ***No Marketing Materials.*** The Company has not provided any "marketing materials"
 (as such term is defined in National Instrument 41-101 - *General Prospectus Requirements*)
 to any potential investors of Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)  ***No Conflicts.*** Neither the execution of this Agreement, nor the issuance, offering or
 sale of the Securities, nor the consummation of any of the transactions contemplated herein
 and therein, nor the compliance by the Company with the terms and provisions hereof and thereof
 will conflict with, or will result in a breach of, any of the terms and provisions of, or
 has constituted or will constitute a default under, or has resulted in or will result in
 the creation or imposition of any lien, charge or encumbrance upon any property or assets
 of the Company pursuant to the terms of any agreements, contracts, arrangements or understandings
 (written or oral) to which the Company may be bound or to which any of the property or assets
 of the Company is subject, except (i) such conflicts, breaches or defaults as may have been
 waived, and (ii) such conflicts, breaches and defaults that would not reasonably be expected
 to have a Material Adverse Effect (as defined below); nor will such action result (x) in
 any violation of the provisions of the organizational or governing documents of the Company,
 or (y) to the knowledge of the Company, in any violation of the provisions of any statute
 or any order, rule or regulation applicable to the Company or of any Governmental Authority
 having jurisdiction over the Company, except such violations that would not reasonably be
 expected to have a Material Adverse Effect, either individually or in the aggregate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)  ***No Misstatement or Omission in an Issuer Free Writing Prospectus or marketing materials.*** Each
 issuer free writing prospectus and any marketing materials, as of its issue date and as of
 the Applicable Time, did not, does not and will not include any information that conflicted,
 conflicts or will conflict with the information contained in the Registration Statement (as
 amended or supplemented to such date) or in the Time of Sale Prospectus and the Prospectuses,
 including any Incorporated Document deemed to be a part thereof that has not been superseded
 or modified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)  ***Reports and Documents, etc.*** There are no reports or information of the Company or, to the
 knowledge of the Company, of any third party, that in accordance with the requirements of
 the Canadian Securities Laws or U.S. Securities Laws must be made publicly available in connection
 with the offering of the Securities that have not been made publicly available as required.
 There are no documents of the Company or, to the knowledge of the Company, of any third party,
 required to be filed with the Canadian Commissions in the Qualifying Jurisdictions or with
 the SEC in the United States in connection with the Time of Sale Prospectus, the Canadian
 Prospectus and the U.S. Prospectus that have not been filed as required pursuant to the Canadian
 Securities Laws or U.S. Securities Laws, as applicable. There are no agreements, contracts,
 arrangements or understandings (written or oral) or other documents of the Company or, to
 the knowledge of the Company, of any third party, required to be described in the Time of
 Sale Prospectus, the Canadian Prospectus and the U.S. Prospectus which have not been described
 or filed as required pursuant to the Canadian Securities Laws or U.S. Securities Laws, as
 applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Intentionally
 omitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)  ***Shares; Pre-Funded Warrants; and Warrant Shares*** . The Shares will, as at the Closing Date,
 have been duly authorized and allotted for issuance and the Shares will, upon the full payment
 therefor and the issuance thereof, be validly issued as fully paid and non-assessable common
 shares in the capital of the Company (the "**Common Shares** "). The Pre-Funded
 Warrants will, as at the Closing Date, have been duly and validly created and the Warrant
 Shares will, as at the Closing Date, have been authorized and allotted for issuance and,
 upon the full payment therefor and the issue thereof upon exercise of the Pre-Funded Warrants
 in accordance with the provisions of the certificates governing the Warrants (the "**Warrant Certificates** "), will be validly issued as fully paid and non-assessable Common
 Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)  ***Corporate Action*** . All necessary corporate action has been taken by the Company to authorize
 the issuance, sale and delivery of the Shares, the Pre-Funded Warrants, and the Warrant Shares,
 on the terms set forth in this Agreement, and this Agreement and each Warrant Certificate
 will be a valid and binding obligation of the Company enforceable against the Company in
 accordance with its terms, subject to bankruptcy, insolvency, moratorium or similar laws
 affecting creditors' rights generally and, except as limited by the application of
 equitable remedies, which may be granted in the discretion of a court of competent jurisdiction,
 and that enforcement of the rights to indemnity and contribution set out in this Agreement
 may be limited by Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Intentionally
 omitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)  ***Authorization; Enforceability.*** The Company has full corporate right, power and authority to enter
 into this Agreement and perform the transactions contemplated hereby. This Agreement has
 been duly authorized, executed and delivered by the Company and is a legal, valid and binding
 agreement of the Company enforceable in accordance with its terms, except to the extent that
 enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar
 laws affecting creditors' rights generally and by general equitable principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)  ***No Material Adverse Effect.*** Subsequent to the respective dates as of which information
 is given in the Registration Statement or included or incorporated by reference in the Time
 of Sale Prospectus and the Prospectuses, if any (including any document deemed incorporated
 by reference therein), there has not been (i) any Material Adverse Effect, (ii) any transaction
 which is material to the Company and the Material Subsidiaries taken as a whole, (iii) any
 obligation or liability, direct or contingent (including any off-balance sheet obligations),
 incurred by the Company or any Material Subsidiary, which is material to the Company and
 the Material Subsidiaries taken as a whole, (iv) any material change in the capital or outstanding
 long-term indebtedness of the Company or any of the Material Subsidiaries or (v) any dividend
 or distribution of any kind declared, paid or made on the Common Shares of the Company or
 any Material Subsidiary, other than in each case above in the ordinary course of business
 or as otherwise disclosed in the Registration Statement or included or incorporated by reference
 in the Time of Sale Prospectus and the Prospectuses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)  ***Independent Accountants.*** To the knowledge of the Company, Dale Matheson Carr-Hilton Labonte LLP
 ()"**DMCL LLP** "), who have delivered their report with respect to the audited
 Financial Statements (as defined below and which term as used in this Agreement includes
 the related notes thereto) filed with the SEC as a part of the Registration Statement and
 included in the Time of Sale Prospectus, the Canadian Prospectus and the U.S. Prospectus
 (each, an "**Applicable Prospectus**" and collectively, the "**Applicable Prospectuses** "), are independent public, certified public or chartered accountants
 as required by the Securities Act, the Exchange Act and applicable Canadian Securities Laws.
 There has not been any "reportable event" (as that term is defined in National
 Instrument 51-102 Continuous Disclosure Obligations of the Canadian Securities Administrators)
 with DMCL LLP or any other prior auditor of the Company or any of its Material Subsidiaries.
 To the Company's knowledge, after due and careful inquiry, DMCL LLP is not in violation
 of the auditor independence requirements of the Sarbanes-Oxley Act of 2002.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)  ***Enforceability of Agreements.*** All agreements between the Company and third parties expressly referenced
 in the Registration Statement or included or incorporated by reference in the Time of Sale
 Prospectus and the Prospectuses are legal, valid and binding obligations of the Company enforceable
 in accordance with their respective terms, except to the extent that (i) enforceability may
 be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting
 creditors' rights generally and by general equitable principles, and (ii) the indemnification
 provisions of certain agreements may be limited by Applicable Law or public policy considerations
 in respect thereof, and except for any other potentially unenforceable term that, individually
 or in the aggregate, would not reasonably be expected to be material to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)  ***Financial Information.*** The consolidated financial statements of the Company filed with the
 SEC as a part of the Registration Statement or included or incorporated by reference in the
 Time of Sale Prospectus and the Prospectuses, together with the related notes and schedules
 (the "**Financial Statements** "), present fairly, in all material respects,
 the consolidated financial position of the Company and the Material Subsidiaries as of the
 dates indicated and the consolidated statements of comprehensive income, shareholders'
 equity and cash flows of the Company for the periods specified. Such Financial Statements
 conform in all material respects with International Financial Reporting Standards as issued
 by the International Accounting Standards Board ()"**IFRS** "), applied on a
 consistent basis during the periods involved. The other financial and statistical data with
 respect to the Company and the Material Subsidiaries contained or incorporated by reference
 in the Registration Statement or included or incorporated by reference in the Time of Sale
 Prospectus and the Prospectuses, are accurately and fairly presented in all material respects
 and prepared on a basis consistent with the financial statements and books and records of
 the Company; there are no financial statements (historical or pro forma) that are required
 to be included or incorporated by reference in the Registration Statement or included or
 incorporated by reference in the Time of Sale Prospectus and the Prospectuses that are not
 included or incorporated by reference as required; the Company and the Material Subsidiaries
 do not have any material liabilities or obligations, direct or contingent (including any
 off-balance sheet obligations), not described in the Registration Statement or included or
 incorporated by reference in the Time of Sale Prospectus and the Prospectuses and all disclosures
 contained or incorporated by reference therein; and no other financial statements are required
 to be set forth or to be incorporated by reference in the Registration Statement or included
 or incorporated by reference in the Time of Sale Prospectus and the Prospectuses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)  ***Statistical, Industry-Related and Market-Related Data*** . The statistical, industry-related and market-related
 data included in the Registration Statement or included or incorporated by reference in the
 Time of Sale Prospectus and the Prospectuses, are based on or derived from sources that the
 Company reasonably believes are reliable and accurate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)  ***Organization*** .
 The Company and each of its Material Subsidiaries (as defined in Section (w)) are, and will
 be, duly organized, validly existing as a corporation and in good standing (where such concept
 is recognized) under the laws of their respective jurisdictions of organization. The Company
 and each of the Material Subsidiaries are, and will be, duly licensed or qualified as a foreign
 corporation for transaction of business and in good standing under the laws of each other
 jurisdiction in which their respective ownership or lease of property or the conduct of their
 respective businesses requires such license or qualification, and have all corporate power
 and authority necessary to own or hold their respective properties and to conduct their respective
 businesses as described in the Registration Statement or included or incorporated by reference
 in the Time of Sale Prospectus and the Prospectuses, except where the failure to be so qualified
 or in good standing or have such power or authority would not, individually or in the aggregate,
 have a material adverse effect or would reasonably be expected to have a material adverse
 effect on or affecting the assets, business, operations, earnings, properties, prospects,
 condition (financial or otherwise), shareholders' equity or results of operations of
 the Company and the Material Subsidiaries taken as a whole, or prevent or materially interfere
 with consummation of the transactions contemplated hereby (a "**Material Adverse Effect** ");
 provided, however, that "Material Adverse Effect" shall not include any event,
 occurrence, fact, condition or change, directly or indirectly, arising out of or attributable
 to: (i) general economic or political conditions, (ii) conditions generally affecting the
 industry in which the Company or any Material Subsidiary operates, (iii) any changes in financial
 or securities markets in general, (iv) acts of war (whether or not declared), armed hostilities
 or terrorism, or the escalation or worsening thereof, (v) any pandemic, epidemics or human
 health crises (including COVID-19), (vi) any changes in applicable laws or accounting rules
 (including IFRS), (vii) the announcement, pendency or completion of the transactions contemplated
 by this Agreement or the related transaction documents, or (viii) any action required or
 permitted by this Agreement or the related transaction documents or any action taken (or
 omitted to be taken) with the written consent of or at the written request of the Purchasers).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)  ***Subsidiaries*** .
 The subsidiaries of the Company listed in Schedule II (individually a "**Material Subsidiary**" and collectively, the "**Material Subsidiaries** "),
 include all of the Company's significant subsidiaries (as such term is defined in Rule
 1-02 of Regulation S-X promulgated by the SEC). Except as set forth in the Registration Statement
 or included or incorporated by reference in the Time of Sale Prospectus, the Prospectuses,
 and the Company owns, directly or indirectly, all of the equity interests of the Material
 Subsidiaries free and clear of any lien, charge, security interest, encumbrance, right of
 first refusal or other restriction, and all the equity interests of the Material Subsidiaries
 are validly issued and are fully paid, non-assessable and free of preemptive and similar
 rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)  ***Minute Books*** . To the Company's knowledge, all required filings have been made with
 the appropriate Governmental Authorities in the Province of British Columbia in a timely
 fashion under the *Business Corporations Act* (British Columbia), except for such filings
 where the failure to file would not have a Material Adverse Effect, either individually or
 in the aggregate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)  ***No Violation or Default.*** Neither the Company nor any of the Material Subsidiaries is
 (i) in violation of its articles or by-laws or similar organizational documents; (ii) except
 as are disclosed in the Registration Statement or included or incorporated by reference in
 the Time of Sale Prospectus and the Prospectuses, in violation or default, and no event has
 occurred that, with notice or lapse of time or both, would constitute such a violation or
 default, in the due performance or observance of any term, covenant or condition contained
 in any indenture, mortgage, deed of trust, loan agreement or other material agreement or
 instrument to which the Company or any of the Material Subsidiaries is a party or by which
 the Company or any of the Material Subsidiaries is bound or to which any of the property
 or assets of the Company or any of the Material Subsidiaries are subject; or (iii) except
 as disclosed in the Registration Statement or included or incorporated by reference in the
 Time of Sale Prospectus and the Prospectuses, in violation of any Applicable Law, except
 in the case of each of clauses (ii) and (iii) above, for any such violation or default that
 would not, individually or in the aggregate, have a Material Adverse Effect. To the Company's
 knowledge, no other party under any material agreements, contracts, arrangements or understandings
 (written or oral) to which it or any of the Material Subsidiaries is a party is in violation
 or default in any respect thereunder where such violation or default would have a Material
 Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)  ***Disclosure Controls.*** The Company and each of the Material Subsidiaries (other than Material
 Subsidiaries acquired not more than 365 days prior to the Evaluation Date, as defined below)
 maintain systems of internal accounting controls applicable under IFRS in applicable periods,
 or sufficient to provide reasonable assurance that (i) transactions are executed in accordance
 with management's general or specific authorizations; (ii) transactions are recorded
 as necessary to permit preparation of financial statements in conformity with IFRS and to
 maintain asset accountability; (iii) access to assets is permitted only in accordance with
 management's general or specific authorization; and (iv) the recorded accountability
 for assets is compared with the existing assets at reasonable intervals and appropriate action
 is taken with respect to any differences. The Company's internal control over financial
 reporting is effective and the Company is not aware of any material weaknesses in its internal
 control over financial reporting. Since the date of the latest audited financial statements
 of the Company included or incorporated by reference in the Registration Statement or included
 or incorporated by reference in the Time of Sale Prospectus and the Prospectuses, there has
 been no change in the Company's internal control over financial reporting that has
 materially affected, or is reasonably likely to materially affect, the Company's internal
 control over financial reporting. The Company has established disclosure controls and procedures
 (as defined in Exchange Act Rules 13a-15 and 15d-15) for the Company and designed such disclosure
 controls and procedures to ensure that material information relating to the Company and each
 of the Material Subsidiaries is made known to the certifying officers by others within those
 entities, particularly during the period in which the Company's Annual Report on Form
 20-F, or if applicable on Form 40-F or Form 10-K, is being prepared or during the period
 in which financial statements will be filed or furnished with the SEC on Form 6-K, or if
 applicable on Form 10-Q. The Company's certifying officers have evaluated the effectiveness
 of the Company's controls and procedures as of a date within 90 days prior to the filing
 date of the Form 20- F, for the fiscal year ended December 31, 2024 (such date, the **"Evaluation Date** "). The Company presented in its Form 20-F for the fiscal year most recently
 ended the conclusions of the certifying officers about the effectiveness of the disclosure
 controls and procedures based on their evaluations as of the Evaluation Date and the disclosure
 controls and procedures are effective. Since the Evaluation Date, there have been no significant
 changes in the Company's internal controls (as such term is defined in Item 307(b)
 of Regulation S-K under the Securities Act) or, to the Company's knowledge, in other
 factors that could significantly affect the Company's internal controls.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)  ***Capitalization.*** The issued and outstanding Common Shares have been validly issued, are fully paid
 and non-assessable and are not subject to any preemptive rights, rights of first refusal
 or similar rights. The Company has an authorized, issued and outstanding capitalization as
 set forth in the Registration Statement or included or incorporated by reference in the Time
 of Sale Prospectus and the Prospectuses as of the dates referred to therein (other than the
 grant of additional options and restricted share units under the Company's existing
 incentive share compensation plan, or changes in the number of outstanding Common Shares
 of the Company due to the issuance of shares upon the exercise or conversion of securities
 exercisable for, or convertible into, Common Shares outstanding on the date hereof) and such
 authorized capital conforms in all material respects to the description thereof set forth
 in the Registration Statement or included or incorporated by reference in the Time of Sale
 Prospectus and the Prospectuses. The description of the securities of the Company in the
 Registration Statement or included or incorporated by reference in the Time of Sale Prospectus
 and the Prospectuses is complete and accurate in all material respects. Except as disclosed
 in or contemplated by the Registration Statement or included or incorporated by reference
 in the Time of Sale Prospectus and the Prospectuses, as of the date referred to therein,
 the Company does not have outstanding any options to purchase, or any rights or warrants
 to subscribe for, or any securities or obligations convertible into, or exchangeable for,
 or any contracts or commitments to issue or sell, any Common Shares or other securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb)  ***No Applicable Registration or Other Similar Rights.*** There are no persons with registration
 or other similar rights to have any equity or debt securities registered or qualified for
 sale under the Registration Statement or the Canadian Prospectus or included in the offering
 contemplated by this Agreement who have not waived such rights in writing (including electronically)
 prior to the execution of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc)  ***No Consents Required.*** To the knowledge of the Company, no consent, approval, authorization,
 order, registration or qualification of or with Governmental Authority is required for the
 execution, delivery and performance by the Company of this Agreement, the issuance and sale
 by the Company of the Securities, except for (i) the qualification of the Securities for
 distribution in the United States and in Canada; and (ii) such consents, approvals, authorizations,
 orders and registrations or qualifications as may be required under applicable U.S. federal
 and state securities laws or by the bylaws and rules of the Financial Industry Regulatory
 Authority, Inc. ()"**FINRA**") or the SEC in connection with the sale of the
 Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd)  ***No Preferential Rights.*** Except as set forth in the Registration Statement or included
 or incorporated by reference in the Time of Sale Prospectus and the Prospectuses, (i) and
 except pursuant to options to purchase Common Shares pursuant to outstanding options, restricted
 share units, warrants or convertible debentures, no person, as such term is defined in Rule
 1-02 of Regulation S- X promulgated under the Securities Act (each, a "**Person** "),
 has the right, contractual or otherwise, to cause the Company to issue or sell to such Person
 any Common Shares or other securities of the Company, (ii) the Company has not granted to
 any Person any preemptive rights, resale rights, rights of first refusal, or any other rights
 (whether pursuant to a "poison pill" provision or otherwise) to purchase any
 Common Shares or other securities of the Company, (iii) no Person has the right to act as
 an underwriter or as a financial advisor to the Company in connection with the offer and
 sale of the Securities, and (iv) no Person has the right, contractual or otherwise, to require
 the Company to register under the Securities Act or qualify for distribution under Canadian
 Securities Laws any Common Shares or other securities of the Company, or to include any such
 Common Shares or other securities in the Registration Statement or included or incorporated
 by reference in the Time of Sale Prospectus and the Prospectuses, whether as a result of
 the filing or effectiveness of the Registration Statement, the Prospectuses (or documents
 incorporated by reference therein) or the sale of the Securities as contemplated thereby
 or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee)  ***Forward-Looking Information.*** No forward-looking statement (within the meaning of Section 27A of the
 Securities Act and Section 21E of the Exchange Act and no forward-looking information within
 the meaning of Section 2(1) of *The Securities Act, 1988* (Saskatchewan)) contained
 or incorporated by reference in the Registration Statement, the Prospectuses or the Time
 of Sale Prospectuses has been made or reaffirmed without a reasonable basis or has been disclosed
 other than in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff)  ***Certificates.*** The form of certificates representing the Shares, the Pre-Funded Warrants, and the
 Warrant Shares, to the extent that physical certificates are issued for such securities,
 will be in due and proper form and conform to any requirements of the *Business Corporations Act* (British Columbia), the Company's Notice of Articles and Articles (as the same
 may be amended and restated from time to time) and any applicable requirements of the Exchanges,
 DTC and CDS or will have been otherwise approved by the Exchanges, if required, and will
 have been made eligible by DTC and CDS, except in the case of Pre-Funded Warrants which will
 not be DTC eligible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg)  ***Transfer Agent.*** Endeavor Trust Corporation has been duly appointed as registrar and transfer
 agent for the Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh)  ***No Litigation*** . Except as disclosed in the Registration Statement, the Time of Sale Prospectus
 and the Prospectuses, to the Company's knowledge, there are no legal, governmental
 or regulatory actions, suits or proceedings pending, or any legal, governmental or regulatory
 audits or investigations, to which the Company or a Subsidiary is a party or to which any
 property of the Company or any of the Material Subsidiaries is the subject that, individually
 or in the aggregate, if determined adversely to the Company or any of the Material Subsidiaries,
 could reasonably be expected to have a Material Adverse Effect or materially and adversely
 affect the ability of the Company to perform its obligations under this Agreement; except
 as disclosed in the Registration Statement or included or incorporated by reference in the
 Time of Sale Prospectus and the Prospectuses, to the Company's knowledge, no such actions,
 suits or proceedings are threatened or contemplated by any Governmental Authority or threatened
 by others; and (i) there are no current or pending audits or investigations, actions, suits
 or proceedings by or before any Governmental Authority that are required under the Securities
 Act or Canadian Securities Laws to be described in the Registration Statement or included
 or incorporated by reference in the Time of Sale Prospectus and the Prospectuses that are
 not so described; and (ii) there are no agreements, contracts, arrangements or understandings
 (written or oral) or other documents that are required under the Securities Act to be filed
 as exhibits to the Registration Statement that are not so filed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)  ***Labor Disputes.*** To the knowledge of the Company, no labor disturbance by or dispute with
 employees of the Company or any of the Material Subsidiaries exists or is threatened that
 could reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj)  ***Local Disputes.*** Except as set forth in the Registration Statement and the Prospectuses,
 to the Company's knowledge, no dispute between the Company and any local, native or
 indigenous group exists, or is threatened or imminent with respect to any of the Company's
 properties or exploration, development and mining activities that could reasonably be expected
 to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk)  ***Proposed Acquisition*** . Except as disclosed to the Placement Agent or described in the Registration
 Statement or included or incorporated by reference in the Time of Sale Prospectus and the
 Prospectuses, there are no material agreements, contracts, arrangements or understandings
 (written or oral) with any persons relating to the acquisition or proposed acquisition by
 the Company or its Material Subsidiaries of any material interest in any business (or part
 of a business) or corporation, nor are there any other specific contracts or agreements (written
 or oral) in respect of any such matters in contemplation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll)  ***Intellectual Property Rights*** . To the Company's knowledge, except as disclosed in the Registration
 Statement or included or incorporated by reference in the Time of Sale Prospectus and the
 Prospectuses, the Company and the Material Subsidiaries own, possess, license or have other
 rights to use all foreign and domestic patents, patent applications, trade and service marks,
 trade and service mark registrations, trade names, copyrights, licenses, inventions, trade
 secrets, technology, Internet domain names, know-how and other intellectual property (collectively,
 the "**Intellectual Property** "), necessary for the conduct of their respective
 businesses as now conducted except to the extent that the failure to own, possess, license
 or otherwise hold adequate rights to use such Intellectual Property would not, individually
 or in the aggregate, have a Material Adverse Effect. Except as disclosed in the Registration
 Statement or included or incorporated by reference in the Time of Sale Prospectus and the
 Prospectuses (a) to the Company's knowledge, there are no rights of third parties to
 any such Intellectual Property owned by the Company and the Material Subsidiaries; (b) to
 the Company's knowledge, there is no infringement by third parties of any such Intellectual
 Property; (c) there is no pending or, to the Company's knowledge, threatened action,
 suit, proceeding or claim by others challenging the Company's and the Material Subsidiaries'
 rights in or to any such Intellectual Property, and the Company is unaware of any facts which
 could form a reasonable basis for any such action, suit, proceeding or claim; (d) there is
 no pending or, to the Company's knowledge, threatened action, suit, proceeding or claim
 by others challenging the validity or scope of any such Intellectual Property; (e) there
 is no pending or, to the Company's knowledge, threatened action, suit, proceeding or
 claim by others that the Company and the Material Subsidiaries infringe or otherwise violate
 any patent, trademark, copyright, trade secret or other proprietary rights of others; (f)
 to the Company's knowledge, there is no third-party U.S. patent or published U.S. patent
 application which contains claims for which an Interference Proceeding (as defined in 35
 U.S.C. § 135) has been commenced against any patent or patent application described
 in the Registration Statement or included or incorporated by reference in the Time of Sale
 Prospectus and the Prospectuses, as being owned by or licensed to the Company; and (g) to
 the Company's knowledge, the Company and the Material Subsidiaries have complied with
 the terms of each agreement pursuant to which Intellectual Property has been licensed to
 the Company or such Material Subsidiary, and all such agreements are in full force and effect,
 except, in the case of any of clauses (a)-(g) above, for any such infringement by third parties
 or any such pending or threatened suit, action, proceeding or claim as would not, individually
 or in the aggregate, result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm)  ***Market Capitalization*** . At the time the Registration Statement was originally declared effective,
 the Company met the then applicable requirements for the use of Form F-10 under the Securities
 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn)  ***No Material Defaults.*** Neither the Company nor any of the Material Subsidiaries has defaulted
 on any installment on indebtedness for borrowed money or on any rental on one or more long-term
 leases, which defaults, individually or in the aggregate, would have a Material Adverse Effect.
 The Company has not filed a report pursuant to Section 13(a) or 15(d) of the Exchange Act
 since the filing of its last Annual Report on Form 20-F, indicating that it (i) has failed
 to pay any dividend or sinking fund installment on preferred shares or (ii) has defaulted
 on any installment on indebtedness for borrowed money or on any rental on one or more long-term
 leases, which defaults, individually or in the aggregate, would have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo)  ***Certain Market Activities*** . Neither the Company, nor any of the Material Subsidiaries, nor
 to the knowledge of the Company any of their respective directors or officers has taken,
 directly or indirectly, any action designed, or that has constituted or might reasonably
 be expected to cause or result in, under the Exchange Act, Canadian Securities Laws or otherwise,
 the stabilization, maintenance or manipulation of the price of any security of the Company
 to facilitate the sale or resale of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp)  ***Title to Real and Personal Property*** . Except as set forth in the Registration Statement
 or included or incorporated by reference in the Time of Sale Prospectus and the Prospectuses,
 to the Company's knowledge, the Company and the Material Subsidiaries have good and
 marketable title in fee simple to all items of real property owned by them, good and valid
 title to all personal property described in the Registration Statement or included or incorporated
 by reference in the Time of Sale Prospectus and the Prospectuses as being owned by them that
 are material to the businesses of the Company or such Material Subsidiary, in each case free
 and clear of all liens, encumbrances and claims, except those that (i) do not materially
 interfere with the use made and proposed to be made of such property by the Company and any
 of the Material Subsidiaries or (ii) would not, individually or in the aggregate, have a
 Material Adverse Effect. Any real or personal property described in the Registration Statement
 or included or incorporated by reference in the Time of Sale Prospectus and the Prospectuses
 as being leased by the Company and any of the Material Subsidiaries is held by them under
 valid, existing and enforceable leases, except those that (A) do not materially interfere
 with the use made or proposed to be made of such property by the Company or any of the Material
 Subsidiaries or (B) would not, individually or in the aggregate, have a Material Adverse
 Effect. Each of the properties of the Company and the Material Subsidiaries complies with
 all applicable codes and Applicable Laws (including, without limitation, building and zoning
 codes, laws and regulations and laws relating to access to such properties), except if and
 to the extent disclosed in the Registration Statement or included or incorporated by reference
 in the Time of Sale Prospectus and the Prospectuses or except for such failures to comply
 that would not, individually or in the aggregate, interfere in any material respect with
 the use made and proposed to be made of such property by the Company and the Material Subsidiaries
 or otherwise have a Material Adverse Effect. None of the Company or the Material Subsidiaries
 has received from any Governmental Authorities any notice of any condemnation of, or zoning
 change affecting, the properties of the Company and the Material Subsidiaries, and the Company
 knows of no such condemnation or zoning change which is threatened, except for such that
 would not interfere in any material respect with the use made and proposed to be made of
 such property by the Company and the Material Subsidiaries or otherwise have a Material Adverse
 Effect, individually or in the aggregate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq)  ***Taxes.*** The Company and each of the Material Subsidiaries have filed all federal, state,
 provincial, local and foreign tax returns (or appropriate extensions) which have been required
 to be filed and paid all taxes shown thereon through the date hereof, to the extent that
 such taxes have become due and are not being contested in good faith, except where the failure
 to so file or pay would not have a Material Adverse Effect. Except as otherwise disclosed
 in or contemplated by the Registration Statement or included or incorporated by reference
 in the Time of Sale Prospectus and the Prospectuses, no tax deficiency has been determined
 adversely to the Company or any of the Material Subsidiaries which has had, individually
 or in the aggregate, a Material Adverse Effect. The Company has no knowledge of any federal,
 state, provincial or other governmental tax deficiency, penalty or assessment which has been
 or might be asserted or threatened against it which would have a Material Adverse Effect.

(rr) Intentionally
 omitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss)  ***Investment Company Act*** . Neither the Company nor any of the Material Subsidiaries is or, after
 giving effect to the offering and sale of the Securities and the application of the proceeds
 thereof as described in the Time of Sale Prospectus and the Prospectuses, will be required
 to register as an "investment company" or an entity "controlled"
 by an "investment company," as such terms are defined in the U.S. Investment
 Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt)  ***ERISA*** .
 The Company does not have a material employee benefit plan, within the meaning of Section
 3(3) of the U.S. Employee Retirement Income Security Act of 1974, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu)  ***Company is not a "Controlled Foreign Corporation".*** As of the date hereof, the
 Company is not a "*controlled foreign corporation*," as such term is defined
 in the Internal Revenue Code of 1986, as amended (the "**Code** "), and does
 not expect to become a controlled foreign corporation in the foreseeable future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv)  ***Insurance*** .
 The Company and each of the Material Subsidiaries carry, or are covered by, insurance in
 such amounts and covering such risks as the Company and each of the Material Subsidiaries
 reasonably believe are adequate for the conduct of their properties and as is customary for
 companies engaged in similar businesses in similar industries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww)  ***No Price Stabilization or Manipulation*; *Compliance with Regulation M*** . The Company
 has not taken, nor will the Company take, directly or indirectly, any action designed to
 or that might be reasonably expected to cause or result in stabilization or manipulation
 of the price of the Common Shares, as applicable, or any other "reference security"
 (as defined in Rule 100 of Regulation M under the Exchange Act ()"**Regulation M** "))
 whether to facilitate the sale or resale of the Securities, as applicable, or otherwise,
 and has taken no action which would directly or indirectly violate Regulation M.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx)  ***Working Capital*** . To the Company's knowledge and taking into account the available working
 capital and the net proceeds receivable by the Company upon the sale of the Securities, the
 Company has sufficient working capital for its present requirements for a period of at least
 six months from the date of the Prospectuses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy)  ***Intentionally omitted*** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zz)  ***Environmental Laws.*** To the Company's knowledge, the Company and the Material Subsidiaries
 (i) are in compliance with all federal, state, local and foreign laws relating to pollution
 or protection of human health or the environment (including ambient air, surface water, groundwater,
 land surface or subsurface strata), including laws relating to emissions, discharges, releases
 or threatened releases of chemicals, pollutants, contaminants, or toxic or hazardous substances
 or wastes (collectively, "**Hazardous Materials**") into the environment,
 or otherwise relating to the manufacture, processing, distribution, use, treatment, storage,
 disposal, transport or handling of Hazardous Materials, as well as all authorizations, codes,
 decrees, demands, or demand letters, injunctions, judgments, licenses, notices or notice
 letters, orders, permits, plans or regulations, issued, entered, promulgated or approved
 thereunder ()"**Environmental Laws** "); (ii) have received all permits licenses
 or other approvals required of them under applicable Environmental Laws to conduct their
 respective businesses; and (iii) are in compliance with all terms and conditions of any such
 permit, license or approval where in each clause (i), (ii) and (iii), the failure to so comply
 could be reasonably expected to have, individually or in the aggregate, a Material Adverse
 Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaa)  ***Finder's Fees.*** Except as disclosed in the Prospectuses and Prospectus Supplement, neither
 the Company nor any of the Material Subsidiaries has incurred any liability for any finder's
 fees, brokerage commissions or similar payments in connection with the transactions herein
 contemplated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbb)  ***Broker/Dealer Relationships*** . Neither the Company nor any of the Material Subsidiaries or any related
 entities (i) is required to register as a "broker" or "dealer" in
 accordance with the provisions of the Exchange Act or (ii) directly or indirectly through
 one or more intermediaries, controls or is a "person associated with a member"
 or "associated person of a member" (within the meaning set forth in the FINRA
 Manual).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccc)  ***Dividend Restrictions*** . Except as may be restricted by Applicable Law, no Material Subsidiary
 is prohibited or restricted, directly or indirectly, from paying dividends to the Company,
 or from making any other distribution with respect to such Material Subsidiaries' equity
 securities or from repaying to the Company or any other Material Subsidiaries any amounts
 that may from time to time become due under any loans or advances to such Material Subsidiaries
 from the Company or from transferring any property or assets to the Company or to any other
 Material Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ddd)  ***No Improper Practices.*** (i) Neither the Company nor, to the Company's knowledge,
 the Material Subsidiaries, nor to the Company's knowledge, any of their respective
 directors or officers has, in the past five years, made any unlawful contributions to any
 candidate for any political office (or failed fully to disclose any contribution in violation
 of Applicable Law) or made any contribution or other payment to any official of, or candidate
 for, any federal, state, provincial, municipal, or foreign office or other person charged
 with similar public or quasi-public duty in violation of any Applicable Law or of the character
 required to be disclosed in the Registration Statement or included or incorporated by reference
 in the Time of Sale Prospectus and the Prospectuses; (ii) no relationship, direct or indirect,
 exists between or among the Company or, to the Company's knowledge, any Material Subsidiary
 or any affiliate of any of them, on the one hand, and the directors, officers and shareholders
 of the Company or, to the Company's knowledge, any Material Subsidiary, on the other
 hand, that is required by the Securities Act or Canadian Securities Laws to be described
 in the Registration Statement or included or incorporated by reference in the Time of Sale
 Prospectus and the Prospectuses that is not so described; (iii) no relationship, direct or
 indirect, exists between or among the Company or any Material Subsidiary or any affiliate
 of them, on the one hand, and the directors, officers, or shareholders of the Company or,
 to the Company's knowledge, any Material Subsidiary, on the other hand, that is required
 by the rules of FINRA (or Canadian equivalent thereof) to be described in the Registration
 Statement or included or incorporated by reference in the Time of Sale Prospectus and the
 Prospectuses that is not so described; (iv) except as described in the Prospectuses, there
 are no material outstanding loans or advances or material guarantees of indebtedness by the
 Company or, to the Company's knowledge, any Material Subsidiary to or for the benefit
 of any of their respective officers or directors or any of the members of the families of
 any of them; and (v) the Company has not offered, or caused any placement agent to offer,
 Common Shares or to make any payment of funds to any person with the intent to influence
 unlawfully (A) a customer or supplier of the Company or any Material Subsidiary to alter
 the customer's or supplier's level or type of business with the Company or any
 Material Subsidiary or (B) a trade journalist or publication to write or publish favorable
 information about the Company or any Material Subsidiary or any of their respective products
 or services, and, (vi) neither the Company nor any Material Subsidiary nor, to the Company's
 knowledge, any director, officer, employee or agent of the Company or any Material Subsidiary
 has made any payment of funds of the Company or any Material Subsidiary or received or retained
 any funds in violation of any Applicable Law (including, without limitation, the Foreign
 Corrupt Practices Act of 1977 and the *Corruption of Foreign Public Officials Act* (Canada)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eee)  ***Operations*** .
 The operations of the Company and the Material Subsidiaries are and have been conducted at
 all times in compliance with applicable financial record keeping and reporting requirements
 of the *Proceeds of Crime (Money Laundering) and Terrorist Financing Act* (Canada),
 the *Corruption of Foreign Public Officials Act* (Canada) and applicable rules and regulations
 thereunder, and the money laundering statutes of all applicable jurisdictions, the rules
 and regulations thereunder and any related or similar applicable rules, regulations or guidelines,
 issued, administered or enforced by any Governmental Authority (collectively, the "**Money Laundering Laws** "); and no action, suit or proceeding by or before any court or
 Governmental Authority involving the Company or any of the Material Subsidiaries with respect
 to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fff)  ***Sanctions.*** (i) The Company represents that, neither the Company nor any of the Material Subsidiaries
 (collectively, the "**Entity**") nor, to the Company's knowledge, any
 director, officer, employee, agent, affiliate or representative of the Company, is an individual,
 or entity (in this paragraph (fff), "**Member**") that is, or is owned or
 controlled by, a Member that is:

&nbsp;&nbsp;&nbsp;&nbsp;&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
 subject of any sanctions administered or enforced by the U.S. Department of Treasury's
 Office of Foreign Assets Control, the United Nations Security Council, the European Union,
 Her Majesty's Treasury, the Office of the Superintendent of Financial Institutions
 (Canada), or pursuant to the *Special Economic Measures Act* (Canada) or other relevant
 sanctions authority or Applicable Law (collectively, "**Sanctions** "), nor

&nbsp;&nbsp;&nbsp;&nbsp;&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) located,
 organized or resident in a country or territory that is the subject of Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Other
 than in compliance with U.S. and Canadian law, the Company represents and covenants that
 it will not, directly or indirectly, use the proceeds of the offering, or lend, contribute
 or otherwise make available such proceeds to any subsidiary, joint venture partner or other
 Member:

&nbsp;&nbsp;&nbsp;&nbsp;&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) to
 fund or facilitate any activities or business of or with any Member or in any country or
 territory that, at the time of such funding or facilitation, is the subject of Sanctions;
 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;(B) in
 any manner that will result in a violation of Sanctions by any Member (including any Member
 participating in the offering, whether as underwriter, advisor, investor or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Other
 than in compliance with U.S. and Canadian law, the Company represents and covenants that,
 except as detailed in the Registration Statement or included or incorporated by reference
 in the Time of Sale Prospectus and the Prospectuses, for the past 5 years, it has not knowingly
 engaged in, is not now knowingly engaged in, and will not engage in, any dealings or transactions
 with any Member, or in any country or territory, that at the time of the dealing or transaction
 is or was the subject of Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ggg)  ***Certification of Disclosure*** . There has been no failure on the part of the Company or any of the
 Company's directors or officers, in their capacities as such, to comply in all material
 respects with any applicable provisions of the Sarbanes-Oxley Act, National Instrument 52-109
 (*Certification of Disclosure in Issuers' Annual and Interim Filings*) ()"**NI 52-109**") and the rules and regulations promulgated thereunder. Each of the principal
 executive officer and the principal financial officer of the Company (or each former principal
 executive officer of the Company and each former principal financial officer of the Company
 as applicable) and each certifying officer of the Company (or each former certifying officer
 of the Company and each former certifying officer of the Company as applicable) has made
 all certifications required by Sections 302 and 906 of the Sarbanes-Oxley Act with respect
 to all reports, schedules, forms, statements and other documents required to be filed by
 it or furnished by it to the SEC and as required to be made and filed by NI 52-109. For purposes
 of the preceding sentence, "principal executive officer" and "principal
 financial officer" shall have the meanings given to such terms in the Sarbanes- Oxley
 Act and "certifying officer" shall have the meanings given to such term in NI
 52-109.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhh)  ***Filings.*** Since January 1, 2020, the Company has filed all documents or information required
 to be filed by it under Canadian Securities Laws, U.S. Securities Laws, and the rules, regulations
 and policies of the Exchanges, except where the failure to file such documents or information
 will not have a Material Adverse Effect, either individually or in the aggregate; all material
 change reports, annual information forms, financial statements, management proxy circulars
 and other documents filed by or on behalf of the Company with the Exchanges, the SEC and
 the Canadian Commissions, as of its date, did not contain any untrue statement of a material
 fact or omit to state a material fact required to be stated therein or necessary to make
 the statements therein, in light of the circumstances under which they were made, not misleading
 and did not contain a misrepresentation at the time at which it was filed; the Company has
 not filed any confidential material change report or any document requesting confidential
 treatment with any Governmental Authority that at the date hereof remains confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)  ***Intentionally omitted.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jjj)  ***Cybersecurity.*** Except as disclosed in the Registration Statement or included or incorporated by reference
 in the Time of Sale Prospectus and the Prospectuses, to the Company's knowledge, there
 has been no security breach relating to any of the Company's information technology
 and computer systems, networks, hardware, software, data (including the data of their respective
 customers, employees, suppliers, vendors and any third party data maintained by or on behalf
 of them), equipment or technology (collectively, "**IT Systems and Data** ")
 and (y) the Company has not been notified of, and have no knowledge of any event or condition
 that would reasonably be expected to result in, any security breach or other compromise to
 their IT Systems and Data; (ii) the Company is presently in compliance with all applicable
 laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator
 or governmental or regulatory authority, internal policies and contractual obligations relating
 to the privacy and security of IT Systems and Data and to the protection of such IT Systems
 and Data from unauthorized use, access, misappropriation or modification, except as would
 not, in the case of this clause (ii), individually or in the aggregate, have a Material Adverse
 Effect; and (iii) the Company has implemented backup and disaster recovery technology consistent
 with industry standards and practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kkk)  ***Exchange Registration.*** The Common Shares are registered pursuant to Section 12(b) of the Exchange
 Act and are accepted for trading on the Nasdaq Capital Market under the symbol "DPRO,"
 the CSE under the symbol "DPRO," and the Frankfurt Exchange under the symbol
 "3U8," and the Company has taken no action designed to terminate the registration
 of the Common Shares under the Exchange Act or delisting the Common Shares from either of
 the Exchanges, nor, except as disclosed in the Registration Statement or included or incorporated
 by reference in the Time of Sale Prospectus and/or the Prospectuses, has the Company received
 any notification that the SEC, the Canadian Commissions or either of the Exchanges is contemplating
 terminating such registration or listing. Except as disclosed in the Registration Statement
 or included or incorporated by reference in the Time of Sale Prospectus and/or the Prospectuses,
 the Company has complied in all material respects with the applicable requirements of the
 Exchanges for maintenance of inclusion of the Common Shares thereon. The Company has obtained
 all necessary consents, approvals, authorizations or orders of, or filing, notification or
 registration with, the Exchanges, the SEC and the Canadian Commissions, where applicable,
 required for the listing and trading of the Shares and the Warrant Shares, subject only to
 satisfying their standard listing and maintenance requirements. The Company has no reason
 to believe that it will not in the foreseeable future continue to be in compliance with all
 such listing and maintenance requirements of each Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(lll)  ***Acknowledgment Regarding Purchasers' Purchase of Securities*** . The Company acknowledges and
 agrees that each of the Purchasers is acting solely in the capacity of an arm's length
 purchaser with respect to the Agreement and the transactions contemplated thereby. The Company
 further acknowledges that no Purchaser is acting as a financial advisor or fiduciary of the
 Company (or in any similar capacity) with respect to the Agreement and the transactions contemplated
 thereby and any advice given by any Purchaser or any of their respective representatives
 or agents in connection with the Agreement and the transactions contemplated thereby is merely
 incidental to the Purchasers' purchase of the Securities. The Company further represents
 to each Purchaser that the Company's decision to enter into this Agreement and the
 other transaction documents has been based solely on the independent evaluation of the transactions
 contemplated hereby by the Company and its representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mmm)  ***Acknowledgment Regarding Purchaser's Trading Activity*** . Anything in this Agreement or elsewhere
 herein to the contrary notwithstanding (except for Sections (j) below), it is understood
 and acknowledged by the Company that: (i) none of the Purchasers has been asked by the Company
 to agree, nor has any Purchaser agreed, to desist from purchasing or selling, long and/or
 short, securities of the Company, or "derivative" securities based on securities
 issued by the Company or to hold the Securities for any specified term; (ii) past or future
 open market or other transactions by any Purchaser, specifically including, without limitation,
 Short Sales or "derivative" transactions, before or after the closing of this
 or future private placement transactions, may negatively impact the market price of the Company's
 publicly-traded securities; (iii) any Purchaser, and counter-parties in "derivative"
 transactions to which any such Purchaser is a party, directly or indirectly, presently may
 have a "short" position in the Common Shares, and each Purchaser shall not be
 deemed to have any affiliation with or control over any arm's length counter-party
 in any "derivative" transaction. The Company further understands and acknowledges
 that (y) one or more Purchasers may engage in hedging activities at various times during
 the period that the Securities are outstanding, including, without limitation, during the
 periods that the value of the Warrant Shares deliverable with respect to Securities are being
 determined, and (z) such hedging activities (if any) could reduce the value of the existing
 shareholders' equity interests in the Company at and after the time that the hedging
 activities are being conducted. The Company acknowledges that such aforementioned hedging
 activities do not constitute a breach of this Agreement or any of the agreements related
 to this offering. For purposes of this Agreement, "Short Sales" means all "short
 sales" as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall not
 be deemed to include locating and/or borrowing shares of Common Shares).

In this Agreement, a reference to "*knowledge*" of the Company, means a statement as to the knowledge of each of Cameron Chell, President and Chief Executive Officer of the Company, Paul Sun, Chief Financial Officer of the Company, and Paul Mullen, Chief

Operating Officer, about the facts and circumstances to which such subject matter is at issue, in each case, after reasonable inquiry.

Any certificate signed by any officer on behalf of the Company or any of the Material Subsidiaries and delivered to the Purchasers or Maxim Group LLC (the "**Placement Agent**") or its counsel in connection with the offering of the Securities shall be deemed to be a representation and warranty by the Company or Material Subsidiaries, as the case may be, as to matters covered thereby, to each Purchaser and the Placement Agent.

II. ***Other Agreements of the Parties<u>.</u>***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)  ***Securities Act Compliance*** . The Company will prepare the Canadian Prospectus Supplement and the U.S. Prospectus Supplement in a form
 approved by the Placement Agent and (i) will file the Canadian Prospectus Supplement with the Principal Regulator in accordance with
 the Shelf Procedures as soon as practicably possible, and in any event, not later than 8:00 a.m. on the first business day following
 the date hereof and (ii) will file the U.S. Prospectus Supplement with the SEC not later than the SEC's close of business on
 the first business day following the day on which the filing of the Canadian Prospectus Supplement is made with the Principal Regulator.
 After the date of this Agreement, the Company shall promptly advise the Purchasers and Placement Agent in writing (i) of the receipt
 of any comments of, or requests for additional or supplemental information or other communication from, any Canadian Commission or
 the SEC with respect to the Canadian Prospectus or the Registration Statement, (ii) of any request by any Canadian Commission to
 amend or supplement the Canadian Prospectus or for additional information or of any request by the SEC to amend the Registration
 Statement or to amend or supplement the U.S. Prospectus or for additional information, (iii) of the time and date of any filing of
 any post-effective amendment to the Registration Statement or any amendment or supplement to the Time of Sale Prospectus, any free
 writing prospectus or the Prospectuses, (iv) of the time and date that any post-effective amendment to the Registration Statement
 becomes effective, (v) of the issuance by the SEC or any Canadian Commission, as applicable, of any stop order suspending the effectiveness
 of the Registration Statement, the U.S. Prospectus or the Canadian Prospectus or any post-effective amendment thereto or any order
 directed at any document incorporated by reference in the Registration Statement, the U.S. Prospectus or the Canadian Prospectus
 or any amendment or supplement thereto or any order preventing or suspending the use of the Time of Sale Prospectus, any free writing
 prospectus, any marketing materials, the U.S. Prospectus or the Canadian Prospectus or any amendment or supplement thereto or any
 post-effective amendment to the Registration Statement, or the suspension of the qualification of the Securities for sale in any
 jurisdiction, or of any proceedings to remove, suspend or terminate from listing or quotation the Common Shares from the Exchanges,
 or of the threatening or initiation of any proceedings for any of such purposes, and (vi) of the issuance by any Governmental Authority
 of any order having the effect of ceasing or suspending the distribution of the Securities, or of the institution or, to the knowledge
 of the Company, threatening of any proceedings for any such purpose. If the SEC or any Canadian Commission shall enter any such stop
 order at any time, the Company will use best efforts to obtain the lifting of such order at the earliest possible moment. The Company
 shall use best efforts to keep a registration statement (including the Registration Statement) registering the issuance or resale
 of the Pre-Funded Warrant Shares effective during the term of the Pre-Funded Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)  ***Stock Exchange Listing.*** The Company shall use its commercially reasonable best efforts
 to ensure that the Shares and Warrant Shares are approved for listing and posted for trading
 on the CSE subject to satisfaction by the Company of the conditions imposed by the CSE, and
 that notification of the offering of the Shares and Warrant Shares has been provided to Nasdaq.
 The Company further agrees, if the Company applies to have the Common Shares traded on any
 other exchange other than the Exchanges, it will then include in such application all of
 the Shares and Warrant Shares, and will take such other action as is necessary to cause all
 of the Shares and Warrant Shares to be listed or quoted on such other trading market as promptly
 as possible. The Company will then take all action reasonably necessary to continue the listing
 and trading of its Common Shares on such trading market and will comply in all respects with
 the Company's reporting, filing and other obligations under the bylaws or rules of
 the trading market. The Company agrees to maintain the eligibility of the Common Shares for
 electronic transfer through the Depository Trust Company or another established clearing
 corporation, including, without limitation, by timely payment of fees to the Depository Trust
 Company or such other established clearing corporation in connection with such electronic
 transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)  ***Use of Proceeds*** . The Company shall apply the net proceeds from the sale of the Securities
 sold by it in the manner described under the caption "*Use of Proceeds* "
 in the Prospectuses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)  ***Transfer Agent*** . The Company shall engage and maintain, at its expense, a registrar and transfer
 agent for the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)  ***Reserved.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)  ***Exercise Procedures.*** The form of Notice of Exercise included in the Pre-Funded Warrants set
 forth the totality of the procedures required of the Purchasers in order to exercise the
 Pre-Funded Warrants. No additional legal opinion, other information or instructions shall
 be required of the Purchasers to exercise their Pre-Funded Warrants. Without limiting the
 preceding sentences, no ink-original Notice of Exercise shall be required, nor shall any
 medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise
 form be required in order to exercise the Pre-Funded Warrants. The Company shall honor exercises
 of the Pre-Funded Warrants and shall deliver Warrant Shares in accordance with the terms,
 conditions and time periods set forth in therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)  ***Capital Changes.*** Until the one year anniversary of the Closing Date, the Company shall not
 undertake a reverse or forward stock split or reclassification of the Common Shares without
 the prior written consent of the Purchasers holding a majority in interest of the Shares
 and Warrant Shares other than a reverse stock split that is required, in the good faith determination
 of the Board of Directors, to maintain the listing of the Common Shares on the Exchanges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)  ***Certain Transactions and Confidentiality.*** Each Purchaser, severally and not jointly with
 the other Purchasers, covenants that neither it nor any affiliate acting on its behalf or
 pursuant to any understanding with it will execute any purchases or sales, including Short
 Sales of any of the Company's securities during the period commencing with the execution
 of this Agreement and ending at such time that the transactions contemplated by this Agreement
 are first publicly announced pursuant to the initial press release as described in Section
 II(m). Each Purchaser, severally and not jointly with the other Purchasers, covenants that
 until such time as the transactions contemplated by this Agreement are publicly disclosed
 by the Company pursuant to the initial press release as described in Section II(m), such
 Purchaser will maintain the confidentiality of the existence and terms of this transaction
 (other than as disclosed to its legal and other representatives). Notwithstanding the foregoing
 and notwithstanding anything contained in this Agreement to the contrary, the Company expressly
 acknowledges and agrees that (i) no Purchaser makes any representation, warranty or covenant
 hereby that it will not engage in effecting transactions in any securities of the Company
 after the time that the transactions contemplated by this Agreement are first publicly announced
 pursuant to the initial press release as described in Section II(m), (ii) no Purchaser shall
 be restricted or prohibited from effecting any transactions in any securities of the Company
 in accordance with applicable securities laws from and after the time that the transactions
 contemplated by this Agreement are first publicly announced pursuant to the initial press
 release as described in Section II(m) and (iii) no Purchaser shall have any duty of confidentiality
 or duty not to trade in the securities of the Company to the Company, any of its Subsidiaries,
 or any of their respective officers, directors, employees, Affiliates, or agent, including,
 without limitation, the Placement Agent, after the issuance of the initial press release
 as described in Section II(m). Notwithstanding the foregoing, in the case of a Purchaser
 that is a multi-managed investment vehicle whereby separate portfolio managers manage separate
 portions of such Purchaser's assets and the portfolio managers have no direct knowledge
 of the investment decisions made by the portfolio managers managing other portions of such
 Purchaser's assets, the covenant set forth above shall only apply with respect to the
 portion of assets managed by the portfolio manager that made the investment decision to purchase
 the Securities covered by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)  ***Investment Limitation*** . The Company shall not invest or otherwise use the proceeds received by
 the Company from its sale of the Securities in such a manner as would require the Company
 or any of its Material Subsidiaries to register as an investment company under the Investment
 Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)  ***No Stabilization or Manipulation*; *Compliance with Regulation M*** . The Company will
 not take, directly or indirectly, any action designed to or that might be reasonably expected
 to cause or result in stabilization or manipulation of the price of the Common Shares or
 any other reference security, whether to facilitate the sale or resale of the Securities
 or otherwise, and the Company will, and shall cause each of its officers and directors to,
 comply with all applicable provisions of Regulation M. If the limitations of Rule 102 of
 Regulation M ()"**Rule 102**") do not apply with respect to the Securities
 or any other reference security pursuant to any exception set forth in Section (d) of Rule
 102, then promptly upon notice (or, if later, at the time stated in the notice), the Company
 will, and shall cause each of its directors and officers to, comply with Rule 102 as though
 such exception were not available but the other provisions of Rule 102 (as interpreted by
 the SEC) did apply.

(l) Press
 Releases/Announcements. By 9:00 a.m. (New York City time) on the day after this Agreement, the Company shall issue a press release
 disclosing the material terms of this offering. From and after the issuance of such press release, the Company represents to the
 Purchasers that it shall have publicly disclosed all material, non-public information delivered to any of the Purchasers by the
 Company or any of its Subsidiaries, or any of their respective officers, directors, employees, affiliates or agents, including,
 without limitation, the Placement Agent, in connection with the transactions contemplated by the Agreement. In addition, effective
 upon the issuance of such press release, the Company acknowledges and agrees that any and all confidentiality or similar obligations
 under any agreement, whether written or oral, between the Company, any of its Subsidiaries or any of their respective officers,
 directors, agents, employees, affiliates or agents, including, without limitation, the Placement Agent, on the one hand, and any
 of the Purchasers or any of their affiliates on the other hand, shall terminate and be of no further force or effect. The Company
 understands and confirms that each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities
 of the Company. The Company and each Purchaser shall consult with each other in issuing any other press releases with respect to
 the transactions contemplated hereby, and neither the Company nor any Purchaser shall issue any such press release nor otherwise
 make any such public statement without the prior consent of the Company, with respect to any press release of any Purchaser, or
 without the prior consent of each Purchaser, with respect to any press release of the Company, which consent shall not unreasonably
 be withheld or delayed, except if such disclosure is required by law, in which case the disclosing party shall promptly provide
 the other party with prior notice of such public statement or communication. Notwithstanding the foregoing, the Company shall not
 publicly disclose the name of any Purchaser, or include the name of any Purchaser in any filing with the Commission or any regulatory
 agency or Exchange, without the prior written consent of such Purchaser, except (a) as required by U.S. Securities Laws or Canadian
 Securities Laws in connection with the filing of final transaction documents for this offering and (b) to the extent such disclosure
 is required by law or Exchange regulations, in which case the Company shall provide the Purchasers with prior notice of such disclosure
 permitted under this clause (b) and reasonably cooperate with such Purchaser regarding such disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)  ***Non-Public Information.*** Except with respect to the material terms and conditions of the transactions
 contemplated by the Agreement, which shall be disclosed pursuant to Section II(m), the Company
 covenants and agrees that neither it, nor any other Person acting on its behalf will provide
 any Purchaser or its agents or counsel with any information that constitutes, or the Company
 reasonably believes constitutes, material non-public information, unless prior thereto such
 Purchaser shall have consented in writing to the receipt of such information and agreed in
 writing with the Company to keep such information confidential. The Company understands and
 confirms that each Purchaser shall be relying on the foregoing covenant in effecting transactions
 in securities of the Company. To the extent that the Company, any of its Subsidiaries, or
 any of their respective officers, directors, agents, employees or affiliates delivers any
 material, non-public information to a Purchaser without such Purchaser's consent, the
 Company hereby covenants and agrees that such Purchaser shall not have any duty of confidentiality
 to the Company, any of its Subsidiaries, or any of their respective officers, directors,
 employees, affiliates or agents, including, without limitation, the Placement Agent, or a
 duty to the Company, any of its Subsidiaries or any of their respective officers, directors,
 employees, affiliates or agents, including, without limitation, the Placement Agent, not
 to trade on the basis of, such material, non-public information, provided that the Purchaser
 shall remain subject to applicable law. To the extent that any notice provided pursuant to
 the Agreement or any other transaction document constitutes, or contains, material, non-public
 information regarding the Company or any Subsidiaries, the Company shall simultaneously with
 the delivery of such notice file such notice with the Commission pursuant to a Report on
 Form 6-K. The Company understands and confirms that each Purchaser shall be relying on the
 foregoing covenant in effecting transactions in securities of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)  ***Warrant Shares*** . If all or any portion of a Pre-Funded Warrant is exercised at a time when
 there is an effective registration statement to cover the issuance or resale of the Warrant
 Shares, the Warrant Shares issued pursuant to any such exercise shall be issued free of all
 legends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)  ***Furnishing of Information*** . Until the earliest of the time that (i) no Purchaser owns Securities
 or (ii) the Pre-Funded Warrants have expired, the Company covenants to timely file (or obtain
 extensions in respect thereof and file within the applicable grace period) all reports required
 to be filed by the Company after the date hereof pursuant to the U.S. Securities Laws and
 Canadian Securities Laws even if the Company is not then subject to the applicable reporting
 requirements.

## Exhibit 99.3

**Exhibit 99.3**

**PRE-FUNDED COMMON SHARE PURCHASE WARRANT**

**Draganfly Inc.**

Warrant Certificate No.: <br>Warrant Shares: _______ Initial Exercise Date: February 27, 2026

THIS PRE-FUNDED COMMON SHARE PURCHASE WARRANT (the "<u>Warrant</u>") certifies that, for value received, _____________ or its assigns (the "<u>Holder</u>") is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the date hereof (the "<u>Initial Exercise Date</u>") until this Warrant is exercised in full (the "<u>Termination Date</u>") but not thereafter, to subscribe for and purchase from Draganfly Inc. a company incorporated under the *Business Corporations Act* (British Columbia) (the "<u>Company</u>"), up to ______ Common Shares (as subject to adjustment hereunder, the "<u>Warrant Shares</u>"). The purchase price of one Warrant Share under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).

<u>Section 1</u>. <u>Definitions</u>. In addition to the terms defined elsewhere in this Warrant, the following terms have the meanings indicated in this Section 1:

"<u>Affiliate</u>" means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

"<u>Bid Price</u>" means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Shares are then listed or quoted on a Trading Market, the bid price of the Common Shares for the time in question (or the nearest preceding date) on the Trading Market on which the Common Shares are then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if the Common Shares are not then listed or quoted for trading on a Trading Market and if prices for the Common Shares are then reported on the Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per Common Share so reported, or (c) in all other cases, the fair market value of a Common Share as determined by an independent appraiser selected in good faith by the Holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

"<u>Board of Directors</u>" means the board of directors of the Company.

"<u>Business Day</u>" means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York or the City of Vancouver, British Columbia, Canada are authorized or required by law to remain closed; <u>provided</u>, <u>however</u>, for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to "stay at home", "shelter-in-place", "non-essential employee" or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York and the City of Vancouver, British Columbia, Canada generally are open for use by customers on such day.

"<u>Closing Sale Price</u>" means, for any security as of any date, the last closing trade price for such security on the Trading Market, as reported by Bloomberg, or, if the Trading Market begins to operate on an extended hours basis and does not designate the closing trade price, then the last trade price of such security prior to 4:00:00 p.m., New York time, as reported by Bloomberg, or, if the Trading Market is not the principal securities exchange or trading market for such security, the last trade price of such security on the principal securities exchange or trading market where such security is listed or traded as reported by Bloomberg, or if the foregoing do not apply, the last trade price of such security in the over-the-counter market on the electronic bulletin board for such security as reported by Bloomberg, or, if no last trade price is reported for such security by Bloomberg, the average of the ask prices of any market makers for such security as reported on the in the OTC Link or on the Pink Open Market. If the Closing Sale Price cannot be calculated for a security on a particular date on any of the foregoing bases, Closing Sale Price of such security on such date shall be the fair market value as mutually determined by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then such fair market value shall be determined pursuant to the provisions set forth in clause (c) of the definition of VWAP. All such determinations to be appropriately adjusted for any stock dividend, share split, share consolidation, reclassification or other similar transaction during the applicable calculation period.

"<u>Commission</u>" means the United States Securities and Exchange Commission.

"<u>Common Shares</u>" means the common shares of the Company, no par value per share, and any other class of securities into which such securities may hereafter be reclassified or changed.

"<u>Common Share Equivalents</u>" means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire at any time Common Shares, including, without limitation, any debt, preferred shares, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Shares.

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

"<u>Person</u>" means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

"<u>Placement Agency Agreement</u>" means the placement agency agreement, dated as of February 25, 2026, among the Company and Maxim Group LLC, as amended, modified or supplemented from time to time in accordance with its terms.

"<u>Registration Statement</u>" means the Company's registration statement on Form F-10 (File No. 333-290823), as amended, or such other replacement registration statement on the applicable Form that has been declared effective by the Commission.

"<u>Securities Act</u>" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

"<u>Subsidiary</u>" means any subsidiary of the Company and shall, where applicable, also include any direct or indirect subsidiary of the Company formed or acquired after the date hereof.

"<u>Trading Day</u>" means a day on which the Common Shares are traded on the principal Trading Market.

"<u>Trading Market</u>" means any of the following markets or exchanges on which the Common Shares are listed or quoted for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, or the New York Stock Exchange (or any successors to any of the foregoing).

"<u>Transfer Agent</u>" means Endeavor Trust Corporation, the current transfer agent of the Company, with a mailing address of #702 777 Hornby Street, Vancouver, BC, V6Z 1S4 Canada, and an email address of admin@endeavortrust.com, and any successor transfer agent of the Company.

"<u>VWAP</u>" means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Shares are then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Shares for such date (or the nearest preceding date) on the Trading Market on which the Common Shares are then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if the Common Shares are not then listed on a Trading Market and if prices for the Common Shares are then reported on the Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per Common Share so reported, or (c) in all other cases, the fair market value of a Common Share as determined by an independent appraiser selected in good faith by the holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

"<u>Warrants</u>" means this Pre-Funded Warrant issued by the Company pursuant to the Registration Statement.

<u>Section 2</u>. <u>Exercise</u>.

&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Exercise of Warrant</u>. Exercise of the purchase rights represented by this Warrant may be made,
 in whole or in part, at any time or times on or after the Initial Exercise Date and on or
 before the Termination Date, or by delivery to the Company of a duly executed PDF copy submitted
 by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the
 " <u>Notice of Exercise</u> "). Within the earlier of (i) one (1) Trading Day and
 (ii) the number of Trading Days comprising the Standard Settlement Period (as defined in
 Section 2(c)(i) herein) following the date of exercise as aforesaid, the Holder shall deliver
 the aggregate Exercise Price for the Warrant Shares specified in the applicable Notice of
 Exercise by wire transfer or cashier's check drawn on a Canadian bank or a United States
 bank if such cashier's check is denominated in Canadian dollars, unless the cashless
 exercise procedure specified in Section 2(c) below is specified in the applicable Notice
 of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion
 guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required.
 Notwithstanding anything herein to the contrary, the Holder shall not be required to physically
 surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares
 available hereunder and the Warrant has been exercised in full, in which case, the Holder
 shall surrender this Warrant to the Company for cancellation within three (3) Trading Days
 of the date on which the final Notice of Exercise is delivered to the Company. Partial exercises
 of this Warrant resulting in purchases of a portion of the total number of Warrant Shares
 available hereunder shall have the effect of lowering the outstanding number of Warrant Shares
 purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased.
 The Holder and the Company shall maintain records showing the number of Warrant Shares purchased
 and the date of such purchases. The Company shall deliver any objection to any Notice of
 Exercise within one (1) Trading Day of receipt of such notice. **The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.** 

&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Exercise Price</u>. The aggregate exercise price of this Warrant, except for a nominal exercise price
 of CA$0.00014 (Canadian equivalent, based on an exchange rate of CA$0.00014, to USD$0.0001)
 per Warrant Share, was pre-funded to the Company on or prior to the Initial Exercise Date
 and, consequently, no additional consideration (other than the nominal exercise price of
 CA$0.00014 (Canadian equivalent of USD$0.0001) per Warrant Share) shall be required to be
 paid by the Holder to any Person to effect any exercise of this Warrant. The Holder shall
 not be entitled to the return or refund of all or any portion of such pre-paid aggregate
 exercise price under any circumstance or for any reason whatsoever. The remaining unpaid
 exercise price per share of the Common Share under this Warrant shall be CA$0.00014 (Canadian
 equivalent of USD$0.0001) subject to adjustment hereunder (the " <u>Exercise Price</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Cashless Exercise</u>. This Warrant may also be exercised, in whole or in part, at such time by means
 of a "cashless exercise" in which the Holder shall be entitled to receive a number
 of Warrant Shares for the deemed surrender of the Warrant in whole or in part equal to the
 quotient obtained by dividing [(A-B) (X)] by (A), where:

---

| | |
|:---|:---|
| (A) = | as applicable: (i) the Closing Sale Price of the Common Stock on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of "regular trading hours" (as defined in Rule 600(b)(68) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (x) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (y) the Bid Price of the Common Shares as of the time of the Holder's execution of the applicable Notice of Exercise if such Notice of Exercise is executed during "regular trading hours" on a Trading Day and is delivered within two (2) hours thereafter pursuant to Section 2(a) hereof (including until two (2) hours after the close of "regular trading hours" on a Trading Day), or (iii) the Closing Sale Price of the Common Shares on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of "regular trading hours" on such Trading Day; |

---

(B) = the Exercise Price of this Warrant, as adjusted hereunder; and

---

| | |
|:---|:---|
| (X) = | the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise. |

---

The issue price for each such Warrant Share to be issued pursuant to the cashless exercise of a Warrant will be equal to (B), as defined above, and the total issue price for the aggregate number of Warrant Shares issued pursuant to the cashless exercise of a Warrant will be deemed paid and satisfied in full by the deemed surrender to the Company of the portion of such Warrant being exercised in accordance with this Section 2(c). Notwithstanding anything herein to the contrary, the Company shall not be required to make any cash payments or net cash settlement to the Holder in lieu of delivery of the Warrant Shares. If Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act, the Warrant Shares shall take on the registered characteristics of the Warrants being exercised. The Company agrees not to take any position contrary to this Section 2(c).

&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Mechanics of Exercise</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. <u>Delivery of Warrant Shares Upon Exercise</u>. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer Agent to the Holder by (A) crediting the account of the Holder's or its designee's balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system ("<u>DWAC</u>") if the Company is then a participant in such system and either (A) there is an effective Registration Statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by the Holder or (B) this Warrant is being exercised via cashless exercise, and otherwise by physical delivery of a certificate, registered in the Company's share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is the earliest of (i) one (1) Trading Day after the delivery to the Company of the Notice of Exercise, (ii) five (5) Trading Day after delivery of the aggregate Exercise Price (if applicable) to the Company and (iii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise (such date, the "<u>Warrant Share Delivery Date</u>"). Upon delivery of the completed and correct Notice of Exercise and payment of the aggregate Exercise Price (if applicable), the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within the earlier of (i) one (1) Trading Day after the delivery to the Company of the Notice of Exercise and (ii) the number of Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise. If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Stock on the date of the applicable Notice of Exercise), $5 per Trading Day (increasing to $10 per Trading Day on the third Trading Day after the Warrant Share Delivery Date) for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein, "<u>Standard Settlement Period</u>" means the standard settlement period, expressed in a number of Trading Days (including no Trading Days if the settlement date is the trade date), on the Company's primary Trading Market with respect to the Common Shares as in effect on the date of delivery of the Notice of Exercise. Notwithstanding the foregoing, with respect to any Notice(s) of Exercise delivered on or prior to 12:00 p.m. (New York City time) on the Initial Exercise Date, which may be delivered at any time after the time of execution of the Placement Agency Agreement, the Company agrees to deliver the Warrant Shares subject to such notice(s) by 4:00 p.m. (New York City time) on the Initial Exercise Date and the Initial Exercise Date shall be the Warrant Share Delivery Date for purposes hereunder, provided that payment of the aggregate Exercise Price is received by such Warrant Share Delivery Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. <u>Delivery of New Warrants Upon Exercise</u>. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. <u>Rescission Rights</u>. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. <u>Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise</u>. In addition to any other rights available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder's brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a "<u>Buy-In</u>"), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder's total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) and return any amount received by the Company in respect of the Exercise Price for those Warrant Shares or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of the Warrant with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence, the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder's right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company's failure to timely deliver shares of Common Stock upon exercise of the Warrant as required pursuant to the terms 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;&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. <u>No Fractional Shares or Scrip</u>. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at its election, 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 next whole 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;&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. <u>Charges, Taxes and Expenses</u>. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; <u>provided</u>, <u>however</u>, that, in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant 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;&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. <u>Closing of Books</u>. The Company will not close its shareholder books or records in any manner which prevents the timely exercise of this Warrant, pursuant to the terms 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;e) <u>Holder's Exercise Limitations</u>. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any portion of this Warrant, and any such attempted exercise shall be void and of no effect, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder's Affiliates, any other Persons acting as a group together with the Holder or any of the Holder's Affiliates and any other Persons whose beneficial ownership of the Common Stock would or could be aggregated with the Holder's for purposes of Section 13(d) (such Persons, "<u>Attribution Parties</u>")), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of Common Shares beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of Warrant Shares issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of Warrant Shares which would be issuable upon (i) exercise of the remaining, non-exercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or non-converted portion of any other securities of the Company (including, without limitation, any other Common Share Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties. Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this Section 2(d) applies, the submission of a Notice of Exercise shall be deemed to be the Holder's determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation. In addition, a determination as to any group status as contemplated above shall be determined by the Holder in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding Common Shares, a Holder may rely on the number of outstanding Common Shares as reflected in (A) the Company's most recent periodic or annual report filed with or furnished to the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth the number of Common Shares outstanding (the <u>"Reported Outstanding Share Number"</u>). Upon the written or oral request of a Holder, the Company shall within one Trading Day confirm orally and in writing to the Holder the number of Common Shares then outstanding. In any case, the number of outstanding Common Shares shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of which such number of outstanding Common Shares was reported. The "<u>Beneficial Ownership Limitation</u>" shall be 4.99% (or, upon election by a Holder prior to the issuance of any Warrants, 9.99%<sup>1</sup>) of the number of Common Shares outstanding immediately after giving effect to the issuance of Warrant Shares issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of Common Shares outstanding immediately after giving effect to the issuance of Warrant Shares upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61<sup>st</sup> day after such notice is delivered to the Company. If the Company receives an Exercise Notice from the Holder at a time when the actual number of outstanding Common Shares is less than the Reported Outstanding Share Number, the Company shall notify the Holder in writing of the number of Common Shares then outstanding and, to the extent that such Exercise Notice would otherwise cause the beneficial ownership of Holder together with the Attribution Parties, as determined pursuant to this Section 2(e), to exceed the Beneficial Ownership Limitation, the Holder shall then notify the Company of a reduced number of Warrant Shares to be purchased pursuant to such Exercise Notice (such notice, the "<u>Reduction Notice</u>"). Such issuance shall not be deemed to have occurred until the Holder provides the Reduction Notice (or a notice that no reduction is needed) to the Company. In the event that the issuance of Common Shares to the Holder upon exercise of this Warrant results in the Holder, together with the Attribution Parties, collectively being deemed to beneficially own, in the aggregate, more than the Beneficial Ownership Limitation, the number of shares so issued by which the aggregate Beneficial Ownership of the Holder and its Attribution Parties exceeds such limitation (the "<u>Excess Shares</u>") shall be deemed null and void and shall be cancelled ab initio, and the Holder and/or the Attribution Parties shall not have the power to vote or to transfer the Excess Shares. As soon as reasonably practicable after the issuance of the Excess Shares has been deemed null and void, the Company shall return to the Holder the exercise price paid by the Holder for the Excess Shares and the Holder shall return the Excess Shares to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.

<sup>1</sup> NTD: To be 9.99 for Citadel's PFW.

<u>Section 3</u>. <u>Certain Adjustments</u>.

&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>Share Dividends and Splits</u>. If the Company, at any time while this Warrant is outstanding: (i) pays a share dividend or otherwise makes a distribution or distributions on its Common Shares or any other equity or equity equivalent securities payable in Common Shares (which, for avoidance of doubt, shall not include any Warrant Shares issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding Common Shares into a larger number of shares, (iii) combines (including by way of reverse share split) outstanding Common Shares into a smaller number of shares, or (iv) issues by reclassification of the Common Shares any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of Common Shares (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of Common Shares outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of shareholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

&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>Subsequent Rights Offerings</u>. If and whenever at any time after the Initial Exercise Date and prior to the Termination Date, the Company fixes a record date for the issue of rights, options or warrants to the holders of all or substantially all of its outstanding Common Shares under which such holders are entitled to subscribe for or purchase Common Shares or securities exchangeable for or convertible into Common Shares, where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the
 right to subscribe for or purchase Common Shares or other securities expires not more than
 45 days after the record date for such issue (the period from the record date to the date
 of expiry being herein in this Section 3(b) called the " <u>Rights Period</u> ");
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. the
 cost per Common Share during the Rights Period (inclusive of any cost of acquisition of securities
 exchangeable for or convertible into Common Shares in addition to any direct cost of Common
 Shares) (herein in this Section 2(the " <u>Per Common Share Cost</u> ") is less
 than 95% of the Current Market Price of the Common Shares on the record date;

(any of such events being called a "<u>Subsequent Rights Offering</u>"), then the Exercise Price will be adjusted effective immediately after the end of the Rights Period to a price determined by multiplying the Exercise Price in effect immediately prior to the end of the Rights Period by a fraction:

&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
 numerator of which is the aggregate 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the number of Common Shares outstanding as of the record date for the Subsequent Rights Offering; 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;&nbsp;&nbsp;&nbsp;&nbsp;(2) a number determined by dividing the product of the Per Common Share Cost 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;(I) where
 the event giving rise to the application of this Section 3(b) was the issue of rights, options
 or warrants to the holders of Common Shares under which such holders are entitled to subscribe
 for or purchase additional Common Shares, the number of Common Shares so subscribed for or
 purchased during the Rights Period; 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;(II) where
 the event giving rise to the application of this Section 3(b) was the issue of rights, options
 or warrants to the holders of Common Shares under which such holders are entitled to subscribe
 for or purchase securities exchangeable for or convertible into Common Shares, the number
 of Common Shares for which those securities so subscribed for or purchased during the Rights
 Period could have been exchanged or into which they could have been converted during the
 Rights Period, by the Current Market Price of the Common Shares as of the record date for
 the Subsequent Rights Offering; 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;(B) the
 denominator of which is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) in the case described Section 3(b)(ii)(A)(2)(I), the number of Common Shares outstanding; 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;(2) in the case described in Section 3(b)(ii)(A)(2)(II), the number of Common Shares that would be outstanding if all the Common Shares described in subsection 3(b)(ii)(A)(2)(II) had been issued, as at the end of the Rights Period.

Any Common Shares owned by or held for the account of the Company or any subsidiary or affiliate (as defined in the Securities Act (British Columbia)) of the Company will be deemed not to be outstanding for the purpose of any such computation.

If by the terms of the rights, options or warrants referred to in this Section 3(b), there is more than one purchase, conversion or exchange price per Common Share, the aggregate price of the total number of additional Common Shares offered for subscription or purchase, or the aggregate conversion or exchange price of the convertible securities so offered, will be calculated for purposes of the adjustment on the basis of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) the lowest purchase, conversion or exchange price per Common Share, as the case may be, if such price is applicable to all Common Shares which are subject to the rights, options or warrants, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) the average purchase, conversion or exchange price per Common Share, as the case may be, if the applicable price is determined by reference to the number of Common Shares acquired.

To the extent that any adjustment in the Exercise Price occurs pursuant to this Section 3(b) as a result of the fixing by the Company of a record date for the distribution of rights, options or warrants referred to in this Section 3(b), the Exercise Price will be readjusted immediately after the expiration of any relevant exchange or conversion right to the Exercise Price that would then be in effect based upon the number of Common Shares actually issued and remaining issuable as a result of the event described in this Section 3(b) immediately after such expiration, and will be further readjusted in such manner upon expiration of any further such right.

If the Holder has exercised this Warrant in accordance herewith during the period beginning immediately after the record date for a Subsequent Rights Offering and ending on the last day of the Rights Period therefor, the Holder will, in addition to the Common Shares to which it is otherwise entitled upon such exercise, be entitled to that number of additional Common Shares ("<u>Subsequent Rights Offering Common Shares</u>") equal to the difference between (a) the result obtained when the Exercise Price in effect immediately prior to the end of such Subsequent Rights Offering pursuant to this subsection is multiplied by the number of Common Shares received upon the exercise of this Warrant during such period, and the resulting product is divided by the Exercise Price as adjusted for such Subsequent Rights Offering pursuant to this subsection, and (b) the number of Common Shares received upon the exercise of the Warrant during such period; provided that the provisions of Section 2(d)(v) will be applicable to any fractional interest in a Common Share to which such Holder might otherwise be entitled. Such additional Common Shares will be deemed to have been issued to the Holder immediately following the end of the Rights Period.

For purposes of this Section 3(b) and of Section 3(c) the "<u>Current Market Price</u>" on any date, shall mean the price per Common Share equal to the weighted average of the sale prices per Common Share at which the Common Shares have traded (i) on the Trading Market, or (ii) if the Common Shares are not listed on the Trading Market, on such other stock exchange on which such shares are listed as may be selected for such purpose by the board of directors of the Company, or (iii) if the Common Shares are not listed on any stock exchange, then on the over-the-counter market, during the period of any five (5) consecutive Trading Days selected by the Company commencing not earlier than twenty (20) Trading Days and ending no later than three (3) Trading Days before such date; provided, however, if the Common Shares are not listed on any exchange or on the over- the counter market, the Current Market Price shall be as determined by the board of directors of the Company, or such firm of independent chartered accountants as may be selected by the board of directors of the Company, acting reasonably and in good faith in their sole discretion; for these purposes, the weighted average of the sale price for any period shall be determined by dividing the aggregate sale prices per Common Share during such period by the total number of Common Shares sold during such period, provided that "<u>Current Market Price</u>" shall be converted into United States dollars using the applicable closing daily exchange rate published by the Bank of Canada on the Business Day before the day the Current Market Price is calculated, and provided further, that if no such rate was published on such date, the next preceding closing daily exchange rate published by the Bank of Canada be used.

Notwithstanding the foregoing, to the extent that the Holder's right to receive any such Subsequent Rights Offering Common Shares would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to such Subsequent Rights Offering Common Shares to such extent (or beneficial ownership of such Subsequent Rights Offering Common Shares to such extent) and such Subsequent Rights Offering Common Shares to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Special Distributions</u>. If and whenever at any time after the Initial Exercise Date and prior to the Termination Date, the Company fixes a record date for the issue or the distribution to the holders of all or substantially all of the outstanding:

i. capital
 stock of the Company of any class other than Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. rights,
 options or warrants to acquire Common Shares or securities exchangeable for or convertible
 into Common Shares (other than rights, options or warrants issued to the holders of all or
 substantially all of the outstanding Common Shares pursuant to which such holders are entitled
 to subscribe for or purchase Common Shares at a price per share (or in the case of securities
 exchangeable for or convertible into Common Shares at an exchange or conversion price per
 Common Share at the date of issue of such securities) of at least 95% of the Current Market
 Price of the Common Shares on such record date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. indebtedness
 of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. any
 property or other assets of the Company, and if such issue or distribution does not constitute
 (A) an action of the Company under clauses (ii), (iii) or (iv) of Section 3(a), or 3(b) a
 Subsequent Rights Offering (any of such nonexcluded events being called a " <u>Special Distribution</u> "),the Exercise Price will be adjusted effective immediately after
 such record date to a price determined by multiplying the Exercise Price in effect on such
 record date by a fraction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the
 numerator of which is the difference between:

&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
 product of the number of Common Shares outstanding on such record date and the Current Market
 Price of the Common Shares on such record date; 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;2. the
 aggregate fair market value (as determined in good faith by action of the board of directors
 of the Company, subject, however, to the prior written consent of the Trading Market or any
 other stock exchange or market on which the Common Shares are traded, where required) to
 the holders of the Common Shares of such securities, evidence of indebtedness or property
 or other assets to be issued or distributed in the Special Distribution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the
 denominator of which is the product obtained by multiplying the number of Common Shares outstanding
 on such record date by the Current Market Price of the Common Shares on such record date.

Any Common Shares owned by or held for the account of the Company or any subsidiary or affiliate (as defined in the Securities Act (British Columbia)) of the Company will be deemed not to be outstanding for the purpose of any such computation.

To the extent that any adjustment in the Exercise Price occurs pursuant to this Section 3(c) as a result of the fixing by the Company of a record date for the issue or distribution of rights, options or warrants to acquire Common Shares or securities exchangeable for or convertible into Common Shares referred to in this Section 3(c), the Exercise Price will be readjusted immediately after the expiration of any relevant exercise or conversion right to the amount that would then be in effect if the fair market value had been determined on the basis of the number of Common Shares actually issued and the number of Common Shares remaining issuable, as a result of the issue or distribution referred to in this Section 3(c) immediately after such expiration, and will be further readjusted in such manner upon the expiration of any further such right.

Notwithstanding the foregoing, to the extent that the Holder's right to participate in any such Special Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Special Distribution to such extent (or in the beneficial ownership of any Common Shares as a result of such Special Distribution to such extent) and the portion of such Special Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Fundamental Transaction</u>. If, at any time while this Warrant is outstanding, (i) the Company or any Subsidiary, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Shares are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Shares or 50% or more of the voting power of the common equity of the Company, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Shares or any compulsory share exchange pursuant to which the Common Shares are effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off, merger or plan of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding Common Shares or more that 50% of the voting power of the common equity of the Company (each a "<u>Fundamental Transaction</u>"), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant (the "<u>Fundamental Transaction Rights</u>"), the number of Common Shares of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the "<u>Alternate Consideration</u>") receivable as a result of such Fundamental Transaction by a holder of the number of Warrant Shares for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(d) on the exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one Common Share in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a fair and commercially reasonable manner reflecting the relative value of any different components of the Alternate Consideration in accordance with standard valuation practices for transactions of that type. If holders of Common Shares are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the "<u>Successor Entity</u>") to assume in writing all of the obligations of the Company under this Warrant and the other Transaction Documents in accordance with the provisions of this Section 3(d) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares or other securities of such Successor Entity (or its parent entity) equivalent to the Common Shares acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of or other securities (but taking into account the relative value of the Common Shares pursuant to such Fundamental Transaction and the value of such shares or securities, such number of shares or securities and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall be added to the term "Company" under this Warrant (so that from and after the occurrence or consummation of such Fundamental Transaction, each and every provision of this Warrant and the other Transaction Documents referring to the "Company" shall refer instead to each of the Company and the Successor Entity or Successor Entities, jointly and severally), and the Successor Entity or Successor Entities, jointly and severally with the Company, may exercise every right and power of the Company prior thereto and the Successor Entity or Successor Entities shall assume all of the obligations of the Company prior thereto under this Warrant and the other Transaction Documents with the same effect as if the Company and such Successor Entity or Successor Entities, jointly and severally, had been named as the Company herein; provided, however, that to the extent that the Holder's right to participate in any such Fundamental Transaction Rights would result in the Holder and its Attribution Parties, collectively, beneficially owning in excess of the Beneficial Ownership Limitation of the Common Shares that would be issued and outstanding following receipt of such Fundamental Transaction Rights (such excess amount of Common Shares, the "<u>Excess Fundamental Transaction Rights</u>"), then the Holder shall not be entitled to participate in such Fundamental Transaction Rights to the extent of the Excess Fundamental Transaction Rights (and shall not have the right to acquire such Excess Fundamental Transaction Rights). The Excess Fundamental Transaction Rights shall be held in abeyance for the benefit of the Holder until such time or times as (1) its right to receive some or all of the Excess Fundamental Transaction Rights would not result in the Holder and its Attribution Parties beneficially owning Common Shares in excess of the Beneficial Ownership Limitation and (2) the Holder so certifies in writing to the Company and specifies the number of shares of Common Shares it is able to receive without exceeding the Beneficial Ownership Limitation, at which time or times the Holder shall be granted that portion of the Excess Fundamental Transaction Rights (and any Excess Fundamental Transaction Rights granted, issued or sold on such initial Fundamental Transaction Rights or on any subsequent Fundamental Transaction Rights to be held similarly in abeyance) to the same extent as if there had been no such limitation. For the avoidance of doubt, the Holder shall be entitled to the benefits of the provisions of this Section 3(d) regardless of whether the Company has sufficient authorized shares of Common Shares for the issuance of Warrant Shares. For the avoidance of doubt, the Holder shall be entitled to the benefits of the provisions of this Section 3(e) regardless of (i) whether the Company has sufficient authorized Common Shares for the issuance of Warrant Shares and/or (ii) whether a Fundamental Transaction occurs prior to the Initial Exercise Date.

&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) <u>Calculations</u>. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section 3, the number of Common Shares deemed to be issued and outstanding as of a given date shall be the sum of the number of Common Shares (excluding treasury shares, if any) issued and outstanding.

&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) <u>Notice to Holder</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. <u>Adjustment to Exercise Price</u>. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly deliver to the Holder by email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. <u>Notice to Allow Exercise by Holder</u>. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Common Shares, (B) the Company shall declare a special non-recurring cash dividend on or a redemption of the Common Shares, (C) the Company shall authorize the granting to all holders of the Common Shares rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any shareholders of the Company shall be required in connection with any reclassification of the Common Shares, any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of its assets, or any compulsory share exchange whereby the Common Shares are converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by email to the Holder at its last email address as it shall appear upon the Warrant Register of the Company, at least 5 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Shares of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Shares of record shall be entitled to exchange their Common Shares for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information regarding the Company or any of its subsidiaries, the Company shall simultaneously file or furnish such notice with the Commission pursuant to a Current Report on Form 8-K or a Report on Form 6-K, as applicable. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

<u>Section 4</u>. <u>Transfer of Warrant</u>.

&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>Transferability</u>. Subject to compliance with all applicable securities laws, this Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an Assignment Form to the Company assigning this Warrant in full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

&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>New Warrants</u>. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the Initial Exercise Date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

&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) <u>Warrant Register</u>. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the "<u>Warrant Register</u>"), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

<u>Section 5</u>. <u>Miscellaneous</u>.

&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>No Rights as Shareholder Until Exercise; No Settlement in Cash</u>. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a shareholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3. Without limiting any rights of a Holder to receive Warrant Shares on a "cashless exercise" pursuant to Section 2(c) or to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv), in no event shall the Company be required to net cash settle an exercise of this Warrant.

&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>Loss, Theft, Destruction or Mutilation of Warrant</u>. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any share certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or share certificate, if mutilated, the Company will make and deliver a new Warrant or share certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or share certificate.

&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) <u>Saturdays, Sundays, Holidays, etc</u>. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding 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;d) <u>Authorized Shares</u>.

Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its articles of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.

Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction 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;e) <u>Governing Law</u>. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and construed and enforced in accordance with the laws of the Province of British Columbia and the federal laws of Canada applicable therein, without reference to its principles governing the choice or conflict of laws. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Warrant (whether brought against a party hereto or their respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the courts of the Province of British Columbia, sitting in the city of Vancouver. Each party hereby irrevocably submits to the exclusive jurisdiction of the courts of the Province of British Columbia sitting in the City of Vancouver for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Warrant and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If either party shall commence an action, suit or proceeding to enforce any provisions of this Warrant, the prevailing party in such action, suit or proceeding shall be reimbursed by the other party for their reasonable attorneys' fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding.

&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) <u>Restrictions</u>. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal 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;g) <u>Nonwaiver and Expenses</u>. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice the Holder's rights, powers or remedies. Without limiting any other provision of this Warrant, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys' fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) <u>Notices</u>. Any and all notices or other communications or deliveries to be provided by the Holders hereunder including, without limitation, any Notice of Exercise, shall be in writing and delivered personally, by e-mail, or sent by a nationally recognized overnight courier service, addressed to the Company, at 235 103<sup>rd</sup> St. E., Saskatoon, Saskatchewan S7N 1Y8 Canada, Attention: Paul Sun, email address:, or such other email address or address as the Company may specify for such purposes by notice to the Holders. Any and all notices or other communications or deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by e-mail, or sent by a nationally recognized overnight courier service addressed to each Holder at the e-mail address or address of such Holder appearing on the books of the Company. Any notice or other communication or deliveries hereunder shall be deemed given and effective on the earliest of (i) the time of transmission, if such notice or communication is delivered via e-mail at the e-mail address set forth in this Section prior to 5:30 p.m. (New York City time) on any date, (ii) the next Trading Day after the time of transmission, if such notice or communication is delivered via e-mail at the e-mail address set forth in this Section on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (iii) the second Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required to be given. To the extent that any notice provided hereunder constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K.

&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) <u>Limitation of Liability</u>. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Warrant Shares or as a shareholder of the Company, whether such liability is asserted by the Company or by creditors 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;j) <u>Remedies</u>. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k) <u>Successors and Assigns</u>. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant 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;l) <u>Amendment</u>. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company, on the one hand, and the Holder or the beneficial owner of this Warrant, on the other hand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m) <u>Severability</u>. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n) <u>Headings</u>. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o) <u>Currency</u>. All references to currency herein are to 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;p) <u>Signature</u>. The Warrant certificate may be signed by facsimile or other electronic means, which shall be deemed to be an original and shall be deemed to have the same legal effect and validity as a certificate bearing an original signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;q) <u>No Expense Reimbursement</u>. The Holder shall in no way be required the pay, or to reimburse the Company for, any fees or expenses of the Company's transfer agent in connection with the issuance or holding or sale of the Common Shares, Warrants and/or Warrant Shares. The Company shall solely be responsible for any and all such fees and expenses.

\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*

*(Signature Page Follows)* 

IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

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| |
|:---|
| **draganfly inc.** |
| By: |
| Name: |
| Title: |

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**NOTICE OF EXERCISE**

To: draganfly inc.

&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 undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

&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) Payment shall be accepted 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;(3) Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

_______________________________

The Warrant Shares shall be delivered to the following DWAC Account Number:

_______________________________

_______________________________

_______________________________

[SIGNATURE OF HOLDER]

Name of Investing Entity: ________________________________________________________________________

*Signature of Authorized Signatory of Investing Entity*: _________________________________________________

Name of Authorized Signatory: ___________________________________________________________________

Title of Authorized Signatory: ____________________________________________________________________

Date: ________________________________________________________________________________________

**ASSIGNMENT FORM**

*(To assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)*

 

FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

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| | |
|:---|:---|
| Name: | |
|  | (Please Print) |
| Address: | |
|  | (Please Print)<br>|
| Phone Number: | |
| Email Address: | |
| Dated: _______________ __, ______ |  |
| Holder's Signature: ________________________________ |  |
| Holder's Address: ________________________________ |  |

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