Document:

Enertopia Corp.: Exhibit 10.2 - Filed by newsfilecorp.com

NOTE REGARDING FORWARD LOOKING STATEMENTS 

Certain information in this Offering Memorandum is “forward
looking information” within the meaning of applicable securities laws. Forward
looking information is frequently characterized by words such as “plan”,
“expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” or other
similar words, or statements that certain events or conditions “may” or “will”
occur. Forward looking information involves significant known and unknown risks
and uncertainties. A number of factors, many of which are beyond the control of
the Issuer, could cause actual results to differ materially from the results
discussed in the forward looking information. Although the forward looking
information contained in this Offering Memorandum is based upon assumptions
which management of the Issuer believes to be reasonable, the Issuer cannot
assure investors that actual results will be consistent with this forward
looking information. Because of the risks, uncertainties and assumptions
inherent in forward looking information, prospective investors in the Issuer’s
securities should not place undue reliance on this forward looking information.

In particular, this Offering Memorandum contains forward
looking information pertaining to business development plans, mineral
exploration and other expectations, beliefs, plans, goals, objectives,
assumptions, information. Undue reliance should not be placed on forward-looking
information. Forward-looking information is based on current expectations,
estimates and projections that involve a number of risks which could cause
actual results to vary and, in some instances to differ materially from those
anticipated by the Issuer and described in the forward-looking information
contained in this Offering Memorandum.

Some but not all of the factors affecting forward-looking
statements include: the speculative nature of mining exploration, production and
development activities; limited history of the new Canadian medical marihuana
purposes regulations; changes in reserve estimates; the productivity of the
Issuer's proposed properties; changes in the operating costs; changes in
economic conditions and conditions in the resource, foreign exchange and other
financial markets; changes of the interest rates on borrowings; hedging
activities; changes in commodity prices; changes in the investments and
exploration expenditure levels; litigation; legislation; environmental,
judicial, regulatory, political and competitive developments in the industries
and areas in which the Issuer operates; inability to secure required financing;
technological, and mechanical and operational difficulties encountered in
connection with the Issuer's exploration and development activities. The
foregoing list of risk factors is not exhaustive. Prospective investors should
refer to the risk disclosures set out in the periodic reports and other
disclosure documents filed by the Issuer from time to time with regulatory
authorities. 

Forward-looking information is based on the estimates and
opinions of the Issuer at the time the information is presented. The Issuer
assumes no obligation to update forward-looking information should circumstances
or the Issuer’s estimates or opinions change, except as required by law. 

PROSPECTIVE INVESTORS SHOULD THOROUGHLY REVIEW THIS OFFERING
MEMORANDUM AND ARE ADVISED TO CONSULT WITH THEIR OWN LEGAL AND TAX ADVISORS
CONCERNING THIS INVESTMENT. 

2

ENERTOPIA CORPORATION 

OFFERING MEMORANDUM 
Form 45-106F3 

January •, 2014

Form 45-106F3 – Offering Memorandum for Qualifying Issuers

	Date: 	January 16, 2014. 
	The Issuer: 
	         
       Name: 	Enertopia Corp. (the "Issuer" or the “Company”)
    
	           Head
      Office: 

	950 – 1130 West Pender Street 
Vancouver,
      British Columbia 
Canada, V6E 4A4 
	           Issuer’s
      Solicitors: 

	Macdonald Tuskey, Corporate and Securities
      Lawyers 
4th Floor - 570 Granville Street, 
Vancouver BC V6C 3P1
  
	         
       Phone Number: 	604-602-1675 
	         
       E-mail address: 	mcallister@enertopia.com 
	         
       Fax Number: 	604-685-1602 
	         
       Current Listing and/or 	The Issuer is quoted for trading on the
      Over-the-Counter Bulletin Board and listed for 
	         
       Quotation: 	trading on the Canadian Securities Exchange.
  
	           Reporting
      Jurisdictions: 	The Issuer reports in the Provinces of British
      Columbia and Ontario and in the United States. 
	The Offering: 
	           Securities
      Offered: 	Up to 10,000,000 units (the "Units"), each Unit
      to consist of one common share of the Issuer (each, a “Share”) and one
      half (1/2) of one non-transferable Share purchase warrant (each whole
      warrant, a “Warrant”). Each Warrant will be exercisable into one further
      Share (a “Warrant Share”) at a price of US$0.15 per Warrant Share for a
      period of twenty- four (24) months following closing. See Item 5. 
	         
       Price per Security: 	US$0.10 per Unit 
	           Maximum
      Offering: 

	The offering of Units is subject to a maximum
      overall subscription of 10,000,000 Units for gross proceeds of
      US$1,000,000 (the “Maximum Subscription”). There is no minimum.
      
You may be the only purchaser. 
Funds available under the
      offering may not be sufficient to accomplish our proposed
      objectives. 
	           Minimum
      Subscription Amount: 	Each investor must invest a minimum of
      US$1,000. 
	           Payment
      terms: 	The subscription proceeds must accompany the
      form of subscription agreement attached to and forming a part of this
      Offering Memorandum, and shall be paid by immediately available good funds
      in US currency, drawn on a Canadian, or other chartered bank reasonably
      acceptable to the Issuer, made payable by certified cheque and/or bank
      draft and made payable and delivered to the Issuer, at Suite 950 - 1130
      West Pender Street, Vancouver BC V6E 4A4. Alternatively, payment of the
      subscription proceeds can be made by wire transfer of funds to a bank
      account of the Issuer, the particulars of which will be provided to
      investors. 
	         
       Proposed Closing Date: 	Closings will occur periodically on a "first
      come, first served" basis. See Item 5. 
	           Income
      Tax Consequences: 	There are important tax consequences to these
      securities. See item 6. 

2

	           Selling
      Agent: 	Yes.
      See item 7. 
	Resale Restrictions: 
	You will be restricted from selling your
      securities for 4 months and a day. See item 10. 
There are also United
      States resale restrictions on the securities. 
	Purchaser’s Rights: 	You have two business days to cancel your
      agreement to purchase these securities. If there is a misrepresentation in
      this Offering Memorandum, you have the right to sue either for damages or
      to cancel the agreement. See item 11. 

No securities regulatory authority or regulator has assessed
the merits of these securities or reviewed this Offering Memorandum. Any
representation to the contrary is an offence. This is a risky investment. See
item 8. 

Currency 

In this Offering Memorandum, unless otherwise noted, all dollar
amounts are expressed in US dollars.

ITEM 1: USE OF AVAILABLE FUNDS 

Available Funds 

Upon completion of the Offering, the Issuer anticipates that
the following funds will be available to it for the next twelve month period:

			Assuming Completion of the Maximum
      Subscription(1) 
	A 	Amount to be raised by this offering 	$1,000,000 
	B 	Selling commissions and fees 	$80,000 
	C 	Estimated offering costs (e.g., legal,
      accounting, audit) 	$30,000 
	D 	Available funds: D = A – (B + C) 	$890,000 
	E 	Additional sources of funding required 	$0 
	F 	Working capital deficiency (As at December 31,
      2013) 	($398,161) 
	G 	Total: G = (D + E) – F 	$491,839 

(1) There is no minimum subscription in the Offering.

Use of Available Funds 

The Issuer anticipates that up to $890,000 will be available to
it upon completion of the Maximum Subscription. No funds will be applied towards
the Issuer’s working capital deficiency. The principal purposes for which these
funds will be used over the next twelve months are as follows: 

	Description 	Assuming Completion of the Maximum
      Subscription(1) 
	Payments under Joint Venture Agreement dated January 16,
      2014 and pursuit of similar opportunities in legal Marijuana 	$575,000 
	General and
      Administrative Expenses 	                 
                         
                         
                         
             $315,000 
	Total: 	                 
                         
                         
                         
             $890,000 

(1) There is no minimum amount for the Offering.

Reallocation 

We intend to spend the available funds as stated. We will
reallocate funds only for sound business reasons. 

Insufficient Funds 

The funds available as a result of the Offering may not be
sufficient to accomplish the Issuer’s proposed objectives and there is no
assurance that alternative financing will be available. 

ITEM 2: INFORMATION ABOUT THE ISSUER 

General 

The Issuer is a mineral resource and renewable energy company
that is pursuing business opportunities in the Canadian medical marihuana sector
and clean technology sectors. 

Reference is made to Item 1. (Business) in the Issuer’s Form
10-Q (Quarterly Information Form), filed on SEDAR on January 14, 2014, for
disclosure relating to the Issuer’s business history and current business.

Canadian medical marihuana division 

On January 16, 2014, the Issuer entered into a joint venture
agreement (the "Joint Venture Agreement") with World of Marihuana Productions
Ltd. ("WOM") pursuant to which the Issuer may acquire up to a 51% interest in
the medical marihuana business of WOM (the "Business"). WOM is currently in the
process of applying to Health Canada to become a "Licensed Producer" pursuant to
Canada's new Medical Marihuana Purposes Regulations ("MMPR"). The new MMPR
regime is expected to streamline 

the process for patients and health care practitioners,
enabling patients to purchase quality-controlled medical marihuana directly from
a Licensed Producer approved by Health Canada. 

Specifically, the terms of the Joint Venture Agreement provide
that in order to earn its 51% interest, the Issuer is required to make aggregate
cash payments of CDN$1,375,000 and issue an aggregate of 20,000,000 shares of
its common stock all over a four year period WOM. To date, the Issuer has issued
10,000,000 shares to WOM, which are subject to applicable hold periods under
Canadian and United States securities laws. In the event WOM has not been
designated as a Licensed Producer by Health Canada by January 16, 2015, WOM will
be entitled to retain the cash payments paid to it under the Joint Venture
Agreement to that point but will be required to return all but 5,000,000 shares
to the Issuer.

Reference is made to the Issuer's News Release dated January
16, 2014, Material Change Report dated 16, 2014 for further information
regarding the Joint Venture Agreement.

Oil & Gas Division

On September 17, 2013 the Issuer signed an AMI for the option
to drill up to 100 light oil wells in Venango and Warren Co, PA. 

Terms of the AMI: 

Issued to Downhole Energy LLC the 100,000 common shares in the
capital stock of the Issuer as soon as practicable following the execution of
the Agreement (PAID),

Drilling up to 10 wells in year one and issuing 10,000 common
shares per producing well after 60 days of commercial production on or before
the first anniversary of this Agreement,

Drilling up to 20 wells in year two and issuing 10,000 common
shares per producing well after 60 days of commercial production on or before
the second anniversary of this Agreement,

Drilling up to 30 wells in year three and issuing 10,000 common
shares per producing well after 60 days of commercial production on or before
the third anniversary of this Agreement, and 

Drilling up to 40 wells in year four and issuing 10,000 common
shares per producing well after 60 days of commercial production on or before
the fourth anniversary of this Agreement. 

Oil Field History 

The oil field was first developed for commercial production by
Quaker State Oil in the 1970’s. Well spacing was conducted on 600 foot spacing
with the Red Valley and 2nd Sands formations being the main
formations that were targeted and exploited. Formation depth was from 680’ to
980’ in depth. Recent work by the vendor has resulted in the successful
exploitation for the deeper 3rd and 4th sands to depths of
1,300’ 

Proven and Probable Oil Reserves

None attributable to the Company today 

Current Oil Production

42 currently producing oil wells on the leases under the AMI
but excluded from the AMI agreement. 

Oil Development Proposal 

Downhole Energy LLC. hereby grants to the Issuer the
Participation right to acquire up to an undivided 100% gross, 75% net revenue
interest to Downhole Energy, LLC right, title and interest in and to the 100
wells the Issuer funds, free and clear of all charges, encumbrances, claims,
liabilities and adverse interests of any nature or kind. 

Reference is made to Item 1. (Business) in the Issuer’s Form
10-Q (Quarterly Information Form), filed on SEDAR on January 14, 2014, for
disclosure relating to the AMI property agreement for the Downhole Energy LLC
agreement. 

Clean Technology Division 

The Issuer is currently involved in the following clean
technology sectors, Solar Thermal (Hot Water), Energy Retrofits and Recovery and
Solar powered Filtered Drinking Water.

The Issuer’s involvement in the clean technology sector is
indirect through equity holdings in companies that are involved in each
respective sector. 

The Issuer, as of November 30, 2013, held an 8.14% interest in
Global Solar Water Power Systems Inc., (“GSWPS”) a private company beneficially
owned by Mark Snyder, our company’s former Chief Technical Officer and now our
clean energy advisor. GSWPS owns certain technology invented and developed by
Mark Snyder for the design and manufacture of certain water filtration
equipment, and is pursuing other clean energy opportunities. Current products
offered by GSWPS include a portable solar powered trailer mounted water
purification unit that can be delivered and operated nearly anywhere in the
world and can provide a village, resort, or remote work-camps with all their
drinking water and domestic water requirements. 

Note: On December 2, 2013 the Issuer sold its equity interest
in Pro Eco Energy Ltd. as per disclosure on both EDGAR and SEDAR, and is listed
in the Description of Document table below. 

Reference is made to Item 1. (Business) in the Issuer’s Form
10-Q (Quarterly Information Form), filed on SEDAR on January 14, 2014, for
disclosure relating to the Issuer’s clean technology division. 

Existing Documents Incorporated by Reference 

Information has been incorporated by reference into this
Offering Memorandum from documents listed in the table below, which have been
filed with securities regulatory authorities or regulators in Canada. The
documents incorporated by reference are available for viewing on the SEDAR
website at www.sedar.com. In addition copies
of the documents may be obtained on request without charge from the Issuer at
Suite 950, 1130 West Pender St, Vancouver, BC V6E-4A4 or from our Solicitors
Macdonald Tuskey, Corporate and Securities Lawyers at 4th Floor - 570 Granville
Street, Vancouver BC V6C 3P1

Documents listed in the table and information provided in those
documents are not incorporated by reference to the extent that their contents
are modified or superseded by a statement in this Offering Memorandum or in any
other subsequently filed document that is also incorporated by reference in this
Offering Memorandum. 

	Description of Document 	Date of Document
      and/or SEDAR Filing 
	Material Change Report announcing entry into Joint Venture
      Agreement 	January 16, 2014 
	News Release of the Issuer, announcing entry into Joint
      Venture Agreement 	January 16, 2014 
	Quarterly Financial Statements ( Form 10-Q) ( includes
      November 30, 2013 Financial Statements and MD&A) 	January 13, 2014 
	Material Change Report announcing Corporate Development
      Consultant 	January 13, 2014 
	News Release of the issuer, announcing terms of Offering
	January 10, 2014 
	Press Release of the Issuer announcing Social Media &
      Marketing Program 	January 2, 2014 
	Material Change Report announcing Second Tranche Closing
	December 23, 2013 
	Press Release of the Issuer, Corporate update and MMJ
      Summary 	December 18, 2013 
	Press Release of the Issuer, MMJ update 	December 11, 2013 
	Annual Financial Statements (Form 10-K) (includes August
      31, 2013 Financial Statements and MD&A) 	December 6, 2013 
	Material Change Report announcing sale of Pro Eco Energy
	December 2, 2013 
	Material Change Report of the Issuer, announcing First
      Tranche Closing 	November 26, 2013 
	Material Change Report announcing IR Coal Harbor
      Communications 	November 18, 2012 
	News Release of the Issuer, announcing terms of the
      Offering 	November 12, 2013 
	Press Release relating to Medical Marijuana Update 	November 7, 2013 
	Material Change Report for Medical Marijuana intent of
      Acquisition 	November 4, 2013 
	Material Change Report announcing the signing of Olibri
      Consulting for acquisitions 	October 4, 2013 
	Material Change Report relating to the dissemination of
      news regarding proposed financing for $1,070,000 for oil field development
    	September 24, 2013

	Description of Document 	Date of Document
      and/or SEDAR Filing 
	Material Change Report relating to AMI Participation
      Agreement 	September 19, 2013 

Existing Documents Not Incorporated by Reference 

Other documents available on the SEDAR website (for example,
most press releases, take-over bid circulars, prospectuses and rights offering
circulars) are not incorporated by reference into this Offering Memorandum
unless they are specifically referenced in the table above. Your rights as
described in Item 11 of this Offering Memorandum apply only in respect of
information contained in this Offering Memorandum and documents or information
incorporated by reference. 

Future Documents Not Incorporated by Reference 

Documents filed after the date of this Offering Memorandum are
not deemed to be incorporated into this Offering Memorandum. However, if you
subscribe for securities and an event occurs, or there is a change in the
Issuer's business or affairs, that makes the Certificate to this Offering
Memorandum no longer true, the Issuer will provide you with an update of this
Offering Memorandum, including a newly dated and signed Certificate, and will
not accept your subscription until you have re-signed the subscription
agreement. 

ITEM 3: INTERESTS OF DIRECTORS, EXECUTIVE OFFICERS,
PROMOTERS AND PRINCIPAL HOLDERS 

To the knowledge of the Issuer, the following persons or
company beneficially owns, directly or indirectly, or exercises control or
direction over, Common Shares carrying more than 10% of the voting rights
attached to the outstanding Common Shares of the Issuer as at January 14, 2014.

	
Name and Address of Beneficial Owner 	Position with the 
Issuer
	Amount and Nature
      of 
Beneficial Ownership 	Percentage 
of Class 
	Robert McAllister 
Kelowna, British Columbia, Canada 	President, CEO 
and Director 	4,295,000(1) 
	6.47% 

	Bal Bhullar 
Vancouver, British Columbia, Canada 	Chief Financial 
Officer 	751,000(2) 
	1.13% 

	Donald Findlay 
Calgary, Alberta, Canada 	Director 
	3,652,000(3) 
	5.50% 

	Greg Dawson 
Vancouver, British Columbia, Canada 	Director 
	500,000(4) 
	0.75% 

	John Thomas 
Vancouver, British Columbia, Canada 	Director 
	900,000(5) 
	1.36% 

	0984329 B.C. LTD 	10% Shareholder 	15,000,000(6) 	22.61% 

Notes: (1) Consists of beneficial ownership of an
aggregate of 4,295,000 shares of common stock of the Issuer broken down as
follows: (i) 3,210,000 shares of common stock held directly by Mr. McAllister,
and (ii) 280,000 shares of common stock acquirable on exercise of outstanding
warrants, and (iii) 805,000 shares of common stock acquirable on exercise of
outstanding stock options within 60 days of the date hereof. 

(2) Consists of beneficial ownership of an aggregate
of 751,000 shares of common stock of the Issuer broken down as follows: (i)
1,000 shares of common stock held directly by Ms. Bhullar, and (ii) 750,000
shares of common stock acquirable on exercise of outstanding stock options
within 60 days of the date hereof. 

(3) Consists of beneficial ownership of an aggregate
of 3,652,000 shares of common stock of the Issuer broken down as follows: (i)
1,702,000 shares of common stock held directly by Mr. Findlay, and (ii)
1,700,000 shares of common stock acquirable on exercise of outstanding warrants,
(iii) 250,000 shares of common stock acquirable on exercise of outstanding stock
options within 60 days hereof. 

(4) Consists of beneficial ownership of an aggregate
of 500,000 shares of common stock of the Issuer broken down as follows: (i)
100,000 shares of common stock held directly by Mr. Dawson, and (ii) 100,000
shares of common stock acquirable on exercise of outstanding warrants, (iii)
300,000 shares of common stock acquirable on exercise of outstanding stock
options within 60 days hereof. 

(5) Consists of beneficial ownership of an aggregate
of 900,000 shares of common stock of the Issuer broken down as follows: (i)
300,000 shares of common stock held directly by Mr. Thomas, and (ii) 300,000
shares of common stock acquirable on exercise of outstanding warrants, (iii)
300,000 shares of common stock acquirable on exercise of outstanding stock
options within 60 days hereof. 

(6) Consists of beneficial ownership of an aggregate
of 15,000,000 shares of common stock of the Issuer. 

You can obtain further information about directors and
executive officers from the Issuer’s Form 10-K (Annual Information Form) filed
on SEDAR on December 6, 2013. 

Current information regarding the securities held by directors,
executive officers and principal holders can be obtained from the SEDI website
at www.sedi.ca and from the U.S. Securities
and Exchange Commission’s EDGAR system at www.sec.gov. The Issuer cannot
guarantee the accuracy of this information. 

Loans 

A loan exists in the form of a CDN $50,000 non secured loan
bearing 10%, repayable at any time by the Company and currently on a month to
month basis. The lender is President and a Director of the Company. 

ITEM 4: CAPITAL STRUCTURE 

	Description of security 	Number authorized to be issued 	Price per security 	Number outstanding as at January 16, 2014 	Number outstanding after completion of
      Maximum Subscription 
	Common Shares 	200,000,000 	N/A(1) 	51,862,415 	61,862,415 
	Offering Warrants(2) 	5,400,000 	US$0.15 	5,400,000 	5,400,000 
	Warrants(3) 	10,880,600 	US$0.10 - $0.20 	10,880,600 	10,880,600 
	Options(4) 	3,605,000 	US$0.06 – US$0.25 	3,605,000 	3,605,000 
	TOTAL 	  	  	66,348,015 	81,748,015 

Notes: 

	(1) 	
      Common shares of the Issuer have been issued from
      treasury at prices ranging from US$0.02 per share to US$0.50 per
      Share.

	 	 
	(2) 	
      Represents the Warrants to be issued under this
      Offering (including broker warrants), exercisable to acquire common shares
      at an exercise price of US $0.15 per common share for a period of 24
      months from the date of issuance.

	 	 
	(3) 	
      Represents an aggregate of 5,429,800 warrants
      exercisable at the price of US $0.20 until April 16, 2014, July 27, 2015,
      August 24, 2015, September 28, 2015, November 15, 2015 and exercisable at
      a price of US $0.10 until November 16, 2016 and December 23,
    2016.

	(4) 	
      Represents incentive stock options granted pursuant to
      the Issuer’s former and current equity compensation and stock option
      plans.

ITEM 5: SECURITIES OFFERED 

Terms of Securities 

The Issuer is offering for sale by way of private placement
(the "Offering") up to 10,000,000 units (the "Units"), each Unit to consist of
one common share (each, a “Share”) of the Issuer and one half (1/2) of one
non-transferable Share purchase warrant (each whole warrant, a “Warrant”). Each
Warrant will be exercisable into one further Share (a “Warrant Share”) at a
price of US$0.15 per Warrant Share for a period of twenty four (24) months
following closing.

The Warrants are subject to an early acceleration provision
pursuant to which, in the event that the Company’s common shares at any time
after 4 months and 1 day have elapsed from the closing of the Offering, as
listed on a Principal Canadian Market – currently the Canadian Securities
Exchange with symbol TOP, has been at or above CDN$0.30 for a period of 20
consecutive trading days, the Company may, within five (5) days thereafter issue
to the Subscribers a written notice advising of the accelerated expiry of the
Warrants. Such written notice shall identify in reasonable detail the
particulars of the acceleration event and identify the date (the "Warrant
Accelerated Expiry Date") set for accelerated expiry, which in no event shall be
less than 30 days after the mailing date of the written notice. For greater
certainty, all Warrants shall expire and be of no further force or effect as of
4:30 pm (Pacific Time) on the Warrant Accelerated Expiry Date. 

The holders of common shares are entitled to one vote at
meetings of shareholders for each share held and all common shares rank equally
with respect to the payment of dividends and on any distribution of the assets
of the Issuer on dissolution or winding up. 

Reference is also made to Item 7 (Compensation Paid to Sellers
and Finders) below for particulars with respect to commissions and finders' fees
payable in connection with the Offering. 

Subscription Procedure 

In order to subscribe for the Units, purchasers will be
required to complete and deliver the following documents to the Issuer or its
legal counsel on or before January 31, 2014, or such other date as the Issuer
may determine. 

	1. 	
      a completed subscription agreement in the form attached
      hereto as Schedule "A", with such subscription agreement containing, among
      other things, representations by the subscriber that it is duly authorized
      to purchase the Units, that it is purchasing the Units for investment and
      not with a view for resale, and as to its status to purchase the Units on
      a private placement basis;

	 	 
	2. 	
      a completed copy of a Risk Acknowledgment (Form 45-106F4)
      in the form attached hereto as Schedule "B"; and

	 	 
	3. 	
      cash, solicitor's trust cheque, certified cheque, bank
      draft, money order in the amount of your investment payable to "Enertopia
      Corporation".

Your subscription funds will be held in trust until midnight on
the second business day after the day on which the Issuer or its legal counsel
received your signed subscription agreement and if the closing is after this
time, the Issuer and/or its legal counsel will hold the funds in trust pending
closing. We expect to close this Offering on or before Janaury 31, 2014. 

The Issuer reserves the right to accept or reject subscriptions
in whole or in part at its discretion and to close the subscription books at any
time without notice. Any subscription funds or subscriptions that the Issuer
does not accept will be returned promptly after it has been determined not to
accept the funds. 

At the closing of the Offering, or as soon as practicable
thereafter, you will receive certificates representing the Shares and
certificates representing the Warrants, provided that the subscription price has
been paid in full. 

ITEM 6: INCOME TAX CONSEQUENCES AND RRSP ELIGIBILITY

The Issuer has not undertaken a study of potential income tax
consequences to investors. 

You should consult your own professional advisers to obtain
advice on the income tax consequences that apply to you. 

Not all securities are eligible for investment in a registered
retirement savings plan (“RRSP”) . You should consult your own professional
advisers to obtain advice on the RRSP eligibility of these securities. 

ITEM 7: COMPENSATION PAID TO SELLERS AND FINDERS 

The Issuer may pay finder's fees to certain arm's length
parties (the "Finders") in connection with the completion of the Offering and in
accordance with application securities laws. Such finder's fee will be equal to
8% of the aggregate subscription proceeds realized from the sale of the Units by
the respective Finder, payable in cash or Shares, and Broker’s warrants equal to
8% of the aggregate Units sold by the applicable Finder. Each broker’s Warrant
will be exercisable into one further Share (a “Warrant Share”) at a price of
US$0.15 per Warrant Share for a period of twenty four (24) months following
closing of the Offering.

ITEM 8: RISK FACTORS 

Investment in the Units should only be made after consulting
with independent and qualified sources of investment and tax advice. Investment
in the Units at this time is highly speculative due to the stage of the Issuer’s
development and requirement to raise additional financing to carry out the
long-term business objectives of the Issuer. Any investment in the Issuer at
this stage involves a high degree of risk. 

Reference is made to Item 1A. (Risk Factors) in the Issuer’s
Form 10-Q (Quarterly Information Form), filed on SEDAR on January 14, 2014, for
a discussion of the risks and uncertainties that the Issuer believes to be
material. 

Additional risk factors relating to the Offering include: 

	1. 	
      Purchasers of the Units will not have the benefit of a
      review of this Offering Memorandum by any regulatory authority.

	 	 
	2. 	
      Purchasers of Units have no individual legal
      representation in connection with the Offering. Accordingly, purchasers
      should consult with their own counsel prior to purchasing
  Units.

	3. 	
      Purchasers of the Units offered hereby will experience an
      immediate and substantial dilution in the net tangible book value of the
      Units from the Offering Price of this Offering.

	 	 
	4. 	
      Purchasers of the Units must be aware of the long-term
      nature of their investment and be able to bear the economic risks of their
      investment. The right of any purchaser to sell, transfer, pledge or
      otherwise dispose of the Shares or the Warrant Shares will be limited by
      applicable legislation, including a number of resale restrictions,
      including a restriction on trading. Until the restriction on trading
      expires, you will not be able to trade the Securities unless you comply
      with an exemption from prospectus and registration requirements under
      applicable securities legislation. The restriction on trading may be
      indefinite depending on the holder's jurisdiction of residence.
      Consequently, a holder of the Units may not be able to readily liquidate
      his/her/its investment. Prospective purchasers should be able to afford
      the entire loss of their investment in the Issuer.

	 	 
	5. 	
      Publicly quoted securities are subject to a relatively
      high degree of price volatility. It may be anticipated that the quoted
      market for the Shares of the Issuer will be subject to market trends
      generally, notwithstanding any potential success of the Issuer in creating
      revenue.

	 	 
	6. 	
      Shareholders of the Issuer may be unable to sell
      significant quantities of Shares into the public trading markets without a
      significant reduction in the price of their Shares, if at all. There can
      be no assurance that the Issuer will continue to meet the listing
      requirements of the Canadian National Stock Exchange, the Over-The-Counter
      Bulletin Board or achieve listing on any other public listing
    exchange.

Additional risk factors relating to the Joint Venture Agreement
include the following: 

	1. 	
      The medical marihuana business of WOM and the new
      Canadian Medical Marihuana Purposes Regulations, or MMPR, are part of a
      new and emerging industry with accompanying risks and uncertainties. Among
      other things there can be no assurance that WOM will ever obtain
      designation as a Licensed Producer under MMPR in which case the Issuer
      will not continue with the Joint Venture Agreement. Similarly, the Issuer
      may fail to obtain the necessary financing to meet its funding obligations
      pursuant to the Joint Venture Agreement. There may also be changes to the
      MMPR framework as a result of legislative initiative or judicial rulings
      which could have an adverse impact on the Issuer.

ITEM 9: REPORTING OBLIGATIONS 

Other than notices of annual and special meetings of the
shareholders, and related information circulars, form of proxies, and financial
statement request forms, the Issuer does not provide documents to its
shareholders on an annual or ongoing basis. 

The Issuer is a reporting issuer (or equivalent) in British
Columbia, Ontario and in the United States. You can obtain corporate and
securities information about the Issuer from the SEDAR website at www.sedar.com,
the SEDI website at www.sedi.ca, and from the U.S. Securities and Exchange
Commission’s EDGAR system at www.sec.gov. The Issuer cannot guarantee the
accuracy of this information. Additionally, you can obtain quotations for the
Issuer’s shares of common stock, under the symbol TOP, from the Canadian
Securities Exchange and/or under the symbol ENRT, from OTC Markets at
www.otcmarkets.com.

ITEM 10: RESALE RESTRICTIONS 

Canadian Resale Restrictions 

These securities will be subject to a number of resale
restrictions, including a restriction on trading. Until the restriction on
trading expires, you will not be able to trade the securities unless you comply
with an exemption from the prospectus and registration requirements under
securities legislation. 

Unless permitted under securities legislation, you cannot trade
the securities before the date that is 4 months and a day after the distribution
date. 

United States Resale Restrictions 

The Shares and Warrants to be issued to security holders will
not be registered under the U.S. Securities Act or applicable state securities
laws. Such securities will be issued in reliance upon the exemption from
registration provided by Regulation S of the U.S. Securities Act of 1933, as
amended.

Likewise, the Warrant Shares will not be registered under the
U.S. Securities Act or applicable states securities laws, and accordingly may
not be issued to U.S. Persons as defined in Regulation S or persons in the
United States, unless an exemption from registration under the U.S. Securities
Act and applicable states securities laws is available.

In addition, the Shares, the Warrants and the Warrant Shares
issuable upon the exercise of the Warrants will be "restricted securities"
within the meaning of Rule 144 under the U.S. Securities Act, certificates
representing such securities will bear a legend to that effect, and such
securities may be resold only pursuant to an exemption from the registration
requirements of the U.S. Securities Act and all applicable state securities
laws. Subject to certain limitations, such securities may be resold outside the
United States without registration under the U.S. Securities Act pursuant to
Regulation S under the U.S. Securities Act. 

Moreover, the Warrants may be exercised only pursuant to an
exemption from the registration requirements of the U.S. Securities Act and
applicable state securities laws. As a result, the Warrants may only be
exercised by a holder who represents that, at the time of exercise, the holder
is not then located in the United States, is not a "U.S. person", as defined in
Rule 902 of Regulation S under the U.S. Securities Act (a "U.S. Person"), and is
not exercising the Warrants for the account or benefit of a U.S. Person or a
person in the United States, unless the holder provides a legal opinion or other
evidence reasonably satisfactory to the Company to the effect that the exercise
of the Warrants does not require registration under the U.S. Securities Act or
applicable state securities laws, or any other such documents that the Company
may deem necessary. 

The foregoing discussion is only a general overview of
certain requirements of United States securities laws applicable to the
securities received upon completion of the Private Placement. All holders of
such securities are urged to consult with counsel to ensure that the resale of
their securities complies with applicable securities legislation. 

ITEM 11: PURCHASERS’ RIGHTS 

If you purchase these securities you will have certain rights,
some of which are described below. For information about your rights you should
consult a lawyer. 

Two-Day Cancellation Right 

You can cancel your agreement to purchase these securities. To
do so, you must send a notice to the Issuer by midnight on the 2nd business day
after you sign the subscription agreement to buy the securities. 

Statutory Rights of Action in the Event of a
Misrepresentation 

If there is a misrepresentation in this Offering Memorandum,
you have a statutory right to sue: 

	(a) 	
      the Issuer to cancel your agreement to buy these
      securities, or

	 	 
	(b) 	
      for damages against the Issuer, every person who was a
      director of the Issuer at the date of this Offering Memorandum, and every
      other person who signed this Offering Memorandum.

This statutory right to sue is available to you whether or not
you relied on the misrepresentation. However, there are various defences
available to the persons or companies that you have a right to sue. In
particular, they have a defence if you knew of the misrepresentation when you
purchased the securities.

If you intend to rely on the rights described in (a) or (b)
above, you must do so within strict time limitations. You must commence your
action to cancel the agreement within180 days after you signed the subscription
agreement to purchase the securities. You must commence your action for damages
within the earlier of 180 days after learning of the misrepresentation and three
years after you signed the subscription agreement to purchase the securities.

ITEM 12: DATE AND CERTIFICATE 

Dated this •th day of January, 2014. 

This Offering Memorandum does not contain a
misrepresentation. 

ENERTOPIA CORP. 

	 	 	 
	Robert McAllister 	 	Bal Bhullar 
	President, CEO 	 	Chief Financial Officer 
	  	 	  
	  	 	  
	  	 	  
	  	 	  
	ON BEHALF OF THE BOARD OF DIRECTORS 	 	  
	  	 	Donald Findlay 
	  	 	  Director 
	  	 	  
	  	 	  
	  	 	  
	  	 	
	Greg Dawson 	 	John Thomas 
	Director 	 	Director 

Form 45-106F4 

 

You have 2 business days to cancel your purchase. To do
so, send a notice to Enertopia Corporation stating that you want to cancel your
purchase. You must send the notice before midnight on the 2nd
business day after you sign the agreement to purchase the securities. You can
send the notice by fax or email or deliver it in person to Enertopia Corporation
at its business address. Keep a copy of the notice for your records. 

Issuer Name and Address: 

Enertopia Corporation. 
Suite 950, 1130 West Pender

Vancouver, British Columbia 
Canada, V6E 4A4 
Phone: 604-602-1675

Fax: 604-685-1602 
E-mail: bbspa@hotmail.com 

You are buying Exempt Market Securities 

They are called exempt market securities because two
parts of securities law do not apply to them. If an issuer wants to sell
exempt market securities to you: 

	the issuer does not have to give you a prospectus (a document that
  describes the investment in detail and gives you some legal protections), and
  
	the securities do not have to be sold by an investment dealer registered
  with a securities regulatory authority or regulator. 

There are restrictions on your ability to resell exempt
market securities. Exempt market securities are more risky than other
securities. 

You will receive an offering memorandum. Read the
offering memorandum carefully because it has important information about the
issuer and its securities. Keep the offering memorandum because you have rights
based on it. Talk to a lawyer for details about these rights. 

For more information on the exempt market, call your local
securities regulatory authority or regulator.

British Columbia Securities Commission
P.O. Box
10142, Pacific Centre 
701 West Georgia Street 
Vancouver, British
Columbia V7Y 1L2 
Telephone: (604) 899-6500
Toll free in British Columbia
and Alberta 1-800-373-6393 
Facsimile: (604) 899-6506 

Alberta Securities Commission 
4th Floor, 300 – 5th
Avenue SW 
Calgary, Alberta T2P 3C4 
Telephone: (403) 297-6454

Facsimile: (403) 297-6156Enertopia Corp.: Exhibit 10.3 - Filed by newsfilecorp.com

THIS WARRANT IS NOT TRANSFERABLE AND WILL BE VOID AND OF NO
VALUE UNLESS EXERCISED ON OR BEFORE JANUARY 31, 2016 

ENERTOPIA CORPORATION. 
(Incorporated under the laws
of the State of Nevada) 

	No. ___________«Number» 	Right to Purchase 
	  	 __________ Common Shares
  

WARRANT FOR PURCHASE OF COMMON SHARES (2 YEARS) 

THIS IS TO CERTIFY THAT, for value received, this 31 day of
January, 2014, ____________ (the "Holder") is entitled to subscribe for and
purchase _________ fully paid and non-assessable common shares of ENERTOPIA
CORPORATION., (the "Corporation") at any time up to the close of business in
Vancouver, British Columbia, at and for a period of twenty-four (24) months
after the date of issuance. The Warrants are exercisable at a price of
US$0.15 per Warrant Share if exercised at any time up to twenty-four (24)
months after the date of issuance, of lawful money of the United States upon and
subject however to the provisions and to the terms and conditions set forth
herein. 

In the event that the Company’s common shares, at any time
after 4 months and 1 day have elapsed from the Issue Date, as listed on a
Principal Canadian Market – currently the CNSX with symbol TOP - has been at or
above CDN$0.30 for a period of 20 consecutive trading days, the Issuer may,
within five (5) days thereafter issue to the Warrant holders a written notice
advising of the accelerated expiry of the Warrants. Such written notice shall
identify in reasonable detail the particulars of the acceleration event and
identify the date (the "Warrant Accelerated Expiry Date") set for accelerated
expiry, which in no event shall be less than 30 days after the mailing date of
the written notice. For greater certainty, all Warrants shall expire and be of
no further force or effect as of 4:30 pm (Pacific Time) on the Warrant
Accelerated Expiry Date. 

This warrant is not transferable by the Holder. The rights
represented by this Warrant may be exercised by the Holder hereof, in whole or
in part (but not as to a fractional share of Common Shares), by surrender of
this Warrant at the office of Olympia Trust Company, 1003 – 750 West Pender
Street, Vancouver, BC V6C 2T8, or at the offices of Enertopia Corp at 950 – 1130
W Pender St, Vancouver BC V6E 4A4, together with a certified cheque payable to
or to the order of the Corporation in payment of the purchase price of the
number of Common Shares subscribed for. 

In the event of an exercise of the rights represented by this
Warrant, certificates for the Common Shares so purchased shall be delivered to
the Holder hereof within a reasonable time, not exceeding ten (10) days after
the rights represented by this Warrant shall have been so exercised, and, unless
this Warrant has expired, a new Warrant representing the number of Common
Shares, if any with respect to which this Warrant shall not have been exercised
shall also be issued to the Holder hereof within such time. 

Any share certificate issued in the event of an exercise of the
rights represented by this Warrant prior to January 31, 2016 shall bear a legend
in substantially the following form for US investor: 

“UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER
OF THE SECURITIES SHALL NOT TRADE THE SECURITIES BEFORE SIX MONTHS AND ONE DAY
FROM THE DATE OF SHARE ISSUANCE. 

THESE SECURITIES HAVE NOT BEEN REGISTERED WITH THE
SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE AND
HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), AND, ACCORDINGLY, MAY NOT
BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT

- 2 - 

UNDER THE 1933 ACT OR PURSUANT TO AN AVAILABLE EXEMPTION
FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
1933 ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.” Any share
certificate issued in the event of an exercise of the rights represented by this
Warrant prior to January 31, 2016 shall bear a legend in substantially the
following form for non-US investor: 

THE SECURITIES REPRESENTED HEREBY HAVE BEEN OFFERED IN AN
OFFSHORE TRANSACTION TO A PERSON WHO IS NOT A U.S. PERSON (AS DEFINED HEREIN)
PURSUANT TO REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED (THE "1933 ACT"). 

NONE OF THE SECURITIES REPRESENTED HEREBY HAVE BEEN REGISTERED
UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO
REGISTERED, MAY NOT BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED
STATES (AS DEFINED HEREIN) OR TO U.S. PERSONS EXCEPT IN ACCORDANCE WITH THE
PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION
FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE STATE SECURITIES
LAWS. IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE
CONDUCTED UNLESS IN COMPLIANCE WITH THE 1933 ACT. "UNITED STATES" AND "U.S.
PERSON" ARE AS DEFINED BY REGULATION S UNDER THE 1933 ACT. 

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF
THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE FOUR MONTHS AND ONE DAY FROM
THE DATE OF SHARE ISSUANCE. 

WARRANT 

The Corporation covenants and agrees that all Common Shares
which may be issued upon the exercise of the rights represented by this Warrant
will, upon issuance, be fully paid and non-assessable and free of all liens,
charges and encumbrances. The Corporation further covenants and agrees that
during the period within which the rights represented by this Warrant may be
exercised, the Corporation will at all times have authorized, and reserved, a
sufficient number of Common Shares to provide for the exercise of the rights
represented by this Warrant. 

THE FOLLOWING ARE THE TERMS AND CONDITIONS REFERRED TO IN THIS
WARRANT: 

	1. 	
      If any capital reorganization, reclassification.
      subdivision or consolidation of the capital stock of the Corporation, or
      the consolidation or merger, or amalgamation of the Corporation with
      another Corporation, or the sale of all or substantially all of the assets
      to another corporation, shall be effected, or any other event in which new
      securities of any nature are delivered in exchange for the issued Common
      Shares, then as a condition of such reorganization, reclassification,
      subdivision, consolidation, merger, amalgamation, sale or other event,
      lawful and adequate provision shall be made whereby the Holder hereof
      shall thereafter have the right to purchase and receive upon the basis and
      upon the terms and conditions specified in this Warrant and in lieu of the
      Common Shares immediately theretofore purchasable and receivable upon the
      exercise of the rights represented hereby, such shares of stock,
      securities or assets as may be issued or payable with respect to or in
      exchange for a number of outstanding Common Shares equal to the number of
      Common Shares immediately theretofore purchasable and receivable upon the
      exercise of the rights represented hereby had such reorganization,
      reclassification, subdivision, consolidation, merger, amalgamation, sale
      or other event not taken place

- 3 - 

		
      and in any such case, appropriate provision shall be made
      with respect to the rights and interests of the Holder of this Warrant to
      the end that provisions hereof shall thereafter be applicable, as nearly
      as may be, in relation to any shares of stock, securities or assets
      thereafter deliverable upon the exercise hereof. The Corporation shall not
      effect any such consolidation, merger, amalgamation or sale, unless prior
      to or simultaneously with the consummation thereof the successor
      corporation (if other than the Corporation) resulting from such
      consolidation, subdivision, merger, amalgamation, sale or other event or
      the corporation purchasing such assets shall assume by written instrument
      executed and mailed or delivered to the registered holder hereof at the
      address of such holder appearing on the books of the Corporation, the
      obligation to deliver to such holder such shares or stock, securities or
      assets as, in accordance with the foregoing provisions, such holder may be
      entitled to purchase.

	 	 
	2. 	
      In case at any time:

	 	(i) 	
      the Corporation shall pay any dividend payable in stock
      upon its Common Shares or make any distribution to the holders of its
      Common Shares;

	 	 	 
	 	(ii) 	
      the Corporation shall offer for subscription pro rata to
      the holders of its Common Shares any additional shares of stock of any
      class or other rights;

	 	 	 
	 	(iii) 	
      there shall be any capital reorganization,
      reclassification, subdivision or consolidation of the capital stock of the
      Corporation, or consolidation or merger or amalgamation of the Corporation
      with, or sale of all or substantially all of its assets to, another
      corporation; or

	 	 	 
	 	(iv) 	
      there shall be a voluntary or involuntary dissolution,
      liquidation, or winding-up of the Corporation;

then, and in any one or more of such cases, the Corporation
shall give to the holder of this Warrant, at least five (5) days' prior written
notice of the date on which the books of the Corporation shall close or a record
shall be taken for such dividend, distribution or subscription rights, or for
determining rights to vote with respect to such reorganization,
reclassification, consolidation, merger, sale or amalgamation, dissolution,
liquidation or winding-up and in the case of any such reorganization,
reclassification, subdivision, consolidation, merger, amalgamation, sale,
dissolution, liquidation or winding-up, at least twenty (20) days' prior written
notice of the date when the same shall take place. Such notice in accordance
with the foregoing clause, shall also specify, in the case of any such dividend,
distribution or subscription rights, the date on which the holders of Common
Shares shall be entitled thereto, and such notice in accordance with the
foregoing shall also specify the date on which the holders of Common Shares
shall be entitled to exchange their Common Shares for securities or other
property deliverable upon such reorganization, reclassification, subdivision,
consolidation, merger, amalgamation, sale, dissolution, liquidation or
winding-up as the case may be. Each such written notice shall be given by
dissemination of press release or by first class mail, registered postage
prepaid, addressed to the holder of this Warrant at the address of such holder,
as shown on the books of the Corporation. 

	3. 	
      As used herein, the term "Common Shares" shall mean and
      include the Corporation's presently authorized Common Shares and shall
      also include any capital stock of any class of the Corporation hereafter
      authorized which shall not be limited to a fixed sum or percentage in
      respect of the rights of the holders thereof to participate in dividends
      and in the distribution of assets upon the voluntary or involuntary
      liquidation, dissolution or winding-up of the Corporation.

	 	 
	4. 	
      This Warrant shall not entitle the Holder hereof to any
      rights as a shareholder of the Corporation, including without limitation,
      voting rights.

	 	 
	5. 	
      The Warrant holders may not convene a meeting to extend
      the term of the Warrants.

	 	 
	6. 	
      This Warrant is exchangeable, upon the surrender hereof
      by the Holder hereof at the office of the Transfer Agent of the
      Corporation, for new Warrants of like tenor representing in the aggregate
      the right to subscribe for and purchase the number of shares which may be
      subscribed for and purchased hereunder, each of such new Warrants to
      represent the right to subscribe for and purchase such number of Common
      Shares as shall be designated by such Holder hereof at the time of such
      surrender.

- 2 - 

IN WITNESS WHEREOF ENERTOPIA CORPORATION. has caused this
Warrant to be signed by its duly authorized officers under its corporate seal
and this Warrant to be executed this 31 day of January, 2014. 

ENERTOPIA CORPORATION. 

_______________________________________________
Authorized
Signatory – Robert McAllister, President / CEO 

_______________________________________________
Authorized
Signatory – Bal Bhullar, CFO

WARRANT SUBSCRIPTION FORM 

The undersigned hereby subscribes for the number of the common
shares indicated below pursuant to the terms of the Warrant, and encloses
herewith original warrant no. _________ together with a certified cheque payable
to or to the order of ENERTOPIA CORPORATION. in full payment of the purchase
price for that number of common shares. 

	Full Name, Address and Occupation 	Number of Shares 	Payment Enclosed 
	____________________________  	  	  
	____________________________   	______________ 	$______________ 
	Occupation 	  	  

DATED at _________________, this _____ day of 
________________, 20____. 

__________________________
Authorized Signatory 

- 5 -

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