Document:

ex426.htm

     

    
      Exhibit
4.26

      

      

      NORTHCORE
TECHNOLOGIES INC.

      (the
“Company”)

      

      AUDIT
COMMITTEE CHARTER

      

      Adopted
by the Board of Directors on May 18, 2005

      

      Organization

      

      There
shall be a committee of the Board of Directors (the “Board”) to be known as the
Audit Committee (the “Committee”).  The Committee shall be composed of
at least three directors and any vacancies shall be filled as soon as
practicable.

      

      All of
the members of the Committee must be “independent”1
as such term is defined in Multilateral Instrument 52-110 “Audit Committees”
(the “Instrument”) (or exempt therefrom), and free of any relationship that, in
the opinion of the Board, would interfere with the exercise of his or her
independent judgment as a member of the Committee.

      

      All
members of the Committee should have a working familiarity with basic finance
and accounting practices and be “financially literate”2
as such term is defined in the Instrument.

      

      The
Committee members and the Committee chairman shall be appointed by the Board and
members of the Committee shall hold office until the next annual meeting of the
shareholders or until they cease to be directors of the Company. Where a vacancy occurs
at any time in the membership of the Committee, it may be filled by the Board on
the recommendation of the Committee, and shall be filled by the Board if
membership of the Committee falls below three directors.  If the Chair
of the Committee is absent from any meeting, the Committee shall select one of
the other members of the Committee to preside at the meeting.

       

       

       

       

       

       

        
          

        

      

      
        1 Meaning
of Independence pursuant to s. 1.4 of the Instrument – A member of an audit
committee is independent if the member has no direct or indirect material
relationship with the issuer and subject to subsections 1.4(2) through (8) of
the Instrument.

      

       

      
        2 Meaning
of Financial Literacy pursuant to s. 1.5 of the Instrument - An individual is
financially literate if he or she has the ability to read and understand a set
of financial statements that presents a breadth and level of complexity of
accounting issues that are general comparable to the breadth and complexity of
the issues that can reasonably be expected to be raised by the issuer’s
financial statements.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      The
Chair of the Committee shall be responsible for:

      

      (i)
developing and setting the agenda for Committee meetings; and

      (ii)
determining the time, place and frequency of Committee meetings.

      Any
member of the Committee or the external auditor may call a meeting of the
Committee.

      

      The
quorum for a meeting of the Committee is a majority of the members. With the
exemption of the foregoing quorum requirement, the Committee may determine its
own procedures.

      

      Notice
of the time and place of every meeting shall be given in writing, verbally, by
facsimile or by phone to each member of the Committee, the Chairman of the
Board, the Chief Executive Officer of the Company and the Chief Financial
Officer of the Company, at least 48 hours prior to the time fixed
for the meeting.  The notice period may be waived by all members of
the Committee. The external auditor of the Company shall be given notice of
every meeting of the Committee, and, at the expense of the Company, shall be
entitled to attend and be heard thereat. If requested by a member
of the Committee, the external auditor shall attend every meeting of the
Committee held during the term of office of the external auditor.

      

      Statement of
Policy

      

      The
Committee shall provide assistance to the Board in fulfilling their
responsibility to the shareholders, potential shareholders and the investment
community relating to:

      

      (i)
corporate accounting;

      (ii)  reporting
practices of the Company;

      (iii)  the
quality and integrity of the financial reports of the Company;

      (iv)
the Company’s compliance with legal and regulatory requirements, as they relate
to the Company’s financial statements;

      (v) the
qualifications, independence and performance of the external
auditor;

      (vi)
internal controls and disclosure controls;

      (v) the
performance of the Company’s internal audit function; and

      (vi)
performing the additional duties set out in this Charter or otherwise delegated
to the Committee by the Board.

      

      In so
doing, it is the responsibility of the Committee to maintain free and open means
of communications between and among the auditors, the directors and the
financial management of the Company.

      

      Authority and
Responsibilities

      

      In
carrying out its responsibilities, the Committee believes its policies and
procedures should remain flexible, in order to best react to changing conditions
and to ensure that the corporate accounting and reporting practices of the
Company are in accordance with all applicable requirements and are of the
highest quality.  The duties and responsibilities of the members of
the Committee are in addition to those of a member of the Board.

      

      The
Company’s external auditor is required to report directly to the
Committee.

      

      In
carrying out these responsibilities, the audit committee will:

      

      
        	
                1.

              	
                General. Provide an open
      avenue of communication among the directors, auditors and financial
      management of the Company.

              

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      
        	
                 
      

              	
                The
      Committee has the authority:

              

      

      

      
        	
                 
      

              	
                (i)
      to engage independent counsel and other advisors as it determines
      necessary to carry out its duties,

              

      

      
        	
                 
      

              	
                (ii)
      to set and pay the compensation for any advisors employed by the audit
      committee, and

              

      

      
        	
                 
      

              	
                (iii)
      to communicate directly with the internal and external
      auditors.

              

      

      

      
        	
                2.

              	
                Committee Charter.
      Review and update the Committee’s charter
  annually.

              

      

      

      
        	
                3.

              	
                Auditor Selection.
      Review and recommend to the Board the auditors to be selected to be
      nominated for the purpose of preparing or issuing an auditor’s report or
      performing other audit, review or attest services for the Company and
      review and recommend the compensation of the independent
      auditor.

              

      

      

      
        	
                4.

              	
                Auditor
      Oversight.  Be directly responsible for overseeing the
      work of the external auditor engaged for the purpose of preparing or
      issuing an auditor's report or performing other audit, review or attest
      services for the issuer, including the resolution of disagreements between
      management and the external auditor regarding financial
      reporting.

              

      

      

      
        	
                5.

              	
                Review of Audit. Meet
      with the auditors, the Board and financial management of the Company to
      review the scope of the proposed audit for the current year and the audit
      procedures to be utilized, and at the conclusion thereof, review such
      audit, including any comments or recommendations of the
      auditors.

              

      

      

      
        	
                6.

              	
                Appointment of CFO.
      Review and concur in the appointment, replacement, reassignment, or
      dismissal of the Chief Financial Officer (the “CFO”) and any other key
      financial executives involved in the financial reporting
      process.

              

      

      
      

       

      
        
        

        
          	
                  7.

                	
                  Auditor Independence.
      Confirm and assure the independence of the
  auditors.

                

      

      
        	
                8.

              	
                Review Financial Reporting and
      Accounting Standards. Review with the auditors, the competitiveness
      and suitability of the financial and accounting personnel and the adequacy
      and effectiveness of the financial reporting and accounting standards and
      controls of the Company, and elicit any recommendations for the
      improvement of such internal control procedures or particular areas where
      new or more detailed controls or procedures are
      desirable.  Particular emphasis should be given to the adequacy
      of such internal controls to expose any payments, transactions, or
      procedures that might be deemed illegal or otherwise
      improper.   The Committee is also responsible for reviewing
      the Company’s accounting policy note to ensure completeness and
      acceptability with GAAP as part of the approval of the financial
      statements.

              

      

      

      
        	
                9.

              	
                Internal Audit Function.
      Review the applicability of an internal audit function of the Company
      including the independence and authority of its reporting obligations, the
      proposed audit plans for the coming year and the coordination of such
      plans with the auditors.

              

      

      

      
        	
                10.

              	
                Pre-approval of Non-audit
      Services. Be responsible for the pre-approval of all non-audit
      services to be provided to the Company or its subsidiary entities by the
      independent auditor.

              

      

      

      
        	
                11.

              	
                Review Annual Financial
      Statements. Review the annual financial statements and MD&A
      contained in the annual report to shareholders with management and the
      auditors to determine that the auditors are satisfied with the disclosure
      and content of the financial statements to be presented to the
      shareholders. Upon review, recommend the annual financial statements and
      MD&A for approval by the Board.  Any changes in accounting
      principles should be reviewed.

              

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      
        	
                12.

              	
                Review Interim
      Financials. Review with management and the CFO the interim
      financial reports and MD&A and recommend that such reports and
      MD&A be approved by the Board before they are filed with the OSC, SEC
      or other regulators.

              

      

      

      
        	
                13.

              	
                Risk and
      Uncertainty.  The Committee is responsible for reviewing,
      as part of its approval of the financial statements, uncertainty notes and
      disclosures, and MD&A
disclosures.

              

      

      

      
        	
                14.

              	
                Press Releases and
      MD&A. Prior to release, review with management and, where
      necessary, recommend for approval by the Board any press releases and
      MD&A that disclose annual or interim financial results or that contain
      other significant financial
information.

              

      

      

      
        	
                 
      

              	
                The
      Committee is responsible for being satisfied that adequate procedures are
      in place for the review of the Company’s public disclosure of financial
      information extracted or derived from the Company’s financial statements,
      other than the public disclosure referred to in the preceding paragraph,
      and must periodically assess the adequacy of those
    procedures.

              

      

      

      
        	
                15.

              	
                Review Related Party and
      Conflicts of Interest. Review with management and the independent
      auditor significant risks or exposures and assess the steps management has
      taken to minimize such risk to the Company.  This includes a
      review of related party transactions and conflict of interest transactions
      and the public disclosure of such transactions, if
    required.

              

      

      

      
        	
                16.

              	
                Review of Accounting and
      Financial Disclosure Policies. Provide sufficient opportunity for
      the auditors to meet with the members of the audit committee without
      members of management present.  Among the items to be discussed
      in these meetings are the auditors’ evaluation of the Company’s accounting
      policies and the clarity of the financial information and disclosure
      practices adopted by the Company, and the cooperation that the auditors
      received during the course of the
audit.

              

      

      

      
        	
                17.

              	
                Audit Resources. Review
      accounting and financial human resources and succession planning and audit
      efforts of the Company to assure completeness of coverage, reduction of
      redundant efforts and the effective use of audit
  resources.

              

      

      

      
        	
                18.

              	
                Committee Minutes.
      Appoint a secretary to the Committee who need not be a director or officer
      of the Company and will submit the minutes of all meetings of the audit
      committee to, or discuss the matters discussed at each committee meeting
      with, the Board.

              

      

      

      
        	
                19.

              	
                Committee Reports.
      Report the Committee’s actions to the Board, including recommendations
      that the Committee may deem
appropriate.

              

      

      

      
        	
                20.

              	
                Review Internal
      Controls. Be responsible for reviewing the plan and scope of the
      annual audit with respect to planned reliance and testing of controls, and
      for reviewing major points contained in the auditor’s management letter
      resulting from control evaluation and testing.  The Committee is
      also responsible for receiving reports from management when significant
      control deviations occur.

              

      

      

      
        	
                 
      

              	
                The
      Committee will also establish and review the Company’s procedures for
      the:

              

      

      

      •       Receipt,
retention and treatment of complaints regarding accounting, financial
disclosure, internal controls or auditing matters; and

      

      •       Confidential,
anonymous submission by employees regarding questionable accounting auditing and
financial reporting and disclosure matters.

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      
        	
                21.

              	
                Hiring
      Policies.  Be responsible for reviewing and approving the
      Company’s hiring policies regarding partners, employees and former
      partners and employees of the present and former external auditor of the
      Company.

              

      

      

      
        	
                22.

              	
                Authority to
      Investigate. Investigate any matter brought to its attention within
      the scope of its duties, with the power to retain outside counsel,
      accountants and others for this purpose if, in its judgment, that is
      appropriate.

              

      

      

      
        	
                23.

              	
                Review of Expense Accounts and
      Perquisites. Review policies and procedures with respect to expense
      accounts and perquisites, including their use of Company assets and
      address the results of any review of these areas with the
    CFO.

              

      

      

      
        	
                24.

              	
                Legal and Regulatory
      Matters. Review legal and regulatory matters that may have a
      material impact on the Company’s financial statements and on its
      compliance policies programs and procedures, including compliance with tax
      and financial reporting laws and regulations, if and when issues
      arise.

              

      

      

      
        	
                25.

              	
                Committee Letter for Annual
      Report. Prepare a letter for inclusion in the annual report that
      describes the Committee’s composition and responsibilities, and how they
      were discharged.

              

      

      

      
        	
                26.

              	
                Other Functions and
      Powers. The Committee will perform such other functions and
      exercise such other powers as are assigned by the Company’s charter or
      bylaws, or the Board or are prescribed from time to time for the audit
      committee of a reporting company in Parts 2 and 4 of the Instrument and
      other relevant legislation.

              

      

      

      .ex427.htm

    Exhibit
4.27

     

    
      
        	
                NORTHCORE
      TECHNOLOGIES INC.

              	
                              Equity
      Offering (June, 2007)
Subscription

              

      

    

    
      	
              TO SUBSCRIBE, EACH SUBSCRIBER
      MUST RETURN THE FOLLOWING:

              a.            □ Duly completed and
      executed Subscription Agreement (complete cover page):

              b.            □ Subscription Funds by
      direction, certified cheque, bank draft, money order or wire
      transfer;

              c.            □ Duly completed and
      executed Accredited Investor Certificate (attached as schedule “D”);
      and

              d.            □ Duly completed and
      executed Offshore Subscriber Certificate (attached as schedule “E”, if
      applicable).

            

    

    

    

    SUBSCRIPTION
AGREEMENT

    (for
Ontario, Alberta and Non-Canadian/Non-U.S. Subscribers)

     

    
      	
              TO:

            	
              Northcore
      Technologies Inc.  (the “Corporation”)

            
	
              RE:

            	
              Equity
      Offering private placement of common shares in the capital of the
      Corporation (the “Offering”).

            

    

     

    Details
of Subscription

     

    The
undersigned (the “Subscriber”) hereby
irrevocably subscribes, subject to the terms and conditions set forth in this
subscription agreement, for common shares (the “Common Shares”) in the capital
of the Corporation with the following specific purchase
instructions.  The particulars of the Offering and the securities
issuable thereto (together with certain other material covenants and
acknowledgements) are set out in Schedules “A” and “B” to this subscription
agreement and certain representations and warranties to be made by the
Subscriber so that the Corporation can ensure compliance with applicable
securities laws are set out in Schedule “C” to this subscription agreement, all
of which form part of and are hereby incorporated as part of this subscription
agreement.

     

    Ontario and Alberta
Subscribers:

     

    Complete
and sign the Subscription Agreement and the Accredited Investor Certificate -
Schedule “D”.

     

    Non Canadian and Non U.S.
Subscribers:

     

    Complete
and sign the Subscription Agreement and the Offshore Subscriber Certificate -
Schedule “E”.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Please print all information
(other than signatures), as applicable, in the spaces provided
below.

     

    
      	
               

              Re: Northcore
      Technologies Inc. - Equity Offering (June 2007)
      Subscription

               

            
	
               

              Number
      of
      Shares:___________________________________________________________________________________________________________________________________________________________________

               

            
	
               

              Purchase
      Price (at $0.15 per Common Share):
      _____________________________________________________________________________________________________________________________________________

               

            
	 
      	 
      	 
      
	
              Subscriber
      Details

               

                    
                
      

              Name
      of Subscriber

               

              By:______________________________________________________________________________________

                                                      Authorized
      Signature

               

               

                
      

              Official
      Capacity or Title (if Subscriber is not an individual)

               

               

                
      

              Name
      of individual whose signature appears above if different from name of
      Subscriber printed above

               

                
      

               

                
      

            	 
      	
              Registration
      Instructions (if different from name of 

              Subscriber
      and address set out in the box to the left):

               

              

                
      

              Name

               

               

              

                
      

              In
      Trust For, if applicable

              Account
      Reference, if applicable

               

                
      

               

                
      

               

              

                
      

              Address,
      including postal code

            
	 
      
	 
      
	 
      	 
      	 
      
	
               

               

                
      

              Address
      of Subscriber, including province and postal code

               

               

              Telephone
      Number: ______________________________________________________

               

              Fax
      Number:____________________________________________________________

               

              E-mail
      Address:__________________________________________________________

            	 
      	
              Delivery
      Instructions (if different from name of Purchaser and address set
      out in the box to the left):

               

              

                
      

              Name

               

               

                
      

              Account
      Reference, if applicable

               

               

               

               

               

              

                
      

              Address,
      including province and postal code

               

            
	 
      
	
              Disclosed
      Principal (please complete if purchasing as agent or trustee for a
      disclosed principal

              Name of
      Principal:

               

              Principal’s
      Address:  ____________________________________________________________________

                (Street Address)
      

                               

              
                                                 
       ____________________________________________________________________

                  (City and Province)
      

              

               

              
                                     ____________________________________________________________________

                   (Postal
      Code)

              

            	 
      	 
      

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    The
Subscriber acknowledges its consent and request that this subscription agreement
(including all schedules hereto) and all other documents evidencing or relating
in any way to its purchase of Common Shares be drawn up in the English language
only.  Nous
reconnaissons par les présentes avoir consenti et demandé à ce que la présente
convention de souscription (et les annexes s’y rapportant) et tous les autres
documents faisant foi ou se rapportant de quelque manière à notre souscription
soient rédigés en anglais seulement.

     

    IN WITNESS WHEREOF the
Subscriber has executed, or caused its duly authorized representative to
execute, this subscription agreement on this            
day of                                 
, 2007.

     

    
      	
               

              _____________________________________

            	 
      	
               

              ______________________________________

            
	
              Signature
      of Subscriber (if an individual)

            	 
      	
              Name
      of Subscriber (if an individual)

            
	 
      	 
      	 
      
	
              _____________________________________

            	 
      	
              Per:

            	
              ______________________________________

            
	
              Name
      of Subscriber (if an individual)

            	 
      	
              (signature
      of authorized representative)

            
	 
      	 
      	 
      
	 
      	 
      	
              ______________________________________

            
	 
      	 
      	
              Name
      and Title of Authorized
Representative

            

    

    

     

    ACCEPTANCE

     

    The
foregoing is acknowledged, accepted and agreed to this                
day  of                                 
, 2007.

     

    
      	
              NORTHCORE
      TECHNOLOGIES INC.

               

            
	
              Per:

            	 
      
	 
      	 
      

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    SCHEDULE
“A”

     

    This
is Schedule “A” to the subscription agreement relating to the purchase of Common
Shares of Northcore Technologies Inc. (the “Corporation”).

     

    TERMS
OF THE OFFERING

     

    1.           Offering.  The
common shares (the “Common
Shares”) of the Corporation subscribed for hereunder form the total sale
by the Corporation of up to 3,520,000 Common Shares (the
“Offering”). The
Offering is being made on a best efforts private placement basis.

     

    2.           Definitions.  In
this subscription agreement and the schedules to this subscription agreement the
defined terms set out in the first page of this subscription agreement or as set
out in Section 1 above shall apply and, unless the context otherwise
requires:

     

    “Applicable Securities Laws”
means the applicable securities laws of the Provinces of Ontario and Alberta as
the case may be, and the regulations and rules made and forms prescribed
thereunder, together with all applicable instruments, published policy
statements, blanket orders, notices, rulings and rules of the Ontario Securities
Commission and the Alberta Securities Commission.

     

    “Business Day” means a day
other than a Saturday, Sunday or statutory or banking holiday in Toronto,
Ontario;

     

    “Closing Date” means on or
about June 15, 2007, or such other date or dates as the Corporation may
designate;

     

    “Closing Time” means 10:00 a.m.
(Toronto time) on the Closing Date, or such other time on the Closing Date as
the Corporation may designate;

     

    “Common Share” means one common
share in the capital of the Corporation;

     

    “Corporation’s Information
Record” means any statement contained in any press release, material
change report, financial statements or other document of the Corporation which
has been or is publicly disseminated, whether pursuant to any Applicable
Securities Laws or otherwise, prior to the Closing Time;

     

     “Hold Period” means four months
and one day from the Closing Date and in the case of a purchaser who is an
insider of the Issuer for the purposes of the Securities Act (Ontario)
means 6 months from the Closing Date;

     

    “including” means including
without limitation;

     

    “material” means material in
relation to the Corporation;

     

    “material change” means any
change in the business, operations, assets, liabilities, ownership or capital of
the Corporation, on a consolidated basis, that would reasonably be expected to
have a significant effect on the market price or value of the Common Shares and
includes a decision to implement such a change made by the board of directors of
the Corporation or by senior management of the Corporation who believe that
confirmation of the decision by the board of directors is probable;

     

    “material fact” means any fact
that significantly affects or would reasonably be expected to have a significant
effect on the market price or value of the Common Shares;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    “misrepresentation” means an
untrue statement of material fact, or an omission to state a material fact that
is required to be stated or that is necessary to make a statement not misleading
in the light of the circumstances in which it was made;

     

    “Purchasers” means those
persons who subscribe for Common Shares under the Offering, including the
Subscriber;

     

    “Regulation S” means Regulation
S under the U.S. Securities Act;

     

    “TSX” means the Toronto Stock
Exchange;

     

    “United States” means the
United States as that term is defined in Regulation S;

     

    “U.S. Person” means a U.S.
Person as that term is defined in Regulation S;

     

    “U.S. Securities Act” means the
Securities Act of 1933,
as amended, of the United States of America;

     

    3.           Currency.  All
dollar amounts referred to in this subscription agreement and the schedules
thereto are expressed in Canadian funds.

     

    4.           Representations and Warranties of the
Corporation.  The Corporation hereby represents and warrants
for the benefit of the Subscribers as follows:

     

    (a)           the
Corporation is (and will be at the Closing Time) a reporting issuer in the
Provinces of Ontario, Alberta and British Columbia, and is in compliance with
all material obligations under Applicable Securities Laws of such
jurisdictions;

     

    (b)           the
Corporation has been duly incorporated and organized and is validly subsisting
under the laws of the Province of Ontario and has all requisite corporate power
and authority to own its assets and to carry on its business as currently
conducted;

     

    (c)           the
Corporation is conducting its business in material compliance with all
applicable laws, rules and regulations of each jurisdiction in which its
business is carried on and is duly licensed, registered or qualified in all
jurisdictions in which it owns, leases or operates its property or carries on
business to enable its business to be carried on as now conducted and its
property and assets to be owned, leased and operated and all such licences,
registrations and qualifications are and will at the Closing Time be valid,
subsisting and in good standing, except in respect of matters which do not and
will not result in any adverse material change in respect of the Corporation,
and except for the failure to be so qualified or the absence of any such
license, registration or qualification which does not and will not have a
material adverse effect on the assets or properties, business, results of
operations, prospects or condition (financial or otherwise) of the Corporation
and its subsidiaries, on a consolidated basis;

     

    (d)           the
Corporation has all required corporate power and authority to enter into and
carry out the provisions of this subscription agreement and the transactions
contemplated hereby and all necessary corporate action has been taken or will
have been taken prior to the Closing Time by the Corporation to duly authorize
the execution and delivery of this subscription agreement and such other
agreements and instruments and the consummation of the transactions contemplated
thereby and so as to validly create and irrevocably allot for issuance the
Common Shares subscribed thereby.

     

    (e)           the
Corporation is neither in default or in breach in any material respect of, and
the execution and delivery of this subscription agreement by the Corporation,
the performance and compliance with the terms of this subscription agreement,
the issue and sale of the Common Shares will not result in any breach of, or be
in conflict with or constitute a default under, or create a state of facts
which, after notice or lapse of time, or both, would constitute a default either
directly or indirectly under any term or provision of the constating documents,
by-laws or resolutions of the Corporation or any material mortgage, note,
indenture, contract, agreement, instrument, lease or other document to which it
is a party or by which it is bound;

     

    
      
        
        

      

      
        A -
2

        
          

        

      

      
        
        

      

    

    (f)           the
Common Shares issuable pursuant to the Offering will be validly issued and
outstanding as fully paid and non-assessable;

     

    (g)           no
approval, authorization, consent or other order of, and no filing, registration
or recording with, any governmental authority is required by the Corporation in
connection with the execution and delivery or with the performance by the
Corporation of this subscription agreement except in compliance with and the
rules of the TSX;

     

    (h)           to
the best of the Corporation’s knowledge, information and belief, no portion of
the Corporation’s Information Record contained a misrepresentation as at its
date of public dissemination;

     

    (i)           there
has been no adverse material change in relation to the Corporation since March
23, 2007, and no adverse material fact exists in relation to the Corporation or
its securities which, in either case, has not been generally disclosed or
disclosed in the Corporation’s Information Record;

     

    (j)           this
subscription agreement and all other agreements required in connection with the
issue and sale of the Common Shares have been or will be, at or prior to the
Closing Time, duly authorized, executed and delivered by the Corporation and
will be valid and binding obligations of the Corporation enforceable in
accordance with their respective terms (except as the enforceability thereof may
be limited by (i) bankruptcy, insolvency or similar laws affecting creditors’
rights generally, (ii) general equitable principles or (iii) limitations under
applicable law in respect of rights of indemnity, contribution and waiver of
contribution); and

     

    (k)           the
Corporation intends that the net proceeds of the Offering will be used
substantially in the manner specified in Schedule “B” hereto.

     

    (l)           Forthwith
after the Closing, the Corporation shall file such forms and documents as may be
required under the Applicable Securities Laws relating to the Offering and any
further documents as may be required by any applicable regulatory authority
which, without limiting the generality of the foregoing, shall include a Form
45-501F1 as prescribed by the Securities Act (Ontario) and a Form 45-106F1 as
prescribed by National Instrument 45-106.

     

    5.           Reliance upon Representations,
Warranties and Covenants of the Corporation.  The Corporation
further agrees that, by delivering the Common Shares to the Subscriber, the
Corporation will be representing and warranting that the representations,
warranties and covenants contained in this subscription agreement are true as at
the Closing Time with the same force and effect as if they had been made by the
Corporation at the Closing Time.

     

    6.           Closing of
Purchase.  The Subscriber acknowledges and agrees that delivery
of the subscription agreement and payment for the Common Shares will be
completed at the offices of the Corporation or its legal counsel at 10:00 a.m.
(Toronto time) on the Closing Date.

     

    7.           Payment and
Delivery.  The Subscriber acknowledges and agrees to deliver to
the Corporation at the Valhalla Executive Centre, 302 The East Mall, Suite 300,
Toronto, Ontario M9B 6C7, (Attention: Oliver Jaakkola (fax number: (416)
640-0412), prior to the Closing Time:

     

    (a)           his
or her duly completed and executed subscription agreement (including Schedule
“D” or Schedule “E”, as applicable);

     

    (b)           payment
for the Common Shares subscribed for under this subscription agreement, in the
form of a direction
signed by the Subscriber directing the Corporation to apply the amount of
interest payable to the Subscriber on Subscriber’s Series (G) Note held by the
Corporation as payment for the Common
Shares subscribed for, or payment of the same amount in such other manner
as is acceptable to the Corporation; and

     

    
      
        
        

      

      
        A -
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    (c)           such
other documents as may be required pursuant to the terms of this subscription
agreement.

     

    8.           Conditions of
Closing.  This subscription is subject to acceptance by the
Corporation (as described below) and the receipt of consents from certain prior
investors.  The Offering is conditional upon, among other things, the
Corporation obtaining TSX approval and the Underlying Securities not being
subject to a hold period of more than four months and one day from the Closing
Date and the Common Shares being freely tradable on the TSX following the
expiration of such hold period.

     

    The
Subscriber acknowledges and agrees that the obligations of the Corporation
hereunder are conditional on the accuracy of the representations and warranties
of the Subscriber contained in this subscription agreement as of the date of
this subscription agreement, and as of the Closing Time as if made at and as of
the Closing Time, and the fulfillment of the following additional conditions as
soon as possible and in any event not later than the Closing Time unless other
arrangements acceptable to the Corporation have been made:

    

    (a)           the
Corporation shall have received all necessary approvals and consents, including
all necessary regulatory approvals and consents (including the approval of the
TSX) required for the completion of the transaction contemplated by this
subscription agreement;

     

    (b)           the
representations and warranties of the Corporation contained herein being true
and correct as of the Closing Time with the same force and effect as if made at
and as of the Closing Time after giving effect to the transactions contemplated
hereby;

     

    (c)           the
Corporation having complied with all covenants, and satisfied all terms and
conditions contained herein to be complied with and satisfied by the Corporation
at or prior to the Closing;

     

    (d)           the
Subscriber having completed this subscription agreement in full and having paid
the purchase price of the Common Shares subscribed for hereunder to the
Corporation in the manner contemplated in this subscription
agreement.

     

    If,
at the Closing Time, the terms and conditions contained herein have been
complied with, this completed subscription agreement has been delivered to the
Corporation and accepted by the Corporation and, unless other arrangements
acceptable to the Corporation have been made, the aggregate subscription proceeds
representing the Common Shares subscribed for hereunder have been paid in
accordance with Section 7 hereof, unless other arrangements have been made with
the Corporation, Commons Shares Certificates representing the Common Shares
subscribed for hereunder will be issued by the Corporation’s Transfer Agent,
Equity Transfer and Trust Company for delivery to the Subscriber in Toronto,
Ontario on or about the Closing Time. The Corporation will deliver such Common
Share Certificates to the address set out for delivery on page 2 of this
subscription agreement promptly after the closing of its Offering.

    

    9.           Acceptance or
Rejection.  The Corporation will have the right to accept or
reject in its sole discretion (in whole or in part) this subscription at any
time at or prior to the Closing Time, and the right is reserved to the
Corporation to allot to any Purchaser less than the Common Shares subscribed
for.  If this subscription is rejected in whole, any cheques or other
forms of payment delivered to the Corporation representing the Common Shares
subscribed for will be promptly returned to the Subscriber without interest or
deduction.  If this subscription is accepted only in part, a cheque
representing any refund of the purchase price of the Common Shares for that
portion of the subscription for Common Shares which is not accepted, will be
promptly delivered to the Subscriber without interest or
deduction.  The Subscriber acknowledges and agrees that the acceptance
of this subscription agreement will be conditional upon the sale of the Common
Shares to the Subscriber being exempt from any prospectus and registration
requirements of Applicable Securities Laws.  The Corporation be deemed
to have accepted this subscription agreement upon the delivery at closing of the
Common Share Certificates referred to in Section 8 above in accordance with the
provisions hereof.

     

    
      
        
        

      

      
        A -
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    10.           Information and
Documents.  The Subscriber acknowledges that pursuant to
Applicable Securities Laws, the Subscriber may be required to file a report with
a Securities Commission in the required form within 10 days of each disposition
of all or any of the Common Shares and, if so required, the Subscriber,
undertakes to file the required report.  The Corporation is not in any
way responsible for such filings or the payment of any related
fees.

     

    11.           Resale
Restrictions.  The Subscriber understands and acknowledges that
the Common Shares will be subject to certain resale restrictions under
Applicable Securities Laws and the Subscriber agrees to comply with such
restrictions.  Subscribers are advised to consult their own legal
advisors in this regard and no representations have been made to the Subscriber
by the Corporation with respect to such matters. The Subscriber also
acknowledges that it has been advised to consult its own legal advisors with
respect to applicable resale restrictions and that it is solely responsible for
complying with such restrictions (the Corporation is not in any manner
responsible for ensuring compliance by the Subscriber with such
restrictions).

     

    12.           No Revocation.  The
Subscriber agrees that this offer is made for valuable consideration and may not
be withdrawn, cancelled, terminated or revoked by the Subscriber.

     

    13.           Indemnity.  The
Subscriber agrees to indemnify and hold harmless the Corporation, and its
directors, officers, employees, agents, advisers and shareholders from and
against any and all loss, liability, claim, damage and expense whatsoever
(including, any and all fees, costs and expenses whatsoever reasonably incurred
in investigating, preparing or defending against any claim, lawsuit,
administrative proceeding or investigation whether commenced or threatened)
arising out of or based upon any representation, warranty or covenant of the
Subscriber contained herein or in any document furnished by the Subscriber to
the Corporation in connection herewith being untrue in any material respect or
any breach or failure by the Subscriber to comply with any covenant or agreement
made by the Subscriber herein or in any document furnished by the Subscriber to
the Corporation in connection herewith.

     

    14.           Modification.  Neither
this subscription agreement nor any provision hereof shall be modified, changed,
discharged or terminated except by an instrument in writing signed by the party
against whom any waiver, change, discharge or termination is
sought.

     

    15.           Miscellaneous.

     

    (a)           The
agreement resulting from the acceptance of this subscription agreement by the
Corporation contains the whole agreement between the parties hereto in respect
of the subject matter hereof and there are no warranties, representations,
terms, conditions or collateral agreements, express, implied or statutory, other
than as expressly set forth herein and in any amendments hereto.

     

    (b)           All
representations, warranties, agreements and covenants made or deemed to be made
by the Subscriber in this subscription agreement will survive the execution and
delivery, and acceptance, of this subscription agreement and the closing of the
Offering.

     

    (c)           Time
shall be of the essence of this subscription agreement.

     

    (d)           This
subscription agreement may be executed in any number of counterparts, each of
which when delivered, either in original or facsimile form, shall be deemed to
be an original and all of which together shall constitute one and the same
document.

     

    (e)           This
subscription agreement shall be construed and enforced in accordance with, and
the rights and obligations of the parties shall be governed by, the laws of the
province of Ontario and the laws of Canada applicable therein. Any and all
disputes arising under this subscription agreement, whether as to
interpretation, performance or otherwise, shall be subject to the non-exclusive
jurisdiction of the courts of the province of Ontario and each of the parties
hereto hereby irrevocably attorns to the jurisdiction of the courts of such
province.

     

    
      
        
        

      

      
        A -
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    (f)           This
subscription agreement shall be construed and enforced in accordance with, and
the rights and obligations of the parties shall be governed by, the laws of the
province of Ontario and the laws of Canada applicable therein. Any and all
disputes arising under this subscription agreement, whether as to
interpretation, performance or otherwise, shall be subject to the non-exclusive
jurisdiction of the courts of the province of Ontario and each of the parties
hereto hereby irrevocably attorns to the jurisdiction of the courts of such
province.

     

    16.           Notices.

     

    (a)           Any
notice, direction or other instrument required or permitted to be given to
Corporation shall be in writing and shall be sufficiently given if delivered
personally, or transmitted by facsimile tested prior to transmission to the
Corporation, as follows:

     

    (i)
in the case of the Corporation to:

     

    Northcore
Technologies Inc.

    302
The East Mall, Suite 300

    Toronto,
Ontario

    M9B
6C7

    

    Attention:   
Oliver Jaakkola

    Fax:               416-640-0412

    

    (ii)
in the case of the Subscriber, at the address specified on the face page
hereof.

    

    (b)           Any
such notice, direction or other instrument, if delivered personally, shall be
deemed to have been given and received on the day on which it was delivered,
provided that if such day is not a Business Day then the notice, direction or
other instrument shall be deemed to have been given and received on the first
Business Day next following such day and if transmitted by fax, shall be deemed
to have been given and received on the day of its transmission, provided that if
such day is not a Business Day or if it is transmitted or received after the end
of normal business hours then the notice, direction or other instrument shall be
deemed to have been given and received on the first Business Day next following
the day of such transmission.

     

    (c)           Any
party hereto may change its address for service from time to time by notice
given to each of the other parties hereto in accordance with the foregoing
provisions.

     

    
      
        
        

      

      
        A -
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    SCHEDULE
“B”

     

    This
is Schedule “B” to the subscription agreement relating to the purchase of Common
Shares of Northcore Technologies Inc. (the “Corporation”). Capitalized
terms used but not defined in this Schedule are intended to have the meanings
ascribed thereto, as applicable, on the first page of this subscription
agreement and section 1 and 2 of Schedule “A” to this Subscription
Agreement.

     

    NORTHCORE
TECHNOLOGIES INC.

    

    Summary
of Proposed Terms of the

    Offering
of Common Shares for Interest Debt on Series (G) Notes

    by
way of Private Placement

     

    (the
“Equity
Offering”)

     

    
      	
              Issuer:

            	
              Northcore
      Technologies Inc. (“Northcore” or the “Corporation”)

            	 
      
	 
      	 
      	 
      
	
              Offering:

            	
              Offering
      of up to 3,520,000 Common
      Shares to be issued by way of private placement exemptions from
      prospectus and registration requirements in the Provinces of Ontario and
      Alberta and such applicable Non-Canadian/Non-U.S. jurisdictions, subject
      to the receipt of any applicable regulatory and stock exchange
      approvals.

            	 
      
	 
      	 
      	 
      
	
              Proceeds:

            	
              $528,000 debt
      repayment

            	 
      
	 
      	 
      	 
      
	
              Issue
      Price:

            	
              $0.15
      per Common Share (based on the volume weighted average trading price of
      the Common Shares over a 20 day trading period at the time of
      issuance)

            	 
      
	 
      	 
      	 
      
	
              Use
      of Proceeds:

            	
              To
      satisfy interest debt on the Corporation’s Series (G)
Notes

            	 
      
	 
      	 
      	 
      
	
              Hold
      Period:

            	
              The
      Corporation will be a “reporting issuer” on the Closing Date, such that it
      is expected that the securities will have a hold period of four months
      from the Closing Date.

            	 
      
	 
      	 
      	 
      
	
              Form
      of Offering:

            	
              Private
      placement to accredited investors in Ontario under OSC Rule 45-501 or in
      such other jurisdictions in Canada, and outside North America under equivalent
    rules.

            	 
      
	 
      	 
      	 
      
	
              Closing
      Date:

            	
              On
      or about June 15, 2007 or such other date or dates as the Corporation may
      determine (the “Closing Date”).

            	 
      

    

     

    
 

    
      
        
        

      

      
        B -
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    SCHEDULE
“C”

     

    SUBSCRIBER’S
REPRESENTATIONS AND WARRANTIES

     

    This
is Schedule “C” to the subscription agreement relating to the purchase of Common
Shares of Northcore Technologies Inc. (the “Corporation”). Capitalized terms used
but not defined in this Schedule are intended to have the meanings ascribed
thereto, as applicable, on the first page of this subscription agreement and
section 1 and 2 of Schedule “A” to this Subscription Agreement.

     

    By
executing this subscription agreement, the Subscriber represents and warrants to
the Corporation, which representations and warranties are true as of the date of
this subscription agreement and will be true as of the Closing Date,
that:

     

    
      	
              1.

            	
              Representations and
      Warranties

            

    

     

    
      	
               
      

            	
              (a)

            	
              Authorization and
      Effectiveness.  If the Subscriber is a corporation, the
      Subscriber is a valid and subsisting corporation, has the necessary
      corporate capacity and authority to execute and deliver this subscription
      agreement and to observe and perform its covenants and obligations
      hereunder and has taken all necessary corporate action in respect
      thereof.  If the Subscriber is a partnership, syndicate or other
      form of unincorporated organization, the Subscriber has the necessary
      legal capacity and authority to execute and deliver this subscription
      agreement and to observe and perform its covenants and obligations
      hereunder and has obtained all necessary approvals in respect
      thereof.  If the Subscriber is a natural person, he or she has
      obtained the age of majority and is legally competent to execute this
      subscription agreement and to take all actions required pursuant
      thereto.

            

    

     

    Whether
the Subscriber is a natural person or a corporation, partnership or other
entity, upon acceptance by the Corporation, this subscription agreement will
constitute a legal, valid and binding contract of the Subscriber, and any
beneficial purchaser for whom it is purchasing, enforceable against the
Subscriber and any such beneficial purchaser in accordance with its
terms.

     

    
      	
               
      

            	
              (b)

            	
              Residence.  The
      Subscriber or any beneficial purchaser on whose behalf the Subscriber is
      acting hereunder is a resident of, or otherwise subject to, the
      jurisdiction referred to under “Name and Address of Subscriber” on the
      first page of this subscription agreement, which address is the residence
      or place of business of the Subscriber or such beneficial purchaser and
      has not been created or used solely for the purpose of acquiring Common
      Shares, and neither the Subscriber or such beneficial
      purchaser:

            

    

     

    
      	
               
      

            	
              (i)

            	
              is  (or  is
      purchasing Common Shares for the account or benefit of) a U.S.
      Person;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              was
      offered the Common Shares in the United States;
  and

            

    

     

    
      	
               
      

            	
              (iii)

            	
              executed
      or delivered this agreement in the United
  States.

            

    

     

    
      	
               
      

            	
              (c)

            	
              Investment
      Intent.  The Subscriber on its own behalf and on behalf
      of any beneficial purchaser on whose behalf the Subscriber is acting
      hereunder is acquiring Common Shares to be held for investment only and
      not with a view to resale or
distribution.

            

    

     

    
      	
               
      

            	
              (d)

            	
              Prospectus
      Exemptions.  The Subscriber or any beneficial purchaser
      on whose behalf the Subscriber is acting hereunder acknowledges and agrees
      that:

            

    

     

    the
sale and delivery of the Common Shares to the Subscriber is conditional upon
such sale being exempt from the requirements under Applicable Securities Laws
requiring the filing of a prospectus in connection with the distribution of the
Common Shares. The Subscriber acknowledges that it is aware that it is
purchasing the Common Shares pursuant to an exemption from the prospectus
requirement under applicable securities legislation and, as a consequence, (i)
it is restricted from using most of the civil remedies available under
securities legislation; (ii) it may not receive information that would otherwise
be required to be provided to it under securities legislation; and (iii) the
Corporation is relieved from certain obligations that would otherwise apply
under securities legislation.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              (e)

            	
              Offering
      Documents.  The Subscriber has not received, nor does the
      Subscriber need to receive, any document purporting to describe the
      business and affairs of the Corporation that has been prepared for
      delivery to and review by prospective investors (including a prospectus or
      offering memorandum) so as to assist those investors to make an investment
      decision in respect of securities being sold in a distribution of
      securities of the Corporation.

            

    

     

    
      	
               
      

            	
              (f)

            	
              No Solicitation or
      Advertising.  The Subscriber on its own behalf and on
      behalf of any beneficial purchaser on whose behalf the Subscriber is
      acting hereunder acknowledges that it has not purchased the Common Shares
      as a result of any general solicitation or general advertising, including
      advertisements, articles, notices or other communications published in any
      newspaper, magazine or similar media or broadcast over radio or television
      or other telecommunications (including electronic display), or any seminar
      or meeting whose attendees have been invited by any general solicitation
      or general advertising.

            

    

     

    
      	
               
      

            	
              (g)

            	
              No Undisclosed
      Information.  The Common Shares are not being purchased
      by the Subscriber as a result of any material information concerning the
      Corporation that has not been publicly disclosed and the Subscriber’s
      decision to tender this offer and acquire Common Shares has not been made
      as a result of any verbal or written representation as to fact or
      otherwise made by or on behalf of the Corporation, or any other person and
      is based entirely upon the currently available public information
      concerning the Corporation.

            

    

     

    
      	
               
      

            	
              (h)

            	
              Investment
      Suitability.  The Subscriber and any beneficial purchaser
      on whose behalf the Subscriber is acting hereunder have such knowledge and
      experience in financial and business affairs as to be capable of
      evaluating the merits and risks of the investment hereunder in Common
      Shares and are able to bear the economic risk of loss of such
      investment.  The Subscriber and any beneficial purchaser on
      whose behalf the Subscriber is acting hereunder acknowledge and agree that
      the Subscriber and such beneficial purchaser are responsible for obtaining
      such legal advice as the Subscriber or such beneficial purchaser considers
      appropriate in connection with the execution, delivery and performance by
      the Subscriber of this agreement and the transactions contemplated
      hereunder.

            

    

     

    
      	
               
      

            	
              (i)

            	
              Subscription
      Agreement.  The Subscriber on its own behalf and on
      behalf of any beneficial purchaser on whose behalf the Subscriber is
      acting hereunder has read and understands the contents of this agreement
      (including the Schedules hereto) and agrees to be legally bound
      hereby.

            

    

     

    
      	
               
      

            	
              (j)

            	
              No Transfer of Common Shares in
      U.S.  The Subscriber on its own behalf and on behalf of
      any beneficial purchaser on whose behalf the Subscriber is acting
      hereunder acknowledges that the Common Shares may not be offered, sold or
      otherwise transferred to persons in the United States or to U.S. Persons
      and may not be exercised in the United States or by or on behalf of a U.S.
      Person and the Subscriber and such beneficial purchaser understand that
      certificates representing the Common Shares issued to it will so
      indicate.

            

    

     

    
      	
               
      

            	
              (k)

            	
              Ontario and Alberta
      Subscribers.  If the Subscriber or any beneficial
      purchaser on whose behalf the Subscriber is acting hereunder is a resident
      of Ontario or Alberta, the Subscriber or its disclosed principal is an
      “accredited investor” within the meaning of National Instrument 45-106 -
      Prospectus and Registration Exemptions and falls within one or more of the
      sub-paragraphs of the definition of “Accredited Investor” set out in
      Schedule “D” hereto and the Subscriber or such beneficial purchaser has
      concurrently executed and delivered to the Corporation a certificate in
      the form attached as Schedule “D” (the Subscriber having checked the
      applicable subparagraph(s)).

            

    

     

     

    
      
        
        

      

      
        C -
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              (l)

            	
              Non-Canadian / Non-US
      Subscriber. If the Subscriber, or any beneficial purchaser for whom
      it is acting, is a resident of a non-Canadian/non-US jurisdiction, the
      Subscriber and its disclosed principal, if applicable, is recognized by
      the securities regulatory authority of such jurisdiction as an exempt
      subscriber, the subscription for the Common Shares by the Subscriber, or
      such beneficial purchaser, does not contravene any of the applicable
      securities legislation in the jurisdiction in which the Subscriber or such
      beneficial purchaser resides and does not give rise to any obligation of
      the Corporation to prepare and file a prospectus or similar document or to
      register the Common Shares or to be registered with or to file any report
      or notice with any governmental or regulatory authority, and the
      Subscriber or its disclosed principal has concurrently executed and
      delivered to the Corporation a certificate in the form attached as
      Schedule “E”.

            

    

     

    
      	
               
      

            	
              (m)

            	
              The
      execution and delivery of this subscription agreement, the performance and
      compliance with the terms hereof, the subscription for the Common Shares
      and the completion of the transactions described herein by the Subscriber
      will not result in any material breach of, or be in conflict with or
      constitute a material default under, or create a state of facts which,
      after notice or lapse of time, or both, would constitute a material
      default under any term or provision of the constating documents, by-laws
      or resolutions of the Subscriber, the Applicable Securities Laws or any
      other laws applicable to the Subscriber, any agreement to which the
      Subscriber is a party, or any judgment, decree, order, statute, rule or
      regulation applicable to the
Subscriber.

            

    

     

    
      	
               
      

            	
              (n)

            	
              The
      Subscriber is subscribing for the Common Shares as principal for its own
      account and not for the benefit of any other person (within the meaning of
      Applicable Securities Laws) and not with a view to the resale or
      distribution of all or any of the Common Shares or if it is not
      subscribing as principal, it acknowledges that the Corporation may be
      required by law to disclose to certain regulatory authorities the identity
      of each beneficial purchaser of the Common Shares for whom it is
      acting.

            

    

     

    
      	
               
      

            	
              (o)

            	
              In
      the case of a subscription for the Common Shares by the Subscriber acting
      as trustee or agent (including, for greater certainty, a portfolio manager
      or comparable adviser) for a principal, the Subscriber is duly authorized
      to execute and deliver this subscription agreement and all other necessary
      documentation in connection with such subscription on behalf of each such
      beneficial purchaser, each of whom is subscribing as principal for its own
      account, not for the benefit of any other person and not with a view to
      the resale or distribution of the Common Shares, and this subscription
      agreement has been duly authorized, executed and delivered by or on behalf
      of and constitutes a legal, valid and binding agreement of, such
      principal, and the Subscriber acknowledges that the Corporation may be
      required by law to disclose the identity of each beneficial purchaser for
      whom the Subscriber is acting.

            

    

     

    
      	
               
      

            	
              (p)

            	
              In
      the case of a subscription for the Common Shares by the Subscriber acting
      as principal, this subscription agreement has been duly authorized,
      executed and delivered by, and constitutes a legal, valid and binding
      agreement of, the Subscriber.  This subscription agreement is
      enforceable in accordance with its terms against the Subscriber and any
      beneficial purchasers on whose behalf the Subscriber is
      acting.

            

    

     

    
      	
               
      

            	
              (q)

            	
              There
      is no person acting or purporting to act in connection with the
      transactions contemplated herein who is entitled to any brokerage or
      finder’s fee.  If any person establishes a claim that any such
      fee or other compensation is payable in connection with this subscription
      for the Common Shares, the Subscriber covenants to indemnify and hold
      harmless the Corporation with respect thereto and with respect to all
      costs reasonably incurred in the defence
  thereof.

            

    

     

    
      	
               
      

            	
              (r)

            	
              The
      Subscriber is not, with respect to the Corporation or any of its
      affiliates, a control person (as defined in Applicable Securities
      Laws).

            

    

     

    
      	
               
      

            	
              (s)

            	
              If
      required by Applicable Securities Laws or the Corporation, the Subscriber
      will execute, deliver and file or assist the Corporation in filing such
      reports, undertakings and other documents with respect to the issue of the
      Common Shares as may be required by any securities commission, stock
      exchange or other regulatory
authority.

            

    

     

     

    
      
        
        

      

      
        C -
3

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              (t)

            	
              The
      Subscriber acknowledges that no representation has been made respecting
      the applicable hold periods imposed by the Applicable Securities Laws or
      other resale restrictions applicable to the Common Shares which restrict
      the ability of the Subscriber (or others for whom it is contracting
      hereunder) to resell such securities, that the Subscriber (or others for
      whom it is contracting hereunder) is solely responsible to find out what
      these restrictions are and the Subscriber is solely responsible (and the
      Corporation is not in any way responsible) for compliance with applicable
      resale restrictions and the Subscriber is aware that it (or beneficial
      purchasers for whom it is contracting hereunder) may not be able to resell
      such securities except in accordance with limited exemptions under the
      Applicable Securities Laws and other applicable
  laws.

            

    

     

    
      	
               
      

            	
              (u)

            	
              No
      person has made any written or oral
  representations:

            

    

     

    
      	
               
      

            	
              (i)

            	
              that
      any person will resell or repurchase the Common
  Shares;

            

    

     

    (ii)           that
any person will refund the purchase price of the Common Shares; or

     

    
      	
               
      

            	
              (iii)

            	
              as
      to the future price or value of the Common
  Shares.

            

    

     

    
      	
               
      

            	
              (v)

            	
              The
      Subscriber, on its own behalf and, if applicable, on behalf of others for
      whom it is acting hereunder, acknowledges and agrees as
      follows:

            

    

     

    
      	
               
      

            	
              (i)

            	
              No
      securities commission, agency, governmental authority, regulatory body,
      stock exchange or other regulatory body has reviewed or passed on the
      merits of the Common Shares.

            

    

     

    
      	
               
      

            	
              (ii)

            	
              The
      Subscriber’s ability to transfer the Common Shares is limited by, among
      other things, Applicable Securities
Laws.

            

    

     

    
      	
               
      

            	
              (iii)

            	
              The
      certificates representing the Common Shares will bear, as of the Closing
      Date, a legend substantially in the following form and with the necessary
      information inserted:

            

    

     

    UNLESS PERMITTED UNDER
SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY
BEFORE <INSERT DATE THAT IS FOUR (4) MONTHS AND ONE (1) DAY AFTER CLOSING
DATE>.”

     

    
      	
               
      

            	
              (vi)

            	
              There
      is no government or other insurance covering the Common
      Shares.

            

    

     

    
      	
               
      

            	
              (vii)

            	
              There
      are risks associated with the purchase of the Common
    Shares.

            

    

     

    
      	
              2.

            	
              Reliance Upon Representations,
      Warranties and Covenants. The Subscriber acknowledges that the
      representations and warranties contained herein are made by the Subscriber
      with the intention that they may be relied upon by the Corporation in
      determining the Subscriber’s eligibility to purchase Common Shares under
      Applicable Securities Laws.  The Subscriber agrees that by
      accepting delivery of the Common Shares on the Closing Date, the
      Subscriber will be representing and warranting that the foregoing
      representations and warranties are true and correct as at the Closing Time
      with the same force and effect as if they had been made by the Subscriber
      at the Closing Time and that they will survive the purchase by the
      Subscriber of the Common  Shares and will continue in full force
      and effect notwithstanding any subsequent disposition by the Subscriber of
      such Common Shares.

            

    

     

    
      	
              3.

            	
              Personal
      Information.  The Subscriber and (if applicable) each
      disclosed principal understands that the Corporation may be required to
      provide any one or more of the Canadian securities regulators, stock
      exchanges, or other regulatory
      agencies or the Corporation’s transfer agent with the name, residential
      address, telephone number and e-mail address of the Subscriber and (if
      applicable) any disclosed principals as well as information regarding the
      number, aggregate purchase price and type of Common Shares purchased under
      this subscription agreement and the identities of any beneficial
      purchasers of the Common Shares (collectively, the "Information"), and may
      make any other filings of the Information as the Corporation or the
      Corporation’s counsel deems appropriate. In addition, the Information may
      be used by the Corporation for the purposes
      of:

            

    

     

     

    
      
        
        

      

      
        C -
4

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              (a)

            	
              completing
      the purchase of the Common Shares pursuant to this subscription
      agreement;

            

    

     

    
      	
               
      

            	
              (b)

            	
              complying
      with all corporate governance and continuous disclosure requirements under
      applicable securities laws; and

            

    

     

    
      	
               
      

            	
              (c)

            	
              contacting
      the Subscriber in its capacity as an
investor.

            

    

     

    The
Subscriber and (if applicable) any disclosed principals hereby consent to and
authorize the foregoing use and disclosure of such
Information.  Notwithstanding that the Subscriber may be purchasing
the Common Shares as agent on behalf of one or more undisclosed principals, the
Subscriber agrees to provide, on request, all particulars as to the identity of
such undisclosed principals as may be required by the Corporation in order to
comply with the foregoing.

     

    Each
Subscriber of Common Shares in Ontario authorizes the indirect collection of
Information by the Ontario Securities Commission and confirms that it has been
notified by the Corporation: (i) that the Corporation will be delivering the
Information to the Ontario Securities Commission; (ii) that such Information is
being collected indirectly by the Ontario Securities Commission under the
authority granted to it in Applicable Securities Laws; (iii) that such
Information is being collected for the purpose of the administration and
enforcement of Applicable Securities Laws; and (iv) that the title, business
address and business telephone number of the public official in the Province of
Ontario, who can answer questions about the Ontario Securities Commission’s
indirect collection of the Information as follows:

     

    
      	
               
      

            	
              Administrative
      Assistant to the Director of Corporate
Finance

            

    

    
      	
               
      

            	
              Ontario
      Securities Commission

            

    

    
      	
               
      

            	
              18th
      Floor, 20 Queen Street West

            

    

    
      	
               
      

            	
              Toronto,
      Ontario  M5H 2S8

            

    

    
      	
               
      

            	
              Telephone:
      (416) 597-0681

            

    

     

     

    
      
        
        

      

      
        C -
5

        
          

        

      

      
        
        

      

    

     

     

    SCHEDULE
“D”

     

    This is Schedule “D” to the subscription agreement relating
to the purchase of Common Shares of Northcore Technologies Inc. (the
“Corporation”). Capitalized terms used but not
defined in this Schedule are intended to have the meanings ascribed thereto, as
applicable, on the first page of this subscription agreement and section 1 and 2
of Schedule “A” to this Subscription Agreement.

     

    ACCREDITED
INVESTOR CERTIFICATE

     

    In
connection with the purchase of Common Shares, the undersigned hereby
represents, warrants and certifies to the Corporation that the undersigned (and
each disclosed principal, if applicable) is an “accredited investor” as defined
in Section 1.1 of National Instrument 45-106 - Prospectus and Registration
Exemptions and is purchasing the Common Shares as principal.

     

    The
undersigned has indicated below the categories that the undersigned (or the
disclosed principal) satisfies to qualify as an “accredited
investor”.

     

    The
undersigned understands that the Corporation and its counsel are relying on the
information contained in this certificate in order to determine whether the
Corporation may sell Common Shares to the undersigned in a manner exempt from
the prospectus and registration requirements of Applicable Securities
Laws.

     

    ACCREDITED
INVESTOR STATUS

     

    The
undersigned represents, warrants and certifies that it, he or she (or the
disclosed principal) is:  [initial each
applicable item]:

     

    
      	
              _____

            	
              (a)

            	
              a
      Canadian financial institution, or a Schedule III
    bank;

            
	 	 	 
	
              _____

            	
              (b)

            	
              the
      Business Development Bank of Canada incorporated under the Business Development Bank of
      Canada Act (Canada);

            
	 	 	 
	
              _____

            	
              (c)

            	
              a
      subsidiary of any person referred to in paragraphs (a) to (b), if the
      person owns all of the voting securities of the subsidiary, except the
      voting securities required by law to be owned by directors of that
      subsidiary;

            
	 	 	 
	
              _____

            	
              (d)

            	
              a
      person registered under the securities legislation of a jurisdiction of
      Canada as an adviser or dealer, other than a person registered solely as a
      limited market dealer under one or both of the Securities Act
      (Ontario) or the Securities Act
      (Newfoundland and Labrador);

            
	 	 	 
	
              _____

            	
              (e)

            	
              an
      individual registered or formerly registered under the securities
      legislation of a jurisdiction of Canada, as a representative of a person
      referred to in paragraph (d);

            
	 	 	 
	
              _____

            	
              (f)

            	
              the
      Government of Canada or a jurisdiction of Canada, or any crown
      corporation, agency or wholly owned entity of the Government of Canada or
      a jurisdiction of Canada;

            
	 	 	 
	
              _____

            	
              (g)

            	
              a
      municipality, public board or commission in Canada and a metropolitan
      community, school board, the Comité de gestion de la taxe scolaire de
      l'île de Montréal or an intermunicipal management board in
      Québec;

            
	 	 	 
	
              _____

            	
              (h)

            	
              any
      national, federal, state, provincial, territorial or municipal government
      of or in any foreign jurisdiction, or any agency of that
      government;

            

    

     

     

    
      
        
        

      

      
        D -
1

        
          

        

      

      
        
        

      

    

     

    
      	
              _____

            	
              (i)

            	
              a
      pension fund that is regulated by either the Office of the Superintendent
      of Financial Institutions (Canada) or a pension commission or similar
      regulatory authority of a jurisdiction of Canada;

            
	 	 	 
	
              _____

            	
              (j)

            	
              an
      individual who, either alone or with a spouse, beneficially owns, directly
      or indirectly, financial assets having an aggregate realizable value that
      before taxes, but net of any related liabilities, exceeds
      $1,000,000;

            
	 	 	 
	
              _____

            	
              (k)

            	
              an
      individual whose net income before taxes exceeded $200,000 in each of the
      two most recent calendar years or whose net income before taxes combined
      with that of a spouse exceeded $300,000 in each of the two most recent
      calendar years and who, in either case, reasonably expects to exceed that
      net income level in the current calendar year;

            
	 	 	 
	
              _____

            	
              (l)

            	
              an
      individual who, either alone or with a spouse, has net assets of at least
      $5,000,000;

            
	 	 	 
	
              _____

            	
              (m)

            	
              a
      person, other than an individual or investment fund, that has net assets
      of at least $5,000,000 as shown on its most recently prepared financial
      statements;

            
	 	 	 
	
              _____

            	
              (n)

            	
              an
      investment fund that distributes or has distributed its securities only
      to

               

              (i)   
      a person that is or was an accredited investor at the time of the
      distribution,

               

              (ii)  
      a person that acquires or acquired securities in the circumstances
      referred to under sections 2.10 [Minimum Amount
      Investment] and 2.19 [Additional Investment in
      Investment Funds] of National Instrument 45-106, or

               

              (iii)a
      person described in paragraph (i) or (ii) that acquires or acquired
      securities under section 2.18 [Investment Fund Reinvestment]
      of National Instrument 45-106;

            
	 	 	 
	
              _____

            	
              (o)

            	
              an
      investment fund that distributes or has distributed securities under a
      prospectus in a jurisdiction of Canada for which the regulator or, in
      Québec, the securities regulatory authority, has issued a
      receipt;

            
	 	 	 
	
              _____

            	
              (p)

            	
              a
      trust company or trust corporation registered or authorized to carry on
      business under the Trust
      and Loan Companies Act (Canada) or under comparable legislation in
      a jurisdiction of Canada or a foreign jurisdiction, acting on behalf of a
      fully managed account managed by the trust company or trust corporation,
      as the case may be;

            
	 	 	 
	
              _____

            	
              (q)

            	
              a
      person acting on behalf of a fully managed account managed by that person,
      if that person

               

              (i)  
      is registered or authorized to carry on business as an adviser or the
      equivalent under the securities legislation of a jurisdiction of Canada or
      a foreign jurisdiction, and

               

              (ii)  in
      Ontario, is purchasing a security that is not a security of an investment
      fund;

            
	 	 	 
	
              _____

            	
              (r)

            	
              a
      registered charity under the Income Tax Act (Canada)
      that, in regard to the trade, has obtained advice from an eligibility
      adviser or an adviser registered under the securities legislation of the
      jurisdiction of the registered charity to give advice on the securities
      being traded;

            
	 	 	 
	
              _____

            	
              (s)

            	
              an
      entity organized in a foreign jurisdiction that is analogous to any of the
      entities referred to in paragraphs (a) through (d) or paragraph (i)
      in form and function;

            

    

     

     

     

    
      
        
        

      

      
        D -
2

        
          

        

      

      
        
        

      

    

     

    
      	
              _____

            	
              (t)

            	
              a
      person in respect of which all of the owners of interests, direct,
      indirect or beneficial, except the voting securities required by law to be
      owned by directors, are persons that are accredited
    investors;

            
	 	 	 
	
              _____

            	
              (u)

            	
              an
      investment fund that is advised by a person registered as an adviser or a
      person that is exempt from registration as an adviser;
  or

            
	 	 	 
	
              _____

            	
              (v)

            	
              a
      person that is recognized or designated by the securities regulatory
      authority or, except in Ontario and Québec, the regulator as

               

              i.    an
      accredited investor, or

               

              ii.    an
      exempt purchaser in Alberta or British Columbia after National Instrument
      45-106 comes into force.

            

    

     

    For
the purposes hereof, the following terms shall have the following
meanings:

     

    "Affiliate" - a person is an
affiliate of another person if:

     

    
      	
               
      

            	
              (d)

            	
              one
      of them is the subsidiary of the other,
or

            

    

     

    
      	
               
      

            	
              (e)

            	
              each
      of them is controlled by the same
person.

            

    

     

    "Canadian financial
institution" means:

     

    
      	
               
      

            	
              (f)

            	
              an
      association governed by the Cooperative Credit
      Associations Act (Canada) or a central cooperative credit society
      for which an order has been made under section 473(1) of that Act;
      or

            

    

     

    
      	
               
      

            	
              (g)

            	
              a
      bank named in Schedule I or II of the Bank Act (Canada), loan
      corporation, trust company, trust corporation, insurance company, treasury
      branch, credit union, caisse populaire, financial services cooperative, or
      league that, in each case, is authorized by an enactment of Canada or a
      jurisdiction of Canada to carry on business in Canada or a jurisdiction in
      Canada.

            

    

     

    "control person" means any
person that holds or is one of a combination of persons that holds:

     

    
      	
               
      

            	
              (h)

            	
              a
      sufficient number of any of the securities of an issuer so as to affect
      materially the control of the issuer,
or

            

    

     

    
      	
               
      

            	
              (i)

            	
              more
      than 20% of the outstanding voting securities of an issuer except where
      there is evidence showing that the holding of those securities does not
      affect materially the control of the
issuer.

            

    

     

    "director" means:

    

    
      	
               
      

            	
              (j)

            	
              a
      member of the board of directors of a company or an individual who
      performs similar functions for a company,
and

            

    

     

    
      	
               
      

            	
              (k)

            	
              with
      respect to a person that is not a company, an individual who performs
      functions similar to those of a director of a
  company.

            

    

     

    "eligibility adviser"
means:

     

    
      	
               
      

            	
              (l)

            	
              a
      person that is registered as an investment dealer or in an equivalent
      category of registration under the securities legislation of the
      jurisdiction of a purchaser and authorized to give advice with respect to
      the type of security being distributed;
and

            

    

     

     

    
      
        
        

      

      
        D -
3

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              (m)

            	
              in
      Saskatchewan or Manitoba, also means a lawyer who is a practising member
      in good standing with a law society of a jurisdiction of Canada or a
      public accountant who is a member in good standing of an institute or
      association of chartered accountants, certified general accountants or
      certified management accountants in a jurisdiction of Canada provided that
      the lawyer or public accountant must
not:

            

    

     

    
      	
               
      

            	
              (i)

            	
              have
      a professional, business or personal relationship with the issuer, or any
      of its directors, executive officers, founders of control persons;
      and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              have
      acted for or been retained personally or otherwise as an employee,
      executive officer, director, associate or partner of a person that has
      acted for or been retained by the issuer or any of its directors,
      executive officers, founders or control persons within the previous 12
      months.

            

    

     

    "executive officer" means, for
an issuer, an individual who is:

    

    
      	
               
      

            	
              (n)

            	
              a
      chair, vice-chair or president,

            

    

     

    
      	
               
      

            	
              (o)

            	
              a
      vice-president in charge of a principal business unit, division, or
      function including sales, finance or
production,

            

    

     

    
      	
               
      

            	
              (p)

            	
              an
      officer of the issuer or any of its subsidiaries and who performs a
      policy-making function in respect of the issuer,
  or

            

    

     

    
      	
               
      

            	
              (q)

            	
              performing
      a policy-making function in respect of the
  issuer.

            

    

     

    "financial assets"
means:

     

    
      	
               
      

            	
              (r)

            	
              cash;

            

    

     

    
      	
               
      

            	
              (s)

            	
              securities;
      or

            

    

     

    
      	
               
      

            	
              (t)

            	
              a
      contract of insurance, a deposit or an evidence of a deposit that is not a
      security for the purposes of securities
  legislation;

            

    

     

    "founder" means, in respect of
an issuer, a person who:

     

    
      	
               
      

            	
              (u)

            	
              acting
      alone, in conjunction, or in concert with one or more persons, directly or
      indirectly, takes the initiative in founding, organizing or substantially
      reorganizing the business of the issuer,
and

            

    

     

    
      	
               
      

            	
              (v)

            	
              at
      the time of the trade is actively involved in the business of the
      Issuer.

            

    

     

    "fully managed account" means
an account for which a person makes the investment decisions if that person has
full discretion to trade in securities for the account without requiring the
client's express consent to a transaction.

     

    "investment fund" means a
mutual fund or a non-redeemable investment fund;

     

    "mutual fund " means an issuer
whose primary purpose is the invest money provided by its security holders and
whose securities entitle the holder to receive on demand, or within a specified
period after demand, an amount computed by reference to the value of a
proportionate interest in the whole or in part of the net assets, including a
separate fund or trust account, of the issuer;

     

    "non-redeemable investment
fund" means an issuer:

     

    
      	
               
      

            	
              (w)

            	
              whose
      primary purpose is to invest money provided by its security
      holders;

            

    

     

     

    
      
        
        

      

      
        D -
4

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              (x)

            	
              that
      does not invest:

            

    

     

    
      	
               
      

            	
              (i)

            	
              for
      the purpose of exercising or seeking to exercise control of an issuer,
      other than an issuer that is a mutual fund or a non-redeemable investment
      fund, or

            

    

     

    
      	
               
      

            	
              (ii)

            	
              for
      the purpose of being actively involved in the management of any issuer in
      which it invests, other than an issuer that is a mutual fund or a
      non-redeemable investment fund, and

            

    

     

    
      	
               
      

            	
              (y)

            	
              that
      is not a mutual fund.

            

    

     

    "person" includes:

     

    
      	
               
      

            	
              (z)

            	
              an
      individual;

            

    

     

    
      	
               
      

            	
              (aa)

            	
              a
      corporation;

            

    

     

    
      	
               
      

            	
              (bb)

            	
              a
      partnership, trust, fund and an association, syndicate, organization or
      other organized group of person, whether incorporated or not;
      and

            

    

     

    
      	
               
      

            	
              (cc)

            	
              an
      individual or other person in that person's capacity as a trustee,
      executor, administrator, or personal or other legal
      representative.

            

    

     

    "related liabilities"
means:

     

    
      	
               
      

            	
              (dd)

            	
              liabilities
      incurred or assumed for the purpose of financing the acquisition or
      ownership of financial assets, or

            

    

     

    
      	
               
      

            	
              (ee)

            	
              liabilities
      that are secured by financial
assets.

            

    

     

    "spouse" means an individual
who:

    

    
      	
               
      

            	
              (ff)

            	
              is
      married to another individual and is not living separate and apart within
      the meaning of the Divorce Act (Canada),
      from the other individual;

            

    

     

    
      	
               
      

            	
              (gg)

            	
              is
      living with another individual in a marriage-like relationship, including
      a marriage-like relationship between individuals of the same gender;
      or

            

    

     

    
      	
               
      

            	
              (hh)

            	
              in
      Alberta, is an individual referred to in paragraph (a) or (b), or is in an
      adult interdependent partner within the meaning of the Adult Interdependent
      Relationships Act (Alberta).

            

    

     

    "subsidiary" means an issuer
that is controlled directly or indirectly by another issuer an includes a
subsidiary of that subsidiary.

    

    For
purposes of the definitions of “affiliates” and “subsidiary” a person (first
person) is considered to control another person (second person) if:

    

    
      	
               
      

            	
              (ii)

            	
              the
      first person, directly or indirectly, beneficially owns or exercises
      control or direction over securities of the second person carrying votes
      which, if exercised, would entitle the first person to elect a majority of
      the directors of the second person, unless that first person holds the
      voting securities only the secure an
obligation;

            

    

     

    
      	
               
      

            	
              (jj)

            	
              the
      second person is a partnership, other than a limited partnership, and the
      first person holds more than 50% of the interests of the partnership;
      or

            

    

     

     

    
      
        
        

      

      
        D -
5

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              (kk)

            	
              the
      second person is a limited partnership and the general partner of the
      limited partnership is the first
person.

            

    

     

    EXECUTED by the Subscriber at
                                      
this               
day of                                
, 2007.

     

    
      	
              If
      a corporation, partnership or other entity:

            	
              If
      an individual:

            
	 
      	 
      
	
              __________________________________________

            	 
      	
              ______________________________________________

            
	
              (Print
      Name of Subscriber)

            	
              (Print
      Name)

            
	 
      	 
      
	
              __________________________________________

            	 
      	
              ______________________________________________

            
	
              (Signature
      of Authorized Signatory)

            	
              (Signature)

            
	 
      	 
      
	
              __________________________________________

            	 
      	
              ______________________________________________

            
	
              (Name
      and Position of Authorized Signatory)

            	
              (Jurisdiction
      of Residence)

            
	 
      	 
      
	
              __________________________________________

            	 
      	
              ______________________________________________

            
	
              (Jurisdiction
      of Residence)

            	
              (Print
      Name of Witness)

            
	 
      	 
      
	
              __________________________________________

            	 
      	
              ______________________________________________

            
	 
      	
              (Signature
      of Witness)

            

    

     

     

    
      
        
        

      

      
        D -
6

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
“E”

     

    This
is Schedule “E” to the subscription agreement relating to the purchase of Common
Shares of Northcore Technologies Inc. (the “Corporation”).  Capitalized
terms used but not defined in this Schedule are intended to have the meanings
ascribed thereto, as applicable, on the first page of this subscription
agreement and section 1 and 2 of Schedule “A” to this Subscription
Agreement.

     

    OFFSHORE
SUBSCRIBER CERTIFICATE

    NON-CANADIAN
SUBSCRIBERS

    (OTHER
THAN U.S SUBSCRIBERS)

     

    We,
on our own behalf and (if applicable) on behalf of others for whom we are
contracting hereunder, represent, warrant, covenant and certify to and with the
Corporation (and acknowledge that the Corporation is relying thereon) that we
are, and (if applicable) any beneficial subscriber for whom we are contracting
hereunder is, a resident of, or otherwise subject to, the securities legislation
of a jurisdiction other than
Canada or the United States, and:

     

    
      	
               
      

            	
              (a)

            	
              we,
      and (if applicable) any other subscriber for whom we are contracting
      hereunder, are:

            

    

     

    
      	
               
      

            	
              (i)

            	
              a
      subscriber that is recognized by the securities regulatory authority in
      the jurisdiction in which we are resident, or otherwise subject to the
      securities laws of such jurisdiction, as an exempt subscriber and are
      purchasing the Common Shares as principal for our, or (if applicable) each
      such other subscriber’s, own account, and not for the benefit of any other
      person, for investment only and not with a view to resale or distribution;
      or

            

    

     

    
      	
               
      

            	
              (ii)

            	
              a
      subscriber which is purchasing the Common Shares pursuant to an exemption
      from any prospectus or securities registration requirements (particulars
      of which are enclosed herewith) available to us and the Corporation, and
      any such other subscriber, under applicable securities laws of our
      jurisdiction of residence or to which we and any such other subscriber are
      otherwise subject to, and we and any such other subscriber shall deliver
      to the Corporation such further particulars of the exemption and our
      qualification thereunder as the Corporation may reasonably
      request;

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      purchase of the Common Shares by us, and (if applicable) each such other
      subscriber, does not contravene any of the applicable securities laws in
      such jurisdiction and does not trigger: (i) any obligation to prepare and
      file a prospectus, an offering memorandum or similar document, or any
      other ongoing reporting requirements with respect to such purchase or
      otherwise; or (ii) any registration or other obligation on the part of the
      Corporation; and

            

    

     

    
      	
               
      

            	
              (c)

            	
              we,
      and (if applicable) any other subscriber for whom we are contracting
      hereunder will not sell or otherwise dispose of any Common Shares, except
      in accordance with applicable Canadian securities laws and in accordance
      with the rules and regulations of the TSX, and if we, or (if applicable)
      such beneficial subscriber, sell or otherwise dispose of any Common
      Shares, to a person other than a resident of Canada or the United States,
      we, and (if applicable) such beneficial subscriber, will obtain from such
      subscriber representations, warranties and covenants in the same form as
      provided in this Schedule “E” and shall comply with such other
      requirements as the Corporation may reasonably
  require.

            

    

     

    Dated
at                                     
this                 
day of                                      
, 2007.

     

    
      	 
      	
              _____________________________________________

            
	 
      	
              (Signature
      of Subscriber)

            
	 
      	 
      	
              _____________________________________________

            
	 
      	
              (Print
      Name)

            

    

    

     

     

    E -
1

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