Document:

Anavex Life Sciences Corp.: Exhibit 10.1 - Filed by newsfilecorp.com

(U.S. ACCREDITED SUBSCRIBERS ONLY)

NONE OF THE SECURITIES TO WHICH THIS PRIVATE PLACEMENT
SUBSCRIPTION AGREEMENT (THE “SUBSCRIPTION AGREEMENT”) RELATES HAVE BEEN
REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933
ACT”), OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED, NONE MAY BE
OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS (AS DEFINED HEREIN)
EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE
REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE
WITH APPLICABLE STATE SECURITIES LAWS.

ANAVEX LIFE SCIENCES CORP.

PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT 
UNITS

INSTRUCTIONS TO PURCHASER

	1. 	
      This Subscription form is for use by United States
      Accredited Investors.

	 	 
	2. 	
      COMPLETE the information on page 2 of this
      Subscription Agreement.

	 	 
	3. 	
      COMPLETE the Questionnaire attached on page 5 to
      this Subscription Agreement (the “Questionnaire”).

	 	 
	4. 	
      Check or Cashier’s check should be made payable to
      Anavex Life Sciences Corp. For Wire instructions contact Harvey Lalach,
      President of Anavex at harvey@anavex.com Tel (250) 864-2740.

	 	 
	5. 	
      All other information must be filled in where
      appropriate.

Wire Instructions:

HSBC BANK CANADA
885 WEST GEORGIA
STREET 
VANCOUVER, BRITISH COLUMBIA 
V6C 3G1 CANADA
ACCOUNT: CLARK
WILSON LLP 
800-885 WEST GEORGIA ST. 
VANCOUVER, BC

This is Page 2 of 12 pages of a subscription
agreement and related appendices, schedules and forms. Collectively, these pages
together are referred to as the “Subscription Agreement”.

	 PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT
  
	 
	TO: ANAVEX LIFE SCIENCES CORP. (the “Issuer”), of
      100-405 Trimmer Rd. Califon, NJ 07830 USA. 
	 
	
      Subject and pursuant to the terms set out in the Terms on
      pages 3 to 4, the General Provisions on pages 7 to 12 and the other
      schedules and appendices attached which are hereby incorporated by
      reference, the Purchaser hereby irrevocably subscribes for, and on Closing
      will purchase from the Issuer, the following securities at the following
      price: 

	_____________________Units
      
  
	US$2.75 per Unit for a total purchase price of US$ 	 
	 
	The Purchaser owns, directly or
      indirectly, the following securities of the Issuer: 
	 
	  
	[Check if
      applicable]     The Purchaser is [  
      ]   an insider of the Issuer or [   
      ]    a member of the professional group

The Purchaser directs the Issuer to issue, register and deliver
the certificates representing the Units as follows:

	REGISTRATION INSTRUCTIONS 	 	DELIVERY INSTRUCTIONS 
	 	 	 
	 	 	 
	Name to appear on certificate 	 	Name and account reference, if applicable 
	 	 	 
	 	 	 
	Account reference if applicable 	 	Contact name 
	 	 	 
	 	 	 
	Address 	 	Address 
	 	 	 
	 	 	 
	  	 	Telephone Number

EXECUTED by the Purchaser this _______day of _____________,
2010. By executing this Subscription Agreement, the Purchaser certifies that the
Purchaser and any beneficial purchaser for whom the Purchaser is acting is
resident in the jurisdiction shown as the “Address of Purchaser”. 

	WITNESS:
      	 	EXECUTION
      BY PURCHASER: 
	 	 	 
	 	 	X 
	Signature of Witness 	 	Signature of individual (if Purchaser is an individual)
    
	 	 	 
	 	 	X 
	Name of Witness 	 	Authorized signatory (if Purchaser is not an
      individual) 
	 	 	  
	 	 	 
	Address of Witness 	 	Name of Purchaser (please print) 
	 	 	 
	 	 	  
	 	 	Name of authorized signatory (please print) 
	Accepted this day of ____________, 2010 	 	  
	 	 	 
	ANAVEX LIFE SCIENCES CORP. 	 	Address of Purchaser (residence) 
	Per: 	 	  
	 	 	 
	 	 	Telephone Number 
	Authorized Signatory 	 	  
	 	 	 
	 	 	E-mail address 
	 	 	  
	 	 	 
	 	 	Social Security No.:
  

By signing this acceptance, the Issuer agrees to be bound by
the Terms on pages 3 to 4, the General Provisions on pages 7 to 12 and the other
schedules and appendices incorporated by reference. If funds are delivered to
the Issuer’s lawyers, they are authorized to release the funds to the Issuer.

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 3 of 12 

TERMS

	Reference date of this Subscription
      Agreement	 	August 4, 2010 (the “Agreement
    Date”). 
	 	 	 
	  The Offering 
	  	 	 
	  	 	 
	The Issuer 	 	
  Anavex Life Sciences Corp. (the “Issuer”).  

	  	 	
       

	Offering 		
      The offering consists of Units (“Units”) of the
      Issuer. Each Unit consists of one share of Common Stock and one half of
      one Warrant (each Unit comprises half the number of Warrants as Shares).      

	  	 	
       

	Common Stock 	 	
      The voting shares of Common Stock of the Issuer
      (“Shares”). 

	  	 	
       

	Warrants 		
      Each whole Warrant may be exercised for18 months
      following the Closing Date for one share of Common Stock (a “Warrant
      Share”) at an exercise price of $3.75. The Warrants are
      non-transferrable. 

	  	 	
       

	Issue Price 	 	
      US$2.75 per Unit. 

	  	 	
       

	  	 	
       

	Selling Jurisdictions 		
      The Units may be sold in jurisdictions where they may be
      lawfully sold (the ”Selling Jurisdictions”). 

	  	 	
       

	Exemptions 	 	
      The offering will be made in accordance with the
      following exemptions: 

	  	 	
      
	
      

			
      (a) 
	
      the Accredited Investor exemption as defined by
      Regulation D promulgated under the 1933 Act; and 

	  	 	
      
	
      

			
      (b) 
	
      such other exemptions as may be available the securities
      laws of the Selling Jurisdictions. 

	  	 	
      
	
      

	Registration of Securities 		
      The Shares and Warrants will not be registered with the
      United States Securities and Exchange Commission and will be tradable in
      compliance with Rule 144 restricted periods. 

	  	 	
       

	Resale restrictions and legends 		
      The Purchaser acknowledges that the certificates
      representing the Securities will bear the following legends: 

	  	 	
       

			
      “NONE OF THE SECURITIES TO WHICH THIS PRIVATE PLACEMENT
      SUBSCRIPTION AGREEMENT (THE “SUBSCRIPTION AGREEMENT”) RELATES HAVE BEEN
      REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
      “1933 ACT”), OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED,
      NONE MAY BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS (AS
      DEFINED HEREIN) EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION
      NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN EACH
      CASE ONLY IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.” 

	  	 	
       

			
      Purchasers are advised to consult with their own legal
      counsel or advisors to determine the resale restrictions that may be
      applicable to them. 

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 4 of 12 

The Issuer

	Jurisdiction of organization 	 	The Issuer is incorporated under the laws of
      the State of Nevada. 
	 	 	 
	Stock exchange listing 	 	OTC-BB 
	 	 	 
	Commissions with Jurisdiction Over
      the Issuer 		The “Commissions with Jurisdiction Over the
      Issuer” is the United States Securities and Exchange Commission.

	 	 	 
	Securities Legislation Applicable to
      the Issuer 		The “Securities Legislation Applicable to
      the Issuer” is the US Securities Exchange Act of 1934.

End of Terms

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 5 of 12 

UNITED STATES
ACCREDITED INVESTOR
QUESTIONNAIRE

All capitalized terms herein, unless otherwise defined, have
the meanings ascribed thereto in the Subscription Agreement.

This Questionnaire is for use by each Subscriber who is a US
person (as that term is defined Regulation S of the United States Securities Act
of 1933 (the “1933 Act”)) and has indicated an interest in purchasing Securities
of the Issuer. The purpose of this Questionnaire is to assure the Issuer that
each Subscriber will meet the standards imposed by the 1933 Act and the
appropriate exemptions of applicable state securities laws. The Issuer will rely
on the information contained in this Questionnaire for the purposes of such
determination. The Securities will not be registered under the 1933 Act in
reliance upon the exemption from registration afforded by Section 3(b) and/or
Section 4(2) and Regulation D of the 1933 Act. This Questionnaire is not an
offer of the Securities or any other securities of the Issuer in any state other
than those specifically authorized by the Issuer.

All information contained in this Questionnaire will be treated
as confidential. However, by signing and returning this Questionnaire, each
Subscriber agrees that, if necessary, this Questionnaire may be presented to
such parties as the Issuer deems appropriate to establish the availability,
under the 1933 Act or applicable state securities law, of exemption from
registration in connection with the sale of the Securities hereunder.

The Subscriber covenants, represents and warrants to the Issuer
that it satisfies one or more of the categories of “Accredited Investors”, as
defined by Regulation D promulgated under the 1933 Act, as indicated below:
(Please initial in the space provide those categories, if any, of an “Accredited
Investor” which the Subscriber satisfies.)

	_________Category 1 	
      An organization described in Section 501(c)(3) of the
      United States Internal Revenue Code, a corporation, a Massachusetts or
      similar business trust or partnership, not formed for the specific purpose
      of acquiring the Securities, with total assets in excess of US $5,000,000.
      

	  	
       

	_________Category 2 	
      A natural person whose individual net worth, or joint net
      worth with that person’s spouse, on the date of purchase exceeds US
      $1,000,000. 

	  	
       

	_________Category 3 	
      A natural person who had an individual income in excess
      of US $200,000 in each of the two most recent years or joint income with
      that person’s spouse in excess of US $300,000 in each of those years and
      has a reasonable expectation of reaching the same income level in the
      current year. 

	  	
       

	_________Category 4 	
      A “bank” as defined under Section (3)(a)(2) of the 1933
      Act or savings and loan association or other institution as defined in
      Section 3(a)(5)(A) of the 1933 Act acting in its individual or fiduciary
      capacity; a broker dealer registered pursuant to Section 15 of the
      Securities Exchange Act of 1934 (United States); an insurance
      company as defined in Section 2(13) of the 1933 Act; an investment company
      registered under the Investment Company Act of 1940 (United
      States) or a business development company as defined in Section 2(a)(48)
      of such Act; a Small Business Investment Company licensed by the U.S.
      Small Business Administration under Section 301(c) or (d) of the Small
      Business Investment Act of 1958 (United States); a plan with
      total assets in excess of $5,000,000 established and maintained by a
      state, a political subdivision thereof, or an agency or instrumentality of
      a state or a political subdivision thereof, for the benefit of its
      employees; an employee benefit plan within the meaning of the Employee
      Retirement Income Security Act of 1974 (United States) whose
      investment decisions are made by a plan fiduciary, as defined in Section
      3(21) of such Act, which is either a bank, savings and loan association,
      insurance company or registered investment adviser, or if the employee
      benefit plan has total assets in excess of $5,000,000, or, if a
      self-directed plan, whose investment decisions are made solely by persons
      that are accredited investors. 

	  	
       

	_________Category 5 	
      A private business development company as defined in
      Section 202(a)(22) of the Investment Advisers Act of 1940 (United
      States). 

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 6 of 12 

	_________Category 6 	A director or executive officer of the Issuer.
    
	  	  
	_________Category 7 	A trust with total assets in excess of
      $5,000,000, not formed for the specific purpose of acquiring the
      Securities, whose purchase is directed by a sophisticated person as
      described in Rule 506(b)(2)(ii) under the 1933 Act. 
	  	  
	_________Category 8 	An entity in which all of the equity owners
      satisfy the requirements of one or more of the 
	  	foregoing categories. 

Note that prospective Subscribers claiming to satisfy one of
the above categories of Accredited Investor may be required to supply the Issuer
with a balance sheet, prior years’ federal income tax returns or other
appropriate documentation to verify and substantiate the Subscriber’s status as
an Accredited Investor.

	
      If the Subscriber is an entity which initialled Category
      8 in reliance upon the Accredited Investor categories above, state the
      name, address, total personal income from all sources for the previous
      calendar year, and the net worth (exclusive of home, home furnishings and
      personal automobiles) for each equity owner of the said entity: 

	 
	 

The Subscriber hereby certifies that the information contained
in this Questionnaire is complete and accurate and the Subscriber will notify
the Issuer promptly of any change in any such information. If this Questionnaire
is being completed on behalf of a corporation, partnership, trust or estate, the
person executing on behalf of the Subscriber represents that it has the
authority to execute and deliver this Questionnaire on behalf of such
entity.

IN WITNESS WHEREOF, the undersigned has executed this
Questionnaire as of the ___ day of _______________, 2010.

	If a Corporation, Partnership or Other Entity: 	 	If an Individual: 
	  	 	  
	 	 	 
	Print of Type Name of Entity 	 	Signature 
	 	 	 
	 	 	 
	Signature of Authorized Signatory 	 	Print or Type Name 
	 	 	 
	 	 	 
	Type of Entity 	 	Social Security/Tax I.D. No.

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 7 of 12 

GENERAL PROVISIONS

1. DEFINITIONS

1.1 In the Subscription Agreement (including the first (cover)
page, the Terms on pages 3 to 4, the General Provisions on pages 7 to 12 and the
other schedules and appendices incorporated by reference), the following words
have the following meanings unless otherwise indicated:

	 	(a) 	
      “1933 Act” means the United States Securities Act
      of 1933, as amended;

	 	 	 
	 	(b) 	
      “Applicable Legislation” means the Securities
      Legislation Applicable to the Issuer (as defined on page 4) and all
      legislation incorporated in the definition of this term in other parts of
      the Subscription Agreement, together with the regulations and rules made
      and promulgated under that legislation and all administrative policy
      statements, blanket orders and rulings, notices and other administrative
      directions issued by the Commissions;

	 	 	 
	 	(c) 	
      “Closing” means the completion of the sale and
      purchase of the Securities;

	 	 	 
	 	(d) 	
      “Closing Date” has the meaning assigned in the
      Terms;

	 	 	 
	 	(e) 	
      “Commissions” means the Commissions with
      Jurisdiction over the Issuer (as defined on page 4) and the securities
      commissions incorporated in the definition of this term in other parts of
      the Subscription Agreement;

	 	 	 
	 	(f) 	
      “General Provisions” means those portions of the
      Subscription Agreement headed “General Provisions” and contained on
      pages 7 to 12;

	 	 	 
	 	(g) 	
      “Private Placement” means the offering of the
      Securities on the terms and conditions of this Subscription
    Agreement;

	 	 	 
	 	(h) 	
      “Securities” means the shares of Common Stock, the
      Warrants and the Warrant Shares, as defined in the Terms;

	 	 	 
	 	(i) 	
      “Subscription Agreement” means the first (cover)
      page, the Terms on pages 3 to 4, the General Provisions on pages 7 to 12
      and the other schedules and appendices incorporated by reference;
    and

	 	 	 
	 	(j) 	
      “Terms” means those portions of the Subscription
      Agreement headed “Terms” and contained on pages 3 to
4.

1.2 In the Subscription Agreement, the following terms have the
meanings defined in Regulation S of the 1933 Act (“Regulation S”): “Directed
Selling Efforts”, “Foreign Issuer”, “Substantial U.S. Market
Interest”, “U.S. Person” and “United States”.

1.3 In the Subscription Agreement, unless otherwise specified,
currencies are indicated in US dollars.

1.4 In the Subscription Agreement, other words and phrases that
are capitalized have the meanings assigned to them in the body hereof.

2. ACKNOWLEDGEMENTS, REPRESENTATIONS AND WARRANTIES OF
PURCHASER

2.1 Acknowledgements concerning Offering

The Purchaser acknowledges that:

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 8 of 12 

	 	(a) 	
      the Securities have not been registered under the 1933
      Act, or under any state securities or “blue sky” laws of any state of the
      United States, and are being offered only in a transaction not involving
      any public offering within the meaning of the 1933 Act, and, unless so
      registered, may not be offered or sold in the United States or to U.S.
      Persons, except pursuant to an effective registration statement under the
      1933 Act, or pursuant to an exemption from, or in a transaction not
      subject to, the registration requirements of the 1933 Act, and in each
      case only in accordance with Applicable Legislation;

	 	 	 
	 	(b) 	
      the Issuer will refuse to register any transfer of the
      Securities not made in accordance with the provisions of Regulation S,
      pursuant to an effective registration statement under the 1933 Act or
      pursuant to an available exemption from, or in a transaction not subject
      to, the registration requirements of the 1933 Act;

	 	 	 
	 	(c) 	
      the Issuer has not undertaken, and will have no
      obligation, to register any of the Securities under the 1933
Act;

	 	 	 
	 	(d) 	
      the decision to execute this Subscription Agreement and
      purchase the Securities agreed to be purchased hereunder has not been
      based upon any oral or written representation as to fact or otherwise made
      by or on behalf of the Issuer and such decision is based entirely upon a
      review of information (the “Issuer Information”) which has been provided
      by the Issuer to the Purchaser. If the Issuer has presented a business
      plan or any other type of corporate profile to the Purchaser, the
      Purchaser acknowledges that the business plan, the corporate profile and
      any projections or predictions contained in any such documents may not be
      achieved or be achievable;

	 	 	 
	 	(e) 	
      the Purchaser and the Purchaser’s advisor(s) have had a
      reasonable opportunity to ask questions of and receive answers from the
      Issuer regarding the Offering, and to obtain additional information, to
      the extent possessed or obtainable without unreasonable effort or expense,
      necessary to verify the accuracy of the information contained in the
      Issuer Information, or any business plan, corporate profile or any other
      document provided to the Purchaser;

	 	 	 
	 	(f) 	
      the books and records of the Issuer are available upon
      reasonable notice for inspection, subject to certain confidentiality
      restrictions, by the Purchaser during reasonable business hours at its
      principal place of business and that all documents, records and books
      pertaining to this Offering have been made available for inspection by the
      Purchaser, the Purchaser’s attorney and/or advisor(s);

	 	 	 
	 	(g) 	
      by execution hereof the Purchaser has waived the need for
      the Issuer to communicate its acceptance of the purchase of the Securities
      pursuant to this Subscription Agreement;

	 	 	 
	 	(h) 	
      the Issuer is entitled to rely on the representations and
      warranties and the statements and answers of the Purchaser contained in
      this Subscription Agreement and in the Questionnaire, and the Purchaser
      will hold harmless the Issuer from any loss or damage it may suffer as a
      result of the Purchaser’s failure to correctly complete this Subscription
      Agreement or the Questionnaire;

	 	 	 
	 	(i) 	
      the Purchaser will indemnify and hold harmless the Issuer
      and, where applicable, its respective directors, officers, employees,
      agents, advisors and shareholders from and against any and all loss,
      liability, claim, damage and expense whatsoever (including, but not
      limited to, 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 or warranty of
      the Purchaser contained herein, the Questionnaire or in any other document
      furnished by the Purchaser to the Issuer in connection herewith, being
      untrue in any material respect or any breach or failure by the Purchaser
      to comply with any covenant or agreement made by the Purchaser to the
      Issuer in connection therewith;

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 9 of 12 

	 	(j) 	
      the issuance and sale of the Securities to the Purchaser
      will not be completed if it would be unlawful or if, in the discretion of
      the Issuer acting reasonably, it is not in the best interests of the
      Issuer;

	 	 	 
	 	(k) 	
      the Purchaser has been advised to consult its own legal,
      tax and other advisors with respect to the merits and risks of an
      investment in the Securities and with respect to applicable resale
      restrictions and it is solely responsible (and the Issuer is not in any
      way responsible) for compliance with applicable resale
  restrictions;

	 	 	 
	 	(l) 	
      the Securities are not listed on any stock exchange or
      automated dealer quotation system and no representation has been made to
      the Purchaser that any of the Securities will become listed on any stock
      exchange or automated dealer quotation system, except that currently
      certain market makers make market in shares of the Issuer on the National
      Association of Securities Dealers Inc.’s OTC Bulletin Board;

	 	 	 
	 	(m) 	
      neither the Commissions or similar regulatory authority
      has reviewed or passed on the merits of the Securities;

	 	 	 
	 	(n) 	
      no documents in connection with this Offering have been
      reviewed by the SEC or any state securities administrators;

	 	 	 
	 	(o) 	
      there is no government or other insurance covering any of
      the Securities;

	 	 	 
	 	(p) 	
      this Subscription Agreement is not enforceable by the
      Purchaser unless it has been accepted by the Issuer, and the Purchaser
      acknowledges and agrees that the Issuer reserves the right to reject any
      subscription for any reason; and

	 	 	 
	 	(q) 	
      by executing and delivering this Subscription Agreement,
      each Purchaser will have directed the Issuer not to include a Canadian
      legend on any certificates representing the Securities to be issued to
      such Purchaser. As a consequence, the Purchaser will not be able to rely
      on the resale provisions of National Instrument 45-102, as adopted by the
      securities commissions of Canada, and any subsequent trade in the
      Securities during or after the Canadian hold period described therein will
      be a distribution subject to the prospectus and registration requirements
      of Canadian securities legislation, to the extent that the trade is at
      that time subject to any such Canadian securities
  legislation.

2.2 Representations by the Purchaser

The Purchaser represents and warrants to the Issuer that, as at
the Agreement Date and at the Closing:

	 	(a) 	
      the Purchaser is resident in the United States;

	 	 	 
	 	(b) 	
      the Purchaser has received and carefully read this
      Subscription Agreement;

	 	 	 
	 	(c) 	
      the Purchaser has the legal capacity and competence to
      enter into and execute this Subscription Agreement and to take all actions
      required pursuant hereto and, if the Purchaser is a corporation, it is
      duly incorporated and validly subsisting under the laws of its
      jurisdiction of incorporation and all necessary approvals by its
      directors, shareholders and others have been obtained to authorize
      execution and performance of this Subscription Agreement on behalf of the
      Purchaser;

	 	 	 
	 	(d) 	
      the Purchaser (i) has adequate net worth and means of
      providing for its current financial needs and possible personal
      contingencies, (ii) has no need for liquidity in this investment, and
      (iii) is able to bear the economic risks of an investment in the
      Securities for an indefinite period of time, and can afford the complete
      loss of such investment;

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 10 of 12 

	 	(e) 	
      the Purchaser is aware that an investment in the Issuer
      is speculative and involves certain risks, including the possible loss of
      the investment;

	 	 	 
	 	(f) 	
      the entering into of this Subscription Agreement and the
      transactions contemplated hereby do not result in the violation of any of
      the terms and provisions of any law applicable to, or, if applicable, the
      constating documents of, the Purchaser, or of any agreement, written or
      oral, to which the Purchaser may be a party or by which the Purchaser is
      or may be bound;

	 	 	 
	 	(g) 	
      the Purchaser has duly executed and delivered this
      Subscription Agreement and it constitutes a valid and binding agreement of
      the Purchaser enforceable against the Purchaser;

	 	 	 
	 	(h) 	
      the Purchaser has the requisite knowledge and experience
      in financial and business matters as to be capable of evaluating the
      merits and risks of the investment in the Securities and the Issuer, and
      the Purchaser is providing evidence of such knowledge and experience in
      these matters through the information requested in the
    Questionnaire;

	 	 	 
	 	(i) 	
      the Purchaser understands and agrees that the Issuer and
      others will rely upon the truth and accuracy of the acknowledgements,
      representations and agreements contained in this Subscription Agreement,
      and agrees that if any of such acknowledgements, representations and
      agreements are no longer accurate or have been breached, the Purchaser
      shall promptly notify the Issuer;

	 	 	 
	 	(j) 	
      all information contained in the Questionnaire is
      complete and accurate and may be relied upon by the Issuer, and the
      Purchaser will notify the Issuer immediately of any material change in any
      such information occurring prior to the closing of the purchase of the
      Securities;

	 	 	 
	 	(k) 	
      the Purchaser is purchasing the Securities for its own
      account for investment purposes only and not for the account of any other
      person and not for distribution, assignment or resale to others, and no
      other person has a direct or indirect beneficial interest is such
      Securities, and the Purchaser has not subdivided his interest in the
      Securities with any other person;

	 	 	 
	 	(l) 	
      the Purchaser is not an underwriter of, or dealer in, the
      common shares of the Issuer, nor is the Purchaser participating, pursuant
      to a contractual agreement or otherwise, in the distribution of the
      Securities;

	 	 	 
	 	(m) 	
      the Purchaser understands and agrees that none of the
      Securities have been registered under the 1933 Act, or under any state
      securities or “blue sky” laws of any state of the United States, and,
      unless so registered, may not be offered or sold in the United States or,
      directly or indirectly, to U.S. Persons except in accordance with the
      provisions of Regulation S, pursuant to an effective registration
      statement under the 1933 Act, or pursuant to an exemption from, or in a
      transaction not subject to, the registration requirements of the 1933
      Act;

	 	 	 
	 	(n) 	
      the Purchaser understands and agrees that the Issuer will
      refuse to register any transfer of the Securities not made in accordance
      with the provisions of Regulation S, pursuant to an effective registration
      statement under the 1933Act or pursuant to an available exemption from the
      registration requirements of the 1933 Act;

	 	 	 
	 	(o) 	
      the Purchaser has made an independent examination and
      investigation of an investment in the Securities and the Issuer and has
      depended on the advice of its legal and financial advisors and agrees that
      the Issuer will not be responsible in any way whatsoever for the
      Purchaser’s decision to invest in the Securities of the Issuer;

	 	 	 
	 	(p) 	
      if the Purchaser is acquiring the Securities as a
      fiduciary or agent for one or more investor accounts, the investor
      accounts for which the Purchaser acts as a fiduciary or agent satisfy the
      definition of an “Accredited Investor”, as the term is defined under
      Regulation D of the 1933 Act;

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 11 of 12 

	 	(q) 	
      if the Purchaser is acquiring the Securities as a
      fiduciary or agent for one or more investor accounts, the Purchaser has
      sole investment discretion with respect to each such account, and the
      Purchaser has full power to make the foregoing acknowledgements,
      representations and agreements on behalf of such account;

	 	 	 	 
	 	(r) 	
      the Purchaser is not aware of any advertisement of any of
      the Securities and is not acquiring the Securities as a result of any form
      of general solicitation or general advertising including advertisements,
      articles, notices or other communications published in any newspaper,
      magazine or similar media or broadcast over radio or television, or any
      seminar or meeting whose attendees have been invited by general
      solicitation or general advertising; and

	 	 	 	 
	 	(s) 	
      no person has made to the Purchaser any written or oral
      representations:

	 	 	 	 
	 		(i) 	
      that any person will resell or repurchase any of the
      Securities;

	 	 	 	 
	 		(ii) 	
      that any person will refund the purchase price of any of
      the Securities;

	 	 	 	 
	 		(iii) 	
      as to the future price or value of any of the Securities;
      or

	 	 	 	 
	 		(iv) 	
      that any of the Securities will be listed and posted for
      trading on any stock exchange or automated dealer quotation system or that
      application has been made to list and post any of the Securities of the
      Issuer on any stock exchange or automated dealer quotation
  system.

2.3 Reliance, indemnity and notification of changes

The representations and warranties in the Subscription
Agreement (including the first (cover) page, the Terms on pages 3 to 4, the
General Provisions on pages 7 to 12 and the other schedules and appendices
incorporated by reference) are made by the Purchaser with the intent that they
be relied upon by the Issuer in determining its suitability as a purchaser of
Securities, and the Purchaser hereby agrees to indemnify the Issuer against all
losses, claims, costs, expenses and damages or liabilities which any of them may
suffer or incur as a result of reliance thereon. The Purchaser undertakes to
notify the Issuer immediately of any change in any representation, warranty or
other information relating to the Purchaser set forth in the Subscription
Agreement (including the first (cover) page, the Terms on pages 3 to 4, the
General Provisions on pages 7 to 12 and the other schedules and appendices
incorporated by reference) which takes place prior to the Closing.

2.4 Survival of representations and warranties

The representations and warranties contained in this Section
will survive the Closing.

3. ISSUER’S ACCEPTANCE

The Subscription Agreement, when executed by the Purchaser, and
delivered to the Issuer, will constitute a subscription for Securities which
will not be binding on the Issuer until accepted by the Issuer by executing the
Subscription Agreement in the space provided on the face page(s) of the
Subscription Agreement and, notwithstanding the Agreement Date, if the Issuer
accepts the subscription by the Purchaser, the Subscription Agreement will be
entered into on the date of such execution by the Issuer.

4. CLOSING

4.1 On or before the end of the business day before the Closing
Date, the Purchaser will deliver to the Issuer the Subscription Agreement and
all applicable schedules and required forms, duly executed, and payment in full
for the total price of the Securities to be purchased by the Purchaser.

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 12 of 12 

4.2 At Closing, the Issuer will deliver to the Purchaser the
certificates representing the Securities purchased by the Purchaser registered
in the name of the Purchaser or its nominee, or as directed by the
Purchaser.

5. MISCELLANEOUS

5.1 The Purchaser agrees to sell, assign or transfer the
Securities only in accordance with the requirements of applicable securities
laws and any legends placed on the Securities as contemplated by the
Subscription Agreement.

5.2 The Purchaser hereby authorizes the Issuer to correct any
minor errors in, or complete any minor information missing from any part of the
Subscription Agreement and any other schedules, forms, certificates or documents
executed by the Purchaser and delivered to the Issuer in connection with the
Private Placement.

5.3 The Issuer may rely on delivery by fax machine of an
executed copy of this subscription, and acceptance by the Issuer of such faxed
copy will be equally effective to create a valid and binding agreement between
the Purchaser and the Issuer in accordance with the terms of the Subscription
Agreement.

5.4 Without limitation, this subscription and the transactions
contemplated by this Subscription Agreement are conditional upon and subject to
the Issuer’s having obtained such regulatory approval of this subscription and
the transactions contemplated by this Subscription Agreement as the Issuer
considers necessary.

5.5 This Subscription Agreement is not assignable or
transferable by the parties hereto without the express written consent of the
other party to this Subscription Agreement.

5.6 Time is of the essence of this Subscription Agreement and
will be calculated in accordance with the provisions of the Interpretation
Act (British Columbia).

5.7 Except as expressly provided in this Subscription Agreement
and in the agreements, instruments and other documents contemplated or provided
for in this Subscription Agreement, this Subscription Agreement contains the
entire agreement between the parties with respect to the Securities and there
are no other terms, conditions, representations or warranties whether expressed,
implied, oral or written, by statute, by common law, by the Issuer, or by anyone
else.

5.8 The parties to this Subscription Agreement may amend this
Subscription Agreement only in writing.

5.9 This Subscription Agreement enures to the benefit of and is
binding upon the parties to this Subscription Agreement and their successors and
permitted assigns.

5.10 A party to this Subscription Agreement will give all
notices to or other written communications with the other party to this
Subscription Agreement concerning this Subscription Agreement by hand or by
registered mail addressed to the address given on page 1.

5.11 This Subscription Agreement is to be read with all changes
in gender or number as required by the context.

5.12 This Subscription Agreement will be governed by and
construed in accordance with the internal laws of British Columbia (without
reference to its rules governing the choice or conflict of laws), and the
parties hereto irrevocably attorn and submit to the exclusive jurisdiction of
the courts of British Columbia with respect to any dispute related to this
Subscription Agreement.

End of General Provisions

End of Subscription AgreementAnavex Life Sciences Corp.: Exhibit 10.2 - Filed by newsfilecorp.com

THIS PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT RELATES TO AN
OFFERING OF SECURITIES IN AN OFFSHORE TRANSACTION TO PERSONS WHO ARE NOT U.S.
PERSONS (AS DEFINED HEREIN) PURSUANT TO REGULATION S UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT").

THE SECURITIES TO WHICH THIS PRIVATE PLACEMENT SUBSCRIPTION
AGREEMENT (THE “SUBSCRIPTION AGREEMENT”) RELATES HAVE NOT BEEN REGISTERED WITH
THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY
STATE, AND WILL BE ISSUED IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), AND, ACCORDINGLY, MAY
NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE 1933 ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A
TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN
ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.

ANAVEX LIFE SCIENCES CORP.

PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT UNITS

NON-UNITED STATES RESIDENT SUBSCRIBERS

INSTRUCTIONS TO PURCHASER

	1. 	
      The purchaser is to complete all the information in the
      boxes on page 1 and sign where indicated with an “X”.

	 	 
	2. 	
      IF THE PURCHASER IS A CANADIAN RESIDENT AND IS AN
      ACCREDITED INVESTOR, then complete the “Accredited Investor
      Questionnaire” that starts on page 5.

	 	 
	3. 	
      IF THE PURCHASER IS A CANADIAN RESIDENT AND IS NOT AN
      ACCREDITED INVESTOR, and not purchasing a minimum of $150,000 in value of
      securities, complete the “Friends and Family” Questionnaire that
      starts on page 8.

	 	 
	4. 	
      RESIDENTS OF COUNTRIES OUTSIDE THE UNITED STATES AND
      CANADA AND CANADIAN RESIDENTS PURCHASING A MINIMUM OF $150,000 IN VALUE OF
      SECURITIES may subscribe without filling in an Accredited Investor or
      Friends and Family Questionnaire.

	 	 
	5. 	
      All other information must be filled in where
      appropriate.

	 	 
	6. 	
      CONFIRM WITH THE COMPANY THAT FUNDS ARE IN TRANSIT –
      PLEASE SEND VIA FACSIMILE TRANSMISSION, A COPY OF YOUR WIRE TRANSFER
      INSTRUCTIONS TO YOUR BANKING INSTITUTION IMMEDIATELY UPON THOSE
      INSTRUCTIONS BEING ISSUED BY YOU. FACSIMILE NUMBER 250-764-9701 ATTENTION:
      HARVEY LALACH, PRESIDENT (Tel: 250-864-2740) email –
    harvey@anavex.com

	 	 
		
      Wire Instructions:

	 	 
		
      HSBC BANK CANADA
885 WEST GEORGIA STREET
      
VANCOUVER, BRITISH COLUMBIA 
V6C 3G1 CANADA
ACCOUNT: ANAVEX LIFE
      SCIENCES CORP.      

This is Page 2 of 15 pages of a subscription
agreement and related appendices, schedules and forms. Collectively, these pages
together are referred to as the “Subscription Agreement”.

PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT

TO: ANAVEX LIFE SCIENCES CORP. (the “Issuer”), of
100-405 Trimmer Rd. Califon, NJ 07830 USA.

Subject and pursuant to the terms set out in the Terms on pages
3 to 4, the General Provisions on pages 9 to 14 and the other schedules and
appendices attached which are hereby incorporated by reference, the Purchaser
hereby irrevocably subscribes for, and on Closing will purchase from the Issuer,
the following securities at the following price:

	_________ UNITS 
	 
	US$2.75 per Unit for a total purchase price of US$	 
	 	 
	The Purchaser owns, directly or
      indirectly, the following securities of the Issuer: 
	 
	  
	[Check if
      applicable]           
      The Purchaser is [   ]     an insider of
      the Issuer or [   ]      a member of
      the professional group 

The Purchaser directs the Issuer to issue, register and deliver
the certificates representing the Purchased Securities as follows:

	REGISTRATION INSTRUCTIONS 	 	DELIVERY INSTRUCTIONS 
	 	 	 
	 	 	 
	Name to appear on certificate 	 	Name and account reference, if applicable 
	 	 	 
	 	 	 
	Account reference if applicable 	 	Contact name 
	 	 	 
	 	 	 
	Address 	 	Address 
	 	 	 
	 	 	 
	  	 	Telephone Number

	EXECUTED by the Purchaser this ____ day of
      _____________ , 2010. By executing this Subscription Agreement, the
      Purchaser certifies that the Purchaser and any beneficial purchaser
      for whom the Purchaser is acting is resident in the jurisdiction
      shown as the “Address of Purchaser”. 

	WITNESS: 	 	EXECUTION
      BY PURCHASER: 
	 	 	 
	 	 	X 
	Signature of Witness 	 	Signature of individual (if Purchaser is an individual)
    
	 	 	 
	 	 	X 
	Name of Witness 	 	Authorized signatory (if Purchaser is not an
      individual) 
	 	 	  
	 	 	 
	Address of Witness 	 	Name of Purchaser (please print) 
	 	 	  
	 	 	 
	 	 	Name of authorized signatory (please print) 
	Accepted this day of ____________, 2010 	 	  
	 	 	 
	ANAVEX LIFE SCIENCES CORP. 	 	Address of Purchaser (residence) 
	Per: 	 	  
	 	 	 
	 	 	Telephone Number 
	Authorized Signatory 	 	  
	 	 	 
	 	 	E-mail address 
	 	 	 
	 	 	  
	 	 	Social Security/Insurance No.:
    

By signing this acceptance, the Issuer agrees to be bound by
the Terms on pages 3 to 4, the General Provisions on pages 9 to 14 and the other
schedules and appendices incorporated by reference. If funds are delivered to
the Company’s lawyers, they are authorized to release the funds to the Issuer.

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 3 of 15 

TERMS

	Reference date of this Subscription Agreement	 	August 4, 2010 (the “Agreement Date”) 
	 	 	
       

	 The Offering 
	  	 	
       

	  	 	
       

	The Issuer 	 	
  Anavex Life Sciences Corp. (the “Issuer”)  

	  	 	
       

	Offering 	 	
      The offering consists of units (“Units”) each
      comprising one common share (“Shares”) of the Issuer and one half
      (.5) common share purchase warrant (“Warrants”). 

	  	 	
       

	Warrants 	 	
      Each whole warrant is exercisable for 18 months from
      Closing at $3.75 per share. 

	  	 	
       

	Purchased Securities 	 	
      The “Purchased Securities” under this Subscription
      Agreement are Shares and Warrants. 

	  	 	
       

	Total Amount 	 	
      No minimum and no maximum amount of Offering 

	  	 	
       

	Issue Price 	 	
      US$2.75 per Unit . 

	  	 	
       

	Selling Jurisdictions 	 	
      The Units may be sold in Canada or in other jurisdictions
      other than the United States where they may be lawfully sold (the
      “Selling Jurisdictions”). 

	  	 	
       

	Exemptions 	 	
      The offering will be made in accordance with the
  following exemptions  from the prospectus requirements:  

	  	 	
       

		 	
               (a)
      the “accredited investor” exemption in Canada (section 2.3 of
      National Instrument 45-106); 

	  	 	
       

		 	
               (b)
      the “$150,000 purchaser” exemption in Canada (section 2.10 of
      National Instrument 45-106); 

	  	 	
       

		 	
               (c)
      the “Friends and Family” exemption in Canada except Ontario
      (section 2.5 of National Instrument 45-106) 

	  	 	
       

		 	
               (d)
      such other exemptions as may be available the securities laws of the
      Selling Jurisdictions. 

	  	 	
       

	No Registration of Securities 	 	
      The Units will not be registered with the SEC and will be
      tradable in compliance with Rule 144 restricted periods. Subscribers are
      advised to seek their own legal counsel as to any resale restrictions
      under Canadian law. 

	  	 	
       

	Resale restrictions and legends 	 	
      The Purchaser acknowledges that the certificates
    representing the Purchased Securities will bear the following legends:    

	  	 	
       

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

	  	 	
       

		 	
      Purchasers are advised to consult with their own legal
      counsel or advisors to determine the resale restrictions that may be
      applicable to them. 

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 4 of 15 

			Purchaser has requested the Issuer not to
      include legend under Canadian Securities laws 
	  	 	  
	  	 	  
	Additional definitions 		In the Subscription Agreement, the following
      words have the following meanings unless otherwise indicated: 
	  	 	  
			         (a)
      “Purchased Securities” means the Shares and Warrants purchased
      under this Subscription Agreement; and 
	  	 	  
			         (b)
      “Securities” means the Shares, the Warrants and the common shares
      issued upon exercise of the Warrants. 

The Issuer

	Jurisdiction of organization 	 	The Issuer is incorporated under the laws of
      the State of Nevada. 
	  	 	
       

	Stock exchange listings 		
      Certain market makers make market in the Issuer’s stock
      on the US over the counter bulletin board 

	  	 	
       

	“Securities Legislation Applicable
      to the Issuer” 		
      The “Securities Legislation Applicable to the
      Issuer” is the US Securities Exchange Act of 1934, and the Securities
      Commission having jurisdiction over the Issuer is the United States
      Securities and Exchange Commission (the “Commission”).
  

End of Terms

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 5 of 15 

NATIONAL INSTRUMENT 45-106

ACCREDITED INVESTOR QUESTIONNAIRE

The purpose of this Questionnaire is to assure Anavex Life
Sciences Corp. (the “Company”) that the undersigned (the “Subscriber”) will meet
certain requirements for the registration and prospectus exemptions provided for
under National Instrument 45-106 (“NI 45-106”), as adopted by the Securities
Commissions in Canada, in respect of a proposed private placement of securities
by the Company (the “Transaction”). The Company will rely on the information
contained in this Questionnaire for the purposes of such determination.

The undersigned Subscriber covenants, represents and warrants
to the Company that:

	1. 	
      the Subscriber has such knowledge and experience in
      financial and business matters as to be capable of evaluating the merits
      and risks of the Transaction and the Subscriber is able to bear the
      economic risk of loss arising from such Transaction;

	 	 	 
	2. 	
      the Subscriber satisfies one or more of the categories of
      “accredited investor” (as that term is defined in NI 45-106) indicated
      below (please check the appropriate box):

	 	 	 
		[ ] 	
      (a) a Canadian financial institution as defined in
      National Instrument 14-101, or an authorized foreign bank listed in
      Schedule III of the Bank Act (Canada);

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

	 	 	 
		[ ] 	
      (c) a subsidiary of any person referred to in any of the
      foregoing categories, 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) an individual registered or formerly registered under
      securities legislation in a jurisdiction of Canada, as a representative of
      a person or company registered under securities legislation in a
      jurisdiction of Canada, as an adviser or dealer, other than a limited
      market dealer registered under the Securities Act (Ontario) or the
      Securities Act (Newfoundland);

	 	 	 
		[ ] 	
      (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 province, or any crown
      corporation or agency of the government of Canada or a province;

	 	 	 
		[ ] 	
      (g) a municipality, public board or commission in Canada
      and a metropolitan community, school board, the Comite de gestion de la
      taxe scholaire de l’ile de Montreal or an intermunicipal management board
      in Québec;

	 	 	 
		[ ] 	
      (h) a national, federal, state, provincial, territorial
      or municipal government of or in any foreign jurisdiction, or any agency
      thereof;

	 	 	 
		[ ] 	
      (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;

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 6 of 15 

	 	[ ] 	
      (j) an individual who either alone or with a spouse
      beneficially owns, directly or indirectly, financial assets (as defined in
      NI 45-106) having an aggregate realizable value that, before taxes but net
      of any related liabilities, exceeds CDNUS$1,000,000;

	 	 	 
	 	[ ] 	
      (k) an individual whose net income before taxes exceeded
      CDNUS$200,000 in each of the two more recent calendar years or whose net
      income before taxes combined with that of a spouse exceeded US$300,000 in
      each of those 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 CDN US$5,000,000;

	 	 	 
	 	[ ] 	
      (m) a person, other than an individual or investment
      fund, that had net assets of at least CDNUS$5,000,000 as reflected on its
      most recently prepared financial statements;

	 	 	 
	 	[ ] 	
      (n) an investment fund that distributes it securities
      only to persons that are accredited investors at the time of distribution,
      a person that acquires or acquired a minimum of CDN$150,000 of value in
      securities, or a person that acquires or acquired securities under
      Sections 2.18 or 2.19 of NI 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 advisor or an advisor 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) to (d) or
      paragraph (i) in form and function;

	 	 	 
	 	[ ] 	
      (t) a person in respect of which all of the owners of
      interests, direct, indirect or beneficial, except the voting securities
      required by law are persons or companies that are accredited
    investors.

	 	 	 
	 	[ ] 	
      (u) an investment funds that is advised by a person
      registered as an advisor or a person that is exempt from registration as
      an advisor; 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 Nevada;

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 7 of 15 

The Subscriber acknowledges and agrees that the Subscriber may
be required by the Company to provide such additional documentation as may be
reasonably required by the Company and its legal counsel in determining the
Subscriber’s eligibility to acquire the Units under relevant Legislation.

     IN WITNESS WHEREOF, the
undersigned has executed this Questionnaire as of the ________day of
__________________, 2010.

	If a Corporation, Partnership or Other Entity: 	 	If an Individual: 
	 	 	 
	  	 	X 
	Print or Type Name of Entity 	 	Signature 
	  	 	  
	X 	 	 
    
	Signature of Authorized Signatory 	 	Print or Type Name 
	 	 	 
	  	 	  
	Type of Entity 	 	  

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 8 of 15 

Family, Friends and Business Associates Questionnaire

IF THE SUBSCRIBER IS RESIDENT IN A
CANADIAN PROVINCE OR TERRITORY OTHER THAN ONTARIO IS NOT
PURCHASING MORE THAN $150,000 IN VALUE OF SECURITIES AND IS NOT AN ACCREDITED
INVESTOR, HE OR SHE IS TO CHECK ONE OR MORE OF THE FOLLOWING BOXES, AS
APPROPRIATE:

	 	(A) 	
      a director, officer, employee or control person of the
      Issuer
	 
	 	 	 	 
	 	(B) 	
      a spouse, parent, grandparent, brother, sister or
      child of a director, senior officer or control person of the
    Issuer
	 
	 	 	 	 
	 	(C) 	
      a close personal friend of a director, senior officer
      or control person of the Issuer
	 
	 	 	 	 
	 	(D) 	
      a close business associate of a director, senior
      officer or control person of the Issuer
	 

if the Subscriber is resident in
Ontario, the Subscriber is (tick one or more of the following boxes only if
the Subscriber is resident in Ontario):

	 	(A) 	
      a founder of the Issuer
	 [   ]
	 	 	 	 
	 	(B) 	
      an affiliate of a founder of the Issuer
	 [   ]
	 	 	 	 
	 	(C) 	
      a spouse, parent, brother, sister, grandparent or child
      of a director, executive officer or founder of the Issuer
	 [   ]
	 	 	 	 
	 	(D) 	
      a person that is a control person of the Issuer
	 [   ]
	 	 	 	 
	 	(E) 	
      an accredited investor
	 [   ]
	 	 	 	 
	 	(F) 	
      purchasing as principal Securities with an aggregate
      acquisition cost of not less than CDN$150,000
	 [   ]

	If the Subscriber ticked boxes A-D above, name of
      director, officer or employee of the Issuer with whom the
      Subscriber has a relationship: 
	 
	 

	Signature 	 
	 	 
	 	 
	Print or Type Name of Entity or Individual 	 
	 	 
	 	 
	Date: _______________________, 2010 	 

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 9 of 15 

GENERAL PROVISIONS

1. DEFINITIONS

1.1 In the Subscription Agreement (including the first (cover)
page, the Terms on pages 3 to 4, the General Provisions on pages 9 to 14 and the
other schedules and appendices incorporated by reference), the following words
have the following meanings unless otherwise indicated:

	 	(a) 	
      “1933 Act” means the United States Securities Act
      of 1933, as amended;

	 	 	 
	 	(b) 	
      “Applicable Legislation” means the Securities
      Legislation Applicable to the Issuer (as defined on page 8) and all
      legislation incorporated in the definition of this term in other parts of
      the Subscription Agreement, together with the regulations and rules made
      and promulgated under that legislation and all administrative policy
      statements, blanket orders and rulings, notices and other administrative
      directions issued by the Commissions;

	 	 	 
	 	(c) 	
      “Closing” means the completion of the sale and
      purchase of the Purchased Securities;

	 	 	 
	 	(d) 	
      “Closing Date” has the meaning assigned in the
      Terms;

	 	 	 
	 	(e) 	
      “Closing Year” means the calendar year in which
      the Closing takes place;

	 	 	 
	 	(f) 	
      “Commissions” means the Commission (as defined on
      page 4) and the securities commissions incorporated in the definition of
      this term in other parts of the Subscription Agreement;

	 	 	 
	 	(g) 	
      “Final Closing” means the last closing under the
      Private Placement;

	 	 	 
	 	(h) 	
      “General Provisions” means those portions of the
      Subscription Agreement headed “General Provisions” and contained on
      pages 9 to 15;

	 	 	 
	 	(i) 	
      “Private Placement” means the offering of the
      Units on the terms and conditions of this Subscription
Agreement;

	 	 	 
	 	(j) 	
      “Purchased Securities” has the meaning assigned in
      the Terms;

	 	 	 
	 	(k) 	
      “Regulatory Authorities” means the
    Commissions;

	 	 	 
	 	(l) 	
      “Securities” has the meaning assigned in the
      Terms;

	 	 	 
	 	(m) 	
      “Subscription Agreement” means the first (cover)
      page, the Terms on pages 3 to 4, the General Provisions on pages 9 to 14
      and the other schedules and appendices incorporated by reference;
    and

	 	 	 
	 	(n) 	
      “Terms” means those portions of the Subscription
      Agreement headed “Terms” and contained on pages 3 to
4.

1.2 In the Subscription Agreement, the following terms have the
meanings defined in Regulation S: “Directed Selling Efforts”, “Foreign
Issuer”, “Substantial U.S. Market Interest”, “U.S. Person” and
“United States”.

1.3 In the Subscription Agreement, unless otherwise specified,
currencies are indicated in US dollars.

1.4 In the Subscription Agreement, other words and phrases that
are capitalized have the meanings assigned to them in the body hereof.

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 10 of 15 

	2. 	
      ACKNOWLEDGEMENTS, REPRESENTATIONS AND WARRANTIES OF
      PURCHASER

	 	 
	2.1 	
      Acknowledgements concerning
  offering

The Purchaser acknowledges that:

	 	(a) 	
      none of the Securities have been registered under the
      1933 Act, or under any state securities or "blue sky" laws of any state of
      the United States, and, unless so registered, may not be offered or sold
      in the United States or, directly or indirectly, to U.S. Persons, as that
      term is defined in Regulation S under the 1933 Act ("Regulation S"),
      except in accordance with the provisions of Regulation S, pursuant to an
      effective registration statement under the 1933 Act, or pursuant to an
      exemption from, or in a transaction not subject to, the registration
      requirements of the 1933 Act and in each case in accordance with
      applicable state and provincial securities laws;

	 	 	 
	 	(b) 	
      the Purchaser acknowledges that the Company has not
      undertaken, and will have no obligation, to register any of the Securities
      under the 1933 Act;

	 	 	 
	 	(c) 	
      the decision to execute this Agreement and acquire the
      Units hereunder has not been based upon any oral or written representation
      as to fact or otherwise made by or on behalf of the Company, and such
      decision is based entirely upon a review of information (the receipt of
      which is hereby acknowledged) which has been filed by the Company with the
      Securities and Exchange Commission (the "SEC");

	 	 	 
	 	(d) 	
      neither the SEC nor any other securities commission or
      similar regulatory authority has reviewed or passed on the merits of the
      Shares;

	 	 	 
	 	(e) 	
      there is no government or other insurance covering any of
      the Shares;

	 	 	 
	 	(f) 	
      there are risks associated with an investment in the
      Shares;

	 	 	 
	 	(g) 	
      the Purchaser has not acquired the Units as a result of,
      and will not itself engage in, any "directed selling efforts" (as defined
      in Regulation S under the 1933 Act) in the United States in respect of the
      Units which would include any activities undertaken for the purpose of, or
      that could reasonably be expected to have the effect of, conditioning the
      market in the United States for the resale of any of the Shares; provided,
      however, that the Purchaser may sell or otherwise dispose of the Units
      pursuant to registration thereof under the 1933 Act and any applicable
      state and provincial securities laws or under an exemption from such
      registration requirements;

	 	 	 
	 	(h) 	
      the Purchaser and the Purchaser's advisor(s) have had a
      reasonable opportunity to ask questions of and receive answers from the
      Company in connection with the distribution of the Units hereunder, and to
      obtain additional information, to the extent possessed or obtainable
      without unreasonable effort or expense, necessary to verify the accuracy
      of the information about the Company;

	 	 	 
	 	(i) 	
      the books and records of the Company were available upon
      reasonable notice for inspection, subject to certain confidentiality
      restrictions, by the Purchaser during reasonable business hours at its
      principal place of business, and all documents, records and books in
      connection with the distribution of the Units hereunder have been made
      available for inspection by the Purchaser, the Purchaser's lawyer and/or
      advisor(s);

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 11 of 15 

	 	(j) 	
      the Purchaser will indemnify and hold harmless the
      Company and, where applicable, its directors, officers, employees, agents,
      advisors and shareholders, from and against any and all loss, liability,
      claim, damage and expense whatsoever (including, but not limited to, 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 or warranty of
      the Purchaser contained herein or in any document furnished by the
      Purchaser to the Company in connection herewith being untrue in any
      material respect or any breach or failure by the Purchaser to comply with
      any covenant or agreement made by the Purchaser to the Company in
      connection therewith;

	 	 	 	 
	 	(k) 	
      the Shares are not listed on any stock exchange or
      automated dealer quotation system and no representation has been made to
      the Purchaser that any of the Shares will become listed on any stock
      exchange or automated dealer quotation system, except that currently
      market makers make a market for the Company's common shares on the NASD's
      OTC Bulletin Board;

	 	 	 	 
	 	(l) 	
      the Company will refuse to register any transfer of the
      Shares not made in accordance with the provisions of Regulation S,
      pursuant to an effective registration statement under the 1933 Act or
      pursuant to an available exemption from the registration requirements of
      the 1933 Act and in accordance with applicable state and provincial
      securities laws;

	 	 	 	 
	 	(m) 	
      the statutory and regulatory basis for the exemption
      claimed for the offer of the Shares, although in technical compliance with
      Regulation S, would not be available if the offering is part of a plan or
      scheme to evade the registration provisions of the 1933 Act or any
      applicable state and provincial securities laws;

	 	 	 	 
	 	(n) 	
      the Purchaser has been advised to consult the Purchaser's
      own legal, tax and other advisors with respect to the merits and risks of
      an investment in the Units and with respect to applicable resale
      restrictions, and it is solely responsible (and the Company is not in any
      way responsible) for compliance with:

	 	 	 	 
	 		(i) 	
      any applicable laws of the jurisdiction in which the
      Purchaser is resident in connection with the distribution of the Units
      hereunder, and

	 	 	 	 
	 		(ii) 	
      applicable resale restrictions;

	 	 	 	 
	 	(o) 	
      this Agreement is not enforceable by the Purchaser unless
      it has been accepted by the Company, and the Purchaser acknowledges and
      agrees that the Company reserves the right to reject any subscription for
      any reason; and

	 	 	 	 
	 	(p) 	
      By executing and delivering this Agreement, each
      Subscriber will have directed the Company not to include a Canadian Legend
      on any certificates representing the Units to be issued to such
      Subscriber. As a consequence, the Subscriber will not be able to rely
      on the resale provisions of Multilateral Instrument 45-102, and any
      subsequent trade in the Securities during or after the Canadian hold
      period described therein will be a distribution subject to the prospectus
      and registration requirements of Canadian securities legislation, to the
      extent that the trade is at that time subject to any such Canadian
      securities legislation.

	2.2 	
      Representations by the
purchaser

The Purchaser represents and warrants to the Issuer that, as at
the Agreement Date and at the Closing:

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 12 of 15 

	 	(a) 	
      the Purchaser has the legal capacity and competence to
      enter into and execute this Agreement and to take all actions required
      pursuant hereto and, if the Purchaser is a corporation, it is duly
      incorporated and validly subsisting under the laws of its jurisdiction of
      incorporation and all necessary approvals by its directors, shareholders
      and others have been obtained to authorize execution and performance of
      this Agreement on behalf of the Purchaser;

	 	 	 
	 	(b) 	
      the entering into of this Agreement and the transactions
      contemplated hereby do not result in the violation of any of the terms and
      provisions of any law applicable to the Purchaser or of any agreement,
      written or oral, to which the Purchaser may be a party or by which the
      Purchaser is or may be bound;

	 	 	 
	 	(c) 	
      the Purchaser has duly executed and delivered this
      Agreement and it constitutes a valid and binding agreement of the
      Purchaser enforceable against the Purchaser in accordance with its
      terms;

	 	 	 
	 	(d) 	
      the Purchaser is not acquiring the Units for the account
      or benefit of, directly or indirectly, any U.S. Person;

	 	 	 
	 	(e) 	
      the Purchaser is not a U.S. Person;

	 	 	 
	 	(f) 	
      the Purchaser is resident in the jurisdiction set out
      under the heading "Name and Address of Purchaser" on the signature page of
      this Agreement;

	 	 	 
	 	(g) 	
      the sale of the Units to the Purchaser as contemplated in
      this Agreement complies with or is exempt from the applicable securities
      legislation of the jurisdiction of residence of the Purchaser;

	 	 	 
	 	(h) 	
      the Purchaser is acquiring the Units for investment only
      and not with a view to resale or distribution and, in particular, it has
      no intention to distribute either directly or indirectly any of the Units
      in the United States or to U.S. Persons;

	 	 	 
	 	(i) 	
      the Purchaser is outside the United States when receiving
      and executing this Agreement and is acquiring the Units as principal for
      the Purchaser's own account, for investment purposes only, and not with a
      view to, or for, resale, distribution or fractionalisation thereof, in
      whole or in part, and no other person has a direct or indirect beneficial
      interest in such Shares;

	 	 	 
	 	(j) 	
      the Purchaser is not an underwriter of, or dealer in, the
      common shares of the Company, nor is the Purchaser participating, pursuant
      to a contractual agreement or otherwise, in the distribution of the
      Shares;

	 	 	 
	 	(k) 	
      the Purchaser (i) is able to fend for him/her/itself in
      the Subscription; (ii) has such knowledge and experience in business
      matters as to be capable of evaluating the merits and risks of its
      prospective investment in the Shares; and (iii) has the ability to bear
      the economic risks of its prospective investment and can afford the
      complete loss of such investment;

	 	 	 
	 	(l) 	
      the Purchaser acknowledges that the Purchaser has not
      acquired the Units as a result of, and will not itself engage in, any
      "directed selling efforts" (as defined in Regulation S under the 1933 Act)
      in the United States in respect of the Shares which would include any
      activities undertaken for the purpose of, or that could reasonably be
      expected to have the effect of, conditioning the market in the United
      States for the resale of the Shares; provided, however, that the Purchaser
      may sell or otherwise dispose of the Shares pursuant to registration of
      the Shares pursuant to the 1933 Act and any applicable state and
      provincial securities laws or under an exemption from such registration
      requirements and as otherwise provided herein;

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 13 of 15 

	 	(m) 	
      the Purchaser understands and agrees that none of the
      Shares have been registered under the 1933 Act, or under any state
      securities or "blue sky" laws of any state of the United States, and,
      unless so registered, may not be offered or sold in the United States or,
      directly or indirectly, to U.S. Persons except in accordance with the
      provisions of Regulation S, pursuant to an effective registration
      statement under the 1933 Act, or pursuant to an exemption from, or in a
      transaction not subject to, the registration requirements of the 1933
      Act;

	 	 	 	 
	 	(n) 	
      the Purchaser understands and agrees that offers and
      sales of any of the Shares prior to the expiration of a period of one year
      after the date of original issuance of the Units (the one year period
      hereinafter referred to as the "Distribution Compliance Period") shall
      only be made in compliance with the safe harbor provisions set forth in
      Regulation S, pursuant to the registration provisions of the 1933 Act or
      an exemption therefrom, and that all offers and sales after the
      Distribution Compliance Period shall be made only in compliance with the
      registration provisions of the 1933 Act or an exemption therefrom and in
      each case only in accordance with applicable state and provincial
      securities laws;

	 	 	 	 
	 	(o) 	
      the Purchaser understands and agrees not to engage in any
      hedging transactions involving any of the Shares unless such transactions
      are in compliance with the provisions of the 1933 Act and in each case
      only in accordance with applicable state and provincial securities
      laws;

	 	 	 	 
	 	(p) 	
      the Purchaser understands and agrees that the Company
      will refuse to register any transfer of the Shares not made in accordance
      with the provisions of Regulation S, pursuant to an effective registration
      statement under the 1933 Act or pursuant to an available exemption from
      the registration requirements of the 1933 Act;

	 	 	 	 
	 	(q) 	
      the Purchaser is not aware of any advertisement of any of
      the Units and is not acquiring the Units as a result of any form of
      general solicitation or general advertising including advertisements,
      articles, notices or other communications published in any newspaper,
      magazine or similar media or broadcast over radio or television, or any
      seminar or meeting whose attendees have been invited by general
      solicitation or general advertising; and

	 	 	 	 
	 	(r) 	
      no person has made to the Purchaser any written or oral
      representations:

	 	 	 	 
	 		(i) 	
      that any person will resell or repurchase any of the
      Shares;

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

	 	 	 	 
	 		(iii) 	
      as to the future price or value of any of the Shares;
      or

	 	 	 	 
	 		(iv) 	
      that any of the Shares will be listed and posted for
      trading on any stock exchange or automated dealer quotation system or that
      application has been made to list and post any of the Shares of the
      Company on any stock exchange or automated dealer quotation
  system.

	2.3 	
      Reliance, indemnity and notification of
    changes

The representations and warranties in the Subscription
Agreement (including the first (cover) page, the Terms on pages 3 to 4, the
General Provisions on pages 9 to 14 and the other schedules and appendices
incorporated by reference) are made by the Purchaser with the intent that they
be relied upon by the Issuer in determining its suitability as a purchaser of
Purchased Securities, and the Purchaser hereby agrees to indemnify the Issuer
against all losses, claims, costs, expenses and damages or liabilities which any
of them may suffer or incur as a result of reliance thereon. The Purchaser
undertakes to notify the Issuer immediately of any change in any representation,
warranty or other information relating to the Purchaser set forth in the
Subscription Agreement (including the first (cover) page, the Terms on pages 3
to 4, the General Provisions on pages 9 to 14 and the other schedules and
appendices incorporated by reference) which takes place prior to the
Closing.

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 14 of 15 

2.4 Survival of representations and warranties

The representations and warranties contained in this Section
will survive the Closing.

3. ISSUER’S ACCEPTANCE

The Subscription Agreement, when executed by the Purchaser, and
delivered to the Issuer, will constitute a subscription for Units which will not
be binding on the Issuer until accepted by the Issuer by executing the
Subscription Agreement in the space provided on the face page(s) of the
Agreement and, notwithstanding the Agreement Date, if the Issuer accepts the
subscription by the Purchaser, the Subscription Agreement will be entered into
on the date of such execution by the Issuer.

4. CLOSING

4.1 On or before the end of the fifth business day before the
Closing Date, the Purchaser will deliver to the Issuer the Subscription
Agreement and all applicable schedules and required forms, duly executed, and
payment in full for the total price of the Purchased Securities to be purchased
by the Purchaser.

4.2 At Closing, the Issuer will deliver to the Purchaser the
certificates representing the Purchased Securities purchased by the Purchaser
registered in the name of the Purchaser or its nominee, or as directed by the
Purchaser.

5. MISCELLANEOUS

5.1 The Purchaser agrees to sell, assign or transfer the
Securities only in accordance with the requirements of applicable securities
laws and any legends placed on the Securities as contemplated by the
Subscription Agreement.

5.2 The Purchaser hereby authorizes the Issuer to correct any
minor errors in, or complete any minor information missing from any part of the
Subscription Agreement and any other schedules, forms, certificates or documents
executed by the Purchaser and delivered to the Issuer in connection with the
Private Placement.

5.3 The Issuer may rely on delivery by fax machine of an
executed copy of this subscription, and acceptance by the Issuer of such faxed
copy will be equally effective to create a valid and binding agreement between
the Purchaser and the Issuer in accordance with the terms of the Subscription
Agreement.

5.4 Without limitation, this subscription and the transactions
contemplated by this Subscription Agreement are conditional upon and subject to
the Issuer’s having obtained such regulatory approval of this subscription and
the transactions contemplated by this Subscription Agreement as the Issuer
considers necessary.

5.5 This Subscription Agreement is not assignable or
transferable by the parties hereto without the express written consent of the
other party to this Subscription Agreement.

5.6 Time is of the essence of this Subscription Agreement.

5.7 Except as expressly provided in this Subscription Agreement
and in the agreements, instruments and other documents contemplated or provided
for in this Subscription Agreement, this Subscription Agreement contains the
entire agreement between the parties with respect to the Securities and there
are no other terms, conditions, representations or warranties whether expressed,
implied, oral or written, by statute, by common law, by the Issuer, or by anyone
else.

5.8 The parties to this Subscription Agreement may amend this
Subscription Agreement only in writing.

5.9 This Subscription Agreement enures to the benefit of and is
binding upon the parties to this Subscription Agreement and their successors and
permitted assigns.

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 15 of 15 

5.10 A party to this Subscription Agreement will give all
notices to or other written communications with the other party to this
Subscription Agreement concerning this Subscription Agreement by hand or by
registered mail addressed to the address given on page 1.

5.11 This Subscription Agreement is to be read with all changes
in gender or number as required by the context.

5.12 This Subscription Agreement will be governed by and
construed in accordance with the internal laws of Nevada (without reference to
its rules governing the choice or conflict of laws), and the parties hereto
irrevocably attorn and submit to the exclusive jurisdiction of the courts of
Nevada with respect to any dispute related to this Subscription Agreement.

End of General Provisions

End of Subscription Agreement

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