Document:

BE Resources Inc.: Exhibit 10.1 - Filed by newsfilecorp.com

Exhibit 10.1

BE RESOURCES INC. 

SUBSCRIPTION AGREEMENT 
(Canadian and
Non-U.S. Subscribers) 

(UNITS) 

THE UNITS BEING OFFERED FOR SALE MAY ONLY BE PURCHASED BY
CANADIAN RESIDENTS AND RESIDENTS OF A JURISDICTION OTHER THAN CANADA (EXCLUDING
RESIDENTS OF THE UNITED STATES OF AMERICA), IN EACH CASE PURSUANT TO AVAILABLE
EXEMPTIONS UNDER APPLICABLE SECURITIES LEGISLATION. 

THE SECURITIES OFFERED HEREUNDER HAVE NOT BEEN REGISTERED
WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES
COMMISSION OF ANY STATE AND ARE BEING OFFERED AND SOLD IN RELIANCE UPON AN
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“U.S. SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE U.S. SECURITIES ACT OR
PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE
REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT AND IN ACCORDANCE WITH
APPLICABLE STATE SECURITIES LAWS. IN ADDITION, HEDGING TRANSACTIONS INVOLVING
THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE U.S.
SECURITIES ACT. 

INSTRUCTIONS 

All Subscribers: 

	1. 	
      Complete and sign the Execution Pages of the subscription
      agreement.

	 	 
	2. 	
      Complete and sign Schedule A attached to the subscription
      agreement.

	 	 
	3. 	
      Complete Schedule B attached to the subscription
      agreement.

Canadian Subscribers only: 

Also complete and sign Schedule C attached to the subscription
agreement, if applicable, and Appendix A attached thereto (this schedule does
not have to be completed and signed by Subscribers who are not Canadian or by
Subscribers purchasing at least Cdn$150,000). 

__________________________________________ 

A completed and originally executed copy of, and the other
documents required to be delivered with, this subscription agreement must be
delivered by no later than 1:00 p.m. (Toronto time) on September 9, 2011 to
DSA Corporate Services Inc. at 50 Richmond Street East, Suite 101,
Toronto Ontario, M5C 1N7, Attention: Shaun Drake (Tel: (416) 848-7744, Fax:
(416) 848-0790, email: sdrake@dsacorp.ca).

SUBSCRIPTION AGREEMENT 

	TO: 	Purchasers of Units of BE RESOURCES INC.
  

Dear Sirs/Mesdames: 

	
    Re:              
    Sale of Units  

This subscription agreement is to confirm your agreement to
purchase from BE Resources Inc. (the “Corporation”), subject to the terms and
conditions set forth herein, that number of Units (as hereinafter defined) set
out above your name on the execution pages hereof at the price of Cdn$0.10 per
Unit (the “Purchase Price”). Each Unit is comprised of one share of common stock
in the capital of the Corporation (a “Common Share”) and one-half of one common
stock purchase warrant of the Corporation, each whole warrant (a “Warrant”)
being exercisable to acquire one Common Share at an exercise price of U.S.$0.20
per Common Share for a period of 24 months after the Closing Date (as
hereinafter defined).

In the event that after four months and one day after the
Closing Date, the closing price of the Common Shares on the Stock Exchange (or
such other stock exchange on which the Corporation's shares are listed and where
a majority of the trading volume occurs), for a period of ten (10) consecutive
trading days equals or exceeds Cdn$0.75 per Common Share, the Corporation may,
within five (5) days after such an event, provide notice to the Warrant holders
of early expiry of the Warrants held by each Warrant holder and thereafter, such
Warrants will expire at 3:30 p.m. (Toronto time) on the date which is twenty-one
(21) days after the date of the notice to the Warrant holders. 

The Corporation and the undersigned further agree that Cdn$0.09
of the Purchase Price will be allocated to the Common Share comprising part of
each Unit and that Cdn$0.01 of the Purchase Price will be allocated to
the one-half of one Warrant comprising part of each Unit. 

- 2 - 

	1. 	
      Definitions

	 	 	 	 
		(a) 	
      Definitions: In this Agreement, unless the context
      otherwise requires:

	 	 	 	 
			(i) 	
      “Agreement” means this subscription agreement, including
      all schedules, as the same may be amended, supplemented or restated from
      time to time;

	 	 	 	 
			(ii) 	
      “Business Day” means a day on which Canadian chartered
      banks are open for the transaction of regular business in the City of
      Toronto, Ontario;

	 	 	 	 
			(iii) 	
      “Closing” means the closing of the purchase and sale of
      the Offered Securities;

	 	 	 	 
			(iv) 	
      “Closing Date” means September 15, 2011 or such other
      date as the Corporation may determine but in any event no later than the
      Outside Date or such earlier date as may be prescribed by the Stock
      Exchange;

	 	 	 	 
			(v) 	
      “Common Share” has the meaning ascribed to such term on
      the face page hereof;

	 	 	 	 
			(vi) 	
      “Corporation” has the meaning ascribed to such term on
      the face page hereof;

	 	 	 	 
			(vii) 	
      “Dollar” or “$” means a dollar of lawful money of
      Canada;

	 	 	 	 
			(viii) 	
      “Information” means all information regarding the
      Corporation that is, or becomes, publicly available, and includes but is
      not limited to, all press releases, material change reports, financial
      statements of the Corporation and all other information regarding the
      Corporation that is publicly accessible through the Internet’s System for
      Electronic Document Analysis and Retrieval (SEDAR) available at
      www.sedar.com;

	 	 	 	 
			(ix) 	
      “NI 45-106” means National Instrument 45-106 –
      Prospectus and Registration Exemptions of the Canadian Securities
      Administrators;

	 	 	 	 
			(x) 	
      “Offered Securities” means the up to 10,000,000 Units
      offered for sale by the Corporation;

	 	 	 	 
			(xi) 	
      “Offering” means the offering of the Offered
      Securities;

	 	 	 	 
			(xii) 	
      “Offering Jurisdictions” means each of the provinces and
      territories of Canada and such other jurisdictions as may be determined by
      the Corporation where the Offered Securities are offered to prospective
      purchasers, as the context permits or requires, collectively;

	 	 	 	 
			(xiii) 	
      “Outside Date” means September 22, 2011;

	 	 	 	 
			(xiv) 	
      “Person” means an individual, a firm, a corporation, a
      syndicate, a partnership, a trust, an association, an unincorporated
      organization, a joint venture, an investment club, a government or an
      agency or political subdivision thereof and every other form of legal or
      business entity of whatsoever nature or kind;

- 3 - 

	 	(xv) 	
      “Purchase Price” has the meaning ascribed to such term on
      the face page hereof;

	 	 	 
	 	(xvi) 	
      “Purchased Securities” means the Offered Securities
      purchased by the Subscriber;

	 	 	 
	 	(xvii) 	
      “Regulation D” means Regulation D under the U.S.
      Securities Act;

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

	 	 	 
	 	(xix) 	
      “Reporting Jurisdictions” means British Columbia, Alberta
      and Ontario collectively;

	 	 	 
	 	(xx) 	
      “SEC” means the United States Securities and Exchange
      Commission;

	 	 	 
	 	(xxi) 	
      “Securities Laws” means the securities legislation and
      regulations of, and the instruments, policies, rules, orders, codes,
      notices and interpretation notes of the applicable securities regulatory
      authority or applicable securities regulatory authorities of, the
      applicable jurisdiction or jurisdictions collectively;

	 	 	 
	 	(xxii) 	
      “Stock Exchange” means the TSX Venture
Exchange;

	 	 	 
	 	(xxiii) 	
      “Subject Shares” means the Unit Shares and the Warrant
      Shares, collectively;

	 	 	 
	 	(xxiv) 	
      “Subscriber” means the Person purchasing the Purchased
      Securities and whose name appears on the first execution page hereof and
      who has signed this Agreement or, if the Person whose name appears on the
      first execution page hereof has signed this Agreement as agent for, or on
      behalf of, a beneficial purchaser and is not a trust company, trust
      corporation or portfolio manager deemed to be purchasing the Purchased
      Securities as principal under NI 45- 106, the Person who is the beneficial
      purchaser of the Purchased Securities as disclosed on the execution pages
      hereof;

	 	 	 
	 	(xxv) 	
      “Units” means the units of the Corporation being offered
      for sale by the Corporation pursuant to the Offering, each Unit being
      comprised of one Common Share and one-half of one Warrant;

	 	 	 
	 	(xxvi) 	
      “Unit Shares” means the Common Shares comprising part of
      the Units;

	 	 	 
	 	(xxvii) 	
      “United States” or “U.S.” means the United States of
      America, its territories and possessions, any State of the United States
      and the District of Columbia;

	 	 	 
	 	(xxviii) 	
      “U.S.$” or “U.S. Dollars” means a dollar of lawful money
      of the United States;

	 	 	 
	 	(xxix) 	
      “U.S. Person” means a “U.S. person” as defined in
      Regulation S. Without limiting the foregoing, but for greater clarity in
      this Agreement, a U.S. Person includes, subject to the exclusions set
      forth in Regulation S, (1) any natural person resident in the United
      States, (2) any partnership or corporation organized or incorporated under
      the laws of the United States, (3) any estate or trust of which any
      executor, administrator or trustee is a U.S. Person, (4) any discretionary
      account or similar account (other than an estate or trust) held by
  a dealer or other fiduciary organized, incorporated, or (if
      an individual) resident in the United States, and (5) any partnership or
      corporation organized or incorporated under the laws of any non U.S.
      jurisdiction which is formed by a U.S. Person principally for the purpose
      of investing in securities not registered under the U.S. Securities Act,
      unless it is organized or incorporated, and owned, by "accredited
      investors" (as defined in Rule 501(a) of Regulation D) who are not natural
      persons, estates or trusts;

- 4 - 

	 	(xxx) 	
      “U.S. Purchaser” means any Person who is a U.S. Person, a
      Person in the United States or a Person purchasing the Purchased
      Securities for the account or for the benefit of a U.S. Person or a Person
      in the United States, or a Person who is otherwise subject to the
      Securities Laws of the United States;

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

	 	 	 
	 	(xxxii) 	
      “Warrant Certificates” means the certificates
      representing the Warrants;

	 	 	 
	 	(xxxiii) 	
      “Warrant Shares” means the Common Shares issuable upon
      the exercise of the Warrants; and

	 	 	 
	 	(xxxiv) 	
      “Warrants” has the meaning ascribed to such term on the
      face page hereof.

	2. 	
      Conditions of
Purchase

In connection with your purchase of the Purchased Securities,
the following documents are attached hereto which you are requested to complete
and sign as indicated and return together with an executed copy of this
Agreement as soon as possible to DSA on behalf of the Corporation and in any
event no later than 1:00 p.m. (Toronto time) on September 9, 2011: 

	 	(a) 	
      Schedule A, an information sheet and, to the extent
      required, Appendix A to Schedule A, being Form 4C in the form required by
      the Stock Exchange;

	 	 	 
	 	(b) 	
      Schedule B, with respect to registration and delivery
      instructions; and

	 	 	 
	 	(c) 	
      if you are, or, if applicable, the beneficial purchaser
      for whom you are contracting hereunder is, a resident of, or otherwise
      subject to the Securities Laws of, a jurisdiction of Canada (and
      subscribing for less than Cdn$150,000 of Units), Schedule C, being, among
      other things, the applicable “accredited investor” certificate, unless
      paragraph 4B(b) applies.

The obligation of the Corporation to sell the Purchased
Securities to the Subscriber is subject to, among other things, the conditions
that:

	 	(a) 	
      you execute and return all documents required by the
      Securities Laws of the applicable Offering Jurisdiction and the policies
      of the Stock Exchange for delivery on your behalf, including the forms set
      out in Schedules B to C attached hereto, as applicable, to DSA on behalf
      of the Corporation as the sale of the Purchased Securities by the
      Corporation to the Subscriber will not be qualified by a prospectus or
      registration statement;

- 5 - 

	 	(b) 	
      the representations and warranties made by you and, if
      applicable, any beneficial purchaser for whom you are contracting
      hereunder (including representations and warranties made in any schedule
      attached hereto, as applicable), herein are true and correct when made and
      are true and correct on the Closing Date with the same force and effect as
      if they had been made on and as of such date;

	 	 	 
	 	(c) 	
      all covenants, agreements and conditions contained in
      this Agreement to be performed by you and, if applicable, any beneficial
      purchaser for whom you are contracting hereunder, on or prior to the
      Closing Date shall have been performed or complied with in all material
      respects;

	 	 	 
	 	(d) 	
      on or prior to the Closing Date, receipt by DSA on behalf
      of the Corporation of subscriptions for the Offered Securities in an
      aggregate amount of at least Cdn$500,000 together with such bank drafts,
      certified cheques or other forms of immediately available funds for such
      subscriptions payable to the Corporation (the “Minimum Subscription”);
      and

	 	 	 
	 	(d) 	
      all necessary regulatory approvals including acceptance
      of the Offering by the Stock Exchange being obtained prior to the Closing
      Date.

By returning this Agreement you consent and, if applicable, any
beneficial purchaser for whom you are contracting hereunder consents, to the
filing by the Corporation of all documents and personal information concerning
the Subscriber provided in this Agreement required by the Securities Laws of the
Offering Jurisdictions and the policies of the Stock Exchange. 

If you are not subscribing for the Purchased Securities as
principal for your own account and you are not an accredited investor that is a
trust company, trust corporation or portfolio manager deemed to be purchasing as
principal under NI 45-106, each beneficial purchaser for whom you are
contracting hereunder must be purchasing the Purchased Securities as principal,
must be disclosed on the execution page hereof as the principal and (unless you
are an authorized agent with power to sign on behalf of the beneficial
purchaser) must execute all documents required by the Securities Laws of the
Offering Jurisdictions and the policies of the Stock Exchange with respect to
the Purchased Securities being acquired by each such beneficial purchaser as
principal. If you are signing this Agreement as agent or pursuant to a power of
attorney for the Subscriber, you represent and warrant that you have authority
to bind the Subscriber.

You agree, and you agree to cause any beneficial purchaser for
whom you are contracting hereunder, to comply with all Securities Laws of the
Offering Jurisdictions and with the policies of the Stock Exchange concerning
the purchase of, the holding of, and the resale restrictions applicable to, the
Purchased Securities.

You acknowledge and, if applicable, any beneficial purchaser
for whom you are contracting hereunder acknowledges, that the Corporation has
the right to close the subscription books at any time without notice and to
accept or reject any subscription, in whole or in part, in its sole discretion.

In the event that the Minimum Subscription has not been met by
the Outside Date or the Corporation determines that the Minimum Subscription
will not be met by the Outside Date, this Agreement shall terminate and the
certified cheque, bank draft or other form of immediately available funds shall,
where applicable, be returned to the Subscriber within five Business Days of the
earlier to occur of the Outside Date or the date on which the Corporation
determines that the Minimum Subscription will not be met by the Outside Date.

- 6 - 

	3. 	
      The Closing

Delivery and payment for the Purchased Securities will be
completed at the Closing of the purchase and sale of the Offered Securities at
the offices of Canadian counsel to the Corporation at Suite 1600, 1 First
Canadian Place, 100 King Street West, Toronto, ON M5X 1G5 at 10:00 am (Toronto
time), on the Closing Date.

Certificates representing the Purchased Securities will be
available for delivery to you against payment to the Corporation of the amount
of the Purchase Price for the Purchased Securities in freely transferable
Canadian funds. 

	4. 	
      Prospectus
Exemptions

The sale of the Purchased Securities by the Corporation to the
Subscriber is conditional upon such sale being exempt from the requirements as
to the filing of a prospectus or registration statement and as to the
preparation and delivery of an offering memorandum or similar document contained
in any statute, regulation, instrument, rule or policy applicable to the sale of
the Purchased Securities or upon the issue of such orders, consents or approvals
as may be required to permit such sale without the requirement of filing a
prospectus or registration statement or delivering an offering memorandum or
similar document.

You acknowledge and agree that:

	 	(a) 	
      you, and, if applicable, others for whom you are
      contracting hereunder, have been independently advised as to or are aware:
      (i) of the restrictions with respect to trading in, and the restricted
      period or statutory hold period applicable to, the Unit Shares, the
      Warrants and the Warrant Shares imposed by the Securities Laws of the
      jurisdiction in which you reside or to which you are subject and by the
      policies of the Stock Exchange; (ii) that the resale of the Offered
      Securities and the Warrant Shares may be prohibited until the expiry of
      the applicable hold period except for any resale made in accordance with
      limited exemptions under applicable Securities Laws; (iii) it is the
      Subscriber’s responsibility to find out what restrictions apply and to
      comply with them; and (iv) that a suitable legend or legends will be
      placed on the certificates representing the Unit Shares, the Warrants and
      the Warrant Shares to reflect the applicable restricted period and
      statutory hold period to which the Unit Shares, the Warrants and the
      Warrant Shares are subject;

	 	 	 
	 	(b) 	
      you, and, if applicable, others for whom you are
      contracting hereunder: (i) have not received or been provided with a
      prospectus, registration statement, offering memorandum (within the
      meaning of the Securities Laws of the Offering Jurisdictions) or any
      document purporting to describe the business and affairs of the
      Corporation which has been prepared for review by prospective purchasers
      to assist in making an investment decision in respect of the Offered
      Securities; and (ii) that your decision, or, if applicable, the decision
      of others for whom you are contracting hereunder, to enter into this
      Agreement and to purchase the Purchased Securities from the Corporation is
      based entirely upon this Agreement and the Information and not upon any
      other verbal or written representation as to fact or otherwise made by or
      on behalf of the Corporation;

	 	 	 
	 	(c) 	
      the Subscriber is solely responsible for obtaining such
      tax, investment, legal and other professional advice as it considers
      appropriate in connection with the execution, delivery and performance by
      it of this Agreement and the transactions contemplated hereunder
      (including the resale and transfer restrictions referred to herein), and,
      without limiting the generality of the foregoing the Corporation’s counsel are
      acting solely as counsel to the Corporation and not as counsel to the
      Subscriber;

- 7 - 

	 	(d) 	
      as a consequence of the sale of the Purchased Securities
      being exempt from the prospectus and registration requirements of the
      Securities Laws of the Offering Jurisdictions:

	 	 	 	 
	 		(i) 	
      certain protections, rights and remedies provided by the
      Securities Laws of the Offering Jurisdictions, including statutory rights
      of rescission and certain statutory remedies against an issuer, agents,
      underwriters, auditors, directors and officers that are available to
      investors who acquire securities offered by a prospectus or registration
      statement, will not be available to you, or, if applicable, others for
      whom you are contracting hereunder;

	 	 	 	 
	 		(ii) 	
      the common law may not provide you or, if applicable,
      others for whom you are contracting hereunder, with an adequate remedy if
      you or, if applicable, others for whom you are contracting hereunder,
      suffer investment losses in connection with the Purchased
    Securities;

	 	 	 	 
	 		(iii) 	
      you, or, if applicable, others for whom you are
      contracting hereunder, may not receive information that would otherwise be
      required to be given under the Securities Laws of the Offering
      Jurisdictions; and

	 	 	 	 
	 		(iv) 	
      the Corporation is relieved from certain obligations that
      would otherwise apply under the Securities Laws of the Offering
      Jurisdictions;

	 	 	 	 
	 	(e) 	
      no Person has made any written or oral
    representation:

	 	 	 	 
	 		(i) 	
      that any Person will resell or repurchase the Purchased
      Securities;

	 	 	 	 
	 		(ii) 	
      that any Person will refund the Purchase Price;
  or

	 	 	 	 
	 		(iii) 	
      as to the future price or value of the Unit Shares or the
      Warrants comprising the Units; and

	 	 	 	 
	 	(f) 	
      the Corporation may complete additional financings in the
      future which may have a dilutive effect on existing shareholders at such
      time.

By your acceptance of this Agreement, you, and, if applicable,
any others for whom you are contracting hereunder represent, warrant and
acknowledge to the Corporation (which representations, warranties and
acknowledgements shall be true and correct both as of the date of execution of
this Agreement and as of the Closing Date and shall survive the Closing) that:

	A. 	
      General:

	 	 	 
		(a) 	
      You are, and any beneficial purchaser for whom you are
      contracting hereunder is, resident, or if not an individual, has the head
      office, in the jurisdiction set out on the line entitled “residential
      address, including postal code” above your signature or on the line
      entitled “residential address and telephone number of beneficial
      purchaser” below your signature, as applicable, set forth on the execution
      pages of this Agreement, which address is your residence or place of
      business, or the residence or place of business of
any beneficial purchaser for whom you are contracting
      hereunder, as applicable, and such address was not obtained or used solely
      for the purpose of acquiring the Purchased Securities.

- 8 - 

	 	(b) 	
      If you are an individual, you have attained the age of
      majority in the jurisdiction in which you are resident and have the legal
      capacity and competence to enter into and be bound by this Agreement and
      to perform the covenants and obligations herein.

	 	 	 
	 	(c) 	
      If you are not an individual: (i) you have the legal
      capacity to authorize, execute and deliver this Agreement; and (ii) the
      individual signing this Agreement has been duly authorized to execute and
      deliver this Agreement.

	 	 	 
	 	(d) 	
      You are, and any beneficial purchaser for whom you are
      contracting hereunder is, at arm’s-length, within the meaning of the
      Securities Laws of the Offering Jurisdictions and the policies of the
      Stock Exchange, with the Corporation.

	 	 	 
	 	(e) 	
      Legal counsel retained by the Corporation are acting as
      counsel to the Corporation and not as counsel to the Subscriber and the
      Subscriber may not rely upon such counsel in any respect. The Subscriber
      understands it should obtain independent legal advice with respect to the
      investment in the Purchased Securities. The Subscriber has been
      independently advised as to the meanings of all terms contained herein
      relevant to the Subscriber for the purposes of giving representations,
      warranties and covenants hereunder and with respect to full particulars of
      applicable resale restrictions in its jurisdiction.

	 	 	 
	 	(f) 	
      If you are, or, if applicable, any beneficial purchaser
      for whom you are contracting hereunder is, a resident of a jurisdiction
      other than a jurisdiction in Canada, you, and, if applicable, any
      beneficial purchaser for whom you are contracting hereunder: (i) have
      knowledge of or have been independently advised as to and will comply with
      the requirements of all the Securities Laws of the jurisdiction of your
      residence or the residence of any beneficial purchaser for whom you are
      contracting hereunder, as the case may be; (ii) confirm that the
      requirements of the Securities Laws in the jurisdiction of your residence
      or the residence of any beneficial purchaser for whom you are contracting
      hereunder, as the case may be, do not (A) require the Corporation to make
      any filings or seek any approvals of any kind whatsoever from any
      regulatory authority of any kind or nature whatsoever or (B) require the
      Corporation to prepare and file a prospectus, registration statement or
      similar document or to register the Units, the Unit Shares, the Warrants
      or the Warrant Shares; and (iii) will provide such evidence of compliance
      with all such matters as the Corporation may request.

	 	 	 
	 	(g) 	
      You are, and, if applicable, any beneficial purchaser for
      whom you are contracting hereunder is capable of assessing the proposed
      investment in the Purchased Securities as a result of financial or
      investment experience or as a result of advice received from a registered
      person other than the Corporation or an affiliate thereof and you are or,
      if applicable, any beneficial purchaser for whom you are contracting
      hereunder is, as the case may be, able to bear the economic loss of the
      investment in the Purchased Securities;

	 	 	 
	 	(h) 	
      You are not a U.S. Purchaser and you are not acquiring
      the Purchased Securities on behalf of any U.S.
Purchaser;

- 9 - 

	 	(i) 	
      The Purchased Securities were not offered to you or any
      beneficial purchaser for whom you are contracting in the United
    States;

	 	 	 
	 	(j) 	
      At the time of executing this Agreement, you are, and, if
      applicable, any beneficial purchaser for whom you are contracting
      hereunder is, outside the United States and this Agreement was not
      executed or delivered in the United States;

	 	 	 
	 	(k) 	
      The Offered Securities were not offered to you or any
      beneficial purchaser for whom you are contracting hereunder as a result of
      any directed selling efforts (as that term is defined by Regulation S) in
      the United States, which would include any activity (such as placing an
      advertisement in a publication with a general circulation in the United
      States that refers to the Offered Securities) undertaken for the purpose
      of, or that could reasonably be expected to have the effect of,
      conditioning the market in the United States for any of the Offered
      Securities;

	 	 	 
	 	(l) 	
      The current structure of this transaction and all
      transactions and activities contemplated hereunder is not a scheme to
      evade the registration requirements of the U.S. Securities Act;

	 	 	 
	 	(m) 	
      The Units, Unit Shares, Warrants and Warrant Shares have
      not been and will not be registered under the U.S. Securities Act or the
      securities laws of any state of the United States, and may not be offered
      or sold in the United States or to, or for the account or benefit of, any
      U.S. Person, unless the securities are registered under the U.S.
      Securities Act and all applicable state securities laws or an exemption
      from such registration requirements is available and further agrees that
      hedging transactions involving such securities may not be conducted unless
      in compliance with the U.S. Securities Act;

	 	 	 
	 	(n) 	
      The Subscriber and if applicable, any beneficial
      purchaser for whom you are contracting hereunder, understands that the
      Corporation is the seller of the Purchased Securities and that, for
      purposes of Regulation S, a “distributor” is any underwriter, dealer or
      other person who participates, pursuant to a contractual arrangement, in
      the distribution of the Offered Securities sold in reliance on Regulation
      S and that an “affiliate” is any partner, officer, director or any person
      directly or indirectly controlling, controlled by or under common control
      with any person in question; except as otherwise permitted by Regulation
      S, the Subscriber and if applicable, any beneficial purchaser for whom you
      are contracting hereunder, agrees that it will not, during the
      distribution compliance period described in Regulation S, act as a
      distributor, either directly or through any affiliate, or sell, transfer,
      hypothecate or otherwise convey the Unit Shares, Warrants or the Warrant
      Shares other than to or for the account or benefit of a non-U.S. Person
      and in compliance with Regulation S;

	 	 	 
	 	(o) 	
      Neither the Subscriber nor any beneficial purchaser for
      whom you are contracting hereunder will offer, sell or otherwise dispose
      of the Purchased Securities or the Warrant Shares in the United States or
      to, or for the account or benefit of, a U.S. Person unless (A) the
      Corporation has consented to such offer, sale or disposition and such
      offer, sale or disposition is made in accordance with an exemption from
      the registration requirements under the U.S. Securities Act and the
      securities laws of all applicable states of the United States or (B) the
      SEC has declared effective a registration statement in respect of such
      securities, and the Subscriber understands that the Corporation will
      refuse to transfer the Purchased Securities or the Warrant Shares absent
      compliance with the foregoing;

- 10 - 

	 	(p) 	
      The Subscriber, and if applicable, any beneficial
      purchaser for whom you are contracting hereunder, acknowledges and agrees
      that the Unit Shares, Warrants and the Warrant Shares will be “restricted
      securities” within the meaning of Rule 144(a)(3) under the U.S. Securities
      Act and will remain “restricted securities” notwithstanding any resale
      within or outside the United States unless the sale is completed pursuant
      to an effective registration statement under the U.S. Securities Act or in
      accordance with Rule 144 under the U.S. Securities Act; the Subscriber
      acknowledges that the Unit Shares, Warrants and Warrant Shares will be
      subject to a minimum hold period of at least six (6) months under Rule
      144, and that the hold period on the Warrant Shares commences on the date
      of exercise of the Warrants and not on acquisition of the Warrants on the
      Closing Date; the Subscriber acknowledges that it has been advised to
      obtain independent legal and professional advice on the requirements of
      Rule 144, and that the Subscriber has been advised that resales of the
      Unit Shares, Warrants and Warrant Shares may be made only under certain
      circumstances; the Subscriber understands that to the extent that Rule 144
      is not available, the Subscriber will be unable to sell any Unit Shares,
      Warrants or Warrant Shares without either registration under the U.S.
      Securities Act or the existence of another exemption from such
      registration requirement, and in all cases pursuant to exemptions from
      applicable securities laws of any state of the United States;

	 	 	 	 
	 	(q) 	
      The Subscriber, and if applicable, any beneficial
      purchaser for whom you are contracting hereunder, acknowledges and
      understands that in the event the Purchased Securities are offered, sold
      or otherwise transferred by the Subscriber or if applicable, the
      beneficial purchaser for whom you are contracting hereunder, to a non-U.S
      Person prior to the expiration of the distribution compliance period
      specified in Regulation S, the purchaser or transferee must agree not to
      resell such securities except in accordance with the provisions of
      Regulation S, pursuant to registration under the U.S. Securities Act, or
      pursuant to an available exemption from registration; and must further
      agree not to engage in hedging transactions with regard to such securities
      unless in compliance with the U.S. Securities Act;

	 	 	 	 
	 	(r) 	
      In order to exercise the Warrants included in the Units,
      the holder must certify in writing that it is not a U.S. Person and the
      Warrant is not being exercised on behalf of a U.S. Person, or that the
      person provided an opinion of counsel satisfactory to the Corporation that
      the exercise of the Warrant is exempt from the registration provisions of
      the U.S. Securities Act;

	 	 	 	 
	 	(s) 	
      The Subscriber (and, if applicable, others for whom it is
      contracting hereunder) is not:

	 	 	 	 
	 		(i) 	
      a licensed broker or dealer in the United
  States,

	 	 	 	 
	 		(ii) 	
      an affiliate of a licensed broker or dealer in the United
      States,

	 	 	 	 
	 		(iii) 	
      acting as an underwriter (as that term is defined in
      Section 2(11) of the U.S. Securities Act) in respect of the Unit Shares,
      Warrants or the Warrant Shares, or

	 	 	 	 
	 		(iv) 	
      an affiliate of any person that is acting as an
      underwriter (as that term is defined in Section 2(11) of the U.S.
      Securities Act) in respect of the Unit Shares, Warrants or the Warrant
      Shares;

- 11 - 

	 	(t) 	
      The Purchased Securities to be issued hereunder are not
      being purchased with knowledge of any material fact about the Corporation
      that has not been generally disclosed;

	 	 	 
	 	(u) 	
      You acknowledge and, if applicable, any beneficial
      purchaser for whom you are contracting hereunder acknowledges, that no
      agency, governmental authority, securities commission or similar
      regulatory body, stock exchange or other entity has reviewed, passed on or
      made any finding or determination as to the merit for investment of the
      Units nor have any such agencies or governmental authorities made any
      recommendation or endorsement with respect to the Units;

	 	 	 
	 	(v) 	
      This Agreement has been duly executed and delivered and,
      when accepted by the Corporation, will constitute a legal, valid and
      binding obligation enforceable against you and, if you are signing this
      Agreement on behalf of a beneficial purchaser, also against such
      beneficial purchaser, in each case in accordance with the terms
    hereof;

	 	 	 
	 	(w) 	
      If you are contracting hereunder as trustee or agent
      (including, for greater certainty, a portfolio manager or comparable
      adviser) for one or more beneficial purchasers, you are authorized to
      execute and deliver this Agreement and all other necessary documentation
      in connection with the subscription made on behalf of such beneficial
      purchaser or beneficial purchasers and this Agreement has been authorized,
      executed and delivered on behalf of such beneficial purchaser or
      beneficial purchasers, and you acknowledge that the Corporation may be
      required by law to disclose the identity of each beneficial purchaser for
      whom you are contracting hereunder;

	 	 	 
	 	(x) 	
      The execution and delivery of this Agreement, the
      performance and compliance with the terms hereof, the purchase of the
      Purchased Securities and the completion of the transactions described
      herein 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, if you are not or any
      beneficial purchaser for whom you are contracting hereunder is not an
      individual, constitute a material default under any term or provision of
      your constating documents, by-laws or resolutions or the constating
      documents, by-laws or resolutions of any beneficial purchaser for whom you
      are contracting hereunder, as the case may be, the Securities Laws or any
      other laws applicable to you or any beneficial purchaser for whom you are
      contracting hereunder, any agreement to which you are or any beneficial
      purchaser for whom you are contracting hereunder is a party, or any
      judgment, decree, order, statute, rule or regulation applicable to you or
      any beneficial purchaser for whom you are contracting hereunder;

	 	 	 
	 	(y) 	
      The funds representing the aggregate Purchase Price in
      respect of the Purchased Securities which will be advanced by the
      Subscriber to the Corporation hereunder will not represent proceeds of
      crime for the purposes of the Proceeds of Crime (Money Laundering) and
      Terrorist Financing Act (Canada) (for the purposes of this paragraph
      the “PCMLTFA”) or the Uniting and Strengthening America by Providing
      Appropriate Tools Required to Intercept and Obstruct Terrorism Act
      (United States) (commonly referred to as the “USA PATRIOT Act”), and
      you acknowledge that the Corporation may in the future be required by law
      to disclose the name of the Subscriber and other information relating to
      this Agreement and the subscription hereunder, on a confidential basis,
      pursuant to the PCMLTFA. To the best of your knowledge, none of the
      subscription funds provided by the Subscriber: (i) have been or will be
      derived directly or indirectly from or related to any activity that is
      deemed criminal under the laws of Canada, the United States or any other
      jurisdiction; or (ii) are being tendered on behalf of a person
  or entity who has not been identified to you, and you will
      promptly notify the Corporation if you discover that any of such
      representations cease to be true and will provide the Corporation with
      appropriate information in connection therewith;

- 12 - 

	 	(z) 	
      You, on your own behalf and, if applicable, on behalf of
      each beneficial purchaser for whom you are contracting hereunder,
      acknowledge and consent to the fact that the Corporation is collecting
      your personal information (as that term is defined under applicable
      privacy legislation, including, without limitation, the Personal
      Information Protection and Electronic Documents Act (Canada) and any
      other applicable similar, replacement or supplemental provincial or
      federal legislation or laws in effect from time to time), and, if
      applicable, that of each beneficial purchaser for whom you are contracting
      hereunder, for the purpose of completing this Agreement. You, on your own
      behalf and, if applicable, on behalf of each beneficial purchaser for whom
      you are contracting hereunder, acknowledge and consent to the Corporation
      retaining such personal information for as long as permitted or required
      by law or business practices. You, on your own behalf and, if applicable,
      on behalf of each beneficial purchaser for whom you are contracting
      hereunder, further acknowledge and consent to the fact that the
      Corporation may be required by the Securities Laws of the Offering
      Jurisdictions, the rules and policies of any stock exchange or the rules
      of the Investment Industry Regulatory Organization of Canada to provide
      regulatory authorities with any personal information provided under this
      Agreement. You represent and warrant, as applicable, that you have the
      authority to provide the consents and acknowledgements set out in this
      paragraph on behalf of each beneficial purchaser for whom you are
      contracting hereunder. In addition to the foregoing, you agree and
      acknowledge that the Corporation, may use and disclose your personal
      information, or that of each beneficial purchaser for whom you are
      contracting hereunder, as follows:

	 	 	 	 
	 		(i) 	
      for internal use with respect to managing the
      relationships between and contractual obligations of the Corporation and
      you or any beneficial purchaser for whom you are contracting
    hereunder;

	 	 	 	 
	 		(ii) 	
      for use and disclosure for income tax related purposes,
      including without limitation, where required by law, disclosure to Canada
      Revenue Agency;

	 	 	 	 
	 		(iii) 	
      for disclosure to securities regulatory authorities and
      other regulatory bodies with jurisdiction with respect to reports of
      trades and similar regulatory filings;

	 	 	 	 
	 		(iv) 	
      for use and disclosure to the Stock Exchange (as set
      forth in Stock Exchange Appendix 6A) pursuant to Stock Exchange Form 4B
      entitled “Private Placement Notice Form”;

	 	 	 	 
	 		(v) 	
      for disclosure to a governmental or other authority to
      which the disclosure is required by court order or subpoena compelling
      such disclosure and where there is no reasonable alternative to such
      disclosure;

	 	 	 	 
	 		(vi) 	
      for disclosure to professional advisers of the
      Corporation in connection with the performance of their professional
      services;

	 	 	 	 
	 		(vii) 	
      for disclosure to any person where such disclosure is
      necessary for legitimate business reasons and is made with your prior
      written consent;

- 13 - 

	 		(viii) 	
      for disclosure to a court determining the rights of the
      parties under this Agreement; or

	 	 	 	 
	 		(ix) 	
      for use and disclosure as otherwise required or permitted
      by law;

	 	 	 	 
	 	(aa) 	
      If you are, or the beneficial purchaser for whom you are
      contracting hereunder is, a resident of the Province of Ontario, you
      authorize the indirect collection of personal information (as defined in
      the Securities Laws of the Province of Ontario) by the Ontario Securities
      Commission and confirm that you have been notified by the
    Corporation:

	 	 	 	 
	 		(i) 	
      that the Corporation will be delivering such personal
      information to the Ontario Securities Commission;

	 	 	 	 
	 		(ii) 	
      that such personal information is being collected
      indirectly by the Ontario Securities Commission under the authority
      granted to it in the Securities Laws of the Province of Ontario;

	 	 	 	 
	 		(iii) 	
      that such personal information is being collected for the
      purpose of the administration and enforcement of the Securities Laws of
      the Province of Ontario; 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
      personal information is as follows:

	 	Administrative Assistant to the Director of
      Corporate Finance 
	 	Ontario Securities Commission 
	 	Suite 1903, Box 55, 20 Queen Street West 
	 	Toronto, Ontario M5H 3S8 
	 	Telephone: 416-593-8086

	 	(bb) 	
      You, on your own behalf and, if applicable, on behalf of
      each beneficial purchaser for whom you are contracting hereunder,
      acknowledge and consent to the fact that the Stock Exchange, its
      affiliates, authorized agents, subsidiaries and divisions collect personal
      information (as such term is defined in the Corporate Finance Manual of
      the Stock Exchange) in certain information forms, which are submitted to
      the Stock Exchange, including the form attached hereto as Schedule A, and
      use such information for the following purposes:

	 	 	 	 
	 		(i) 	
      to conduct background checks;

	 	 	 	 
	 		(ii) 	
      to verify the personal information that has been provided
      about each individual;

	 	 	 	 
	 		(iii) 	
      to provide disclosure to market participants as to the
      security holdings of directors, officers, other insiders and promoters of
      the Corporation, or its associates or affiliates;

	 	 	 	 
	 		(iv) 	
      to conduct enforcement proceedings;
and

- 14 - 

	 	(v) 	
      to perform other investigations as required by and to
      ensure compliance with all applicable rules, policies, rulings and
      regulations of the Stock Exchange, securities legislation and other legal
      and regulatory requirements governing the conduct and protection of the
      public markets in Canada.

As part of above-mentioned process,
the Stock Exchange also collects additional personal information from other
sources, including but not limited to, securities regulatory authorities in
Canada or elsewhere, investigative, law enforcement or self-regulatory
organizations, regulations services providers and each of their subsidiaries,
affiliates, regulators and authorized agents, to ensure that the purposes set
out above can be accomplished.

The personal information collected by
the Stock Exchange may also be disclosed: 

	 	(vi) 	
      to the agencies and organizations in the preceding
      paragraph, or as otherwise permitted or required by law, and they may use
      it in their own investigations for the purposes described above;
  and

	 	 	 
	 	(vii) 	
      on the website of the Stock Exchange or through printed
      materials published by or pursuant to the directions of the Stock
      Exchange.

	 	 	You on your own behalf and, if applicable, on
      behalf of each beneficial purchaser for whom you are contracting
      hereunder, acknowledge and consent to all of the foregoing and to the fact
      that the Stock Exchange may from time to time use third parties to process
      information and/or provide other administrative services. In this regard,
      the Stock Exchange may share the information with such third party service
      providers; and
	 	 	 	 	 
		(cc) 	
      The representations, warranties and covenants of the
      Subscriber herein are made with the intent that they may be relied upon in
      determining the suitability of a purchaser of Units and will survive the
      completion of the issuance of the Units.

	 	 	 	 	 
	B. 	
      All Purchasers: If you, or any beneficial
      purchaser for whom you are contracting, are resident in, or are otherwise
      subject to the Securities Laws of a jurisdiction of Canada, then either of
      paragraph 4B(a) or 4B(b) applies to you:

	 	 	 	 	 
		(a) 	
      Accredited Investors:

	 	 	 	 	 
			(i) 	
      you are either purchasing the Purchased
  Securities:

	 	 	 	 	 
				(A) 	
      as principal and not for the benefit of any other Person,
      or you are deemed under NI 45-106 to be purchasing the Purchased
      Securities as principal, and you are an “accredited investor” within the
      meaning of NI 45-106; or

	 	 	 	 	 
				(B) 	
      as agent for a beneficial purchaser disclosed as the
      principal on the second execution page of this Agreement, and you are an
      agent or trustee with proper authority to execute all documents required
      in connection with the purchase of the Purchased Securities on behalf of
      such disclosed beneficial purchaser and such disclosed beneficial
      purchaser for whom you are contracting hereunder is purchasing as
      principal and not for the benefit of any other Person, or is deemed under
      NI 45-106 to be purchasing the Purchased Securities as principal, and
      such disclosed beneficial purchaser is an “accredited investor” within the
      meaning of NI 45-106;

- 15 - 

	 		(ii) 	
      if you are, or the beneficial purchaser for whom you are
      contracting hereunder is, as the case may be, a Person, other than an
      individual or investment fund, that has net assets of at least
      Cdn$5,000,000, you were not, or the beneficial purchaser for whom you are
      contracting hereunder was not, as the case may be, created or used solely
      to purchase or hold securities as an accredited investor; and

	 	 	 	 	 
	 		(iii) 	
      you have concurrently executed and delivered a
      certificate in the form attached as Schedule C hereto.

	 	 	 	 	 
	 	(b) 	
      Minimum Amount Investment:

	 	 	 	 	 
	 		(i) 	
      you are either purchasing the Purchased
  Securities:

	 	 	 	 	 
	 			(A) 	
      as principal and not for the benefit of any other Person,
      and your aggregate acquisition cost, payable by you in cash at the
      Closing, for the Purchased Securities is not less than Cdn$150,000;
    or

	 	 	 	 	 
	 			(B) 	
      as agent for a beneficial purchaser disclosed on the
      second execution page of this Agreement, and you are an agent or trustee
      with proper authority to execute all documents required in connection with
      the purchase of the Purchased Securities on behalf of such disclosed
      beneficial purchaser and such disclosed beneficial purchaser for whom you
      are contracting hereunder is purchasing as principal and not for the
      benefit of any other Person, and the aggregate acquisition cost of such
      disclosed beneficial purchaser, payable by such disclosed beneficial
      purchaser in cash at the Closing, for the Purchased Securities is not less
      than Cdn$150,000; and

	 	 	 	 	 
	 		(ii) 	
      you were not, or the beneficial purchaser for whom you
      are contracting hereunder was not, as the case may be, created or used
      solely to purchase or hold securities in reliance on this exemption from
      the prospectus requirement.

	5. 	
      Legends

You acknowledge that the certificates representing the Unit
Shares, and, if necessary, the certificates representing the Warrant Shares,
will bear the following legends: 

“UNLESS PERMITTED UNDER SECURITIES
LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE
[the date which is four months and one day after the Closing Date will be
inserted].” 

and 

“WITHOUT PRIOR WRITTEN APPROVAL OF THE
TSX VENTURE EXCHANGE AND COMPLIANCE WITH ALL APPLICABLE SECURITIES LEGISLATION,
THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE
TRADED ON OR THROUGH THE FACILITIES OF THE TSX VENTURE EXCHANGE OR OTHERWISE IN
CANADA OR TO OR FOR THE BENEFIT OF A CANADIAN RESIDENT UNTIL [the date which
is four months and one day after the Closing Date will be inserted].” 

- 16 - 

You also acknowledge that the Warrant Certificates will bear
the following legends: 

“UNLESS PERMITTED UNDER SECURITIES
LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE
[the date which is four months and one day after the Closing Date will be
inserted].” 

and 

“WITHOUT PRIOR WRITTEN APPROVAL OF THE
TSX VENTURE EXCHANGE AND COMPLIANCE WITH ALL APPLICABLE SECURITIES LEGISLATION,
THE SECURITIES REPRESENTED BY THIS CERTIFICATE AND THE SECURITIES ISSUABLE UPON
THE EXERCISE HEREOF MAY NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE
TRADED ON OR THROUGH THE FACILITIES OF THE TSX VENTURE EXCHANGE OR OTHERWISE IN
CANADA OR TO OR FOR THE BENEFIT OF A CANADIAN RESIDENT UNTIL [the date which
is four months and one day after the Closing Date will be inserted].”

For purposes of complying with the United States securities
laws, the Subscriber and each beneficial purchaser, if any, understands and
acknowledges that all certificates issued to the Subscriber representing the
Unit Shares, the Warrant and the Warrant Shares shall bear the following
legends: 

THE SECURITIES REPRESENTED HEREBY [IN THE CASE OF THE
WARRANTS: AND ANY SECURITIES ISSUABLE UPON EXERCISE HEREOF] HAVE NOT BEEN
REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”). THESE SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED ONLY (A) TO BE RESOURCES INC., (B) IN COMPLIANCE WITH RULE 144 OR
144A THEREUNDER, IF AVAILABLE, AND IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS, (C) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT, OR (D) IN
A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT OR ANY
APPLICABLE STATE SECURITIES LAWS, AND THE HOLDER HAS, PRIOR TO SUCH SALE,
FURNISHED TO THE CORPORATION AN OPINION OF COUNSEL OR OTHER EVIDENCE OF
EXEMPTION, IN EITHER CASE REASONABLY SATISFACTORY TO THE CORPORATION. HEDGING
TRANSACTIONS INVOLVING THESE SECURITIES MAY NOT BE CONDUCTED UNLESS IN
COMPLIANCE WITH THE SECURITIES ACT; 

provided, that, if any such securities are being sold pursuant
to Rule 144 under the U.S. Securities Act or in a transaction that does not
require registration under the U.S. Securities Act or applicable state
securities laws, the legend may be removed by delivery to the registrar and
transfer agent of the Corporation of an opinion of counsel, of recognized
standing reasonably satisfactory to the Corporation, to the effect that such
legend is no longer required under applicable requirements of the U.S.
Securities Act or applicable state securities laws. 

- 17 - 

The Corporation shall not register, or permit its transfer
agent to register, any transfer of the Unit Shares, Warrants or Warrant Shares
not made in accordance with Regulation S, pursuant to registration under the
U.S. Securities Act, or pursuant to an available exemption from such
registration. 

The certificates representing the Warrants, and all
certificates issued in exchange therefor or in substitution thereof, shall bear
the following U.S. legend: 

THESE WARRANTS AND THE SECURITIES ISSUABLE UPON EXERCISE OF
THESE WARRANTS HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”). THESE WARRANTS MAY NOT BE
EXERCISED BY OR ON BEHALF OF A U.S. PERSON OR A PERSON IN THE UNITED STATES
UNLESS THE SECURITIES ISSUABLE UPON EXERCISE OF THESE WARRANTS HAVE BEEN
REGISTERED UNDER THE U.S. SECURITIES ACT AND THE APPLICABLE SECURITIES
LEGISLATION OF ANY SUCH STATE OR AN EXEMPTION FROM SUCH REGISTRATION
REQUIREMENTS IS AVAILABLE. HEDGING TRANSACTIONS INVOLVING THE WARRANTS MAY NOT
BE CONDUCTED UNLESS IN COMPLIANCE WITH THE U.S. SECURITIES ACT. “UNITED STATES”
AND “U.S. PERSON” ARE AS DEFINED BY REGULATION S UNDER THE U.S. SECURITIES ACT.

The Corporation will make a notation on its records or give
instructions to any registrar and transfer agent of the Unit Shares, Warrants,
or Warrant Shares, as applicable, in order to implement the restrictions on
transfer described herein. 

	6. 	
      Covenants

The Corporation hereby covenants and agrees with the Subscriber
as follows: 

	 	(a) 	
      Securities Filings: Forthwith after the Closing
      the Corporation shall file such forms and documents as may be required
      under the Securities Laws of the Offering Jurisdictions relating to the
      offering of the Purchased Securities which, without limiting the
      generality of the foregoing, shall include a Form 45-106F1 as prescribed
      by NI 45-106.

	 	 	 	 
	 	(b) 	
      Performance of Acts: The Corporation shall perform
      and carry out all of the acts and things to be completed by it as provided
      in this Agreement.

	 	 	 	 
	 	(c) 	
      Directed Selling Efforts and General Solicitation:
      Prior to the completion of the offering of the Offered Securities, the
      Corporation will not engage in any “directed selling efforts” as defined
      in Regulation S or any “general solicitation or general advertising” as
      defined in Regulation D.

	 	 	 	 
	 	(d) 	
      Use of Proceeds Amount: The Corporation intends to
      use the net proceeds of the Offered Securities as follows, assuming
      minimum gross proceeds of Cdn$500,000:

	 	 	 	 
	 		(i) 	
      completing reclamation and obtaining bonds in connection
      with the drilling program at Warm Springs;

	 	 	 	 
	 		(ii) 	
      completing four drill holes at Warm Springs of a depth
      between 100ft and 200ft each; and

	 	 	 	 
	 		(iii) 	
      for working capital and general corporate
  purposes.

- 18 - 

	7. 	
      Finders' Fees

You acknowledge that the Corporation may pay a cash finders'
fee equal to 5% of the gross proceeds of the offering and, subject to the
approval of the Stock Exchange, finders' warrants exercisable at U.S.$0.11 per
share for a period of 24 months after the Closing Date to acquire that number of
Common Shares of the Corporation as is equal to 8% of the aggregate number of
Common Shares issued in the offering, or warrants having such other terms as may
be approved by the Stock Exchange. In the event that after four months and one
day after the Closing Date, the closing price of the Common Shares on the Stock
Exchange (or such other stock exchange on which the Common Shares are listed and
where a majority of the trading volume occurs), for a period of ten (10)
consecutive trading days equals or exceeds Cdn$0.75 per Common Share, the
Corporation may, within five (5) days after such an event, provide notice to the
holders of finders’ warrants of early expiry of the warrants held by each holder
and thereafter, such warrants will expire at 3:30 p.m. (Toronto time) on the
date which is twenty-one (21) days after the date of the notice to the holders
of such warrants. 

	8. 	
      General

	 	 	 
		(a) 	
      Headings: The division of this Agreement into
      articles and sections and the insertion of headings are for convenience of
      reference only and shall not affect the construction or interpretation of
      this Agreement. The terms “this Agreement,” “hereof,” “hereunder”,
      “herein” and similar expressions refer to this Agreement and not to any
      particular article, section or other portion hereof and include any
      agreement supplemental thereto and any exhibits attached hereto. Unless
      something in the subject matter or context is inconsistent therewith,
      reference herein to articles, sections and paragraphs are to articles,
      sections, subsections and paragraphs of this Agreement.

	 	 	 
		(b) 	
      Number and Gender: Words importing the singular
      number only shall include the plural and vice versa, words importing the
      masculine gender shall include the feminine gender and neuter and vice
      versa.

	 	 	 
		(c) 	
      Severability: If one or more of the provisions
      contained in this Agreement shall be invalid, illegal or unenforceable in
      any respect under any applicable law, the validity, legality or
      enforceability of the remaining provisions hereof shall not be affected or
      impaired thereby. Each of the provisions of this Agreement is hereby
      declared to be separate and distinct.

	 	 	 
		(d) 	
      Notices: All notices or other communications to be
      given hereunder shall be delivered by hand or by telecopier, and if
      delivered by hand, shall be deemed to have been given on the date of
      delivery or, if sent by telecopier, on the date of transmission if sent
      before 5:00 p.m. (Toronto time) and such day is a Business Day or, if not,
      on the first Business Day following the date of transmission.

	 	 	 
		(e) 	
      Notices to the Corporation shall be addressed
  to:

	 	 	 
			
      BE RESOURCES INC.

	 	 	13 Vista del Fuego, Box 684  
			
      Elephant Butte, New Mexico 

	 	 	87935 USA

	 	Attention: 	David Q. Tognoni 
	 	Telecopier: 	(575) 744-4460 

- 19 - 

	 		
      Notices to the Subscriber shall be addressed to the
      address of the Subscriber set out on the execution pages hereof.

	 	 	 
	 		
      Either the Corporation or the Subscriber may change its
      address for service aforesaid by notice in writing to the other party
      hereto specifying its new address for service hereunder.

	 	 	 
	 	(f) 	
      Further Assurances: Each party hereto shall from
      time to time at the request of the other party hereto do such further acts
      and execute and deliver such further instruments, deeds and documents as
      shall be reasonably required in order to fully perform and carry out the
      provisions of this Agreement. The parties hereto agree to act honestly and
      in good faith in the performance of their respective obligations
      hereunder.

	 	 	 
	 	(g) 	
      Successors and Assigns: Except as otherwise
      provided, this Agreement shall enure to the benefit of and shall be
      binding upon the parties hereto and their respective successors and
      permitted assigns.

	 	 	 
	 	(h) 	
      Entire Agreement: The terms of this Agreement
      express and constitute the entire agreement between the parties hereto
      with respect to the subject matter hereof and no implied term or implied
      liability of any kind is created or shall arise by reason of anything in
      this Agreement.

	 	 	 
	 	(i) 	
      Time of Essence: Time is of the essence of this
      Agreement.

	 	 	 
	 	(j) 	
      Amendments: The provisions of this Agreement may
      only be amended with the written consent of all of the parties
    hereto.

	 	 	 
	 	(k) 	
      Survival: Notwithstanding any other provision of
      this Agreement, the representations, warranties, covenants and indemnities
      of or by the Corporation and the Subscriber contained herein or in any
      certificate, document or instrument delivered pursuant hereto shall
      survive the completion of the transactions contemplated by this
      Agreement.

	 	 	 
	 	(l) 	
      Governing Law and Venue: This Agreement, any
      amendment, addendum, annex, exhibit, supplement or other document relating
      hereto, any dispute arising from or related hereto, and all related
      rights, duties and remedies shall be governed by and construed in
      accordance with the laws of the Province of Ontario and the federal laws
      of Canada applicable therein, without reference to their principles
      governing the choice or conflict of laws, and the parties hereto and their
      successors in interest irrevocably attorn and submit to the exclusive
      jurisdiction of the courts of the Province of Ontario, sitting in the City
      of Toronto, with respect to any dispute arising from or related
      thereto.

	 	 	 
	 	(m) 	
      Counterparts: This Agreement may be executed in
      two or more counterparts which when taken together shall constitute one
      and the same agreement. Delivery of counterparts may be effected by
      facsimile transmission thereof.

	 	 	 
	 	(n) 	
      Facsimile Copies: The Corporation shall be
      entitled to rely on a facsimile or an electronic copy of an executed
      Agreement and acceptance, including facsimile or electronic acceptance, by
      the Corporation, of such facsimile or electronic subscription shall be
      legally effective to create a valid and binding agreement between the
      Subscriber and the Corporation in accordance with the terms
  thereof.

- 20 - 

If the foregoing is in accordance with your understanding,
please sign and return this Agreement together with the other required documents
signifying your agreement to purchase the Purchased Securities. 

[THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

 

EXECUTION PAGES 

UNITS 

	TO: 	BE RESOURCES INC. 

The undersigned hereby accepts the foregoing and agrees to be
bound by the terms set forth herein and, without limitation, agrees that you may
rely upon the covenants, representations and warranties of the undersigned
contained herein. 

DATED as of this______day of
___________, 2011. 

	Number of Units to be purchased at Cdn$0.10 each: 		
	 	 	 
	Aggregate Purchase Price: 	 	 
	Cdn$		 
	                                                                                                                             	 	 
	Name (full legal name of Subscriber) and Residential
      Address of Subscriber: 	 	
	 	 	 
	  	(residential address, including postal code)
    	 
		 	
	 	 	 
	  		 
	  	(telephone number) 	 
	  	 	 
			 
	  	(facsimile number) 	 
	  	 	 
	By:		 
		(signature)  	 
			
	  		 
		(please print name) 	 
	  		 
	  		 
		(official capacity)  	 
	  	 	 
	  		 
		(social insurance number or federal	 
		corporate/business account number)	

If you are signing this Agreement as agent for a beneficial
purchaser and are not a trust company, trust corporation or portfolio manager
deemed to be purchasing as principal under NI 45-106, please provide the
following information for each beneficial purchaser: 

	 	 	 
	 	(name of beneficial purchaser) 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	
    (residential address and telephone number of
      beneficial purchaser) 
	 
			
	 	 	 
	 		 
	 	(social insurance number or federal 	 
	 	corporate/business account number) 	 

The above-mentioned subscription is hereby accepted by BE
Resources Inc. 

DATED as of this______day of
___________, 2011. 

	 	BE RESOURCES INC. 	 
	 	By: 	 
	 		 
	 	Authorized Signing Officer 	 

Schedule A 

ALL SUBSCRIBERS 

INFORMATION SHEET 

Information to be completed by the Subscriber: 

	A. 	
      Registration Form

The Subscriber, if not an individual, either [check
appropriate box]: 

	[  ] 	has previously filed with the TSX Venture
      Exchange (the “Exchange”) a Form 4C, Corporate Placee Registration Form
      and represents and warrants that there has been no change to any of the
      information in the Corporate Placee Registration Form previously filed
      with the Exchange up to the date hereof; or 
	  	  
	[  ] 	hereby delivers a completed Form 4C, Corporate
      Placee Registration Form, in the form attached as Appendix A to this
      Schedule A to the Corporation for filing with the Exchange. 
	  	  
	B. 	Present Ownership of Securities
    

The Subscriber either [check appropriate box]; 

	[  ]	does not own directly or indirectly, or
      exercise control or direction over, any common shares of the Corporation
      or securities convertible into common shares of the Corporation; or 
	  	  
	[  ] 	owns directly or indirectly, or exercises
      control or direction over, __________ outstanding common shares of the
      Corporation and convertible securities entitling the Subscriber to acquire
      additional common shares of the Corporation which, if converted, in the
      aggregate would represent _________ common shares of the Corporation.
  
	  	  
	C. 	Insider Status

The Subscriber either [check appropriate box]: 

	[  ]	is an “Insider” of the Corporation as defined in
      the policies of the Exchange, as follows: 
	 	 
	 	(a) 	a director or senior officer of the
      Corporation; 
	 	 	 
		(b) 	a director or senior officer of a company that
      is itself an insider or subsidiary of the Corporation; 
	 	 	 
		(c) 	a person that beneficially owns or controls,
      directly or indirectly, voting shares of the Corporation carrying more
      than 10% of the voting rights attached to all the Corporation’s
      outstanding voting shares; or 
	 	 	 
	 	(d) 	the Corporation itself if it holds any of its
      own securities of its own. 
	 	 	 
	[  ]	is not an Insider of the Corporation.
  

	D. 	
      Member of “Pro
Group”

The Subscriber either [check appropriate box]: 

	[  ] 	is a Member of the “Pro Group” as
      defined in the Rules of the Exchange, as follows: 
	 	 	 
	 	(1) 	subject to subparagraphs (2), (3) and
      (4), either individually or as a group: 
	 	 	 
	 	  	(a) 	the member (i.e. a member of the Exchange under
      the Exchange requirements); 
	 	 	 	 
	 	  	(b) 	employees of the member; 
	 	 	 	 
	 	  	(c) 	partners, officers or directors of the member;
    
	 	 	 	 
	 	  	(d) 	affiliates of the member; and 
	 	 	 	 
	 	  	(e) 	associates of any parties referred to in
      subparagraphs (a) through (e); 
	 	 	 	 
		(2) 	the Exchange may, in its discretion,
      include a person or party in the Pro Group for the purposes of a
      particular calculation where the Exchange determines that the person is
      not acting at arm’s length with the member; 
	 	 	 
		(3) 	the Exchange may, in its discretion,
      exclude a person from the Pro Group for the purposes of a particular
      calculation where the Exchange determines that the person is acting at
      arm’s length with the member; 
	 	 	 
		(4) 	the member may deem a person who
      would otherwise be included in the Pro Group pursuant to subparagraph (1)
      to be excluded from the Pro Group where the member determines that: 
	 	 	 
			(a) 	the person is an affiliate or associate of the
      member acting at arm’s length of the member; 
	 	 	 	 
	 	  	(b) 	the associate or affiliate has a separate
      corporate and reporting structure; 
	 	 	 	 
			(c) 	there are sufficient controls on information
      flowing between the member and the associate or affiliate; and 
	 	 	 	 
	 	  	(d) 	the member maintains a list of such excluded
      persons; or 
	 	 	 	 
	[  ]	is not a member of the Pro Group.
  

Appendix A to Schedule A 

CORPORATE SUBSCRIBERS 

THE TSX VENTURE EXCHANGE 
PRIVATE PLACEMENT FORM

FORM 4C 
CORPORATE PLACEE REGISTRATION FORM

Where subscribers to a Private Placement are not individuals,
the following information about the Placee must be provided if such subscribers:

	 	(a) 	
      will hold more than 5% of the Issuer’s issued and
      outstanding Listed Shares on a upon completion of the Private Placement;
      or

	 	 	 
	 	(b) 	
      are subscribing for more than 25% of the Private
      Placement.

This Form will remain on file with the Exchange. The
corporation, trust, portfolio manager or other entity (the “Placee”) need only
file it on one time basis, and it will be referenced for all subsequent Private
Placements in which it participates. If any of the information provided in this
Form changes, the Placee must notify the Exchange prior to participating in
further placements with Exchange listed Issuers. If as a result of the Private
Placement, the Placee becomes an Insider of the Issuer, Insiders of the Placee
are reminded that they must file a Personal Information Form (2A) or, if
applicable, Declarations, with the Exchange. 

	1. 	
      Placee Information:

	 	 	 
		(a) 	
      Name:                                                                                 
      

	 	 	 
		(b) 	
      Complete
      Address:                                                                                    
      

	 	 	 
		(c) 	
      Jurisdiction of Incorporation or
      Creation:                                                                                    
      

	 	 	 
	2. 	
      (a) 
	Is the Placee purchasing securities as a portfolio manager:
      (Yes/No)?                                                                                    
      
	 	 	 
		(b) 	
      Is the Placee carrying on business as a portfolio manager
      outside of Canada:
      (Yes/No)?                                                                                    
      

	 	 	 
	3. 	
      If the answer to 2(b) above was “Yes”, the undersigned
      certifies that:

	 	 	 
		(a) 	
      It is purchasing securities of an Issuer on behalf of
      managed accounts for which it is making the investment decision to
      purchase the securities and has full discretion to purchase or sell
      securities for such accounts without requiring the client’s express
      consent to a transaction;

	 	 	 
		(b) 	
      it carries on the business of managing the investment
      portfolios of clients through discretionary authority granted by those
      clients (a “portfolio manager” business) in ____________________
      [jurisdiction], and it is permitted by law to carry on a portfolio
      manager business in that jurisdiction;

	 	 	 
		(c) 	
      it was not created solely or primarily for the purpose of
      purchasing securities of the Issuer;

	 	 	 
		(d) 	
      the total asset value of the investment portfolios it
      manages on behalf of clients is not less than Cdn$20,000,000;
and

	 	 	 
		(e) 	
      it has no reasonable grounds to believe, that any of the
      directors, senior officers and other insiders of the Issuer, and the
      persons that carry on investor relations activities for the Issuer has a
      beneficial interest in any of the managed accounts for which it is
      purchasing.

	4. 	
      If the answer to 2(a) above was “No”, please provide the
      names and addresses of Control Persons of the
Placee:

	 	Name * 	City
    	Province or State 	Country 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

	 	* 	
      If the Control Person is not an individual, provide the
      name of the individual that makes the investment decisions on behalf of
      the Control Person.

The undersigned acknowledges that it is bound by the provisions
of applicable Securities Law, including provisions concerning the filing of
insider reports and reports of acquisitions. 

Dated
at                                                                                    
on                                                                                    

		                   	 
	  	(Authorized Signature) 	 
	 	 	 
	  	(Official Capacity - please print) 	 
	 	 	 
		(Please print name of individual whose
      signature appears above) 	

Acknowledgement - Personal Information

“Personal Information” means any information about an
identifiable individual, and includes information contained in sections 1, 2 and
4, as applicable, of this Form. 

The undersigned hereby acknowledges and agrees that it has
obtained the express written consent of each individual to: 

	(a) 	
      the disclosure of Personal Information by the undersigned
      to the Exchange (as defined in Appendix 6B) pursuant to this Form;
    and

	 	 
	(b) 	
      the collection, use and disclosure of Personal
      Information by the Exchange for the purposes described in Appendix 6B or
      as otherwise identified by the Exchange, from time to
  time.

Dated
at                                                                                    
on                                                                                    

		                   	 
	  	(Name of Purchaser - please print) 	 
	 	 	 
	 	 	 
	  	(Authorized Signature) 	 
	 	 	 
	 	 	 
	  	(Official Capacity - please print) 	 
	 	 	 
	 	 	 
		(Please print name of individual whose
      signature appears above) 	

THIS IS NOT A PUBLIC DOCUMENT 

Schedule B 

ALL SUBSCRIBERS 

REGISTRATION AND DELIVERY INSTRUCTIONS 

Delivery: Please deliver the certificates representing
the Purchased Securities to: 

	
	  Name 
	
	
	  Account reference, if applicable 
	
	
	  Contact name 
	
	
	  Address, including postal code 
	
	
	  Telephone number 
	
	Registration: The certificates representing the
      Purchased Securities which are to be delivered at Closing should be
      registered as follows: 
	
	
	  Name 
	
	
	  Account reference, if applicable 
	  
	
	

 
	  Address, including postal code 

Words and terms herein with the initial letter or letters
thereof capitalized and defined in the Agreement shall have the meanings given
to such capitalized words and terms in the Agreement. 

Schedule C 

ALL CANADIAN SUBSCRIBERS 

IF YOUR SUBSCRIPTION PRICE EXCEEDS CDN$150,000 AND
SUBSECTION 4B(b) OF THIS AGREEMENT APPLIES TO YOU, YOU ARE NOT REQUIRED TO
COMPLETE AND SIGN THIS CERTIFICATE. 

	TO: 	BE RESOURCES INC. 

CERTIFICATE 

In connection with the purchase of units (the “Purchased
Securities”) of BE Resources Inc. (the “Corporation”), the undersigned hereby
represents, warrants and certifies that: 

	I. 	ALL SUBSCRIBERS PURCHASING UNDER THE
      “ACCREDITED INVESTOR” EXEMPTION OR THE “AFFILIATE” EXEMPTION
  
	  	  
	1. 	the Subscriber is resident in a jurisdiction of
      Canada, is subject to the securities laws of a jurisdiction of Canada or
      is a non-Canadian portfolio manager. 
	  	  
	2. 	the Subscriber is purchasing the Purchased
      Securities as principal or is deemed under National Instrument 45-106 -
      Prospectus and Registration Exemptions of the Canadian Securities
      Administrators (“NI 45-106”) to be purchasing the Purchased Securities as
      principal; and 
	  	  
	3. 	the Subscriber is an “accredited investor”
      within the meaning of NI 45-106 by virtue of satisfying the indicated
      criterion as set out in appendix “A” to this certificate (YOU MUST ALSO
      INITIAL OR PLACE A CHECK-MARK ON THE APPROPRIATE LINE IN APPENDIX A
      ATTACHED TO THIS CERTIFICATE); 

The above representations and warranties will be true and
correct both as of the execution of this certificate and as of the closing time
of the purchase and sale of the Purchased Securities and the undersigned
acknowledges that they will survive the completion of the issue of the Purchased
Securities. 

The undersigned acknowledges that the foregoing representations
and warranties are made by the undersigned with the intent that they be relied
upon in determining the suitability of the Subscriber as a purchaser of the
Purchased Securities and that this certificate is incorporated into and forms
part of the Subscription Agreement and the undersigned undertakes to immediately
notify the Corporation of any change in any statement or other information
relating to the Subscriber set forth herein which takes place prior to the
closing time of the purchase and sale of the Purchased Securities. 

Dated: ________________________, 2011. 

	 	 	 
	 	Print name of Subscriber (or person signing as
      agent) 	 
	 	  	 
	 By: 		 
	 	Signature 	 
			
	 	 	 
	 		 
	 	Title 	 
	 	 	 
	 	 	 
		(please print name of individual whose
      signature appears above, if different from name of Subscriber or agent
      printed above) 	

Appendix A to Schedule C 

Accredited Investor - (defined in NI 45-106) means: 

	           
      	(a) 	
      a Canadian financial institution or an authorized
      foreign bank named in Schedule III of the Bank Act
  (Canada),

	 	 	 
	          	(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
      paragraph (a) or (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
      Quebec,

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

	 	 	 
	 
              	(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 Cdn$1,000,000,

	 	 	 
	          	(k) 	
      an individual whose net income before taxes exceeded
      Cdn$200,000 in each of the two most recent calendar years or whose net
      income before taxes combined with that of a spouse exceeded Cdn$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 Cdn$5,000,000,

	 	 	 
	           	(m) 	
      a person, other than an individual or investment
      fund, that has net assets of at least Cdn$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 in sections 2.10 [Minimum amount investment]
      and 2.19 [Additional investment in investment funds] of NI
      45-106, or

	 	(iii) 	
      a person described in paragraph (i) or (ii) immediately
      above that acquires or acquired securities under section 2.18
      [Investment fund reinvestment] 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 Quebec, 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) 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 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 Quebec, the
      regulator as an accredited investor, or an exempt purchaser in Alberta or
      British Columbia after NI 45-106 came into
force.

	NOTE: 	The investor must initial or place a
      check-mark beside the portion of the above definition 
	  	applicable to the investor.
  

For the purposes hereof: 

	(a) 	
      “Canadian financial institution”
    means

	 	 	 
		(i) 	
      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 the Cooperative Credit Associations Act (Canada),
      or

	 	 	 
		(ii) 	
      a bank, 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 of
Canada;

	(b) 	
      “control person” has the meaning ascribed
      to that term in securities legislation except in Manitoba, Ontario,
      Quebec, Nova Scotia, Newfoundland and Labrador, Prince Edward Island, the
      Northwest Territories and Nunavut where “control person” means any person
      that holds or is one of a combination of persons that hold

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

	 	 	 	 
		(ii) 	
      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 that
issuer;

	 	 	 	 
	(c) 	
      “eligibility adviser” means

	 	 	 	 
		(i) 	
      a person that is registered as an investment dealer and
      authorized to give advice with respect to the type of security being
      distributed, and

	 	 	 	 
		(ii) 	
      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:

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

	 	 	 	 
			(B) 	
      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;

	 	 	 	 
	(d) 	
      “executive officer” means, for an issuer,
      an individual who is

	 	 	 	 
		(i) 	
      a chair, vice-chair or president,

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

	 	 	 	 
		(iii) 	
      performing a policy-making function in respect of the
      issuer;

	 	 	 	 
	(e) 	
      “financial assets” means (i) cash, (ii)
      securities or (iii) a contract of insurance, a deposit or an evidence of a
      deposit that is not a security for the purposes of securities
      legislation;

	 	 	 	 
	(f) 	
      “founder” means, in respect of an issuer, a
      person who,

	 	 	 	 
		(i) 	
      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

	 	 	 	 
		(ii) 	
      at the time of the trade is actively involved in the
      business of the issuer;

	 	 	 	 
	(g) 	
      “fully managed account” means an account of
      a client 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;

	 	 	 	 
	(h) 	
      “investment fund” has the meaning ascribed
      thereto in National Instrument 81-106 - Investment Fund Continuous
      Disclosure;

	(i) 	“person” includes

	 	 
	  	(i) 	an individual, 
	 	 	 
	  	(ii) 	a corporation, 
	 	 	 
		(iii) 	a partnership, trust, fund and an association,
      syndicate, organization or other organized group of persons, whether
      incorporated or not, and 
	 	 	 
		(iv) 	an individual or other person in that person’s
      capacity as a trustee, executor, administrator or personal or other legal
      representative; 
	 	 	 
	(j) 	“related 	liabilities” means 
	 	 	 
		(i) 	liabilities incurred or assumed for the purpose
      of financing the acquisition or ownership of financial assets, or 
	 	 	 
	  	(ii) 	liabilities that are secured by financial
      assets; 
	 	 	 
	(k) 	“spouse” means, an
      individual who, 
	 	 
		(i) 	is married to another individual and is not
      living separate and apart within the meaning of the Divorce Act (Canada),
      from the other individual, 
	 	 	 
		(ii) 	is living with another individual in a
      marriage-like relationship, including a marriage-like relationship between
      individuals of the same gender, or 
	 	 	 
		(iii) 	in Alberta, is an individual referred to in
      paragraph (i) or (ii) immediately above or is an adult interdependent
      partner within the meaning of the Adult Interdependent Relationships Act
      (Alberta); and 
	 	 	 
	(l) 	“subsidiary” means an
      issuer that is controlled directly or indirectly by another issuer and
      includes a subsidiary of that subsidiary; 
	 	 
	Affiliated Entities and Control
  
	 
	1. 	An issuer is considered to be an
      affiliate of another issuer if one of them is the subsidiary of the other,
      or if each of them is controlled by the same person. 
	 	 
	2. 	A person (first person) is considered
      to control another person (second person) if 
	 	 
		(a) 	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
      the first person holds the voting securities only to secure an obligation,
    
	 	 	 
		(b) 	the second person is a partnership, other than
      a limited partnership, and the first person holds more than 50% of the
      interests in the partnership, or 
	 	 	 
		(c) 	the second person is a limited partnership and
      the general partner of the limited partnership is the first person.
  

All monetary references are in Canadian Dollars.BE Resources Inc.: Exhibit 10.2 -  Filed by newsfilecorp.com

Exhibit 10.2

WARRANT CERTIFICATE 

	
    UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE
      HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE JANUARY 7,
      2012. 

THE SECURITIES REPRESENTED HEREBY AND ANY SECURITIES
      ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED
      STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”).
      THESE SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED
      ONLY (A) TO BE RESOURCES INC. (THE “COMPANY”), (B) IN COMPLIANCE WITH RULE
      144 OR 144A THEREUNDER, IF AVAILABLE, AND IN ACCORDANCE WITH APPLICABLE
      STATE SECURITIES LAWS, (C) PURSUANT TO AN EFFECTIVE REGISTRATION
      STATEMENT, OR (D) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION
      UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS, AND
      THE HOLDER HAS, PRIOR TO SUCH SALE, FURNISHED TO THE COMPANY AN OPINION OF
      COUNSEL OR OTHER EVIDENCE OF EXEMPTION, IN EITHER CASE REASONABLY
      SATISFACTORY TO THE COMPANY. HEDGING TRANSACTIONS INVOLVING THESE
      SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE U.S.
      SECURITIES ACT. 

THESE WARRANTS AND THE SECURITIES ISSUABLE UPON
      EXERCISE OF THESE WARRANTS HAVE NOT BEEN REGISTERED UNDER THE UNITED
      STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”).
      THESE WARRANTS MAY NOT BE EXERCISED BY OR ON BEHALF OF A U.S. PERSON OR A
      PERSON IN THE UNITED STATES UNLESS THE SECURITIES ISSUABLE UPON EXERCISE
      OF THESE WARRANTS HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT AND
      THE APPLICABLE SECURITIES LEGISLATION OF ANY SUCH STATE OR AN EXEMPTION
      FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE. HEDGING TRANSACTIONS
      INVOLVING THE WARRANTS MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE
      U.S. SECURITIES ACT. “UNITED STATES” AND “U.S. PERSON” ARE AS DEFINED BY
      REGULATION S UNDER THE U.S. SECURITIES ACT. 

EXERCISABLE ONLY PRIOR TO 5:00 P.M., TORONTO TIME, ON
SEPTEMBER 6, 2013 UNLESS ACCELERATED IN ACCORDANCE WITH THE TERMS HEREOF, AFTER
WHICH TIME THESE WARRANTS SHALL BE NULL AND VOID 

SERIES 2011 – I 
WARRANT TO PURCHASE COMMON SHARES
OF BE RESOURCES INC. 

	  	Number of warrants 
	  	represented by this 
	Certificate Number 2011 - I - 001 	certificate -______________

THIS CERTIFIES THAT, for value received,
      _____________________ is entitled, at any time prior to the Expiry Time,
      to purchase, at the Exercise Price, one Common Share in the capital of the
      Company, for each Warrant evidenced hereby, by surrendering to the Company
      at 50 Richmond Street East, Suite 101, Toronto ON M5C 1N7, this Warrant,
      together with a Subscription Form in the form attached hereto as Schedule
      “A”, duly completed and executed, and cash or a certified cheque, money
      order or bank draft in lawful money of Canada payable to or to the order
      of the Company for the amount equal to the Exercise Price per Common Share
      multiplied by the number of Common Shares subscribed for, on and subject
      to the terms and conditions set forth below. 

- 1 - 

Nothing contained herein shall confer any right upon the Holder
to subscribe for or purchase any Common Shares of the Company at any time after
the Expiry Time, and from and after the Expiry Time these Warrants and all
rights hereunder shall be void and of no value. 

	1. 	
      Definitions

In this Warrant, including the preamble, unless there is
something in the subject matter or context inconsistent therewith, the following
expressions shall have the following meanings namely: 

	(a) 	
      “Business Day” means a day which is not a
      Saturday, Sunday, or a civic or statutory holiday in the City of Toronto,
      Ontario Canada;

	 	 
	(b) 	
      “Common Shares” means the common shares of the
      Company as such shares were constituted on the date hereof, as the same
      may be reorganized, reclassified or redesignated pursuant to any of the
      events set out in Section 13 hereof;

	 	 
	(c) 	
      “Company” means BE Resources Inc., a corporation
      formed under the laws of the State of Colorado, U.S.A. and its successors
      and assigns;

	 	 
	(d) 	
      “Current Market Price” at any date, means the
      weighted average of the sale prices per Common Share at which the Common
      Shares have traded on the TSX Venture Exchange, or, if the Common Shares
      in respect of which a determination of Current Market Price is being made
      are not listed thereon, on such stock exchange on which such shares are
      listed as may be selected for such purpose by the directors, or, if the
      Common Shares are not listed on any stock exchange, then on the
      over-the-counter market, for 20 consecutive trading days ending 5 trading
      days before such date, or in the event that at any date the Common Shares
      are not listed on any exchange or on the over-the-counter market, the
      Current Market Price shall be as determined by the directors or such firm
      of independent chartered accountants as may be selected by the directors
      acting reasonably and in good faith in their sole discretion; for these
      purposes, the weighted average price for any period shall be determined by
      dividing the aggregate sale prices during such period by the total number
      of Common Shares sold during such period;

	 	 
	(e) 	
      “Equity Shares” means the Common Shares and any
      shares of any other class or series of the Company which may from time to
      time be authorized for issue if by their terms such shares confer on the
      holders thereof the right to participate in the distribution of assets
      upon the voluntary or involuntary liquidation, dissolution or winding up
      of the Company beyond a fixed sum or a fixed sum plus accrued
      dividends;

	 	 
	(f) 	
      “Exercise Price” means U.S.$0.20 per Common Share,
      unless such price shall have been adjusted in accordance with the
      provisions of Section 13, in which case it shall mean the adjusted price
      in effect at such time;

	 	 
	(g) 	
      “Expiry Time” means 5:00 p.m., Toronto time, on
      September 6, 2013, provided that in the event that after January 7, 2012,
      the closing price of the Common Shares on the TSX Venture Exchange (or
      such other stock exchange on which the Common Shares are listed and where
      a majority of trading volume occurs) equals or exceeds Cdn$0.75 for a
      period of ten (10) consecutive Trading Days, the Company may, within
five (5) days of the last day of any such ten (10) day period, notify the Holder
of the early expiry of the Warrants (“Early Expiration Notice”) and thereafter,
such Warrants will expire on the earlier of: (i) 3:30 p.m., Toronto time, on the
date which is twenty-one (21) days after the date of the Early Expiration
Notice; and (ii) 5:00 p.m., Toronto time, on September 6, 2013; in which case
the “Expiry Time” shall thereafter mean the time and date specified in such
notice; 

- 2 - 

	 	 
	(h) 	“Form of Transfer” means the form of
      transfer annexed hereto as Schedule “B”; 
	  	  
	(i) 	“Holder” means the registered holder of
      this Warrant; 
	  	  
	(j) 	“person” means an individual,
      corporation, partnership, unincorporated syndicate, unincorporated organization, trust, trustee,
      executor, administrator, or other legal representative, or any group or combination
      thereof; 
	  	  
	(k) 	“Subscription Form” means the form of
      subscription annexed hereto as Schedule “A”; 
	  	  
	(l) 	“this Warrant”, “Warrant”,
      “herein”, “hereby”, “hereof”, “hereto”,
      “hereunder” and similar expressions mean or refer to this Warrant
      certificate and any deed or instrument supplemental or ancillary hereto
      and any schedules hereto or thereto and not to any particular article,
      section, subsection, clause, subclause or other portion hereof or thereof;
    
	  	  
	(m) 	“Trading Day” means a day on which the
      TSX Venture Exchange is open for business; 
	  	and 
	  	  
	(n) 	“United States” means the United States
      of America, its territories and possessions, any State of the United
      States and the District of Columbia; and 
	  	  
	(o) 	“U.S. Person” means a “U.S. person” as
      defined in Regulation S under the U.S. Securities Act. Without limiting
      the foregoing, but for greater clarity in this Warrant certificate, a U.S.
      Person includes, subject to the exclusions set forth in Regulation S under
      the U.S. Securities Act, (1) any natural person resident in the United
      States, (2) any partnership or corporation organized or incorporated under
      the laws of the United States, (3) any estate or trust of which any
      executor, administrator or trustee is a U.S. Person, (4) any discretionary
      account or similar account (other than an estate or trust) held by a
      dealer or other fiduciary organized, incorporated, or (if an individual)
      resident in the United States, and (5) any partnership or corporation
      organized or incorporated under the laws of any non U.S. jurisdiction
      which is formed by a U.S. Person principally for the purpose of investing
      in securities not registered under the U.S. Securities Act, unless it is
      organized or incorporated, and owned, by "accredited investors" (as
      defined in Rule 501(a) of Regulation D under the U.S. Securities Act) who
      are not natural persons, estates or trusts. 
	  	  
	2. 	Expiry Time 

After the Expiry Time, all rights under any Warrants evidenced
hereby, in respect of which the right of subscription and purchase herein
provided for shall not theretofore have been exercised, shall wholly cease and terminate and such Warrants
shall be void and of no value or effect. 

- 3 - 

	3. 	
      Exercise Procedure

	(a) 	
      The Holder may exercise the right of purchase herein
      provided for by surrendering or delivering to the Company prior to the
      Expiry Time at its principal office:

	 	 	 
		(i) 	
      this Warrant, with the Subscription Form duly completed
      and executed by the Holder, or by its legal representative or attorney
      duly appointed by an instrument in writing in form and manner satisfactory
      to the Company; and

	 	 	 
		(ii) 	
      cash or a certified cheque, money order or bank draft
      payable to or to the order of the Company in lawful money of Canada in an
      amount equal to the Exercise Price multiplied by the number of Common
      Shares for which subscription is being made.

Any Warrant and cash, certified cheque, money order or bank
draft referred to in the foregoing clauses (i) and (ii) shall be deemed to be
surrendered only upon delivery thereof to the Company at its principal office in
the manner provided in Section 28 hereof. 

	(b) 	
      In connection with the exercise of the Warrants, the
      Holder will be required to:

	 	 	 
		(i) 	
      Represent that (i) the Holder was the original purchaser
      in the Company’s private placement of securities in which the Warrants
      were issued (the “Private Placement”), (ii) the Holder is not in the
      United States or a U.S. Person, and is not purchasing the Common Shares
      for the account or for the benefit of a person in the United States or a
      U.S. Person, (iii) the Subscription Form was not executed or delivered in
      the United States, (iv) the Holder is not acquiring the Common Shares as a
      result of any “directed selling efforts” (as that term is defined in
      Regulation S under the United States Securities Act of 1933, as amended
      (the “U.S. Securities Act”)), and (v) the representations and warranties
      made to the Company in the Subscription Agreement executed in connection
      with the Company’s private placement of securities in which the Warrants
      were issued remain true and correct on the date of execution of the
      Subscription Form; or

	 	 	 
		(ii) 	
      Deliver a written opinion of U.S. counsel or other
      evidence of exemption satisfactory to the Company to the effect that the
      Warrants and the Common Shares to be delivered upon exercise hereof are
      exempt from registration under the U.S. Securities
Act.

	4. 	
      Restricted Securities

The Common Shares issuable upon exercise of this Warrant will
be “restricted securities” within the meaning of Rule 144(a)(3) under the U.S.
Securities Act and will remain “restricted securities” notwithstanding any
resale within or outside the United States unless the sale is completed pursuant
to an effective registration statement under the U.S. Securities Act or in
accordance with Rule 144 under the U.S. Securities Act. The Common Shares
issuable upon exercise of this Warrant will be subject to a minimum hold
period of at least six (6) months under Rule 144 under the U.S. Securities Act,
and the hold period on the Common Shares commences on the date of exercise of
this Warrant and not on the date of acquisition of the Warrant.

- 4 - 

	 	
       
	5. 	
      Entitlement to Certificate

Upon such delivery and payment as aforesaid, the Company shall
cause to be issued to the Holder hereof the Common Shares subscribed for not
exceeding those which such Holder is entitled to purchase pursuant to this
Warrant and the Holder hereof shall become a shareholder of the Company in
respect of such Common Shares with effect from the date of such delivery and
payment and shall be entitled to delivery of a certificate or certificates
evidencing such Common Shares and the Company shall cause such certificate or
certificates to be mailed to the Holder hereof at the address or addresses
specified in such subscription within three (3) Business Days of such delivery
and payment. 

	6. 	
      Register of Warrant Holders and Transfer of
      Warrants

	(a) 	
      The Company shall cause a register to be kept in which
      shall be entered the names and addresses of all holders of the Warrants
      and the number of Warrants held by them. No transfer of Warrants shall be
      valid unless made by the Holder or its executors, administrators or other
      legal representatives or its attorney duly appointed by an instrument in
      writing in form and execution satisfactory to the Company, upon compliance
      with such reasonable requirements as the Company may prescribe, including
      compliance with all applicable securities legislation, and recorded on the
      register of holders of Warrants maintained by the Company, nor until stamp
      or governmental or other charges arising by reason of such transfer have
      been paid. The transferee of a Warrant shall, after a Form of Transfer in
      the form attached hereto as Schedule “B” (and, if applicable, the
      Certificate of Transferee attached thereto), is duly completed and the
      Warrant is lodged with the Company and upon compliance with all other
      reasonable requirements of the Company or law, be entitled to have its
      name entered on the register as the owner of such Warrant, free from all
      equities or rights of set-off or counterclaim between the Company and the
      transferor or any previous holder of such Warrant, save in respect of
      equities of which the Company is required to take notice by statute or by
      order of a court of competent jurisdiction. The Company may treat the
      registered holder of any Warrant certificate as the absolute owner of the
      Warrants represented thereby for all purposes, and the Company shall not
      be affected by any notice or knowledge to the contrary except where the
      Company is required to take notice by statute or by order of a court of
      competent jurisdiction.

	 	 
	(b) 	
      The Warrants and Common Shares have not been and will not
      be registered under the U.S. Securities Act or the securities laws of any
      state of the United States, and may not be offered or sold in the United
      States or to, or for the account or benefit of, any U.S. Person, unless
      the securities are registered under the U.S. Securities Act and all
      applicable state securities laws or an exemption from such registration
      requirements is available. The Holder may not offer, sell or otherwise
      dispose of the Warrants or the Common Shares in the United States or to,
      or for the account or benefit of, a U.S. Person unless (A) the Company has consented to such offer, sale or
disposition and such offer, sale or disposition is made in accordance with an
exemption from the registration requirements under the U.S. Securities Act and
the securities laws of all applicable states of the United States or (B) the
Securities and Exchange Commission has declared effective a registration
statement in respect of such securities, and the Company will refuse to transfer
the Warrants or the Common Shares absent compliance with the foregoing. 

- 5 - 

	 	
       
	(c) 	
      In the event the Warrants are offered, sold or otherwise
      transferred by the Holder to a non-U.S Person prior to the expiration of
      the “distribution compliance period” specified in Regulation S under the
      U.S. Securities Act, the transferee must agree not to resell the Warrants
      except in accordance with the provisions of Regulation S under the U.S.
      Securities Act, pursuant to registration under the U.S. Securities Act, or
      pursuant to an available exemption from registration, and must further
      agree not to engage in hedging transactions with regard to such securities
      unless in compliance with the U.S. Securities
Act.

	7. 	
      Partial Exercise

The Holder may subscribe for and purchase a number of Common
Shares less than the number the Holder is entitled to purchase pursuant to this
Warrant. In the event of any such subscription and purchase prior to the Expiry
Time, the Holder shall in addition be entitled to receive, without charge, a new
Warrant certificate in respect of the balance of the Common Shares of which he
was entitled to purchase pursuant to this certificate and which were then not
purchased. 

	8. 	
      No Fractional Shares

Notwithstanding any adjustments provided for in Section 13
hereof or otherwise, the Company shall not be required, upon the exercise of any
Warrants, to issue fractional Common Shares in satisfaction of its obligations
hereunder. Where a fractional Common Share would, but for this Section 8, have
been issued upon exercise of a Warrant, the Company shall be entitled to round
down to the nearest whole number of Common Shares and no amount shall be paid to
the Holder for any fractional Common Shares not issued. 

	9. 	
      Not a Shareholder

Nothing in this certificate or in the holding of the Warrants
evidenced hereby shall be construed as conferring upon the Holder any right or
interest whatsoever as a shareholder of the Company. 

	10. 	
      No Obligation to Purchase

Nothing herein contained or done pursuant hereto shall obligate
the Holder to purchase or pay for, or the Company to issue, any Common Shares
except those Common Shares in respect of which the Holder shall have exercised
its right to purchase hereunder in the manner provided herein. 

- 6 - 

	11. 	
      Ranking of Warrants

All Series 2011-I warrants shall rank pari passu,
notwithstanding the actual date of the issue thereof. 

	12. 	
      Covenants

	(a) 	
      The Company covenants and agrees that:

	 	 	 
		(i) 	
      so long as any Warrants evidenced hereby remain
      outstanding, it shall reserve and there shall remain unissued out of its
      authorized capital a sufficient number of Common Shares to satisfy the
      right of purchase herein provided for should the Holder determine to
      exercise its rights in respect of all the Common Shares for the time being
      called for by such outstanding Warrants; and

	 	 	 
		(ii) 	
      all Common Shares which shall be issued upon the exercise
      of the right to purchase herein provided for, upon payment therefor of the
      amount at which such Common Shares may at the time be purchased pursuant
      to the provisions hereof, shall be issued as fully paid and non-assessable
      Common Shares and the holders thereof shall not be liable to the Company
      or to its creditors in respect thereof.

	 	 	 
	(b) 	
      The Company shall make all requisite filings under the
      Securities Act (Ontario) and the regulations made thereunder
      including those necessary to remain a reporting issuer not in default of
      any requirement of such act and regulations.

	 	 	 
	(c) 	
      The Company shall use all commercially reasonable efforts
      to preserve and maintain its corporate
existence.

	13. 	
      Adjustment to Exercise
Price

The Exercise Price in effect at any time is subject to
adjustment from time to time in the events and in the manner provided as
follows: 

	(a) 	
      If and whenever at any time after the date hereof the
      Company:

	 	 	 
		(i) 	
      issues Common Shares or securities exchangeable for or
      convertible into Common Shares to all or substantially all the holders of
      the Common Shares as a stock dividend; or

	 	 	 
		(ii) 	
      makes a distribution on its outstanding Common Shares
      payable in Common Shares or securities exchangeable for or convertible
      into Common Shares; or

	 	 	 
		(iii) 	
      subdivides its outstanding Common Shares into a greater
      number of shares; or

	 	 	 
		(iv) 	
      consolidates its outstanding Common Shares into a smaller
      number of shares;

	 	 	 
			
      (any of such events being called a “Common Share
      Reorganization”), then the Exercise Price will be adjusted effective
      immediately after the effective date or record date for the happening of a Common Share Reorganization,
as the case may be, at which the holders of Common Shares are determined for the
purpose of the Common Share Reorganization by multiplying the Exercise Price in
effect immediately prior to such effective date or record date by a fraction,
the numerator of which is the number of Common Shares outstanding on such
effective date or record date before giving effect to such Common Share
Reorganization and the denominator of which is the number of Common Shares
outstanding immediately after giving effect to such Common Share Reorganization
(including, in the case where securities exchangeable for or convertible into
Common Shares are distributed, the number of Common Shares that would have been
outstanding had all such securities been exchanged for or converted into Common
Shares on such effective date or record date). 

- 7 - 

	 	
       
	(b) 	
      If and whenever at any time after the date hereof the
      Company fixes a record date for the issue of rights, options or warrants
      to the holders of all or substantially all of its outstanding Common
      Shares under which such holders are entitled to subscribe for or purchase
      Common Shares or securities exchangeable for or convertible into Common
      Shares, where:

	 	 	 	 	 	 
		(i) 	
      the right to subscribe for or purchase Common Shares, or
      the right to exchange securities for or convert securities into Common
      Shares, expires not more than 45 days after the date of such issue (the
      period from the record date to the date of expiry being herein in this
      Section 13 called the “Rights Period”), and

	 	 	 	 	 	 
		(ii) 	
      the cost per Common Share during the Rights Period
      (inclusive of any cost of acquisition of securities exchangeable for or
      convertible into Common Shares in addition to any direct cost of Common
      Shares) (herein in this Section 13 called the “Per Share Cost”) is
      less than 95% of the Current Market Price of the Common Shares on the
      record date,

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

	 	 	 	 	 	 
			(A) 	
      the numerator of which is the aggregate of:

	 	 	 	 	 	 
				(1) 	
      the number of Common Shares outstanding as of the record
      date for the Rights Offering; and

	 	 	 	 	 	 
				(2) 	
      a number determined by dividing the product of the Per
      Share Cost and:

	 	 	 	 	 	 
					(I) 	
      where the event giving rise to the application of this
      subsection 13(b) was the issue of rights, options or warrants to the
      holders of Common Shares under which such holders are entitled to
      subscribe for or purchase additional Common Shares, the number of Common Shares so subscribed for or
purchased during the Rights Period, or 

- 8 - 

	 	 	 	 	 	
       
	 	 	 	 	(II) 	
      where the event giving rise to the application of this
      subsection 13(b) was the issue of rights, options or warrants to the
      holders of Common Shares under which such holders are entitled to
      subscribe for or purchase securities exchangeable for or convertible into
      Common Shares, the number of Common Shares for which those securities so
      subscribed for or purchased during the Rights Period could have been
      exchanged or into which they could have been converted during the Rights
      Period,

by the Current Market Price of the Common Shares as of the
record date for the Rights Offering; and 

	 	 	(B) 	
      the denominator of which is:

	 	 	 	 	 
	 	 		(1) 	
      in the case described in subparagraph 13(b)(A)(2)(I), the
      number of Common Shares outstanding, or

	 	 	 	 	 
	 	 		(2) 	
      in the case described in subparagraph 13(b)(A)(2)(II),
      the number of Common Shares that would be outstanding if all the Common
      Shares described in subparagraph 13(b)(A)(2)(II) had been
  issued,

	 	 	 	 	
       
	 	 	 	 	
      as at the end of the Rights Period. 

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

If by the terms of the rights, options or warrants referred to
in this Section 13, there is more than one purchase, conversion or exchange
price per Common Share, the aggregate price of the total number of additional
Common Shares offered for subscription or purchase, or the aggregate conversion
or exchange price of the convertible securities so offered, will be calculated
for purposes of the adjustment on the basis of: 

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

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

- 9 - 

To the extent that any adjustment in
the Exercise Price occurs pursuant to this Section 13 as a result of the fixing
by the Company of a record date for the distribution of rights, options or
warrants referred to in this Section 13, the Exercise Price will be readjusted
immediately after the expiration of any relevant exchange, conversion or
exercise right to the Exercise Price which would then be in effect based upon
the number of Common Shares actually issued and remaining issuable after such
expiration, and will be further readjusted in such manner upon expiration of any
further such right. 

If the Holder has exercised this
Warrant in accordance herewith during the period beginning immediately after the
record date for a Rights Offering and ending on the last day of the Rights
Period therefor, the Holder will, in addition to the Common Shares to which it
is otherwise entitled upon such exercise, be entitled to that number of
additional Common Shares equal to the result obtained when the Exercise Price in
effect immediately prior to the end of such Rights Offering pursuant to this
subsection is multiplied by the number of Common Shares received upon the
exercise of this Warrant during such period, and the resulting product is
divided by the Exercise Price as adjusted for such Rights Offering pursuant to
this subsection; provided that the provisions of Section 8 will be applicable to
any fractional interest in a Common Share to which such Holder might otherwise
be entitled. Such additional Common Shares will be deemed to have been issued to
the Holder immediately following the end of the Rights Period and a certificate
for such additional Common Shares will be delivered to such Holder within ten
(10) Business Days following the end of the Rights Period. 

	(c) 	
      If and whenever at any time after the date hereof the
      Company fixes a record date for the issue or the distribution to the
      holders of all or substantially all its Common Shares of:

	 	 	 
		(i) 	
      shares of the Company of any class other than Common
      Shares;

	 	 	 
		(ii) 	
      rights, options or warrants to acquire shares or
      securities exchangeable for or convertible into shares or property or
      other assets of the Company;

	 	 	 
		(iii) 	
      evidence of indebtedness; or

	 	 	 
		(iv) 	
      any property or other assets,

and if such issuance or distribution
does not constitute (A) a Common Share Reorganization, (B) a Rights Offering or
(C) the issue of rights, options or warrants to the holders of all or
substantially all of its outstanding Common Shares under which such holders are
entitled to subscribe for or purchase Common Shares or securities exchangeable
for or convertible into Common Shares, where: 

	 	 	 	(1) 	
      the right to subscribe for or purchase Common Shares, or
      the right to exchange securities for or convert securities into Common
      Shares, expires not more than 45 days after the date of such issue,
    and

- 10 - 

	 	 	 	(2) 	
      the cost per Common Share during the Rights Period,
      inclusive of the Per Share Cost, is 95% or more than the Current Market
      Price of the Common Shares on the record date

(any of such non-excluded events being
called a “Special Distribution”), the Exercise Price will be adjusted
effective immediately after such record date to a price determined by
multiplying the Exercise Price in effect on such record date by a fraction: 

	 	 	(A) 	
      the numerator of which is:

	 	 	 	 	 
	 	 		(1) 	
      the product of the number of Common Shares outstanding on
      such record date and the Current Market Price of the Common Shares on such
      record date; less

	 	 	 	 	 
	 	 		(2) 	
      the aggregate fair market value (as determined by action
      by the directors of the Company, subject, however, to the prior written
      consent of the TSX Venture Exchange, where required) to the holders of the
      Common Shares of such securities or property or other assets so issued or
      distributed in the Special Distribution; and

	 	 	 	 	 
	 	 	(B) 	
      the denominator of which is the number of Common Shares
      outstanding on such record date multiplied by the Current Market Price of
      the Common Shares on such record date.

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

	(d) 	
      If and whenever at any time after the date hereof there
      is a Common Share Reorganization, a Rights Offering, a Special
      Distribution, a reclassification or redesignation of the Common Shares
      outstanding at any time or change of the Common Shares into other shares
      or into other securities (other than a Common Share Reorganization), or a
      consolidation, amalgamation or merger of the Company with or into any
      other corporation or other entity (other than a consolidation,
      amalgamation or merger which does not result in any reclassification or
      redesignation of the outstanding Common Shares or a change of the Common
      Shares into other shares), or a transfer of the undertaking or assets of
      the Company as an entirety or substantially as an entirety to another
      corporation or other entity (any of such events being called a “Capital
      Reorganization”), the Holder, upon exercising this Warrant after the
      effective date of such Capital Reorganization, will be entitled to receive
      in lieu of the number of Common Shares to which such Holder was
      theretofore entitled upon such exercise, the aggregate number of shares,
      other securities or other property which such Holder would have been
      entitled to receive as a result of such Capital Reorganization if, on the
      effective date thereof, the Holder had been the registered holder of the
      number of Common Shares to which such Holder was theretofore entitled upon
      exercise of this Warrant. If determined appropriate by action of the
      directors of the Company, appropriate adjustments will be made as a result
      of any such Capital Reorganization in the application of the
    provisions set forth in this Section 13 with respect to the rights and
interests thereafter of the Holder to the end that the provisions set forth in
this Section 13 will thereafter correspondingly be made applicable as nearly as
may reasonably be possible in relation to any shares, other securities or other
property thereafter deliverable upon the exercise hereof. Any such adjustment
must be made by and set forth in an amendment to this Warrant approved by action
by the directors of the Company and will for all purposes be conclusively deemed
to be an appropriate adjustment. 

- 11 - 

	 	
       
	(e) 	
      If at any time after the date hereof and prior to the
      Expiry Time any adjustment in the Exercise Price shall occur as a result
      of:

	 	 	 
		(i) 	
      an event referred to in subsection 13(a);

	 	 	 
		(ii) 	
      the fixing by the Company of a record date for an event
      referred to in subsection 13(b); or

	 	 	 
		(iii) 	
      the fixing by the Company of a record date for an event
      referred to in subsection 13(c) if such event constitutes the issue or
      distribution to the holders of all or substantially all of its outstanding
      Common Shares of (A) Equity Shares, or (B) securities exchangeable for or
      convertible into Equity Shares at an exchange or conversion price per
      Equity Shares less than the Current Market Price on such record date or
      (C) rights, options or warrants to acquire Equity Shares at an exercise,
      exchange or conversion price per Equity Share less than the Current Market
      Price on such record date,

then, where required, the number of
Common Shares purchasable upon the subsequent exercise of this Warrant shall be
simultaneously adjusted by multiplying the number of Common Shares purchasable
upon the exercise of this Warrant immediately prior to such adjustment by a
fraction which shall be the reciprocal of the fraction employed in the
adjustment of the Exercise Price. To the extent any adjustment in subscription
rights occurs pursuant to this subsection 13(e) as a result of a distribution of
exchangeable or convertible securities other than Equity Shares referred to in
subsection 13(a) or as a result of the fixing by the Company of a record date
for the distribution of rights, options or warrants referred to in subsection
13(b), the number of Common Shares purchasable upon exercise of this Warrant
shall be readjusted immediately after the expiration of any relevant exchange,
conversion or exercise right to the number of Common Shares which would be
purchasable based upon the number of Common Shares actually issued and remaining
issuable immediately after such expiration, and shall be further readjusted in
such manner upon expiration of any further such right. To the extent that any
adjustment in subscription rights occurs pursuant to this subsection 13(e) as a
result of the fixing by the Company of a record date for the distribution of
exchangeable or convertible securities other than Equity Shares or rights,
options or warrants referred to in subsection 13(c), the number of Common Shares
purchasable upon exercise of this Warrant shall be readjusted immediately after
the expiration of any relevant exchange, conversion or exercise right to the
number of Common Shares which would be purchasable pursuant to this subsection
13(e) if the fair market value of such securities or such rights, options or
warrants had been determined for purposes of the adjustment pursuant to this
subsection 13(e) on the basis of the number of Equity Shares issued and
remaining issuable immediately after such expiration, and shall be further
readjusted in such manner upon expiration of any further such right. 

- 12 - 

	 	
       
	14. 	
      Rules Regarding Calculation of Adjustment of Exercise
      Price

	(a) 	
      The adjustments provided for in Section 13 are cumulative
      and will, in the case of adjustments to the Exercise Price, be computed to
      the nearest one-tenth of one cent and will be made successively whenever
      an event referred to therein occurs, subject to the following subsections
      of this Section 14.

	 	 
	(b) 	
      No adjustment in the Exercise Price is required to be
      made unless such adjustment would result in a change of at least 1% in the
      prevailing Exercise Price; provided, however, that any adjustments which,
      except for the provisions of this subsection, would otherwise have been
      required to be made, will be carried forward and taken into account in any
      subsequent adjustments.

	 	 
	(c) 	
      No adjustment in the Exercise Price will be made in
      respect of any event described in Section 13, other than the events
      referred to in clauses 13(a)(iii) and (iv), if the Holder is entitled to
      participate in such event on the same terms, mutatis mutandis, as
      if the Holder had exercised this Warrant prior to or on the effective date
      or record date of such event.

	 	 
	(d) 	
      No adjustment in the Exercise Price will be made under
      Section 13 in respect of the issue from time to time of Common Shares
      issuable from time to time as dividends paid in the ordinary course to
      holders of Common Shares who exercise an option or election to receive
      substantially equivalent dividends in Common Shares in lieu of receiving a
      cash dividend, and any such issue will be deemed not to be a Common Share
      Reorganization.

	 	 
	(e) 	
      If at any time a dispute arises with respect to
      adjustments provided for in Section 13, such dispute will be conclusively
      determined by such firm of independent chartered accountants as may be
      selected by action by the directors of the Company and any such
      determination, where required, will be binding upon the Company, the
      Holder and shareholders of the Company. The Company will provide such
      accountants with access to all necessary records of the Company.

	 	 
	(f) 	
      In case the Company after the date of issuance of this
      Warrant takes any action affecting the Common Shares, other than action
      described in Section 13, which in the opinion of the board of directors of
      the Company would materially affect the rights of the Holder, the Exercise
      Price will be adjusted in such manner, if any, and at such time, by action
      by the directors of the Company but subject in all cases to the prior
      written consent of the TSX Venture Exchange, where required, and any
      necessary regulatory approval.

	 	 
	(g) 	
      If the Company sets a record date to determine the
      holders of the Common Shares for the purpose of entitling them to receive
      any dividend or distribution or sets a record date to take any other
      action and, thereafter and before the distribution to such shareholders of
      any such dividend or distribution or the taking of any other action,
      decides not to implement its plan to pay or deliver such dividend or
      distribution or take such other action, then no adjustment in the Exercise Price will be
required by reason of the setting of such record date. 

- 13 - 

	 	
       
	(h) 	
      In the absence of a resolution of the directors of the
      Company fixing a record date for a Special Distribution or Rights
      Offering, the Company will be deemed to have fixed as the record date
      therefor the date on which the Special Distribution or Rights Offering is
      effected.

	 	 
	(i) 	
      As a condition precedent to the taking of any action
      which would require any adjustment to this Warrant, including the Exercise
      Price, the Company must take any corporate action which may be necessary
      in order that the Company have unissued and reserved in its authorized
      capital and may validly and legally issue as fully paid and non-assessable
      all the Common Shares or other securities which the Holder is entitled to
      receive on the full exercise thereof in accordance with the provisions
      hereof.

	 	 
	(j) 	
      The Company will from time to time, immediately after the
      occurrence of any event which requires an adjustment or readjustment as
      provided in Section 13, forthwith give notice to the Holder specifying the
      event requiring such adjustment or readjustment and the results thereof,
      including the resulting Exercise Price.

	 	 
	(k) 	
      The Company covenants to and in favour of the Holder that
      so long as this Warrant remains outstanding, it will give notice to the
      Holder of its intention to fix a record date for any event referred to in
      subsections 13(a), (b) or (c) (other than the subdivision or consolidation
      of the Common Shares) which may give rise to an adjustment in the Exercise
      Price, and, in each case, such notice must specify the particulars of such
      event and the record date and the effective date for such event; provided
      that the Company is only required to specify in such notice such
      particulars of such event as have been fixed and determined on the date on
      which such notice is given. Such notice shall be given not less than 14
      days prior to each such applicable record date or effective
  date.

	15. 	Consolidation and Amalgamation 
	  	  
	(a) 	The Company shall not enter into any
      transaction whereby all or substantially all of its undertakings, property
      and assets would become the property of any other corporation (herein
      called a “successor corporation”) whether by way of reorganization,
      reconstruction, consolidation, amalgamation, merger, transfer, sale,
      disposition or otherwise, unless prior to or contemporaneously with the
      consummation of such transaction the Company and the successor corporation
      shall have executed such instruments and done such things as are necessary
      or advisable to establish that upon the consummation of such transaction:
    

	 	(i) 	
      the successor corporation will have assumed all the
      covenants and obligations of the Company under this Warrant; and

	 	 	 
	 	(ii) 	
      the Warrant will be a valid and binding obligation of the
      successor corporation entitling the Holder, as against the successor
      corporation, to all the rights of the Holder under this
  Warrant.

- 14 -

	(b) 	
      Whenever the conditions of subsection 15(a) shall have
      been duly observed and performed the successor corporation shall possess,
      and from time to time may exercise, each and every right and power of the
      Company under this Warrant in the name of the Company or otherwise and any
      act or proceeding by any provision hereof required to be done or performed
      by any director or officer of the Company may be done and performed with
      like force and effect by the like directors or officers of the successor
      corporation.

	16. 	
      Representation and
Warranty

The Company hereby represents and
warrants with and to the Holder that the Company is duly authorized and has the
corporate and lawful power and authority to create and issue this Warrant and
the Common Shares issuable upon the exercise hereof and perform its obligations
hereunder and that this Warrant represents a valid, legal and binding obligation
of the Company enforceable in accordance with its terms. 

	17. 	
      If Share Transfer Books
Closed

The Company shall not be required to
deliver certificates for Common Shares while the share transfer books of the
Company are properly closed, prior to any meeting of shareholders or for the
payment of dividends or for any other purpose and in the event of the surrender
of any Warrant in accordance with the provisions hereof and the making of any
subscription and payment for the Common Shares called for thereby during any
such period delivery of certificates for Common Shares may be postponed for a
period not exceeding five (5) Business Days after the date of the re-opening of
said share transfer books. Provided however that any such postponement of
delivery of certificates shall be without prejudice to the right of the Holder,
if the Holder has surrendered the same and made payment during such period, to
receive such certificates for the Common Shares called for after the share
transfer books have been reopened. 

	18. 	
      Protection of Shareholders, Officers and
      Directors

Subject as herein provided, all or any
of the rights conferred upon the Holder may be enforced by the Holder by
appropriate legal proceedings. No recourse under or upon any obligation,
covenant or agreement herein contained or in any of the Warrants represented
hereby shall be taken against any shareholder, officer or director of the
Company, either directly or through the Company, it being expressly agreed and
declared that the obligations under the Warrants evidenced hereby are solely
corporate obligations of the Company and that no personal liability whatever
shall attach to or be incurred by the shareholders, officers, or directors of
the Company or any of them in respect thereof, any and all rights and claims
against every such shareholder, officer or director being hereby expressly
waived as a condition of and as a consideration for the issue of the Warrants
evidenced hereby. 

	19. 	
      Lost Certificate

If the Warrant certificate evidencing
the Warrants issued hereby becomes stolen, lost, mutilated or destroyed the
Company may, on such terms, as it may in its discretion impose, respectively
issue and countersign a new warrant of like denomination, tenor and date as the
certificate so stolen, lost mutilated or destroyed. 

- 15 - 

	20. 	
      Governing Law

This Warrant shall be governed by, and construed in accordance
with, the laws of the Province of Ontario and the federal laws of Canada
applicable therein but the reference to such laws shall not, by conflict of laws
rules or otherwise, require the application of the law of any jurisdiction other
than the Province of Ontario. The parties hereto hereby irrevocably attorn to
the non-exclusive jurisdiction of the Courts of the Province of Ontario.

	21. 	
      Severability

If any one or more of the provisions or parts thereof contained
in this Warrant should be or become invalid, illegal or unenforceable in any
respect in any jurisdiction, the remaining provisions or parts thereof contained
herein shall be and shall be conclusively deemed to be, as to such jurisdiction,
severable therefrom and: 

	 	(i) 	
      the validity, legality or enforceability of such
      remaining provisions or parts thereof shall not in any way be affected or
      impaired by the severance of the provisions or parts thereof severed;
      and

	 	 	 
	 	(ii) 	
      the invalidity, illegality or unenforceability of any
      provision or part thereof contained in this Warrant in any jurisdiction
      shall not affect or impair such provision or part thereof or any other
      provisions of this Warrant in any other
jurisdiction.

	22. 	
      Headings

The headings of the articles, sections, subsections and clauses
of this Warrant have been inserted for convenience and reference only and do not
define, limit, alter or enlarge the meaning of any provision of this Warrant.

	23. 	
      Numbering of Articles,
etc.

Unless otherwise stated, a reference herein to a numbered or
lettered article, section, subsection, clause, subclause or schedule refers to
the article, section, subsection, clause, subclause or schedule bearing that
number or letter in this Warrant. 

	24. 	
      Gender

Whenever used in this Warrant, words importing the singular
number only shall include the plural, and vice versa, and words importing the
masculine gender shall include the feminine gender. 

	25. 	
      Day not a Business Day

In the event that any day on or before which any action is
required to be taken hereunder is not a Business Day, then such action shall be
required to be taken on or before the requisite time on the next succeeding day
that is a Business Day. If the payment of any amount is deferred for any period, then such period shall be included for purposes
of the computation of any interest payable hereunder. 

- 16 - 

	 	
       
	26. 	
      Computation of Time Period

Except to the extent otherwise provided herein, in the
computation of a period of time from a specified date to a later specified date,
the word “from” means “from and including” and the words “to” and “until” each
mean “to but excluding”. 

	27. 	
      Binding Effect

This Warrant and all of its provisions shall enure to the
benefit of the Holder and his heirs, executors, administrators, legal personal
representatives, permitted assigns and successors and shall be binding upon the
Company and its successors and permitted assigns. 

	28. 	
      Notice

Any notice, document or communication required or permitted by
this Warrant to be given by a party hereto shall be in writing and is
sufficiently given if delivered personally, or if sent by prepaid registered
mail, or if transmitted by any form of recorded telecommunication tested prior
to transmission, to such party addressed as follows: 

	 	(i) 	
      to the Holder, in the register to be maintained pursuant
      to Section 6 hereof; and

	 	 	 
	 	(ii) 	
      to the Company at:

	 	 	 
	 		
      50 Richmond Street East 

	 	 	Suite 101  
	 	 	Toronto ON 
	 		
      M5C 1N7

	 	 	 
	 		
      Attention: Carmelo Marrelli

	 	 	 
	 		
      Telefacsimile: (416) 848-0790

Notice so mailed shall be deemed to have been given on the
fifth (5th) Business Day after deposit in a post office or public
letter box. Neither party shall mail any notice, request or other communication
hereunder during any period in which applicable postal workers are on strike or
if such strike is imminent and may reasonably be anticipated to affect the
normal delivery of mail. Notice transmitted by a form of recorded
telecommunication or delivered personally shall be deemed given on the day of
transmission or personal delivery, as the case may be. Any party may from time
to time notify the other in the manner provided herein of any change of address
which thereafter, until change by like notice, shall be the address of such
party for all purposes hereof. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

- 17 - 

	29. 	
      Time of Essence

Time shall be of the essence hereof. 

IN WITNESS WHEREOF the Company has caused this Warrant
Certificate to be signed by its duly authorized officer as of this _________ day of September, 2011. 

	 	BE RESOURCES INC. 	 
	 	 	 
	 	Per: ________________________________
    	 
	 	       Authorized Signing Officer 	 

- 18 - 

SCHEDULE “A” 

SUBSCRIPTION FORM 

	TO: 	BE RESOURCES INC. 
	  	50 Richmond Street East 
	  	Suite 101, 
	  	Toronto ON 
	  	M5C 1N7 

The undersigned holder of the within Warrant certificate hereby
irrevocably subscribes for _______________________ Common Shares of BE Resources
Inc. (the “Company”) pursuant to the within Warrant certificate at the
Exercise Price per share specified in the said Warrant certificate and encloses
herewith cash or a certified cheque, money order or bank draft payable to the
order of the Company in payment of the subscription price therefor. Capitalized
terms used herein have the meanings set forth in the within Warrant certificate.

In connection with the exercise of the Warrants represented by
the Warrant certificate, the undersigned represents as follows (Please check the
ONE box applicable): 

	[   ]	1. 	The undersigned hereby certifies that (i) it
      was the original purchaser in the Company’s private placement of
      securities in which the Warrants were issued (the “Private
      Placement”), (ii) it is not in the United States or a U.S. person, and
      it is not purchasing the Common Shares for the account or for the benefit
      of a person in the United States or a U.S. person, (iii) this Subscription
      Form was not executed or delivered in the United States, (iv) it is not
      acquiring the Common Shares as a result of any “directed selling efforts”
      (as that term is defined in Regulation S under the United States
      Securities Act of 1933, as amended (the “U.S. Securities Act”)),
      and (v) the representations and warranties made to the Company in the
      Subscription Agreement executed in connection with the Private Placement
      remain true and correct on the date of execution of this Subscription
      Form; or 
	 	 	 
	[   ] 	2. 	The undersigned is delivering a written opinion
      of U.S. counsel or other evidence of exemption satisfactory to the Company
      to the effect that the Warrants and the Common Shares to be delivered upon
      exercise hereof are exempt from registration under the U.S. Securities
      Act. 

“United States” and “U.S. person” are as defined in Regulation
S under the U.S. Securities Act. 

The undersigned holder understands that the Common Shares
issuable upon exercise of the Warrants will be “restricted securities” within
the meaning of Rule 144(a)(3) under the U.S. Securities Act and will remain
“restricted securities” notwithstanding any resale within or outside the United
States unless the sale is completed pursuant to an effective registration
statement under the U.S. Securities Act or in accordance with Rule 144 under the
U.S. Securities Act. The Common Shares issuable upon exercise of the Warrants
will be subject to a minimum hold period of at least six (6) months under Rule
144 under the U.S. Securities Act, and the hold period on the Common Shares commences on
the date of exercise of the Warrants and not on the date of acquisition of the
Warrants.

- 1 - 

The undersigned holder understands that the certificate
representing the Common Shares issued upon exercise of the Warrants will bear
the following, or a substantially equivalent restrictive legend:

“THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES
ACT”). THESE SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED
ONLY (A) TO BE RESOURCES INC. (THE “COMPANY”), (B) IN COMPLIANCE WITH RULE 144
OR 144A THEREUNDER, IF AVAILABLE, AND IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS, (C) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT, OR (D) IN
A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT
OR ANY APPLICABLE STATE SECURITIES LAWS, AND THE HOLDER HAS, PRIOR TO SUCH SALE,
FURNISHED TO THE COMPANY AN OPINION OF COUNSEL OR OTHER EVIDENCE OF EXEMPTION,
IN EITHER CASE REASONABLY SATISFACTORY TO THE COMPANY. HEDGING TRANSACTIONS
INVOLVING THESE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE
SECURITIES ACT.” 

provided, that, if any such securities are being sold pursuant
to Rule 144 under the U.S. Securities Act or in a transaction that does not
require registration under the U.S. Securities Act or applicable state
securities laws, the legend may be removed by delivery to the registrar and
transfer agent of the Company of an opinion of counsel, of recognized standing
reasonably satisfactory to the Company, to the effect that such legend is no
longer required under applicable requirements of the U.S. Securities Act or
applicable state securities laws. 

The undersigned hereby acknowledges that the following legend
will be placed on the certificates representing the Common Shares being acquired
if the Warrants are exercised prior to January 7, 2012: 

“UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER
OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE JANUARY 7, 2012.”

DATED this  ______ day of  ___________ ,
20____.  

	 	NAME:	 	 
	 	  	 	 
	 	Signature:	 	 
	 	 	 	 
	 	Address: 	 	 
	 	  	 	 

If any Warrants represented by this certificate are not being
exercised, a new Warrant certificate will be issued and delivered with the
Common Share certificates. 

- 2 - 

SCHEDULE “B” 

FORM OF TRANSFER 

FOR VALUE RECEIVED, the undersigned (the
“Transferor”) hereby sells, assigns and transfers unto (name)
___________________
(the “Transferee”), of  __________________ (residential address)
Warrants of BE Resources Inc. (the “Company”) registered in the name of
the Transferor on the records of the Company represented by the within Warrant
certificate, and irrevocably appoints the Secretary of the Company as the
attorney of the undersigned to transfer the said securities on the books or
register of transfer, with full power of substitution. 

In connection with the transfer of the Warrants, the
undersigned Transferor represents as follows (Please check the ONE box
applicable): 

	[  ] 	1. 	The Transferor reasonably believes that the
      Transferee is not in the United States or a U.S. person or acquiring the
      Warrants for the account or benefit of a person in the United States or a
      U.S. person; or 
	 	 	 
	[  ] 	2. 	The Company has consented to the transfer and
      the transfer is being made in accordance with an exemption from the
      registration requirements under the U.S. Securities Act and the securities
      laws of all applicable states of the United States, and the undersigned
      has provided an opinion or other evidence of exemption (which accompanies
      this Form of Transfer), in form and substance reasonably satisfactory to
      the Company, to such effect; or 
	 	 	 
	[  ] 	3. 	The Securities and Exchange Commission has
      declared effective a registration statement in respect of resales of the
      Warrants. 

“United States” and “U.S. person” are as defined in Regulation
S under the U.S. Securities Act. 

In the case of transfers pursuant to Box 1 or Box 2 above, the
Form of Transfer must be accompanied by a Certificate of Transferee, in the form
attached hereto. 

DATED the __________________day of ______,  20__ . 

	 	 	 	 
	Signature Guaranteed 	 	(Signature of Warrant Holder, to be the same as
      appears on the face of this Warrant Certificate) 	 

- 3 - 

CERTIFICATE OF TRANSFEREE 

In connection with the transfer of the __________ warrants (the
“Warrants”) of BE Resources Inc. (the “Company”) being transferred
to the undersigned transferee (the “Transferee”), the Transferee
represents and agrees as follows (Please check the ONE box applicable):

	[  ] 	1. 	(A) The Transferee is not in the United States
      or a U.S. person or acquiring the Warrants for the account or benefit of a
      person in the United States or a U.S. person, (B) if the transfer of the
      Warrants is prior to the expiration of the distribution compliance period
      specified in Regulation S under the United States Securities Act of 1933,
      as amended (the “U.S. Securities Act”), the Transferee agrees not
      to resell the Warrants or the common shares of the Company issuable upon
      exercise of the Warrants (the “Common Shares”) except in accordance
      with the provisions of Regulation S under the U.S. Securities Act,
      pursuant to registration under the U.S. Securities Act, or pursuant to an
      available exemption from such registration, and further agrees not to
      engage in hedging transactions with regard to the Warrants or the Common
      Shares unless in compliance with the U.S. Securities Act, and (C) the
      Transferee agrees that it will not, during the distribution compliance
      period described in Regulation S under the U.S. Securities Act, act as a
      “distributor” (as such term is defined in Regulation S under the U.S.
      Securities Act); or 
	 	 	 
	[  ] 	2. 	The transfer is being made in
      accordance with an exemption from the registration requirements under the U.S. Securities Act and the securities laws
      of all applicable states of the United States, and an
      opinion or other evidence of exemption to such effect has been
      provided to the Company. 

“United States” and “U.S. person” are as defined in Regulation
S under the U.S. Securities Act. 

The Transferee acknowledges and agrees that the Warrants will
be “restricted securities” within the meaning of Rule 144(a)(3) under the U.S.
Securities Act unless the sale is completed pursuant to an effective
registration statement under the U.S. Securities Act or in accordance with Rule
144 under the U.S. Securities Act. The Transferee acknowledges that the
Common Shares will be “restricted securities” within the meaning of Rule
144(a)(3) under the U.S. Securities Act and will be subject to a minimum hold
period of at least six (6) months under Rule 144 under the U.S. Securities Act,
and that the hold period on the Common Shares commences on the date of exercise
of the Warrants and not on the date of acquisition or transfer of the
Warrants. The Transferee acknowledges that it has been advised to obtain
independent legal and professional advice on the requirements of Rule 144 under
the U.S. Securities Act, and that the Transferee has been advised that resales
of the Warrants and Common Shares may be made only under certain circumstances.
The Transferee understands that to the extent that Rule 144 under the U.S.
Securities Act is not available, the Transferee will be unable to sell any
Warrants or Common Shares without either registration under the U.S. Securities
Act or the existence of another exemption from such registration requirement,
and in all cases pursuant to exemptions from applicable securities laws of any
state of the United States. 

DATED the __________________day of ______,  20__ . 

	 	 	 	 
	Signature Guaranteed 	 	(Signature of Transferee of the Warrants) 	 

- 4 -

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