Document:

TRANSACTION
BONUS AGREEMENT

 

THIS TRANSACTION
BONUS AGREEMENT (this “Agreement”) is made and entered into as of November 21, 2012, between Global Access Corp.
a Nevada corporation (the “Company”), and Michael Loiacono (“Employee”), an individual resident of the
State of Florida.

 

WHEREAS, the
Company wishes to provide Employee with certain payments in the case of a termination of Employee’s employment by the Company
without cause, or in the event of a recapitalization, restructuring or sale of the Company;

 

NOW, THEREFORE,
in consideration of the premises, mutual promises and covenants and benefits of the parties hereto set forth herein, Employee and
the Company, intending to be legally bound, agree as follows:

 

1.                 
Term. The term (the “Term”) of this Agreement shall begin on the date hereof (the “Effective
Date”) and shall continue until December 31, 2013 or, if earlier, the first to occur of a (i) sale of substantially all of
the assets of the Company (“Sale of the Company”), (ii) recapitalization or restructuring of the Company which, in
the reasonable opinion of the Company’s Board of Directors, will provide sufficient liquidity to support the continued growth
strategy of the Company’s business (a “Recapitalization or Restructuring”), or (iii) the termination of Employee’s
employment with the Company (“Termination,” and together with a Sale of the Company and a Recapitalization or Restructuring,
each a “Triggering Event”).

 

2.                 
Bonus Payment.

 

(a)               
Payment. If, during the Term, (i) there is a Sale of the Company, the Company shall pay to Employee a lump sum cash
payment (“Sale Bonus”) equal to One Hundred Twenty Thousand Dollars ($120,000), (ii) there is a Recapitalization or
Restructuring of the Company, the Company shall pay to Employee a lump sum cash payment equal to Sixty Thousand Dollars ($60,000)
(the “Recapitalization/Restructuring Bonus”), or (iii) Employee’s employment with the Company is terminated by
the Company without Cause, the Company shall pay to Employee (A) a lump sum cash payment equal to One Hundred Twenty Seven Thousand
Five Hundred Dollars ($127,500) (the “Severance Payment”) and (B) an amount equal to the Sale Bonus. Each of the Severance
Payment, the Sale Bonus and the Recapitalization/Restructuring Bonus are referred to herein as a “Bonus”. The Bonus
shall be payable within two (2) business days after the Triggering Event giving rise to such payment obligation.

 

(b)              
Definition of Cause. As used herein, “Cause” shall mean if in the reasonable best judgment of the Company,
the Employee (a) has committed an act of dishonesty against the Company; (b) has been convicted of any felony or any crime
of moral turpitude, whether a felony or not; (c) has engaged in conduct of such a serious and substantial nature that the Employee’s
continued employment would cause it harm; (d) repeatedly fails to follow the directives of the Company’s Board of Directors
or President; or (e) willfully fails to fulfill Employee’s job responsibilities.

 

    	 

    	 

    
 

3.                 
Notices. For the purpose of this Agreement, notices and all other communications to either party hereunder
provided for in this Agreement shall be in writing and shall be deemed to have been duly given when delivered in person or mailed
by first-class mail or airmail, postage prepaid, addressed:

 

	 	If to Employee:	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	If to the Company:	 	 	 	 
	 	 	 	 	 	 
	 	Global Access Corp.	 	 	 	 
	 	7800 Belfort Parkway, Suite 165	 	 	 	 
	 	Jacksonville, FL 32256	 	 	 	 
	 	Attention: Corporate Secretary	 	 	 	 

 

or to such other address (es) as either
party may have furnished to the other party in writing in accordance with this Section 3.

 

4.                 
Entire Agreement and Amendment. No provision of this Agreement may be amended, modified or waived unless such
amendment, modification or waiver is agreed to in writing and is signed by Employee and a representative of the Company, its successor
or permitted assignee. This Agreement constitutes the entire agreement between the parties hereto and supersedes all prior agreements
(if any), understandings and arrangements (oral or written) between the parties hereto. No agreements or representations, oral
or otherwise, expressed or implied, with respect to the subject matter of this Agreement have been made by either party that are
not expressly set forth in this Agreement. For the avoidance of doubt, this Agreement supersedes the provisions of the Employment
Agreement between the Company and Employee, dated October 21, 2010 (as amended, modified or restated from time to time, “Employment
Agreement”), to the extent that such provisions relate to Employee’s right to severance payments, and in all other
respects, the Employment Agreement will remain in full force and effect.

 

5.                 
Severability. The invalidity or unenforceability of any provision or provisions of this Agreement shall not
affect the validity or enforceability of the other provisions of this Agreement, which other provisions shall remain in full force
and effect, nor shall the invalidity or unenforceability of a portion of any provision of this Agreement affect the validity or
enforceability of the balance of such provision.

 

6.                 
Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed to
be an original and all of which together shall constitute a single agreement.

 

7.                 
Headings. The headings of the Sections contained in this Agreement are for reference purposes only and shall
not, in any way, affect the meaning or interpretation of any provision of this Agreement.

 

    	 

    	 

    
 

8.                 
Applicable Law. This Agreement shall be governed by and construed in accordance with the internal substantive
laws, and not the choice of law rules, of the State of Florida.

 

9.                 
Compliance with Code Section 409A. This Agreement is intended to comply with Section 409A of the Internal
Revenue Code of 1986, as amended (“Section 409A”) or an exemption thereunder and shall be construed and administered
in accordance with Section 409A. Notwithstanding any other provision of this Agreement, payments provided under this Agreement
may only be made upon an event and in a manner that complies with Section 409A or an applicable exemption. Any payments under this
Agreement that may be excluded from Section 409A as a short-term deferral shall be excluded from Section 409A to the maximum extent
possible. The Employee understands and agrees the Company makes no representations that the payments and benefits provided under
this Agreement comply with Section 409A and in no event shall the Company be liable for all or any portion of any taxes, penalties,
interest or other expenses that may be incurred by the Employee on account of non-compliance with Section 409A.

 

10.             
Assignment by Employee. Employee’s rights and obligations under this Agreement may not be in any way
assigned.

 

IN WITNESS
WHEREOF, the Company has caused this Agreement to be executed and delivered by its duly authorized officer, and Employee has
executed and delivered this Agreement, all as of the date first written above.

 

	 	Global Access Corp.
	 	 
	 	 	/s/ Kevin L. Reager
	 	By: 	Kevin L. Reager
 Its: CEO

 

	 	 	/s/ Michael Loiacono
	 	 	Michael LoiaconoExhibit 10.3

                          WESTERN STANDARD ENERGY CORP.

                    PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT
                                    (SHARES)

                            INSTRUCTIONS TO PURCHASER

1.   All purchasers must complete all the information in the boxes on page 2 and
     sign where indicated with an "X".

2.   All  purchasers  must  complete  and  sign  Exhibit  A  "Canadian  Investor
     Questionnaire"  that  starts  on page  16.  The  purpose  of the form is to
     determine  whether you meet the  standards for  participation  in a private
     placement under  applicable  Canadian  securities law (National  Instrument
     45-106 PROSPECTUS AND REGISTRATION EXEMPTIONS).

3.   If you are a "U.S.  Purchaser",  as defined in Exhibit B, you must complete
     and sign BOTH:

     (1)  Exhibit A "Canadian  Investor  Questionnaire"  that starts on page 16;
          AND

     (2)  Exhibit B  "United  States  Accredited  Investor  Questionnaire"  that
          starts on page 19.

4.   If you are paying for your  subscription  with funds  drawn from a Canadian
     bank,  you may pay by  certified  cheque or bank draft  drawn on a Canadian
     chartered bank.

5.   If you are paying  for your  subscription  with  funds  drawn on any source
     other than a Canadian  chartered bank, you may only pay by wire transfer to
     the Issuer pursuant to the Issuer's wiring instructions.

                                       1
<PAGE>
                          WESTERN STANDARD ENERGY CORP.

                    PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT

The undersigned (the "SUBSCRIBER") hereby irrevocably  subscribes for and agrees
to purchase from Western  Standard  Energy Corp.  (the  "ISSUER") that number of
shares of common stock of the Issuer (each,  a "SHARE") set out below at a price
of  US$0.00125  per Share.  The  Subscriber  agrees to be bound by the terms and
conditions set forth in the attached "Terms and Conditions of  Subscription  for
Shares".

<TABLE>
<CAPTION>
<S>                                                         <C>
Subscriber Information                                      Shares to be Purchased

                                                            Number of Shares:                     X $0.00125
------------------------------------------------                             -------------------------------
(Name of Subscriber)

CHECK IF APPLICABLE: [ ] Insider [ ] Registrant             Aggregate Subscription Price:
                                                                                         -------------------
X                                                           (the "Subscription Amount", plus wire fees if
------------------------------------------------            applicable)
(Signature of Subscriber - if the Subscriber is
an Individual)
                                                            ------------------------------------------------
X                                                           Please complete if purchasing as agent or trustee
------------------------------------------------            for a principal (beneficial purchaser) (a
(Signature of Authorized Signatory - if the                 "Disclosed Principal") and not purchasing as trustee
Subscriber is not an Individual)                            or agent for accounts fully managed by it.

------------------------------------------------            ------------------------------------------------
(Name and Title of Authorized Signatory - if the            (Name of Disclosed Principal)
Subscriber is not an Individual)
                                                            ------------------------------------------------
------------------------------------------------            (Address of Disclosed Principal)
(SIN, SSN, or other Tax Identification Number
of the Subscriber)                                          ------------------------------------------------
                                                            (Account Reference, if applicable)
------------------------------------------------
(Subscriber's Address, including city and                   ------------------------------------------------
Postal Code)                                                (SIN, SSN, or other Tax Identification Number
                                                            of Disclosed Principal)
------------------------------------------------
                                                            Deliver the Shares as set forth below:
------------------------------------------------
(Telephone Number)              (Email Address)             ------------------------------------------------
                                                            (Attention - Name)
Register the Shares as set forth below:
                                                            ------------------------------------------------
------------------------------------------------            (Account Reference, if applicable)
(Name to Appear on Share Certificate)
                                                            ------------------------------------------------
------------------------------------------------            (Street Address, including Postal Code) (No PO Box)
(Account Reference, if applicable)
                                                            ------------------------------------------------
------------------------------------------------            (Telephone Number)
(Address, including Postal Code)
</TABLE>

                                       2
<PAGE>
                                   ACCEPTANCE

The Issuer hereby accepts the  subscription  as set forth above on the terms and
conditions contained in this Private Placement Subscription Agreement (including
the Terms and  Conditions  and Exhibits  attached  hereto) as of the ____ day of
_______________________, 2012.

WESTERN STANDARD ENERGY CORP.

Per:
    --------------------------------------------
    Authorized Signatory

Address: 980 Skeena Drive
        ----------------------------------------

        Kelowna, BC Canada V1V 2K7
        ----------------------------------------
Fax:
    --------------------------------------------

Email: mcd2@shaw.ca
      ------------------------------------------
Attention: HAROLD SCHNEIDER
          --------------------------------------

                                       3
<PAGE>
                 TERMS AND CONDITIONS OF SUBSCRIPTION FOR SHARES

1.   SUBSCRIPTION

1.1  On the basis of the representations and warranties and subject to the terms
     and  conditions  set  forth  herein,   the  Subscriber  hereby  irrevocably
     subscribes  for and agrees to  purchase  Shares of the Issuer at a price of
     $0.00125 per Share (such  subscription  and agreement to purchase being the
     "SUBSCRIPTION"),  for  the  Subscription  Amount  shown  on  page 2 of this
     subscription  agreement (this "AGREEMENT"),  which is tendered herewith, on
     the basis of the  representations  and  warranties and subject to the terms
     and conditions set forth in this Agreement.

1.2  The Issuer hereby agrees to sell the Shares to the  Subscriber on the basis
     of  the  representations  and  warranties  and  subject  to the  terms  and
     conditions  set  forth  in this  Agreement.  Subject  to the  terms of this
     Agreement,  this  Agreement  will be effective  upon its  acceptance by the
     Issuer.

1.3  The Subscriber acknowledges that the Shares have been offered as part of an
     offer by the Issuer of such other number of Shares as may be  determined by
     the  board  of  directors  of  the  Issuer  in  its  sole  discretion  (the
     "OFFERING").

1.4  Unless otherwise provided, all dollar amounts referred to in this Agreement
     are in lawful money of the United States of America.

2.   PAYMENT

2.1  The Subscription  Amount must accompany this Subscription and shall be paid
     by:

     (a)  if the  Subscriber  is drawing  funds from a Canadian  bank to pay for
          this  Subscription,  a certified  cheque or bank draft drawn on a U.S.
          dollar account with a Canadian chartered bank; or

     (b)  if the  Subscriber  is  drawing  funds  from any  source  other than a
          Canadian  chartered  bank to pay for this  Subscription,  then only by
          wire transfer to the Issuer.

2.2  Where  the  Subscription  Amount  is paid  to the  Issuer,  the  Subscriber
     authorizes the Issuer to treat such Subscription Amount as an interest free
     loan to the Issuer until such time as the  Subscription is accepted and the
     certificates representing the Shares have been issued to the Subscriber.

3.   DOCUMENTS REQUIRED FROM SUBSCRIBER

3.1  The Subscriber  must complete,  sign and return to the Issuer the following
     documents:

     (a)  an executed copy of this Agreement;

                                       4
<PAGE>
     (b)  unless the Subscriber is purchasing Shares with an aggregate  purchase
          price of CDN$150,000 or more, a Canadian Investor  Questionnaire  (the
          "Canadian  Questionnaire")  attached  as Exhibit A that starts on page
          14;

     (c)  if the  Subscriber is a U.S.  Purchaser (as defined in Exhibit B), the
          Canadian  Questionnaire and the U.S. Investor Questionnaire (the "U.S.
          Questionnaire"  and,  together  with the Canadian  Questionnaire,  the
          "Questionnaires") attached as Exhibit B that starts on page 17; and

     (d)  such  other  supporting  documentation  that the  Issuer  or its legal
          counsel may request to establish the  Subscriber's  qualification as a
          qualified investor.

3.2  The  Subscriber  shall  complete,  sign and return to the Issuer as soon as
     possible,   on   request  by  the   Issuer,   any   additional   documents,
     questionnaires,  notices  and  undertakings  as  may  be  required  by  any
     regulatory authorities and applicable law.

3.3  Both parties to this Agreement  acknowledge and agree that Clark Wilson LLP
     has acted as counsel  only to the Issuer and is not  protecting  the rights
     and interests of the  Subscriber.  The Subscriber  acknowledges  and agrees
     that the  Issuer  and  Clark  Wilson  LLP have  given  the  Subscriber  the
     opportunity  to seek,  and are  hereby  recommending  that  the  Subscriber
     obtain, independent legal advice with respect to the subject matter of this
     Agreement and,  further,  the Subscriber  hereby represents and warrants to
     the Issuer and Clark Wilson LLP that the Subscriber has sought  independent
     legal advice or waives such advice.

4.   CONDITIONS AND CLOSING

The  closing of the  purchase  and sale of the Shares  shall  occur on or before
___________________,  2012,  or on such other date as may be  determined  by the
Issuer in its sole discretion (the "CLOSING DATE"). The Subscriber  acknowledges
that  Shares  may be  issued  to other  subscribers  under  this  offering  (the
"OFFERING")  before  or  after  the  Closing  Date.  The  Issuer,  may,  in  its
discretion,  elect to close the Offering in one or more closings, in which event
the Issuer  may agree with one or more  subscribers  (including  the  Subscriber
hereunder)  to  complete  delivery of the Shares to such  subscriber(s)  against
payment therefore at any time on or prior to the Closing Date.

5.   ACKNOWLEDGEMENTS AND AGREEMENTS OF SUBSCRIBER

The Subscriber acknowledges and agrees that:

     (a)  none of the Shares  have been or will be  registered  under the United
          States SECURITIES ACT OF 1933, AS AMENDED,  (the "1933 Act"), or under
          any  securities or "blue sky" laws of any state of the United  States,
          and,  unless so  registered,  may not be offered or sold in the United
          States or, directly or indirectly,  to any "U.S. Person", as that term
          is defined in Regulation S under the 1933 Act ("Regulation S"), except
          in  accordance  with the  provisions  of  Regulation S, pursuant to an
          effective registration statement under the 1933 Act, or pursuant to an
          exemption from, or in a transaction  not subject to, the  registration

                                       5
<PAGE>
          requirements  of the 1933 Act and in each case only in accordance with
          applicable state, provincial and foreign securities laws;

     (b)  the  Issuer  has not  undertaken,  and  will  have no  obligation,  to
          register any of the Shares under the 1933 Act or any other  securities
          legislation;

     (c)  the decision to execute this  Agreement  and acquire the Shares agreed
          to be purchased  hereunder has not been based upon any oral or written
          representation  as to fact or  otherwise  made by or on  behalf of the
          Issuer and such decision is based entirely upon a review of any public
          information  which has been filed by the Issuer with the United States
          Securities  and  Exchange  Commission  (the  "SEC")  and any  Canadian
          provincial securities commissions (collectively, the "Public Record");

     (d)  there are risks  associated  with the purchase of the Shares,  as more
          fully described in the Issuer's  periodic  disclosure  forming part of
          the Public Record;

     (e)  the Subscriber  understands and agrees that the Issuer and others will
          rely   upon  the   truth  and   accuracy   of  the   acknowledgements,
          representations,  warranties,  covenants and  agreements  contained in
          this Agreement and the Questionnaires,  as applicable, and agrees that
          if any of such acknowledgements, representations and agreements are no
          longer accurate or have been breached,  the Subscriber  shall promptly
          notify the Issuer;

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

     (g)  finder's fees or broker's  commissions may be payable by the Issuer to
          finders who introduce purchasers to the Issuer;

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

     (i)  all of the information which the Subscriber has provided to the Issuer
          is correct and complete as of the date this  Agreement is signed,  and
          if  there  should  be any  change  in such  information  prior  to the
          Closing,  the Subscriber will immediately provide the Issuer with such
          information;

     (j)  the Issuer is entitled to rely on the  representations  and warranties
          of the Subscriber  contained in this Agreement and the Questionnaires,
          as applicable,  and the Subscriber  will hold harmless the Issuer from

                                       6
<PAGE>
          any  loss  or  damage  it or  they  may  suffer  as a  result  of  the
          Subscriber's  failure to  correctly  complete  this  Agreement  or the
          Questionnaires, as applicable;

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

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

          (ii) applicable resale restrictions;

     (l)  the Subscriber  understands  and agrees that there may be material tax
          consequences to the Subscriber of an acquisition or disposition of the
          Shares.  The Issuer gives no opinion and makes no representation  with
          respect  to the tax  consequences  to the  Subscriber  under  federal,
          state,  provincial,  local  or  foreign  tax  law of the  Subscriber's
          acquisition or disposition of the Shares;

     (m)  in addition to resale restrictions imposed under U.S. securities laws,
          there are  additional  restrictions  on the  Subscriber's  ability  to
          resell  any  of the  Shares  in  Canada  under  applicable  provincial
          securities laws and Multilateral Instrument 51-105 - ISSUERS QUOTED IN
          THE U.S.  OVER THE  COUNTER  MARKETS  ("MI  51-105")  of the  Canadian
          Securities Administrators;

     (n)  the Issuer has advised the Subscriber that the Issuer is relying on an
          exemption  from the  requirements  to provide  the  Subscriber  with a
          prospectus and to sell the Shares through a person  registered to sell
          securities   under   provincial   securities   legislation  and  other
          applicable  securities  laws, as a consequence of acquiring the Shares
          pursuant to such exemption,  certain protections,  rights and remedies
          provided  by  the  applicable  securities  legislation  including  the
          various  provincial  securities  acts,  including  statutory rights of
          rescission or damages, will not be available to the Subscriber;

     (o)  no  documents  in  connection  with the sale of the  Shares  have been
          reviewed by the SEC or any securities administrators;

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

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

     (r)  the Issuer will refuse to register  the  transfer of any of the Shares
          to a U.S.  Person  not  made  pursuant  to an  effective  registration
          statement  under the 1933 Act or  pursuant to an  available  exemption
          from the registration  requirements of the 1933 Act and, in each case,
          in accordance with any other applicable laws; and

                                       7
<PAGE>
     (s)  this Agreement is not enforceable by the Subscriber unless it has been
          accepted by the Issuer,  and the  Subscriber  acknowledges  and agrees
          that the Issuer reserves the right to reject any  Subscription for any
          reason whatsoever.

6.   REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE SUBSCRIBER

6.1  The  Subscriber  hereby  represents  and warrants to and covenants with the
     Issuer (which  representations,  warranties and covenants shall survive the
     Closing) that:

     (a)  unless the  Subscriber is a U.S.  Purchaser (as defined in Exhibit B),
          the Subscriber is not a U.S. Person;

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

     (c)  if the Subscriber is resident outside of Canada and outside the U.S.:

          (i)  the  Subscriber is  knowledgeable  of, or has been  independently
               advised as to, the applicable  laws of the securities  regulators
               having application in the jurisdiction in which the Subscriber is
               resident (the "INTERNATIONAL  JURISDICTION") which would apply to
               the offer and sale of the Shares,

          (ii) the  Subscriber is purchasing  the Shares  pursuant to exemptions
               from prospectus or equivalent  requirements under applicable laws
               or, if such is not  applicable,  the  Subscriber  is permitted to
               purchase the Shares under the  applicable  laws of the securities
               regulators in the International  Jurisdiction without the need to
               rely on any exemptions,

          (iii)the  applicable  laws  of the  authorities  in the  International
               Jurisdiction  do not  require  the Issuer to make any  filings or
               seek any  approvals of any kind  whatsoever  from any  securities
               regulator   of  any   kind   whatsoever   in  the   International
               Jurisdiction in connection with the offer,  issue, sale or resale
               of any of the Shares,

          (iv) the purchase of the Shares by the Subscriber does not trigger:

               A.   any  obligation  to prepare and file a prospectus or similar
                    document,  or any other report with respect to such purchase
                    in the International Jurisdiction, or

               B.   any continuous disclosure reporting obligation of the Issuer
                    in the International Jurisdiction, and

          (v)  the Subscriber  will, if requested by the Issuer,  deliver to the
               Issuer  a  certificate  or  opinion  of  local  counsel  from the

                                       8
<PAGE>
               International   Jurisdiction   which  will  confirm  the  matters
               referred to in  subparagraphs  (ii),  (iii) and (iv) above to the
               satisfaction of the Issuer, acting reasonably;

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

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

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

     (g)  the   Subscriber  is  aware  that  an  investment  in  the  Issuer  is
          speculative  and  involves   certain  risks   (including  those  risks
          disclosed in the Public  Record),  including  the possible loss of the
          entire investment;

     (h)  the Subscriber has made an independent  examination and  investigation
          of an  investment  in the Shares  and the  Issuer and agrees  that the
          Issuer  will  not  be  responsible  in  any  way  whatsoever  for  the
          Subscriber's decision to invest in the Shares and the Issuer;

     (i)  all information  contained in the  Questionnaires,  as applicable,  is
          complete and  accurate  and may be relied upon by the Issuer,  and the
          Subscriber  will notify the Issuer  immediately of any material change
          in any such information occurring prior to the closing of the purchase
          of the Shares;

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

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

     (l)  the  Subscriber  is not an  underwriter  of, or dealer  in, any of the
          Shares, nor is the Subscriber participating, pursuant to a contractual
          agreement or otherwise,  in the  distribution  of the Shares or any of
          them;

                                       9
<PAGE>
     (m)  the Subscriber is not aware of any  advertisement of any of the Shares
          and is not  acquiring  the  Shares as a result of any form of  general
          solicitation  or  general   advertising,   including   advertisements,
          articles,  notices or other communications published in any newspaper,
          magazine or similar media,  or broadcast over radio or television,  or
          any seminar or meeting  whose  attendees  have been invited by general
          solicitation or general advertising;

     (n)  no  person   has  made  to  the   Subscriber   any   written  or  oral
          representations:

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

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

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

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

     (p)  if the  Subscriber  is  resident  outside  the  U.S.,  the  Subscriber
          understands  and  agrees  that  offers  and sales of any of the Shares
          prior to the expiration of the period  specified in Regulation S (such
          period  hereinafter  referred  to  as  the  "DISTRIBUTION   COMPLIANCE
          PERIOD")  shall  only be made  in  compliance  with  the  safe  harbor
          provisions  set forth in Regulation  S,  pursuant to the  registration
          provisions  of the 1933 Act or an  exemption  therefrom,  and that all
          offers and sales after the  Distribution  Compliance  Period  shall be
          made only in compliance with the  registration  provisions of the 1933
          Act or an exemption therefrom and in each case only in accordance with
          applicable state and provincial securities laws;

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

                                       10
<PAGE>
     (r)  hedging  transactions  involving the  Securities  may not be conducted
          unless such  transactions are in compliance with the provisions of the
          1933  Act  and  in  each  case  only  in  accordance  with  applicable
          Securities Laws; and

     (s)  the  Subscriber  acknowledges  and agrees  that the  Issuer  shall not
          consider  the  Subscriber's  Subscription  for  acceptance  unless the
          undersigned  provides  to the Issuer,  along with an executed  copy of
          this Agreement:

          (i)  fully completed and executed  Questionnaires in the form attached
               hereto as Exhibit A and, if applicable, Exhibit B,

          (ii) by  completing  the Canadian  Questionnaire,  the  Subscriber  is
               representing and warranting that the Subscriber  satisfies one of
               the categories of registration and prospectus exemptions provided
               in  National  Instrument  45-106 -  PROSPECTUS  AND  REGISTRATION
               EXEMPTIONS  ("NI  45-106")  adopted  by the  Canadian  Securities
               Administrators; and

          (iii)such other supporting  documentation that the Issuer or its legal
               counsel may request to establish the  Subscriber's  qualification
               as a qualified investor.

6.2  In this Agreement,  the term "U.S.  PERSON" shall have the meaning ascribed
     thereto in Regulation S promulgated  under the 1933 Act and for the purpose
     of the Agreement includes any person in the United States.

7.   REPRESENTATIONS AND WARRANTIES WILL BE RELIED UPON BY THE ISSUER

The Subscriber  acknowledges that the representations  and warranties  contained
herein  are  made  by it  with  the  intention  that  such  representations  and
warranties may be relied upon by the Issuer and its legal counsel in determining
the   Subscriber's   eligibility   to  purchase  the  Shares  under   applicable
legislation,  or (if applicable) the eligibility of others on whose behalf it is
contracting hereunder to purchase the Shares under applicable  legislation.  The
Subscriber  further  agrees  that  by  accepting  delivery  of the  certificates
representing  the  Shares  on the  Closing  Date,  it will be  representing  and
warranting that the representations and warranties contained herein are true and
correct  as at the  Closing  Date with the same  force and effect as if they had
been made by the  Subscriber  on the Closing Date and that they will survive the
purchase  by the  Subscriber  of the Shares and will  continue in full force and
effect  notwithstanding  any  subsequent  disposition  by the Subscriber of such
Shares.

8.   ACKNOWLEDGEMENT AND WAIVER

The  Subscriber  has  acknowledged  that the  decision to acquire the Shares was
solely  made on the basis of  publicly  available  information.  The  Subscriber
hereby waives, to the fullest extent permitted by law, any rights of withdrawal,
rescission or compensation for damages to which the Subscriber might be entitled
in connection with the distribution of any of the Shares.

                                       11
<PAGE>
9.   LEGENDING AND REGISTRATION OF SHARES

9.1  If the Subscriber is a U.S. Person, the Subscriber hereby acknowledges that
     upon the  issuance  thereof,  and until  such time as the same is no longer
     required  under  the  applicable  securities  laws  and  regulations,   the
     certificates or other document  representing  any of the Shares will bear a
     legend in substantially the following form:

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

         THE HOLDER OF THE SECURITIES REPRESENTED HEREBY MUST NOT TRADE
         THE SECURITIES IN OR FROM A JURISDICTION  OF CANADA UNLESS THE
         CONDITIONS  IN SECTION 13 OF  MULTILATERAL  INSTRUMENT  51-105
         ISSUERS QUOTED IN THE U.S. OVER THE COUNTER MARKETS ARE MET."

9.2  If the Subscriber is not a U.S. Person, the Subscriber hereby  acknowledges
     that  upon the  issuance  thereof,  and  until  such time as the same is no
     longer required under the applicable  securities laws and regulations,  the
     certificates or other document  representing  any of the Shares will bear a
     legend in substantially the following form:

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

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

         THE HOLDER OF THE SECURITIES REPRESENTED HEREBY MUST NOT TRADE
         THE SECURITIES IN OR FROM A JURISDICTION  OF CANADA UNLESS THE

                                       12
<PAGE>
         CONDITIONS  IN SECTION 13 OF  MULTILATERAL  INSTRUMENT  51-105
         ISSUERS QUOTED IN THE U.S. OVER THE COUNTER MARKETS ARE MET."

9.3  The  Subscriber  hereby  acknowledges  and  agrees to the  Issuer  making a
     notation  on its  records  or  giving  instructions  to the  registrar  and
     transfer  agent of the Issuer in order to  implement  the  restrictions  on
     transfer set forth and described in this Agreement.

10.  RESALE RESTRICTIONS

The  Subscriber   acknowledges   that  the  Securities  are  subject  to  resale
restrictions  in Canada and the United States and may not be traded in Canada or
the United  States  except as permitted  by the  applicable  federal,  state and
provincial securities laws and the rules made thereunder.

11.  COLLECTION OF PERSONAL INFORMATION

The  Subscriber  acknowledges  and  consents  to the  fact  that the  Issuer  is
collecting the Subscriber's  personal  information for the purpose of fulfilling
this  Agreement  and  completing  the  Offering.   The   Subscriber's   personal
information  (and, if  applicable,  the personal  information  of those on whose
behalf the Subscriber is  contracting  hereunder) may be disclosed by the Issuer
to (a) stock exchanges or securities  regulatory  authorities,  (b) the Issuer's
registrar and transfer  agent,  (c) Canadian tax  authorities,  (d)  authorities
pursuant to the PROCEEDS OF CRIME (MONEY LAUNDERING) AND TERRORIST FINANCING ACT
(Canada) and (e) any of the other parties  involved in the  Offering,  including
legal  counsel,  and may be  included  in record  books in  connection  with the
Offering. By executing this Agreement, the Subscriber is deemed to be consenting
to the foregoing  collection,  use and disclosure of the  Subscriber's  personal
information  (and, if  applicable,  the personal  information  of those on whose
behalf the Subscriber is contracting  hereunder) for the foregoing  purposes and
to the  retention  of such  personal  information  for as long as  permitted  or
required by law or business practice. Notwithstanding that the Subscriber may be
purchasing Shares as agent on behalf of an undisclosed principal, the Subscriber
agrees to provide, on request, particulars as to the nature and identity of such
undisclosed  principal,  and any interest that such undisclosed principal has in
the  Issuer,  all as may be  required  by the Issuer in order to comply with the
foregoing.

Furthermore, the Subscriber is hereby notified that:

     (a)  the  Issuer  may   deliver  to  any   securities   commission   having
          jurisdiction  over the Issuer,  the  Subscriber or this  subscription,
          including any Canadian  provincial  securities  commissions and/or the
          SEC  (collectively,  the "Commissions")  certain personal  information
          pertaining to the Subscriber,  including such  Subscriber's full name,
          residential  address  and  telephone  number,  the number of shares or
          other securities of the Issuer owned by the Subscriber,  the number of
          Shares  purchased by the  Subscriber and the total purchase price paid
          for such Shares, the prospectus  exemption relied on by the Issuer and
          the date of distribution of the Shares,

     (b)  such  information  is being  collected  indirectly by the  Commissions
          under the authority granted to them in securities legislation,

                                       13
<PAGE>
     (c)  such   information  is  being   collected  for  the  purposes  of  the
          administration and enforcement of the securities laws, and

     (d)  the  Subscriber may contact the following  public  official in Ontario
          with respect to questions  about the Ontario  Securities  Commission's
          indirect  collection of such information at the following  address and
          telephone number:

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

12.  COSTS

The Subscriber  acknowledges and agrees that all costs and expenses  incurred by
the Subscriber  (including  any fees and  disbursements  of any special  counsel
retained  by the  Subscriber)  relating to the  purchase of the Shares  shall be
borne by the Subscriber.

13.  GOVERNING LAW

This  Agreement is governed by the laws of the Province of British  Columbia and
the federal laws of Canada applicable therein.  The Subscriber,  in its personal
or corporate capacity and, if applicable, on behalf of each beneficial purchaser
for whom it is acting,  irrevocably attorns to the jurisdiction of the courts of
the Province of British Columbia.

14.  CURRENCY

Any  reference  to currency in this  Agreement  is to the currency of the United
States unless otherwise indicated.

15.  SURVIVAL

This Agreement,  including, without limitation, the representations,  warranties
and  covenants  contained  herein,  shall survive and continue in full force and
effect and be binding upon the parties hereto  notwithstanding the completion of
the purchase of the Shares by the Subscriber pursuant hereto.

16.  ASSIGNMENT

This Agreement is not transferable or assignable.

17.  SEVERABILITY

The invalidity or unenforceability of any particular provision of this Agreement
shall not  affect or limit  the  validity  or  enforceability  of the  remaining
provisions of this Agreement.

                                       14
<PAGE>
18.  ENTIRE AGREEMENT

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

19.  NOTICES

All notices and other communications  hereunder shall be in writing and shall be
deemed to have been duly given if mailed or  transmitted by any standard form of
telecommunication,  including  facsimile,  electronic  mail or  other  means  of
electronic  communication  capable of producing a printed  copy.  Notices to the
Subscriber  shall be directed to the address of the Subscriber set forth on page
2 of this  Agreement  and  notices to the Issuer  shall be directed to it at the
address of the Issuer set forth on page 3 of this Agreement.

20.  COUNTERPARTS AND ELECTRONIC MEANS

This  Agreement  may be executed in any number of  counterparts,  each of which,
when so executed and  delivered,  shall  constitute an original and all of which
together shall  constitute one instrument.  Delivery of an executed copy of this
Agreement by  electronic  facsimile  transmission  or other means of  electronic
communication capable of producing a printed copy will be deemed to be execution
and delivery of this Agreement as of the date hereinafter set forth.

21.  EXHIBITS

The exhibits attached hereto form part of this Agreement.

22.  INDEMNITY

The  Subscriber   will  indemnify  and  hold  harmless  the  Issuer  and,  where
applicable,   its  directors,   officers,   employees,   agents,   advisors  and
shareholders,  from and against any and all loss,  liability,  claim, damage and
expense whatsoever  (including,  but not limited to, any and all fees, costs and
expenses whatsoever reasonably incurred in investigating, preparing or defending
against any claim, lawsuit,  administrative  proceeding or investigation whether
commenced  or  threatened)  arising out of or based upon any  representation  or
warranty of the Subscriber contained in this Agreement,  the Questionnaires,  as
applicable,  or in any  document  furnished by the  Subscriber  to the Issuer in
connection  herewith  being  untrue in any  material  respect  or any  breach or
failure by the  Subscriber to comply with any covenant or agreement  made by the
Subscriber to the Issuer in connection therewith.

                                       15
<PAGE>
                                    EXHIBIT A
                         CANADIAN INVESTOR QUESTIONNAIRE

All  capitalized  terms  herein,  unless  otherwise  defined,  have the meanings
ascribed thereto in the Subscription  Agreement  between Western Standard Energy
Corp. (the "ISSUER") and the undersigned (the "SUBSCRIBER").

The purpose of this Canadian Investor Questionnaire (this "QUESTIONNAIRE") is to
assure the Issuer that the Subscriber will meet certain requirements of National
Instrument  45-106  ("NI  45-106").  The  Issuer  will  rely on the  information
contained in this Questionnaire for the purposes of such determination.

The Subscriber covenants, represents and warrants to the Issuer that:

1.   if the Subscriber is not a resident of Ontario, the Subscriber is (TICK ONE
     OR MORE OF THE FOLLOWING BOXES):

[ ]  (A)  a director, executive officer, founder or control person of the Issuer
          or an affiliate of the Issuer;

[ ]  (B)  a spouse, parent, grandparent, brother, sister, child or grandchild of
          a director, executive officer, founder or control person of the Issuer
          or an affiliate of the Issuer;

[ ]  (C)  a parent,  grandparent,  brother,  sister,  child or grandchild of the
          spouse of a director,  executive officer, founder or control person of
          the Issuer or an affiliate of the Issuer;

[ ]  (D)  a close personal friend of a director,  executive officer,  founder or
          control person of the Issuer;

[ ]  (E)  a close business associate of a director,  executive officer,  founder
          or control person of the Issuer or an affiliate of the Issuer;

[ ]  (F)  an accredited investor;

[ ]  (G)  a company,  partnership  or other  entity of which a  majority  of the
          voting  securities  are  beneficially  owned by, or a majority  of the
          directors are, persons described in paragraphs A to F; or

[ ]  (H)  a trust or estate of which all of the  beneficiaries  or a majority of
          the trustees or executors are persons described in paragraphs A to F;

2.   if the  Subscriber  has  checked box B, C, D, E, G or H in Section 1 above,
     the director,  executive  officer,  founder or control person of the Issuer
     with whom the undersigned has the relationship is:

     ---------------------------------------------------------------------------
     and the Subscriber has known such person for _____ years.

     (INSTRUCTIONS TO SUBSCRIBER:  FILL IN THE NAME OF EACH DIRECTOR,  EXECUTIVE
     OFFICER,  FOUNDER AND  CONTROL  PERSON  WHICH YOU HAVE THE  ABOVE-MENTIONED
     RELATIONSHIP WITH. IF YOU HAVE CHECKED BOX G OR H, ALSO INDICATE WHICH OF A
     TO F DESCRIBES THE  SECURITYHOLDERS,  DIRECTORS,  TRUSTEES OR BENEFICIARIES

                                       16
<PAGE>
     WHICH QUALIFY YOU AS BOX G OR H AND PROVIDE THE NAMES OF THOSE INDIVIDUALS.
     PLEASE ATTACH A SEPARATE PAGE IF NECESSARY);

3.   if the  Subscriber is resident in Ontario,  the  Subscriber is (TICK ONE OR
     MORE OF THE FOLLOWING BOXES):

[ ]  (A)  a founder of the Issuer;

[ ]  (B)  an affiliate of a founder of the Issuer;

[ ]  (C)  a spouse, parent, brother, sister, grandparent, grandchild or child of
          an executive officer, director or founder of the Issuer;

[ ]  (D)  a control person of the Issuer; or

[ ]  (E)  an accredited investor;

4.   if the  Subscriber  has  checked  box C in Section 3 above,  the  executive
     officer,  director or founder of the Issuer with whom the  undersigned  has
     the relationship is:

     ---------------------------------------------------------------------------
     and the Subscriber has known such person for ________ years.

     (INSTRUCTIONS  TO SUBSCRIBER:  FILL IN THE NAME OF EACH EXECUTIVE  OFFICER,
     DIRECTOR OR FOUNDER WHICH YOU HAVE THE ABOVE-MENTIONED RELATIONSHIP WITH.);
     AND

5.   if the  Subscriber  has  ticked  box F in  Section 1 or box E in  Section 3
     above,  the  Subscriber   satisfies  one  or  more  of  the  categories  of
     "accredited  investor"  (as that term is defined  in NI  45-106)  indicated
     below (please check the appropriate box):

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

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

[ ]  (c)  an individual who, either alone or with a spouse, has net assets of at
          least CDN $5,000,000;

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

[ ]  (e)  a person registered under securities  legislation of a jurisdiction of
          Canada  as an  advisor  or  dealer,  or an  individual  registered  or
          formerly  registered as a representative of such an adviser or dealer,
          other than a limited market dealer registered under the SECURITIES ACT
          (Ontario) or the SECURITIES ACT (Newfoundland);

                                       17
<PAGE>
[ ]  (f)  an investment fund that  distributes or has distributed its securities
          only to: (i) persons that are or were accredited investors at the time
          of distribution,  (ii) persons that acquire or acquired  securities in
          the sections referred to in Sections 2.10 [MINIMUM AMOUNT  INVESTMENT]
          or 2.19 [ADDITIONAL  INVESTMENT IN INVESTMENT  FUNDS] of NI 45-106; or
          (iii)  persons  described  in (i) or (iii) that  acquire  or  acquired
          securities  under Section 2.18  [INVESTMENT  FUND  REINVESTMENT] of NI
          45-106; or

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

The  Subscriber  acknowledges  and agrees that the Subscriber may be required by
the  Issuer  to  provide  such  additional  documentation  as may be  reasonably
required by the Issuer and its legal  counsel in  determining  the  Subscriber's
eligibility to acquire the Securities under relevant legislation.

IN WITNESS  WHEREOF,  the undersigned has executed this  Questionnaire as of the
______ day of ____________, 2012.

<TABLE>
<CAPTION>
<S>                                               <C>
If an Individual:                                  If a Corporation, Partnership or Other Entity:

X
-----------------------------------------          -----------------------------------------
Signature                                          Print or Type Name of Entity

                                                   X
-----------------------------------------          -----------------------------------------
Print or Type Name                                 Signature of Authorized Signatory

                                                   -----------------------------------------
                                                   Type of Entity
</TABLE>

                                       18
<PAGE>
                                    EXHIBIT B
                           U.S. INVESTOR QUESTIONNAIRE

Capitalized   terms   used   in   this   U.S.   Investor   Questionnaire   (this
"QUESTIONNAIRE")  and not specifically defined have the meaning ascribed to them
in the Private Placement  Subscription  Agreement between the Subscriber and the
Issuer to which this Exhibit B is attached.

This  Questionnaire  applies only to persons that are U.S.  Purchasers.  A "U.S.
PURCHASER"  is (a) any "U.S.  person" as defined in  Regulation S under the 1933
Act, (b) any person  purchasing the Shares on behalf of any "U.S.  Person",  (c)
any person that  receives or received an offer of the Shares while in the United
States,  (d) any person that is in the United States at the time the purchaser's
buy order was made or this  Agreement was executed or delivered.  "U.S.  person"
includes  but is not  limited to (i) any natural  person  resident in the United
States; (ii) any partnership or corporation  organized or incorporated under the
laws of the  United  States;  (iii) any  partnership  or  corporation  organized
outside  the  United  States by a U.S.  person  principally  for the  purpose of
investing  in  securities  not  registered  under  the 1933  Act,  unless  it is
organized  or  incorporated,  and owned,  by  accredited  investors  who are not
natural  persons,  estates or  trusts;  or (iv) any estate or trust of which any
executor or administrator or trustee is a U.S. person.

The Subscriber  understands and agrees that none of the Shares have been or will
be  registered  under the 1933 Act, or applicable  state,  provincial or foreign
securities  laws, and the Shares are being offered and sold to the Subscriber in
reliance  upon the  exemption  provided in Section 4(2) of the 1933 Act and Rule
506 of Regulation D under the 1933 Act for non-public offerings.  The Shares are
being offered and sold within the United States only to  "accredited  investors"
as defined in Rule 501(a) of  Regulation  D. The Shares  offered  hereby are not
transferable except in accordance with the restrictions described herein.

The  Subscriber  represents,  warrants  and  covenants  (which  representations,
warranties  and  covenants  shall  survive  the  Closing)  to  the  Issuer  (and
acknowledges that the Issuer is relying thereon) that:

1.   it has such knowledge and  experience in financial and business  matters as
     to be capable of  evaluating  the merits and risks of an  investment in the
     Shares  and it is able  to bear  the  economic  risk of loss of its  entire
     investment;

2.   the Issuer has provided to it the  opportunity to ask questions and receive
     answers  concerning the terms and conditions of the Offering and it has had
     access to such  information  concerning  the  Issuer  as it has  considered
     necessary or  appropriate  in connection  with its  investment  decision to
     acquire the Shares;

3.   it is acquiring  the Shares for its own account,  for  investment  purposes
     only and not with a view to any resale,  distribution or other  disposition
     of the Shares in violation of the United States securities laws;

4.   it (i) has  adequate  net  worth  and means of  providing  for its  current
     financial needs and possible personal  contingencies,  (ii) has no need for
     liquidity in this investment,  and (iii) is able to bear the economic risks
     of an investment in the Shares for an indefinite period of time;

5.   if the  Subscriber  is an individual  (that is, a natural  person and not a
     corporation,  partnership, trust or other entity), then it satisfies one or
     more  of  the  categories  indicated  below  (please  place  an  "X" on the
     appropriate lines):

______    a natural person whose  individual net worth,  or joint net worth with
          that person's  spouse,  at the date of this  Certification  exceeds US
          $1,000,000,  excluding  the  value of the  primary  residence  of such
          person(s)  and the  related  amount  of  indebtedness  secured  by the
          primary residence up to its fair market value, or

                                       19
<PAGE>
______    a natural person who had an individual income in excess of US $200,000
          in each of the two  most  recent  years  or  joint  income  with  that
          person's  spouse in excess of US  $300,000  in each of those years and
          has a reasonable  expectation of reaching the same income level in the
          current year;

6.   if the  Subscriber is a corporation,  partnership,  trust or other entity),
     then it satisfies  one or more of the  categories  indicated  below (please
     place an "X" on the appropriate lines):

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

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

______    a  private  business   development   company  as  defined  in  Section
          202(a)(22) of the INVESTMENT ADVISERS ACT OF 1940 (United States),

______    a director or executive officer of the Issuer,

______    a trust with total assets in excess of $5,000,000,  not formed for the
          specific  purpose of acquiring the Shares,  whose purchase is directed
          by a sophisticated person as described in Rule 506(b)(2)(ii) under the
          1933 Act, or

______    an entity in which all of the equity owners  satisfy the  requirements
          of one or more of the foregoing categories;

7.   it has not  purchased  the  Shares  as a  result  of any  form  of  general
     solicitation or general advertising,  including  advertisements,  articles,
     notices or other  communications  published in any  newspaper,  magazine or
     similar media or broadcast over radio,  internet,  television or other form
     of telecommunications,  or any seminar or meeting whose attendees have been
     invited by general solicitation or general advertising;

8.   if the Subscriber  decides to offer, sell or otherwise  transfer any of the
     Shares,  it will not offer,  sell or otherwise  transfer any of such Shares
     directly or indirectly, unless:

     (a)  the sale is to the Issuer,

                                       20
<PAGE>
     (b)  the sale is made outside the United  States in a  transaction  meeting
          the requirements of Rule 904 of Regulation S under the 1933 Act and in
          compliance  with  applicable  local laws and regulations in which such
          sale is made;

     (c)  the sale is made  pursuant  to the  exemption  from  the  registration
          requirements under the 1933 Act provided by Rule 144 thereunder and in
          accordance with any applicable state securities or "blue sky" laws, or

     (d)  the  Shares  are  sold  in  a   transaction   that  does  not  require
          registration  under  the 1933  Act or any  applicable  state  laws and
          regulations governing the offer and sale of securities, and

     (e)  it has prior to such sale pursuant to subsection  (c) or (d) furnished
          to the Issuer an opinion of counsel of recognized  standing reasonably
          satisfactory to the Issuer, to such effect;

9.   it understands and acknowledges that upon the issuance  thereof,  and until
     such  time  as  the  same  is  no  longer  required  under  the  applicable
     requirements of the 1933 Act or applicable U.S. state laws and regulations,
     the  certificates  representing  the Shares,  and all securities  issued in
     exchange  therefor  or in  substitution  thereof,  will  bear a  legend  in
     substantially the following form:

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

10.  it is  resident  in the  United  States of  America,  its  territories  and
     possessions  or any state of the United  States or the District of Columbia
     (collectively the "UNITED STATES"), a "U.S. PERSON" as such term is defined
     in Regulation S of the 1933 Act or was in the United States at the time the
     Shares were offered or the Agreement was executed.

            [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK.
                      THE NEXT PAGE IS THE SIGNATURE PAGE]

                                       21
<PAGE>
The Subscriber  undertakes to notify the Issuer immediately of any change in any
representation,  warranty or other  information  relating to the  Subscriber set
forth in this  Questionnaire  which takes place prior to the closing time of the
purchase and sale of the Shares.

Dated                              , 2012.
      -----------------------------
                                   X
                                   ---------------------------------------------
                                   Signature of individual (if Subscriber is an
                                   individual)

                                   X
                                   ---------------------------------------------
                                   Authorized signatory (if Subscriber is not an
                                   individual)

                                   ---------------------------------------------
                                   Name of Subscriber (please print)

                                   ---------------------------------------------
                                   Name of authorized signatory (please print)

                                   ---------------------------------------------
                                   Phone Number

                                       22

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