Document:

Counterpath Corporation: Exhibit 10.14 - Filed by newsfilecorp.com

COUNTERPATH CORPORATION

SUBSCRIPTION AGREEMENT

UNITS

 

 

INSTRUCTIONS TO PURCHASER

ALL SUBSCRIBERS:

1. Complete and sign pages 2, 3 and 4 of the Subscription
Agreement.

2. If you are purchasing less than CDN$150,000, complete and
sign the Accredited Investor Status Certificate which is attached as Schedule
“A” to the Subscription Agreement.

3. If you are not an individual (that is, the Subscriber is a
corporation, trust, portfolio manager or other entity that (i) is purchasing
more than 5% of the outstanding Common Shares of the Corporation, (ii) is
currently an Insider, (iii) will become an Insider upon completion of the
Offering, or (iv) is a member of the Pro Group), then complete and sign the
“Corporate Placee Registration Form” (Form 4C) which is attached as Schedule “C”
to the Subscription Agreement. If you have previously submitted this form to the
TSX Venture Exchange and there have been no changes to its content then please
check the box to that effect on page 4.

U.S. SUBSCRIBERS ONLY:

Complete items 1, 2 and 3 above, as applicable. Also complete
and sign the U.S. Accredited Investor Status Certificate which is attached as
Schedule “B” to the Subscription Agreement.

THE SECURITIES SUBSCRIBED FOR HEREIN WILL BE SUBJECT TO A
HOLD PERIOD UNDER THE APPLICABLE SECURITIES LAWS IN CANADA OF FOUR MONTHS AND
ONE DAY FROM THE CLOSING DATE (AS DEFINED IN THIS SUBSCRIPTION AGREEMENT) AND
THE CERTIFICATES EVIDENCING THE SECURITIES WILL BEAR A LEGEND TO THAT EFFECT, AS
APPLICABLE. CONSEQUENTLY, THE SECURITIES MAY ONLY BE RESOLD DURING SUCH PERIOD
IN ACCORDANCE WITH APPROPRIATE STATUTORY EXEMPTIONS FROM THE PROSPECTUS
REQUIREMENTS OF THE APPLICABLE SECURITIES LAWS . THE SUBSCRIBER IS ADVISED TO
CONSULT ITS OWN LEGAL ADVISORS IN THIS REGARD.

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 FOUR
MONTHS AND ONE DAY FROM THE CLOSING DATE (AS DEFINED IN THIS SUBSCRIPTION
AGREEMENT);

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

SUBSCRIPTION FOR UNITS

	TO: 	COUNTERPATH CORPORATION (the
      “Corporation”) 

     The undersigned (the
“Subscriber”) hereby irrevocably subscribes for and agrees to purchase
the number of units (the “Units”) of the Corporation set forth below at a
price of CDN$2.50 per Unit on the terms and conditions set out herein and in the
applicable schedules attached hereto. Each Unit shall consist of one (1) common
share in the capital of the Corporation (each a “Share”) and one-half (1⁄2)
of one non-transferable common share purchase warrant (each whole warrant, a
“Warrant”). Each whole Warrant shall entitle the holder to purchase one
common share in the capital of the Corporation (a “Warrant Share”) at a
price of CDN$3.25 per Warrant Share for a period of two years following the
Closing Date (as defined below).

     The Units are immediately
severable into their constituent Shares and Warrants upon issuance. The Units,
Shares, Warrants and Warrant Shares are herein collectively referred to as the
“Securities.” The Units are part of an offering (the “Offering”)
of up to 1,400,000 Units for gross aggregate proceeds of up to CDN$3,500,000, or
such other number as the Corporation may determine in its sole discretion.

- 2 -

	Subscriber Information 	  	 	Units to be Purchased 	  
	 	 	 	 	 
	  	  	 	Number
      of Units: 	x CDN$2.50 
	(Name of Subscriber) 	 	 
    	 
    
	  	  	 	  	  
	Account Reference
      (if applicable): 	  	 	 
    	 
    
	  	 
    	 	Aggregate Subscription Price: 	  
	X 	  	 	                                                       
    	(the
      “Subscription Price”) 
	(Signature of Subscriber – if the Subscriber is an
      Individual) 	 	  	  
	  	  	 	  	  
	X 	  	 	 
    	 
    
	(Signature of Authorized Signatory – if the
      Subscriber is not an Individual) 	 	
      Please complete if purchasing as agent or trustee for
      a principal (beneficial purchaser) (a “Disclosed Principal”) and
      not purchasing as trustee or agent for accounts fully managed by
      it. 

	  	 
    	 
	  	  	 
	(Name and Title of Authorized Signatory – if the
      Subscriber is not 	 	 
    	 
    
	an Individual) 	 	  	  
	  	  	 	(Name of
      Disclosed Principal) 	 
    
	(Subscriber’s Address, including city and Postal
      Code) 	 	  	  
	  	  	 	(Address
      of Disclosed Principal) 	 
    
	  	  	 	  	  
	  	  	 	(Account
      Reference, if applicable) 	 
    
	(Telephone Number)
    	(Email
      Address) 	 	 
    	 
    
	 
    	  	 	  	  
	 	 	 	 	 
	Register the Shares, Warrants and Warrant
      Shares as set forth below: 	 	Deliver the Shares, Warrants and
      Warrant Shares as set forth below: 
	  	  	 	  	  
	 	 	 	 	 
	(Name to Appear on Share and Warrant Certificate) 	 	(Attention - Name) 	 
    
	  	  	 	  	  
	 	 	 	 	 
	(Account Reference,
      if applicable) 	 
    	 	(Account
      Reference, if applicable) 	 
    
	  	  	 	  	  
	 	 	 	 	 
	  	  	 	(Address, including Postal Code) 	 
    
	(Address, including
      Postal Code) 	 
    	 	 
    	 
    
	 	 	 	 	 
	  	 
    	 	(Telephone Number) 	 
    
	 	 	 	 	 

* * * *

- 3 -

Note: The Subscriber must either be: 

	(a) 	
      purchasing the securities offered hereunder as principal;
      or

	 	 	 
	(b) 	
      deemed to be purchasing such securities as principal, by
      virtue of being:

	 	 	 
		(i) 	
      a trust company or trust corporation described in
      paragraph (16) of the definition of “accredited investor” in Schedule “A”
      (other than a trust company or trust corporation registered under the laws
      of Prince Edward Island that is not registered or authorized under the
      Trust and Loan Companies Act (Canada) or under comparable legislation in
      another jurisdiction of Canada) (and, if a U.S. Person, a trust as
      described in Schedule “B”); or

	 	 	 
		(ii) 	
      a person described in paragraph (17) of the definition of
      “accredited investor” in Schedule “A”.

Present Ownership of Securities

The Subscriber either [check appropriate
box]:

	[    ]	
      beneficially owns NO common shares of the
      Corporation (“Common Shares”) or securities convertible into Common
      Shares; or 

	 	
       

	[    ]	
      beneficially owns Common Shares which includes Common
      Shares and/or convertible securities entitling the Subscriber to acquire
      an additional Common Shares. 

Insider Status

The Subscriber either [check appropriate
box]:

	[    ]	
      is an “Insider” of the Corporation as defined in the
      Policies of the TSX Venture Exchange (the “Exchange”); or

	 	 
	[    ]	is not an Insider of the Corporation.
  

“Insider” means:

	 	(a) 	
      a director or senior officer of the
Corporation;

	 	 	 
	 	(b) 	
      a director or senior officer of a company that is an
      Insider or subsidiary of the Corporation; and

	 	 	 
	 	(c) 	
      a person that beneficially owns or controls, directly or
      indirectly, Common Shares carrying more than 10% of the voting rights
      attached to all outstanding Common Shares.

Member of “Pro Group”

The Subscriber either [check appropriate
box]:

	 [    ]	is a member of the “Pro Group” as defined in
      the Policies of the Exchange and below; or 
	 	 
	 [    ]	is not a Member of the Pro Group.

The definition of “Pro Group” is as follows:

	 	(a) 	
      Subject to subparagraphs (b), (c) and (d), “Pro Group”
      will include, either individually or as a
group:

- 4 -

	 	(i) 	
      the member (i.e. a member of the Exchange under the
      applicable Exchange requirements) (the “Member”);

	 	 	 
	 	(ii) 	
      employees of the Member;

	 	 	 
	 	(iii) 	
      partners, officers and directors of the Member;

	 	 	 
	 	(iv) 	
      Affiliates (as defined in applicable Exchange policies)
      of the Member; and

	 	 	 
	 	(v) 	
      Associates (as defined in applicable Exchange policies)
      of any parties referred to in subparagraphs (i) through
  (iv).

	 	(b) 	
      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 to
      the Member.

	 	 	 
	 	(c) 	
      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 to the
      Member.

	 	 	 
	 	(d) 	
      The Exchange may deem a person who would otherwise be
      included in the Pro Group pursuant to subparagraph (a) to be excluded from
      the Pro Group where the Exchange determines that:

	 	 	 
	 		
      (i) 
	the person is an affiliate or associate of the Member
      acting at arm’s length of the Member;
	 	 	 	 
	 		(ii) 	
      the associate or affiliate has a separate corporate and
      reporting structure;

	 	 	 	 
	 		(iii) 	
      there are sufficient controls on information flowing
      between the Member and the associate or affiliate; and

	 	 	 	 
	 		(iv) 	
      the member maintains a list of such excluded
    persons.

Corporate Placee Form

The Subscriber, if a corporation, trust, portfolio manager or
other entity that (i) is purchasing more than 5% of the outstanding Common
Shares of the Corporation, (ii) is currently an Insider, (iii) will become an
Insider upon completion of the Offering, or (iv) is a member of the Pro Group,
either [check appropriate box]:

	[    ]	has a current Corporate Placee Registration
      Form on file with the Exchange; or 
	 	 
	[    ]	
      has completed and returned with this Subscription
      Agreement a duly executed Corporate Placee Registration Form (Schedule “C”
      to this Subscription Agreement). 

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BLANK

- 5 -

This subscription is accepted by the Corporation this _______
day of __________________, 2012.

COUNTERPATH CORPORATION

	Per:	 	 
	 	Authorized Signatory 	 

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BLANK

- 6 -

1. Defined Terms.

In addition to the terms defined throughout this Subscription
Agreement, the following capitalized terms used in this Subscription Agreement
have the following meanings:

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

“1934 Act” means the United States Securities Exchange
Act of 1934, as amended;

“Accredited Investor Status Certificate” means the
accredited investor status certificate in the form attached hereto as Schedule
“A”;

“beneficial purchaser” means a person for whom the
Subscriber is acting in purchasing the Units who will be the beneficial owner of
the Securities within the meaning attributed to such term by Rule 13d-3 adopted
by the SEC under the 1934 Act;

“beneficial ownership” has the meaning attributed to it
by Rule 13d-3 adopted by the SEC under the 1934 Act;

“BC Act” means the Securities Act (British
Columbia);

“Business Day” means any day except Saturday, Sunday or
a statutory holiday in Vancouver, British Columbia or Toronto, Ontario;

“Closing” means the closing on the Closing Date of the
transaction of purchase and sale of the Units as contemplated by this
Subscription Agreement;

“Closing Date” means June <>, 2012, or such later
date as may be determined by the Corporation;

“Closing Time” means 8:00 a.m. (Vancouver time) or such
other time as may be determined by the Corporation; 

“Commissions” has the meaning ascribed thereto in
Section 16 of this Subscription Agreement; 

“Common Share” has the meaning ascribed thereto on page
3 of this Subscription Agreement; 

“Corporation” has the meaning ascribed thereto on page 1
of this Subscription Agreement; 

“EDGAR” means the SEC’s electronic data gathering and
retrieval system; 

“Exchange” has the meaning ascribed thereto on page 3 of
this Subscription Agreement; 

“International Jurisdiction” has the meaning ascribed
thereto in Section 7(f)(i) of this Subscription Agreement;

“NI 45-106” means National Instrument 45-106 –
Prospectus and Registration Exemptions;

“Offering” has the meaning ascribed thereto on page 1 of
this Subscription Agreement; 

“OTCBB” means the OTC Bulletin Board; 

“PCMLTFA” has the meaning ascribed thereto in Section 5
of this Subscription Agreement;

“Public Record” means the registration statements,
prospectuses, annual reports, quarterly reports, proxy statements, current
reports, press releases and any other documents or reports filed by the
Corporation on SEDAR or with the SEC on EDGAR during the 18 months preceding the
date hereof;

- 7 -

“Regulation D” means Regulation D adopted by the SEC
under the 1933 Act; 

“Regulation S” means Regulation S adopted by the SEC
under the 1933 Act; 

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

“Securities” has the meaning ascribed thereto on page 1
of this Subscription Agreement;

“Securities Laws” means the securities laws,
regulations, rules, rulings and orders and the blanket rulings and policies and
written interpretations of, and multilateral or national instruments adopted by,
the Securities Regulators and the policies and rules of any applicable stock
exchange or quotation or stock reporting system, including the Exchange and the
OTCBB;

“Securities Regulators” means the securities commissions
or other securities regulatory authorities of all of the Selling Jurisdictions
or the relevant Selling Jurisdiction as the context so requires;

“SEDAR” means the System for Electronic Document
Analysis and Retrieval operated by CDS, Inc.;

“Selling Jurisdictions” means all of the Provinces of
Canada, the United States, the state of the United States in which the
Subscriber is resident, if applicable, and any other jurisdictions which are
agreed to by the Corporation; and “Selling Jurisdiction” means, in the
case of any Subscriber, the jurisdiction(s) in which such Subscriber is
resident;

“Shares” has the meaning ascribed thereto on page 1 of
this Subscription Agreement; 

“Subscriber” has the meaning ascribed thereto on page 1
of this Subscription Agreement; 

“Subscription Agreement” means this subscription
agreement and the schedules attached hereto; 

“Subscription Price” has the meaning ascribed thereto on
page 1 of this Subscription Agreement;

 “Units” has the meaning ascribed thereto on page 1
of this Subscription Agreement; 

“United States” means the United States, as that term is
defined in Rule 902 of Regulation S; 

“U.S. Accredited Investor” means an “accredited
investor” as defined in Rule 501 of Regulation D;

“U.S. Accredited Investor Status Certificate” means the
accredited investor status certificate in the form attached hereto as Schedule
“B”;

“U.S. Person” means a U.S. person as that term is
defined in Rule 902 of Regulation S;

“U.S. Subscriber” means (a) any person purchasing the
Units in the United States, (b) any U.S. Person, (c) any person purchasing the
Units on behalf of any person in the United States or any U.S. Person, (d) any
person that receives or received an offer for the Units while in the United
States, or (e) any person that is in the United States at the time the buy order
was made or this Subscription Agreement was executed; 

“Warrant” has the meaning ascribed thereto on page 1 of
this Subscription Agreement; and

“Warrant Share” has the meaning ascribed thereto on page
1 of this Subscription Agreement.

2. Delivery and Payment. The Subscriber agrees to
deliver to the Corporation by no later than 1:00 p.m. (Vancouver time) on June
<>, 2012, as applicable, the following:

	 	(a) 	
      a completed and duly executed copy of this Subscription
      Agreement;

- 8 -

	 	(b) 	
      if the Subscriber is purchasing less than CDN$150,000, a
      completed and duly executed copy of the Accredited Investor Status
      Certificate which is attached hereto as Schedule “A”;

	 	 	 
	 	(c) 	
      if the Subscriber is a U.S. Subscriber, a completed and
      duly executed copy of the U.S. Accredited Investor Status Certificate
      which is attached hereto as Schedule “B”;

	 	 	 
	 	(d) 	
      if applicable, a completed and duly executed copy of the
      Corporate Placee Registration Form (Form 4C) which is attached hereto as
      Schedule “C”;

	 	 	 
	 	(e) 	
      all other documents as may be required by the Securities
      Laws or reasonably requested by the Corporation; and

	 	 	 
	 	(f) 	
      a certified cheque or bank draft drawn on a Canadian
      chartered bank or wire transfer in immediately available funds payable to
      the Corporation or such other person as the Corporation shall direct the
      Subscriber, representing the Subscription Price payable by the Subscriber
      for the Units set out on the second page of this Subscription
      Agreement.

3. Closing. The Closing will be held at the
offices of the Corporation’s legal counsel, Clark Wilson LLP, at 885 West
Georgia Street, Suite 800, Vancouver, British Columbia at the Closing Time on
the Closing Date, all in accordance with this Subscription Agreement. The
Subscriber acknowledges that the certificates representing Shares and Warrants
will be available for delivery upon Closing provided that the Subscriber has
satisfied the requirements of Section 2 hereof and the Corporation has accepted
this Subscription Agreement.

     The Subscriber authorizes the
Corporation to treat the Subscription Price as an interest free loan until the
Closing Date and the Subscriber authorizes the Corporation and its lawyers to
release the Subscription Price to the Issuer prior to the Closing. The
Subscriber acknowledges and agrees that this Subscription Agreement, the
Subscription Price and any other documents delivered in connection herewith will
be held by or on behalf of the Corporation. In the event that this Subscription
Agreement is not accepted by the Corporation for whatever reason, which the
Corporation expressly reserves the right to do, the Subscription Price (without
interest thereon) and any other documents delivered in connection herewith will
be returned to the Subscriber at the address of the Subscriber as set forth on
page 2 of this Agreement.

     The Subscriber acknowledges and
agrees that Clark Wilson LLP has acted as counsel only to the Corporation and is
not protecting the rights and interests of the Subscriber. The Subscriber
acknowledges and agrees that the Corporation and Clark Wilson LLP have given the
Subscriber the opportunity to seek, and have recommended that the Subscriber
obtain, independent legal advice with respect to the subject matter of this
Subscription Agreement and, further, the Subscriber hereby represents and
warrants to the Corporation and Clark Wilson LLP that the Subscriber has sought
independent legal advice or it hereby waives such advice.

4. Certain Subscriber Acknowledgements. The
Subscriber acknowledges and agrees (on its own behalf and, if applicable, on
behalf of each beneficial purchaser for whom the Subscriber is contracting
hereunder) with the Corporation (which acknowledgements and agreements shall
survive the Closing) that:

	 	(a) 	
      no securities commission, agency, governmental authority,
      regulatory body, stock exchange or other entity has made any finding or
      determination as to the merit of an investment in, nor have any such
      agencies or governmental authorities, regulatory bodies, stock exchanges
      or other entities made any recommendation or endorsement with respect to,
      the Securities;

	 	 	 
	 	(b) 	
      the offer, sale and delivery of the Units is conditional
      upon such being exempt from the prospectus requirements and any
      requirement to deliver an offering memorandum in connection with the
      distribution of the Units under the Securities Laws or upon the issuance
      of such orders, consents or approvals as may be required to permit such
      sale without a prospectus;

	 	 	 
	 	(c) 	
      the financial statements of the Corporation have been
      prepared in accordance with generally accepted accounting principles of
      the United States, which differ in some respects from
  generally accepted accounting principles of Canada, and thus may
  not be comparable to financial statements of Canadian companies;

- 9 -

	 	(d) 	
      no prospectus or offering memorandum within the meaning
      of the Securities Laws has been delivered to or summarized for or seen by
      the Subscriber (and, if applicable, others for whom it is contracting
      hereunder) in connection with the Offering and the Subscriber (and, if
      applicable, others for whom it is contracting hereunder) is not aware of
      any prospectus or offering memorandum having been prepared by the
      Corporation;

	 	 	 
	 	(e) 	
      in purchasing the Units, the Subscriber (and, if
      applicable, others for whom it is contracting hereunder) has relied solely
      upon the Public Record relating to the Corporation and this Subscription
      Agreement, and not upon any verbal or written representation as to any
      fact or otherwise made by or on behalf of the Corporation or any employee,
      agent or affiliate thereof or any other person associated therewith. The
      Subscriber, on its own behalf and on behalf of others for whom the
      Subscriber is contracting hereunder, has acknowledged that the decision to
      purchase the Units was made on the basis of the Public Record and this
      Subscription Agreement;

	 	 	 
	 	(f) 	
      the Units are being offered for sale on a “private
      placement” basis;

	 	 	 
	 	(g) 	
      none of the Securities have been registered under the
      1933 Act or the securities laws of any state, and the Securities may not
      be offered or sold, directly or indirectly, in the United States or to, or
      for the account or benefit of, a U.S. Person or a person in the United
      States unless registered under the 1933 Act and the securities laws of all
      applicable states or unless an exemption from such registration
      requirements is available;

	 	 	 
	 	(h) 	
      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;

	 	 	 
	 	(i) 	
      in accepting this Subscription Agreement, the Corporation
      is relying upon the representations and warranties and acknowledgements of
      the Subscriber set out herein including, without limitation, in connection
      with determining the eligibility of the Subscriber or, if applicable, the
      eligibility of others on whose behalf the Subscriber is contracting
      hereunder to purchase Units under the Securities Laws. The Subscriber
      hereby agrees to notify the Corporation immediately of any change in any
      representation, warranty, covenant or other information relating to the
      Subscriber or the beneficial purchaser contained in this Subscription
      Agreement which takes place prior to Closing;

	 	 	 
	 	(j) 	
      no documents in connection with the sale of the
      Securities hereunder have been reviewed by any Securities
    Regulators;

	 	 	 
	 	(k) 	
      there is no government or other insurance covering the
      Securities;

	 	 	 
	 	(l) 	
      there are risks associated with the purchase of the
      Securities;

	 	 	 
	 	(m) 	
      the Subscriber will indemnify and hold harmless the
      Corporation 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 Subscription Agreement or in any document
      furnished by the Subscriber to the Corporation in connection herewith
      being untrue in any material respect or any breach or failure by the
      Subscriber to comply with any covenant or agreement made by the Subscriber
      to the Corporation in connection therewith;

- 10 -

	 	(n) 	
      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 Securities and with respect to
      applicable resale restrictions, and it is solely responsible (and the
      Corporation 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
      Securities hereunder; and

	 	 	 	 
	 		(ii) 	
      applicable resale restrictions;

	 	 	 	 
	 	(o) 	
      the statutory and regulatory basis for the exemption
      claimed for the offer and sale of the Securities, although in technical
      compliance with Regulation S, would not be available if the Offering is
      part of a plan or scheme to evade the registration provisions of the 1933
      Act;

	 	 	 	 
	 	(p) 	
      the Securities are subject to the terms, conditions and
      provisions of this Subscription Agreement (including the schedules
      hereto), the constating documents of the Corporation and the Agency
      Agreement;

	 	 	 	 
	 	(q) 	
      the Warrants are non-transferable, and the certificates
      evidencing the Shares and Warrants will bear a legend, and the Warrant
      Shares may bear a legend, regarding restrictions on transfer as required
      pursuant to applicable Securities Laws as set out in Section 7 of this
      Subscription Agreement;

	 	 	 	 
	 	(r) 	
      the Subscriber consents to the Corporation making a
      notation on its records or giving instructions to any transfer agent of
      the Securities in order to implement the restrictions on transfer set
      forth and described herein and the Corporation will refuse to register any
      transfer of the Securities not made in accordance with Regulation S,
      pursuant to an effective registration statement under the 1933 Act or
      pursuant to an exemption from the registration requirements of the 1933
      Act and any applicable state or other law;

	 	 	 	 
	 	(s) 	
      the Corporation has advised the Subscriber that the
      Corporation is relying on an exemption from the requirements to provide
      the Subscriber with a prospectus under the Securities Laws or other
      applicable securities legislation and, as a consequence of acquiring Units
      pursuant to this exemption: (i) certain protections, rights and remedies
      provided by the Securities Laws or other applicable securities legislation
      including statutory rights of rescission or damages, will not be available
      to the Subscriber, (ii) the common law may not provide the Subscriber with
      an adequate remedy in the event that it suffers investment losses in
      connection with securities acquired in the Offering, (iii) the Subscriber
      may not receive information that would otherwise be required to be given
      under the Securities Laws, and (iv) the Corporation is relieved from
      certain obligations that would otherwise apply under the Securities Laws;
      and

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

	 	 	 	 
	 		(i) 	
      that any person will resell or repurchase the
      Subscriber’s Securities;

	 	 	 	 
	 		(ii) 	
      that any person will refund the purchase price of the
      Subscriber’s Securities; or

	 	 	 	 
	 		(iii) 	
      as to the future price or value of any of the
      Subscriber’s Securities.

5. Conditions of Closing. It is a condition of
Closing that (i) all documents required to be completed and signed in accordance
with Section 2 hereof be received prior to the Closing Date, (ii) the
Corporation will have obtained all necessary approvals and consents, including
regulatory approvals, (iii) the issue and sale of the Units be exempt from the
requirement to file a prospectus and any requirement to deliver an offering
memorandum under applicable Securities Laws relating to the sale of the Units,
or the Corporation will have received such orders, consents or approvals as may
be required to permit such sale without the requirement to file a prospectus or
deliver an offering memorandum; and (iv) the Corporation will have
obtained conditional approval of the Exchange for the listing of the Shares and
the Warrant Shares.

- 11 -

     The Subscriber acknowledges and
agrees that the Corporation may be required to provide the Securities Regulators
or other authorities pursuant to the Proceeds of Crime (Money Laundering) and
Terrorist Financing Act (Canada) (the “PCMLTFA”) with a list setting
forth the identities of the beneficial purchasers of the Units. Notwithstanding
that the Subscriber may be purchasing Units as agent on behalf of an undisclosed
principal, the Subscriber agrees to provide, on request, particulars as to the
identity of such undisclosed principal as may be required by the Corporation in
order to comply with the foregoing.

6. Representations, Warranties, Acknowledgements and
Covenants. The Subscriber hereby represents and warrants to, and
covenants with (on its own behalf and, if applicable, on behalf of those for
whom the Subscriber is contracting hereunder) the Corporation (and acknowledges
that the Corporation is relying on them), which representations, warranties and
covenants shall survive the Closing, that as at the execution date of this
Subscription Agreement and the Closing Date:

	 	(a) 	
      the Subscriber and any beneficial purchaser for whom it
      is acting is resident in, or if not an individual, has its head office in,
      the jurisdiction set out on the execution page of this Subscription
      Agreement, such address was not created and is not used solely for the
      purpose of acquiring the Securities and the Subscriber was solicited to
      purchase in such jurisdiction;

	 	 	 	 	 
	 	(b) 	
      the Subscriber complies with one of the
  following:

	 	 	 	 	 
	 		(i) 	
      the Subscriber is an “accredited investor” within the
      meaning of NI 45-106 and:

	 	 	 	 	 
	 			A. 	
      is either purchasing the Securities (I) as principal and
      not for the benefit of any other person, or is deemed under NI 45-106 to
      be purchasing the Securities as principal, or (II) as agent for a
      beneficial purchaser disclosed in this Subscription Agreement, and is an
      agent or trustee with proper authority to execute all documents required
      in connection with the purchase of the Securities on behalf of such
      disclosed beneficial purchaser and such disclosed beneficial purchaser for
      whom the Subscriber is 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 Securities as principal, and such disclosed
      beneficial purchaser is an “accredited investor” within the meaning of NI
      45-106;

	 	 	 	 	 
	 			B. 	
      if the Subscriber is, or the beneficial purchaser for
      whom the Subscriber is 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, the Subscriber was not, or the beneficial
      purchaser for whom the Subscriber is contracting hereunder was not, as the
      case may be, created or used solely to purchase or hold securities as an
      accredited investor; and

	 	 	 	 	 
	 			C. 	
      the Subscriber has concurrently executed and delivered a
      certificate in the form attached as Schedule “A” hereto; or

	 	 	 	 	 
	 		(ii) 	
      the Subscriber is purchasing as principal and has
      purchased that number of Units having an acquisition cost to the
      Subscriber of not less than CDN$150,000 to be paid in cash on the Closing
      Date;

	 	 	 	 	 
	 	(c) 	
      the Subscriber is not a person created, or used solely,
      to purchase or hold the Units in order to comply with an exemption from
      the prospectus requirements of Securities Laws and if the Subscriber is
      not an individual, it pre-existed the Offering and has a bona fide purpose
      other than investment in the Units;

- 12 -

	 	(d) 	
      the Subscriber will only offer, sell or otherwise
      transfer the Securities pursuant to an effective registration statement
      under the 1933 Act or pursuant to an exemption from the registration
      requirements imposed by the 1933 Act and in compliance with applicable
      state Securities Laws (and, in each case where there is no effective
      registration statement, only if an opinion of counsel of recognized
      standing reasonably satisfactory to the Corporation has been provided to
      the Corporation to that effect, if applicable);

	 	 	 	 
	 	(e) 	
      the Subscriber acknowledges and agrees that the
      Securities will be “restricted securities” within the meaning of Rule
      144(a)(3) under the 1933 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 1933 Act or is made in compliance with the exemption from registration
      provided by Rule 144 promulgated under the 1933 Act;

	 	 	 	 
	 	(f) 	
      the Subscriber has no contract, undertaking, agreement or
      arrangement with any person to sell, transfer or pledge to such person, or
      anyone else, the Securities or any part thereof, or any interest therein,
      and has no present plans to enter into any such contract, undertaking,
      agreement or arrangement;

	 	 	 	 
	 	(g) 	
      if the Subscriber is not a U.S. Subscriber and unless the
      Subscriber has made the representations set forth below in Section 7(e)
      hereof and has completed Schedule “B” attached hereto:

	 	 	 	 
	 		(i) 	
      the Subscriber is not a person in the United States or a
      U.S. Person and is not acquiring the Securities for the account or benefit
      of any person in the United States or any U.S. Person;

	 	 	 	 
	 		(ii) 	
      the Subscriber did not receive an offer to buy or sell
      the Securities in the United States;

	 	 	 	 
	 		(iii) 	
      at the time the buy order for the Securities was
      originated, the Subscriber was outside the United States and this
      Subscription Agreement was not executed or delivered in the United States;
      and

	 	 	 	 
	 		(iv) 	
      the Subscriber has not acquired the Securities 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 Securities, 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 Securities; provided, however, that the Subscriber
      may sell or otherwise dispose of any of the Shares or the Warrant Shares
      pursuant to registration of any of the Shares or the Warrant Shares
      pursuant to the 1933 Act and any applicable securities laws or under an
      exemption from such registration requirements and as otherwise provided
      herein;

	 	 	 	 
	 		(v) 	
      the Subscriber understands and agrees that offers and
      sales of any of the Securities 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 pursuant to 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 Securities Laws and in the case of an offer or
      sale pursuant to an exemption from the registration provisions of the 1933
      Act, the Corporation may require, as a condition of granting its consent,
      a legal opinion of a firm reasonably acceptable to the Corporation
      confirming that the sale is not subject to the registration requirements
      of the 1933 Act;

- 13 -

	 	(vi) 	
      the Subscriber understands and agrees not to engage in
      any hedging transactions involving any of the Securities 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

	 	 	 
	 	(vii) 	
      except as otherwise permitted by Regulation S, the
      Subscriber agrees that it will not, during the Distribution Compliance
      Period, act as a distributor (as such term is defined in Regulation S),
      either directly or through any affiliate, or sell, transfer, hypothecate
      or otherwise convey the Securities other than to or for the account or
      benefit of a non-U.S. Person;

	 	(h) 	
      if the Subscriber is a U.S. Subscriber, then:

	 	 	 	 
	 		(i) 	
      the Subscriber understands and acknowledges that the
      Securities have not been registered under the 1933 Act or any state
      securities laws and that the sale of the Units contemplated hereby is
      being made to a limited number of U.S. Accredited Investors in
      transactions not requiring registration under the 1933 Act; accordingly
      the Securities are “restricted securities” within the meaning of Rule
      144(a)(3) under the 1933 Act;

	 	 	 	 
	 		(ii) 	
      the Subscriber acknowledges that the Corporation has not
      registered the offer and sale to the Subscriber of the Securities under
      the 1933 Act and the Subscriber acknowledges that there may be substantial
      restrictions on the transferability of, and that it may not be possible to
      liquidate its investment readily in, the Shares or the Warrant
    Shares;

	 	 	 	 
	 		(iii) 	
      the Subscriber is a U.S. Accredited Investor and
      acknowledges that it is acquiring the Units as an investment for its own
      account or for the account of a U.S. Accredited Investor as to which it
      exercises sole investment discretion and not with a view to any resale,
      distribution or other disposition of the Units in violation of the federal
      or state Securities Laws and the Subscriber has concurrently executed and
      delivered a certificate in the form attached as Schedule “B” hereto. The
      Subscriber acknowledges that it will be required to confirm its status as
      a U.S. Accredited Investor and make similar representations to those
      contained in this Section 7(e) at the time of exercise of any
    Warrants;

	 	 	 	 
	 		(iv) 	
      the Subscriber understands and agrees that there may be
      material tax consequences to it of an acquisition, holding or disposition
      of the Securities. The Corporation gives no opinion and makes no
      representation with respect to the tax consequences under United States,
      state, local or foreign tax law of the acquisition, holding or disposition
      of the Securities, and the Subscriber acknowledges that it is solely
      responsible for determining the tax consequences of its
  investment;

	 	 	 	 
	 		(v) 	
      the Subscriber understands that none of the Shares or the
      Warrant Shares may be sold or transferred in the United States or to a
      U.S. Person unless an exemption is available from the registration
      requirements of the 1933 Act and any other applicable Securities
    Laws;

	 	 	 	 
	 		(vi) 	
      the Subscriber understands that if it decides to offer,
      sell, pledge or otherwise transfer the Shares or the Warrant Shares, such
      securities may be offered, sold or otherwise transferred only: (A) to the
      Corporation; (B) pursuant to an effective registration statement under the
      1933 Act, (C) in accordance with Rule 144 under the 1933 Act, if
      available, and in compliance with applicable state Securities Laws, (D) in
      accordance with the provisions of Regulation S, if available, or (E) in a
      transaction that does not otherwise require registration under the 1933
      Act or any other applicable Securities Laws and in the case of an offer or
      sale pursuant to an exemption from the registration requirements of the
      1933 Act, the Corporation may require, as a condition of granting its
      consent, a legal opinion of a firm reasonably acceptable to the
      Corporation confirming that the sale is not subject to the registration
      requirements of the 1933 Act; and

- 14 -

	 	(vii) 	
      the purchase of the Units has not been made through or as
      a result of any general solicitation or general advertising (as such terms
      are defined in Rule 502(c) of Regulation D), any press release, or any
      seminar or meeting whose attendees have been invited by general
      solicitation or general advertising and the distribution of the Units has
      not been accompanied by any advertisement, including, without limitation,
      in printed public media, radio, television or telecommunications,
      including electronic display or as part of a general
  solicitation;

	 	(i) 	
      if the Subscriber is resident outside of Canada and the
      United States, the Subscriber:

	 	 	 	 	 
	 		(i) 	
      is knowledgeable of, or has been independently advised as
      to, the applicable Securities Laws of the Securities Regulators having
      application in the jurisdiction in which the Subscriber is resident (the
      “International Jurisdiction”) which would apply to the acquisition
      of the Subscriber’s Units;

	 	 	 	 	 
	 		(ii) 	
      the Subscriber is purchasing the Units pursuant to
      exemptions from prospectus or equivalent requirements under applicable
      Securities Laws or, if such are not applicable, the Subscriber is
      permitted to purchase the Units under the applicable Securities Laws of
      the Securities Regulators in the International Jurisdiction without the
      need to rely on any exemptions;

	 	 	 	 	 
	 		(iii) 	
      the applicable Securities Laws of the authorities in the
      International Jurisdiction do not require the Corporation 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 issue and sale or resale of the Securities;
  and

	 	 	 	 	 
	 		(iv) 	
      the purchase of the Subscriber’s Units 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
      Corporation in the International Jurisdiction; and

	 	 	 	 	 
	 			
      the Subscriber will, if requested by the Corporation,
        deliver to the Corporation a certificate or opinion of local counsel from
        the International Jurisdiction which will confirm the matters referred to
        in subparagraphs (iii), (iv) and (v) above to the satisfaction of the
    Corporation, acting reasonably;

	 	 	 	 	 
	 	(j) 	
      neither the Subscriber nor any party on whose behalf it
      is acting has been created or is being used primarily to permit the
      purchase of the Units without a prospectus in reliance on an exemption
      from the prospectus requirements of applicable securities
    legislation;

	 	 	 	 	 
	 	(k) 	
      if the Subscriber is an individual, the Subscriber has
      attained the age of majority and is legally competent to execute this
      Subscription Agreement and to take all actions required pursuant hereto
      and if the Subscriber is not an individual, this Subscription Agreement
      has been duly and validly authorized, executed and delivered by the
      undersigned and if the Subscriber is a corporation, it has been duly
      incorporated and validly exists under the laws of its jurisdiction of
      incorporation or continuance and this Subscription Agreement has been duly
      and validly authorized by all necessary corporate action;

	 	 	 	 	 
	 	(l) 	
      this Subscription Agreement has been duly and validly
      authorized, executed and delivered by and constitutes a legal, valid,
      binding and enforceable obligation of the
Subscriber;

- 15 -

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

	 	 	 
	 	(n) 	
      the Subscriber is capable of assessing and evaluating the
      risks and merits of this investment as a result of the Subscriber’s
      financial, investment or business experience or as a result of advice
      received from a registered person other than the Corporation or an
      affiliate thereof, and the Subscriber or, where it is not purchasing as
      principal, each beneficial purchaser is able to bear the economic loss of
      its investment;

	 	 	 
	 	(o) 	
      the delivery of this Subscription Agreement, the
      acceptance of it by the Corporation and the issuance of the Securities to
      the Subscriber complies with all applicable laws of the Subscriber’s
      jurisdiction of residence or domicile and all other applicable laws and
      will not cause the Corporation to become subject to or comply with any
      disclosure, prospectus or reporting requirements under any such applicable
      laws;

	 	 	 
	 	(p) 	
      the Subscriber is not a “control person” of the
      Corporation as defined in the applicable Securities Laws, will not become
      a “control person” by virtue of this purchase of any of the Securities,
      and does not intend to act in concert with any other person to form a
      control group of the Corporation;

	 	 	 
	 	(q) 	
      neither the Subscriber nor any party on whose behalf it
      is acting is an investment club;

	 	 	 
	 	(r) 	
      the Subscriber (or, if applicable, others for whom it is
      contracting hereunder) has been advised to consult its own legal and tax
      advisors with respect to applicable resale restrictions and tax
      considerations, and it (or, if applicable, others for whom it is
      contracting hereunder) is solely responsible for compliance with
      applicable resale restrictions and applicable tax legislation;

	 	 	 
	 	(s) 	
      the Subscriber has no knowledge of a “material fact” or
      “material change” (as those terms are defined in the applicable Securities
      Laws) in the affairs of the Corporation that has not been generally
      disclosed to the public, save knowledge of this particular
    transaction;

	 	 	 
	 	(t) 	
      the Subscriber will execute and deliver within the
      approved time periods, all documentation as may be required by applicable
      Securities Laws and any other applicable law to permit the purchase of the
      Units on terms herein set forth;

	 	 	 
	 	(u) 	
      if required by applicable Securities Laws or any other
      applicable law, the Subscriber will execute, deliver, file and otherwise
      assist the Corporation in filing such reports, undertakings and other
      documents with respect to the issuance of the Units as may be
    required;

	 	 	 
	 	(v) 	
      other than as approved by the Corporation, there is no
      person acting or purporting to act in connection with the transactions
      contemplated herein who is entitled to any brokerage or finder’s fee and
      if any person establishes a claim that any fee or other compensation is
      payable in connection with this subscription for the Units, the Subscriber
      covenants to indemnify and hold harmless the Corporation with respect
      thereto and with respect to all costs reasonably incurred in the defence
      thereof;

	 	 	 
	 	(w) 	
      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 1933 Act) in respect of the Securities,
  or

- 16 -

	 	(iv) 	
      an affiliate of any person that is acting as an
      underwriter (as that term is defined in Section 2(11) of the 1933 Act) in
      respect of the Securities; and

	 	(x) 	
      the funds representing the Subscription Price which will
      be advanced by the Subscriber to the Corporation hereunder will not
      represent proceeds of crime for the purposes of the PCMLTFA and the
      Subscriber acknowledges that the Corporation may in the future be required
      by law to disclose the Subscriber’s name and other information relating to
      this Subscription Agreement and the Subscriber’s subscription hereunder,
      on a confidential basis, pursuant to the PCMLTFA. To the best of the
      Subscriber’s knowledge (i) none of the subscription funds to be provided
      by the Subscriber (a) have been or will be derived from or related to any
      activity that is deemed criminal under the law of Canada, the United
      States, or any other jurisdiction, or (b) are being tendered on behalf of
      a person or entity who has not been identified to the Subscriber, and (ii)
      the Subscriber shall promptly notify the Corporation if the Subscriber
      discovers that any of such representations ceases to be true, and provide
      the Corporation with appropriate information in connection
    therewith.

7. Legends.

	(a) 	
      Shares:

	 	 	 
		(i) 	
      the Subscriber acknowledges that, in addition to the
      other legends that may be required by Securities Laws, the certificates
      representing the Shares will bear the following legend mandated by
      Canadian Securities Laws:

	CANADIAN LEGEND: 
	 
	
      “UNLESS PERMITTED UNDER SECURITIES LEGISLATION,
      THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY
      BEFORE [INSERT THE DATE THAT IS FOUR MONTHS AND ONE DAY AFTER
      THE CLOSING DATE].”; 

	 
	and, if applicable, the following Exchange legend: 
	 
	TSX VENTURE EXCHANGE LEGEND: 
	 
	
      “WITHOUT PRIOR WRITTEN APPROVAL OF THE 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 [INSERT THE DATE THAT IS FOUR
      MONTHS AND ONE DAY AFTER THE CLOSING DATE].”

provided that subsequent to the expiry
of such period, the certificate representing such securities may be exchanged
for a certificate not bearing these legends.

The certificates representing the
Shares will also bear the following legend mandated by the Securities Laws in
the United States:

U.S. LEGEND:

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

- 17 -

	(b) 	
      Warrants:

	 	 	 
		(i) 	
      the Subscriber acknowledges that, in addition to the
      other legends that may be required by Securities Laws, the certificates
      representing the Warrants will bear the following
legend:

“THESE WARRANTS ARE NOT
TRANSFERABLE.”

In addition, the certificates
representing the Warrants will bear the following legend mandated by the
Securities Laws in the United States:

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

	(c) 	
      Warrant Shares:

	 	 	 
		(i) 	
      the Subscriber acknowledges that, in addition to the
      other legends that may be required by Securities Laws, the certificates
      representing any Warrant Shares issued upon exercise of Warrants on or
      before the date that is four months and one day after the Closing Date
      will bear the following legend mandated by Canadian Securities
  Laws:

- 18 -

	CANADIAN LEGEND: 
	 
	
      “UNLESS PERMITTED UNDER SECURITIES LEGISLATION,
      THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY
      BEFORE [INSERT THE DATE THAT IS FOUR MONTHS AND ONE DAY AFTER
      THE CLOSING DATE].” 

	 
	and, if applicable, the following Exchange legend: 
	 
	TSX VENTURE EXCHANGE LEGEND: 
	 
	
      “WITHOUT PRIOR WRITTEN APPROVAL OF THE 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 [INSERT THE DATE THAT IS FOUR
      MONTHS AND ONE DAY AFTER THE CLOSING DATE].”

provided that subsequent to the expiry
of such period, the certificate representing such securities may be exchanged
for a certificate not bearing these legends. 

In addition, the certificates
representing any Warrant Shares issued upon exercise of the Warrants will bear
the following legend mandated by the U.S. securities laws:

U.S. LEGEND:

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

8. Representations, Warranties and Covenants of the
Corporation. The Corporation hereby represents, warrants, covenants and
agrees with the Subscriber as follows:

	 	(a) 	
      the Corporation will promptly comply with all filing and
      other requirements under all applicable Securities Laws in connection with
      the Offering; and

	 	 	 
	 	(b) 	
      on the Closing Date, the Corporation will have taken all
      necessary steps to duly and validly create and issue the Shares and the
      Warrants (and the Warrant Shares issuable upon exercise
  thereof).

9. Acknowledgements. The Subscriber acknowledges
and agrees that the foregoing representations and warranties are made by it with
the intention that they may be relied upon by the Corporation and its legal
counsel in determining its eligibility or (if applicable) the eligibility
of others on whose behalf it is contracting hereunder to purchase the Units
under applicable Securities Laws. The Subscriber further agrees that by
accepting delivery of the Shares and the Warrants on the Closing Date, it shall
be representing and warranting that the foregoing representations and warranties
are true and correct as at the Closing Time with the same force and effect as if
they had been made by the Subscriber at the Closing Time and that they shall
survive the purchase by the Subscriber of the Units and still continue in full
force and effect notwithstanding any subsequent disposition by the Subscriber of
the Securities. The Corporation and its respective legal counsel shall be
entitled to rely on the representations and warranties of the Subscriber
contained in this Subscription Agreement, and the Subscriber shall indemnify and
hold harmless the Corporation and its legal counsel for any loss, costs or
damages any of them may suffer as a result of any misrepresentations or any
breach or failure to comply with any covenant or agreement herein of the
Subscriber.

- 19 -

10. Nature of Subscription. This subscription is
irrevocable.

11. Delivery of Securities. The Subscriber hereby
authorizes and directs the Corporation to deliver certificates representing the
Shares and the Warrants to be issued to such Subscriber pursuant to this
Subscription Agreement to the residential or business address indicated in this
Subscription Agreement.

12. Return of Subscription Funds. The Subscriber
hereby authorizes and directs the Corporation to return any funds for unaccepted
subscriptions to the same account from which the funds were drawn, without
interest or penalty.

13. Acceptance of Subscription. This subscription
may be accepted in whole or in part by the Corporation at its sole discretion
and the right is reserved to the Corporation at its sole discretion to allot to
any Subscriber less than the amount of Units subscribed for. Confirmation of
acceptance or rejection of this subscription will be forwarded to the Subscriber
promptly after the acceptance or rejection of the subscription by the
Corporation. If this subscription is rejected in whole, the funds delivered by
the Subscriber to the Corporation representing the purchase price for the Units
subscribed for herein will be promptly returned to the same account from which
the funds were drawn. If this subscription is accepted only in part, the funds
representing the portion of the Subscription Price representing that portion of
the subscription for the Units which is not accepted will promptly be similarly
returned.

14. Costs. All costs and expenses incurred by the
Subscriber (including any fees and disbursements of any special counsel obtained
by the Subscriber) relating to the sale of the Units to the Subscriber shall be
borne by the Subscriber.

15. Execution of Subscription Agreement. The
Corporation shall be entitled to rely on delivery by facsimile machine or e-mail
of an executed copy of this Subscription Agreement, and acceptance by the
Corporation of such facsimile or e-mail copy shall be equally effective to
create a valid and binding agreement between the Subscriber and the Corporation
in accordance with the terms hereof. If less than a complete copy of this
Subscription Agreement is delivered to the Corporation at Closing, the
Corporation and its counsel are entitled to assume that the Subscriber accepts
and agrees to all of the terms and conditions of the pages not delivered at
Closing unaltered. This Subscription 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 one and the same Subscription Agreement.

16. Collection of Personal Information. The
Subscriber acknowledges and consents to the fact that the Corporation is
collecting the Subscriber’s personal information for the purpose of fulfilling
this Subscription 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
Corporation to (a) stock exchanges or securities regulatory authorities, (b) the
Corporation's registrar and transfer agent, (c) Canadian tax authorities, (d)
authorities pursuant to the PCMLTFA 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 Subscription 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 for the purposes described in Schedule
“D” to this Subscription Agreement 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 Units 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 Corporation, all as may be required
by the Corporation in order to comply with the foregoing.

- 20 -

Furthermore, the Subscriber is hereby notified that:

	 	(a) 	
      the Corporation may deliver to any securities commission
      having jurisdiction over the Corporation, the Subscriber or this
      subscription, including the British Columbia Securities Commission, the
      Alberta Securities Commission and the Ontario Securities Commission 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 Corporation owned by the Subscriber, the number of
      Units purchased by the Subscriber and the total purchase price paid for
      such Units, the prospectus exemption relied on by the Corporation and the
      date of distribution of the Units,

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

	 	 	 
	 	(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 

17. Anti-Money Laundering Legislation. In order
to comply with legislation aimed at the prevention of money laundering, the
Corporation may require additional information concerning investors from time to
time and the Subscriber agrees to provide all such information. The Subscriber
acknowledges that if, as a result of any information or other matter which comes
to the Corporation's attention, any director, officer or employee of the
Corporation or any investment advisor, or their respective professional
advisors, knows or suspects that an investor is engaged in money laundering,
such person is required to report such information or other matter to the
Financial Transactions and Reports Analysis Centre of Canada and such report
shall not be treated as a breach of any restriction upon the disclosure of
information imposed by Canadian law or otherwise.

18. Governing Law. The contract arising out of
this Subscription Agreement shall be governed by and construed in accordance
with the laws of the Province of British Columbia and the laws of Canada
applicable therein.

19. Survival of Representations and Warranties.
The covenants, representations and warranties contained herein shall survive the
Closing and continue in full force and effect for a period of two years
following the Closing.

20. Assignment. The terms and provisions of this
Subscription Agreement shall be binding upon and enure to the benefit of the
Subscriber, the Corporation and their respective heirs, executors,
administrators, successors and assigns; provided however, that: (a) this
Subscription Agreement may not be assigned by the Subscriber without the consent
of the Corporation, in their discretion, other than the assignment by a
Subscriber who is acting as nominee or agent to the beneficial owner; and (b)
this Subscription Agreement may not be assigned by the Corporation without the
consent of the Subscriber, acting reasonably. The benefits and the obligations
of this Subscription Agreement, insofar as they apply to the Subscriber, shall
pass with any assignment or transfer of the Securities.

- 21 -

21. Entire Agreement and Headings. Except as
otherwise stated herein, this Subscription Agreement (including the schedules
hereto) constitutes the entire agreement between the Subscriber and the
Corporation relating to the subject matter hereof and there are no
representations, warranties, covenants, understandings or other agreements
relating to the subject matter hereof except as stated or referred to herein.
This Subscription Agreement may be amended or modified in any respect by written
instrument only. The headings contained herein are for convenience only and
shall not affect the meanings or interpretation hereof.

22. Effective Date. The Subscription Agreement is
intended to and shall take effect on the date it has been accepted by the
Corporation.

23. Time of Essence. Time shall be of the essence
of this Subscription Agreement.

24. Language. It is the express wish of
the Subscriber that the Subscription Agreement and any related documentation be
drawn up in English only. Il est de la volonté expresse du souscripteur que la
convention de souscription ainsi que tout document connexe soient rédigés en
langue anglaise uniquement.

25. Currency. All references herein to monetary
amounts are to lawful money of Canada, unless otherwise specified.

SCHEDULE “A”

ACCREDITED INVESTOR STATUS CERTIFICATE

Capitalized terms not specifically defined in this certificate
have the meaning ascribed to them in the Subscription Agreement to which this
certificate is attached.

The undersigned Subscriber hereby represents, warrants and
certifies to the Corporation, as an integral part of the attached Subscription
Agreement, that he, she or it is and at Closing will be, correctly and in all
respects described by the category or categories set forth directly next to
which the Subscriber has marked below:

	 [    ]	(1) 	
      a Canadian financial institution, or a Schedule III
      bank.

	 	 	 
	 [    ]	(2) 	
      the Business Development Bank of Canada incorporated
      under the Business Development Bank of Canada Act
  (Canada).

	 	 	 
	 [    ]	(3) 	
      a subsidiary of any person referred to in paragraphs (1)
      or (2), 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.

	 	 	 
	 [    ]	(4) 	
      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).

	 	 	 
	 [    ]	(5) 	
      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 (4).

	 	 	 
	 [    ]	(6) 	
      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.

	 	 	 
	 [    ]	(7) 	
      a municipality, public board or commission in Canada and
      a metropolitan community, school board, the Comité de gestion de la taxe
      scolaire de l’île de Montréal or an intermunicipal management board in
      Québec.

	 	 	 
	 [    ]	(8) 	
      any national, federal, state, provincial, territorial or
      municipal government of or in any foreign jurisdiction, or any agency of
      that government.

	 	 	 
	 [    ]	(9) 	
      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.

	 	 	 
	 [    ]	(10) 	
      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.

	 	 	 
	 [    ]	(11) 	
      an individual whose net income before taxes exceeded
      CDN$200,000 in each of the 2 most recent calendar years or whose net
      income before taxes combined with that of a spouse exceeded CDN$300,000 in
      each of the 2 most recent calendar years and who, in either case,
      reasonably expects to exceed that net income level in the current calendar
      year.

	 	 	 
	 [    ]	(12) 	
      an individual who, either alone or with a spouse, has net
      assets of at least CDN$5,000,000.

	 	 	 
	 [    ]	(13) 	
      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.

	 	 	 
	 [    ]	(14) 	
      an investment fund that distributes or has distributed
      its securities only to

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

- A2 -

	 	(b) 	
      a person that acquires or acquired securities in the
      circumstances referred to in sections 2.10 [Minimum amount
      investment], or 2.19 [Additional investment in investment
      funds] of NI 45-106, or

	 	 	 
	 	(c) 	
      a person described in paragraph (i) or (ii) that acquires
      or acquired securities under section 2.18 [Investment fund
      reinvestment] of NI 45-106.

	 [    ]	(15) 	
      an investment fund that distributes or has distributed
      securities under a prospectus in a jurisdiction of Canada for which the
      regulator or, in Québec, the securities regulatory authority, has issued a
      receipt.

	 	 	 	 
	 [    ]	(16) 	
      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.

	 	 	 	 
	 [    ]	(17) 	
      a person acting on behalf of a fully managed account
      managed by that person, if that person

	 	 	 	 
	 		(a) 	
      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

	 	 	 	 
	 		(b) 	
      in Ontario, is purchasing a security that is not a
      security of an investment fund.

	 	 	 	 
	 [    ]	(18) 	
      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.

	 	 	 	 
	 [    ]	(19) 	
      an entity organized in a foreign jurisdiction that is
      analogous to any of the entities referred to in paragraphs (1) to (4) or
      paragraph (9) in form and function.

	 	 	 	 
	 [    ]	(20) 	
      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.

	 	 	 	 
	 [    ]	(21) 	
      an investment fund that is advised by a person registered
      as an adviser or a person that is exempt from registration as an
      adviser.

	 	 	 	 
	 [    ]	(22) 	
      a person that is recognized or designated by the
      securities regulatory authority or, except in Ontario and Québec, the
      regulator as

	 	(a) 	
      an accredited investor, or

	 	 	 
	 	(b) 	
      an exempt subscriber in Alberta or British Columbia after
      NI 45-106 comes into force.

Note: A summary of the meanings of some of the terms used in
this Accredited Investor Status Certificate follows the signature block
below.

Dated _____________________________, 20____.

	 	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)

  

- A3 -

For the purposes of this Accredited Investor Status
Certificate, the following definitions are included for convenience: 

	 	(a) 	
      “affiliate” means that an issuer is an affiliate of
      another issuer if:

	 	 	 	 	 
	 		(i) 	
      one of them is the subsidiary of the other, or

	 	 	 	 	 
	 		(ii) 	
      each of them is controlled by the same person.

	 	 	 	 	 
	 	(b) 	
      “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 that Act,
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.

	 	 	 	 	 
	 	(c) 	
      “company” means any corporation, incorporated
      association, incorporated syndicate or other incorporated
    organization;

	 	 	 	 	 
	 	(d) 	
      “control” means as follows: a person (first person) is
      considered to control another person (second person) if:

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

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

	 	 	 	 	 
	 		(iii) 	
      the second person is a limited partnership and the
      general partner of the limited partnership is the first person;

	 	 	 	 	 
	 	(e) 	
      “entity” means a company, syndicate, partnership, trust
      or unincorporated organization;

	 	 	 	 	 
	 	(f) 	
      “financial assets” means cash, securities, or any
      contract of insurance or deposit or evidence thereof that is not a
      security for the purposes of the securities legislation;

	 	 	 	 	 
	 	(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) 	
      “mutual fund” means:

	 	 	 	 	 
	 		(i) 	
      for the purposes of British Columbia law,

	 	 	 	 	 
	 			(A) 	
      an issuer of a security that entitles the holder to
      receive on demand, or within a specified period after demand, an amount
      computed by reference to the value of a proportionate interest in the
      whole or in a part of the net assets, including a separate fund or trust
      account, of the issuer of the security,

- A4 -

	 	(B) 	
      an issuer described in an order that the commission may
      make under section 3.2 of the Securities Act (BC), and

	 	 	 
	 	(C) 	
      an issuer that is in a class of prescribed
  issuers,

but does not include an issuer, or a
class of issuers, described in an order that the commission may make under
section 3.1 of the Securities Act (BC);

	 	(ii) 	
      for the purposes of Alberta law,

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

	 	 	 	 
	 		(B) 	
      an issuer that is designated as a mutual fund under
      section 10 of the Alberta Securities Act (Alberta) or in accordance with
      the regulations,

	 	 	 	 
	 		
      but does not include an issuer, or class of issuers, that
        is designated under section 10 of the Alberta Securities Act (Alberta) not
    to be a mutual fund;

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

	 	 	 	 
	 	(iv) 	
      for the purposes of Quebec law, a company issuing shares
      which must, on request of the holder, redeem them at their net asset
      value;

	 	(i) 	
      “non-redeemable investment fund” means an
  issuer:

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

	 	 	 	 	 
	 		(ii) 	
      that does not invest,

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

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

	 	 	 	 	 
	 		(iii) 	
      that is not a mutual fund;

	 	 	 	 	 
	 	(j) 	
      “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

- A5 -

	 		(iv) 	
      an individual or other person in that person's capacity
      as a trustee, executor, administrator or personal or other legal
      representative;

	 	 	 	 
	 	(k) 	
      “portfolio adviser” means:

	 	 	 	 
	 		(i) 	
      a portfolio manager; or

	 	 	 	 
	 		(ii) 	
      a broker or investment dealer exempted from registration
      as an adviser under section 148 of the regulation made under the
      Securities Act (Ontario) if that broker or investment dealer is not exempt
      from the by-laws or regulations of the Toronto Stock Exchange or the
      Investment Dealers’ Association of Canada referred to in that
    section;

	 	 	 	 
	 	(l) 	
      “related liabilities” means liabilities incurred or
      assumed for the purpose of financing the acquisition or ownership of
      financial assets or liabilities that are secured by financial assets;
      and

	 	 	 	 
	 	(m) 	
      “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), or is an adult interdependent partner within the meaning of the
      Adult Interdependent Relationships Act (Alberta);

	 	 	 	 
	 	(n) 	
      “subsidiary” means an issuer that is controlled directly
      or indirectly by another issuer and includes a subsidiary of that
      subsidiary.

SCHEDULE “B”

U.S. ACCREDITED INVESTOR STATUS CERTIFICATE

Capitalized terms not specifically defined in this certificate
have the meaning ascribed to them in the Subscription Agreement to which this
certificate is attached. In this certificate, dollar amounts are stated in U.S.
dollars.

The Subscriber hereby represents, warrants and certifies to the
Corporation, as an integral part of the attached Subscription Agreement, that
he, she or it is and at Closing will be correctly and in all respects described
by the category or categories set forth directly next to which the Subscriber
has marked below:

	 [    ]	(1) 	
      a natural person whose individual net worth, or joint net
      worth with that person’s spouse, at the date of this certificate exceeds
      $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;

	 	 	 
	 [    ]	(2) 	
      a natural person who had an individual income in excess
      of $200,000 in each of the two most recent years or joint income with that
      person’s spouse in excess of $300,000 in each of those years and has a
      reasonable expectation of reaching the same income level in the current
      year;

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

	 	 	 
	 [    ]	(4) 	
      a “bank” as defined in Section 3(a)(2) of the 1933 Act or
      a 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 or dealer registered pursuant to Section 15 of the Securities
      Exchange Act of 1934 (United States); an insurance company as defined
      in Section 2(a)(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;

	 	 	 
	 [    ]	(5) 	
      a private business development company as defined in
      Section 202(a)(22) of the Investment Advisers Act of 1940 (United
      States);

	 	 	 
	 [    ]	(6) 	
      a director or executive officer of the
  Corporation,

	 	 	 
	 [    ]	(7) 	
      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

- B2 -

	 [    ]	(8) 	
      an entity in which all of the equity owners satisfy the
      requirements of one or more of the foregoing
categories.

Dated _____________________________, 20____.

	 	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)
  

SCHEDULE “C”

FORM 4C

CORPORATE PLACEE REGISTRATION FORM

This Form will remain on file with the Exchange and must be
completed if required under section 4(b) of Part II of Form 4B. 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) 	
      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 $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.

- C2 -

	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.

	5. 	
      Acknowledgement - Personal Information and Securities
      Laws

	 	 	 
		(a) 	
      “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:

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

	 	 	 
	 	(ii) 	
      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.

	 	(b) 	
      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 and certified (if applicable), acknowledged and agreed,
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

- E1 -

SCHEDULE “D”

ACKNOWLEDGEMENT – PERSONAL INFORMATION

	1. 	
      TSX Venture Exchange Inc. and its affiliates, authorized
      agents, subsidiaries and divisions, including the TSX Venture Exchange
      (collectively referred to as the “Exchange”) collect Personal Information
      in certain Forms that are submitted by the individual and/or by an Issuer
      or Applicant and use it for the following
purposes:

	 	(a) 	
      to conduct background checks;

	 	 	 
	 	(b) 	
      to verify the Personal Information that has been provided
      about each individual;

	 	 	 
	 	(c) 	
      to consider the suitability of the individual to act as
      an officer, director, insider, promoter, investor relations provider or,
      as applicable, an employee or consultant, of the Issuer or
    Applicant;

	 	 	 
	 	(d) 	
      to consider the eligibility of the Issuer or Applicant to
      list on the Exchange;

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

	 	 	 
	 	(f) 	
      to conduct enforcement proceedings; and

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

As part of this process, the 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
service 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 the Exchange
collects may also be disclosed:

	 	(a) 	
      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

	 	 	 
	 	(b) 	
      on the Exchange’s website or through printed materials
      published by or pursuant to the directions of the
  Exchange.

		
      The Exchange may from time to time use third parties to
      process information and/or provide other administrative services. In this
      regard, the Exchange may share the information with such third party
      service providers.

	 	 
	2. 	
      The Commissions may indirectly collect the Personal
      Information under the authority granted to them by securities legislation.
      The Personal Information is being collected for the purposes of the
      administration and enforcement of the securities legislation of the
      jurisdiction of each such Commission.

For questions about the collection of Personal Information by
the British Columbia Securities Commission, please contact the Administrative
Assistant to the Director of Corporate Finance, 12th Floor, 701 West Georgia
Street, Box 10142, Vancouver, BC V7Y 1L2, phone: (604) 899-6854.Counterpath Corporation: Exhibit 10.15 - Filed by newsfilecorp.com

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

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

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF
THE SECURITIES SHALL NOT TRADE THE SECURITIES BEFORE OCTOBER 20, 2012.

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
OCTOBER 20, 2012.

COUNTERPATH CORPORATION
(A Nevada Corporation)

WARRANT CERTIFICATE

	CERTIFICATE NO. 06/19/2012- 	  
	NUMBER OF WARRANTS: <> 	RIGHT TO PURCHASE <> COMMON
      SHARES 

THESE WARRANTS WILL EXPIRE AND BECOME NULL AND VOID 
AT THE
TIME OF EXPIRY (AS DEFINED BELOW).

COMMON SHARE PURCHASE WARRANTS
TO PURCHASE COMMON SHARES OF
COUNTERPATH CORPORATION

This is to certify that, for value received, <> (the
“Holder”) is the registered holder of <>Common Share Purchase
Warrants (the “Warrants”). Each Warrant will entitle the Holder, upon and
subject to the terms and conditions attached to this certificate or any
replacement certificate (in either case the “Warrant Certificate”) as
Appendix “A” (the “Terms and Conditions”), to acquire from CounterPath
Corporation (the “Company”) one fully paid and non-assessable common
share of the Company (a “Warrant Share”), at any time before 5:00 pm
(Vancouver time) on June 19, 2014 (the “Time of Expiry”), by surrendering
to the Company, at Suite 300, One Bentall Centre, 505 Burrard Street, Vancouver,
British Columbia, V7X 1M3, this Warrant Certificate with a subscription in the
form attached hereto as Appendix “A” (a “Subscription Form”), duly
completed and executed, and cash, bank draft, certified cheque, money order or
wire transfer or other immediately available funds in lawful money of the United
States, payable to the order of the Company in Vancouver, British Columbia, in
an amount equal to the purchase price per Warrant Share multiplied by the number
of Warrant Shares being purchased. Subject to adjustment thereof in the events
and in the manner set forth in the Terms and Conditions, the purchase price per
Warrant Share on the exercise of each Warrant evidenced hereby shall be US$3.25
per Warrant Share.

- 2 -

These Warrants are issued subject to the Terms and Conditions
and the Holder may exercise the right to purchase Warrant Shares only in
accordance with the Terms and Conditions.

Nothing contained herein or in the Terms and Conditions will
confer any right upon the Holder or any other person to subscribe for or
purchase any Warrant Shares at any time subsequent to the Time of Expiry, and
from and after such time, this Warrant Certificate and all rights hereunder will
be void and of no value.

IN WITNESS WHEREOF the Company has caused this Warrant
Certificate to be executed.

DATED at the City of Vancouver, in the Province of British
Columbia, the 19th day of June, 2012.

COUNTERPATH CORPORATION

	Per: 		 
	 	David Karp 	 

- 3 -

PLEASE NOTE THAT ALL SHARE CERTIFICATES ISSUED UPON EXERCISE
HEREOF MUST BE LEGENDED AS FOLLOWS DURING THE CURRENCY OF APPLICABLE HOLD
PERIODS:

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

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

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF
THE SECURITIES SHALL NOT TRADE THE SECURITIES BEFORE OCTOBER 20, 2012.

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
OCTOBER 20, 2012.

APPENDIX “A”

TERMS AND CONDITIONS dated June 19, 2012 (the “Terms and
Conditions”), attached to the Common Share Purchase Warrants issued by
CounterPath Corporation.

	1. 	
      Definitions

In these Terms and Conditions, unless there is something in the
subject matter or context inconsistent therewith:

	 	(a) 	
      “Affiliate” or “affiliate” means, unless
      otherwise specified, an affiliate within the meaning of Section 1.2 of
      National Instrument 45-106 – Prospectus and Registration
      Exemptions;

	 	 	 
	 	(b) 	
      “Business Day” means any day of the year, other
      than a Saturday, a Sunday or any day on which banks are required or
      authorized to close in Vancouver, British Columbia;

	 	 	 
	 	(c) 	
      “Company” means CounterPath Corporation or a
      successor corporation as a result of a consolidation, amalgamation or
      merger with or into any other corporation or corporations, or as a result
      of the conveyance or transfer of all or substantially all of the
      properties and estates of the Company as an entirety to any other
      corporation and thereafter “Company” will mean such successor
      corporation;

	 	 	 
	 	(d) 	
      “Exercise Date” has the meaning given to such term
      in Section 5(a);

	 	 	 
	 	(e) 	
      “Exercise Price” means US$3.25 per Warrant Share,
      subject to adjustment as provided in the Terms and Conditions;

	 	 	 
	 	(f) 	
      “Expiry Date” means June 19, 2014;

	 	 	 
	 	(g) 	
      “herein”, “hereby” and similar expressions
      refer to these Terms and Conditions as the same may be amended or modified
      from time to time;

	 	 	 
	 	(h) 	
      “Holder” or “Holders” has the meaning
      ascribed to it on page 1 of the Warrant Certificate;

	 	 	 
	 	(i) 	
      “Issuance Date” means the date hereof;

	 	 	 
	 	(j) 	
      “Lien” means (i) any mortgage, charge, pledge,
      hypothecation, security interest, assignment by way of security,
      encumbrance, lien (statutory or otherwise), hire purchase agreement,
      conditional sale agreement, deposit arrangement, title retention agreement
      or arrangement; (ii) any trust arrangement; (iii) any arrangement which
      creates a right of set-off out of the ordinary course of business; (iv)
      any option, warrant, right or privilege capable of becoming a transfer; or
      (v) any agreement to grant any such rights or interests;

	 	 	 
	 	(k) 	
      “person” means a natural person, corporation,
      limited liability corporation, unlimited liability corporation, joint
      stock corporation, partnership, limited partnership, limited liability
      partnership, trust, trustee, any unincorporated organization, joint
      venture or any other entity and words importing persons have a similar
      meaning;

	 	 	 
	 	(l) 	
      “Section” followed by a number refers to the
      specified Section of these Terms and Conditions;

	 	 	 
	 	(m) 	
      “Shares” means the common shares in the capital of
      the Company;

	 	 	 
	 	(n) 	
      “Subscription Form” means the form attached to
      these Terms and Conditions as Appendix “B”;

	 	 	 
	 	(o) 	
      “Time of Expiry” means 5:00 pm (Vancouver Time) on
      the Expiry Date;

- 2 -

	 	(p) 	
      “Transfer Agent” means Valiant Trust Company,
      Suite 600 – 750 Cambie Street, in the City of Vancouver, Province of
      British Columbia, V6B 0A2;

	 	 	 
	 	(q) 	
      “Warrants” means the Common Share Purchase
      Warrants of the Company issued and presently authorized and for the time
      being outstanding;

	 	 	 
	 	(r) 	
      “Warrant Certificate” means the warrant
      certificate representing the Warrants and issued to the Holder;
  and

	 	 	 
	 	(s) 	
      “Warrant Shares” means the Shares issuable upon
      exercise of the Warrants.

	2. 	
      Interpretation

The division of these Terms and Conditions into sections and
the insertion of headings are for convenience of reference only and shall not
affect the construction or interpretation thereof. Words importing the singular
number include the plural and vice versa and words importing the masculine
gender include the feminine and neuter genders.

	3. 	
      Adjustment of Exercise Price and Number of Warrant
      Shares

The Exercise Price and the number of Warrant Shares deliverable
upon the exercise of the Warrants shall be subject to adjustment in the event
and in the manner following: 

	 	(a) 	
      Adjustments for Subdivision and/or Consolidation of
      Outstanding Shares. If the Company at any time after the Issuance Date
      subdivides (by any stock split, stock dividend, recapitalization or
      otherwise) one or more classes of its outstanding Shares into a greater
      number of Shares, any Exercise Price in effect immediately prior to such
      subdivision will be proportionately reduced and the number of Warrant
      Shares obtainable upon exercise of this Warrant Certificate will be
      proportionately increased. If the Company at any time after the Issuance
      Date consolidates (by combination, reverse stock split or otherwise) one
      or more classes of its outstanding Shares into a smaller number of Shares,
      any Exercise Price in effect immediately prior to such consolidation will
      be proportionately increased and the number of Warrant Shares issuable
      upon exercise of this Warrant Certificate will be proportionately
      decreased. Any adjustment under this Section 3(a) shall become effective
      at the close of business on the date the subdivision or consolidation
      becomes effective.

	 	 	 	 
	 	(b) 	
      Adjustment for Merger or Reorganization, etc. If
      at any time after the Issuance Date there occurs:

	 	 	 	 
	 		(i) 	
      a reclassification or redesignation of the Shares, any
      change of the Shares into other shares or securities or any other capital
      reorganization involving the Shares other than transactions covered by
      Subsections 3(a);

	 	 	 	 
	 		(ii) 	
      a consolidation, amalgamation or merger of the Company
      with or into any other body corporate, or plan of arrangement involving
      the Company, which results in a reclassification or redesignation of the
      Shares or a change or exchange of the Shares into other shares or
      securities; or

	 	 	 	 
	 		(iii) 	
      the transfer of the undertaking or assets of the Company
      as an entirety or substantially as an entirety to another corporation or
      entity;

	 	 	 	 
	 		
      (any of such events being herein called a “Capital
      Reorganization”), after the effective date of the Capital
      Reorganization:

	 	 	 	 
	 		(iv) 	
      the Holder will be entitled to receive upon exercise of
      the Warrants, in lieu of the number of Warrant Shares to which the Holder
      was theretofore entitled upon the exercise of
the Warrants, the kind and aggregate number of shares and
      other securities or property resulting from the Capital Reorganization
      which the Holder would have been entitled to receive as a result of the
      Capital Reorganization if, on the effective date thereof, the Holder had
      been the registered holder of the number of Shares to which the Holder was
      theretofore entitled to purchase or receive upon the exercise of the
  Warrants; and

- 3 -

	 	(v) 	
      the Exercise Price shall, on the effective date of the
      Capital Reorganization, be adjusted by multiplying the Exercise Price in
      effect immediately prior to such Capital Reorganization by the number of
      Warrant Shares purchasable pursuant to this Warrant Certificate
      immediately prior to the Capital Reorganization, and dividing the product
      thereof by the number of successor securities determined in Subsection
      3(b)(iv) above.

	 		
      If necessary, as a result of any Capital Reorganization,
      appropriate adjustments will be made in the application of the provisions
      of this Warrant Certificate with respect to the rights and interest
      thereafter of the Holder to the end that the provisions of this Warrant
      Certificate will thereafter correspondingly be made applicable as nearly
      as may reasonably be possible in relation to any shares or other
      securities or property thereafter deliverable upon the exercise of the
      Warrants.

	 	 	 
	 	(c) 	
      Notices Of Record Date. Upon (i) the establishment
      by the Company of a record date of the holders of any class of securities
      for the purpose of determining the holders thereof who are entitled to
      receive any dividend or other distribution, or (ii) any capital
      reorganization of the Company, any reclassification or recapitalization of
      the capital stock of the Company, any merger or consolidation of the
      Company with or into any other Company, or any transfer of all or
      substantially all the assets of the Company to any other person or any
      voluntary or involuntary dissolution, liquidation or winding up of the
      Company, the Company shall courier to the Holder at least ten (10) days
      prior to the record date specified therein a notice specifying (A) the
      date on which any such record date is to be taken for the purpose of such
      dividend or distribution and a description of such dividend or
      distribution, (B) the date on which any such reorganization,
      reclassification, transfer, consolidation, merger, dissolution,
      liquidation or winding up is expected to become effective, and (C) the
      date, if any, that is to be fixed as to when the holders of record of
      Shares (or other securities), shall be entitled to exchange their Shares
      (or other securities), for securities or other property deliverable upon
      such reorganization, reclassification transfer, consolidation, merger,
      dissolution, liquidation or winding up.

	 	 	 
	 	(d) 	
      Certificate Of Adjustment. In each case of an
      adjustment or readjustment of the Exercise Price or the number of Warrant
      Shares or other securities issuable upon conversion of this Warrant
      Certificate, the Company, at its own expense, shall cause its Secretary or
      Treasurer to compute such adjustment or readjustment in accordance with
      the provisions hereof and prepare a certificate showing such adjustment or
      readjustment, and shall send such certificate by courier to the Holder at
      the Holder’s address set forth in Section 13. The certificate shall set
      forth such adjustment or readjustment, showing in detail the facts upon
      which such adjustment or readjustment is based. No adjustment in the
      Exercise Price shall be required to be made unless it would result in an
      increase or decrease of at least one cent, but any adjustments not made
      because of this sentence shall be carried forward and taken into account
      in any subsequent adjustment otherwise required
  hereunder.

	4. 	
      Method of Exercise of
Warrants

The right to purchase Shares conferred by this Warrant may be
exercised at any time, and from time to time, before the Time of Expiry, in
whole or in part, by the Holder of this Warrant by surrendering it to the
Company, with a duly completed and executed Subscription Form together with
cash, a bank draft, certified cheque, money order, wire transfer or other
immediately payable funds, payable to or to the order of the Company at par in
Vancouver, British Columbia, for the aggregate Exercise Price applicable at the
time of surrender in respect of the Warrant Shares subscribed for in lawful
money of the United States. 

- 4 -

	5. 	
      Effect of Exercise of Warrants

	 	 	 
		(a) 	
      On the date the Company receives a duly executed
      Subscription Form and the aggregate Exercise Price for the number of
      Warrant Shares specified in the Subscription Form (the “Exercise
      Date”), the Warrant Shares so subscribed for will be deemed to have
      been issued and such persons will be deemed to have become the Holder (or
      Holders) of record of such Warrant Shares on such date.

	 	 	 
		(b) 	
      As promptly as practicable after the Exercise Date and,
      in any event, within ten (10) business days of the Exercise Date, the
      Company shall forthwith cause to be delivered to the person or persons in
      whose name or names the Warrant Shares so subscribed for are to be issued
      as specified in such Subscription Form or couriered to him or them at his
      or their respective addresses specified in such Subscription Form, a
      certificate or certificates for the appropriate number of fully paid and
      non- assessable Warrant Shares not exceeding those which the Holder is
      entitled to purchase pursuant to the Warrant surrendered.

	 	 	 
	6. 	
      Subscription for Less than
  Entitlement

The Holder of any Warrant may subscribe for and purchase a
number of Warrant Shares less than the number which the Holder is entitled to
purchase pursuant to the surrendered Warrant Certificate. In the event of any
purchase of a number of Warrant Shares less than the number which can be
purchased pursuant to the Warrant Certificate, the Holder, upon exercise
thereof, shall be entitled to receive a new Warrant Certificate in respect of
the balance of the Warrant Shares which the Holder was entitled to purchase
pursuant to the surrendered Warrant Certificate and which were not then
purchased.

	7. 	
      Warrants for Fractions of
Shares

To the extent that the Holder of any Warrant is entitled to
receive on the exercise or partial exercise thereof a fraction of a Share, such
right may be exercised in respect of such fraction only in combination with
another Warrant or other Warrants which in the aggregate entitle the Holder to
receive a whole number of such Shares.

	8. 	
      Expiration of Warrants

After the expiration of the period within which a Warrant is
exercisable, all rights thereunder shall wholly cease and terminate and such
Warrants shall be void and of no further force and effect.

	9. 	
      Replacement of Lost Warrants

	 	 	 
		(a) 	
      In case a Warrant Certificate shall become mutilated,
      lost, destroyed or stolen, the Company shall issue and deliver a new
      Warrant Certificate of like date and tenure as the one mutilated, lost,
      destroyed or stolen, in exchange for and in place of and upon cancellation
      of such mutilated Warrant Certificate, or in lieu of, and in substitution
      for such lost, destroyed or stolen Warrant Certificate and the substituted
      Warrant Certificate shall be entitled to all benefits hereunder and rank
      equally in accordance with its terms with all other Warrants issued or to
      be issued by the Company.

	 	 	 
		(b) 	
      The applicant for the issue of a new warrant certificate
      pursuant hereto shall bear the cost of the issue thereof and in case of
      loss, destruction or theft shall furnish to the Company evidence of
      ownership and of loss, destruction or theft of the Warrant Certificate so
      lost, destroyed or stolen as will be satisfactory to the Transfer Agent in
      accordance with its usual policies and procedures and such applicant may
      also be required to furnish indemnity in the amount and form satisfactory
      to the Transfer Agent in accordance with its usual policies and
      procedures, and shall pay the reasonable charges of the Company in
      connection therewith.

- 5 -

	10. 	
      Warrant Holder Not a
Shareholder

The holding of a Warrant Certificate shall not constitute the
Holder thereof a shareholder of the Company, nor entitle him to any right or
interest in respect thereof except as expressly provided in the Warrant
Certificate.

	11. 	
      Exchange of Warrants

	 	 	 
		(a) 	
      Warrants in any authorized denomination may, upon
      compliance with the reasonable requirements of the Company, be exchanged
      for Warrants in any other authorized denomination of the same series and
      date of expiry entitling the Holder thereof to purchase any equal
      aggregate number of Warrant Shares at the same exercise price and on the
      same terms as the Warrants so exchanged.

	 	 	 
		(b) 	
      Warrants may be exchanged at the office of the Company.
      Any Warrants tendered for exchange shall be surrendered to the Company and
      cancelled.

	 	 	 
	12. 	
      Ownership and Transfer of Warrants

	 	 	 
		(a) 	
      The Holder may not transfer the Warrants, except to one
      or more Affiliates of the Holder (an “Approved
  Transferee”).

	 	 	 
		(b) 	
      Subject to applicable law, the Holder may transfer the
      Warrants to an Approved Transferee by delivering to the Company, at any
      time prior to the Time of Expiry, at its principal office, this Warrant
      Certificate with the transfer form duly completed and executed by the
      Holder or its legal representative or attorney, duly appointed by an
      instrument in writing in form and manner satisfactory to the Company.
      Notwithstanding the foregoing, the Company may refuse to permit the
      transfer of any Warrants if such transfer would constitute a violation of
      the securities laws of any jurisdiction. Subject to the foregoing, the
      Company shall issue a new Warrant Certificate, representing the
      transferred Warrants, registered in the name of Approved Transferee or as
      the Approved Transferee may direct and, if not all Warrants represented by
      a surrendered Warrant Certificate are transferred, a new Warrant
      Certificate, representing the Warrants not so transferred, and registered
      in the name of the Holder.

	 	 	 
	13. 	
      Notice to the Company and the Holder

	 	 	 
		(a) 	
      Any notice, direction or other communication (each a
      “Notice”) given regarding the matters contemplated by the Terms and
      Conditions must be in writing, sent by personal delivery, courier or
      facsimile (but not by electronic mail) and
addressed:

To the Holder at the address set forth
on page 1 of the Warrant Certificate

To the Company at:

	 	CounterPath Corporation 
	 	Suite 300, One Bentall Centre 
	 	505 Burrard Street 
	 	Vancouver, BC, V7X 1M3 
	 	Attention: 	David Karp 
	 	Facsimile No.: 	1.604.320.3399 
	 	Email: 	dkarp@counterpath.com 

- 6 -

With a copy to:

	 	Clark Wilson LLP 
	 	Barristers and Solicitors 
	 	800 – 885 West Georgia Street 
	 	Vancouver, BC V6C 3H1 
	 	Attention: 	Virgil Hlus 
	 	Facsimile No: 	1.604.687.6314 
	 	Email: 	vzh@cwilson.com 

	 	(b) 	
      A Notice is deemed to be delivered and received (i) if
      sent by personal delivery, on the date of delivery if it is a Business Day
      and the delivery was made prior to 4:00 p.m. (local time in place of
      receipt) and otherwise on the next Business Day; (ii) if sent by same-day
      service courier, on the date of delivery if sent on a Business Day and
      delivery was made prior to 4:00 p.m. (local time in place of receipt) and
      otherwise on the next Business Day; (iii) if sent by overnight courier, on
      the next Business Day; or (iv) if sent by facsimile or electronic mail, on
      the Business Day following the date of confirmation of transmission by the
      originating facsimile or electronic mail message. A Party may change its
      address for service from time to time by providing a Notice in accordance
      with the foregoing. Any subsequent Notice must be sent to the Party at its
      changed address. Any element of a Party’s address that is not specifically
      changed in a Notice will be assumed not to be
changed.

	14. 	
      Covenants of the Company

The Company represents and warrants that it is authorized to
create and issue the Warrants and covenants and agrees that it will cause the
Warrant Shares from time to time subscribed for and purchased in the manner
provided in this Warrant Certificate, and the certificate representing such
Warrant Shares, to be issued in accordance with the terms of this Warrant
Certificate and that at all times prior to the Time of Expiry, it will reserve
and there will remain unissued a sufficient number of Warrant Shares to satisfy
the right of purchase provided for in this Warrant Certificate. All Warrant
Shares which are issued upon the exercise of the right of purchase provided in
this Warrant Certificate, upon payment therefor of the amount at which such
Warrant Shares may be purchased pursuant to the provisions of this Warrant
Certificate, shall be issued and be deemed to be issued as fully paid and
non-assessable shares, free and clear of any and all Liens, charges or
taxes.

	15. 	
      Applicable Law

This Warrant Certificate and the Warrants shall be construed in
accordance with the laws of the Province of British Columbia and the laws of
Canada applicable thereto and shall be treated in all respects as British
Columbia contracts. The Holder irrevocably attorns to the jurisdiction of the
courts of the Province of British Columbia.

	16. 	
      Time of the Essence

Time shall be of the essence of this Warrant Certificate.

	17. 	
      Severability

If any provision of this Warrant Certificate is determined to
be illegal, invalid or unenforceable, by an arbitrator or any court of competent
jurisdiction from which no appeal exists or is taken, that provision will be
severed from this Warrant Certificate and the remaining provisions will remain
in full force and effect.

	18. 	
      Currency

Unless otherwise provided, all dollar amounts referred to in
this Warrant Certificate and these Terms and Conditions are in lawful money of
the United States of America.

- 7 -

	19. 	
      Successors

This Warrant Certificate will enure to the benefit of and will
be binding upon the Company and its heirs, administrators, executors, legal
personal representatives and successors.

APPENDIX “A”

SUBSCRIPTION FORM

(ONE COMMON SHARE PURCHASE WARRANT IS 
REQUIRED TO SUBSCRIBE
FOR EACH COMMON SHARE)

	TO: 	CounterPath Corporation 
	  	Suite 300, One Bentall Centre 
		505 Burrard Street  
	  	Vancouver, BC V7X 1M3 

The undersigned, bearer of the attached Common Share Purchase
Warrants, hereby subscribes for _____________ of the common shares of
CounterPath Corporation (the “Company”) referred to in the Warrant
Certificate according to the conditions thereof and herewith makes payment of
the purchase price in full for the said number of shares at the price of US$3.25
per share (or the adjusted price of $_________ per share). Cash, a bank draft, a
certified cheque, a money order, a wire transfer or other immediately available
funds is enclosed herewith, or have been otherwise delivered to you, for such
amount. The undersigned represents that, at the time of exercise of the
Warrants, all of the representations and warranties contained in the
Subscription Agreement between the Company and the undersigned Holder pursuant
to which these Warrants were issued are true and accurate.

The undersigned hereby directs that the shares hereby
subscribed for be issued and delivered as follows:

	Name(s) in Full 	 	Address(es) 	 	 	Number of Shares 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

(Please print full names in which share certificates are to be
issued.)

DATED this ______day of ___________________, 20_____.

	 	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)
  

TERMS AND CONDITIONS

The Warrants are issued subject to the Terms and Conditions for
the time being governing the holding of Warrants in the Company.

- 2 -

LEGENDS

The certificates representing the shares acquired on the
exercise of the Warrants will bear the following legend:

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

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

UNLESS PERMITTED UNDER SECURITIES
LEGISLATION, THE HOLDER OF THE SECURITIES SHALL NOT TRADE THE SECURITIES BEFORE
OCTOBER 20, 2012.

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 OCTOBER 20, 2012.

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