Document:

Filed by sedaredgar.com - AMG Oil Ltd. - Exhibit 4.4

FINAL

AGENCY AGREEMENT

THIS AGREEMENT dated the 31st day of August, 2009,
is made

BETWEEN

ADIRA ENERGY CORP.

(the “Corporation”);

AND

SANDFIRE SECURITIES
INC.

(“Sandfire”).

WHEREAS:

The Corporation wishes to privately place with purchasers Units
having an aggregate principal amount of at least $2,000,000 or such lesser
amount as approved by the Corporation; 

The Corporation wishes to appoint the Agent to distribute the
Units, and the Agent is willing to accept such appointment on the terms and
conditions of this Agreement; 

The Corporation has entered into a securities exchange
agreement (the “Acquisition Agreement”) with AMG Oil Ltd. (“AMG”) dated August
4, 2009, whereby AMG will acquire all of the issued and outstanding shares in
the capital of the Corporation (referred to herein as the “Acquisition”); 

THE PARTIES to this Agreement therefore agree as follows: 

	1. 	
      Definitions, Interpretation and
      Schedules

	 	 	 	 
		(a) 	
      Definitions: Whenever used in this
    Agreement:

	 	 	 	 
			(i) 	
      “Acceleration Date” has the meaning defined in 5(e) of
      this Agreement;

	 	 	 	 
			(ii) 	
      “Acquisition” means the acquisition of all of the issued
      and outstanding shares in the capital of the Corporation by AMG pursuant
      to the Acquisition Agreement;

	 	 	 	 
			(iii) 	
      “Acquisition Agreement” means the securities exchange
      agreement between the Corporation and AMG dated August 4, 2009, whereby
      AMG will acquire all of the issued and outstanding shares in the capital
      of the Corporation;

	 	 	 	 
			(iv) 	
      “Adira Properties” means the approximately 125.7 km2
      in the Hula Valley located in Northern Israel subject to the
      License;

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	 	(v) 	
      “Agent” means Sandfire and any other member of the
      selling group that may be formed for the Offering;

	 	 	 
	 	(vi) 	
      “Agent’s Fee” means the fee payable pursuant to
      subsection 8(a) of this Agreement by the Corporation to the Agent equal to
      7% of the aggregate Purchase Price for the Offered Securities sold by the
      Agent in the Offering;

	 	 	 
	 	(vii) 	
      “Agreement” means this agreement, including the schedules
      attached hereto, as amended or supplemented from time to time;

	 	 	 
	 	(viii) 	
      “AMG” means AMG Oil Ltd., a corporation existing under
      the laws of Canada and includes any successor corporation
  thereto;

	 	 	 
	 	(ix) 	
      “Ancillary Documents” means all agreements, indentures,
      certificates and documents executed and delivered, or to be executed and
      delivered, by the Corporation or AMG, as the case may be, in connection
      with the transactions contemplated by this Agreement, the Acquisition
      Agreement or the Subscription Agreements and includes the Subscription
      Agreements;

	 	 	 
	 	(x) 	
      “Broker Shares” means the Common Shares which will be
      issued upon the exercise of the Broker Warrants;

	 	 	 
	 	(xi) 	
      “Broker Warrants” means the warrants which will entitle
      the Agent to subscribe for a number of Common Shares equal to 7% of the
      number of Offered Securities sold by the Agent, each Broker Warrant
      entitling the holder to acquire one Common Share at a price of $0.25 per
      Common Share for a period of twenty four months following the Closing
      Date;

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

	 	 	 
	 	(xiii) 	
      “Closing” means the closing of the Offering, which shall
      occur immediately before the closing of the Acquisition;

	 	 	 
	 	(xiv) 	
      “Closing Date” means August 31, 2009 or such other date
      as the Corporation and the Agent may mutually agree upon;

	 	 	 
	 	(xv) 	
      “Closing Time” means 1:30 p.m. (Toronto time) on the
      Closing Date or such other time on the Closing Date as the Corporation and
      the Agent may mutually agree upon;

	 	 	 
	 	(xvi) 	
      “Common Shares” means the common shares which the
      Corporation is authorized to issue as constituted on the date
    hereof;

	 	 	 
	 	(xvii) 	
      “Corporation” means Adira Energy Corp., a corporation
      existing under the laws of Ontario and includes any successor corporation
      thereto;

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	 	(xviii) 	
      “Escrow Agent” means Aird & Berlis, LLP, counsel to
      the Corporation;

	 	 	 
	 	(xix) 	
      “Escrowed Certificates” means the certificates
      representing the Offered Securities and Broker Warrants;

	 	 	 
	 	(xx) 	
      “Information” means all information regarding the
      Corporation prepared by the Corporation and provided or accessible to the
      Agent, if any, and includes but is not limited to, all press releases and
      corporate information of the Corporation;

	 	 	 
	 	(xxi) 	
      “License” means the “Eitan” Petroleum License covering
      the Adira Properties issued by the Israeli Ministry of National
      Infrastructures to the Corporation in December 2008;

	 	 	 
	 	(xxii) 	
      “Net Proceeds” has the meaning defined in subsection 5(a)
      of this Agreement;

	 	 	 
	 	(xxiii) 	
      “Offered Securities” means at least 8,000,000 Units or
      such lesser amount as approved by the Corporation, the Corporation is
      offering for sale through the Agent;

	 	 	 
	 	(xxiv) 	
      “Offering” means the offering for sale by the Corporation
      on a private placement basis of the Offered Securities;

	 	 	 
	 	(xxv) 	
      “Offering Jurisdictions” means the provinces of British
      Columbia, Alberta and Ontario;

	 	 	 
	 	(xxvi) 	
      “Ontario Act” means the Securities Act (Ontario)
      and the regulations thereunder, together with the instruments, policies,
      rules, orders, codes, notices and interpretation notes of the Ontario
      Securities Commission, as amended, supplemented or replaced from time to
      time;

	 	 	 
	 	(xxvii) 	
      “OTCBB” means the Over-The-Counter Bulletin Board a
      regulated electronic trading service in the United States offered by the
      National Association of Securities Dealers that shows real-time quotes,
      last-sale prices and volume information for over-the-counter equity
      securities;

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

	 	 	 
	 	(xxix) 	
      “Purchase Price” means the price to be paid by the
      Purchasers for each Offered Security under the Offering, being $0.25 per
      Offered Security;

	 	 	 
	 	(xxx) 	
      “Purchasers” means the purchasers of the Offered
      Securities collectively;

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	 	(xxxi) 	
      “Sandfire” means Sandfire Securities Inc.;

	 	 	 
	 	(xxxii) 	
      “SEC” means the U.S. Securities and Exchange
      Commission;

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

	 	 	 
	 	(xxxiv) 	
      “Subscription Agreements” means the subscription
      agreement to be entered into between the Corporation and each of the
      Purchasers with respect to the purchase of the Offered Securities,
      collectively; and

	 	 	 
	 	(xxxv) 	
      “Success Fee” means the CAD$10,000 payable to Sandfire on
      Closing pursuant to subsection 8(c) of this Agreement;

	 	 	 
	 	(xxxvi) 	
      “Successor” means AMG or the successor entity entity
      resulting from the Acquisition;

	 	 	 
	 	(xxxvii) 	
      “Successor Broker Warrants” has the meaning defined in
      subsection 5(f) of this Agreement;

	 	 	 
	 	(xxxviii) 	
      “Successor Common Shares” has the meaning defined in
      subsection 5(e) of this Agreement;

	 	 	 
	 	(xxxix) 	
      “Successor Units” has the meaning defined in subsection
      5(e) of this Agreement;

	 	 	 
	 	(xl) 	
      “Successor Warrants” has the meaning defined in
      subsection 5(e) of this Agreement;

	 	 	 
	 	(xli) 	
      “Unit” means one Common Share and one half of one
      Warrant;

	 	 	 
	 	(xlii) 	
      “U.S.” or “United States” means the United States of
      America;

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

	 	 	 
	 	(xliv) 	
      “Warrant” means a common share purchase warrant
      exercisable into one Common Share at an exercise price of $0.50 per Common
      Share for a period of two years from the Closing
Date.

	 	(b) 	
      Other Defined Terms: Whenever used in this
      Agreement, the words and terms “affiliate”, “associate”, “material fact”,
      “material change”, “misrepresentation”, “officer” and “subsidiary” shall
      have the meaning given to such word or term in the Ontario Act unless
      specifically provided otherwise herein.

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	 	(c) 	
      Plural and Gender: Whenever used in this
      Agreement, words importing the singular number only shall include the
      plural and vice versa and words importing the masculine gender shall
      include the feminine gender and neuter.

	 	 	 
	 	(d) 	
      Currency: All references to monetary amounts in
      this Agreement are to lawful money of the United
States.

	2. 	
      The Offering

	 	 	 
		
      The Offering is for at least 8,000,000 Units or such
      lesser amount as approved by the Corporation.

	 	 	 
	3. 	
      The Agent

	 	 	 
		(a) 	
      Sale on Exempt Basis: The Agent shall offer for
      sale and sell the Offered Securities in the Offering Jurisdictions and,
      subject to applicable law, outside Canada (other than the United States)
      in compliance with the Securities Laws and only to such Persons and in
      such manner so that, pursuant to the provisions of the Securities Laws, no
      prospectus or offering memorandum or other similar document need be filed
      with, or delivered to, any securities commission of the Offering
      Jurisdictions or other similar regulatory authority in connection
      therewith. The Agent shall notify the Corporation with respect to the
      identity and jurisdiction of residence of each Purchaser as soon as
      practicable and in any event not later than one Business Day prior to the
      Closing Date.

	 	 	 
		(b) 	
      Selling Group: The Corporation agrees that,
      subject to the consent of the Corporation, such consent not to be
      unreasonably withheld, Sandfire has the right to invite one or more
      securities dealers to form a selling group to participate in finding
      purchasers for the Offered Securities. The Corporation grants all of the
      rights and benefits of this Agreement to any securities dealer who is a
      member of any selling group and appoints Sandfire as trustee of such
      rights and benefits for all such securities dealers, and Sandfire hereby
      accepts such trust and agrees to hold such rights and benefits for and on
      behalf of all such securities dealers. Sandfire shall ensure that any
      securities dealer who is a member of any selling group formed pursuant to
      the provisions of this subsection 3(b) or with whom Sandfire has a
      contractual relationship with respect to the Offering, if any, agrees with
      Sandfire to comply with the covenants and obligations given by the Agent
      herein.

	 	 	 
		(c) 	
      Covenants, Representations and Warranties of the
      Agent: The Agent covenants with the Corporation that (i) it will
      comply with the Securities Laws of the Offering Jurisdictions in which it
      solicits or procures subscriptions for Offered Securities in connection
      with the Offering, (ii) it will not solicit or procure subscriptions for
      Offered Securities so as to require the registration thereof or the filing
      of a prospectus with respect thereto under the laws of any jurisdiction,
      (iii) it will obtain from each Purchaser an executed Subscription
      Agreement in a form acceptable to the Corporation and the Agent, acting
      reasonably, and (iv) it is

- 6 -

acquiring any securities of the
Corporation which it is entitled to, or may elect to, receive hereunder as
principal and is an “accredited investor” as defined in National Instrument
45-106 of the Canadian Securities Administrators. The Agent represents and
warrants that: (i) it is, and, to the best of its knowledge, all members of any
selling group formed by it are, qualified to so act in the Offering
Jurisdictions in which it solicited or procured subscriptions for the Offered
Securities; (ii) it, and to the best of its knowledge after due enquiry, each
member of any such selling group, is registered under the Ontario Act and is
registered or exempt from registration under the securities legislation in any
jurisdiction in which it solicited or procured subscriptions, as applicable, as
a dealer in an appropriate category; and (iii) it, and to the best of its
knowledge after due inquiry, each member of any selling group, has not engaged
in or authorized, and will not engage in or authorized, any form of general
solicitation or general advertising in connection with or in respect of the
offering in any newspaper, magazine, private media of general and regular paid
circulation or any similar medium, or broadcast over the radio or television or
by means of the internet or otherwise or conducted any seminar or meeting
concerning the offering whose attendees have been invited by any general
solicitation or general advertising. 

	 	(d) 	
      Filings: The Corporation undertakes to file or
      cause to be filed all forms and undertakings required to be filed by the
      Corporation in connection with the Offering so that the distribution of
      the Offered Securities may lawfully occur in the Offering Jurisdictions
      without the necessity of filing a prospectus or an offering memorandum in
      Canada and the Agent undertakes to use its commercially reasonable efforts
      to cause the Purchasers of the Offered Securities to complete (and it
      shall be a condition of closing in favour of the Corporation that the
      Purchasers complete and deliver to the Corporation) any forms and
      undertakings required by the Securities Laws of the Offering
      Jurisdictions. All fees payable in connection with such filings shall be
      at the expense of the Corporation.

	 	 	 
	 	(e) 	
      No Offering Memorandum: Neither the Corporation
      nor the Agent shall (i) provide to prospective purchasers of Offered
      Securities any document or other material that would constitute an
      offering memorandum within the meaning of the Securities Laws of the
      Offering Jurisdictions or (ii) engage in any form of general solicitation
      or general advertising in connection with the offer and sale of the
      Offered Securities, including but not limited to, causing the sale of the
      Offered Securities to be advertised in any newspaper, magazine, printed
      public media, printed media or similar medium of general and regular paid
      circulation, broadcast over radio, television or telecommunications,
      including electronic display or the Internet, or otherwise, or conduct any
      seminar or meeting relating to any offer and sale of the Offered
      Securities whose attendees have been invited by a general solicitation or
      general advertising.

- 7 -

	4. 	
      Due Diligence

	 	 	 
		
      The Corporation hereby represents and warrants, to the
      best of its knowledge, that the Information and all documentation,
      correspondence and information provided directly to Sandfire by the
      Corporation and its legal counsel, advisors and agents in the course of
      Sandfire’s due diligence investigation of the Corporation are true,
      accurate and contain no misstatements of any material fact or omit any
      information required to make such materials not misleading and no material
      information has been omitted from the disclosure provided to Sandfire by
      the Corporation.

	 	 	 
	5. 	
      Escrow & Exchange

	 	 	 
		(a) 	
      On the Closing Date, the Agent will deliver the gross
      proceeds from the sale of the Units less the Agent’s Fee, the Success Fee,
      in the case of Sandfire, and expenses payable under subsection 13 of this
      Agreement (the “Net Proceeds”) to the Escrow Agent and the Corporation
      will deliver the Escrow Certificates to the Escrow Agent.

	 	 	 
		(b) 	
      The Escrow Agent will hold the Net Proceeds and the
      Escrow Certificates until it receives the direction from the Agent
      pursuant to subsection 5(c) of this Agreement.

	 	 	 
		(c) 	
      The Agent will provide a direction to the Escrow Agent to
      release the Net Proceeds upon receipt by the Agent of confirmation of
      fulfillment of all of the conditions to the closing of the
    Acquisition.

	 	 	 
		(d) 	
      Upon receipt of the direction of the Agent as described
      in subsection 5(c), the Escrow Agent will release to the Corporation the
      Escrow Certificates and the Net Proceeds held in escrow.

	 	 	 
		(e) 	
      The Units will then be exchanged for units (the
      “Successor Units”) in AMG, concurrent with the closing of the Acquisition.
      Each subscriber will receive one Successor Unit for each Unit purchased in
      the Offering. The Successor Units will be comprised of one common share in
      capital of the Successor (“Successor Common Share”) and one half of one
      warrant to purchase Successor Common Shares (each whole warrant a
      “Successor Warrant”). Each Successor Warrant shall be exercisable into one
      Successor Common Share at an exercise price of $0.50 per Successor Common
      Share for a period of two years from the Closing Date. The Successor
      Warrants shall contain acceleration provisions such that, in the event
      that the weighted average trading price of the shares of the Successor
      listed on an exchange exceeds $1.00 per Successor Common Share for a
      period of 20 consecutive trading days (the 20th day of such trading
      period, the “Acceleration Date”) the expiry date of the Successor Warrants
      shall be accelerated to that date which is 30 days after the Acceleration
      Date.

	 	 	 
		(f) 	
      The Broker Warrants will also be exchanged for warrants
      to acquire common shares in the Successor upon completion of the
      Acquisition on the same terms and conditions as the Broker Warrants (the
      “Successor Broker Warrants”).

- 8 -

	6. 	
      Deliveries By Closing Time

	 	 	 	 	 
		
      By the Closing Time:

	 	 	 	 	 
		(a) 	
      all actions required to be taken by or on behalf of the
      Corporation including, without limitation, the passing of all required
      resolutions of the directors, including committees of the directors, and
      shareholders of the Corporation, shall have occurred in order to complete
      the transactions contemplated by this Agreement, including, without
      limitation, to execute and perform its obligations under the Acquisition
      Agreement, to issue the Offered Securities sold in the Offering, to create
      and issue the Broker Warrants and to allot and reserve the Common Shares
      issuable upon exercise of the Broker Warrants, and a certified copy of all
      such resolutions shall have been delivered by the Corporation to the
      Agent;

	 	 	 	 	 
		(b) 	
      the Corporation shall have delivered or caused to be
      delivered to the Agent:

	 	 	 	 	 
			(i) 	
      a favourable legal opinion dated the Closing Date of
      counsel to the Corporation, who may rely on opinions of local counsel
      acceptable to the Agent, addressed to, among others, the Agent and the
      Purchasers satisfactory in form and substance to counsel to the Agent,
      acting reasonably, to the effect that:

	 	 	 	 	 
				(A) 	
      the Corporation is a corporation existing under the laws
      of its jurisdiction of incorporation and has not been dissolved;

	 	 	 	 	 
				(B) 	
      the Corporation has all requisite corporate capacity,
      power and authority to own and operate its property and assets and to
      carry on its business as now conducted by it;

	 	 	 	 	 
				(C) 	
      the Corporation has all requisite corporate capacity,
      power and authority to make the Offering and to execute and deliver this
      Agreement, the Acquisition Agreement and the Ancillary Documents,
      including the certificates representing the Broker Warrants, and to
      perform all of its obligations contemplated thereunder, including the
      issue of the Common Shares issuable upon the exercise of the Broker
      Warrants;

	 	 	 	 	 
				(D) 	
      as at the Closing Date, immediately prior to the
      completion of the Offering, the authorized capital of the Corporation
      consists of an unlimited number of Common Shares, of which, 31,200,001
      Common Shares were issued and outstanding;

	 	 	 	 	 
				(E) 	
      the execution and delivery of this Agreement and the
      Ancillary Documents, including the certificate representing the Broker
      Warrants and the performance by the Corporation of its obligations
      thereunder, including the issue of the Common Shares issuable upon the
      exercise of the Broker Shares do not and will not result
  in

- 9 -

a breach of, and do not and will not
conflict with, any of the terms, conditions or provisions of the constating
documents of the Corporation or the resolutions of the directors or shareholders
of the Corporation; 

	 	(F) 	
      all necessary corporate action has been taken by the
      Corporation to authorize the execution and delivery of this Agreement and
      each of the Ancillary Documents, including the certificates representing
      the Broker Warrants and the completion of the Offering and this Agreement
      and each of the Ancillary Documents, including the certificate
      representing the Broker Warrants has been duly authorized, executed and
      delivered by the Corporation and constitutes a legal, valid and binding
      obligation of the Corporation, enforceable in accordance with its terms
      (subject to the usual qualifications);

	 	 	 
	 	(G) 	
      all necessary corporate action has been taken by the
      Corporation to authorize the allotment and issue of the Offered Securities
      the creation, allotment and issue of the Broker Warrants and the Common
      Shares issuable upon the due exercise of the Broker Warrants have been
      allotted and reserved for issuance by the Corporation and, when issued in
      accordance with the due exercise of the Broker Warrants, such Common
      Shares shall be issued as fully-paid and non-assessable shares of the
      Corporation;

	 	 	 
	 	(H) 	
      the offering, issuance and sale of the Offered Securities
      and the Broker Warrants have been effected in such a manner as to be
      exempt, either by statute or regulation or order, from the prospectus and,
      if applicable, registration requirements of the Offering Jurisdictions,
      and no documents are required to be filed, proceedings taken or approvals,
      permits, consents or authorizations of regulatory authorities obtained
      under applicable securities legislation in connection therewith (subject
      to advice with respect to filing private placement forms and paying
      requisite filing fees);

	 	 	 
	 	(I) 	
      no prospectus or registration will be required and no
      documents are required to be filed, proceedings taken or approvals,
      permits, consents or authorizations of regulatory authorities obtained
      under applicable securities legislation in connection with the issuance of
      the Common Shares upon the exercise of the Broker Warrants (subject to the
      usual filings, if any);

	 	 	 
	 	(J) 	
      the Offered Securities, the Broker Warrants and the
      Common Shares issuable upon exercise of the Broker Warrants will be
      subject to a statutory hold period in Canada of four months and one day
      commencing from the date that the Corporation becomes
a

- 10 -

reporting issuer in any province or
territory of Canada (subject to the usual qualifications); 

	 	(K) 	
      the certificates representing the Common Shares, Warrants
      and the Broker Warrants have been approved by the directors of the
      Corporation and comply with applicable law, including any necessary
      legends; and

	 	 	 
	 	(L) 	
      such other matters as the Agent or counsel for the Agent
      may reasonably require;

	 	(ii) 	
      a favourable legal opinion dated the Closing Date of
      counsel to the Corporation, addressed to the Agent, in form and substance
      satisfactory to the Agent and its counsel, acting reasonably with respect
      to title to the Adira Properties;

	 	 	 
	 	(iii) 	
      a certificate dated the Closing Date signed by an
      appropriate officer of the Corporation and addressed to, among others, the
      Agent with respect to the articles and by-laws of the Corporation, the
      resolutions of the directors and shareholders, if any, of the Corporation
      and any other corporate action taken relating to this Agreement, the
      Acquisition Agreement and the Ancillary Documents and with respect to such
      other matters as the Agent may reasonably request and including specimen
      signatures of the signing officers of the Corporation;

	 	 	 
	 	(iv) 	
      a technical report covering the Adira Properties,
      however, such technical report need not be prepared in compliance with
      National Instrument 51- 101 – Standards of Disclosure for Oil & Gas
      Activities of the Canadian Securities Administrators;

	 	 	 
	 	(v) 	
      definitive certificates representing the Offered
      Securities registered in the names of the Purchasers or in such other name
      or names as the Purchasers or the Agent may direct;

	 	 	 
	 	(vi) 	
      a definitive certificate representing the Broker Warrants
      registered in the name of the Agent or in such other name as the Agent may
      direct; and

	 	 	 
	 	(vii) 	
      such further documents as may be contemplated by this
      Agreement or as the Agent may reasonably require;

all in form and substance satisfactory
to the Agent; and

	 	(c) 	
      the Corporation shall have caused to be delivered to the
      Agent:

	 	 	 	 
	 		(i) 	
      a favourable legal opinion dated the Closing Date of
      counsel to AMG, who may rely on opinions of local counsel acceptable to
      the Agent, addressed to, among others, the Agent and the Purchasers
      satisfactory in

- 11 -

form and substance to counsel to the
Agent, acting reasonably, to the effect that: 

	 	(A) 	
      AMG is a corporation existing under the laws of its
      jurisdiction of incorporation and has not been dissolved;

	 	 	 
	 	(B) 	
      as at the Closing Date, immediately prior to the
      completion of the Acquisition, the authorized capital of AMG consists of
      100,000,000 common shares, of which, 23,200,000 common shares were issued
      and outstanding;

	 	 	 
	 	(C) 	
      all necessary corporate action has been taken by AMG to
      authorize the execution and delivery of the Acquisition Agreement and the
      Acquisition Agreement has been duly authorized, executed and delivered by
      AMG and constitutes a legal, valid and binding obligation of AMG,
      enforceable in accordance with its terms (subject to the usual
      qualifications);

	 	 	 
	 	(D) 	
      all necessary corporate action has been taken by AMG to
      authorize the allotment and issue of the Successor Units the creation,
      allotment and issue of the Successor Broker Warrants and the Successor
      Common Shares issuable upon the due exercise of the Successor Broker
      Warrants have been allotted and reserved for issuance by AMG and, when
      issued in accordance with the due exercise of the Successor Broker
      Warrants, such Successor Common Shares shall be issued as fully-paid and
      non-assessable shares of the Successor; and

	 	 	 
	 	(E) 	
      such other matters as the Agent or counsel for the Agent
      may reasonably require;

	 	(ii) 	
      a certificate dated the Closing Date signed by an
      appropriate officer of AMG with respect to the resolutions of the
      directors and shareholders, if any, of AMG and any other corporate action
      taken relating to this Agreement, the Acquisition Agreement and the
      Ancillary Documents and with respect to such other matters as the Agent
      may reasonably request;

	 	 	 
	 	(iii) 	
      definitive certificates representing the Successor Common
      Shares and Successor Warrants registered in the names of the Purchasers or
      in such other name or names as the Purchasers or the Agent may
    direct;

	 	 	 
	 	(iv) 	
      a definitive certificate representing the Successor
      Broker Warrants registered in the name of the Agent or in such other name
      as the Agent may direct; and

	 	 	 
	 	(v) 	
      such further documents as may be contemplated by this
      Agreement or as the Agent may reasonably
require;

- 12 -

all in form and substance satisfactory
to the Agent; and

	 	(d) 	
      the Agent shall have delivered or cause to be delivered
      to the Corporation.

	 	 	 	 
	 		(i) 	
      payment of the aggregate gross Purchase Price for the
      Offered Securities sold in the Offering less (i) the Agent’s Fee as
      provided in section 8 of this Agreement, (ii) the Success Fee as provided
      in section 8 of this Agreement and (iii) the expenses (including legal
      expenses) payable by the Corporation to the Agent as provided in section
      13 of this Agreement, by certified cheque or bank draft payable to the
      Corporation or as the Corporation may otherwise direct in writing against
      delivery by the Corporation to the Agent of a receipt for the net proceeds
      of the Offering; and

	 	 	 	 
	 		(ii) 	
      such further documents as may be contemplated by this
      Agreement or as the Corporation may reasonably require;

	 	 	 	 
	 		
      all in form and substance satisfactory to the
      Corporation.

	7. 	
      Closing

	 	 	 	 
		(a) 	
      Closing: The Closing shall be completed
      immediately before the closing of the Acquisition at the offices of
      counsel for the Corporation at the Closing Time on the Closing
  Date.

	 	 	 	 
		(b) 	
      Conditions of Closing: The following are
      conditions precedent to the obligation of the Agent to complete the
      Closing, which conditions the Corporation hereby covenants and agrees to
      use its best efforts to fulfill within the time set out herein therefor,
      and which conditions may be waived in writing in whole or in part by the
      Agent:

	 	 	 	 
			(i) 	
      the Corporation and AMG shall each have received all
      necessary approvals and consents, including all necessary regulatory
      approvals and consents required for the completion of the transaction
      contemplated by this Agreement and the Acquisiton Agreement, all in a form
      satisfactory to the Agent;

	 	 	 	 
			(ii) 	
      receipt by the Agent of the documents set forth in
      section 6 of this Agreement to be delivered to the Agent;

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

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

- 13 -

	 	(v) 	
      the Agent not having previously terminated the
      obligations thereof pursuant to this
Agreement.

	8. 	
      Fee

	 	 	 
		(a) 	
      Commission: In consideration of the Agent agreeing
      to act as Agent of the Corporation in respect of the Offering, and in
      consideration of the services performed and to be performed by the Agent
      in connection therewith, the Corporation shall pay to the Agent or as the
      Agent may otherwise direct at the Closing Time against receipt of payment
      of the purchase price for the Offered Securities sold by the Agent in the
      Offering, the Agent’s Fee equal to 7% of the aggregate Purchase Price for
      such Offered Securities. .

	 	 	 
		(b) 	
      Broker Warrants: In addition to the Agent’s Fee
      payable to the Agent pursuant to subsection 8(a) above, as additional
      consideration for the services performed and to be performed by the Agent
      hereunder, the Corporation shall issue to the Agent or as the Agent may
      otherwise direct at the Closing Time the Broker Warrants, in form and
      substance satisfactory to the Agent.

	 	 	 
		(c) 	
      Success Fee: At the Closing Time, the Corporation
      shall also pay to Sandfire, or as Sandfire may otherwise direct at the
      Closing Time, a Success Fee of CAD$10,000.

	 	 	 
	9. 	
      Representations and Warranties

	 	 	 
		
      The Corporation hereby represents and warrants to the
      Agent and the Pruchasers, and acknowledges that the Agent and the
      Purchasers are relying upon these representations and warranties in
      completing the Closing, as follows:

	 	 	 
		(a) 	
      The execution of this Agreement and the offering for sale
      and distribution by the Agent of the Offered Securities in accordance with
      the terms of this Agreement and the Subscription Agreement will be exempt
      from the prospectus requirements of the Securities Laws of the Offering
      Jurisdictions.

	 	 	 
		(b) 	
      All necessary corporate action has been taken, or prior
      to the Closing Date will have been taken, to authorize the allotment,
      issue and sale of, and the delivery of certificates representing, the
      Offered Securities and, upon payment of the requisite consideration
      therefor, the Offered Securities will be validly issued as fully paid and
      non-assessable.

	 	 	 
		(c) 	
      The Corporation has all requisite corporate power and
      authority to create and issue the Broker Warrants and to enter into,
      execute and deliver and to carry out the obligations thereof under the
      certificate representing the Broker Warrants. All necessary corporate
      action has been taken by the Corporation to authorize
the

- 14 -

issue of the Broker Warrants in
accordance with the terms and conditions hereof and, when issued, the Broker
Warrants will be validly issued. The certificate representing the Broker
Warrants will constitute a valid and legally binding obligation of the
Corporation enforceable against the Corporation in accordance with the terms
thereof.

	 	(d) 	
      The Agent and the Purchasers shall be entitled to rely on
      the representations, warranties and covenants made by the Corporation to
      AMG and AMG to the Corporation in the Acquisition Agreement and shall
      survive the Closing and shall continue in full force and effect for the
      benefit of the Agent and the Purchasers in accordance with the terms of
      the Acquisition Agreement. The representations, warranties and covenants
      made by the Corporation to AMG and AMG to the Corporation in the
      Acquisition Agreement are hereby incorporated by reference such that they
      form an integral part of this Agreement.

	10. 	
      Covenants of the Corporation

	 	 	 	 
		(a) 	
      Consents and Approvals: The Corporation covenants
      and agrees with the Agent, and acknowledges that such covenants are also
      being provided for the benefit of the Purchasers, that the Corporation and
      AMG will:

	 	 	 	 
			(i) 	
      obtain, to the extent necessary, regulatory consents for
      the Offering and Acquisition on such terms as are mutually acceptable to
      the Agent, the Corporation and AMG, acting reasonably; and

	 	 	 	 
			(ii) 	
      make all necessary filings and obtain all other necessary
      regulatory and other consents and approvals required in connection with
      the transactions contemplated by this Agreement and the Acquisition
      Agreement.

	 	 	 	 
		(b) 	
      The Corporation: The Corporation hereby covenants
      and agrees with the Agent, and acknowledges that such covenants are also
      being provided for the benefit of the Purchasers, that the Corporation
      will:

	 	 	 	 
			(i) 	
      fulfill all legal requirements to permit the issue,
      offering and sale of the Offered Securities and the issue of the Broker
      Warrants, including, without limitation, compliance with the Securities
      Laws of the Offering Jurisdictions to enable the Offered Securities to be
      offered for sale and sold without the necessity of filing a prospectus in
      the Offering Jurisdictions; and

	 	 	 	 
			(ii) 	
      in a timely manner following the Closing Date, file such
      documents as may be required under the Securities Laws of the Offering
      Jurisdictions relating to the offering of the Offered Securities which,
      without limiting the generality of the foregoing, shall include a Form
      45-106F1 as prescribed by National Instrument 45-106 – Prospectus and
      Registration Exemptions of the Canadian Securities
    Administrators.

- 15 -

	 	(iii) 	
      cause AMG to fulfill all legal requirements to permit the
      Acquisition and the issue of the Successor Broker Warrants, including,
      without limitation, compliance with the Securities Laws of the United
      States to enable the Successor Units and Successor Broker Warrants to be
      distributed without the necessity of filing a prospectus, registration
      statement or similar documents with the SEC; and

	 	 	 
	 	(iv) 	
      in a timely manner following the Closing Date, file such
      documents as may be required under the Securities Laws of the United
      States relating to the Acquisition which, without limiting the generality
      of the foregoing, shall include a Form 20F as prescribed by the U.S.
      Securities Act.

	11. 	
      Termination

	 	 	 
		(a) 	
      The Corporation agrees that all terms and conditions in
      this Agreement to be fulfilled at or prior to the Closing Time shall be
      construed as conditions and complied with so far as the same relate to
      acts to be performed or caused to be performed by it, that it will use its
      best efforts to cause such conditions to be complied with, and any breach
      or failure by the Corporation to comply with any of such conditions shall
      entitle the Agent, at its option, to terminate its obligations under this
      Agreement (and the obligations of any Purchasers arranged by it to
      purchase Offered Secuirities whether or not they have executed
      Subscription Agreements) by notice to that effect given to the Corporation
      at or prior to the Closing Time. The Agent may waive, in whole or in part,
      or extend the time for compliance with, any terms and conditions of this
      Agreement without prejudice to their rights in respect of any other of
      such terms and conditions or any other or subsequent breach or
      non-compliance, provided that any such waiver or extension shall be
      binding upon the Agent only if the same is in writing.

	 	 	 
		(b) 	
      If at any time prior to the Closing Time there shall
      occur any material adverse change in the business, affairs, operations,
      assets, liabilities (contingent or otherwise), capital or control of the
      Corporation (referred to in this section 11 as the “Condition of the
      Corporation”), or the Agent becomes aware of any undisclosed material
      adverse information relating to the Corporation, or other adverse material
      development which, in the opinion of the Agent, acting reasonably, would
      have a material adverse effect on the market price of the Successor Common
      Shares or the marketability of the Offered Securities, then the Agent
      shall be entitled, at its option, to terminate its obligations under this
      Agreement by written notice to that effect given to the Corporation at or
      prior to the Closing Time.

	 	 	 
		(c) 	
      If at any time prior to the Closing Time there should
      develop, occur or come into effect or existence any event, action, state,
      condition or occurrence of national or international consequence,
      including any act of terrorism, war or like event, or any law or
      regulation, which in the opinion of the Agent, acting reasonably,
      seriously adversely affects, or would seriously adversely affect the
      Canadian, United States or international financial markets, the Condition
      of the Corporation,

- 16 -

the market price of the Successor
Common Shares or the marketability of the Offered Securities, the Agent shall be
entitled, at its option, to terminate its obligations under this Agreement by
written notice to that effect given to the Corporation at or prior to the
Closing Time. 

	 	(d) 	
      If at any time prior to the Closing Time there shall
      occur any change in any of the Securities Laws, or if any enquiry, action,
      suit, investigation or other proceeding, whether formal or informal, in
      relation to the Corporation or the distribution of the Offered Securities
      should be instituted or any order under or pursuant to any laws or
      regulations of any of the Offering Jurisdictions or any other regulatory
      or Governmental Authority should be made or issued (except for any such
      order based upon the activities or alleged activities of the Agent and not
      of the Corporation) which, in the reasonable opinion of the Agent,
      operates to prevent or restrict the trading of the Successor Common Shares
      or the distribution of the Offered Securities or seriously adversely
      affects or will seriously adversely affect the market price of the
      Successor Common Shares or the marketability of the Offered Securities,
      the Agent shall be entitled, at its option, to terminate its obligations
      under this Agreement by written notice to that effect given to the
      Corporation at or prior to the Closing Time.

	 	 	 
	 	(e) 	
      Any termination by the Agent pursuant to the provisions
      hereof shall be effected by notice in writing delivered or sent via
      facsimile to the Corporation at its address as herein set forth. The
      rights of termination contained in subsections 11(a), (b), (c) or (d)
      above are in addition to any other rights or remedies the Agent may have
      in respect of any default, misrepresentation, act or failure to act of the
      Corporation in respect of any matters contemplated by this Agreement. In
      the event of any such termination, there shall be no further liability on
      the part of the Corporation or the Agent except for any liability provided
      for in sections 12 and 13 hereof.

	12. 	
      Indemnity and Contribution

	 	 	 
		(a) 	
      Indemnity: The Corporation (the “Indemnifier”),
      covenants and agrees to protect, indemnify and save harmless the Agent and
      each securities dealer which is a member of any selling group formed by
      the Agent in connection with the Offering, each of the associates and
      affiliates of each of them and the respective directors, officers,
      employees, shareholders, partners, advisors and agents of each of the
      Agent and each securities dealer which is a member of any selling group
      formed by the Agent in connection with the Offering and of each of the
      associates and affiliates of each of them (in this section 12 each an
      “Indemnified Person” and collectively the “Indemnified Persons”) from and
      against all losses (other than a loss of profits), claims, damages,
      payments, liabilities, costs, fines, penalties and expenses (including the
      amount paid in settlement of any claim, action, suit or proceeding and the
      fees and expenses of counsel on a solicitor and his own client basis
      incurred obtaining advice in respect of, or in defending or settling, any
      such claim, action, suit or proceeding), joint or several, of whatsoever
      nature or kind to which an Indemnified Person may become subject
  or

- 17 -

otherwise involved in any capacity
under statute or common law or otherwise caused or incurred by reason of or in
any way arising, directly or indirectly, from, by virtue of, or related to,
enforcing the provisions of this Agreement, or: 

	 	(i) 	
      the Agent having acted as Agent in respect of the
      Offering or the selling group members having acted as selling group
      members in respect of the Offering (other than by reason of the
      negligence, willful misconduct or bad faith of the Agent or the selling
      group members, provided that this exception shall only apply to the
      applicable Agent or selling group member or selling group members which
      have been negligent, committed willful misconduct or exercised bad
      faith);

	 	 	 
	 	(ii) 	
      any statement or information contained in the Information
      which at the time and in light of the circumstances under which it was
      made containing or being alleged to contain a misrepresentation or being
      or being alleged to be untrue, false or misleading;

	 	 	 
	 	(iii) 	
      the omission or alleged omission to state in the
      Information any material fact required to be stated therein or necessary
      to make any statement therein not misleading in light of the circumstances
      under which it was made;

	 	 	 
	 	(iv) 	
      any order made or inquiry, investigation or proceeding
      commenced or threatened by any officer or official of any securities
      commission or authority or any other competent authority, not based upon
      the activities or the alleged activities of the Agent or any member of any
      selling group formed by the Agent in connection with the
  Offering;

	 	 	 
	 	(v) 	
      the non-compliance or alleged non-compliance by the
      Indemnifier with any of the Securities Laws of the Offering Jurisdictions
      or any other applicable law in connection with the transactions
      contemplated herein;

	 	 	 
	 	(vi) 	
      any negligence or willful misconduct by the Indemnifier
      relating to or connected with the sale by the Corporation of the Offered
      Securities or the Exchange pursuant to the Acquisition;

	 	 	 
	 	(vii) 	
      any misrepresentation or alleged misrepresentation
      (except any made by the Agent or selling group members and for which the
      Agent did not rely on any information provided by the Indemnifier or
      anyone acting on its behalf, provided that this exception shall apply to
      the applicable Agent or selling group member or selling group members who
      have made such misrepresentation or alleged misrepresentation) relating to
      the Offering, the Offered Securities, the Acquisition or the Successor
      Units, whether oral or written and whether made during and in connection
      with the Offering or Acquisition or after the completion of the Offering
      and Acquisition where such misrepresentation or alleged misrepresentation
      may give or gives rise to any other liability under any statute in
    any

- 18 - 

jurisdiction which is in force on the
date of this Agreement or which comes into force after that date; or 

	 	(viii) 	
      the breach of, or default under, any term, condition,
      covenant or agreement of the Indemnifier made or contained herein or in
      any other document of the Indemnifier delivered pursuant hereto or made by
      the Indemnifier in connection with the sale of the Offered Securities or
      any representation or warranty of the Indemnifier made or contained herein
      or in any other document of the Indemnifier delivered pursuant hereto or
      in connection with the sale of the Offered Securities or the Acquisition
      being or being alleged to be untrue, false or
misleading.

If any matter or thing contemplated by
this section 12 shall be asserted against any Indemnified Person in respect of
which indemnification is or might reasonably be considered to be provided
hereunder, such Indemnified Person shall notify the Indemnifier as soon as
possible of the nature of such claim and the Indemnifier shall be entitled, but
not required, to assume the defence of any action, suit or proceeding brought to
enforce such claim; provided, however, that the defence shall be through legal
counsel reasonably acceptable to the Indemnified Person and that no settlement
may be made by the Indemnifier or the Indemnified Person without the prior
written consent of the other of them and the Indemnifier shall not be liable for
any settlement of any such claim unless it has consented in writing to such
settlement. 

	 	(b) 	
      Counsel: In any claim referred to in section 12 hereof,
      the Indemnified Person shall have the right to retain separate legal
      counsel to act on behalf of such Indemnified Person provided that the fees
      and disbursements of such separate legal counsel shall be paid by the
      Indemnified Person unless:

	 	 	 	 
	 		(i) 	
      the Indemnifier fails to assume the defence of such claim
      on behalf of the Indemnified Person within ten days of receiving notice of
      such claim;

	 	 	 	 
	 		(ii) 	
      the Indemnifier and the Indemnified Person shall have
      mutually agreed to the retention of such separate legal counsel;
  or

	 	 	 	 
	 		(iii) 	
      the named parties to such claim (including any added,
      third or impleaded parties) include both the Indemnifier and the
      Indemnified Person and the Indemnified Person has been advised by legal
      counsel that representation of both the Indemnifier and the Indemnified
      Person by the same legal counsel would be inappropriate due to actual or
      potential differing interests between them;

	 	 	 	 
	 		
      in which event or events the fees and disbursements of
      such separate legal counsel shall be paid by the Indemnifier subject as
      hereinafter provided. Where more than one Indemnified Person is entitled
      to retain separate counsel in the circumstances described in this
      subsection 12(b), all Indemnified Persons shall be represented
  by

- 19 -

one separate legal counsel and the
fees and disbursements of only one separate legal counsel for all Indemnified
Persons shall be paid by the Indemnifier, unless: 

	 	(iv) 	
      the Indemnifier and the Indemnified Persons have mutually
      agreed to the retention of more than one legal counsel for the Indemnified
      Persons; or

	 	 	 
	 	(v) 	
      the Indemnified Persons have or any of them has been
      advised in writing by legal counsel that representation of all of the
      Indemnified Persons by the same legal counsel would be inappropriate due
      to actual or potential differing interests between
them.

	 	(c) 	
      Waiver of Right: The Indemnifier hereby waives its
      rights to recover contribution from the Agent and the other Indemnified
      Persons with respect to any liability of the Indemnifier by reason of or
      arising out of the indemnity provided by the Indemnifier in this section
      12; provided, however, that such waiver shall not apply in respect of the
      Agent for any liability directly caused or incurred by reason or arising
      out of any information or statements relating solely to, and provided by,
      the Agent or any failure by the Agent in connection with the Offering to
      provide to Purchasers any document which the Indemnifier is required to
      provide to the Purchasers and which the Indemnifier has provided or made
      available to the Agent to forward to the Purchasers.

	 	 	 	 
	 	(d) 	
      Contribution:

	 	 	 	 
	 		(i) 	
      In order to provide for just and equitable contribution
      in circumstances in which the indemnity contained in this section 12 is,
      for any reason of policy or otherwise, held to be unavailable to or
      unenforceable by, in whole or in part, an Indemnified Person other than in
      accordance with the provisions of this section 12, the Indemnifier shall
      contribute forthwith to the aggregate losses (other than a loss of
      profit), claims, damages, payments, liabilities, costs, fines, penalties
      and expenses (including the amount paid in settlement of any claim,
      action, suit or proceeding and the fees and expenses of counsel on a
      solicitor and his own client basis incurred obtaining advice in respect
      of, or in defending or settling, any such claim, action, suit or
      proceeding) of the nature contemplated by such indemnity incurred or paid
      by the Indemnified Person in such proportion as is appropriate to reflect
      not only the relative benefits received by the Indemnifier on the one hand
      and the Indemnified Person on the other hand in connection with the
      Offering and Acquisition but also the relative fault of the Indemnifier on
      the one hand and the Indemnified Person on the other hand in connection
      with the matters, things and actions which resulted in such losses,
      claims, damages, payments, liabilities, costs, fines, penalties or
      expenses as well as any other relevant equitable considerations or, if
      such allocation is not permitted by applicable law, in such proportion so
      that the Indemnified Person shall be responsible for the proportion
      represented by the percentage that the Agent’s Fee per Offered Security
      bears to the Purchase Price and Indemnifier shall be
  responsible

- 20 -

for the balance, whether or not they
are a party to the same or separate claims; provided, however, that no Person
who has engaged in any dishonesty, fraud, fraudulent misrepresentation,
negligence or wilful default shall be entitled to contribution from any Person
who has not engaged in any dishonesty, fraud, fraudulent misrepresentation,
negligence or wilful default and further provided that in no event shall the
Agent be responsible for any amount in excess of the Agent’s Fee, however paid,
actually received from the Corporation under this Agreement and retained by the
Agent. For purposes of this subsection 12(d), relative fault shall be determined
by reference to, among other things, whether any untrue or alleged untrue
statement of a material fact or any omission or alleged omission to state a
material fact relates to information supplied by the Indemnifier on the one hand
or the Agent on the other hand and the relevant intent, knowledge, access to
information and opportunity to correct or prevent any such untrue statement or
omission of the Indemnifier and the Indemnified Person. 

	 	(ii) 	
      In the event that the Indemnifier is held to be entitled
      to contribution from the Agent under the provisions of any statute or law,
      the Indemnifier shall be limited to such contribution in an amount not
      exceeding the lesser of:

	 	 	 	 
	 		(A) 	
      the portion of the amount of the loss or liability giving
      rise to such contribution for which the Agent is responsible as determined
      in accordance with subsection 12(d)(i) above; and

	 	 	 	 
	 		(B) 	
      the amount of the Agent’s Fee actually received from the
      Corporation under this Agreement and retained by the Agent.

	 	 	 	 
	 	(iii) 	
      For purposes of this subsection 12(d), each party hereto
      shall give prompt notice to the other parties hereto of any claim, action,
      suit or proceeding threatened or commenced in respect of which a claim for
      contribution may be made under this subsection
12(d).

	 	(e) 	
      Held in Trust: To the extent that the indemnity
      contained in subsection 12(a) hereof is given in favour of a Person who is
      not a party to this Agreement, the Indemnifier hereby constitutes the
      Agent as trustee for such Person for such indemnity and the covenants
      given by the Indemnifier to such Person in this Agreement. The Agent
      hereby accepts such trust and holds such indemnity and covenants for the
      benefit of such Persons. The benefit of such indemnity and covenants shall
      be held by the Agent in trust for the Persons in favour of whom such
      indemnities and covenants are given and may be enforced directly by such
      Persons.

	 	 	 
	 	(f) 	
      Indemnity re Investigations: The Indemnifier
      agrees that, in case any investigation is commenced in respect of the
      Indemnifier and/or an Indemnified Person and an Indemnified Person or its
      personnel are required to testify in connection therewith or shall be
      required to respond to procedures designed to

- 21 -

discover information regarding, in
connection with or by reason of the Offering or Acquisition, the Indemnified
Person shall have the right to employ its own counsel in connection therewith,
and the reasonable fees and expenses of such counsel as well as the reasonable
costs (including an amount to reimburse the Indemnified Person for time spent by
its personnel in connection therewith at their normal per diem rates together
with such disbursements and out-of-pocket expenses incurred by the personnel in
connection therewith) shall be paid by the Indemnifier as they occur. 

	13. 	
      Expenses

	 	 
		
      Whether or not the transactions contemplated by this
      Agreement are consummated or this Agreement is terminated, all expenses of
      or incidental to the issue, sale, distribution and delivery of the Offered
      Securities and of or incidental to all matters in connection with the
      transactions herein set out shall be borne by the Corporation, including
      the reasonable fees of legal counsel for the Agent up to a maximum of
      CAD$10,000, plus disbursements (including applicable taxes), and the
      reasonable out-of-pocket expenses (including applicable taxes) of the
      Agent, up to a maximum of CAD$5,000, provided that such expenses have been
      previously approved by the Corporation.

	 	 
	14. 	
      Notices

	 	 
		
      Any notice or other communication required or permitted
      to be given hereunder shall be in writing and shall be personally
      delivered or sent by facsimile on a Business Day to the following
      addresses:

	 	(a) 	
      in the case of the Corporation:

	 	 	 
	 		
      Adira Energy Corp.

	 		30 St. Clair Avenue West,
	 		
      Suite 901

	 		
      Toronto, Ontario M4V 3A1

	 	 	 
	 		
      Attention:        
      President 
Facsimile:        
       (416) 250-6330

	 	 	 
	 	(b) 	
      in the case of the Agent:

	 	 	 
	 		
      Sanfire Securities Inc.

	 		33 Yonge Street
	 		
      Suite 820

	 		
      Toronto, Ontario M5E 1G4

	 	 	 
	 		
      Attention:        
      Yaron Conforti
      
Fascimile:          (416)
      216-0149

Either the Corporation or the Agent may
change its address for notice by notice given in the manner aforesaid. Any such
notice or other communication shall be in writing, and

- 22 -

unless delivered to a responsible
officer of the addressee, shall be given by facsimile, and shall be deemed to
have been given on the day on which it was delivered or sent by facsimile. 

	15. 	
      Public Announcements and Press
    Releases

	 	 	 
		
      Any public announcement or press release of the
      Corporation relating to the Offering will be provided in advance to
      Sandfire. The Corporation will agree to the form and content thereof with
      Sandfire prior to the release thereof and any such press release shall
      state that Sandfire is acting or has acted as “Lead Agent”.

	 	 	 
	16. 	
      Miscellaneous

	 	 	 
		(a) 	
      Agent’s Obligations: The Agent and the Corporation
      agree that the obligations of Sandfire and any other Agent or member of
      any syndicate or selling group relating to the Offering shall be several
      and not joint.

	 	 	 
		(b) 	
      Governing Law: This Agreement shall be governed by
      and be interpreted in accordance with the laws of the Province of Ontario
      and the federal laws of Canada applicable therein and the parties hereto
      irrevocably attorn to the jurisdiction of the courts of such
    province.

	 	 	 
		(c) 	
      Time of Essence: Time shall be of the essence of
      this Agreement.

	 	 	 
		(d) 	
      Survival: All representations, warranties,
      covenants and agreements of the Corporation herein contained or contained
      in any documents contemplated by, or delivered pursuant to, this Agreement
      or in connection with the purchase and sale of the Offered Securities
      shall survive the purchase and sale of the Offered Securities and the
      termination of this Agreement and shall continue in full force and effect
      for the benefit of the Agent for a period of two years from the Closing
      Date, regardless of any subsequent disposition of Offered Securities or
      any investigation by or on behalf of the Agent with respect
  thereto.

	 	 	 
		(e) 	
      Counterparts: This Agreement may be executed by
      any one or more of the parties to this Agreement by facsimile or in any
      number of counterparts, each of which when so executed shall be deemed to
      be an original and all of which when taken together shall constitute one
      and the same agreement.

	 	 	 
		(f) 	
      Entire Agreement: This Agreement constitutes the
      entire agreement between the Corporation and the Agent in connection with
      the issue and sale of the Offered Securities by the Corporation and
      supersedes all prior agreements, understandings, negotiations and
      discussions, whether oral or written, including, but not limited to, the
      engagement letter dated June 16, 2009 relating to the Offering between the
      Corporation and the Agent.

	 	 	 
		(g) 	
      Severability: If any provision of this Agreement
      is determined to be void or unenforceable in whole or in part, it shall be
      deemed not to affect or impair the

- 23 -

validity of any other provision of
this Agreement and such void or unenforceable provision shall be severed from
this Agreement. 

[SIGNATURE PAGE FOLLOWS]

- 24 -

Each of the parties has executed and delivered this Agreement
as of the _______ day of August, 2009. 

	 	SANDFIRE SECURITIES INC. 
	 	  	
	 	  	
	 	By: 	/s/ Yaron
      Conforti 
	 	 	Name: Yaron Conforti 
	 	  	Title: 
	 	  	
	 	  	
	 	ADIRA ENERGY CORP. 
	 	  	
	 	  	
	 	By: 	/s/ Alan
      Friedman 
	 	 	Name: Alan Friedman 
	 	  	Title:Filed by sedaredgar.com - AMG Oil Ltd. - Exhibit 4.5

ADIRA ENERGY CORP. 

  SUBSCRIPTION AGREEMENT

TO:      Adira Energy Corp. (the
  “Corporation”)

The undersigned (hereinafter referred to as the
“Subscriber”) hereby irrevocably subscribes for and agrees to purchase
the number of units (“Units”) of the Corporation set forth below for the
aggregate subscription price set forth below, representing a subscription price
of US$0.25 per Unit, upon and subject to the terms and conditions set forth in
“Terms and Conditions of Subscription” attached hereto (together with this page
and the attached Schedules, the “Subscription Agreement”). The
undersigned acknowledges and agrees that the issue and sale of the Units is
taking place in contemplation of all of the issued and outstanding common shares
and share purchase warrants of the Corporation, including those being offered
pursuant to the Subscription Agreement, being acquired (the
“Acquisition”) by AMG Oil Ltd. (“AMG”). The Units are part of an
offering of a minimum of 8,000,000 Units (the “Offering”), subject to
reduction at the Corporation’s sole discretion. Each Unit consists of one common
share (“Common Share”) in the capital of the Corporation and one half of
one transferable Common Share purchase warrant (each whole such purchase warrant
a “Warrant”). Each whole Warrant shall be exercisable into one additional
Common Share of the Corporation (“Warrant Share”) at an exercise price of
US$0.50 per Warrant Share for a period of two years from the Closing (defined
herein). The Acquisition will be completed pursuant to a securities exchange
agreement (the “Securities Exchange Agreement”) to be entered into among
the Corporation, the principal shareholders of the Corporation and AMG.

The Subscriber agrees to be bound by the “Terms and Conditions
of Subscription” attached hereto and agrees that the Corporation may rely upon
the covenants, representations and warranties contained in the Subscription
Agreement. In addition to the face page, the Subscriber must also complete all
applicable schedules attached hereto. All dollar values referred to in this
Subscription Agreement are Canadian dollars unless otherwise indicated. 

Name and Address of Subscriber:

	Details of Subscriber: 	 	  
	 	 	 
	  	 	Number of Units:
  ________________________
	 	 	 
	(Name of Subscriber - please print) 	 	  
	 
    	 	  
	 	 	 
	By:  
    ________________________________________________	 	Aggregate Subscription Price:
      ________________
	         (Authorized Signature) 	 	(the “Subscription Price”) 
	 
    	 	  
	  	 	Details of Beneficial Purchaser (if not the same
      as 
	(Official Capacity or Title - please print) 	 	Subscriber): 
	 
    	 	  
	 	 	 
	(Please print name of individual whose signature 	 	(Name of Beneficial Purchaser) 
	appears above if different than the name of the 	 	  
	Subscriber printed above.) 	 	  
	  	 	(Beneficial Purchaser’s Address) 
	 	 	 
	(Subscriber’s Address) 	 	  
	  	 	(Beneficial Purchaser’s Telephone Number) 
	 	 	 
	(Telephone Number) 	 	  
	 
    	 	  
	 	 	 
	(E-Mail Address) 	 	  
	 	 	 
	 	 	 
	 	 	 

	Register the Units as set forth below: 	 	Deliver the Units as set forth below:
    
	 	 	 
	 	 	 
	(Name) 	 	(Name) 
	 	 	 
	 	 	 
	(Account reference, if applicable) 	 	(Account reference, if applicable) 
	 	 	 
	 	 	 
	(Address) 	 	(Contact Name) 
	 	 	 
	 	 	 
	(Address 	 	(Address) 
	 	 	 
	 	 	 
	  	 	(Address) 

	ACCEPTANCE: The undersigned hereby accepts the above
      subscription on the terms and conditions contained in the Subscription
      Agreement. 
	 
	ADIRA ENERGY CORP. 
	 
	 
	 
	Per:  _____________________________________________     
        Date: ___________________________________________________
	                                                   
      Authorized Signatory 

2 

Terms and Conditions of Subscription

Subscription

	1. 	
      The Subscriber hereby irrevocably subscribes for and
      agrees to purchase the number of Units set on the cover page hereof. The
      Subscriber acknowledges and agrees that the issue and sale of the Units is
      conditional upon: (a) the acceptance of this Subscription Agreement by the
      Corporation; and (b) the fulfillment of all of the conditions to closing
      of the Acquisition as will be set forth in the Securities Exchange
      Agreement, save and except the condition that the Offering will have
      completed (the “Acquisition Conditions to Closing”).

	 	 	 
	2. 	
      The Subscriber tenders herewith the Subscription Price
      payable to “Aird & Berlis LLP in trust” by certified cheque or wire
      transfer (payment instructions are included in Schedule “C” hereto). The
      Subscriber acknowledges that the Subscription Price shall be held by Aird
      & Berlis LLP in escrow until the closing of the Offering (the
      “Closing”).

	 	 	 
	3. 	
      The Subscriber acknowledges that Closing and issuance of
      the Common Shares and Warrants shall take place immediately prior to the
      closing of the Acquisition upon fulfillment of the Acquisition Conditions
      to Closing.

	 	 	 
	4. 	
      The Subscriber agrees that this subscription is given for
      valuable consideration and may not be withdrawn or revoked by the
      Subscriber. It is understood and agreed that this Subscription Agreement
      and the Subscription Price shall be returned without interest or deduction
      to the Subscriber at the address indicated above if:

	 	 	 
		(a) 	
      the subscription is not accepted by the Corporation;
      or

	 	 	 
		(b) 	
      the Closing of the Offering is not completed by September
      30, 2009.

	 	 	 
			
      If the subscription is accepted only in part, that
      portion of the Subscription Price which is not accepted will be returned
      to the Subscriber without interest or deduction. If the Acquisition is not
      completed by September 30, 2009, the Subscription Price shall be returned
      to the Subscriber.

Terms of Exchange upon Acquisition

	5. 	
      The Subscriber hereby agrees to sell, transfer, assign
      and convey to AMG or any successor issuer resulting from the Acquisition
      (the “Successor”) the Units in exchange (the “Exchange”) for
      units (“Successor Units”) in the Successor. The Successor Units
      will be comprised of common shares in the Successor (“Successor
      Shares”) and warrants to purchase the Successor Shares (“Successor
      Warrants”). The Exchange shall take place concurrently with the
      completion of the Acquisition in the manner set out in the Securities
      Exchange Agreement.

	 	 
	6. 	
      Pursuant to the terms of the Exchange, the Common Shares
      will be purchased by the Successor in consideration for the issuance of
      the same number of Successor Shares as Common Shares subscribed for under
      this Subscription Agreement. The Warrants will be cancelled and the same
      number of Successor Warrants as Warrants acquired under this Subscription
      Agreement will be issued to the Subscriber. Each Successor Warrant shall
      be exercisable into one Successor Share (each a “Successor Warrant
      Share”) at an exercise price of US$0.50 per Successor Warrant Share
      for a period of two years from the Closing (the “Initial Successor
      Warrant Expiry Date”). In the event that the weighted average trading
      price of the Successor Shares listed on an exchange exceeds US$1.00 per
      Successor Share for a period of 20 consecutive trading days (the 20th day
      of such trading period, the “Acceleration Date”) the Initial
      Successor Warrant Expiry Date shall be accelerated to that date which is
      30 days after the Acceleration Date. In the event the exchange the
      Successor is listed on is Canadian, the Successor Share price with respect
      to the Acceleration Date shall be in Canadian dollars. The exchange rate
      shall be the Canadian dollar equivalent of US$1.00 on the
  Closing.

3

	7. 	
      The Subscriber hereby irrevocably constitutes and
      appoints the President of Adira to carry out the actions necessary to
      complete the Exchange with full power of substitution in its place,
      particularly authorizing the President of Adira:

	 	 	 
		(a) 	
      to act as its representative at the Closing and to
      execute in its name and on its behalf all closing receipts and documents
      required;

	 	 	 
		(b) 	
      to endorse the certificates representing the Common
      Shares and Warrants issued to the Subscriber for transfer to AMG in order
      to give effect to the Exchange;

	 	 	 
		(c) 	
      to complete or correct any errors or omissions in or to
      make non-material amendments, modifications or supplements to any form or
      document, including this Subscription Agreement, if necessary;

	 	 	 
		(d) 	
      to receive on its behalf certificates representing the
      Successor Shares and Successor Warrants;

	 	 	 
		(e) 	
      to approve any opinions, certificates or other documents
      addressed to the Subscriber;

	 	 	 
		(f) 	
      to waive, in whole or in part, any representations,
      warranties, covenants or conditions for the benefit of the Subscriber and
      contained in the Securities Exchange Agreement;

	 	 	 
		(g) 	
      to exercise any rights of termination contained in the
      Securities Exchange Agreement or any of the ancillary agreements thereto;
      and

	 	 	 
		(h) 	
      perform any other act required to complete the
      transactions set out in the Securities Exchange
  Agreement.

Representations and Warranties of the Subscriber

	8. 	
      The Subscriber represents and warrants to the Corporation
      as follows and acknowledges that the Corporation is relying on such
      representations and warranties in accepting this subscription:

	 	 	 
		(a) 	
      the Subscriber is purchasing the Units as principal for
      its own account and not for the benefit of any other person or is deemed
      under securities laws of Canada to be purchasing as principal, and in
      either case, is purchasing the Units for investment only and not with a
      view to resale or distribution;

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

	 	 	 
		(c) 	
      if an individual, the Subscriber has obtained the age of
      majority and is legally competent to execute this Subscription Agreement
      and complete the subscription for Units hereunder;

	 	 	 
		(d) 	
      if not an individual, (i) the Subscriber is a valid and
      existing entity, has, full power, necessary capacity and absolute
      authority to execute this Subscription Agreement and to observe and
      perform its covenants and obligations hereunder and has taken all
      necessary action in respect thereof; (ii) all necessary approvals have
      been given to authorize it to execute this Subscription Agreement; (iii)
      the Subscriber agrees to deliver to the Corporation such evidence of such
      authority may be reasonably required; (iv) the execution of this
      Subscription Agreement and the transactions contemplated hereby will not
      result in the violation of any terms or 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;

	 	 	 
		(e) 	
      the Subscriber has not received any document purporting
      to describe the business and affairs of the Corporation that has been
      prepared primarily for delivery to and review by
  prospective

4

	 		
      investors so as to assist those investors to make an
      investment decision in respect of the Units being sold;

	 	 	 	 
	 	(f) 	
      the Subscriber has had opportunity to review the filings
      made by AMG under the United States Securities Exchange Act of 1934, as
      amended, which filings may be viewed at the web site of the United States
      Securities Exchange Commission at www.sec.gov and at
  www.sedar.com;

	 	 	 	 
	 	(g) 	
      all prior agreements between Corporation and the
      Subscriber, including any prior subscription agreements, shareholders’
      agreements or other documents, are hereby terminated, superseded and
      replaced by this Subscription Agreement;

	 	 	 	 
	 	(h) 	
      if the Subscriber is a resident in a province or
      territory of Canada, the Subscriber has completed and duly executed a copy
      of the Accredited Investor Certificate, which is attached to this
      Subscription Agreement as Schedule “A”;

	 	 	 	 
	 	(i) 	
      the Subscriber hereby acknowledges the volatile nature of
      investments in the junior oil and gas exploration sector and the
      consequent potential that the entire investment in the Corporation could
      be lost as a result of the inherent risks associated with such investments
      as well as the uncertainty in procuring adequate and ongoing funding
      required by the Corporation to bring any project to profitable production.
      The Subscriber further hereby acknowledges and agrees that it has not
      relied in any manner upon the information and/or advice given by the
      Corporation or Adira Energy Israel Ltd. in the preparation, negotiation
      and/or implementation of this subscription and has taken all reasonable
      actions to satisfy itself as to the consequences of entering into this
      subscription and any decision taken by it to invest in the Corporation is
      as a result of its own investigations of the information provided by the
      Corporation and from no other source;

	 	 	 	 
	 	(j) 	
      the Subscriber confirms that:

	 	 	 	 
	 		(i) 	
      the Subscriber is not resident in the United States or a
      “U.S. Person” as defined in Regulation S under the United States
      Securities Act of 1933, as amended (the “U.S. Securities
      Act”);

	 	 	 	 
	 		(ii) 	
      the Subscriber was not offered the Units in the United
      States;

	 	 	 	 
	 		(iii) 	
      the structure of this transaction is not a scheme to
      avoid the registration requirements of the U.S. Securities Act;

	 	 	 	 
	 		(iv) 	
      the Subscriber has no intention to distribute either
      directly or indirectly the Units in the United States, except in
      compliance with U.S. Securities Act;

	 	 	 	 
	 		(v) 	
      the Subscriber did not execute or deliver this
      Subscription Agreement in the United States; and

	 	 	 	 
	 		(vi) 	
      the authorized representative of the Subscriber that
      originated the buy order on the Subscriber’s behalf was not in the United
      States when the buy order was originated;

	 	 	 	 
	 	(k) 	
      the Subscriber acknowledges that the offer and sale of
      the Units has not been registered under the U.S. Securities Act or the
      securities laws of any state of the United States, that the Units may not
      be offered or sold, directly or indirectly, in the United States except
      pursuant to registration under the U.S. Securities Act and the securities
      laws of all applicable states or available exemptions therefrom and the
      Corporation has no obligation or present intention of filing a
      registration statement under the U.S. Securities Act or any state
      securities laws in respect of any of the Units;

	 	 	 	 
	 	(l) 	
      if the Subscriber is not a resident of Canada and is not
      a resident of the United States, or otherwise not subject to the
      securities laws of any of the provinces of Canada, the Subscriber has
      completed and duly executed a copy of the International Subscriber
      Certificate, which is attached to this Subscription Agreement as Schedule
      “B”;

5

	 	(m) 	
      every Subscriber that is not a resident of Canada or the
      United States represents and warrants the following:

	 	 	 	 	 
	 		(i) 	
      it is resident and located outside of Canada and the
      United States;

	 	 	 	 	 
	 		(ii) 	
      all acts of solicitation, conduct or negotiations
      directly or indirectly in furtherance of the purchase of the Units
      occurred outside of Canada and the United States and no offer was made to
      the Subscriber in Canada or the United States and the buy order in respect
      of the subscription was not placed from within Canada or the United
      States;

	 	 	 	 	 
	 		(iii) 	
      is knowledgeable of, or has been independently advised as
      to, the applicable securities laws of the securities regulatory
      authorities (the “Authorities”) 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;

	 	 	 	 	 
	 		(iv) 	
      the Subscriber is purchasing the Units pursuant to
      exemptions from all prospectus and registration requirements, or
      equivalent requirements, under applicable securities laws or the
      Subscriber is permitted to purchase the Units under the applicable
      securities laws of the Authorities in the International Jurisdiction
      without the need to rely on any exemptions;

	 	 	 	 	 
	 		(v) 	
      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 Authority of
      any kind whatsoever in the International Jurisdiction in connection with
      the issue and sale or resale of the Units; and

	 	 	 	 	 
	 		(vi) 	
      the purchase of the 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

	 	 	 	 	 
	 			(C) 	
      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 certain of the matters
      referred to in the subparagraphs above to the satisfaction of the
      Corporation and the Agents (as hereinafter defined), acting
    reasonably.

	 	 	 	 	 
	 	(n) 	
      the Subscriber has not made its decisions to purchase the
      Units through or as a result of any general solicitation or general
      advertising, including articles, notices, investor presentations or other
      communications published in a newspaper, magazine or similar media 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;

	 	 	 	 	 
	 	(o) 	
      no person has made any written or oral
      representations:

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

	 	 	 	 	 
	 		(ii) 	
      that any person will refund the Subscription Price;
    or

	 	 	 	 	 
	 		(iii) 	
      as to the future price or value of the Units;
  and

	 	 	 	 	 
	 	(p) 	
      None of the funds being used to purchase the Units are,
      to the Subscriber’s knowledge, proceeds obtained or derived, directly or
      indirectly, as a result of illegal activities.

6

By accepting the Units, the Subscriber
shall be representing and warranting that the foregoing representations and
warranties are true and correct as at the time of completion of the subscription
for Units on the date of acceptance of this Subscription by the Corporation,
with the same force and effect as if they had been made by the Subscriber at
such time and shall in each case survive the closing of the transactions
contemplated hereby notwithstanding any subsequent disposition by the Subscriber
of the Units.

Representations, Warranties and Covenants of the
Corporation

	9. 	
      The Corporation represents and warrants to the Subscriber
      as follows and acknowledges that the Subscriber is relying on such
      representations and warranties in accepting this subscription:

	 	 	 
		(a) 	
      the Corporation has been incorporated and is validly
      subsisting and is in good standing under the laws of its jurisdiction of
      incorporation;

	 	 	 
		(b) 	
      the Corporation has full power and authority to execute,
      deliver and perform each of its obligations under this Subscription
      Agreement, including the issue of the Common Shares and
Warrants;

	 	 	 
		(c) 	
      this Subscription Agreement, when accepted by the
      Corporation, and the Share Exchange Agreement, when executed, will
      constitute valid and binding obligations of the Corporation, enforceable
      in accordance with their terms;

	 	 	 
		(d) 	
      the Corporation will promptly comply with all filing and
      other requirements under all applicable securities laws and the issuance
      and sale of the Common Shares and Warrants shall be carried out in
      compliance with all applicable securities legislation relating to the
      issue and sale of the Common Shares and Warrants;

	 	 	 
		(e) 	
      the Corporation will have taken all necessary steps to
      duly and validly create the Common Shares and Warrants for issuance before
      the Closing; and

	 	 	 
		(f) 	
      the Corporation will use commercially reasonable efforts
      to effect the closing of the Acquisition before September 30,
  2009.

Acknowledgments and Covenants of the Subscriber

	10. 	
      The Subscriber acknowledges and covenants that:

	 	 	 
		(a) 	
      the Common Shares, Warrants and Warrant Shares are
      subject to transfer and resale restrictions pursuant to the constating
      documents of the Corporation, the Securities Act (Ontario) and the
      regulation, rules, orders, instruments and published policy statements
      applicable thereunder, including National Instrument 45-102 Resale of
      Securities and the restrictions set out in section 11
hereof;

	 	 	 
		(b) 	
      the Subscriber shall not knowingly transfer his, her or
      its Common Shares, Warrants or Warrant Shares in whole or in part to a
      person who is not able to make the representations, warranties and
      covenants contained in this Subscription Agreement or otherwise requested
      by the Corporation;

	 	 	 
		(c) 	
      the Corporation is not, and will not be as at the
      Closing, a “reporting issuer” (as that term is defined in the
      Securities Act (Ontario)) and there is no assurance that the
      Corporation will ever become a “reporting issuer” in the future;

	 	 	 
		(d) 	
      the certificates representing the Common Shares, Warrants
      and Warrant Shares, will bear, as of the Closing, a legend substantially
      in the following form and with the necessary information
  inserted:

7

	 		
      “UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE
      HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE THE DATE THAT
      IS 4 MONTHS AND A DAY AFTER THE LATER OF (I) [INSERT THE CLOSING DATE];
      AND (II) THE DATE THE ISSUER BECAME A REPORTING ISSUER IN ANY PROVINCE OR
      TERRITORY.”

	 	 	 
	 	(e) 	
      The Successor Units may be subject to British Columbia
      Instrument 51-509 - Issuers Quoted in the U.S. Over-the-Counter Markets
      (“BC Instrument 51-509”) if the securities are to be sold in or
      from British Columbia and in addition, may therefore need to be endorsed
      with the following legend contemplated by BC Instrument 51-509:

	 	 	 
	 		
      “Unless otherwise permitted under securities
      legislation, the holder of this security must not trade the security in or
      from British Columbia unless the conditions in section 12 (2) of BC
      Instrument 51-509 Issuers Quoted in the U.S. Over-the-Counter Market are
      met”;

	 	 	 
	 	(f) 	
      the Units subscribed for by the Subscriber form part of
      an offering of a larger number of Units;

	 	 	 
	 	(g) 	
      the Subscriber is responsible for obtaining such legal
      advice as the Subscriber considers appropriate in connection with the
      execution, delivery and performance of this Subscription Agreement and any
      subsequent transfer or resale of the Common Shares, Warrants or Warrant
      Shares;

	 	 	 
	 	(h) 	
      the Subscriber has such knowledge and experience in
      financial and business affairs as to be capable of evaluating the merits
      and risks of the investment in the Corporation and is able to bear the
      economic risk of loss of such investment. The Subscriber acknowledges and
      agrees that it is responsible for obtaining such legal, investment,
      accounting and tax advice as the Subscriber considers appropriate in
      connection with the execution, delivery and performance by it of this
      Subscription Agreement and the transactions contemplated
  hereunder;

	 	 	 
	 	(i) 	
      the Subscriber understands that (i) there is no right to
      demand any distribution from the Corporation, (ii) it is not anticipated
      that there will be any public market for the Common Shares, Warrants or
      Warrant Shares and (iii) it may not be possible to sell or dispose of the
      Common Shares, Warrants or Warrant Shares; and

	 	 	 
	 	(j) 	
      the Subscriber agrees to comply with all applicable laws
      of its jurisdiction of incorporation/residence in connection with this
      Subscription Agreement and the issuance of the Common Shares, Warrants and
      Warrant Shares hereunder.

Restrictions under the U.S. Securities Act

	11. 	
      The Subscriber acknowledges and agrees that the Successor
      Shares, Successor Warrants, and Successor Warrant Shares will not be
      offered and sold to the Subscriber without such offer and sale being
      registered under the U.S. Securities Act and will be issued to the
      Subscriber in an offshore transaction outside of the United States in
      accordance with a safe harbour from the registration requirements of the
      U.S. Securities Act provided by Rule 903 of Regulation S of the U.S.
      Securities Act based on the representations and warranties of the
      Subscriber in this Agreement. As such, the Subscriber acknowledges that
      the Successor Shares, Successor Warrants, and Successor Warrant Shares may
      not be offered, resold, pledged or otherwise transferred except through an
      exemption from registration under the U.S. Securities Act or pursuant to
      an effective registration statement under the U.S. Securities Act and in
      accordance with all applicable state securities laws and the laws of any
      other jurisdiction. Further, the Subscriber acknowledges that the
      Successor Warrants cannot be exercised unless pursuant to the provisions
      of Regulation S of the U.S. Securities Act, pursuant to an exemption from
      registration under the U.S. Securities Act or pursuant to an effective
      registration statement under the U.S. Securities Act, and in each case in
      accordance with all applicable state securities laws and the laws of any
      other jurisdiction. The Subscriber agrees to resell the Successor Shares,
      Successor Warrants, and Successor Warrant Shares
only

8

in accordance with the provisions of
Regulation S of the U.S. Securities Act, pursuant to registration under the U.S.
Securities Act, or pursuant to an available exemption from registration pursuant
to the U.S. Securities Act. The Subscriber agrees that the Successor may refuse
to register any transfer of the Successor Shares, Successor Warrants, and
Successor Warrant Shares not made in accordance with the provisions of
Regulation S of the U.S. Securities Act, pursuant to registration under the U.S.
Securities Act, pursuant to an available exemption from registration. The
Subscriber agrees that Successor may require the opinion of legal counsel
reasonably acceptable to the purchaser in the event of any offer, sale, pledge
or transfer of any of the Successor Shares, Successor Warrants, and Successor
Warrant Shares by Subscriber pursuant to an exemption from registration under
the U.S. Securities Act. The Subscriber acknowledges that the purchaser has no
obligation to register the resale of any of the Successor Shares, Successor
Warrants, and Successor Warrant Shares by the Subscriber pursuant to the U.S.
Securities Act. The Subscriber acknowledges and agrees that the Successor will
be a “shell company” as defined under the U.S. Securities Act and, as a
consequence, the Subscriber will not be entitled to resell any of the Successor
Shares, Successor Warrants, and Successor Warrant Shares issued to them on the
Closing in the United States within the period of one year following the date
that the Successor files “Form 10 Information”, as defined in Rule 144 under the
U.S. Securities Act, with the United States Securities and Exchange Commission.

Compensation of Agent.

	12. 	
      The Subscriber understands that, in connection with the
      issue and sale of Units pursuant to the Offering, the Corporation has
      engaged Sandfire Securities Inc. (“Sandfire”) and may engage
      certain other persons to aid in the sale of the Units (each an
      “Agent”), and the Agent will receive from the Corporation on
      Closing:

	 	 	 
		(a) 	
      a cash commission equal to 7% of the aggregate gross
      proceeds of the Offering raised by the Agent; and

	 	 	 
		(b) 	
      Agent compensation warrants (each a “Agent
      Warrant”) equal to 7% of the aggregate number of Units sold by the
      Agent pursuant to the Offering, each Agent Warrant entitling the Agent to
      purchase for a period of two years from the Closing, at an exercise price
      of US$0.25 per Agent Warrant, one Common Share. The Agent Warrants will be
      exchanged for warrants to acquire common shares in the Successor
      (“Successor Agent Warrants”) upon completion of the Acquisition.
      The Successor Agent Warrants shall be exercisable for a period of two
      years from the Closing at an exercise price of US$0.25 per Successor Agent
      Warrant, for one Successor Share.

In addition, Sandfire shall receive:

	 	(a) 	
      a success fee of $10,000 payable upon Closing;
  and

	 	 	 
	 	(b) 	
      the fees, expenses and disbursements of the Agent in
      connection with the Offering up to a maximum of $5,000 (plus GST if
      applicable) in addition to legal fees up to a maximum of $10,000 (plus GST
      if applicable).

No other commission is payable by the Corporation in connection
with the completion of the Offering.

Collection of Personal Information. 

	
      13. 
	
      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 (including the Ontario
      Securities Commission as referred to below), (b) the Corporation’s
      registrar and transfer agent, (c) Canadian tax authorities, (d)
      authorities pursuant to the Proceeds of Crime (Money Laundering) and
      Terrorist Financing Act (Canada) and (e) any of the
  other

9

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) 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 identity of such undisclosed
principal as may be required by the Corporation in order to comply with the
foregoing. 

Furthermore, the Subscriber is hereby notified that:

	 	(a) 	
      the Corporation may deliver to the Ontario Securities
      Commission certain personal information pertaining to the Subscriber,
      including such Subscriber’s full name, residential address and telephone
      number, 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
      Ontario Securities Commission under the authority granted to it in
      securities legislation,

	 	 	 
	 	(c) 	
      such information is being collected for the purposes of
      the administration and enforcement of the securities legislation of
      Ontario, 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, Ontario, M5H 3S8 

  Telephone: (416) 593-8086

Indemnity

	14. 	
      The Subscriber agrees to indemnify the Corporation
      against all losses, claims, costs, expenses and damages or liabilities
      which they may suffer or incur or cause arising from the reliance on the
      representations, certifications, warranties, covenants and
      acknowledgements of the Subscriber to the Corporation, as the case may
      be.

Confidentiality

	15. 	
      The Subscriber hereby agrees to keep confidential all
      information which may be provided to the Subscriber relating to the
      business and affairs of the Corporation upon becoming a shareholder of the
      Corporation, and not to distribute or otherwise make available any such
      information to any other person or otherwise exploit any such
      information.

General Provisions

	16. 	
      The Subscriber shall execute and deliver such additional
      instruments, certificates and other documents as may be required or
      requested by the Corporation, acting reasonably, to permit the purchase of
      the Units or otherwise to carry out the provisions and intent of this
      Subscription Agreement.

	 	 
	17. 	
      The Subscriber hereby authorizes the Corporation to
      correct any minor errors in, or complete any information missing from any
      part of this Subscription Agreement.

10

	18. 	
      No rights or obligations of the Subscriber hereunder may
      be assigned without the prior written consent of the
Corporation.

	 	 
	19. 	
      This Subscription Agreement shall be governed by and
      construed in accordance with the laws of the Province of Ontario and the
      federal laws of Canada applicable therein. The Subscriber irrevocably
      attorns to the non-exclusive jurisdiction of the courts of Ontario with
      respect to any matters arising out of this Subscription
  Agreement.

	 	 
	20. 	
      The Corporation shall be entitled to rely on delivery by
      facsimile or email of an executed copy of this Subscription Agreement and
      acceptance by the Corporation of that delivery shall be legally effective
      to create a valid and binding agreement between the Subscriber and the
      Corporation in accordance with the terms of this Subscription
      Agreement.

	 	 
	21. 	
      This Subscription Agreement shall be read with such
      changes in number and gender as the context or the reference to parties
      may require.

	 	 
	22. 	
      Time shall be of the essence in this Subscription
      Agreement and every part hereof and no extension or variation of this
      Subscription Agreement shall operate as a waiver of this
  provision.

	 	 
	23. 	
      This Subscription Agreement constitutes the only
      agreement between the Corporation and the Subscriber with respect to the
      subject matter hereof and shall supercede any and all prior negotiations
      and understandings and there are no representations, warranties, covenants
      or other agreements relating to the subject matter hereof except as stated
      or referred to herein or therein.

	 	 
	24. 	
      This Subscription Agreement shall enure to the benefit of
      and be binding upon the parties hereto and their respective heirs,
      executors, administrators, legal personal representatives, successors and
      permitted assigns.

	 	 
	25. 	
      The terms of this Subscription Agreement may only be
      amended in writing.

	 	 
	26. 	
      The parties hereto confirm their express wish that this
      Subscription Agreement and all documents and agreements directly or
      indirectly relating thereto be drawn up in the English language. Les
      parties reconnaissent leur volonté expresse que la présente ainsi que tous
      les documents et contrats s’y rattachant directement ou indirectement
      soient rédigés en anglais.

11

	
      SCHEDULE “A” 

       

REPRESENTATION LETTER

TO BE COMPLETED BY CANADIAN SUBSCRIBERS

TO:          
      Adira Energy Corp. (the “Corporation”) 

In connection with the purchase of Units of the Corporation by
the undersigned subscriber (the “Subscriber”, for the purposes of this
Schedule “A”) on or about ______________________, 2009, the Subscriber hereby
represents, warrants, covenants and certifies (by completing and signing this
certificate) on behalf of itself and, if applicable, the person on whose behalf
the Subscriber is contracting, to the Corporation and its counsel (which
representations, warranties and certifications shall survive the closing of the
purchase of the Units for a period of two years, notwithstanding the completion
of the purchase of the Units), acknowledging that the Corporation and its
counsel are relying thereon, that: 

	 	(a) 	
      it is (the clause checked below applies):

	 	 	 	 
	 		(i) 	
      [  ]      purchasing the
      securities as principal; or

	 	 	 	 
	 		(ii) 	
      [  ]      deemed to be
      purchasing as principal under applicable securities laws, in accordance
      with the following statutory provisions:

	 	 	 	 
	 	(b) 	
      an “accredited investor” within the meaning of NI 45-106
      on the basis that the undersigned fits within the category of an
      “accredited investor” reproduced in the Exhibit to this Representation
      Letter beside which the undersigned has marked his initials; and

	 	 	 	 
	 	(c) 	
      upon execution of this Schedule “A” by the Subscriber,
      this Schedule “A” shall be incorporated into and form a part of the
      Subscription Agreement and all capitalized terms not otherwise defined
      herein shall have the meaning ascribed thereto in the Subscription
      Agreement.

	 	Name of Subscriber (please print) 
	 	 
	 	By:
    ___________________________________________
	 	         Authorized
      Signature 
	 	  
	 	 
	 	Official Title or Capacity (please print)

	 	 
	 	 
	 	Name of Signatory (please print name of
      individual whose signature appears above different than name of
      Subscriber) 

DATED at _________________________ this _______ day of
______________, 2009.

	
IMPORTANT 

PLEASE COMPLETE THE
      EXHIBIT TO THIS REPRESENTATION LETTER BY MARKING 
YOUR INITIALS
      BESIDE THE CATEGORY TO WHICH YOU BELONG 

2

EXHIBIT TO SCHEDULE “A” 

TO BE COMPLETED BY CANADIAN SUBSCRIBERS

	PLEASE MARK YOUR INITIALS BESIDE THE
      CATEGORY TO WHICH YOU BELONG 

Please complete the Representation Letter to the Corporation by
marking your initials beside the category of “accredited investor” to which you
belong: 

	[ ] 1. 	
      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. 	
      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. 	
      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 $1,000,000. 

	 	
      

	[ ] 11. 	
      An individual whose net income before taxes exceeded
      $200,000 in each of the 2 most recent calendar years or whose net income
      before taxes combined with that of a spouse exceeded $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 $5,000,000. 

	 	
      

	[ ] 13. 	
      A person, other than an individual or investment fund,
      that has net assets of at least $5,000,000 as shown on its most recently
      prepared financial statements. 

	 	
      

	[ ] 14. 	
      An investment fund that distributes or has distributed
      its securities only to (i) a person that is or was an accredited investor
      at the time of the distribution, (ii) a person that acquires or acquired
      securities in the circumstances referred to in sections 2.10 [Minimum
      amount investment] of National Instrument 45-106, and 2.19
      [Additional investment in investment funds] of National Instrument
      45-106, or (iii) a person 

3

		
      described in (i) or (ii) that acquires or acquired
      securities under section 2.18 [Investment fund reinvestment] of
      National Instrument 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 (i) is registered or authorized to
      carry on business as an adviser or the equivalent under the securities
      legislation of a jurisdiction of Canada or a foreign jurisdiction, and
      (ii) in Ontario, is purchasing a security that is not a security of an
      investment fund. 

	  	
      

	[ ] 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 (i) an accredited investor, or (ii) an exempt purchaser in
      Alberta or British Columbia. 

4

Interpretative Aids 

The following definitions relate to certain of the categories
of NI 45-106 - Accredited Investor set forth above:

	 	(a) 	
      “bank” means a bank named in Schedule I or II of the
      Bank Act (Canada);

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

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

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

	 	 	 	 	 
	 	(d) 	
      “director” means:

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

	 	 	 	 	 
	 		(ii) 	
      with respect to a person that is not a company, an
      individual who performs functions similar to those of a director of a
      company;

	 	 	 	 	 
	 	(e) 	
      “eligibility adviser” means

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

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

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

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

5

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

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

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

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

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

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

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

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

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

	 	 	 	 
	 	(i) 	
      “foreign jurisdiction” means a country other than Canada
      or a political subdivision of a country other than Canada;

	 	 	 	 
	 	(j) 	
      “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;

	 	 	 	 
	 	(k) 	
      “investment fund” has the same meaning as in National
      Instrument 81-106 Investment Fund Continuous Disclosure;

	 	 	 	 
	 	(l) 	
      “jurisdiction” means a province or territory of Canada
      except when used in the term foreign jurisdiction;

	 	 	 	 
	 	(m) 	
      “non-redeemable investment fund” means an
  issuer,

	 	 	 	 
	 		(i) 	
      where contributions of securityholders are pooled for
      investment,

	 	 	 	 
	 		(ii) 	
      where securityholders do not have day-to-day control over
      the management and investment decisions of the issuer, whether or not they
      have the right to be consulted or to give directions, and

	 	 	 	 
	 		(iii) 	
      whose securities do not entitle the securityholder 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 of the issuer;

	 	 	 	 
	 	(n) 	
      “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

6

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

	 	 	 	 
	 	(o) 	
      “regulator” means, for the local jurisdiction, the
      Executive Director as defined under securities legislation of the local
      jurisdiction;

	 	 	 	 
	 	(p) 	
      “related liabilities” means

	 	 	 	 
	 		(i) 	
      Liabilities incurred or assumed for the purpose of
      financing the acquisition or ownership of financial assets, or

	 	 	 	 
	 		(ii) 	
      Liabilities that are secured by financial
  assets;

	 	 	 	 
	 	(q) 	
      “Schedule III bank” means an authorized foreign bank
      named in Schedule III of the Bank Act (Canada);

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

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

	 	 	 	 
	 	(t) 	
      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,
  and

	 	 	 	 
	 	(u) 	
      A person (first person) is considered to control another
      person (second person) if:

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

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

All monetary references are in Canadian dollars.

7

	
      SCHEDULE “B” 

       

REPRESENTATION LETTER 

TO BE COMPLETED BY INTERNATIONAL SUBSCRIBERS 

TO:                         
Adira Energy Corp. (the “Corporation”) 

In connection with the purchase of Units of the Corporation by
the undersigned subscriber (the “Subscriber”, for the purposes of this
Schedule “B”) on or about ______________________, 2009, the Subscriber hereby
represents, warrants, covenants and certifies (by completing and signing this
certificate) on behalf of itself and, if applicable, the person on whose behalf
the Subscriber is contracting to the Corporation and its counsel (which
representations, warranties and certifications shall survive the closing of the
purchase of the Units for a period of two years, notwithstanding the completion
of the purchase of the Units) and acknowledges that the Corporation and its
counsel are relying thereon that: 

	 	(a) 	
      it is (the clause checked below applies): 

	 	  	
      
	
      
	
      

	 	  	
      (i) 
	
      [ ] 
	
      purchasing the securities as principal; or 

	 	  	
      
	
      
	
      

			
      (ii) 
	
      [ ] 
	
      deemed to be purchasing as principal under applicable
      securities laws, in accordance with the following statutory provisions:
      

	 	  	
      
	
      
	
      

	 	  	
      
	
      
	
      

	 	  	
      
	
      
	
      

	 	(b) 	
      it is located outside of Canada and the United States;
      

	 	  	
      
	
      
	
      

		(c) 	
      all acts of solicitation, conduct or negotiations
      directly or indirectly in furtherance of the purchase of the securities
      occurred outside of Canada and the United States; 

	 	  	
      
	
      
	
      

		(d) 	
      the securities laws of the jurisdiction in which it is
      resident as set out on the cover page of the Subscription Agreement,
      govern its subscription, and the issuance of the Common Shares, Warrants
      and Warrant Shares to it may be effected by the Corporation without the
      necessity of filing any document with or obtaining any approval from or
      effecting any registration with any governmental entity or similar
      regulatory authority having jurisdiction over the Subscriber and the
      Subscriber complies with the requirements of all applicable laws in the
      jurisdiction of its residence, and will provide such evidence of
      compliance with all such matters as the Corporation may request;

	 	  	
      
	
      
	
      

		(e) 	
      it is an “accredited investor” within the meaning of NI
      45-106 on the basis that the undersigned fits within the category of an
      “accredited investor” reproduced in the Exhibit to this Representation
      Letter beside which the undersigned has marked his initials; and
  

8

	 	(f) 	
      upon execution of this Schedule “B” by the Subscriber,
      this Schedule “B” shall be incorporated into and form a part of the
      Subscription Agreement and all capitalized terms not otherwise defined
      herein shall have the meaning ascribed thereto in the Subscription
      Agreement.

	 	Name of Subscriber (please print) 
	 	 
	 	By: 
      ___________________________________________________
	 	               
      Authorized Signature 
	 	  
	 	 
	 	Official Title or Capacity (please print)

	 	 
	 	 
	 	Name of Signatory (please print name of
      individual whose signature appears above different than name of
      Subscriber) 

DATED at _________________________ this _______day of
______________, 2009.

	
IMPORTANT 

PLEASE COMPLETE THE
      EXHIBIT TO THIS REPRESENTATION LETTER BY MARKING 
YOUR INITIALS
      BESIDE THE CATEGORY TO WHICH YOU BELONG 

9

EXHIBIT TO SCHEDULE “B” 

TO BE COMPLETED BY INTERNATIONAL SUBSCRIBERS

	PLEASE MARK YOUR INITIALS BESIDE THE
      CATEGORY TO WHICH YOU BELONG 

Please complete the Representation Letter to the Corporation by
marking your initials beside the category of “accredited investor” to which you
belong: 

	[ ] 1. 	
      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. 	
      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. 	
      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 $1,000,000. 

	 	
       

	[ ] 11. 	
      An individual whose net income before taxes exceeded
      $200,000 in each of the 2 most recent calendar years or whose net income
      before taxes combined with that of a spouse exceeded $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 $5,000,000. 

	 	
       

	[ ] 13. 	
      A person, other than an individual or investment fund,
      that has net assets of at least $5,000,000 as shown on its most recently
      prepared financial statements. 

	 	
       

	[ ] 14. 	
      An investment fund that distributes or has distributed
      its securities only to (i) a person that is or was an accredited investor
      at the time of the distribution, (ii) a person that acquires or acquired
      securities in the circumstances referred to in sections 2.10 [Minimum
      amount investment] of National Instrument 45-106, and 2.19
      [Additional investment in investment funds] of National Instrument
      45-106, or (iii) a person 

10

		
      described in (i) or (ii) that acquires or acquired
      securities under section 2.18 [Investment fund reinvestment] of
      National Instrument 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 (i) is registered or authorized to
      carry on business as an adviser or the equivalent under the securities
      legislation of a jurisdiction of Canada or a foreign jurisdiction, and
      (ii) in Ontario, is purchasing a security that is not a security of an
      investment fund. 

	  	
       

	[ ] 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 (i) an accredited investor, or (ii) an exempt purchaser in
      Alberta or British Columbia. 

11

Interpretative Aids 

The following definitions relate to certain of the categories
of NI 45-106 - Accredited Investor set forth above:

	 	(v) 	
      “bank” means a bank named in Schedule I or II of the
      Bank Act (Canada);

	 	 	 	 	 
	 	(w) 	
      “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;

	 	 	 	 	 
	 	(x) 	
      “control person” has the same meaning as in securities
      legislation except in Manitoba, Newfoundland and Labrador, Northwest
      Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island and
      Quebéc where control person means any person that holds or is one of a
      combination of persons that holds

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

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

	 	 	 	 	 
	 	(y) 	
      “director” means:

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

	 	 	 	 	 
	 		(ii) 	
      with respect to a person that is not a company, an
      individual who performs functions similar to those of a director of a
      company;

	 	 	 	 	 
	 	(z) 	
      “eligibility adviser” means

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

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

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

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

12

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

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

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

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

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

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

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

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

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

	 	 	 	 
	 	(dd) 	
      “foreign jurisdiction” means a country other than Canada
      or a political subdivision of a country other than Canada;

	 	 	 	 
	 	(ee) 	
      “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;

	 	 	 	 
	 	(ff) 	
      “investment fund” has the same meaning as in National
      Instrument 81-106 Investment Fund Continuous Disclosure;

	 	 	 	 
	 	(gg) 	
      “jurisdiction” means a province or territory of Canada
      except when used in the term foreign jurisdiction;

	 	 	 	 
	 	(hh) 	
      “non-redeemable investment fund” means an
  issuer,

	 	 	 	 
	 		(i) 	
      where contributions of securityholders are pooled for
      investment,

	 	 	 	 
	 		(ii) 	
      where securityholders do not have day-to-day control over
      the management and investment decisions of the issuer, whether or not they
      have the right to be consulted or to give directions, and

	 	 	 	 
	 		(iii) 	
      whose securities do not entitle the securityholder 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 of the issuer;

	 	 	 	 
	 	(ii) 	
      “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

13

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

	 	 	 	 
	 	(jj) 	
      “regulator” means, for the local jurisdiction, the
      Executive Director as defined under securities legislation of the local
      jurisdiction;

	 	 	 	 
	 	(kk) 	
      “related liabilities” means

	 	 	 	 
	 		(i) 	
      Liabilities incurred or assumed for the purpose of
      financing the acquisition or ownership of financial assets, or

	 	 	 	 
	 		(ii) 	
      Liabilities that are secured by financial
  assets;

	 	 	 	 
	 	(ll) 	
      “Schedule III bank” means an authorized foreign bank
      named in Schedule III of the Bank Act (Canada);

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

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

	 	 	 	 
	 	(oo) 	
      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,
  and

	 	 	 	 
	 	(pp) 	
      A person (first person) is considered to control another
      person (second person) if:

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

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

All monetary references are in Canadian dollars.

14

	SCHEDULE
      “D” 

TERM SHEET 

ADIRA ENERGY CORP. 

PRIVATE PLACEMENT OF UNITS 
(THE “OFFERING”)

	Issuer: 	Adira Energy Corp.
      (“Adira” or the “Corporation”) 
	  	
       

	Jurisdiction: 	
      Canada and such other international jurisdictions
      (excluding the USA) (collectively, the “Jurisdictions”) as are
      agreed to between Adira and Sandfire Securities Inc. 

	  	
       

	Offering: 	
      A minimum of US$2,000,000 by the issuance of 8,000,000
      units (each a “Unit”) subject to reduction at the Corporation’s
      sole discretion provided the conditions of the Securities Exchange
      Agreement (as hereinafter defined) are met, each Unit consisting of one
      common share (“Common Share”) in the capital of Adira and one half
      of one transferable Common Share purchase warrant (each whole such
      purchase warrant a “Warrant”). Each whole Warrant shall be
      exercisable into one additional Common Share of Adira (“Warrant
      Share”) at an exercise price of US$0.50 per Warrant Share for a
      period of two years from the closing of the Offering (“Closing”).
      

	  	
       

	Price: 	
      The subscription price is US$0.25 per Unit (the
      “Subscription Price”). 

	  	
       

	Condition: 	
      The Offering is taking place in contemplation of the
      acquisition (the “Acquisition”) by AMG Oil Ltd. (“AMG”) of
      all of the issued and outstanding common shares and share purchase
      warrants of Adira, including those being offered pursuant to the Offering.
      The Acquisition will be completed pursuant to a securities exchange
      agreement (the “Securities Exchange Agreement”) to be entered into
      among Adira, the principal shareholders of Adira and AMG. Completion of
      the Offering is a condition to the closing of the Acquisition. The closing
      of the Offering is conditional upon the fulfillment of all of the
      conditions to closing of the Acquisition as will be set forth in the
      Securities Exchange Agreement, save and except the condition that the
      Offering will have completed (the “Acquisition Conditions to
      Closing”). Subscriptions to the Offering are irrevocable by
      subscribers. 

	  	
       

	Escrow: 	
      The Subscription Price will be held in escrow until the
      Closing. If the Closing is not completed by September 30, 2009, the
      Subscription Price shall be returned. Funds will be released to Adira upon
      closing of the Offering. 

	  	
       

	Exchange: 	
      The Units will be exchanged (the “Exchange”) for
      units (“Successor Units”) in AMG or the successor entity
      resulting from the Acquisition (the “Successor”), concurrent with
      the Closing of the Acquisition. Each subscriber will receive one Successor
      Unit for each Unit purchased in the Offering. The Successor Units will be
      comprised of common shares in the Successor (“Successor Shares”)
      and warrants to 

15

		
      purchase Successor Shares (“Successor Warrants”).
      The Successor Warrants shall contain acceleration provisions such that, in
      the event that the weighted average trading price of the Successor Shares
      listed on an exchange exceeds US$1.00 per Successor Share for a period of
      20 consecutive trading days (the 20th day of such trading period, the
      “Acceleration Date”) the expiry date of the Successor Warrants
      shall be accelerated to that date which is 30 days after the Acceleration
      Date. In the event the exchange the Successor is listed on is Canadian,
      the Successor Share price with respect to the Acceleration Date shall be
      in Canadian dollars. The exchange rate shall be the Canadian dollar
      equivalent of US$1.00 on the Closing. 

	  	
       

	Closing: 	
      Closing of the Offering and issuance of the Common Shares
      and Warrants shall take place immediately prior to the closing of the
      Acquisition upon satisfaction of all Acquisition Conditions to Closing.
      The Closing is expected to occur on or before 5:00 p.m. (Toronto time) no
      later than June 30, 2009. 

	  	
       

	Agents’ Compensation: 	
      Sandfire and any other person engaged to and in the sale
      of the Units (each an “Agent”) will receive a cash commission equal
      to 7% of the aggregate gross proceeds of the issue of Units resulting from
      orders which the Agent has introduced and confirmed to the Company, a
      success fee of $10,000 payable on Closing and compensation warrants (each
      an “Agent Warrant”) which will entitle the Agent to purchase a
      number of Common Shares equal to 7% of the number of Units issued
      resulting from orders which the Agent has introduced and confirmed to
      Adira, at a price of US$0.25 per Common Share for a period of 24 months
      following closing of the Offering. The Agent Warrants will be exchanged
      for warrants to acquire common shares in the Successor upon completion of
      the Acquisition. In addition, Adira shall be responsible for the expenses
      of Sandfire up to a maximum of $5,000 (plus GST if applicable) and the
      legal fees of Sandfire up to a maximum of $10,000 (plus GST if
      applicable). 

	  	
       

	Exemptions Relied Upon: 	
      The sale of the securities contemplated in this Term
      Sheet are to be effected in reliance upon the “accredited investor”
      exemption found in s. 2.3 of National Instrument 45-106- Prospectus
      Exempt Distributions. 

	  	
       

	Terms of the Acquisition: 	
      Upon completion of the Acquisition steps will be taken to
      change the name of AMG to “Adira Energy Corp.” and change its board of
      directors to be comprised of five appointees of Adira, one appointee of
      AMG to be approved by Adira, and one additional member designated by the
      board following the closing of the Acquisition. The closing of the
      Acquisition is subject to a number of other conditions precedent including
      the satisfactory completion of due diligence by both Adira and AMG.
      Further details are included in the LOI and the Securities Exchange
      Agreement. 

 

16

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