Document:

EXECUTION
VERSION

 

AGENCY
AGREEMENT

 

March
13, 2017

 

	Scythian
        Biosciences Inc.

        100
        King Street West, Suite 1600

        Toronto,
Ontario M5X 1G5
	 

         
	Kitrinor
        Metals Inc.

        365
        Bay Street, Suite 400

        Toronto,
Ontario M5H 2V1

 

Dear
Sirs/Mesdames:

 

Clarus
Securities Inc. (the “Lead Agent”), Haywood Securities Inc. and Canaccord Genuity Corp. (together with the
Lead Agent, the “Agents”) understand that Scythian Biosciences Inc., a corporation organized under the federal
laws of Canada (the “Corporation”), proposes to issue and sell an aggregate of up to 35,000,000 subscription
receipts of the Corporation (each, a “Subscription Receipt” and collectively, the “Subscription Receipts”)
at a price of $0.40 per Subscription Receipt (the “Offering Price”) for aggregate proceeds of up to $14,000,000
(the “Offering”). 

 

Each
Subscription Receipt entitles the subscriber to receive, upon satisfaction of the Escrow Release Conditions (as defined herein)
on or before the Termination Time (as defined herein) on the Escrow Deadline (as defined herein), and without payment of additional
consideration, one (1) Class A common share in the capital of the Corporation which shall be exchanged, without further consideration,
for one (1) common share (a “Subscription Share” or a “Resulting Issuer Share”) in the capital
of Kitrinor Metals Inc. (“Kitrinor”), pursuant to the Merger Agreement (as defined herein), subject to adjustment
as provided in the subscription receipt agreement (the “Subscription Receipt Agreement”) dated as of the date
hereof and entered into between the Corporation, the Lead Agent, Kitrinor and TSX Trust Company (“TSX Trust”)
as registrar and transfer agent for the subscription receipts and escrow agent in respect of the Escrowed Funds (as defined herein)(the
“Subscription Receipt and Escrow Agent”).

 

As
used in this Agreement, “Offered Securities” means the Subscription Receipts and Subscription Shares, collectively
or individually, as the context requires.

 

The
Subscription Receipts will be deemed to be exercised provided the Escrow Release Conditions have been satisfied on or before the
Termination Time (as defined herein) on the Escrow Deadline (as defined herein), in accordance with the Subscription Receipt Agreement,
such that each holder of Subscription Receipts will receive such number of Subscription Shares to which it is entitled.

 

The
Corporation will enter into an agreement (the “Merger Agreement”) with Kitrinor, a company incorporated under
the laws of the Province of Ontario, and a corporation to be incorporated under the federal laws of Canada as a wholly-owned subsidiary
of Kitrinor for the purposes of effecting the Merger (“Subco”), on terms and conditions satisfactory to the
Lead Agent, acting reasonably, pursuant to which, subject to the satisfaction of various conditions including shareholder and
regulatory approvals, among others, the Corporation will (i) effect a consolidation of its common shares on a 4:1 basis (the “Consolidation”)
and (ii) amalgamate with Subco under the Canada Business Corporations Act (the “Act”) and the amalgamated
entity shall be a direct wholly-owned subsidiary of Kitrinor (the “Merger”). As part of the Merger, Kitrinor
will, subject to the receipt of all regulatory approvals, including the approval of its shareholders, if applicable, and the TSX
Venture Exchange (the “TSXV”) acquire all of the issued and outstanding Class A common shares of the Corporation,
and as consideration, will issue on a one-for-one basis, approximately 50,076,167 Resulting Issuer Shares (the “Consideration
Shares”) in the capital of Kitrinor (“Kitrinor Shares”) in exchange for the then issued and outstanding
Class A common shares in the capital stock of the Corporation (the “Common Shares”). As used in this Agreement,
“Business Combination” means, collectively, the completion of the Merger and the issuance of the Consideration
Shares and the Subscription Shares.

 

     

    -2- 

    

 

Pursuant
to the terms of the Merger Agreement, the Corporation shall use its commercially reasonable efforts to satisfy all conditions
precedent to the completion of the Business Combination prior to the Termination Time, including, without limitation: (i) receipt
of applicable shareholder and regulatory approvals; (ii) the completion of all conditions precedent to the Business Combination,
(iii) the Consolidation; and (iv) receipt of conditional approval from the TSXV for the listing of the Consideration Shares and
the Subscription Shares to be issued by Kitrinor pursuant to the Business Combination in exchange for, respectively, the Common
Shares and the Subscription Receipts immediately following the Merger.

 

Subject
to the terms and conditions set forth below, the Corporation hereby appoints the Agents as the exclusive agents of the Corporation
to offer the Subscription Receipts for sale on a “best efforts” private placement basis, without underwriting liability,
and the Agents hereby agree to act in such capacity. The Corporation agrees that the Agents are under no obligation to purchase
any of the Subscription Receipts but may purchase Subscription Receipts if desired.

 

Terms
and Conditions

 

The
terms and conditions relating to the purchase and sale of the Subscription Receipts are as follows:

 

Section 1  Offering.

 

	 	(a)
    	The
    Agents shall offer the Subscription Receipts for sale directly by the Corporation on a private placement basis to purchasers
    (the “Purchasers”) who meet the following criteria: (i) Purchasers who are “accredited investors”
    in the provinces of British Columbia, Alberta and Ontario (the “Canadian Offering Jurisdictions”), (ii)
    Purchasers in the United States (as defined herein) who are “accredited investors” that satisfy one or more of
    the criteria set forth in Rule 501(a)(1) of Regulation D (“Accredited Investors”) under the United States
    Securities Act of 1933, as amended (the “U.S. Securities Act”), pursuant to available exemptions from the
    registration requirements of the U.S Securities Act and any applicable state securities laws, and (iii) Purchasers in such
    other jurisdictions outside of Canada and the United States in which the Subscription Receipts may be lawfully offered for
    sale (collectively, together with the Canadian Offering Jurisdictions, the “Offering Jurisdictions”), provided
    that the sale to such Purchasers will not require registration thereof or filing of a prospectus, registration statement or
    similar disclosure document or impose on the Corporation or Kitrinor continuous reporting obligations under applicable securities
    legislation of the Offering Jurisdictions, all in compliance with all such applicable securities legislation.

 

     

    -3- 

    

  

	 	(b)	The
    Corporation and the Agents propose to offer and sell the Subscription Receipts in the United States (as such term is defined
    in Regulation S under the U.S. Securities Act, the “United States”) and to, or for the account or benefit
    of, persons in the United States or U.S. persons (as such term is defined in Regulation S under the U.S. Securities Act, “U.S.
    Persons”) either directly in accordance with Rule 15a-6 under the United States Securities Exchange Act of 1934,
    as amended (the “U.S. Exchange Act”), or through the registered U.S. broker-dealer affiliate of an Agent
    (the “U.S. Affiliate”), in compliance with the exemption from the registration requirements of Rule 506(b)
    of Regulation D under the U.S. Securities Act, all in the manner contemplated by this Agreement.
	 	 	 
	 	(c)	Each
    of the Corporation and Kitrinor will give the Lead Agent the opportunity to review and comment on any press releases relating
    to the Offering prior to release. Any press release relating to the Offering shall be in form and content agreed to by the
    Lead Agent acting reasonably. As the Subscription Receipts may be offered in the United States and to, or for the account
    or benefit of, persons in the United States or U.S. Persons, any press release issued by the Corporation concerning the Offering
    shall contain language substantially similar to the following: (i) “NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES
    OR DISSEMINATION IN THE U.S.” and (ii) “The securities offered have not been registered under the U.S.
    Securities Act of 1933, as amended, or any state securities law, and may not be offered or sold in the United States or
    to, or for the account or benefit of, persons in the United States or U.S. Persons absent registration or an exemption from
    such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to
    buy nor shall there by any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.”
    Notwithstanding the foregoing, this subsection 1(c) shall not be interpreted so as to prevent any party from complying with
    the continuous disclosure requirements under applicable law or regulation.
	 	 	 
	 	(d)	The
    Corporation will pay the Agents a cash commission (the “Commission”) equal to 7.0% of the gross proceeds
    of the Offering, which amount shall be deducted from the gross proceeds of the Offering on the Closing Date and deemed to
    be delivered to the Agents. In addition, the Agents will receive broker warrants (“Broker Warrants”) of
    the Corporation, evidenced by a certificate in the form attached hereto as Schedule “A”, equal to 7.0% of the
    number of Subscription Receipts sold pursuant to the Offering. Each Broker Warrant entitles the holder thereof to acquire
    one Resulting Issuer Share (as defined herein)(a “Broker Warrant Share”) at a price of $0.40, subject to
    adjustment as provided in the Broker Warrant certificate, for a period of 24 months commencing upon satisfaction of the Escrow
    Release Conditions. In the event the Merger is not completed and the Merger Agreement is terminated, the Broker Warrants shall
    also be terminated.

 

     

    -4- 

    

 

	 	(e)	Kitrinor
    hereby expressly acknowledges and agrees to perform its covenants and obligations under this Agreement to issue, in accordance
    with this Agreement:

 

	 	 	(i)	the
    Subscription Shares, upon the deemed exercise of the Subscription Receipts upon satisfaction of the Escrow Release Conditions;
    and 
	 	 	 	 
	 	 	(ii)	the
    Broker Warrant Shares, upon the exercise of the Broker Warrants in accordance with their terms. 

 

	 	(f)	The
    Broker Warrants are to be issued by the Corporation and delivered to the Agents on the Closing Date in consideration for the
    services rendered by the Agents in connection with the Offering, which services shall include:

 

	 	 	(i)	acting
    as agents of the Corporation to offer for sale by way of private placement, on a best efforts private placement basis, without
    underwriting liability, the Offered Securities;
	 	 	 	 
	 	 	(ii)	assisting
    in the preparation of the forms of Subscription Agreements (defined below) to be entered into by the Corporation and each
    of the Purchasers; and
	 	 	 	 
	 	 	(iii)	advising
    the Corporation with respect to the Offering.

 

	 	(g)	Other
    than the Broker Warrants, the Commission and the Expenses (as defined herein), the Agents shall not be entitled to any additional
    compensation in respect of the Offering or the supplementary services related thereto. 
	 	 	 
	 	(h)	The
    Agents acknowledge that none of the Broker Warrants, the Broker Warrant Shares or any securities issuable in connection with
    the Business Combination have been registered under the U.S. Securities Act or the securities laws of any state of the United
    States. In connection with the issuance of the Broker Warrants, the Broker Warrant Shares and any securities issuable in connection
    with the Business Combination, each of the Agents represents, warrants and covenants that: (i) it is acquiring the Broker
    Warrants, the Broker Warrant Shares and any securities issuable in connection with the Business Combination as principal for
    its own account and not for the benefit of any other person and it is an “accredited investor” within the meaning
    of National Instrument 45-106 – Prospectus Exemptions; (ii) it is not a U.S. Person and is not acquiring the
    Broker Warrants, the Broker Warrant Shares or any securities issuable in connection with the Business Combination in the United
    States, or on behalf of a U.S. Person or a person in the United States; and (iii) this Agreement was executed and delivered
    outside the United States. The Agents acknowledge and agree that the Broker Warrants may not be exercised in the United States
    or by or on behalf of a U.S. Person or a person in the United States, unless such exercise is not subject to registration
    under the U.S. Securities Act or the securities laws of any state of the United States. The Agents agree that they will not
    engage in any Directed Selling Efforts (hereinafter defined) with respect to any Broker Warrants, Broker Warrant Shares or
    any securities issuable in connection with the Business Combination and will not offer or sell any Broker Warrants, Broker
    Warrant Shares or any securities issuable in connection with the Business Combination in the United States or to, or for the
    account or benefit of, a person in the United States or a U.S. Person unless in compliance with an exemption from the registration
    requirements of the U.S. Securities Act and any applicable state securities laws and has delivered to the Corporation an opinion
    of counsel of recognized standing reasonably satisfactory to the Corporation to such effect.

 

     

    -5- 

    

 

	 	(i)	Each
    of the Agents covenants, represents and warrants to the Corporation and Kitrinor and acknowledges that the Corporation and
    Kitrinor are relying on such representations, warranties and covenants that: (i) it will comply with all applicable securities
    legislation of each Offering Jurisdiction in which it acts as agent of the Corporation in connection with the Offering; (ii)
    it will not offer or sell Offered Securities in a manner so as to require registration thereof or filing of a prospectus with
    respect thereto or the provision of a contractual right of action (as defined in the Ontario Securities Commission Rule 14-501
    – Definitions) under the laws of any jurisdiction including, without limitation, the United States; (iii) the
    Agents will obtain from each Purchaser an executed agreement (each a “Subscription Agreement”) in the form
    agreed upon by the Agents and the Corporation for the Subscription Receipts to be provided to the Purchaser in their respective
    jurisdiction, which shall include executed versions of all related Schedules, Annexes and Certificates, as applicable; (iv)
    the Agents and their representatives have not engaged in or authorized, and will not engage in or authorize, any form of general
    solicitation or general advertising in connection with or in respect of the Offered Securities in any newspaper, magazine,
    printed media of general and regular paid circulation or any similar medium, or broadcast over radio or television or otherwise
    or conducted any seminar or meeting concerning the offer or sale of the Offered Securities whose attendees have been invited
    by any general solicitation or general advertising; and (v) it is and will be, at the Closing Date, duly registered under
    the applicable securities laws under a category that permits it to sell the Offered Securities in the Offering Jurisdictions.

 

     

    -6- 

    

 

	 	(j)	If,
    at the Closing Date, the terms and conditions herein have been complied with to the satisfaction of the Agents, acting reasonably,
    or waived by the Agents, the Agents will deliver to the Corporation all completed Subscription Agreements, and deliver to
    the Subscription Receipt and Escrow Agent the Escrowed Funds (as defined herein) which shall be held in escrow in accordance
    with the Subscription Receipt Agreement, against delivery by the Corporation of the Subscription Receipts, in certificated
    form, registered as directed by the Agents, and such other documentation as may be requested by the Agents, acting reasonably.
    On the Closing Date, the Corporation will also pay the Commission and any Expenses accrued up to and including the Closing
    Date and deliver the Broker Warrants to the Agents. 
	 	 	 
	 	(k)	The
    Commission shall be divided among the Agents pro rata based on the percentages set forth opposite each Agent’s name
    below:

 

	Clarus Securities Inc.	 	 	65	%
	Haywood Securities Inc.	 	 	25	%
	Canaccord Genuity Corp.	 	 	10	%
	Total	 	 	100	%

 

	 	(l)	If,
    in the opinion of the Agents, it is necessary or desirable, the Agents will form, manage and participate in a group of sub-agents
    to offer the Offered Securities as provided for hereunder, provided that the Agents shall at all times lead and manage the
    Offering. The Agents will be permitted to appoint other registered dealers (or other dealers qualified in their respective
    jurisdictions), each of which shall be appropriately registered or authorized under the applicable securities laws of the
    Offering Jurisdictions in which such sub-agent offers and sells the Offered Securities so as to permit it to lawfully offer
    the Offered Securities in such jurisdiction, as their agents, to assist in the Offering. The Agents may determine the remuneration
    payable by the Agents to such other dealers appointed by them as an allocation of such portion of the Commission as the Agents
    so determine, provided that such remuneration shall not in any way increase the aggregate Commission payable to the Agents
    by the Corporation under this Agreement and any such dealers receiving Broker Warrants, Broker Warrant Shares or any securities
    issuable in connection with the Business Combination shall be deemed to make all acknowledgments, representations, warranties
    and covenants of the Agents set forth in Section 1(i) of this Agreement. In the event that a selling group is formed, the
    Agents shall have the exclusive right to select syndicate members and to control syndicate arrangements. The Agents shall
    use their commercially reasonable efforts to ensure that any such sub-agents appointed pursuant to the provisions of this
    Section 1(l) or with whom the Agents have a contractual relationship with respect to the Offering, if any, shall comply with
    the obligations of the Agents set out herein.

 

     

    -7- 

    

 

	 	(m)	The
    obligations of the Agents under this section are several and not joint nor joint and several. No Agent will be liable for
    any act, omission, default or conduct by the other Agents.

 

Section
2 Representations and Warranties of the Corporation.

 

The
Corporation represents and warrants to the Agents, Kitrinor and the Purchasers, and acknowledges that the Agents, Kitrinor and
the Purchasers are relying upon such representations and warranties, as follows:

 

	 	(a)	All
    necessary corporate action has been taken to authorize the issue and sale of, and the delivery of the Subscription Receipts,
    in certificated or uncertificated form, the creation and issue of, and delivery of the certificates representing the Broker
    Warrants, and:

 

	 	 	(i)	upon
    payment of the requisite consideration therefor, the Subscription Receipts will be validly issued; 
	 	 	 	 
	 	 	(ii)	upon
    satisfaction of the Escrow Release Conditions the Subscription Receipts shall convert automatically, without additional payment
    therefore, into Subscription Shares;
	 	 	 	 
	 	 	(iii)	upon
    issue thereof, the Broker Warrants will be validly issued; and
	 	 	 	 
	 	 	(iv)	upon
    the exercise of Broker Warrants, the Broker Warrant Shares will be validly issued, fully paid and non-assessable Resulting
    Issuer Shares.

 

	 	(b)	The
    form and terms of the Subscription Receipts and Broker Warrants have been approved and adopted, as applicable, by the directors
    of the Corporation and do not conflict with any applicable laws.
	 	 	 
	 	(c)	The
    attributes of the Subscription Receipts will conform in all material respects with the description thereof in the Subscription
    Agreements.
	 	 	 
	 	(d)	The
    Corporation has full corporate power, capacity and authority to undertake the Offering, to enter into this Agreement, the
    Subscription Agreements, the Subscription Receipt Agreement and the certificates representing the Subscription Receipts and
    the Broker Warrants (collectively, the “Corporation Offering Documents”) and to do all acts and things
    and execute and deliver all documents as are required hereunder and thereunder to be done, observed, performed or executed
    and delivered by it in accordance with the terms hereof and thereof, and the Corporation has taken all necessary corporate
    action to authorize the execution, delivery and performance of the Corporation Offering Documents and to observe and perform
    the provisions of the Corporation Offering Documents in accordance with the provisions hereof and thereof. 

 

     

    -8- 

    

  

	 	(e)	Each
    of the Corporation Offering Documents has been executed and delivered by the Corporation and constitutes a valid and legally
    binding obligation of the Corporation enforceable against the Corporation in accordance with its terms subject to such limitations
    and prohibitions as may exist or may be enacted in applicable laws relating to bankruptcy, insolvency, liquidation, moratorium,
    reorganization, arrangement or winding-up and other laws, rules and regulations of general application affecting the rights,
    powers, privileges, remedies and/or interests of creditors generally.
	 	 	 
	 	(f)	The
    entering into and the performance of the transactions contemplated herein and in the other Corporation Offering Documents
    by the Corporation:

 

	 	 	(i)	does
    not require any consent, approval, authorization or order of any court or governmental agency or body, except that which may
    be required under applicable securities legislation;
	 	 	 	 
	 	 	(ii)	will
    not contravene any statute or regulation of any governmental authority which is binding on the Corporation, where such contravention
    would materially and adversely affect the business, operations, capital or condition (financial or otherwise) of the Corporation;
    and
	 	 	 	 
	 	 	(iii)	will
    not result in the breach of, or be in conflict with, or constitute a default under, or create a state of facts which, after
    notice or lapse of time, or both, would constitute a default under any term or provision of the articles of incorporation,
    amalgamation, continuation, arrangement, as applicable, by-laws and all amendments to such articles or by-laws, or, in each
    case, such applicable documents (collectively, the “Constating Documents”) or resolutions of the Corporation
    or any mortgage, note, indenture, contract or agreement instrument, lease or other document to which the Corporation is a
    party, or any judgment, decree or order or any term or provision thereof, where such contravention would materially and adversely
    affect the business, operations, capital or condition (financial or otherwise) of the Corporation.

 

	 	(g)	TSX
    Trust at its office in Toronto, Ontario has been appointed as the Subscription Receipt and Escrow Agent under the Subscription
    Receipt Agreement.
	 	 	 
	 	(h)	The
    Corporation is not party to or bound or affected by any commitment, agreement or document containing any covenant which would
    prohibit or restrict the Corporation from entering into this Agreement.
	 	 	 
	 	(i)	There
    are no material changes or material facts relating to the Corporation that have not been disclosed to the Agents, and the
    Corporation has not completed any significant acquisitions, nor is it proposing any probable acquisitions (as such terms are
    defined in National Instrument 44-101 - Short Form Prospectus Distributions) that would require the filing of a business
    acquisition report other than pursuant to the Business Combination.

 

     

    -9- 

    

 

	 	(j)	All
    filings and fees required to be made and paid by the Corporation pursuant to applicable securities laws and general corporate
    law have been made and paid, except for those filings or fees that are required to have been made and paid pursuant to Part
    6 of National Instrument 45-106 Prospectus Exemptions or Part 5 of OSC Rule 45-501 Ontario Prospectus and Registration
    Exemptions.
	 	 	 
	 	(k)	The
    Corporation is a corporation duly incorporated and validly subsisting under the federal laws of Canada and has the requisite
    corporate power and authority to carry on its business as it is now being conducted and to enter into this Agreement. The
    Corporation is duly registered to do business and is in good standing in each jurisdiction in which the character of its properties,
    owned or leased, or the nature of its activities make such registration necessary, except where the failure to be so registered
    or in good standing would not have a Material Adverse Effect (as defined herein) on the Corporation. As used in this Agreement,
    “Material Adverse Effect” means any event or change that, individually or in the aggregate with other events
    or changes, is or would reasonably be expected to be, materially adverse to the business, operations, assets, condition (financial
    or otherwise) or liabilities, whether contractual or otherwise, of any party, as the case may be; provided that a Material
    Adverse Effect shall not include an adverse effect resulting from a change (i) that arises out of a matter that has been publicly
    disclosed prior to the date of this Agreement or otherwise disclosed in writing by a party to the other party prior to the
    date of this Agreement; (ii) that results from general economic, financial, currency exchange, interest rate or securities
    market conditions in Canada or the United States; (iii) that arises from a decline in the trading price of Kitrinor Shares,
    or (iv) that is a direct result of any matter permitted by this Agreement or consented to in writing by the applicable party.
	 	 	 
	 	(l)	The
    minute books and records of the Corporation which the Corporation made available to the Agents and their counsel, Stikeman
    Elliott LLP, in connection with their due diligence investigation of the Corporation for the period from inveption to the
    date of examination thereof are all of the minute books and substantially all of the records of the Corporation for such period
    and contain copies of all constating documents, including all amendments thereto, and all material proceedings of securityholders
    and directors are complete in all material respects.
	 	 	 
	 	(m)	The
    Corporation has no subsidiaries other than Go Green Management Corp., which is wholly-owned by the Corporation.
	 	 	 
	 	(n)	The
    Corporation is not party to or bound or affected by any commitment, agreement or document containing any covenant which expressly
    limits the freedom of the Corporation to compete in any line of business, transfer or move any of its assets or operations
    that would materially or adversely affect the business practices, operations or condition of the Corporation.

 

     

    -10- 

    

  

	 	(o)	The
    execution and delivery of and performance by the Corporation of this Agreement and each of the agreements, certificates and
    other instruments delivered or given pursuant to this Agreement (collectively, the “Ancillary Agreements”)
    to which it is a party, and the consummation of the transactions contemplated by them have been duly authorized by all necessary
    corporate action on the part of the Corporation.
	 	 	 
	 	(p)	The
    execution and delivery of and performance by the Corporation of this Agreement and each of the Ancillary Agreements to which
    it is a party:

 

	 	 	(i)	do
    not and will not (or would not with the giving of notice, the lapse of time or the happening of any other event or condition)
    constitute or result in a violation or breach of, or conflict with, or allow any other person to exercise any rights under,
    any of the terms or provisions of its Constating Documents (as defined herein);
	 	 	 	 
	 	 	(ii)	do
    not and will not (or would not with the giving of notice, the lapse of time or the happening or any other event or condition)
    constitute or result in a breach or violation of, or conflict with or allow any other person to exercise any rights under,
    any of the terms or provisions of any material contracts to which it is a party; and
	 	 	 	 
	 	 	(iii)	do
    not and will not result in the violation of any applicable laws.

 

	 	(q)	This
    Agreement and each of the Ancillary Agreements to which the Corporation is a party have been duly executed and delivered by
    the Corporation and constitute legal, valid and binding agreements of the Corporation enforceable against it in accordance
    with their respective terms subject only to any limitation under applicable laws relating to (i) bankruptcy, winding-up, insolvency,
    arrangement, fraudulent preference and conveyance, assignment and preference and other similar laws of general application
    affecting creditors’ rights; and (ii) the discretion that a court may exercise in the granting of equitable remedies
    such as specific performance and injunction.
	 	 	 
	 	(r)	The
    Corporation has an authorized capital consisting of an unlimited number of Class A common shares, of which, as at the date
    hereof (and without giving effect to the Offering), 200,304,668 are issued and outstanding. In addition, as at the date hereof
    (and without giving effect to the Offering), the Corporation has issued and outstanding options, warrants, rights or conversion
    or exchange privileges or other securities (“Convertible Securities”) entitling the holders thereof to
    acquire, and is party to agreements evidencing rights to acquire, a further 5,900,000 Common Shares. Except as aforesaid,
    there are no outstanding shares of the Corporation or Convertible Securities entitling anyone to acquire any Common Shares
    or any other rights, agreements or commitments of any character whatsoever requiring the issuance, sale or transfer by the
    Corporation of any shares of the Corporation (including Common Shares) or any Convertible Securities convertible into, exchangeable
    or exercisable for, or otherwise evidencing a right to acquire, any Common Shares or other equity securities of the Corporation
    (including any pre-emptive rights, rights of first refusal or any similar rights to subscribe for any securities of the Corporation.
    All outstanding Common Shares have been duly authorized and validly issued, and are fully paid and non-assessable and are
    not subject to, nor have they been issued in violation of any pre-emptive rights, and all Common Shares issuable upon exercise
    or conversion of outstanding Convertible Securities or issuable pursuant to agreements evidencing rights to acquire shares
    will, when issued in accordance with their respective terms, be duly authorized and validly issued, fully paid and non-assessable
    and will not be subject to any pre-emptive rights. 

 

     

    -11- 

    

  

	 	(s)	There
    are no suits, actions or litigation or arbitration proceedings or governmental proceedings in progress, pending or, to the
    best of the knowledge of the Corporation, contemplated or threatened, to which the Corporation is a party or to which the
    property of the Corporation is subject, except where such suit, action or litigation or arbitration proceeding or governmental
    proceeding would not result in a Material Adverse Effect on the Corporation. There is not presently outstanding against the
    Corporation any judgment, injunction, rule or order of any court, governmental department, commission, agency or arbitrator.
	 	 	 
	 	(t)	No
    proceedings have been taken, instituted or are pending for the dissolution or liquidation of the Corporation.
	 	 	 
	 	(u)	The
    comparative financial statements of the Corporation as at and for the financial years ended March 31, 2016 and 2015 (the “Scythian
    Financial Statements”) have been prepared in accordance with International Financial Reporting Standards (“IFRS”),
    applied on a basis consistent with prior periods and present fairly, in all material respects, the assets, liabilities
    (whether accrued, absolute, contingent or otherwise) and financial condition of the Corporation as at the respective dates
    of the Scythian Financial Statements and the sales, earnings and results of operations of the Corporation for the respective
    periods covered by the Scythian Financial Statements. 
	 	 	 
	 	(v)	Since
    the date of the Scythian Financial Statements, the Corporation has conducted its businesses only in the ordinary course. Since
    the date of the Scythian Financial Statements: (i) there has been no Material Adverse Effect on the Corporation, or any condition,
    event or development involving a prospective change that would constitute a Material Adverse Effect on the Corporation; and
    (ii) no liability or obligation of any nature (whether absolute, accrued, contingent or otherwise) material to the Corporation
    has been incurred, other than in the ordinary and normal course of business.

 

     

    -12- 

    

 

	 	(w)	The
    Corporation is not a party to or otherwise bound by any note, loan, bond, debenture, indenture, promissory note or other instrument
    evidencing indebtedness (demand or otherwise) for borrowed money or other liability (a “Debt Instrument”),
    which is not in the ordinary course of business or otherwise material to the Corporation.
	 	 	 
	 	(x)	The
    Corporation is not a party to any debt instrument or has any material loans or other indebtedness outstanding which has been
    made to any of its shareholders, officers, directors or employees, past or present, or any person not dealing at arm’s
    length with them.
	 	 	 
	 	(y)	All
    taxes (including income tax, capital tax, payroll taxes, employer health tax, workers’ compensation payments, property
    taxes, custom and land transfer taxes), duties, royalties, levies, imposts, assessments, deductions, charges or withholdings
    and all liabilities with respect thereto including any penalty and interest payable with respect thereto (collectively, “Taxes”)
    due and payable by the Corporation have been paid except for where the failure to pay such taxes would not constitute an adverse
    material fact of the Corporation, or result in a Material Adverse Effect on the Corporation. All tax returns due, declarations,
    remittances and filings required to be filed by the Corporation have been filed with all appropriate governmental authorities
    and all such returns, declarations, remittances and filings are complete and accurate in all material respects and no material
    fact or facts have been omitted therefrom which would make any of them misleading except where the failure to file such documents
    would not constitute an adverse material fact of the Corporation, or result in a Material Adverse Effect on the Corporation.
    To the best of the knowledge of the Corporation: (i) no examination of any tax return of the Corporation is currently in progress;
    and (ii) there are no issues or disputes outstanding with any governmental entity respecting any taxes that have been paid,
    or may be payable, by the Corporation. There are no agreements with any taxation authority providing for an extension of time
    for any assessment or reassessment of taxes with respect to the Corporation.
	 	 	 
	 	(z)	The
    Corporation is not a party to any agreement, nor is the Corporation aware of any agreement, which in any manner affects the
    voting control of any of the shares of the Corporation, including any agreement among shareholders with respect to the voting
    or sale of Common Shares.
	 	 	 
	 	(aa)	The
    Corporation has conducted and is conducting its business in compliance in all material respects with all applicable laws of
    each jurisdiction in which it carries on business and with all applicable laws, tariffs and directives material to its operations,
    including all applicable federal, provincial, state, municipal, and local zoning, environmental, controlled substance laws
    and regulations and other lawful requirements of any governmental or regulatory body, including, but not limited, to relevant
    permits and licenses.

 

     

    -13- 

    

  

	 	(bb)	The
    Corporation is not subject to any obligation to make any investment in or to provide funds by way of loan, capital contribution
    or otherwise to any persons.
	 	 	 
	 	(cc)	The
    Corporation has a valid contractual interest in all of its material properties and assets, including, without limitation,
    all properties and assets reflected in the Scythian Financial Statements, free and clear of all mortgage, charge, pledge,
    hypothec, security interest, assignment, lien (statutory or otherwise), easement, title retention agreement or arrangement,
    conditional sale, deemed or statutory trust, restrictive covenant, adverse claim, exception, reservation, right of occupation,
    any matter capable of registration against title, right of pre-emption, privilege or other encumbrance of any nature or any
    other arrangement or condition which, in substance, secures payment or performance of an obligation, whatsoever, other than:
    (i) liens for Taxes not yet due and delinquent; and (ii) easements, encroachments and other minor imperfections of title which
    do not, individually or in the aggregate, materially detract from the value of or impair the use or marketability of any real
    property or interests in real property in any material respect or result in a Material Adverse Effect on the Corporation.
	 	 	 
	 	(dd)	The
    Corporation has not received notice of any material defect in its title or claim to its assets or any notice from any third
    party claiming such an interest, and, for the period of time that the Corporation has owned its assets, as applicable, all
    material relevant obligations of the Corporation have been performed and observed.
	 	 	 
	 	(ee)	The
    material contracts of the Corporation previously disclosed in writing to the Agents (the “Material Contracts”)
    are the only material documents and contracts currently in effect under and by virtue of which the Corporation is entitled
    to the assets and conducts its business. Each of the Material Contracts is in full force and effect and is unamended and there
    are no outstanding defaults or breaches under any of the Material Contracts on the part of the Corporation which would have
    a Material Adverse Effect on the Corporation.
	 	 	 
	 	(ff)	Except
    as disclosed to the Agents in writing, the Corporation is not a party to any written management contract or employment agreement
    which provides for a right of payment in the event of a change in control of the Corporation.
	 	 	 
	 	(gg)	Except
    as disclosed to the Agents in writing, there are no plans for retirement, bonus, stock purchase, profit sharing, stock option,
    deferred compensation, severance or termination pay, insurance, medical, hospital, dental, vision care, drug, sick leave,
    disability, salary continuation, legal benefits, unemployment benefits, vacation, incentive or otherwise contributed to or
    required to be contributed to, by the Corporation for the benefit of any current or former director, officer, employee or
    consultant of the Corporation.

 

     

    -14- 

    

  

	 	(hh)	The
    Corporation is not a “reporting issuer” within the meaning of the Securities Act (Ontario) and does not
    have a similar status in any other province or territory of Canada, and the Common Shares are not listed or posted for trading
    on any stock exchange. No securities commission or similar regulatory authority has issued any order which is currently outstanding
    preventing or suspending trading in any securities of the Corporation, nor is such proceeding pending or, to the best of the
    knowledge of the Corporation, contemplated or threatened and the Corporation is not in default of any requirement of any securities
    laws, rules or policies applicable to the Corporation or its securities.
	 	 	 
	 	(ii)	Except
    as disclosed to the Agents in writing, there are no payments required to be made to directors, officers and employees of the
    Corporation as a result of the Business Combination under any contract settlements, bonus plans, retention agreements, change
    of control agreements and severance obligations (whether resulting from termination, change of control or alteration of duties).
	 	 	 
	 	(jj)	No
    director, officer, consultant, insider or other non-arm’s length party to the Corporation (or any associate or affiliate
    thereof) has any right, title or interest in (or the right to acquire any right, title or interest in) any royalty interest,
    carried interest, participation interest or any other interest whatsoever which are based on revenue from or otherwise in
    respect of any assets of the Corporation.
	 	 	 
	 	(kk)	Except
    for customary indemnity to its directors and officers, the Corporation is not a party to or bound by any agreement, guarantee,
    indemnification, or endorsement or like commitment respecting the obligations, liabilities (contingent or otherwise) or indebtedness
    of any person, firm or corporation, other than as provided in the ordinary course of business.
	 	 	 
	 	(ll)	Other
    than in connection with or in compliance with the provisions of this Agreement or applicable laws, no filing or registration
    with, or authorization, consent or approval of any domestic or foreign public body or authority is necessary by the Corporation
    in connection with the consummation of the Business Combination, except for such filings or registrations which, if not made,
    or for such authorizations, consents or approvals, which, if not received, would not have any Material Adverse Effect on the
    ability of the Corporation to consummate the transactions contemplated by the Merger Agreement.
	 	 	 
	 	(mm)	Except
    for the Agents, the Corporation has not retained any financial advisor, broker, agent or finder, or paid or agreed to pay
    any financial advisor, broker, agent or finder on account of this Agreement or the Business Combination, any transaction contemplated
    thereby or any transaction presently ongoing or contemplated.

 

     

    -15- 

    

  

	 	(nn)	Except
    as would not be reasonably expected to have a Material Adverse Effect on the Corporation, there is not (or are not) (i) any
    order or directive from any regulatory authority which relates to environmental matters and which requires any material work,
    repairs, construction, or capital expenditures relating to the Corporation or any of its business undertakings, (ii) any demand
    or notice from any regulatory authority with respect to the material breach of any environmental, health or safety law applicable
    to the Corporation or any of its business undertakings, including, without limitation, any regulations respecting the use,
    storage, treatment, transportation, or disposition of environmental contaminants, or (iii) any spills, releases, deposits
    or discharges of hazardous or toxic substances, contaminants or wastes, which have not been rectified, on any of the properties
    or assets owned or leased by the Corporation or in which it has an interest or over which it has control.
	 	 	 
	 	(oo)	The
    Corporation holds all material authorizations required under any applicable environmental laws in connection with the operation
    of its business and the ownership and use of its assets, and neither the Corporation nor any of its assets is the subject
    of any investigation, evaluation, audit or review not in the ordinary and regular course by any governmental entity to determine
    whether any violation of environmental laws has occurred or is occurring, and the Corporation is not subject to any known
    environmental liabilities.
	 	 	 
	 	(pp)	To
    the knowledge of the Corporation, there is no legislation, or proposed legislation to be published by a legislative body,
    which it anticipates will materially and adversely affect the business, affairs, operations, assets, liabilities (contingent
    or otherwise) or prospects of the Corporation.
	 	 	 
	 	(qq)	To
    the extent applicable, the policies of insurance in force at the date hereof naming the Corporation as an insured remain in
    force and effect, and such policies are equivalent to those used as the industry standard, and will not be cancelled or otherwise
    terminated as a result of the transactions contemplated herein and there are no pending or outstanding claims, notices of
    non-renewal or cancellation or, to the best of the knowledge of the Corporation, any events which may give rise to a claim,
    under such policies. 
	 	 	 
	 	(rr)	To
    the knowledge of the Corporation, it is in good standing under all, and is not in default under any, and there is no existing
    condition, circumstance or matter which constitutes or which, with the passage of time or the giving of notice, would constitute
    a default under any, leases, licenses, permits, registrations and other title and operating documents or any other agreements
    and instruments pertaining to its real property assets to which it is a party or by or to which it or such assets are bound
    or subject and, all such leases, licenses, permits, registrations, title and operating documents and other agreements and
    instruments are in good standing and in full force and effect and, to the best of the knowledge of the Corporation, none of
    the counterparties to such leases, licenses, permits, registrations, title and operating documents and other agreements and
    instruments is in default thereunder except to the extent that such defaults would not in the aggregate have a Material Adverse
    Effect on the Corporation.

 

     

    -16- 

    

 

	 	(ss)	The
    Corporation has not agreed to recognize any union or other collective bargaining representative, nor has any other union or
    other collective bargaining representative been certified as the exclusive bargaining representative of any of the Corporation’s
    employees or consultants, and the Corporation is not a party to, or bound by, any collective bargaining agreement or any other
    labour contract applicable to any employees. To the best of the knowledge of the Corporation, no union organizational campaign
    or representation petitions are currently pending with respect to any of the Corporation’s employees. There is no labour
    strike or labour dispute, slowdown, lockout or stoppage actually pending or to the best of the knowledge of the Corporation,
    threatened against or affecting the Corporation, and the Corporation has not experienced any labour strikes or labour disputes,
    slowdowns, lockouts or stoppages within the last three years.
	 	 	 
	 	(tt)	Except
    with respect to the regulatory approvals required in respect of the Business Combination and the approval of the shareholders
    of the Corporation in respect of the Merger, there are no third party consents required to be obtained by the Corporation
    in order to complete the transactions contemplated by the Merger Agreement.
	 	 	 
	 	(uu)	The
    Corporation is not aware of any of the directors or officers of the Corporation receiving any objection from securities regulatory
    authorities to their serving in capacities as directors or officers of a reporting issuer in any jurisdiction of Canada. 
	 	 	 
	 	(vv)	None
    of the Corporation nor any other person associated with or acting on behalf of the Corporation including, without limitation,
    any director, officer, agent or employee of the Corporation: (i) used any corporate funds for unlawful contributions, gifts,
    entertainment or other unlawful expenses relating to political activity; (ii) made any unlawful payment to foreign or domestic
    government officials or employees or to foreign or domestic political parties or campaigns from corporate funds; (iii) violated
    any provision of the Corruption of Foreign Public Officials Act; or (iv) made any other unlawful payment.
	 	 	 
	 	(ww)	This
    Agreement does not: (i) contain any untrue statement of a material fact in respect of the Corporation, the affairs, prospects,
    operations or condition of the Corporation or its assets; or (ii) to the best of the knowledge of the Corporation,
    omit any statement of a material fact necessary in order to make the statements in respect of the Corporation, the affairs,
    prospects, operations or condition of the Corporation or its assets contained herein not misleading. There is no fact
    known to the Corporation which materially and adversely affects the affairs, prospects, operations or condition of
    the Corporation or its assets which has not been set forth in this Agreement.

 

     

    -17- 

    

  

Section
3 Representations and Warranties of Kitrinor.

 

Kitrinor
represents and warrants to the Agents and the Purchasers, and acknowledges that the Agents and the Purchasers are relying upon
such representations and warranties, as follows:

 

	 	(a)	All
    necessary corporate action has been taken to authorize the issue and delivery of the Resulting Issuer Shares, and upon the
    deemed exercise of the Subscription Receipts and the issue thereof, the Subscription Shares will be validly issued as fully
    paid and non-assessable common shares.
	 	 	 
	 	(b)	Upon
    the exercise of the Broker Warrants, the Broker Warrant Shares will be validly issued as fully paid and non-assessable Resulting
    Issuer Shares. 
	 	 	 
	 	(c)	The
    form and terms of the Subscription Shares and the Broker Warrants Shares have been approved and adopted, as applicable, by
    the directors of Kitrinor and do not conflict with any applicable laws.
	 	 	 
	 	(d)	Kitrinor
    has full corporate power, capacity and authority to enter into this Agreement and the Subscription Receipt Agreement (the
    “Kitrinor Offering Documents”) and to do all acts and things and execute and deliver all documents as are
    required hereunder to be done, observed, performed or executed and delivered by it in accordance with the terms hereof, and
    Kitrinor has taken all necessary corporate action to authorize the execution, delivery and performance of the Kitrinor Offering
    Documents and to observe and perform the provisions of Kitrinor Offering Documents in accordance with the provisions hereof
    and thereof.
	 	 	 
	 	(e)	Each
    of the Kitrinor Offering Documents has been authorized, executed and delivered by Kitrinor and constitutes a valid and legally
    binding obligation of Kitrinor enforceable against Kitrinor in accordance with its terms subject to such limitations and prohibitions
    as may exist or may be enacted in applicable laws relating to bankruptcy, insolvency, liquidation, moratorium, reorganization,
    arrangement or winding-up and other laws, rules and regulations of general application affecting the rights, powers, privileges,
    remedies and/or interests of creditors generally.
	 	 	 
	 	(f)	The
    entering into and the performance of the transactions contemplated herein and in the other Kitrinor Offering Documents by
    Kitrinor:

 

	 	 	(i)	does
    not require any consent, approval, authorization or order of any court or governmental agency or body, except that which may
    be required under applicable securities legislation, the policies of the TSXV or as otherwise contemplated by this Agreement;

 

     

    -18- 

    

  

	 	 	(ii)	will
    not contravene any statute or regulation of any governmental authority which is binding on Kitrinor or Subco, where such contravention
    would materially and adversely affect the business, operations, capital or condition (financial or otherwise) of Kitrinor,
    taken as a whole; and
	 	 	 	 
	 	 	(iii)	other
    than as contemplated or waived in this Agreement, will not result in the breach of, or be in conflict with, or constitute
    a default under, or create a state of facts which, after notice or lapse of time, or both, would constitute a default under
    any term or provision of the constating documents, by-laws or resolutions of Kitrinor or any, mortgage, note, indenture, contract
    or agreement instrument, lease or other document to which Kitrinor is a party, or any judgment, decree or order or any term
    or provision thereof; where such contravention would materially and adversely affect the business, operations, capital or
    condition (financial or otherwise) of Kitrinor.

 

	 	(g)	Kitrinor
    is not party to or bound or affected by any commitment, agreement or document containing any covenant which would prohibit
    or restrict Kitrinor from entering into this Agreement.
	 	 	 
	 	(h)	Other
    than cash and an option agreement dated March 30, 2011 between Pre-Cambrian Ventures Ltd. and Kitrinor, formerly, Norcanex
    Resources Ltd., as amended, (the “Pre-Cambrian Option”) Kitrinor has no assets. The termination of the
    Pre-Cambrian Option does not, and will not, result in any penalty, fee or other similar payment to Kitrinor or the Resulting
    Issuer.
	 	 	 
	 	(i)	(i)
    Kitrinor is a corporation incorporated and existing under the laws of the Province of Ontario, and (ii) has the corporate
    power and authority to enter into and perform its obligations under this Agreement and each of the Ancillary Agreements to
    which it is a party.
	 	 	 
	 	(j)	The
    execution and delivery of and performance by Kitrinor of this Agreement, and by Kitrinor of each of the Ancillary Agreements
    to which it is a party, and the consummation of the transactions contemplated by them, have been duly authorized by all necessary
    corporate action on the part of Kitrinor.
	 	 	 
	 	(k)	The
    execution and delivery of and performance by Kitrinor of this Agreement, and by Kitrinor of each of the Ancillary Agreements
    to which it is a party:

 

	 	 	(i)	do
    not and will not (or would not with the giving of notice, the lapse of time or the happening of any other event or condition)
    constitute or result in a violation or breach of, or conflict with, or allow any other person to exercise any rights under,
    any of the terms or provisions of its Constating Documents;

 

     

    -19- 

    

  

	 	 	(ii)	do
    not and will not (or would not with the giving of notice, the lapse of time or the happening or any other event or condition)
    constitute or result in a breach or violation of, or conflict with or allow any other person to exercise any rights under,
    any of the terms or provisions of any material contracts to which it is a party; and
	 	 	 	 
	 	 	(iii)	do
    not and will not result in the violation of any applicable law.

 

	 	(l)	This
    Agreement and each of the Ancillary Agreements to which Kitrinor is a party have been duly executed and delivered by Kitrinor
    and constitute legal, valid and binding agreements of Kitrinor enforceable against it in accordance with their respective
    terms subject only to any limitation under applicable laws relating to (i) bankruptcy, winding-up, insolvency, arrangement,
    fraudulent preference and conveyance, assignment and preference and other similar laws of general application affecting creditors’
    rights, and (ii) the discretion that a court may exercise in the granting of equitable remedies such as specific performance
    and injunction.
	 	 	 
	 	(m)	Kitrinor
    is authorized to issue an unlimited number of Kitrinor Shares, of which 13,190,630 are outstanding as of the date hereof.
    Kitrinor has issued and outstanding warrants entitling the holders thereof to acquire, and is party to agreements evidencing
    rights to acquire, a further 11,778,500 Kitrinor Shares. 
	 	 	 
	 	(n)	Kitrinor
    has conducted and is conducting its business in compliance in all material respects with all applicable laws of each jurisdiction
    in which it carries on business and with all applicable laws, tariffs and directives material to its operations.
	 	 	 
	 	(o)	Kitrinor
    is a “reporting issuer” under the laws of the Provinces of British Columbia, Alberta and Ontario and is not in
    default in any material respect of any requirements of applicable Canadian provincial securities laws related thereto. Kitrinor
    is not, as at the date hereof, included on the list of defaulting reporting issuers maintained by any of the applicable securities
    regulatory authorities. 
	 	 	 
	 	(p)	There
    are no suits, actions or litigation or arbitration proceedings or governmental proceedings in progress, pending or, to the
    best of the knowledge of Kitrinor, contemplated or threatened, to which Kitrinor is a party or to which the property of Kitrinor
    is subject, except where such suit, action or litigation or arbitration proceeding or governmental proceeding would not result
    in a Material Adverse Effect on Kitrinor. There is not presently outstanding against Kitrinor any judgment, injunction, rule
    or order of any court, governmental department, commission, agency or arbitrator.

 

     

    -20- 

    

 

	 	(q)	Kitrinor
    has no subsidiaries.
	 	 	 
	 	(r)	Kitrinor
    never received, handled, used, stored, treated, shipped or disposed of any contaminants regulated by environmental law in
    the course of its business.
	 	 	 
	 	(s)	Kitrinor
    has not, directly or indirectly, declared or paid any dividend or declared or made any other distribution on any of its securities
    of any class, or, directly or indirectly, redeemed, purchased or otherwise acquired any of its securities or agreed to do
    any of the foregoing. There is not, in the Constating Documents of Kitrinor or in any material agreement, or other instrument
    or document to which Kitrinor is a party, any restriction upon or impediment to, the declaration of dividends by the directors
    of Kitrinor or the payment of dividends by Kitrinor to the holders of Kitrinor Shares.
	 	 	 
	 	(t)	There
    are no payments required to be made to directors, officers and employees of Kitrinor as a result of the Business Combination
    under any contract settlements, bonus plans, retention agreements, change of control agreements and severance obligations
    (whether resulting from termination, change of control or alteration of duties). 
	 	 	 
	 	(u)	The
    Kitrinor Shares are listed and posted for trading solely on the TSXV and other than as publicly disclosed, no order ceasing
    or suspending trading in any securities of Kitrinor is currently outstanding and no proceeding for such purpose are pending,
    or to the best of the knowledge of Kitrinor, threatened.
	 	 	 
	 	(v)	Kitrinor
    has filed all proxy circulars, reports and other continuous disclosure documents required to be filed by it by applicable
    Canadian provincial securities Laws (“Securities Reports”). Each Securities Report was, as of the date
    of filing, in compliance in all material respects with all applicable requirements under applicable Canadian provincial securities
    laws and none of the Securities Reports, as of their respective filing dates, contained any misrepresentation. No material
    change has occurred in relation to Kitrinor which is not disclosed in the Securities Reports, and Kitrinor has not filed any
    confidential material change reports which continue to remain confidential.
	 	 	 
	 	(w)	Other
    than as set out in this Agreement, there is no requirement to make any filing with, give any notice to, or obtain any authorization
    of, any governmental authority, or to obtain any consent, approval or authorization of any other party or person, as a condition
    to the lawful completion of the transactions contemplated by this Agreement.
	 	 	 
	 	(x)	Kitrinor
    is not in any discussions and has not entered any outstanding proposals, letters of intent, agreements or any understandings
    with any person (other than the Corporation) with respect to any acquisition, purchase or sale of shares or assets or business
    combination.

 

     

    -21- 

    

 

	 	(y)	Kitrinor
    is not party to or bound or affected by any commitment, agreement or document containing any covenant which expressly limits
    the freedom of Kitrinor to compete in any line of business, transfer or move any of its assets or operations.
	 	 	 
	 	(z)	All
    Taxes due and payable by Kitrinor have been paid except for where the failure to pay such taxes would not constitute an adverse
    material fact of Kitrinor, or result in a Material Adverse Effect on Kitrinor, taken as a whole. All tax returns due, declarations,
    remittances and filings required to be filed by Kitrinor have been filed with all appropriate governmental authorities and
    all such returns, declarations, remittances and filings are complete and accurate in all material respects and no material
    fact or facts have been omitted therefrom which would make any of them misleading except where the failure to file such documents
    would not constitute an adverse material fact of Kitrinor, or result in a Material Adverse Effect on Kitrinor, taken as a
    whole. To the best of the knowledge of Kitrinor: (i) no examination of any tax return of Kitrinor is currently in progress;
    and (ii) there are no issues or disputes outstanding with any governmental entity respecting any taxes that have been paid,
    or may be payable, by Kitrinor. There are no agreements with any taxation authority providing for an extension of time for
    any assessment or reassessment of taxes with respect to Kitrinor.
	 	 	 
	 	(aa)	The
    audited comparative financial statements of Kitrinor as at and for the financial years ended December 31, 2015 and 2014 are,
    in all material respects, consistent with the books and records of Kitrinor for the periods covered thereby; (ii) contain
    and reflect all material adjustments for the fair presentation of the results of operations and the financial condition of
    the business of Kitrinor for the periods covered thereby; and (iii) present fully, fairly and correctly, the assets and financial
    condition of Kitrinor as at the dates thereof and the results of operations and the changes in financial position for the
    periods then ended.
	 	 	 
	 	(bb)	Kitrinor
    is not a party to or otherwise bound by any material Debt Instrument.
	 	 	 
	 	(cc)	Kitrinor
    is not a party to any lease, management or service agreement that cannot be immediately terminated without notice or penalty
    or both.
	 	 	 
	 	(dd)	Kitrinor
    has made or will make available to the Corporation all material information concerning Kitrinor and all such information as
    made available to the Corporation is accurate, true and correct in all material respects. 
	 	 	 
	 	(ee)	Kitrinor
    will have not less than $1,000 of working capital as of the Effective Date (net of expenses relating to the completion of
    the Merger incurred by Kitrinor) and is not carrying on any business.
	 	 	 
	 	(ff)	Kitrinor
    has not retained any financial advisor, broker, agent or finder, or paid or agreed to pay any financial advisor, broker, agent
    or finder on account of the this Agreement or the Business Combination, any transaction contemplated thereby or any transaction
    presently ongoing or contemplated.

 

     

    -22- 

    

  

	 	(gg)	None
    of Kitrinor nor any other person associated with or acting on behalf of Kitrinor including, without limitation, any director,
    officer, agent or employee of Kitrinor (I) used any corporate funds for unlawful contributions, gifts, entertainment or other
    unlawful expenses relating to political activity; (II) made any unlawful payment to foreign or domestic government officials
    or employees or to foreign or domestic political parties or campaigns from corporate funds; (III) violated any provision of
    the Corruption of Foreign Public Officials Act; or (IV) made any other unlawful payment.
	 	 	 
	 	(hh)	The
    description of Kitrinor and Subco to be contained in the applicable disclosure document of Kitrinor prepared in accordance
    with the regulations of the TSXV in connection with the listing of the Kitrinor Shares shall not, at the time of filing thereof
    on SEDAR, fail to be true and correct in any material respect or contain any untrue statement of a material fact or omit to
    state any material fact necessary in order to make the statements therein, in light of the circumstances under which they
    are made, not misleading.

 

Section
4 Covenants of the Corporation.

 

The
Corporation hereby covenants to the Agents and the Purchasers (and acknowledges that the Agents are relying on such covenants
in entering into this Agreement) that it will:

 

	 	(a)	fulfil
    all legal requirements to permit the creation, issue, offering and sale of the Subscription Receipts, and the creation and
    issue of the Broker Warrants, including, without limitation, compliance with the applicable securities legislation of the
    Offering Jurisdictions to enable the Subscription Receipts to be offered for sale and sold to the Purchasers, without the
    necessity of filing a prospectus or a registration statement under the applicable securities legislation of the Offering Jurisdictions,
    to Purchasers through investment dealers or brokers registered under the applicable securities legislation of the Offering
    Jurisdictions who have complied with the relevant provisions of such laws;
	 	 	 
	 	(b)	for
    the benefit of the Purchasers and any subsequent holders of Offered Securities (and acknowledge that the Agents are relying
    on such covenants in entering into this Agreement), use their commercially reasonable efforts to complete the Business Combination
    and the Consolidation on or prior to 5:00 p.m. (Toronto time) on June 13, 2017 or such other date as may be agreed to by the
    Corporation, Kitrinor and the Agents;
	 	 	 
	 	(c)	use
    its commercially reasonable efforts to assist Kitrinor in obtaining the necessary approvals such that the securities issuable
    by Kitrinor in connection with the Business Combination (the “Exchanged Securities”) in exchange for or,
    as applicable, upon the exercise of, the Subscription Receipts and the Broker Warrants shall be freely tradable upon completion
    of the Business Combination, subject to any limitations imposed by the TSXV;

 

     

    -23- 

    

 

	 	(d)	allow
    the Agents and their representatives the opportunity to conduct all due diligence which the Agents may reasonably require
    to be conducted prior to the Closing Date, including reasonable access to the officers, directors, employees, independent
    auditors and other advisors and consultants of the Corporation (which shall include attendance at one or more due diligence
    sessions). The Corporation further undertakes to use its commercially reasonable efforts to cause Kitrinor to provide the
    Agents with access to the foregoing materials in respect of assets that are to be subject to the Business Combination. The
    Corporation agrees that, until the Time of Closing (as defined below), the Agents will be kept informed of all material business
    and financial developments or changes in circumstances affecting the Corporation and, to the best of the knowledge of the
    Corporation, Kitrinor, and their affairs or the Business Combination, whether or not requested by the Agents or the Agents’
    representatives, or any change in circumstances or developments which might reasonably be considered material to the Corporation;
	 	 	 
	 	(e)	ensure
    that sufficient Broker Warrant Shares are reserved for issue as fully paid and non-assessable common shares upon the proper
    exercise of the Broker Warrants in accordance with their terms;
	 	 	 
	 	(f)	after
    the Time of Closing, file such documents as may be required under the applicable securities legislation of the Offering Jurisdictions
    relating to the Offering in accordance with the time periods prescribed under applicable filing requirements; and
	 	 	 
	 	(g)	use
    its commercially reasonable efforts to effect the Consolidation as soon as practicable following the Closing;
	 	 	 
	 	(a)	use
    its commercially reasonably efforts to negotiate and execute the Merger Agreement, on terms satisfactory to the Agent, acting
    reasonably, as soon as practicable following the Closing; and
	 	 	 
	 	(b)	use
    its commercially reasonable efforts to fulfill or cause to be fulfilled, at or prior to the Closing Date, each of the conditions
    set out in Section 7 hereof.

 

Section
5 Covenants of Kitrinor.

 

Kitrinor
hereby covenants to the Agents and the Purchasers that it will:

 

	 	(a)	fulfil
    all legal requirements to permit the creation and issue of the Subscription Shares and the Broker Warrant Shares, including,
    without limitation, compliance with the applicable securities legislation of the Offering Jurisdictions to enable the Subscription
    Shares to be issued to the Purchasers, without the necessity of filing a prospectus or a registration statement under the
    applicable securities legislation of the Offering Jurisdictions, to Purchasers through investment dealers or brokers registered
    under the applicable securities legislation of the Offering Jurisdictions who have complied with the relevant provisions of
    such laws;

 

     

    -24- 

    

 

	 	(b)	ensure
    that, at all times prior to the deemed exercise of the Subscription Receipts, sufficient Subscription Shares are reserved
    for issue upon the deemed exercise of the Subscription Receipts and that the Subscription Shares shall be validly authorized
    for issue and issued as fully paid and non-assessable Resulting Issuer Shares upon the deemed exercise of the Subscription
    Receipts concurrently with the satisfaction of the Escrow Release Conditions;
	 	 	 
	 	(c)	maintain
    its status as a reporting issuer in British Columbia, Ontario and Alberta not in default of any requirement of the applicable
    securities legislation of the Canadian Offering Jurisdictions;
	 	 	 
	 	(d)	take
    all necessary corporate action to authorize the creation and issue of the Exchanged Securities in exchange for or, as applicable,
    upon the exercise of, the Subscription Receipts and the Broker Warrants upon completion of the Business Combination and reserve
    such securities of Kitrinor for issue;
	 	 	 
	 	(e)	ensure
    that sufficient Broker Warrant Shares are reserved for issue as fully paid and non-assessable Resulting Issuer Shares upon
    the proper exercise of the Broker Warrants in accordance with their terms;
	 	 	 
	 	(f)	allow
    the Corporation and the Agents and each of their representatives the opportunity to conduct all due diligence which the Corporation
    or the Agents may reasonably require to be conducted prior to the Closing Date;
	 	 	 
	 	(g)	use
    its commercially reasonably efforts to negotiate and execute the Merger Agreement, on terms satisfactory to the Agent, acting
    reasonably, as soon as practicable following the Closing; 
	 	 	 
	 	(h)	obtain
    the necessary approvals such that the Exchanged Securities shall be freely tradable upon completion of the Business Combination,
    subject to any limitations imposed by the TSXV; and
	 	 	 
	 	(i)	fulfil
    or cause to be fulfilled, at or prior to the Closing Date, each of the conditions set out in Section 7 hereof, subject only
    to the directors of Kitrinor fulfilling their fiduciary obligations to Kitrinor and its shareholders.

 

Section
6 Compliance with U.S. Securities Laws

 

	(1)	Representations
    of the Corporation and Kitrinor Regarding U.S. Securities Laws

 

Each
of the Corporation and Kitrinor represents, warrants, covenants and agrees to and with the Agents, as applicable, that:

 

     

    -25- 

    

 

	 	(a)	Kitrinor
    is a “foreign private issuer” as such term is defined in Rule 405 promulgated under the U.S. Securities Act
    with no “substantial U.S. market interest” as such term is defined in Rule 902 of Regulation S (“Regulation
    S”) promulgated under the U.S. Securities Act in any securities in the same class of securities as the Kitrinor
    Shares;
	 	 	 
	 	(b)	Neither
    the Corporation nor Kitrinor is, and as a result of the sale of the Offered Securities will not be, an “investment company”
    as defined in the United States Investment Company Act of 1940, as amended, registered or required to be registered
    under such Act;
	 	 	 
	 	(c)	during
    the period in which the Offered Securities are offered for sale until the Termination Time and during the period of time that
    the Broker Warrants are outstanding, neither it nor any of its affiliates, nor any person acting on their behalf (other than
    the Agents, the U.S. Affiliates (as defined below) or any person acting on their behalf, in respect to whom no representation
    is made) (i) has made or will make any “directed selling efforts” (“Directed Selling Efforts”)
    as such term is defined in Rule 902 of Regulation S in the United States with respect to any of the Subscription Receipts,
    the Subscription Shares, the Broker Warrants, the Broker Warrant Shares, or any securities issuable in connection with the
    Business Combination, (ii) has offered or will offer to sell, or has solicited or will solicit offers to buy, any of the Subscription
    Receipts, the Subscription Shares, the Broker Warrants, the Broker Warrant Shares, or any securities issuable in connection
    with the Business Combination in the United States by means of any form of “general solicitation or general advertising”
    (“General Solicitation or General Advertising”) (as such term is used in Regulation D under the U.S. Securities
    Act) (“Regulation D”)), which includes, without limitation, any advertisements, articles, notices or other
    communications published on the Internet or in any newspaper, magazine or similar media or broadcast over the Internet, radio
    or television, or any seminar or meeting whose attendees had been invited by general solicitation or general advertising,
    or in any manner involving a public offering within the meaning of Section 4(a)(2) of the U.S. Securities Act, or (iii)
    has violated or will violate Regulation M under the U.S. Exchange Act in connection with the offer and sale of the Subscription
    Receipts, the Subscription Shares, the Broker Warrants, the Broker Warrant Shares, or any securities issuable in connection
    with the Business Combination;
	 	 	 
	 	(d)	except
    with respect to the offer and sale of the Offered Securities offered hereby, neither the Corporation nor Kitrinor has and
    will, for a period beginning six months prior to the commencement of the Offering and ending six months after the completion
    of the Business Combination, sold, offered for sale or solicited any offer to buy any of its securities in the United States
    in a manner that would be integrated with and would cause the exemption from registration provided by Rule 506(b) of Regulation
    D under the U.S. Securities Act to be unavailable with respect to offers and sales of the Subscription Receipts, the Subscription
    Shares, the Broker Warrants, the Broker Warrant Shares and any securities issuable in connection with the Business Combination;

 

     

    -26- 

    

 

	 	(e)	subject
    to Paragraph 6(3)(h), it covenants and agrees with the Agents to execute or procure the execution of all documents and to
    take or cause to be taken all such steps as may be reasonably necessary or desirable to establish, to the satisfaction of
    counsel for the Agents and counsel for the Corporation and Kitrinor, any and all legal requirements to enable the Agents to
    offer the Offered Securities for sale in the United States and to, or for the account or benefit of, persons in the United
    States and U.S. Persons in compliance with Rule 506(b) of Regulation D under the U.S. Securities Act in accordance with this
    Agreement, provided such offers and sales are made only to Accredited Investors;
	 	 	 
	 	(f)	during
    the period in which the Offered Securities are offered for sale until the Termination Time, neither it nor any of its affiliates,
    nor any person acting on its or their behalf (other than the Agents, their affiliates or any person acting on its behalf,
    in respect of which no representation, warranty, covenant or agreement is made) has taken or will take any action that would
    cause the exemption afforded by Rule 506(b) of Regulation D under the U.S. Securities Act to be unavailable for offers and
    sales of the Subscription Receipts and the Subscription Shares in the United States and to, or for the account or benefit
    of, persons in the United States and U.S. Persons in accordance with this Agreement, provided such offers and sales are made
    only to Accredited Investors, or the exclusion from registration afforded by Rule 903 of Regulation S to be unavailable for
    offers and sales of the Subscription Receipts, the Subscription Shares, the Broker Warrants and the Broker Warrant Shares
    outside the United States to non-U.S. Persons in accordance with this Agreement;
	 	 	 
	 	(g)	except
    with respect to offers and sales to Accredited Investors within the United States or persons who are, or are purchasing
    for the account or benefit of, persons in the United States or U.S. Persons in reliance upon the exemption from registration
    provided by Rule 506(b) of Regulation D under the U.S. Securities Act, neither it nor any of its affiliates, nor any person
    acting on its or their behalf, has made or will make: (A) any offer to sell, or any solicitation of an offer to buy, any Offered
    Securities in the United States or to, or for the account or benefit of, a U.S. Person or a person in the United States; or
    (B) any sale of Offered Securities unless, at the time the buy order was or will have been originated, the purchaser is (i)
    outside the United States and not a U.S. Person or (ii) it, its affiliates, and any person acting on their behalf reasonably
    believes that the purchaser is outside the United States and not a U.S. Person;

 

     

    -27- 

    

 

	 	(h)	within
    15 days of the first sale of the Offered Securities or the issuance of any Exchanged Securities in connection with the Business
    Combination in the United States or to, or for the account or benefit of, persons in the United States or U.S. Persons who
    are Accredited Investors, the Corporation or Kitrinor, as applicable, will file a Form D, Notice of Sale, with the United
    States Securities and Exchange Commission and any applicable state securities commissions in connection with the offer and
    sale of such securities;
	 	 	 
	 	(i)	neither
    the Corporation nor Kitrinor nor any of their predecessors or affiliates has been subject to any order, judgment or decree
    of any court of competent jurisdiction, temporarily, preliminarily or permanently enjoining such person for failure to comply
    with Rule 503 of Regulation D;
	 	 	 
	 	(j)	as
    of the Closing Date, with respect to the offer and sale of the Offered Securities, none of the Corporation, Kitrinor, any
    of their predecessors, any “affiliated” (as such term is defined in Rule 501(b) of Regulation D) issuer, any director,
    executive officer or other officer of the Corporation or Kitrinor participating in the offering of the Offered Securities,
    any beneficial owner of 20% or more of the Corporation’s or Kitrinor’s outstanding voting equity securities, calculated
    on the basis of voting power, or any promoter (as that term is defined in Rule 405 under the U.S. Securities Act) connected
    with the Corporation or Kitrinor in any capacity at the time of sale of the Offered Securities (other than any Dealer Covered
    Person (as defined below), as to whom no representation is made) is subject to any Disqualification Event (as defined below);
	 	 	 
	 	(k)	as
    of the Closing Date, the Corporation and Kitrinor are not aware of any person (other than any Dealer Covered Person) that
    has been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with the sale
    of the Offered Securities; and
	 	 	 
	 	(l)	the
    representations, warranties and covenants by it contained in this Section 6(1) hereof shall be true and correct as of the
    Time of Closing, with the same force and effect as if then made by it.

 

	(2)	Undertakings
    in Compliance with Regulation S

 

Each
of the Agents, on their own behalf and on behalf of their U.S. Affiliate, represents, warrants, covenants and agrees to and with
the Corporation and Kitrinor that except as otherwise permitted by Section 6(3) hereof, it will offer and sell the Offered Securities
only in accordance with Rule 903 of Regulation S. Accordingly, neither the Agents, the U.S. Affiliates, nor any person acting
on their behalf has made or will make (except as permitted by Section 6(3) hereof):

 

	 	(a)	any
    offer to sell, or any solicitation of an offer to buy, the Subscription Receipts, the Subscription Shares, the Broker Warrants,
    the Broker Warrant Shares or any securities issuable in connection with the Business Combination in the United States or to,
    or for the account or benefit of, any U.S. Person or any person in the United States;

 

     

    -28- 

    

 

	 	(b)	any
    sale of the Subscription Receipts or the Subscription Shares or any securities issuable in connection with the Business Combination
    to any Purchaser unless, at the time the buy order was or will have been originated the Purchaser is:

 

	 	(i)	outside
    the United States and not a U.S. Person and not acting for the account or benefit of a person in the United States or a U.S.
    Person; or
	 	 	 
	 	(ii)	the
    Agents, their affiliates and any person acting on their behalf reasonably believes that the Purchaser is outside the United
    States and not a U.S. Person and not acting for the account or benefit of a person in the United States or a U.S. Person;
    nor

 

	 	(c)	any
    Directed Selling Efforts in the United States with respect to any of the Subscription Receipts, the Subscription Shares or
    any securities issuable in connection with the Business Combination.

 

	(3)	Offering
    by Agents in the United States

 

The
Agents, on their own behalf and on behalf of their U.S. Affiliate, acknowledge that none of the Subscription Receipts, the Subscription
Shares or the Exchanged Securities have been registered under the U.S. Securities Act or the securities laws of any state
in the United States and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. Persons,
except pursuant to available exemptions from the registration requirements of the U.S. Securities Act and any applicable state
securities laws. Accordingly, each of the Agents, on their own behalf and on behalf of their U.S. Affiliate, represents, warrants,
covenants and agrees to and with the Corporation and Kitrinor that, with respect to each offer or sale of Offered Securities in
the United States or to, or for the account or benefit of, a person in the United States or a U.S. Person, it has offered and
sold, and will offer and sell such securities only in the following manner:

 

	 	(a)	it
    will offer the Offered Securities for sale by the Corporation in the United States and to, or for the account or benefit of,
    persons in the United States or U.S. Persons either directly in accordance with Rule 15a-6 under the U.S. Exchange Act or
    only through their respective U.S. Affiliate, each, a broker-dealer registered pursuant to Section 15(b) of the United
    States Securities Exchange Act of 1934, as amended (the “U.S. Exchange Act”) and in good standing with
    the Financial Industry Regulatory Authority, Inc. at the time of each offer and sale of such securities, solely to Accredited
    Investors, and only in states of the United States where such broker-dealer is registered, or otherwise exempt from registration
    at the time of each offer and sale of such securities and in compliance with all applicable U.S. federal and state broker-dealer
    requirements;
	 	 	 
	 	(b)	(i)
    it has not and will not offer or sell the Offered Securities by any form of General Solicitation or General Advertising or
    any manner involving a public offering within the meaning of Section 4(a)(2) of the U.S. Securities Act, and (ii) it has
    not violated and will not violate Regulation M under the U.S. Exchange Act in connection with the offer and sale of the
    Offered Securities;

 

     

    -29- 

    

 

	 	(c)	any
    offer, sale or solicitation of an offer to buy the Offered Securities by it that has been made or will be made in the United
    States or to, or for the account or benefit of, U.S. Persons was or will be made only to Accredited Investors in compliance
    with Rule 506(b) of Regulation D under the U.S. Securities Act, and in transactions that are exempt from registration under
    the U.S. Securities Act and applicable state securities laws;
	 	 	 
	 	(d)	it
    has not entered and will not enter into any contractual arrangement with respect to the distribution of the Offered Securities,
    except with their respective U.S. Affiliates, or with the prior written consent of the Corporation, and they shall require
    their respective U.S. Affiliates to agree, for the benefit of the Corporation and Kitrinor, to comply with, and shall use
    their commercially reasonable efforts to ensure that their respective U.S. Affiliates comply with, the same provisions of
    this Agreement as apply to the Agents, as if such provisions applied to their respective U.S. Affiliates;
	 	 	 
	 	(e)	immediately
    prior to soliciting any offeree that is in the United States or a U.S. Person, or that is purchasing for the account or benefit
    of a person in the United States or a U.S. Person, it, its U.S. Affiliate, and any person acting on their behalf had and will
    have reasonable grounds to believe and did and will believe that each such offeree was an Accredited Investor with respect
    to which it, its U.S. Affiliate or any party hereto has a pre-existing relationship, and at the time of completion of each
    sale to a U.S. Purchaser (hereinafter defined), it, its U.S. Affiliates, and any person acting on their behalf will have reasonable
    grounds to believe and will believe, that such purchaser is an Accredited Investor;
	 	 	 
	 	(f)	prior
    to completion of any sale of Offered Securities by it to a person in the United States or a U.S. Person, or to a person purchasing
    for the account or benefit of a person in the United States or a U.S. Person, or to a person that was offered Offered Securities
    in the United States (any of the foregoing a “U.S. Purchaser”), it shall cause each such U.S. Purchaser
    of Offered Securities to execute a Subscription Agreement in the form agreed upon by the Agents, the Corporation and Kitrinor;
	 	 	 
	 	(g)	no
    written material will be used in connection with the offer or sale of the Offered Securities in the United States and to,
    or for the account or benefit of, persons in the United States or U.S. Persons, other than the Subscription Agreement referenced
    in Paragraph 6(3)(f) above;
	 	 	 
	 	(h)	it
    shall give the Corporation and Kitrinor reasonable notice of the U.S. jurisdictions in which it proposes to offer and sell
    the Offered Securities, so as to assist the Corporation and Kitrinor, as applicable, in satisfying their obligations under
    Paragraph 6(1)(e) and 6(1)(h);

 

     

    -30- 

    

 

	 	(i)	at
    least one business day prior to Closing, each of the Corporation and Kitrinor will be provided with a list of all U.S. Purchasers;
    
	 	 	 
	 	(j)	the
    representations, warranties and covenants by it contained in Section 6(2) and this Section 6(3) hereof shall be true and correct
    as of the Time of Closing, with the same force and effect as if then made by it;
	 	 	 
	 	(k)	at
    the Time of Closing, it will either: (i) together with its U.S. Affiliate provide to the Corporation and Kitrinor a certificate
    in the form of Schedule “B” to this Agreement relating to the manner of the offer and sale of the Offered Securities
    in the United States and to, or for the account or benefit of, persons in the United States or U.S. Persons; or (ii) be deemed
    to have represented and warranted to the Corporation and Kitrinor, as of the Time of Closing, that it did not and will not
    offer or sell any of the Offered Securities in the United States or to, or for the account or benefit of, persons in the United
    States or U.S. Persons;
	 	 	 
	 	(l)	as
    of the Closing Date, with respect to Offered Securities to be offered and sold hereunder in reliance on Rule 506(b) of Regulation
    D, the Agents severally represent that none of: (i) such Agent or its U.S. Affiliate; (ii) such Agent or its U.S. Affiliate’s
    general partners or managing members; (iii) any of such Agent’s or its U.S. Affiliate’s directors, executive officers
    or other officers participating in the offering of the Offered Securities; (iv) any of such Agent’s or its U.S. Affiliate’s
    general partners’ or managing members’ directors, executive officers or other officers participating in the offering
    of the Offered Securities; or (v) any other person associated with any of the above persons, including any sub-agent and any
    such persons related to such sub-agent, that has been or will be paid (directly or indirectly) remuneration for solicitation
    of purchasers in connection with sale of the Offered Securities (each, a “Dealer Covered Person” and, collectively,
    the “Dealer Covered Persons”), is subject to any of the “Bad Actor” disqualifications described
    in Rule 506(d)(1) under Regulation D (a “Disqualification Event”); and
	 	 	 
	 	(m)	as
    of the Closing Date, each Agent severally represents that it is not aware of any person (other than any Dealer Covered Person)
    that has been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with the
    sale of the Offered Securities.

 

Section
7 Conditions of Closing.

 

The
obligations of the Agents and the Purchasers to complete the Offering shall be subject to the fulfilment before the Time of Closing
of the following conditions:

 

	 	(a)	the
    Corporation and the Agents shall have fully complied with all applicable statutory and regulatory requirements required to
    be complied with prior to the Time of Closing in connection with the Offering;

 

     

    -31- 

    

 

	 	(b)	the
    Agents shall be satisfied with their due diligence review of the Corporation and Kitrinor;
	 	 	 
	 	(c)	the
    Corporation shall have taken all necessary corporate action to: (i) authorize and approve the Corporation Offering Documents;
    (ii) create and issue the Subscription Receipts; (iii) create and issue the Broker Warrants; and (iv) authorize and approve
    all other matters relating to the Offering;
	 	 	 
	 	(d)	Kitrinor
    shall have taken all necessary corporate action to: (i) authorize and approve the Kitrinor Offering Documents; (ii) create
    and issue the Subscription Shares; (iii) issue the Exchanged Securities; and (iv) authorize and approve all other matters
    relating to the Offering;
	 	 	 
	 	(e)	the
    Agents, Kitrinor and the Purchasers shall have received at the Time of Closing favourable legal opinions of Gowling WLG (Canada)
    LLP, Canadian counsel to the Corporation, and, where appropriate, counsel in other jurisdictions, addressed to Kitrinor, the
    Agents, their counsel and the Purchasers, acceptable to counsel to the Agents, acting reasonably, substantially to the effect
    that:

 

	 	(i)	as
    to the incorporation, organization and valid existence of the Corporation;
	 	 	 
	 	(ii)	the
    Corporation is qualified to carry on business as presently carried on and to own, lease and operate its properties;
	 	 	 
	 	(iii)	the
    Corporation has all requisite corporate capacity, power and authority to execute and deliver the applicable Corporation Offering
    Documents and this Agreement and to perform all transactions contemplated hereby and thereby;
	 	 	 
	 	(iv)	the
    authorized and issued capital of the Corporation;
	 	 	 
	 	(v)	all
    necessary corporate action has been taken by the Corporation to authorize the creation and issue of the Subscription Receipts
    and the Subscription Shares upon conversion thereof;
	 	 	 
	 	(vi)	the
    Broker Warrants have been authorized and the certificates representing the Broker Warrants constitute legal, valid and binding
    obligations of the Corporation enforceable in accordance with their terms subject to the usual qualifications; 
	 	 	 
	 	(vii)	the
    Broker Warrant Shares have been authorized and reserved for issue to the holders of the Broker Warrants upon the due exercise
    of the Broker Warrants in accordance with the provisions thereof and upon the exercise of the Broker Warrants in accordance
    with the terms thereof, the Broker Warrant Shares will be validly issued as fully-paid and non-assessable Resulting Issuer
    Shares;

 

     

    -32- 

    

 

	 	(viii)	the
    execution and delivery of the Corporation Offering Documents and this Agreement and the performance of the transactions contemplated
    thereby (including the issue and sale of the Subscription Receipts and Broker Warrants and the exchange of the securities
    of the Corporation for the Exchanged Securities pursuant to the Business Combination), do not and will not result in a breach
    of, and do not create a state of facts which, after notice or lapse of time or both, will result in a breach of and do not
    and will not conflict with, any of the terms, conditions or provisions of the by-laws or certificate of incorporation of the
    Corporation; 
	 	 	 
	 	(ix)	the
    Subscription Receipts registered in the names of the Purchasers on the books of the Corporation at the Time of Closing have
    been issued and constitute legal, valid and binding obligations of the Corporation;
	 	 	 
	 	(x)	the
    issue and sale of the Subscription Receipts and Broker Warrants are exempt, either by statute or regulation or order, from
    the prospectus requirements of the Canadian Offering Jurisdictions, subject to the filing of all necessary reports, certificates
    or undertakings and fees required to be filed under the applicable securities legislation of the Offering Jurisdictions;
	 	 	 
	 	(xi)	the
    issue of the Exchanged Securities, including for greater certainty the Subscription Shares, Broker Warrants and Broker Warrant
    Shares, pursuant to the Business Combination, to the extent such Exchanged Securities are issued to Purchasers or the Agents
    in the Offering Jurisdictions, are exempt, either by statute or regulation or order, from the prospectus requirements of the
    securities legislation of the Canadian Offering Jurisdictions; 
	 	 	 
	 	(xii)	each
    of this Agreement, the Subscription Receipt Agreement and the Subscription Agreements constitute legal, valid and binding
    obligations of the Corporation, enforceable in accordance with their terms (subject to bankruptcy, insolvency or other laws
    affecting the rights of creditors generally, general equitable principles including the availability of equitable remedies
    and the qualification that no opinion need be expressed as to rights to indemnity, or contribution);
	 	 	 
	 	(xiii)	TSX
    Trust at its office in Toronto, Ontario has been appointed as the Subscription Receipt and Escrow Agent under the Subscription
    Receipt Agreement; 
	 	 	 
	 	(xiv)	the
    first trade in the Offering Jurisdictions by the Purchasers and the Agents of the Exchanged Securities is exempt from the
    prospectus requirements of applicable securities laws in the Offering Jurisdictions and no other documents are required to
    be filed, proceedings taken or approvals, permits, consents, orders or authorizations of regulatory authorities required to
    be obtained by the Corporation under such securities laws to permit the first trade of the Exchanged Securities provided that:

 

     

    -33- 

    

 

	 	(A)	at
    the time of such first trade, Kitrinor is and has been a reporting issuer in a jurisdiction of Canada for the four months
    immediately preceding the trade;
	 	 	 
	 	(B)	such
    trade is not a “control distribution” (as defined in NI 45-102);
	 	 	 
	 	(C)	no
    unusual effort is made to prepare the market or to create a demand for the Exchanged Securities that are the subject of the
    trade;
	 	 	 
	 	(D)	no
    extraordinary commission or consideration is paid to a person or company in respect of such trade; and
	 	 	 
	 	(E)	if
    the Purchaser is an insider or officer of the Corporation at the time of the trade, the Purchaser has no reasonable grounds
    to believe that the Corporation is in default of applicable securities laws in the Offering Jurisdictions; and

 

	 	(xv)	such
    other matters as the Agents and their counsel may require, acting reasonably.

 

In
giving the opinion contemplated above, counsel to the Corporation shall be entitled, as to matters of fact, to rely upon the representations
and warranties of the Purchasers contained in the Subscription Agreements, a certificate of fact of the Corporation signed by
officers of the Corporation in positions to have knowledge of such facts and their accuracy, and certificates of such public officials
and other persons as are necessary or desirable;

 

	 	(f)	the
    Agents, the Corporation and the Purchasers shall have received at the Time of Closing favourable legal opinions of Irwin Lowy
    LLP, Canadian counsel to Kitrinor, or where appropriate counsel in other jurisdictions, addressed to the Agents, the Corporation,
    their counsel and the Purchasers, acceptable to counsel to the Agents, acting reasonably, substantially to the effect that:

 

	 	(i)	all
    necessary corporate action has been taken by Kitrinor to authorize the creation and issue of the Subscription Shares and the
    Broker Warrant Shares;
	 	 	 
	 	(ii)	the
    Kitrinor Offering Documents have been authorized, executed and delivered by the Corporation and constitutes a legal, valid
    and binding obligations of the Corporation, enforceable in accordance with their terms (subject to bankruptcy, insolvency
    or other laws affecting the rights of creditors generally, general equitable principles including the availability of equitable
    remedies and the qualification that no opinion need be expressed as to rights to indemnity, or contribution);

 

     

    -34- 

    

 

	 	(iii)	the
    Subscription Shares have been authorized and reserved for issue to the holders of Subscription Receipts upon the deemed exercise
    thereof and in accordance with the terms thereof, and upon the deemed exercise of the Subscription Receipts in accordance
    with the terms thereof, the Subscription Shares will be validly issued as fully-paid and non-assessable Resulting Issuer Shares;
	 	 	 
	 	(iv)	the
    Broker Warrant Shares have been authorized and reserved for issue to the holders of the Broker Warrants upon the exercise
    of the Broker Warrants in accordance with the provisions thereof and upon the exercise of the Broker Warrants in accordance
    with the terms thereof, the Broker Warrant Shares will be validly issued as fully paid and non-assessable Resulting Issuer
    Shares;
	 	 	 
	 	(v)	the
    execution and delivery of the Kitrinor Offering Documents and this Agreement and the performance of the transactions contemplated
    thereby (including the issue of the Subscription Shares and Broker Warrant Shares and the exchange of the securities of the
    Corporation for the Exchanged Securities pursuant to the Business Combination), do not and will not result in a breach of,
    and do not create a state of facts which, after notice or lapse of time or both, will result in a breach of and do not and
    will not conflict with, any of the terms, conditions or provisions of the constating documents of Kitrinor; and
	 	 	 
	 	(vi)	such
    other matters as the Agents and their counsel may require, acting reasonably.

 

In
giving the opinion contemplated above, counsel to Kitrinor shall be entitled, as to matters of fact, to rely upon the representations
and warranties of the Purchasers contained in the Subscription Agreements, a certificate of fact of the Corporation signed by
officers of the Corporation in positions to have knowledge of such facts and their accuracy, and certificates of such public officials
and other persons as are necessary or desirable;

 

	 	(g)	no
    material order, ruling or determination having the effect of suspending the sale or ceasing the trading in any securities
    of the Corporation (including the Offered Securities), Kitrinor (including the Exchanged Securities) or Subco shall have been
    issued by any regulatory authority and continuing in effect and no proceedings for that purpose shall have been instituted
    or pending or, to the knowledge of such officers, contemplated or threatened by any regulatory authority that cannot be rectified
    prior to or concurrent with the completion of the Business Combination;

 

     

    -35- 

    

 

	 	(h)	the
    Corporation and Kitrinor shall have duly complied with all material terms, covenants and conditions of this Agreement, each
    in their respective part, to be complied with up to the Time of Closing; and
	 	 	 
	 	(i)	the
    representations and warranties of the Corporation and Kitrinor contained in this Agreement shall be true and correct in all
    material respects as of the Time of Closing with the same force and effect as if made at and as of the Time of Closing after
    giving effect to the transactions contemplated by this Agreement except to the extent such representations and warranties
    were made as of a prior date in which case they shall be true and correct in all material respects as of such date.

 

Section
8 Closing.

 

	(1)	(a)	The
    purchase and sale of the Offered Securities shall be completed via electronic exchange or at the offices of Stikeman Elliott
    LLP, Toronto, Ontario at 10:00 a.m. (Toronto time) (the “Time of Closing”) on March 13, 2017 or at such
    other time or times or on such other date or dates as the Corporation and the Agents may agree upon in writing (the “Closing
    Date”).
	 	 	 
	 	(b)	At
    the Time of Closing, the Corporation shall deliver to the Agents on its own behalf and on behalf of the Purchasers a certificate,
    dated the Closing Date, of an officer of the Corporation in an agreed form:

 

	 	(i)	to
    the effect that the articles and by-laws attached to such certificates are correct and complete copies of the articles and
    by-laws of the Corporation; 
	 	 	 
	 	(ii)	to
    the effect that the resolutions of the directors of the Corporation attached to the certificate approving the Corporation
    Offering Documents, this Agreement and authorising execution of the same and of any documents required to be signed or executed
    under the Corporation Offering Documents is a correct and complete copy of the relevant resolutions, unamended; and
	 	 	 
	 	(iii)	attaching
    a copy of the signatures of the individuals authorised to sign this Agreement and/or any of the documents contemplated in
    this Agreement on behalf of the Corporation and certifying the genuineness of such signatures.

 

	 	(c)	At
    the Time of Closing, the Corporation shall deliver to the Agents a certificate of status dated within one business day prior
    to the Closing Date for the Corporation under the Act.
	 	 	 
	 	(d)	At
    the Time of Closing, the Agents shall deliver to the Corporation an executed Subscription Agreement for each participating
    Purchaser, to be accepted and countersigned by the Corporation.

 

     

    -36- 

    

 

	 	(e)	At
    the Time of Closing, the Corporation shall deliver to the Agents the fully executed Subscription Receipt Agreement.
	 	 	 
	 	(f)	At
    the Time of Closing, the Corporation and Kitrinor shall each deliver to the Agents on their own behalf and on behalf of the
    Purchasers, as applicable:

 

	 	(i)	the
    requisite favourable legal opinions, certificates and other documents as contemplated in Section 7 hereof; and
	 	 	 
	 	(ii)	such
    further documentation as may be contemplated herein or as applicable regulatory authorities may reasonably require.

 

	(2)	The
    gross proceeds of the Offering, less the Commission and Expenses incurred up to and including the Closing Date (the “Escrowed
    Funds”), will be deposited in escrow on the Closing Date pursuant to the terms of the Subscription Receipt Agreement.
    The Escrowed Funds will be released from escrow upon satisfaction of the conditions below (the “Escrow Release Conditions”)
    on or before 5:00 p.m. (Toronto time) (the “Termination Time”) on June 13, 2017 (the “Escrow Deadline”):
    

 

	 	(a)	all
    conditions precedent to the Business Combination (including the Consolidation) being satisfied, or waived with the prior consent
    of the Lead Agent, on behalf of the Agents, in accordance with the terms of the Merger Agreement; and
	 	 	 
	 	(b)	the
    receipt of all required shareholder, third party (as applicable) and regulatory approvals in connection with the Business
    Combination, including the conditional approval from the TSXV to list the Resulting Issuer Shares on the TSXV.

 

As
used in this Agreement, “Resulting Issuer” means Kitrinor upon completion of the Business Combination, which
as part of the Business Combination, shall have amended its articles of incorporation to change its name to “Scythian Inc.”,
or such other name as the parties may agree to.

 

	(3)	Upon
    satisfaction of the Escrow Release Conditions on or prior to the Termination Time on the Escrow Deadline, unless otherwise
    agreed to in writing by the Corporation and the Agents, in accordance with the terms of the Subscription Receipt Agreement,
    the Escrowed Funds will be released from escrow to the Corporation (after deducting any additional unpaid Expenses of the
    Agents incurred in connection with the Offering since the Closing Date as provided for in Section 9) and each outstanding
    Subscription Receipt will be exercised for one Subscription Share concurrently with the completion of the Business Combination.

 

     

    -37- 

    

 

	(4)	In
    the event that: (i) the Escrow Release Conditions have not been satisfied by the Termination Time on the Escrow Deadline;
    or (ii) on or before the Termination Time on the Escrow Deadline (a) the Merger Agreement has been terminated in accordance
    with its terms, or (b) the Corporation has advised the Lead Agent, on behalf of the Agents, or announced to the public, that
    it does not intend to proceed with the Merger, the gross proceeds of the Offering shall be returned to the holders of the
    Subscription Receipts together with all interest earned thereon on a pro rata basis and the Subscription Receipts shall
    be cancelled. The Corporation agrees that it shall be responsible and liable to the holders of the Subscription Receipts for
    any shortfall between the aggregate price paid by the Purchasers of the Subscription Receipts and the Escrowed Funds.

 

Section
9 Expenses.

 

	(1)	The
    Corporation shall pay all reasonable costs, fees and expenses of or incidental to the performance of the obligations under
    this Agreement including, without limitation: (i) all expenses of or incidental to the creation, issue, sale or distribution
    of the Subscription Receipts; (ii) the fees and expenses of the Corporation’s legal counsel; (iii) all costs incurred
    in connection with the preparation of documentation relating to the Offering; (iv) all reasonable fees and disbursements of
    the Agents’ legal counsel and advisors and all applicable taxes; and (v) the Agents’ reasonable out-of-pocket
    expenses (collectively, the “Expenses”). Such amounts payable to the Agents or their counsel under this
    Section 9 shall be paid by the Corporation immediately upon receiving an invoice therefrom and at the option of the Agents,
    shall be paid out of the available cash on hand of the Corporation, in each case whether or not the Offering is completed.

 

Section
10 Indemnities.

 

	(1)	The
    Corporation (the “Indemnitor”) hereby agrees to indemnify and hold the Agents and/or any of their subsidiaries,
    affiliates and syndicate members, and each of their partners, shareholders, advisers, directors, officers and employees (“Personnel”
    and together with the Agents, the “Indemnified Parties”) harmless to the full extent from and against any
    and all expenses, losses (other than loss of profits), fees, claims, actions (including shareholder actions, derivative actions
    or otherwise), damages, obligations or liabilities, whether joint or several (including the aggregate amount paid in reasonable
    settlement of any actions, suits, investigations, proceedings or claims), and the reasonable fees and expenses of their counsel
    that may be incurred in investigating, settling, advising with respect to and/or defending any actual or threatened claim,
    action, suit, investigation or proceeding that may be made against the Agents, to which the Agents and/or the Personnel may
    become subject or otherwise involved in any capacity under any statute or common law or otherwise insofar as such expenses,
    losses, claims, damages, liabilities or actions arise out of or are based, directly or indirectly, upon the performance of
    professional services rendered to the Indemnitor by the Agents and the Personnel hereunder (the “Engagement”),
    whether performed before or after the date hereof, together with any losses, claims, actions, damages or liabilities incurred
    in enforcing this indemnity, provided, however, that this indemnity shall not apply to the extent that a court of competent
    jurisdiction in a final judgment that has become non-appealable shall determine that:

 

     

    -38- 

    

 

	 	(a)	the
    Agents or the Personnel, as applicable, have been grossly negligent or have committed any fraudulent act in the course of
    such performance; and
	 	 	 
	 	(b)	the
    expenses, losses, claims, damages or liabilities, as to which indemnification is claimed, resulted solely from the fraud or
    gross negligence referred to in (a).

 

	(2)	If
    for any reason (other than the occurrence of any of the events itemized above), the foregoing indemnification is unavailable
    to the Agents, or insufficient to hold them harmless, then the Indemnitor shall contribute to the losses, claims, costs, damages,
    expenses or liabilities (except loss of profit or consequential damage) of the nature provided for above which are paid or
    payable by any Indemnified Party in such proportion as is appropriate to reflect not only the relative benefits received by
    the Indemnitor on the one hand and the Indemnified Parties on the other hand but also the relative fault of the Indemnitor
    and the Indemnified Parties as well as any relevant equitable considerations; provided that the Indemnitor shall in any event
    contribute to the losses, claims, costs, damages, expenses or liabilities (except loss of profit or consequential damage)
    of the nature provided for above paid or payable by any Indemnified Party, the amount (if any) equal to (i) such amount paid
    or payable, minus (ii) the amount of the fees received by the Indemnified Parties, if any, hereunder. In the event that the
    Indemnitor may be entitled to contribution from the Agents under the provisions of any statute or law, the Indemnitor shall
    be limited to contribution in any amount not exceeding the lesser of the portion of the amount of losses, claims, costs, damages,
    expenses and liabilities giving rise to such contribution for which the Agents are responsible and the amount of the fees
    received by the Agents.
	 	 
	(3)	The
    Indemnitor agrees that no Indemnified Party shall have any liability (either direct or indirect, in contract or tort or otherwise)
    to any Indemnitor or any person asserting claims on an Indemnitor’s behalf or in right for or in connection with the
    Engagement, except to the extent that any losses, claims, costs, damages, expenses or liabilities (except loss of profit or
    consequential damage) incurred by the Indemnitor are determined by a court of competent jurisdiction in a final judgement
    (in a proceeding in which the applicable Indemnified Party is named as a party) that has become non-appealable to have resulted
    solely from the fraud or gross negligence of such Indemnified Party.
	 	 
	(4)	The
    Indemnitor agrees that in case any legal proceeding shall be brought against, or an investigation is commenced in respect
    of, the Indemnitor and/or an Indemnified Party and an Indemnified Party or its personnel are required to testify in connection
    therewith or shall be required to respond to procedures designed to discover information regarding, in connection with or
    by reason of the Engagement, the Indemnified Party 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 Party 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 of the Indemnified Party in connection therewith) shall
    be paid by the Indemnitor as they occur.

 

     

    -39- 

    

 

	(5)	The
    applicable Indemnified Party will notify the Indemnitor promptly in writing after receiving notice of any claim against it
    or receipt of notice of the commencement of any investigation which is based, directly or indirectly, upon any matter in respect
    of which indemnification may be sought from the Indemnitor, stating the particulars thereof, will provide copies of all relevant
    documentation to the Indemnitor and, unless the Indemnitor assumes the defence thereof, will keep the Indemnitor advised of
    the progress thereof and will discuss all significant actions proposed. However, the omission to so notify the Indemnitor
    shall not relieve the Indemnitor of any liability which the Indemnitor may have to an Indemnified Party.
	 	 
	(6)	The
    Indemnitor shall be entitled, at its own expense, to participate in and, to the extent they may wish to do so, assume the
    defence of any claim in respect of which indemnification is sought hereunder, provided that (a) such defence is conducted
    by counsel of good standing acceptable to the Agents, acting reasonably, (b) no settlement of any such legal proceeding may
    be made by the Indemnitor without the prior written consent of the Indemnified Party, acing reasonably, as applicable, and
    (c) the Indemnified Party shall not be liable for any settlement of any such legal proceeding unless it has consented in writing
    to such settlement, such consent not to be unreasonably withheld. If such defence is assumed by the Indemnitor, the Indemnitor
    throughout the course thereof will provide copies of all relevant documentation to the applicable Indemnified Party, will
    keep such Indemnified Party advised of the progress thereof and will discuss with such Indemnified Party all significant actions
    proposed.
	 	 
	(7)	Notwithstanding
    the foregoing, any Indemnified Party shall have the right, at the Indemnitor’s expense, to separately retain counsel
    of such Indemnified Party’s choice, in respect of the defence of any claim in which indemnification is sought hereunder,
    provided that the Indemnified Party acts reasonably in selecting such counsel. 
	 	 
	(8)	The
    indemnity and contribution obligations of the Indemnitor shall be in addition to any liability which the Indemnitor may otherwise
    have, shall extend upon the same terms and conditions to the Personnel of the Agents, and shall be binding upon and enure
    to the benefit of any successors, assigns, heirs and personal representatives of the Indemnitor, the Agents and any of the
    Personnel of the Agents. The foregoing provisions shall survive the completion of professional services rendered under this
    Agreement and the exercise of the termination rights set forth herein.

 

Section
11 Termination Rights.

 

	(1)	The
    Agents shall be entitled, at their option, to terminate all of their obligations under this Agreement, and the obligations
    of any person whom the Agents have arranged to purchase Offered Securities that has executed a Subscription Agreement, by
    written notice to that effect delivered to the Corporation at any time at or prior to the Time of Closing if:

 

     

    -40- 

    

 

	 	(a)	the
    Agents, in their sole discretion, acting reasonably, are not satisfied with the results of their due diligence review and
    investigations of the Corporation, its business and affairs or otherwise;
	 	 	 
	 	(b)	there
    is, in the sole opinion of the Agents, a “material change”, as that term is defined in the Securities
    Act (Ontario) (the “Ontario Act”), in the affairs of the Corporation, Kitrinor or Subco that occurs
    or is announced by the Corporation, Kitrinor or Subco or there is a change in any “material fact”, as that
    term is defined in the Ontario Act, or under any policies of the TSXV, or a new material fact shall arise which has or would
    be expected to have a significant adverse change or effect on the business affairs, or financial condition of the Corporation
    or Kitrinor or on the market price or value of the securities of the Corporation or Kitrinor;
	 	 	 
	 	(c)	any
    inquiry, action, suit, investigation or other proceeding (whether formal or informal) is commenced, announced or threatened
    or any order made by any federal, provincial, state, municipal or other governmental department, commission, board, bureau,
    agency or instrumentality including, without limitation, any stock exchange or securities regulatory authority or any law,
    order or regulation is enacted or changed, which in the opinion of the Agents, acting reasonably, could operate to prevent
    or materially restrict the trading of the securities of the Corporation or Kitrinor or materially and adversely affects or
    would be expected to materially and adversely affect the market price or value of the Offered Securities or the securities
    of the Corporation or Kitrinor;
	 	 	 
	 	(d)	there
    should develop, occur or come into effect or existence any event, action, state, condition or major financial occurrence of
    national or international consequence or any law or regulation which, in the sole opinion of the Agents, materially adversely
    affects, or involves, or will materially adversely affect, or involve, the financial markets or the business, operations or
    affairs of the Corporation or Kitrinor and their respective subsidiaries taken as a whole, or the market price of the Corporation
    or Kitrinor or value or marketability of the Offered Securities;
	 	 	 
	 	(e)	any
    order, action, proceeding or cease trading order which operates to prevent or restrict the trading of the common shares or
    any other securities of the Company is made or threatened by a securities regulatory authority;
	 	 	 
	 	(f)	the
    state of the Canadian, United States or international financial markets is such that, in the sole opinion of the Agents, the
    Offered Securities cannot be profitably marketed; or
	 	 	 
	 	(g)	the
    Corporation or Kitrinor is in breach of a material term, condition or covenant of this Agreement or any representation or
    warranty given by the Corporation or Kitrinor herein becomes or is false in any material respect.

 

     

    -41- 

    

 

	(2)	If
    the Agents terminate this Agreement pursuant to this Section 11, there shall be no further liability on the part of the Agents
    or of the Corporation or Kitrinor to the Agents except in respect of any liability under Section 1(d), Section 9 or Section
    10 hereof.
	 	 
	(3)	The
    right of the Agents to terminate their obligations under this Agreement is in addition to such other remedies as they may
    have, or have in respect of any default, act or failure to act of the Corporation in respect of any of the matters contemplated
    by this Agreement.

 

Section
12 Agents’ Business.

 

	(1)	The
    Corporation and Kitrinor acknowledge that the Agents may be engaged in securities trading and brokerage activities, and providing
    investment banking, investment management, financial and financial advisory services. In the ordinary course of their trading,
    brokerage, investment and asset management and financial activities, the Agents and their affiliates may hold long or short
    positions, and may trade or otherwise effect or recommend transactions, for their own account or the accounts of their customers,
    in debt or equity securities or loans of the Corporation or Kitrinor, or any other company that may be involved in any transaction
    with the Corporation or Kitrinor.
	 	 
	(2)	Each
    Agent and its affiliates may also provide a broad range of normal course financial products and services to its customers
    (including, but not limited to banking, credit derivative, hedging and foreign exchange products and services), including
    companies that may be involved in any transaction with the Corporation or Kitrinor. 
	 	 
	(3)	Each
    Agent acknowledges its responsibility to comply with applicable securities laws as they relate to the trading of securities
    while in possession of material non-public information and further acknowledges that it has in place information barriers
    to protect the unauthorized transmission of this information to its employees and its affiliates who do not have a legitimate
    need to know such information.

 

Section
13 Agents’ Authority.

 

The
Corporation shall be entitled to and shall act on any notice, request, direction, consent, waiver, extension and other communication
given or agreement entered into by or on behalf of the Agents by the Lead Agent and the Lead Agent shall represent the Agents
and have authority to bind the Agents hereunder except in respect of a notice of termination pursuant to Section 11 hereof or
the exercise of the indemnity rights specified in Section 1(d) or Section 10 hereof which shall require the action of the Agents.
Each of the Agents agrees that the Lead Agent has been authorized in such regard.

 

     

    -42- 

    

 

Section
14 Notices.

 

Any
notice under this Agreement shall be given in writing and either delivered or emailed to the party to receive such notice at the
address or facsimile numbers indicated below:

 

	(a)	to
    the Corporation at:

    

	(b)	to
    the Agents or any Personnel at:

   

     

    -43- 

    

 

	(c)	to
    Kitrinor and/or Subco at:

   

or
such other address or facsimile number as such party may hereafter designate by notice in writing to the other party. If a notice
is delivered, it shall be effective from the date of delivery and if such notice is faxed (with receipt confirmed), it shall be
effective on the business day following the date such notice is faxed.

 

Section
15 Survival.

 

All
representations, warranties and agreements of the Corporation and Kitrinor contained herein or contained in any document submitted
pursuant to this Agreement or in connection with the purchase of the Offered Securities shall survive the purchase of the Offered
Securities by the Purchasers for a period of two years after the Time of Closing, and shall continue in full force and effect
unaffected by any subsequent disposition or conversion of the Offered Securities and the Agents shall not be limited or prejudiced
by any investigation made by or on behalf of the Agents in the course of the distribution of the Offered Securities.

 

Section
16 Alternative Transactions

 

From
the date hereof until the earlier of the expiry of this Agreement and satisfaction of the Escrow Release Conditions, the Corporation
agrees not to sell or negotiate or enter into an arrangement to sell all or substantially all of the assets of the Corporation
or enter into a merger or other business combination with a third party or other similar transaction (other than as contemplated
herein), which transaction does not provide for the completion of the Offering or the payment of fees in accordance with this
Section 16 (an “Alternative Transaction”). In the event the Corporation enters into an agreement or makes a
public announcement with respect to an Alternative Transaction prior to the earlier of the date that is 90 days following the
expiry of this Agreement and satisfaction of the Escrow Release Conditions, the Corporation agrees to make payment to the Lead
Agent forthwith upon entering into such agreement or making such announcement in the amounts as described in Sections 1(d) and
9 as if the Offering had been completed in full (except that the Commission will payable immediately and the Broker Warrants will
be issuable immediately).

 

     

    -44- 

    

 

Section
17 Right of First Refusal/Exclusivity

 

If,
at any time within 6 months after the Closing Date, the Corporation or Kitrinor (including the Resulting Issuer) requires additional
equity financing, the Lead Agent shall be first offered to act as lead or co-lead manager, underwriter, bookrunner and/or private
placement agent (as the case may be, depending upon the nature of the transaction) in connection with such financing, subject
to agreeing on mutually acceptable fee arrangements. The terms and conditions relating to any such services will be outlined in
a separate engagement letter, underwriting agreement or agency agreement and the fees for such services will be in addition to
the fees payable pursuant to this Agreement, will be negotiated separately and in good faith and will be consistent with fees
paid to North American investment bankers for similar services. If the Lead Agent does not accept the terms and conditions contained
in such offer, the Corporation and/or Kitrinor may engage any other person as lead or co-lead manager, underwriter, bookrunner
and/or private placement agent, provided that the terms and conditions of any such engagement shall be no more favourable to such
other person as the terms and conditions offered to the Lead Agent. The Lead Agent shall have the exclusive right to act as the
lead or co-lead manager and sole bookrunner of any public offering by the Corporation or Kitrinor (including the Resulting Issuer)
or any other entity created by the foregoing for the period commencing on the date first written above and ending on the date
that is 6 months from the Closing Date.

 

Section
18 Entire Agreement.

 

The
provisions herein contained constitute the entire agreement between the parties hereto and supersede all previous communications,
representations, understandings and agreements between the parties with respect to the subject matter hereof whether verbal or
written, including, but not limited to, the engagement letter between the Corporation and the Lead Agent dated as of February
16, 2017. This Agreement may be amended or modified in any respect by written instrument only.

 

Section
19 Counterparts.

 

This
Agreement may be executed in any number of counterparts and may be executed by facsimile or other electronic transmission, all
of which when taken together shall be deemed to be one and the same document and notwithstanding the actual date of execution
of each counterpart, this Agreement shall be deemed to be dated as of the date first above written.

 

Section
20 General.

 

This
Agreement shall be governed by and interpreted in accordance with the laws of Ontario and the laws of Canada applicable therein
and time shall be of the essence hereof. This Agreement is intended to and shall take effect as at the date first set forth above,
notwithstanding its actual date of execution or delivery.

 

     

    -45- 

    

 

Section
21 Severability.

 

If
any provision of this Agreement, or the application of such provision to any person or circumstance, shall be held invalid or
unenforceable, the remainder of this Agreement, or the application of such provision to persons or circumstances other than those
as to which it is held invalid or unenforceable, shall not be affected thereby.

 

Section
22 Currency.

 

Unless
otherwise stated, all references herein to dollar amounts are to lawful money of Canada.

 

Section
23 Headings.

 

The
headings contained herein are for convenience only and shall not affect the meaning or interpretation hereof.

 

Section
24 Singular and Plural, etc.

 

Where
the context so requires, words importing the singular number include the plural and vice versa, and words importing gender shall
include the masculine, feminine and neuter genders.

 

Section
25 Successors and Assigns.

 

The
terms and provisions of this Agreement shall be binding upon and ensure to the benefit of the Corporation, Kitrinor, the Agents
and the Purchasers and their respective executors, heirs, successors and permitted assigns; provided that, except as provided
herein or in the Subscription Agreements, this Agreement shall not be assignable by any party without the written consent of the
others.

 

Section
26 Further Assurances.

 

Each
of the parties hereto shall do or cause to be done all such acts and things and shall execute or cause to be executed all such
documents, agreements and other instruments as may reasonably be necessary or desirable for the purpose of carrying out the provisions
and intent of this Agreement.

 

[Remainder
of page intentionally left blank]

 

    	 	 	 

    	 	 	 

    

 

DATED
the first date written above.

 

	 	CLARUS
    SECURITIES INC.
	 	 
	 	By:	 
	 	 	Authorized
    Signing Officer
	 	 	 
	 	HAYWOOD
    SECURITIES INC.
	 	 
	 	By:	 
	 	 	Authorized
    Signing Officer
	 	 	 
	 	CANACCORD
    GENUITY CORP.
	 	 
	 	By:	 
	 	 	Authorized
    Signing Officer

 

[Signature
Page – Agency Agreement – 1 of 2]

 

    	 	 	 

    	 	 	 

    

 

The
above offer is hereby accepted and agreed to as of the date first written above.

 

	 	SCYTHIAN BIOSCIENCES INC.
	 	 	 
	 	By:	 
	 	 	Authorized
    Signing Officer
	 	 	 
	 	KITRINOR METALS INC.
	 	 	 
	 	By:	 
	 	 	Authorized
    Signing Officer

 

[Signature
Page – Agency Agreement – 2 of 2]

 

    	 	 	 

    	 	 	 

    

 

Schedule
“A“

Form-of
Broker Warrant Certificate

 

BROKER
WARRANTS TO PURCHASE COMMON SHARES

 

OF

 

SCYTHIAN
BIOSCIENCES INC.

 

(existing
under the federal laws of Canada)

 

	Number
    ●	Number
of Broker Warrants represented by this certificate: ●

 

THIS
CERTIFIES that, for value received,  ● (the “Holder”), is the registered holder of ●  broker
warrants (the “Broker Warrants”), each of which entitle the Holder, subject to the terms and conditions
set forth in this Broker Warrant certificate (“Broker Warrant Certificate”), to purchase from Scythian
Biosciences Inc. (the “Company”) one common share in the capital of the Company (a “Common
Share”) on payment of $0.40 per Common Share (the “Exercise Price”), at any time and from time
to time following the date on which the Escrow Release Conditions (as defined below) are satisfied for a period expiring at
5:00 p.m. (Toronto time) (the “Time of Expiry”) on the date that is 24 months following such date (the
“Expiry Date”).

 

For
the purposes of this Broker Warrant Certificate:

 

“Business
Combination” means the business combination among Kitrinor, Subco and the Company under which the business and assets
of Kitrinor shall be combined with those of the Company, as a reverse takeover of Kitrinor by the Company, to form the Resulting
Issuer;

 

“Consolidation”
means the consolidation of the Company’s shares on a 4:1 basis in connection with the Business Combination.

 

“Escrow
Release Conditions” means (i) all conditions precedent to the Business Combination (including the Consolidation) being
satisfied, or waived with the prior consent of the Lead Agent, on behalf of the Agents, in accordance with the terms of the Merger
Agreement; and (ii) the receipt of all required shareholder, third party (as applicable) and regulatory approvals in connection
with the Business Combination, including the conditional approval from the TSXV to list the common shares of the Resulting Issuer
issuable upon the deemed exercise of the Subscription Receipts on the TSXV.

 

“Kitrinor”
means Kitrinor Metals Inc.

 

“Merger
Agreement” means the transaction agreement to be entered into between the Company, Kitrinor and Subco and providing
for the Business Combination;

 

    	 	AA-1	 

    	 	 	 

    

 

“Resulting
Issuer” means Kitrinor upon completion of the Business Combination;

 

“Subco”
means a wholly-owned company to be incorporated under the federal laws of Canada for the purposes of effecting the Business Combination;

 

“Subscription
Receipt” means the subscription receipts of the Company issued pursuant to the subscription receipt agreement dated
March 13, 2017 among the Company, Kitrinor, Clarus Securities Inc., and TSX Trust Company ; and

 

“TSXV”
means the TSX Venture Exchange.

 

The
Company and the Holder acknowledge that the Exercise Price of $0.40 is based on the price per Common Share on a post-Consolidation
basis and notwithstanding anything else contained in this Agreement, no adjustment to the Exercise Price will be made as a result
of the completion of the Consolidation.

 

In
the event that the Merger Agreement is terminated or the Business Combination is not completed, this Broker Warrant shall become
null and void.

 

The
Company shall treat the Holder as the absolute owner of these Broker Warrants for all purposes and the Company shall not be affected
by any notice or knowledge to the contrary. The Holder shall be entitled to the rights evidenced by this Broker Warrant Certificate
free from all equities and rights of set-off or counterclaim between the Company and the original or any intermediate holder and
all persons may act accordingly and the receipt by the Holder of the Common Shares issuable upon exercise hereof shall be a good
discharge to the Company and the Company shall not be bound to inquire into the title of any such Holder.

 

(1)
Exercise of Broker Warrants

 

	(a)	Election
    to Exercise. The rights evidenced by this Broker Warrant Certificate may be exercised by the Holder in whole or in part
    and in accordance with the provisions hereof by delivery of an election to exercise in substantially the form attached hereto
    as Appendix “A” (an “Election to Exercise”), properly completed and executed, together with
    payment of the aggregate Exercise Price by bank draft or certified cheque payable to or to the order of the Company in the
    amount of the Exercise Price multiplied by the number of Common Shares specified in the Election to Exercise at the office
    of the Company, or such other address as the Holder may be notified of in writing by the Company. In the event that the rights
    evidenced by this Broker Warrant Certificate are exercised in part, the Company shall, contemporaneously with the issuance
    of the Common Shares issuable on the exercise of the Broker Warrants so exercised, issue to the Holder a Broker Warrant Certificate
    on identical terms in respect of that number of Common Shares in respect of which the Holder has not exercised the rights
    evidenced by this Broker Warrant Certificate.
	 	 
	(b)	Exercise.
    Subject to section 1(c) below, the Company shall, on the date it receives a duly executed Election to Exercise and funds equal
    to the aggregate Exercise Price by bank draft or certified cheque payable to or to the order of the Company for the number
    of Common Shares specified in the Election to Exercise (the “Exercise Date”), issue that number of Common
    Shares specified in the Election to Exercise, as fully paid and non-assessable shares.

 

    	 	AA-2	 

    	 	 	 

    

 

	(c)	Share
    Certificates. As promptly as practicable after the Exercise Date and, in any event, within five business days of receipt
    of the Election to Exercise, the Company shall issue and deliver to the Holder, registered in such name or names as the Holder
    may direct or if no such direction has been given, in the name of the Holder, certificates for the number of Common Shares
    to which the Holder is entitled based on the number of Common Shares specified in the Election to Exercise. To the extent
    permitted by law, such exercise shall be deemed to have been effected as of the close of business on the Exercise Date, and
    at such time the rights of the Holder with respect to the number of Broker Warrants which have been exercised as such shall
    cease, and the person or persons in whose name or names any share certificates shall then be issuable upon such exercise shall
    be deemed to have become the holder or holders of record of the Common Shares represented thereby.
	 	 
	(d)	If
    Share Transfer Books Closed. The Company shall not be required to deliver certificates for Common Shares issued pursuant
    to this Broker Warrant Certificate while the share transfer books of the Company are properly closed, prior to any meeting
    of shareholders or for the payment of dividends or for any other purpose and in the event of the surrender of any Broker Warrant
    in accordance with the provisions hereof and the making of any subscription and payment for the Common Shares called for thereby
    during any such period delivery of certificates for Common Shares may be postponed for a period not exceeding five business
    days after the date of the re-opening of said share transfer books provided that any such postponement of delivery of certificates
    shall be without prejudice to the right of the Holder, if the Holder has surrendered the same and made payment during such
    period, to receive such certificates for the Common Shares called for after the share transfer books shall have been re-opened.
	 	 
	(e)	Fractional
    Common Shares. No fractional Common Shares shall be issued upon exercise of the Broker Warrants, and in such case, the
    number of Common Shares issuable upon the exercise of any Broker Warrants shall be rounded down to the nearest whole number.
	 	 
	(f)	Corporate
    Changes. If, prior to the Time of Expiry on the Expiry Date, there shall occur:

 

	 	(i)	a
    reclassification or redesignation of the Common Shares, any change of the Common Shares into other shares or securities or
    any other capital reorganization involving the Common Shares, other than a Common Share Reorganization (as hereinafter defined);

  

    	 	AA-3	 

    	 	 	 

    

  

	 	(ii)	a
    consolidation, amalgamation, arrangement, business combination or merger of the Company with or into any other body corporate
    which results in a reclassification or redesignation of the Common Shares or a change of the Common Shares into other shares
    or securities; or
	 	 	 
	 	(iii)	the
    transfer of the undertaking or assets of the Company as an entirety or substantially as an entirety to another corporation
    or entity;

 

(any
of such events being herein called a “Capital Reorganization”), after the effective date of the Capital Reorganization
the Holder shall be entitled to receive, and shall accept, for the same aggregate consideration, upon exercise of the Broker Warrants,
in lieu of the number of Common Shares to which the Holder was theretofore entitled upon the exercise of the Broker Warrants,
the kind and aggregate number of shares resulting from the Capital Reorganization which the holder would have been entitled to
receive as a result of the Capital Reorganization if, on the effective date thereof, the Holder had been the registered holder
of the number of Common Shares to which the holder was theretofore entitled to purchase or receive upon the exercise of the Broker
Warrants. If necessary, as a result of any Capital Reorganization, appropriate adjustments shall be made in the application of
the provisions of this Broker Warrant Certificate with respect to the rights and interest thereafter of the Holder to the end
that the provisions of this Broker Warrant Certificate shall thereafter correspondingly be made applicable as nearly as may reasonably
be possible in relation to any shares or other securities or property thereafter deliverable upon the exercise of this Broker
Warrant Certificate.

 

	 (g)	Subdivision,
    Consolidation, etc. of Common Shares. If, prior to the Time of Expiry on the Expiry Date, the Company shall:

 

	 	(i)	fix
    a record date for the issue of, or issue, Common Shares to the holders of all or substantially all of the outstanding Common
    Shares by way of a stock dividend (other than any stock dividends constituting dividends paid in the ordinary course);
	 	 	 
	 	(ii)	fix
    a record date for the distribution to, or make a distribution to, the holders of all or substantially all of the Common Shares
    payable in Common Shares or securities exchangeable for or convertible into Common Shares;
	 	 	 
	 	(iii)	subdivide,
    redivide or change the outstanding Common Shares into a greater number of Common Shares; or
	 	 	 
	 	(iv)	consolidate,
    combine or reduce the outstanding Common Shares into a lesser number of Common Shares;

 

(any
of such events in subclauses (i), (ii), (iii) and (iv) above being herein called a “Common Share Reorganization”),
the Exercise Price shall be adjusted on the earlier of the record date on which holders of Common Shares are determined for the
purposes of the Common Share Reorganization and the effective date of the Common Share Reorganization to the amount determined
by multiplying the Exercise Price in effect immediately prior to such record date or effective date, as the case may be, by a
fraction:

 

    	 	AA-4	 

    	 	 	 

    

  

	 	(i)	the
    numerator of which shall be the number of Common Shares outstanding on such record date or effective date before giving effect
    to such Common Share Reorganization; and
	 	 	 
	 	(ii)	the
    denominator of which shall be the number of Common Shares which will be outstanding immediately after giving effect to such
    Common Share Reorganization (including in the case of a distribution of securities exchangeable for or convertible into Common
    Shares the number of Common Shares that would be outstanding had such securities all been exchanged for or converted into
    Common Shares on such date).

 

To
the extent that any adjustment in the Exercise Price occurs pursuant to this clause 1(g) as a result of the fixing by the Company
of a record date for the distribution of securities exchangeable for or convertible into Common Shares, the Exercise Price shall
be readjusted immediately after the expiry of any relevant exchange or conversion right to the Exercise Price which would then
be in effect based upon the number of Common Shares actually issued and remaining issuable after such expiry and shall be further
readjusted in such manner upon the expiry of any further such right. Any Common Shares owned by or held for the account of the
Company shall be deemed not to be outstanding for the purpose of any such calculation.

 

	(h)	Offering
    to Shareholders. If, prior to the Time of Expiry on the Expiry Date, the Company shall fix a record date or if a date
    of entitlement to receive is otherwise established (any such date being hereinafter referred to in this paragraph 1(h) as
    the “record date”) for the issuance of rights, options or warrants to all or substantially all the holders of
    the outstanding Common Shares entitling them, for a period expiring not more than 45 days after such record date, to subscribe
    for or purchase Common Shares or securities convertible into or exchangeable for Common Shares at a price per share or, as
    the case may be, having a conversion or exchange price per share less than 95% of the Current Market Price on such record
    date (any such event being hereinafter referred to as a “Rights Offering”), the Exercise Price shall be
    adjusted immediately after such record date so that it shall equal the price determined by multiplying the Exercise Price
    in effect on such record date by a fraction: 

 

	 	(i)	the
    numerator of which shall be the total number of Common Shares outstanding on such record date plus a number equal to the number
    arrived at by dividing the aggregate subscription or purchase price of the total number of additional Common Shares offered
    for subscription or purchase or, as the case may be, the aggregate conversion or exchange price of the convertible or exchangeable
    securities so offered by such Current Market Price; and 

 

    	 	AA-5	 

    	 	 	 

    

 

	 	(ii)	the
    denominator of which shall be the total number of Common Shares outstanding on such record date plus the total number of additional
    Common Shares so offered (or, as the case may be, into which the convertible or exchangeable securities so offered are convertible
    or exchangeable). 

 

Common
Shares owned by or held for the account of the Company or any subsidiary of the Company shall be deemed not to be outstanding
for the purpose of any such computation; such adjustment shall be made successively whenever such a record date is fixed. To the
extent that any rights or warrants are not so issued or any such rights or warrants are not exercised prior to the expiration
thereof, the Exercise Price shall then be readjusted to the Exercise Price which would then be in effect if such record date had
not been fixed or to the Exercise Price which would then be in effect based upon the number of Common Shares or conversion or
exchange rights contained in convertible or exchangeable securities actually issued upon the exercise of such rights or warrants,
as the case may be.

 

	(i)	Special
    Distribution. If, prior to the Time of Expiry on the Expiry Date, the Company shall fix a record date (hereinafter referred
    to in this paragraph 1(i) as the “record date”) for the distribution to all or substantially all the holders of
    the outstanding Common Shares of:

 

	 	(i)	shares
    of any class, whether of the Company or any other corporation;
	 	 	 
	 	(ii)	rights,
    options or warrants to acquire Common Shares or securities exchangeable for or convertible into Common Shares (other than
    rights, options or warrants pursuant to which holders of Common Shares are entitled, during a period expiring not more than
    45 days after the record date for such issue, to subscribe for or purchase Common Shares at a price per Common Share (or in
    the case of securities exchangeable for or convertible into Common Shares at an exchange or conversion price per share at
    the date of issue of such securities) of at least 95% of the Current Market Price of the Common Shares on such record date);
	 	 	 
	 	(iii)	evidences
    of indebtedness of the Company; or
	 	 	 
	 	(iv)	cash,
    securities or other property or assets of the Company

 

and
if such distribution does not constitute (A) a Capital Reorganization, (B) a Rights Offering, (C) a Common Share Reorganization,
or (D) a dividend paid in the ordinary course (any such non-excluded event being hereinafter referred to as a “Special
Distribution”) the Exercise Price shall be adjusted immediately after such record date so that it shall equal the price
determined by multiplying the Exercise Price in effect on such record date by a fraction: (A) the numerator of which shall be
the amount by which (1) the amount obtained by multiplying the number of Common Shares outstanding on such record date by the
Current Market Price on such record date, exceeds (2) the fair market value (as reasonably determined by the directors of the
Company in good faith, which determination shall be conclusive) to the holders of such Common Shares of such Special Distribution;
and (B) the denominator of which shall be the total number of Common Shares outstanding on such record date multiplied by such
Current Market Price. Any Common Shares owned by or held for the account of the Company or any subsidiary of the Company shall
be deemed not to be outstanding for the purpose of any such computation. Such adjustment shall be made successively whenever such
a record date is fixed. To the extent that such Special Distribution is not so made or any such rights, options or warrants are
not exercised prior to the expiration thereof, the Exercise Price shall then be readjusted to the Exercise Price which would then
be in effect if such record date had not been fixed or if such expired rights, options or warrants had not been issued.

 

    	 	AA-6	 

    	 	 	 

    

 

	(j)	Carry
    Over of Adjustments. No adjustment of the Exercise Price shall be made if the amount of such adjustment shall be less
    than 1% of the Exercise Price in effect immediately prior to the event giving rise to the adjustment, provided, however, that
    in such case any adjustment that would otherwise be required then to be made shall be carried forward and shall be made at
    the time of and together with the next subsequent adjustment which, together with any adjustment so carried forward, shall
    amount to at least 1% of the Exercise Price. 
	 	 
	(k)	Purpose
    and Intent of Adjustments. The purpose and intent of the adjustments provided for in this Broker Warrant Certificate is
    to ensure that the rights and obligations of the Holder are neither diminished nor enhanced as a result of any of the events
    set forth in herein. Accordingly, the adjustment provisions of this Broker Warrant Certificate shall be interpreted and applied
    in accordance with such purpose and intent.
	 	 
	(l)	Adjustment
    to Number of Shares. If any adjustment in the Exercise Price shall occur as a result of: (A) the fixing by the Company
    of a record date for an event referred to in paragraph 1(h); or (B) the fixing by the Company of a record date for an event
    referred to in either of paragraph 1(i)(a) or paragraph 1(i)(b) if either such event constitutes the issue or distribution
    to the holders of all or substantially all of its outstanding Common Shares of (A) Equity Shares, or (B) securities exchangeable
    for or convertible into Equity Shares at an exchange or conversion price per Equity Share less than the Current Market Price
    on such record date, or (C) rights, options or warrants to acquire Equity Shares at an exercise, exchange or conversion price
    per Equity Share less than the Current Market Price on such record date, then the number of Common Shares issuable upon any
    subsequent exercise of a Broker Warrant shall be simultaneously adjusted by multiplying the number of Common Shares issuable
    upon the exercise of a Broker Warrant immediately prior to such adjustment by a fraction which shall be the reciprocal of
    the fraction employed in the adjustment of the Exercise Price. To the extent that any adjustment in subscription rights occurs
    pursuant to this paragraph 1(l) as a result of the fixing by the Company of a record date for the distribution of exchangeable
    or convertible securities referred to in paragraph 1(g); or rights, options or warrants referred to in paragraph 1(h), then
    the number of Common Shares issuable upon exercise of a Broker Warrant shall be readjusted immediately after the expiration
    of any relevant exchange, conversion or exercise right to the number of Common Shares which would be issuable based upon the
    number of shares actually issued immediately after such expiration, and shall be further readjusted in such manner upon expiration
    of any further such right. To the extent that any adjustment in subscription rights occurs pursuant to this paragraph 1(l)
    as a result of the fixing by the Company of a record date for the distribution of exchangeable or convertible securities or
    rights, options or warrants referred to in paragraph 1(i), the number of Common Shares issuable upon exercise of the Broker
    Warrant shall be readjusted immediately after the expiration of any relevant exchange, conversion or exercise right to the
    number which would be purchasable pursuant to this paragraph 1(l) if the fair market value of such securities or such rights,
    options or warrants had been determined for purposes of the adjustment pursuant to this subsection on the basis of the number
    of shares issued immediately after such expiration.

 

    	 	AA-7	 

    	 	 	 

    

 

	(m)	Notice
    of Adjustment. Upon any adjustment of the number of Common Shares issuable upon exercise of the Broker Warrants evidenced
    by this Broker Warrant Certificate and upon any adjustment of the Exercise Price, then and in each such case the Company shall
    give written notice thereof to the Holder, which notice shall state the Exercise Price and the number of Common Shares issuable
    upon exercise of the Broker Warrants evidenced by this Broker Warrant Certificate resulting from such adjustment, and shall
    set forth in reasonable detail the method of calculation and the facts upon which such calculation is based. 
	 	 
	(n)	Other
    Notices. If, prior to the Time of Expiry on the Expiry Date:

 

	 	(i)	the
    Company shall declare any dividend upon its shares payable in Common Shares;
	 	 	 
	 	(ii)	the
    Company shall offer for subscription pro rata to the holders of its Common Shares any additional shares of any class
    or other rights, options or warrants;
	 	 	 
	 	(iii)	there
    shall be any capital reorganization or reclassification of the capital stock of the Company, or consolidation, amalgamation,
    arrangement, business combination or merger of the Company with, or sale of all or substantially all of its assets to, another
    corporation; or
	 	 	 
	 	(iv)	there
    shall be a voluntary or involuntary dissolution, liquidation or winding-up of the Company,

 

then,
in any one or more of such cases, the Company shall give to the Holder (A) at least 10 days’ prior written notice of the
date on which a record date shall be taken for such dividend, distribution or subscription rights or for determining rights to
vote in respect of any such reorganization, reclassification, consolidation, business combination, merger, amalgamation, arrangement,
sale, dissolution, liquidation or winding-up and (B) in the case of any such reorganization, reclassification, consolidation,
business combination, merger, amalgamation, arrangement, sale, dissolution, liquidation or winding-up, at least 10 days’
prior written notice of the date when the same shall take place. Such notice in accordance with the foregoing clause (A) shall
also specify, in the case of any such dividend, distribution or subscription rights, the date on which the holders of Common Shares
shall be entitled thereto, and such notice in accordance with the foregoing clause (B) shall also specify the date on which the
holders of Common Shares shall be entitled to exchange their shares for securities or other property deliverable upon such reorganization,
reclassification, consolidation, business combination, merger, amalgamation, arrangement, sale, dissolution, liquidation or winding-up,
as the case may be, to the extent known by the Company at such time.

 

    	 	AA-8	 

    	 	 	 

    

 

	(o)	Common
    Shares to be Reserved. The Company will, so long as the Broker Warrants remain outstanding, keep available, and reserve
    if necessary, out of its authorized shares, solely for the purpose of issue upon the exercise of the Broker Warrants, such
    number of Common Shares as shall then be issuable upon the exercise of the Broker Warrants. The Company covenants and agrees
    that all Common Shares issuable upon exercise of Broker Warrants will, upon issuance, be duly authorized and issued as fully
    paid and non-assessable shares of the Company. The Company will take all such actions as are within its power to ensure that
    all such Common Shares may be so issued without violation of any applicable requirements of any exchange upon which the shares
    of the Company may be listed. The Company will take all such actions as are within its power to ensure that all such Common
    Shares may be so issued without violation of any applicable law.
	 	 
	(p)	Definitions.
    For the purposes of any computation hereunder:

 

	 	(i)	“Current
    Market Price” at any date shall be the weighted average trading price per Common Share for each day there was a
    closing price for the 20 consecutive trading days ending five trading days immediately before such date on any stock exchange
    on which the Common Shares may then be listed, or, if the Common Shares or any other security in respect of which a determination
    of Current Market Price is being made are not listed on any stock exchange, the Current Market Price shall be determined by
    the directors, acting reasonably and in good faith, which determination shall be conclusive; and
	 	 	 
	 	(ii)	“Equity
    Shares” means the Common Shares and any shares of any other class or series of the Company which may from time to
    time be authorized for issue if by their terms such shares confer on the holders hereof the right to participate in the distribution
    of assets upon the voluntary or involuntary liquidation, dissolution or winding up of the Company beyond a fixed sum or a
    fixed sum plus accrued dividends.

 

    	 	AA-9	 

    	 	 	 

    

 

	(q)	Directors
    Determination. If at any time prior to the Time of Expiry on the Expiry Date, the Company shall take any action affecting
    the Common Shares, other than an action or an event otherwise described in section 1 hereof, which would have a material adverse
    effect upon the rights of the Holder under this Broker Warrant Certificate, the Exercise Price and/or the number of Common
    Shares purchasable under this Broker Warrant Certificate shall be adjusted in such manner and at such time as the directors
    may determine, acting reasonably and in good faith, to be equitable in the circumstances.
	 	 
	(r)	Mutatis
    Mutandis. No adjustment in the Exercise Price or in the number or kind of securities purchasable on the exercise of this
    Broker Warrant shall be made in respect of any event described in this section 1 hereof if the Holder is entitled to participate
    in such event on the same terms mutatis mutandis as if the Holder had exercised the Broker Warrants prior to or on
    the record date or effective date, as the case may be, of such event.
	 	 
	(s)	No
    Adjustment. If the Company sets a record date to determine holders of Common Shares for the purpose of entitling such
    holders to receive any dividend or distribution or any subscription or purchase rights and shall thereafter and before the
    distribution to such holders of any such dividend, distribution or subscription or purchase rights legally abandon its plan
    to pay or deliver such dividend, distribution or subscription or purchase rights, no adjustment in the Exercise Price or the
    number of Common Shares purchasable upon the exercise of the Broker Warrants shall be required by reason of the setting of
    such record date.
	 	 
	(t)	Dispute.
    If a dispute shall at any time arise with respect to any adjustment of the Exercise Price or the number of Common Shares
    purchasable pursuant to this Broker Warrant Certificate, such dispute shall be conclusively determined by the accountants
    of the Company or if they are unable or unwilling to act by such other firm of independent chartered accountants as may be
    selected by the directors.

 

(2)
Replacement

 

Upon
receipt of evidence satisfactory to the Company of the loss, theft, destruction or mutilation of this Broker Warrant Certificate
and, if requested by the Company, upon delivery of a bond of indemnity satisfactory to the Company (or, in the case of mutilation,
upon surrender of this Broker Warrant Certificate), the Company will issue to the Holder a replacement certificate containing
the same terms and conditions as this Broker Warrant Certificate.

 

(3)
Expiry 

 

The
Broker Warrants shall expire and all rights to purchase Common Shares hereunder shall cease and become null and void at the Time
of Expiry on the Expiry Date.

 

    	 	AA-10	 

    	 	 	 

    

 

(4)
Covenant

 

So
long as any Broker Warrants remain outstanding, the Company covenants that it shall do or cause to be done all things necessary
to maintain its corporate existence.

 

(5)
Resale Restrictions

 

These
Broker Warrants may not be exercised in the United States or by or on behalf of a “U.S. Person” (as that term is defined
in Regulation S adopted by the United States Securities Exchange Commission under the United States Securities Act of 1933, as
amended (“U.S. Securities Act”)) unless an exemption is available from the registration requirements of the
U.S. Securities Act and applicable state securities laws and the holder of these Broker Warrants has furnished an opinion of counsel
of recognized standing in form and substance satisfactory to the Company to such effect.

 

(6)
Limitations on Transfer

 

Subject
to applicable law and the policies of any stock exchange upon which the Common Shares may be listed from time to time, the Holder
may not transfer the within Broker Warrants except to a subsidiary or to an entity of which the Holder is a subsidiary or with
the prior written consent of the Company, which consent shall not be unreasonably withheld. Subject to the foregoing, the Company
shall issue and mail as soon as practicable, and in any event within five business days of such delivery, a new Broker Warrant
certificate (with or without legends as may be appropriate) registered in the name of the transferee or as the transferee may
direct and shall take all other necessary actions to effect the transfer as directed.

 

(7)
Not a Shareholder 

 

Nothing
in this Broker Warrant Certificate or in the holding of Broker Warrants evidenced hereby shall confer or be construed as conferring
upon the Holder any right or interest whatsoever as a shareholder or other holder of an equity interest in the Company, including
but not limited to, the right to receive notice of, attend or vote at meetings of Shareholders, or any other proceedings of the
Company.

 

(8)
No Obligation to Purchase

 

Nothing
in this Broker Warrant Certificate or in the holding of Broker Warrants evidenced hereby shall obligate the Holder to subscribe
for or the Company to issue any Common Shares except those Common Shares in respect of which the Holder shall have exercised its
right to purchase hereunder from its Broker Warrants in the manner provided herein.

 

(9)
Governing Law

 

The
laws of the Province of Ontario and the laws of Canada applicable therein shall govern the Broker Warrants. Any and all disputes
arising under this Broker Warrant Certificate, whether as to interpretation, performance or otherwise, shall be subject to the
non-exclusive jurisdiction of the courts of the Province of Ontario and the Holder shall be deemed to have irrevocably attorned
to the jurisdiction of the courts of such Province.

 

    	 	AA-11	 

    	 	 	 

    

 

(10)
Notice

 

Unless
herein otherwise expressly provided, a notice to be given hereunder will be deemed to be validly given if the notice is sent by
email or prepaid same day courier addressed as follows:

 

	(i)	If
    to the Holder at the latest address of the Holder as recorded on the books of the Company; and
	 	 
	(ii)	If
    to the Company at:
	 	 
	 	Scythian
    Biosciences Inc.
	 	c/o
    Gowling WLG (Canada) LLP
	 	100
    King Street West, Suite 1600
	 	Toronto,
    Ontario M5X 1G5

 

	 	Attention:	Jonathan
    Gilbert, CEO and Director 
	 	Email:	jgilbert@scythianbio.com

 

Notice
so mailed shall be deemed to have been given on the fifth business day after deposit in a post office or public letter box. Neither
party shall mail any notice, request or other communication hereunder during any period in which applicable postal workers are
on strike or if such strike is imminent and may reasonably be anticipated to affect the normal delivery of mail. Notice transmitted
by email or delivered personally shall be deemed given on the day of transmission or personal delivery, as the case may be provided
that if such day is not a business day then the notice, request or other communication shall be deemed to have been given and
received on the first business day following such day. Any party may from time to time notify the other in the manner provided
herein of any change of address which thereafter, until change by like notice, shall be the address of such party for all purposes
hereof.

 

(11)
Severability

 

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

 

(12)
Headings

 

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

 

    	 	AA-12	 

    	 	 	 

    

 

(13)
Numbering of Articles, etc.

 

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

 

(14)
Day not a Business Day

 

In
the event that any day on or before which any action is required to be taken hereunder is not a business day, then such action
shall be required to be taken on or before the requisite time on the next succeeding day that is a business day.

 

(15)
Successors

 

This
Broker Warrant Certificate shall enure to the benefit of and shall be binding upon the Holder and the Company and their respective
successors.

 

(16)
Time of Essence

 

Time
shall be of the essence hereof.

 

[Remainder
of page intentionally left blank.]

 

    	 	AA-13	 

    	 	 	 

    

 

IN
WITNESS WHEREOF the Company has caused this Broker Warrant Certificate to be signed by its duly authorized officer.

 

	DATED
    as of ____________________________
	 
	SCYTHIAN
    BIOSCIENCES INC.
	 
	Per:
    ______________________________________
	 	Authorized
    Signing Officer

 

    	 	AA-14	 

    	 	 	 

    

 

APPENDIX
“A”

ELECTION
TO EXERCISE

 

Capitalized
terms used herein have the meanings ascribed thereto in the Broker Warrant Certificate (the “Certificate”)
to which this appendix is attached.

 

The
undersigned Holder hereby irrevocably elects to exercise the Broker Warrants granted by the Company pursuant to the Certificate
for the number of Common Shares as set forth below:

 

	(a)	Number
    of Common Shares to be acquired	 
	 	 	 
	(b)	Exercise
    Price (per Common Share)	$0.40
	 	 	 
	(c)	Aggregate
    Exercise Price	$

 

The
Holder hereby tenders a certified cheque or bank draft for such aggregate Exercise Price and directs the Common Shares to be registered
and certificates therefor to be issued as directed below.

 

The
undersigned hereby certifies that the undersigned (i) is not (and is not exercising the Broker Warrants for the account or benefit
of) a U.S. Person, (ii) did not execute or deliver this exercise form in the United States and (iii) has in all other aspects
complied with the terms of Regulation S of the U.S. Securities Act, or any successor rule or regulation of the United States Securities
and Exchange Commission in effect. A “U.S. Person” includes, but is not limited to, any natural person resident in
the United States and any partnership or corporation organized or incorporated under the laws of the United States. “United
States” means the United States of America, its territories and possessions, any state of the United States and the District
of Columbia.

 

	Direction
    as to Registration	 
	 	 
	Name
    of Registered Holder:	 
	 	 
	Address
    of Registered Holder: 	 

 

	[  ]	PLEASE
    CHECK THIS BOX IF THE CERTIFICATES REPRESENTING THESE SECURITIES ARE TO BE DELIVERED AT THE OFFICE OF THE COMPANY, FAILING
    WHICH THE CERTIFICATES WILL BE MAILED TO THE ADDRESS(ES) SET FORTH ABOVE.

 

DATED
this ______ day of ____________________________, 201___.

 

	 	Per:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 

 

    	 	AA-15	 

    	 	 	 

    

 

Schedule
“B”

Agent’s
Certificate

 

AGENT’S
CERTIFICATE

 

In
connection with the private placement in the United States of Subscription Receipts of Scythian Biosciences Inc. (the “Corporation”)
pursuant to the Agency Agreement dated as of March 13, 2017, among the Corporation, Kitrinor Metals Inc. and the Agents named
therein (the “Agency Agreement”), the undersigned does hereby certify as follows:

 

	 	(i)	each
    U.S. affiliate of the undersigned Agents (a “U.S. Affiliate”) who offered or sold the Offered Securities
    in the United States, or to, or for the account or benefit of, a person in the United States or a U.S. Person, is a duly registered
    broker or dealer pursuant to Section 15(b) of the U.S. Exchange Act and the securities laws of each state in which such offer
    or sale is made (unless exempted from the respective state’s broker dealer registration requirements) and is a member
    of and is in good standing with the Financial Industry Regulatory Authority, Inc., on the date hereof and on the date of each
    such offer and sale;
	 	 	 
	 	(ii)	immediately
    prior to contacting any offeree, we had reasonable grounds to believe and did believe that each offeree was an “accredited
    investor” that satisfies one or more of the criteria set forth in Rule 501(a) of Regulation D (an “Accredited
    Investor”) under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”)
    and, on the date hereof, we continue to believe that each U.S. Purchaser purchasing the Offered Securities from the Corporation
    in a sale that was pre-arranged by us is an Accredited Investor;
	 	 	 
	 	(iii)	no
    form of “general solicitation” or “general advertising” (as those terms are used in Regulation D under
    the U.S. Securities Act) was or will be used by us, including advertisements, articles, notices or other communications published
    on the Internet or in any newspaper, magazine or similar media or broadcast over radio, television, or telecommunications,
    including electronic display or the Internet or any seminar or meeting whose attendees have been invited by general solicitation
    or general advertising, in connection with the offer or sale of the Offered Securities, the Subscription Shares or any securities
    issuable in connection with the Business Combination in the United States or to, or for the account or benefit of, persons
    in the United States or U.S. Persons;
	 	 	 
	 	(iv)	the
    offering of the Offered Securities in the United States, or to, or for the account or benefit of, a person in the United States
    or a U.S. Person, has been conducted by us either directly in accordance with Rule 15a-6 under the United States Securities
    Exchange Act of 1934, as amended, or through our U.S. Affiliates, in each case in accordance with the terms of the Agency
    Agreement and all applicable United States broker-dealer requirements under the U.S. Exchange Act and any applicable state
    securities laws;

 

    	 	B-1	 

    	 	 	 

    

 

	 	(v)	prior
    to any sale of the Offered Securities in the United States, or to, or for the account or benefit of, a person in the United
    States or a U.S. Person, we caused each U.S. Purchaser to properly complete and execute a Subscription Agreement;
	 	 	 
	 	(vi)	None
    of (i) the undersigned, (ii) the undersigned’s general partners or managing members, (iii) any of the undersigned’s
    directors, executive officers or other officers participating in the offering of the Offered Securities, (iv) any of the undersigned’s
    general partners’ or managing members’ directors, executive officers or other officers participating in the offering
    of the Offered Securities or (v) any other person associated with any of the above persons, including any sub-agent and any
    such persons related to such sub-agent, that has been or will be paid (directly or indirectly) remuneration for solicitation
    of purchasers in connection with sale of the Offered Securities (each, a “Dealer Covered Person” and, collectively,
    the “Dealer Covered Persons”), is subject to any to any of the “Bad Actor” disqualifications
    described in Rule 506(d)(1) under Regulation D (a “Disqualification Event”); and
	 	 	 
	 	(vii)	The
    undersigned represents that it is not aware of any person (other than any Dealer Covered Person) that has been or will be
    paid (directly or indirectly) remuneration for solicitation of purchasers in connection with the sale of the Offered Securities.

 

Terms
used in this certificate have the meanings given to them in the Agency Agreement unless otherwise defined herein.

 

Dated
this __ day of __________, 2017.

 

	AGENT[S]	 	[U.S.
    AFFILIATE]
	 	 	
	By:	 	 	By:	 
	Name:	 	 	Name:	 
	Title:	 	 	Title	 

 

    	 	B-2AMENDING
AGREEMENT

 

THIS
AMENDING AGREEMENT is made as of the ___ day of ________, 2017 between SCYTHIAN BIOSCIENCES INC., a corporation existing
under the federal laws of Canada (the “Company”), KITRINOR METALS INC., a corporation existing under
the laws of Ontario (“Kitrinor”), CLARUS SECURITIES INC., as lead agent in respect of the Offering (“Clarus”
or the “Lead Agent”), HAYWOOD SECURITIES INC. and CANACCORD GENUITY CORP. (together with the
Lead Agent, the “Agents”).

 

RECITALS:

 

	A.	The
    Company, Kitrinor and Clarus are parties to an agency agreement dated March 13, 2017 (the “Agency Agreement”),
    providing for, among other things, the issue and sale of an aggregate of up to 35,000,000 Subscription Receipts at a price
    of $0.40 per Subscription Receipt for aggregate gross proceeds of $14,000,000.
	 	 
	A.	Kitrinor
    and the Company have revised the terms of the Merger, including the Merger Agreement, such that the Company intends to complete
    the Consolidation of its Common Shares on an 80:1 basis in order to facilitate the proposed listing of the Resulting Issuer
    Shares on the NASDAQ.
	 	 
	B.	The
    Company, Kitrinor and the Agents wish to amend the Agency Agreement so as to permit the Consolidation to occuer on an 80:1
    basis.
	 	 
	C.	In
    furtherance of the foregoing, the Company, Kitrinor and the Agents have entered into this Amending Agreement to provide for
    the amendment described in the previous recital.

 

NOW
THEREFORE the parties agree as follows:

 

Section
1            Defined Terms

 

Capitalized
terms used in this Amending Agreement, including in the recitals hereof, and not otherwise defined herein shall have the respective
meanings specified in the Agency Agreement.

 

Section
2            Amendments to the Provisions of the Agency Agreement

 

	(1)	Page
    1 of the Agency Agreement shall be amended by deleting paragraph 2 of the Agency Agreement and replacing it with the following:
	 	 
	 	“Each
    Subscription Receipt entitles the subscriber to receive, upon satisfaction of the Escrow Release Conditions (as defined herein)
    on or before the Termination Time (as defined herein) on the Escrow Deadline (as defined herein), and without payment of additional
    consideration, one (1) Class A common share in the capital of the Corporation which shall be exchanged, without further consideration,
    for 0.05 common shares (each whole share, a “Subscription Share” or a “Resulting Issuer Share”)
    in the capital of Kitrinor Metals Inc. (“Kitrinor”), pursuant to the Merger Agreement (as defined herein),
    subject to adjustment as provided in the subscription receipt agreement (the “Subscription Receipt Agreement”)
    dated as of the date hereof and entered into between the Corporation, the Lead Agent, Kitrinor and TSX Trust Company (“TSX
    Trust”) as registrar and transfer agent for the subscription receipts and escrow agent in respect of the Escrowed
    Funds (as defined herein)(the “Subscription Receipt and Escrow Agent”).” 

 

     

     

    

 

	
    (2)	Page
    2 of the Agency Agreement shall be amended by:

 

	 	(a)	deleting
    “4:1” in the second line of the first paragraph, and replacing it with “80:1”; and
	 	 	 
	 	(b)	deleting
    “50,076,167” in the ninth line of the first paragraph and replacing it with “2,887,051”.

  

Section
3            Confirmation

 

From
and following the date hereof, each reference in the Agency Agreement to “this Agreement” and each reference to the
Agency Agreement in any and all other agreements, documents and instruments delivered by any of the parties or any other person,
pursuant to the Agency Agreement shall mean and be a reference to the Agency Agreement as amended by this Amending Agreement.
Except as otherwise expressly amended hereby, the Agency Agreement shall remain in full force and effect in accordance with its
terms and this Amending Agreement and the Agency Agreement shall be read as one and the same instrument.

 

Section
4            No Waiver

 

The
execution, delivery and effectiveness of this Amending Agreement shall not, except as expressly provided herein, constitute a
waiver of condition or provision (whether or not similar) of the Agency Agreement nor shall such waiver constitute a continuing
waiver unless otherwise expressly provided.

 

Section
5            Governing Law

 

This
Amending Agreement is governed by, interpreted and enforced in accordance with the laws of the Province of Ontario and the federal
laws of Canada applicable in Ontario.

 

Section
6 Counterparts

 

This
Amending Agreement may be executed by the parties in one or more counterparts, and may be executed and delivered by PDF, copy
via email and all such counterparts shall be deemed to be an original but all of which together shall constitute one and the same
instrument.

 

[The
remainder of this page is intentionally left blank.]

 

    	 	 	2

    	 

    

 

IN
WITNESS WHEREOF this Amending Agreement has been executed and delivered by the parties hereto effective as of the date first
above written.

 

	 	SCYTHIAN
    BIOSCIENCES INC.
	 	 
	 	By:	
	 	 	Authorized
    Signing Officer
	 	 	
	 	KITRINOR
    METALS INC.
	 	 
	 	By:	
	 	 	Authorized
    Signing Officer
	 	 	
	 	CLARUS
    SECURITIES INC.
	 	 
	 	By:	
	 	 	Authorized
    Signing Officer
	 	 	
	 	HAYWOOD
    SECURITIES INC.
	 	 
	 	By:	
	 	 	Authorized
    Signing Officer 
	 	 	
	 	CANACCORD
    GENUITY CORP.
	 	 
	 	By:	
	 	 	Authorized
    Signing Officer 

 

[Signature
page to Amending Agreement to the Agency Agreement]

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