Document:

Till Capital Ltd.: Exhibit 4.13 - Filed by newsfilecorp.com

SHARE PURCHASE AGREEMENT 

THIS SHARE PURCHASE AGREEMENT is made as of the 17th day of
April, 2014. 

BETWEEN: 

  
    
      AMERICAS BULLION ROYALTY CORP., a company incorporated under
        the laws of British Columbia and having its registered office at 888 Dunsmuir
        Street, 11th Floor, Vancouver, BC V6C 3K4 

      (the "Purchaser") 

    

  

AND: 

  
    
      MULTI-STRAT HOLDINGS LTD., a company incorporated under the
        laws of Bermuda and having its registered office at Crawford House, 50 Cedar
        Avenue, Hamilton, HMl 1Bermuda 

      (the "Vendor") 

    

  

WHEREAS: 

	A. 	
      Till Capital Ltd. (formerly Resource Holdings Ltd.) (the
      "Company") and the Purchaser have entered into an arrangement agreement
      dated as of February 18, 2014, as amended on March 25, 2014 (the
      "Arrangement Agreement") which provides for the implementation of certain
      transactions (the "Arrangement") by way of a plan of arrangement (the
      "Plan of Arrangement"), a copy of which is attached as Schedule A to the
      Arrangement Agreement; 

	  	     
	B. 	
      Pursuant to Section 2.3(d) of the Plan of Arrangement,
      the transactions contemplated by this Agreement shall occur in accordance
      with and on the terms and conditions specified in this Agreement;
  

	  	     
	C. 	
      The Vendor is the registered and beneficial owner of
      110,000 Class A Shares with a par value of US$0.001per Class A Share (the
      "Purchased Shares") of the Company, representing all of the issued and
      outstanding shares of the Company; and 

	  	     
	D. 	
      The Purchaser wishes to purchase and the Vendor wishes to
      sell the Purchased Shares on the terms and conditions set out herein.
    

            NOW
THEREFORE THIS AGREEMENT WITNESSES that in consideration of the premises and the
mutual agreements contained herein and other good and valuable consideration
(the receipt, and adequacy, of which is acknowledged by each of the Parties
hereto) the Parties hereto represent, covenant and agree as follows: 

- 2 -

ARTICLE 1 
INTERPRETATION 

1.1        Definitions. 

(1)        The Parties agree
that the following terms shall have the following meanings in this Agreement:

	 	(a) 	
      "Affiliates" means, in respect of any Person, any other
      Person that directly or indirectly controls, is controlled by or is under
      common control with such Person. For these purposes, "control" and its
      derivatives means, with regard to any Person, the possession, directly or
      indirectly, of the power to direct or cause the direction of the
      management of such Person, whether through the ownership of voting
      securities, by contract or otherwise. 

	 	  	     
	 	(b) 	
      "Agreement" means this share purchase
      agreement as amended, restated and/ or supplemented and includes the
      Schedules attached hereto, as the same may be amended, supplemented or
      otherwise modified from time to time in accordance with the terms hereof;
      

	 	  	     
	 	(c) 	
      "Arrangement" has the meaning ascribed thereto in Recital
      A; 

	 	  	     
	 	(d) 	
      "Arrangement Agreement" has the meaning ascribed thereto
      in Recital A; 

	 	  	     
	 	(e) 	
      "Authorization" means, with respect to any Person, any
      order, permit, approval, consent, waiver, licence or similar authorization
      of any Governmental Entity having jurisdiction over the Person. 

	 	  	     
	 	(f) 	
      "Balance Sheet Date" means December 31, 2013; 

	 	  	     
	 	(g) 	
      "BMA"  means the Bermuda
      Monetary Authority; 

	 	  	     
	 	(h) 	
      "Business Day" means any day other than a Saturday,
      Sunday or statutory holiday in Vancouver, British Columbia; 

	 	  	     
	 	(i) 	
      "Cash Balance" has the meaning ascribed thereto in
      3.2(1)(d)(iv); 

	 	  	     
	 	(j) 	
      "Cash Balance Statement" has the meaning ascribed thereto
      in Section 2.3; 

	 	  	     
	 	(k) 	
      "Closing" means the closing of the Transaction;

	 	  	     
	 	(1) 	
      "Company" means Till Capital Ltd. (formerly Resource
      Holdings Ltd.); 

	 	  	     
	 	(m) 	
      "Common Shares" means common shares with par value of US$
      0.001per share of the Company with the rights and restrictions as set out
      in the bye- laws of the Company as constituted on the date of the
      Arrangement Agreement; 

- 3 -

	 	(n) 	
      "Effective Date" has the meaning ascribed
      thereto in the Plan of Arrangement;

	 	 	 
	 	(o) 	
      "Effective Time" has the meaning ascribed thereto in the
      Plan of Arrangement;

	 	 	 
	 	(p) 	
      "Exchange Ratio" means 0.01, or such other number as the
      directors of the Purchaser may determine in accordance with Section 2.5 of
      the Plan of Arrangement;

	 	 	 
	 	(q) 	
      "Financial Statements of the Company" means
      the consolidated audited financial statements of the Company and RR as at
      and for the period ended on December 31, 2013, consisting of a balance
      sheet and the accompanying statements of income, retained earnings and
      changes in financial position for the year then ended and notes to the
      financial statements together with the report of the auditors
    thereon;

	 	 	 
	 	(r) 	
      "Governmental Entity" means (i) any international,
      multinational, national, federal, provincial, state, regional, municipal,
      local or other government, governmental or public department, central
      bank, court, tribunal, arbitral body, commission, board, bureau, ministry,
      agency or instrumentality, domestic or foreign, (ii) any subdivision,
      agent or authority of any of the foregoing, (iii) any quasi-governmental,
      private body or independent body exercising any regulatory, supervisory,
      expropriation or taxing authority under or for the account of any of the
      foregoing or (iv) any stock exchange;

	 	 	 
	 	(s) 	
      "IFRS" means international
      accounting standards within the meaning of IAS Regulation 1606/2002 to the
      extent applicable to the relevant financial statements applied on a
      consistent basis;

	 	 	 
	 	(t) 	
      "Laws" means all statutes, regulations,
      statutory rules, orders, and terms and conditions of any grant of
      approval, permission, authority or license of any court, Governmental
      Entity, statutory body or self-regulatory authority, and the term
      "applicable" with respect to such Laws and in the context that
      refers to one or more Persons, means that such Laws apply to such Person
      or Persons or its or their business, undertaking, property or securities
      and emanate from a Governmental Entity, statutory body or self-regulatory
      authority having jurisdiction over the Person or Persons or its or their
      business, undertaking, property or securities;

	 	 	 
	 	(u) 	
      "Lien" means any mortgage, charge, pledge,
      hypothec, security interest, prior claim, encroachments, option, right of
      first refusal or first offer, occupancy right, covenant, assignment, lien
      (statutory or otherwise), defect of title, or restriction or adverse right
      or claim, or other third party interest or encumbrance of any kind, in
      each case, whether contingent or absolute;

	 	 	 
	 	(v) 	
      "MSR" means Multi-Strat Re
  Ltd.;

- 4 -

	 	(w) 	
      "Ordinary Course" means, with respect to an action taken
      by a Person, that such action is consistent with the past practices of the
      Person and is taken in the ordinary course of the normal day-to-day
      operations of the Person;

	 	 	
       

	 	(x) 	
      "Parties" means the Purchaser and
      the Vendor and Party means either one of them;

	 	 	
       

	 	(y) 	
      "Person" means any individual, sole proprietorship,
      partnership, limited partnership, joint venture, syndicate, unincorporated
      association, corporation, trust, trustee, executor, administrator or other
      legal representative, regulatory body or agency, government or
      governmental agency, authority or entity however designated or
      constituted;

	 	 	
       

	 	(z) 	
      "Plan of Arrangement" has the meaning ascribed thereto in
      Recital A;

	 	 	
       

	 	(aa) 	
      "Purchaser" means Americas Bullion Royalty
  Corp.;

	 	 	
       

	 	(bb) 	
      "Purchase Price" has the meaning ascribed thereto in
      Section 2.2;

	 	 	
       

	 	(cc) 	
      "Purchased Shares" has the meaning ascribed thereto in
      Recital C;

	 	 	
       

	 	(dd) 	
      "RR" means Resource Re.
  Ltd.;

	 	 	
       

	 	(ee) 	
      "RR Shares" has the meaning ascribed thereto in
      3.2(1)(d)(i);

	 	 	
       

	 	(ff) 	
      "Taxes" means (i) any and all taxes, duties, fees,
      excises, premiums, assessments, imposts, levies and other charges or
      assessments of any kind whatsoever imposed by any Governmental Entity,
      whether computed on a separate, consolidated, unitary, combined or other
      basis, including those levied on, or measured by, or described with
      respect to, income, gross receipts, profits, gains, windfalls, capital,
      capital stock, production, recapture, transfer, land transfer, license,
      gift, occupation, wealth, environment, net worth, indebtedness, surplus,
      sales, goods and services, harmonized sales, use, value-added, excise,
      special assessment, stamp, withholding, business, franchising, real or
      personal property, health, employee health, payroll, workers'
      compensation, employment or unemployment, severance, social services,
      social security, education, utility, surtaxes, customs, import or export,
      and including all license and registration fees and all employment
      insurance, health insurance and government pension plan premiums or
      contributions; (ii) all interest, penalties, fines, additions to tax or
      other additional amounts imposed by any Governmental Entity on or in
      respect of amounts of the type described in clause (i) above or this
      clause (ii); (iii) any liability for the payment of any amounts of the
      type described in clauses (i) or (ii) as a result of being a member of an
      affiliated, consolidated, combined or unitary group for any period; and
      (iv) any liability for the payment of any amounts of the type described in
      clauses (i) or (ii) as a result of any express or implied obligation to
      indemnify any other Person or as a result of being a transferee or
      successor in interest to any party;

- 5 -

	 	(gg) 	
      "Till Shares" means the restricted voting
      shares with a par value of US$0.001 per share of the Company with the
      rights and restrictions as set out in the new bye-laws of the Company to
      be adopted under the Arrangement Agreement;

	 	 	 
	 	(hh) 	
      "Transaction" means the purchase
      and sale of the Purchased Shares contemplated in this Agreement and in
      accordance with the Plan of Arrangement;

	 	 	 
	 	(ii) 	
      "TSX-V" means the TSX Venture
      Exchange;

	 	 	 
	 	(jj) 	
      "Vendor" means Multi-Strat Holdings
      Ltd;

	 	 	 
	 	(kk) 	
      "VWAP" means volume weighted
      average price.

1.2        Interpretation.

	(1) 	
      For the purposes of this
Agreement:

	 	(a) 	
      the schedules attached to this Agreement form an integral
      part of this Agreement for the purposes of it;

	 	 	
       

	 	(b) 	
      for the purposes of this Agreement, references to
      "the knowledge of the Vendor" or "the Vendor has no knowledge"
      means the actual current knowledge of senior management of the Vendor
      without any obligation to make on inquiries of any Person;

	 	 	
       

	 	(c) 	
      words importing the singular number include the plural
      and vice versa, and words importing the masculine gender include the
      feminine and neuter genders;

	 	 	
       

	 	(d) 	
      any reference in this Agreement to an article, paragraph,
      subparagraph, Section, Subsection or Schedule is a reference to the
      appropriate article, paragraph, subparagraph, Section, Subsection or
      Schedule in or to this Agreement;

	 	 	
       

	 	(e) 	
      the headings are for convenience of reference only and
      shall not affect the construction or interpretation of this
    Agreement;

	 	 	
       

	 	(f) 	
      the words "herein" "hereof" and
      "hereunder" and words of similar import , refer to this
      Agreement as a whole and not to any particular Article, section,
      subsection, paragraph, subparagraph or other subdivision or Schedule
      hereof;

	 	 	
       

	 	(g) 	
      the word "including" when following any
      general statement, term or matter, , will not be construed to limit such
      general statement, term or matter to the specific items or matters set
      forth immediately following such word or to similar items or matters, but
      will be construed to refer to all other items or matters that could
      reasonably fall within the scope of such general
  statement, term or matter, whether or not non-limiting language
      (such as 11without limitation\ 11but not limited
      to11 or words of similar import) is used with reference
      thereto; and

- 6 -

	 	(h) 	
      when calculating the period of time within which or
      following which any act is to be done or step taken pursuant to this
      Agreement, the date which is the reference date in calculating such period
      will be excluded and if the last day of such period is a non-Business Day,
      the period in question will end on the next Business
Day.

ARTICLE 2 
PURCHASE OF SHARES 

2.1        Purchase and
Sale. 

            The
Vendor hereby sells, assigns and transfers to the Purchaser and the Purchaser
hereby purchases from the Vendor the Purchased Shares free and clear of all
Liens and in accordance with and subject to the terms and conditions set forth
in this Agreement. 

2.2        Purchase Price.

(1)        The purchase
price (the "Purchase Price") payable by the Purchaser
to the Vendor for the Purchased Shares shall be an amount equal to
US$1,450,000.00, being the aggregate of: 

	 	(a) 	
      US$417,531.08, the total payments made by the Vendor with
      respect to the incorporation and funding of the Company and RR as at the
      Oosing; and

	 	 	 
	 	(b) 	
      US$1,032,468.92, the Cash Balance as at the
    Closing.

(2)        The Purchase
Price shall be paid by the Purchaser by certified cheque, bank draft or wire
transfer of immediately available funds to or to the order of the Vendor or as
it may otherwise direct in writing. 

2.3        Cash Balance.

(1)        At least three
(3) days prior to the Oosing, the Vendor shall supply the Purchaser with a
statement that sets out the amount of the Cash Balance as at the Oosing (the "Cash Balance Statement") and reasonable supporting
evidence. The amount of the Cash Balance shall be subject to the approval of the
Purchaser, acting reasonably. 

(2)        In the event that
the Cash Balance is less than US$1,032,468.92, the Purchase Price shall be
reduced by an amount equal to the difference between US$1,032,468.92 and the
amount reflected in the Cash Balance Statement approved by the Purchaser. 

(3)        For greater
certainty, if the Cash Balance exceeds US$1,032,468.92, the Purchase Price shall
be adjusted to reflect such difference. 

- 7 -

2.4        Payment of
Purchase Price. 

(1)        At Closing, the
Purchase Price shall be paid and satisfied by the Purchaser paying the Purchase
Price by, certified cheque, bank draft or wire transfer of immediately available
funds to or to the order of the Vendor or as it may otherwise direct in writing.
The Vendor agrees that payment to the account designated by the Vendor in
accordance with the foregoing shall satisfy the Purchaser's obligation to pay
the Purchase Price. 

2.5        Taxes and Fees.

          
   Each of the Purchaser and the Vendor will be liable for all
Taxes, duties, registration fees or other like charges properly payable by such
Party under applicable Law in connection with the sale, assignment and transfer
of the Purchased Shares from the Vendor to the Purchaser. 

ARTICLE 3 
REPRESENTATION AND WARRANTIES OF THE VENDOR

3.1        Representations
and Warranties of the Vendor. 

(1)        The Vendor
represents and warrants as follows to the Purchaser at the date of this
Agreement and acknowledges and confirms that the Purchaser is relying upon such
representations and warranties in connection with the purchase of the Purchased
Shares: 

	 	(a) 	
      Incorporation and Qualification. The Vendor is a company
      duly incorporated, validly existing and in good standing under the Laws of
      Bermuda and has the corporate power to enter into and perform its
      obligations under this Agreement.

	 	(b) 	
      Corporate Authority. The execution and delivery of and
      performance by the Vendor of this Agreement have been authorized by all
      necessary corporate action on the part of the Vendor. The transfer of the
      Purchased Shares to the Purchaser has been authorized by all necessary
      corporate action on the part of the Company.

	 	(c) 	
      Enforceability. This Agreement has been duly executed and
      delivered by the Vendor and constitutes a legal, valid and binding
      agreement of the Vendor enforceable against it in accordance with its
      terms.

	 	 	 	 
	 	(d) 	
      No Conflicts. The execution and delivery of this
      Agreement, the consummation of the transactions among the Parties
      contemplated hereby, or the due observance and performance by the Vendor
      of its obligations herein:

	 	 	 	 
	 		(i) 	
      will not conflict with or result in a breach of or
      violate any of the terms, conditions or provisions of the charter
      documents or bye-laws of the Vendor, the Company or RR;

	 	 	 	 
	 		(ii) 	
      will not conflict with or result in a breach of or
      violate any of the terms, conditions or provisions of any Law, judgment,
      order, injunction, decree, regulation or ruling of any court or
      Governmental Entity, domestic or foreign, to which the Vendor, the Company
      or RR is subject; or

- 8 -

	 	(iii) 	
      will not violate or conflict with or result in a breach
      of any provision of, or constitute a default (or an event which, with
      notice or lapse of time or both, would constitute a default) under or
      result in the termination of or accelerate the performance required by, or
      result in the creation of any Lien, security interest, charge or
      encumbrance upon any of the Purchased Shares or the properties or assets
      of the Company or RR under any of the terms, conditions or provisions of
      the articles or any note, bond, mortgage, indenture, deed of trust,
      licence, agreement or other instrument or obligation to which the Vendor,
      the Company or RR is a party or pursuant to which any of their properties
      or assets may be bound or affected.

	 	(e) 	
      Vendor's Title to Purchased Shares. The Purchased Shares
      are owned by the Vendor as the legal and beneficial owner of record, with
      good and marketable title thereto, free and clear of all Liens, charges,
      mortgages, security interests, encumbrances, rights, calls, claims and
      demands of every nature and kind whatsoever. The Vendor has the full power
      and authority to sell, transfer and assign to the Purchaser the Purchased
      Shares and to vest in the Purchaser a good, valid and subsisting title in
      and to the Purchased Shares free and clear of all Liens, charges,
      mortgages, security interests, encumbrances, rights, calls, claims,
      demands or liabilities of every nature and kind whatsoever. All of the
      Purchased Shares have been issued in compliance with all applicable Laws
      including, without limitation, applicable securities Laws. 

	 	  	
       

	 	(f) 	
      No Other Agreements to Purchase. Except for the
      Purchaser's right under this Agreement, no person has any written or oral
      agreement, option or warrant or any right or privilege (whether by Law,
      pre- emptive or contractual) capable of becoming such for the purchase or
      acquisition from the Vendor of any of the Purchased Shares. 

	 	  	
       

	 	(g) 	
      Authorizations and Consents. There is no requirement on
      the part of the Vendor, the Company or RR to make any filing with or give
      any notice to any Governmental Entity or body, or obtain any order,
      permit, approval, waiver, license or similar authorization, in connection
      with the completion of the transactions contemplated by this Agreement,
      except for filings and notifications required to the TSX-V and to the BMA
      with respect to (i) the change of shareholder control of the Company
      pursuant to section 30D of the Insurance Act (Bermuda) and (ii) the
      Exchange Control Division of the BMA to apply for a no-objection under the
      Bermuda Exchange Control Act 1972 to the transfer of the Purchased Shares.
      

	 	  	
       

	 	(h) 	
      Residence. The Vendor is a non-resident of Canada for the
      purposes of the Income Tax Act (Canada).

- 9 -

	 	(i) 	
      Cash Balance. The Cash Balance as at the Closing will be
      set out in the Cash Balance Statement.

3.2        
 Representations of the Vendor with Respect to the Company and
RR. 

(1)         
 The Vendor represents and warrants as follows to the Purchaser at the date
of this Agreement and acknowledges and confirms that the Purchaser is relying
upon such representations and warranties in connection with the purchase of the
Purchased Shares: 

	 	(a) 	
      Incorporation and Qualification. Each of the Company and
      RR is a company duly incorporated, validly existing and in good standing
      under the Laws of Bermuda and has the corporate power and authority to own
      and operate its assets and conduct its business as now owned and
      conducted. Each of the Company and RR is duly qualified, licensed or
      registered to carry on business and is in good standing in each
      jurisdiction in which the character of its assets and properties, owned,
      leased, licensed or otherwise held, or the nature of its activities makes
      such qualification necessary, and has all Authorizations required to own,
      lease and operate its properties and to carry on its business as now
      conducted.

	 	 	 
	 	(b) 	
      Corporate Authority. The transfer of the Purchased Shares
      to the Purchaser has been authorized by all necessary corporate action on
      the part of the Company.

	 	 	 
	 	(c) 	
      Purchased Shares. The Purchased Shares consist of all of
      the duly issued and outstanding shares of the Company. All of the
      Purchased Shares have been issued in compliance with all applicable Laws
      including, without limitation, applicable securities Laws. Other than: (i)
      a warrant issued to Multi-Strat pursuant to a warrant certificate dated
      January 31, 2014 to purchase 5,500 Common Shares expiring on December 31,
      2018 at an exercise price per share equal to the VWAP per share of the
      Purchaser on the TSX or TSX-V, as applicable, for the 10 trading day
      period immediately prior to the Closing, divided by the Exchange Ratio;
      provided that, the directors the Purchaser, may at any time prior to the
      Effective Time, by resolution of the Purchaser's board of directors, alter
      the Exchange Ratio if it determines that it is necessary or advisable to
      do so in order to ensure that the Purchaser will, upon completion of the
      Arrangement, meet the minimum distribution requirements of the TSX-V
      applicable to a Tier 1 Issuer (as defined in the TSX-V Corporate Finance
      Manual); and (ii) an agreement to issue Till Shares to Kudu Partners, L.P.
      in accordance with an agreement between the Company and Kudu Partners,
      L.P. entered into as of the date hereof, the Purchased Shares constitute
      all of the issued and outstanding securities of the Company and there are
      no agreements relating to the issuance, sale, transfer or voting of any
      equity securities or other securities of the Company and, except as
      provided in the bye-laws of the Company as constituted on the date of the
      Arrangement Agreement.

	 	 	 
	 	(d) 	
      Subsidiary.

- 10-

	 	(i) 	
      The Company is the registered and beneficial owner of
      120,000 common shares with a par value of US$1.00 per common share of RR,
      representing all of the issued and outstanding shares of RR (the "RR
      Shares"). The RR Shares constitute all of the issued and outstanding
      securities of RR and there are no agreements relating to the issuance,
      sale, transfer or voting of any equity securities or other securities of
      RR and, except as provided in the bye-laws of RR; 

	 	  	
       

	 	(ii) 	
      The RR Shares are owned by the Company as the legal and
      beneficial owner of record, with good and marketable title thereto, free
      and clear of all Liens, charges, mortgages, security interests,
      encumbrances, rights, calls, claims and demands of every nature and kind
      whatsoever. The RR Shares consist of all of the duly issued and
      outstanding shares of RR. All of the RR Shares have been issued in
      compliance with all applicable Laws including, without limitation,
      applicable securities Laws; 

	 	  	
       

	 	(iii) 	
      RR holds a valid Class 3A insurance license and as such
      is duly qualified, licensed or registered to carry on a reinsurance
      business and will be able to carry on a reinsurance business immediately
      after the Effective Date without any other material requirements other
      than satisfaction of the undertaking provided by Multi-Strat Re Ltd.
      "MSR" to the BMA pursuant to which MSR has agreed to
      provide ( ) the initial reinsurance arrangements to the Insurance Division
      of the BMA for prior approval prior to writing business; 

	 	  	
       

	 	(iv) 	
      RR holds approximately US$1,032,468.92 in cash and notes
      owing as at the Closing (the "Cash Balance"); and 

	 	  	
       

	 	(v) 	
      Since the Balance Sheet Date the business of each of the
      Company and RR has been carried on in the Ordinary Course.
  

	 	
      (e) 
	
      Financial Statements. The Financial Statements of the
      Company have been prepared in accordance with IFRS applied on a basis
      consistent with those of previous fiscal years and each fairly, completely
      and accurately discloses in all material respects: (A) the consolidated
      assets, liabilities and obligations (whether accrued, contingent, absolute
      or otherwise), income, losses, retained earnings, reserves and financial
      position of the Company and its subsidiaries; (B) the results of
      operations of the Company and its subsidiaries; and (C) the changes in the
      financial position of the Company and its subsidiaries, all as at the
      dates and for the periods therein specified. Complete and accurate copies
      of the Financial Statements of the Company are attached as Schedule A
      hereto.

	 	 	 
	 	(f) 	
      Taxes. Each of the Company and RR has filed or caused to
      be filed, within the times and in the manner prescribed by Law, all
      applicable tax returns and tax reports which are required to be filed by
      it. The information contained in such returns and reports is correct and
      complete and such returns and reports reflect accurately all liability for Taxes of the
      Company and RR for the periods covered thereby. All applicable income,
      profits, franchise, sales, use, occupancy, excise and other Taxes and
      assessments (including interest and penalties) that are or may become
      payable by or due from the Company or RR have been fully paid. The income
      tax liabilities of the Company and RR have been assessed for all fiscal
      years to and including its fiscal years ended on December 31, 2013. There
      are no outstanding agreements or waivers extending the statutory period or
      otherwise providing for an extension of time with respect to the
      assessment or re-assessment of tax against, or the filing of any tax
      return or the payment of any tax by, the Company or RR. There are no
      claims, actions, suits or proceedings pending, or threatened against the
      Company or RR relating to taxes and the Vendor knows of no valid basis for
      any such claim, action, suit, proceeding, investigation or discussion. The
      Company and RR have each withheld from each payment made by it the amount
      of all taxes and other deductions required to be withheld therefrom and
      has paid the same to the proper taxing or other authority within the time
      prescribed under any applicable Law. 

- 11-

	 	(g) 	
      No Material Adverse Change. Since the Balance Sheet Date,
      there has been no material adverse change in the business, activities,
      assets, liabilities, operations, properties, results of operation,
      prospects or condition (financial or otherwise) of the Company or RR and
      there exists no actual, alleged or anticipated event, occurrence,
      condition or act which may (or would with the giving of notice, the lapse
      of time, or both, or the happening of any other event or condition) result
      in such a material adverse change. 

	 	  	
       

	 	(h) 	
      No Undisclosed Liabilities. Neither the Company nor RR
      has liabilities or obligations of any nature (whether absolute, accrued,
      contingent or otherwise) except for current liabilities incurred in the
      Ordinary Course, which liabilities or obligations are not in arrears and
      have not had a material adverse effect on the financial condition of the
      Company or RR. 

	 	  	
       

	 	(i) 	
      Books and Records. All accounting and financial books and
      records of the Company and RR have been fully, properly and accurately
      kept and completed in all material respects and such books and records and
      other data and information are not recorded, stored, maintained, operated
      or otherwise wholly or partly dependent upon or held by any means
      (including any electronic, mechanical or photographic process, whether
      computerized or not) which are not in the possession of, or held for the
      benefit of and deliverable upon request to, the Company or RR. 

	 	  	
       

	 	G) 	
      Title to Assets. Each of the Company and RR have good and
      marketable title to all of its assets, free and clear of all Liens.
  

	 	  	
       

	 	(k) 	
      Sufficiency and Condition of Assets. The Company and RR
      each owns or leases or licenses all of its assets. Such assets include all
      rights and property necessary to enable each of the Company and RR to
      conduct its business after the Effective Date substantially in the same
      manner as it was conducted prior to the Effective Date including all the assets reflected
      in the balance sheets forming part of the Financial Statements, except as
      indicted in the notes thereto, together with all additions thereto and
      less all dispositions thereof. The Company and RR will not lose ownership
      of or the right to use any such assets solely as a result of the
      completion of the transactions contemplated herein and all such assets are
      in good operating condition and repair having regard to their use and age
      and are adequate and suitable for the uses to which they are being put. 

- 12-

	 	(1) 	
      No Breach of Material Contracts. Each of the Company and
      RR has performed all of the obligations required to be performed by it and
      is entitled to all material benefits under, and is not alleged to be in
      material default of, any material contract to which it is a party or by
      which its assets are bound (each a "Material
      Contract".  Each Material Contract is in full
      force ). and effect, unamended and there exists no material default
      or event of default or event, occurrence, condition or act which, with the
      giving of notice, the lapse of time or the happening of any other event or
      condition, would become a material default or event of default by the
      counterparties to any Material Contract. 

	 	  	
       

	 	(m) 	
      No Action. Neither the Company nor RR is aware of any
      action, suit or proceeding, at law or at equity, for or by any court or
      any federal, provincial, municipal or other governmental department,
      commission, board, agency or instrumentality which would prevent or
      materially adversely affect the transactions contemplated by this
      Agreement, affect its assets and liabilities or result in a material
      adverse change. 

	 	  	
       

	 	(n) 	
      Bankruptcy. The Company and RR has not committed an act
      of bankruptcy, proposed a compromise or arrangement to its creditors, had
      any petition for a receiving order filed against it, taken any proceeding
      with respect to a compromise, arrangement or winding up, or otherwise
      taken advantage of any insolvency or bankruptcy legislation, had a
      receiver appointed to any part of its property or had any execution or
      distress or seizure levied upon any of its property. 

	 	  	
       

	 	(o) 	
      Securities Laws. Neither the Company nor RR is a
      reporting issuer under any Canadian securities Laws and there is no
      published market for the Purchased Shares. 

ARTICLE 4 
PURCHASER'S REPRESENTATIONS AND
WARRANTIES 

(1)         
 The Purchaser represents and warrants as follows to the Vendor at the date
of this Agreement and acknowledges and confirms that the Vendor is relying on
such representations and warranties in connection with the sale by the Vendor of
the Purchased Shares: 

	 	(a) 	
      Incorporation and Qualification. The Purchaser is a
      corporation incorporated and existing under the Laws of British Columbia.
      The Purchaser has the corporate power to enter into and
perform its obligations under this Agreement. 

- 13-

	 	(b) 	
      Corporate Authority. The execution and delivery of and
      performance by the Purchaser of this Agreement have been authorized by all
      necessary corporate action on the part of the
Purchaser.

	 	(c) 	
      Approvals. The Purchaser has obtained all necessary
      approvals to enter into this Agreement and to carry out the transactions
      contemplated by this Agreement subject to the consents and approvals
      required in the Arrangement Agreement, the Interim Order (as defined in
      the Plan of Arrangement), and the Final Order (as defined in the Plan of
      Arrangement).

	 	 	 
	 	(d) 	
      Enforceability. This Agreement constitutes a legal, valid
      and binding obligation of the Purchaser enforceable against the Purchaser
      in accordance with its terms.

	 	 	 
	 	(e) 	
      Non-Contravention. Neither the execution, delivery and
      performance by the Purchaser of this Agreement nor the completion of the
      transactions contemplated hereby will conflict with or result in a breach
      of or default under any agreement or other instrument or obligation to
      which the Purchaser is a party or by which the Purchaser is
  bound.

ARTICLE 5

CLOSING 

5.1        Closing 

           
Closing shall occur on the Effective Date at the time set out in the Plan of
Arrangement. 

5.2        Conditions
Precedent to the Agreement. 

            The
obligations of the parties to complete the Transaction and to deliver the
documents contemplated hereby are conditional on the satisfaction or waiver of
all conditions precedent in the Arrangement Agreement which condition is for the
benefit of both the Vendor and Purchaser and may not be waived. 

ARTICLE 6 
CLOSING COVENANTS 

6.1        Vendor's
Covenants. 

	(1) 	
      The Vendor covenants to deliver to the Purchaser at
      Closing the following:

	 	 	 
		(a) 	
      certified copies of (a) the resolutions of the directors
      of the Vendor approving the execution, performance, and delivery of this
      Agreement and (b) the constating documents of the
Vendor;

- 14-

	 	(b) 	
      a certificate of good standing of each of the Vendor, the
      Company and RR;

	 	 	 
	 	(c) 	
      a copy of the register of members of the Company showing
      the Purchaser as the registered owner of the Purchased Shares;

	 	 	 
	 	(d) 	
      a copy of the register of member of RR showing the
      Company as the registered owner of the RR Shares;

	 	 	 
	 	(e) 	
      duly signed resignations and releases of John T. Rickard
      as director, Joseph Taussig as Vice Chairman, and Wayne Kauth as Chief
      Financial Officer, each in a form satisfactory to the Purchaser;
  and

	 	 	 
	 	(f) 	
      any other documentation as may reasonably be required by
      the Purchaser.

6.2        Purchaser's
Covenants. 

            The
Purchaser covenants to the Vendor to deliver at Closing a certified cheque, bank
draft or evidence of a wire transfer of immediately available funds payable to
or to the order of the Vendor or as the Vendor may otherwise direct in writing,
in the amount of the Purchase Price. 

ARTICLE7 
SURVIVAL OF COVENANTS, REPRESENTATIONS AND
WARRANTIES 

(1)          
The covenants, representations and warranties of the Vendor contained in this
Agreement and in any certificates or documents delivered pursuant to or in
connection with the transactions contemplated by this Agreement shall survive
the closing of the purchase and sale of the Purchased Shares and,
notwithstanding such closing, and regardless of any investigation by or on
behalf of the Purchaser, shall continue in full force and effect for the benefit
of the Purchaser without limitation of time, subject only to applicable
limitation periods imposed by Law. 

(2)          
The covenants, representations and warranties of the Purchaser contained in this
Agreement and in any certificates or documents delivered pursuant to or in
connection with the transactions contemplated by this Agreement shall survive
the closing of the purchase and sale of the Purchased Shares and,
notwithstanding such closing, and regardless of any investigation by or on
behalf of the Vendor, shall continue in full force and effect for the benefit of
the Vendor without limitation of time, subject only to applicable limitation
periods imposed by Law. 

- 15-

ARTICLE 8 
GENERAL 

8.1        Time of the
Essence. 

            Time
is of the essence in this Agreement. 

8.2        Enurement. 

            This
Agreement becomes effective when executed by the Vendor, the Purchaser and the
Company. After that time, it will be binding upon and enure to the benefit of
the Parties and their respective successors, legal representatives and permitted
assigns. Neither this Agreement nor any of the rights or obligations under this
Agreement, including any right to payment, may be assigned or transferred, in
whole or in part, by either Party without the prior written consent of the other
Party. 

8.3        Entire Agreement.

            This
Agreement constitutes the entire agreement between the Parties with respect to
the transactions contemplated in this Agreement and supersedes all prior
agreements, understandings, negotiations and discussions, whether oral or
written, of the Parties with respect to such transactions. There are no
representations, warranties, covenants, conditions or other agreements, express
or implied, collateral, statutory or otherwise, between the Parties in
connection with the subject matter of this Agreement, except as specifically set
forth in this Agreement. The Parties have not relied and are not relying on any
other information, discussion or understanding in entering into and completing
the transactions contemplated by this Agreement. 

8.4        Amendment. 

           
This Agreement will not be amended or modified, unless such amendment or
modification is agreed to in writing by the Parties, and each Party executes a
written instrument giving effect to such modification. 

8.5        Waiver. 

            No
waiver of any of the provisions of this Agreement will constitute a waiver of
any other provision (whether or not similar). No waiver will be binding unless
executed in writing by the Party to be bound by the waiver. A Party's failure or
delay in exercising any right under this Agreement will not operate as a waiver
of that right. A single or partial exercise of any right will not preclude a
Party from any other or further exercise of that right or the exercise of any
other right it may have. 

8.6        Further
Assurances. 

            Each
of the Parties covenants and agrees to do such things, to attend such meetings
and to execute such further documents and assurances as may be deemed necessary
or advisable from time to time in order to carry out the terms and conditions of
this Agreement in accordance with their true intent. 

- 16-

8.7        Termination. 

            This
Agreement may, by notice in writing given at or prior to the completion of the
transaction, be terminated by mutual consent of the Vendor and the Purchaser.

8.8        Severability.

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

8.9        Governing Law.

            This
Agreement is governed by, and will be interpreted and construed in accordance
with, the Laws of the Province of British Columbia and the federal Laws of
Canada applicable therein. 

8.10      Counterparts. 

      
     This Agreement may be executed in any number of
counterparts, each of which is deemed to be an original, and such counterparts
together constitute one and the same instrument. Transmission of an executed
signature page by facsimile, email or other electronic means is as effective as
a manually executed counterpart of this Agreement. 

[Signature page follows] 

The parties have executed this Share Purchase Agreement as of the date first written above.

	 	AMERICAS BULLION ROYALTY CORP.
	 	 	 
	:	By:	/s/ Timothy P. Leybold
	 	 	

    
	 	 	Name:  Timothy P. Leybold
	 	 	Title:    CFO

	 	MULTI-STRAT HOLDINGS LTD.
	 	 	 
	:	By:	/s/ Joseph Taussig
	 	 	

    
	 	 	Name:  Joseph Taussig
	 	 	Title:    Director

SCHEDULE A 
FINANCIAL STATEMENTS 

[Please see attached] 

A-1 

 

 

RESOURCE HOLDINGS LTD. 

Consolidated Financial
Statements 
(With Independent Auditors' Report Thereon) 

For the year ended December31,2013

and for the period from August 20, 2012 (Date of Incorporation) 
to
December 31, 2012 

 

 

RESOURCE HOLDINGS LTD. 
CONSOLIDATED FINANCIAL STATEMENTS AS
AT DECEMBER 31, 2013 AND 2012 
CONTENTS 

 

	 	 
	Independent Auditors' Report 	2 
	 	 
	Consolidated Statement of Financial
      Position 	3 
	 	 
	Consolidated Statement of Comprehensive
      Loss 	4 
	 	 
	Consolidated Statement of Changes in
      Shareholder's Equity 	5 
	 	 
	Consolidated Statement of Cash Flows 	6 
	 	 
	Notes to the Consolidated Financial
      Statements 	7-10 

	
    	KPMG Audit
      Limited 
Crown House 
4 Par-la-Ville Road
      
Hamilton HM 08 Bermuda 
	
       

      Mailing Address: 
P.O. Box HM 906 
Hamilton HM DX Bermuda
      
  

	Telephone   	+1 441 295 5063 
	Fax 	+1 441 295 9132 
	Internet	www.kpmg .bm 

INDEPENDENT AUDITORS' REPORT 

To the Shareholder and Board of Directors 
of Resource
Holdings Ltd. 

We have audited the accompanying consolidated financial
statements of Resource Holdings Ltd. (the "Company"), which comprise the
consolidated statement of financial position as at December 31, 2013 and 2012
and the consolidated statements of comprehensive loss, changes in equity and
cash flows for the periods ended December 31, 2013 and 2012, and notes,
comprising a summary of significant accounting policies and other explanatory
information. 

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair
presentation of these consolidated financial statements in accordance with
International Financial Reporting Standards, and for such internal control as
management determines is necessary to enable the preparation of consolidated
financial statements that are free from material misstatement, whether due to
fraud or error. 

Auditors' Responsibility 

Our responsibility is to express an opinion on these
consolidated financial statements based on our audit. We conducted our audit in
accordance with International Standards on Auditing. Those standards require
that we comply with ethical requirements and plan and perform the audit to
obtain reasonable assurance about whether the consolidated financial statements
are free from material misstatement. 

An audit involves performing procedures to obtain audit
evidence about the amounts and disclosures in the consolidated financial
statements. The procedures selected depend on our judgment, including the
assessment of the risks of material misstatement of the consolidated financial
statements, whether due to fraud or error. In making those risk assessments, we
consider internal control relevant to the entity's preparation and fair
presentation of the consolidated financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the entity's internal control. An
audit also includes evaluating the appropriateness of accounting policies used
and the reasonableness of accounting estimates made by management , as well as
evaluating the overall presentation of the consolidated financial statements.

We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit opinion. 

Opinion 

In our opinion, the consolidated financial statements present
fairly, in all material respects, the consolidated financial position of
Resource Holdings Ltd. as at December 31, 2013 and 2012, and its consolidated
financial performance and its consolidated cash flows for the periods ended
December 31, 2013 and 2012 in accordance with International Financial Reporting
Standards. 

Chartered Accountants 
Hamilton, Bermuda 
February 20,
2014 

	
         
	
      <Cl 2014 KPMG Audit Umed, a Bermuda limited liability
      co"l)any and a member firm of the KPMG network of independent member
      firms affihated wrth KPMG lnternatt0nal Cooperative ("KPMG lntemat1onalH),
      a Swiss entity. 

	 	All rights reserved. 

RESOURCE HOLDINGS LTD. 
CONSOLIDATED STATEMENT OF FINANCIAL
POSITION
AS OF DECEMBER 31,2013 AND 2012 
(Expressed in United States
Dollars) 

	  	 	  	 	 	 
	 	 	 
	 
	  	 	  	 	 	December 31 	 	 	December 31 	 
	
      
	 	  	 	 	2013 	 	 	2012 	 
	
      
	 	Note 	 	 	$	 	 	$	 
	
     ASSETS: 
	 	  	 	 	  	 	 		 
	
     Cash and cash equivalents 
	 	4,5 	 	 	984,757 	 	 	  	 
	
     Note receivable - non-current asset 
	 	4,6,7 	 	 	100,000 	 	 		 
	
     Prepaid expenses 
	 	  	 	 	3,938 	 	 	  	 
	
      
	 	  	 	 	  	 	 	  	 
	
     Total assets 
	 	  	 	 	1,088,695 	 	 	  	 
	
      
	 	  	 	 	  	 	 		 
	
     LIABILITIES: 
	 	  	 	 	  	 	 	  	 
	
     Accounts
      payable and accrued expenses 
	 	7 	 	 	70,564 	 	 	 
    	 
	
      
	 	  	 	 	  	 	 	  	 
	
     Total
      liabilities 
	 	  	 	 	70,564 	 	 	  	 
	
      
	 	  	 	 	  	 	 		 
	
     SHAREHOLDER'S EQUITY 
	 	  	 	 	  	 	 	  	 
	
     Share capital 
	 	8 	 	 	110 	 	 	  	 
	
     Additional paid-in capital 
	 	9 	 	 	1,099,190 	 	 		 
	
     Retained loss 
	 	  	 	 	(81,169	) 	 	  	 
	
      
	 	  	 	 	  	 	 	  	 
	
     Total shareholder's equity 
	 	  	 	 	1,018,131 	 	 	  	 
	
      
	 	  	 	 	  	 	 	  	 
	
     Total liabilities and shareholder's equity 
	 	  	 	 	1,088,695 	 	 	  	 

The accompanying notes should be read in
conjunction with these consolidated financial statements 

 

3

RESOURCE HOLDINGS LTD. 
CONSOLIDATED STATEMENT OF
COMPREHENSIVE LOSS 
FOR THE YEAR ENDED DECEMBER 31,2013 AND FOR THE PERIOD
FROM AUGUST 20, 2012 (DATE OF 
INCORPORATION) TO DECEMBER 31,2013

(Expressed in United States Dollars) 

	 	 	 	 	 	 	 	 	 	 
	  	 	 	 	 	December 31 	 	 	December 31 	 
	  	 	 	 	 	2013 	 	 	2012 	 
	 	 	Note 	 	 	$	 	 	$	 
	Expenses 	 	 	 	 	  	 	 	  	 
	General and administrative expenses 	 	 	 	 	(81,169	) 	 	 
    	 
	Total expenses 	 	 	 	 	(81,169	) 	 	  	 
	Net
      loss from operations 	 	 	 	 	(81,169	) 	 	 
    	 
	Comprehensive loss 	 	 	 	 	(81,169	) 	 	  	 

The accompanying notes should be read In
conjunction with these consolidated financial statements 

4

RESOURCE HOLDINGS LTD. 
CONSOLIDATED STATEMENT OF CHANGES IN
SHAREHOLDER'S EQUITY 
FOR THE YEAR ENDED DECEMBER 31,2013 AND FOR THE PERIOD
FROM AUGUST 20, 2012 (DATE OF 
INCORPORATION) TO DECEMBER 31, 2013

(Expressed in United States Dollars) 

	 	 	 	 	 	 	 	 	 	 	 	 	 
		 	  	 	 	Additional 	 	 	  	 	 	  	 
	  	 	Share 	 	 	Paid-in 	 	 	Retained 	 	 	  	 
	  	 	Capital 	 	 	Capital 	 	 	Earnings 	 	 	Totals 	 
	  	 	$	 	 	$	 	 	$	 	 	$	 
	  	 	(Note 8	) 	 	(Note 9	) 	 	  	 	 	  	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	
     Proceeds on share issue 
	 		 	 		 	 		 	 		 
	
     
	 	 	 	 	 	 	 	 	 	 	 	 
	
     Comprehensive income 
	 	  	 	 	  	 	 	  	 	 	  	 
	
     
	 	 	 	 	 	 	 	 	 	 	 	 
	
     Shareholder's equity - December 31,
      2012 
	 		 	 		 	 		 	 		 
	
     
	 	 	 	 	 	 	 	 	 	 	 	 
	
     Proceeds on share issuance 
	 	110 	 	 	1,099,190 	 	 		 	 	1,099,300 	 
	
     
	 	 	 	 	 	 	 	 	 	 	 	 
	
     Comprehensive loss 
	 	  	 	 	  	 	 	(81,169	) 	 	(81,169	) 
	
     
	 	 	 	 	 	 	 	 	 	 	 	 
	
     Shareholder's equity - December 31, 2013 
	 	110 	 	 	1,099,190 	 	 	(81,169	) 	 	1,018,131 	 

The accompanying notes should be read In conjunction with these consolidated financial statements 

5

RESOURCE HOLDINGS LTD. 
CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED DECEMBER 31,2013 AND FOR THE PERIOD FROM AUGUST 20, 2012
(DATE OF 
INCORPORATION) TO DECEMBER 31,2013 
(Expressed in United States
Dollars) 

	 	 	 	 	 	 	 
		 	December 31 	 	 	December 31 	 
	
      
	 	2013 	 	 	2012 	 
	
      
	 	$	 	 	$	 
	
     OPERATING ACTIVITIES: 
	 		 	 		 
	
     Net loss from operations 
	 	(81,169	) 	 	  	 
	
     Net changes in non-cash balances
      relating to operations: 
	 	  	 	 	  	 
	
     Prepaid expenses 
	 	(3,938	) 	 	  	 
	
     Accounts payable and accrued liabilities 
	 	70,564 	 	 	  	 
	
      
	 	  	 	 	  	 
	
      
	 	  	 	 	  	 
	
     Net cash
      used by operating activities 
	 	(14,543	) 	 	  	 
	
      
	 		 	 		 
	
     INVESTING ACTIVITIES: 
	 	  	 	 	  	 
	
     Issuance of Note 
	 	(100,000	) 	 	  	 
	
      
	 	  	 	 	  	 
	
      
	 	  	 	 	  	 
	
     Net cash
      used by investing activities 
	 	(100,000	) 	 	  	 
	
      
	 		 	 		 
	
     FINANCING ACTNITIES: 
	 	  	 	 	  	 
	
     Proceeds on issuance of shares 
	 	1,099,300 	 	 	  	 
	
      
	 	  	 	 	  	 
	
     Net cash provided by financing activities 
	 	1,099,300 	 	 	  	 
	
      
	 	  	 	 		 
	
     Increase in cash and cash equivalents
      for the period 
	 	984,757 	 	 	  	 
	
      
	 	  	 	 	  	 
	
     Cash and cash equivalents, beginning of period 
	 	  	 	 	  	 
	
      
	 	  	 	 	  	 
	
     Cash and cash equivalents, end of period 
	 	984,757 	 	 	  	 

The accompanying notes should be read In conjunction with
these consolidated financial statements 

6

	RESOURCE HOLDINGS LTD. 
	NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 
	DECEMBER 31, 2013 AND 2012 
	 
	 

	1. 	
      The Company

		
		
      Resource Holdings Ltd. (the "Company"), was incorporated under the laws of
      Bermuda on August 20, 2012 and through its wholly-owned Bermuda domiciled
      subsidiary, Resource Re Ltd., (the "Subsidiary") carries on reinsurance
      business, assuming risks from a number of international insurance markets.
      The Subsidiary is licenced as a Class 3A reinsurer and at December 31,
      2013, had not commenced writing reinsurance business.
		
		
      The Company is managed and has its principal place of
      business in, the Continental Building, 25 Church Street, Hamilton Bermuda.
      The Company's ultimate parent company is Multi Strat Holdings Ltd., a
      company incorporated in Bermuda.

		
		
      On December 16, 2013, Multi Strat Holdings Ltd. signed a
      letter of intent with Americas Bullion Royalty Corp. for the latter to
      acquire all of the issued and outstanding shares of the Company for
      approximately US$1,300,000.

		
	2. 	
      Statement of Compliance and Basis of
  Presentation

		
		
      The accompanying consolidated financial statements are
      prepared in accordance with International Financial Reporting Standards
      ("IFRS") as issued and interpretations adopted by the International
      Accounting Standards Board ("IASB") .

		
		
      The consolidated financial statements were authorized for
      issue by the Board of Directors on February 20, 2014.

		
		
      The consolidated financial statements are prepared in
      United States Dollars (USO), which is the Company's functional
      currency.

		
		
      The financial statements are prepared using historical
      cost basis.

		
		
      The significant accounting policies stated in Note 3
      below conform in all material respects with IFRS.

		
	3. 	
      Significant Accounting Policies

		
		
      The significant accounting policies used in these consolidated financial
      statements are as follows:
		
		
      Basis of consolidation

		
		
      The consolidated financial statements incorporate the
      financial statements of the Company and the Subsidiary. Where the company
      has control over an investee, it is classified as a subsidiary.

		
		
      Cash and cash equivalents
		
		
      Cash and cash equivalents comprise cash on deposit with
      banks.

		
		
      Accounts payable and accrued expenses

		
		
      Accounts payable and accrued expenses comprises non-trade
      payables and a restated at amortized cost.

7

	RESOURCE HOLDINGS LTD. 
	NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 
	DECEMBER 31, 2013 AND 2012 
	 
	 

	3. 	
      Significant Accounting Policies (continued)

	 	 
		
      Use of estimates

	 	 
		
      To prepare the financial statements, the Company has to make estimates and
      assumptions that affect the book value of assets and liabilities, income
      and expenses, and data disclosed in the notes to the financial statements.
	 	 
		
      All estimates are subjective in nature and could
      materially influence the financial statements. Accordingly, management
      makes these estimates and assessments on an ongoing basis according to
      past experience and various factors that are deemed reasonable and which
      constitute the basis for these assessments. The amounts shown in the
      Company's future financial statements are likely to differ from these
      estimates in accordance with changes in assumptions or different
      conditions.

	 	 
		
      Translation of foreign currencies

	 	 
		
      Foreign currency assets and liabilities considered
      monetary items are translated using exchange rates in effect at the date
      of the consolidated statement of financial position and are recognized in
      the consolidated statement of comprehensive loss. Foreign currency
      transactions are translated at exchange rates prevailing at the date of
      the transaction . Exchange gains and losses are included in the
      determination of net income. Share capital is translated at the exchange
      rate prevailing at the date of issue.

	 	 
		
      General administrative expenses

	 	 
		
      Interest income and general and administrative expenses
      are recognized on the accrual basis of accounting. Interest income is
      recognized net of withholding taxes.

	 	 
		
      Related party transactions

	 	 
		
      Related parties include the shareholder, directors and
      key management personnel, including close family members, who have the
      authority and responsibility for planning, directing and controlling the
      activities of the Company.

	 	 
		
      Taxation

	 	 
		
      Under current Bermuda Law, the Company is not required to pay taxes in
      Bermuda on either income or capital gains. The Company has received an
      undertaking from the Minister of Finance in Bermuda that in the event of
      such taxes being imposed, the Company will be exempted from taxation until
      the year 2035. The Company is subject to withholding tax on investment
      income from foreign securities.
	 	 
		
      Implementation of new accounting standards and
      amendments to published accounting standards

	 	 
		
      The amendments to accounting standards within IFRS
      framework either did not have an impact on the Company's consolidated
      financial statements or are not relevant to the Company's
    operations.

	 	 
		
      All new interpretations to existing standards that are
      not yet effective are not expected to be relevant to the Company's
      operation.

8

	RESOURCE HOLDINGS LTD. 
	NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 
	DECEMBER 31, 2013 AND 2012 
	 
	 

	4. 	
      Financial Risk Management

	 	 
		
      Concentration of credit risk

	 	 
		
      Credit risk is the risk of financial loss to the Company
      if their counterparties fail to meet their contractual obligations. The
      Company's credit risk arises from receivable balances due, as at December
      31, 2013 the Company has one outstanding note receivable - refer to Note 6
      for further details.

	 	 
		
      As of December 31, 2013, cash and cash equivalents are
      held with two reputable international financial institutions.

	 	 
		
      Legal/regulatory risk

	 	 
		
      Legal/regulatory risk is the risk that the legal or
      regulatory environment in which an insurer operates will change and create
      additional loss costs or expenses not anticipated by the insurer in
      pricing its products. That is, regulatory initiatives designed to reduce
      insurer profits or new legal theories may create costs for the insurer
      beyond those recorded in the consolidated financial statements. The
      Company mitigates this risk through its underwriting and loss adjusting
      practices which identify and minimize the adverse impact of this
    risk.

	 	 
	5. 	
      Fair Value of Financial Instruments

	 	 
		
      The following methods and assumptions were used by the
      Company in estimating the fair value of financial instruments:

	 	 
		
      Cash and cash equivalents: The carrying amounts reported in the statement
      of financial position for these instruments approximate their fair values.
	 	 
		
      Loans and receivables: The fair value of the note
      receivable and accounts payable and accrued expenses approximate their
      carrying value due to their relative short term nature.

	 	 
		
      The estimates of fair values of financial instruments are
      subjective in nature and are not necessarily indicative of the amounts
      that the Company would actually realize in a current market exchange.
      However, any differences would not be expected to be material.

	 	 
	6. 	
      Note receivable

	 	 
		
      In November 2013, the Subsidiary advanced $100,000 to La
      Plata River Partners, LLC, a company organized in the state of Washington,
      U.S.A. The note is non-interest bearing, unsecured and repayable on or
      before October 31, 2018.

	 	 
	7. 	
      Related Party Balances and Transactions

	 	 
		
      During 2013 the Subsidiary advanced a $100,000 to a
      company owned by a close family member of one of the directors of the
      Subsidiary. See Note 6 for details of the terms and amount of the note
      which is outstanding at December 31, 2013.

	 	 
		
      Included within accounts payable is an amount of $46,300
      payable to a company owned by a close family member of one of the
      directors of the Subsidiary. The amount owed is non-interest bearing,
      unsecured and repayable on demand.

9

	RESOURCE HOLDINGS LTD. 
	NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 
	DECEMBER 31, 2013 AND 2012 
	 
	 

	8. 	
      Share Capital

	 	  	 	2013 	 	 	2012 	 
	 	  	 	$	 	 	$	 
	 	
    Authorised 
	 	  	 	 	  	 
	 	
      
	 	  	 	 	  	 
	 	
    11,500,000 common shares of par value of
      US$0.001 each 
	 	11,500 	 	 	11,500 	 
	 	
    500,000 Class A Shares of par value US$0.001 each. 
	 	500
    	 	 	500
    	 
	 	
      
	 	  	 	 	  	 
	 	
      
	 	12,000 	 	 	12,000 	 
	 	
      
	 	  	 	 	  	 
	 	
    Issued and fully paid 
	 	  	 	 	  	 
	 	
    110,000 Class A shares of par value
      US$0.001 each 
	 	110 	 	 	  	 
	 	
      
	 	  	 	 	  	 
	 	
      
	 	110 	 	 	  	 

	9. 	
      Additional paid-in capital

	 	 
		
      During the period ended December 31, 2013 amounts
      totaling $1,099,190 were provided to the Company by its shareholder as
      additional paid-in capital.

	 	 
	10. 	
      Statutory Requirements

	 	 
		
      As a registered insurance company under the Bermuda
      'Insurance Act 1978 amendments thereto and related regulations'
      ('the Act') the Subsidiary is required to prepare Statutory Financial
      Statements and to file a Statutory Financial Return annually (or as
      otherwise agreed, in certain circumstances). The Act also requires the
      Subsidiary to meet certain defined measures of solvency and liquidity. The
      statutory capital and surplus amounted to US$1,019,003 and US$ Nil as of
      December 31, 2013 and 2012 respectively. The minimum statutory capital and
      surplus required by the Act for the Subsidiary's current operations
      amounted to $1,000,000 and US$ Nil at December 31, 2013 and 2012
      respectively. (The principal difference between the Company's statutory
      capital and surplus and shareholder's equity as reported in conformity
      with generally accepted accounting principles relate to prepaid expenses
      and deferred acquisition costs).

	 	 
	11. 	
      Subsequent Events

	 	 
		
      On January 31, 2014, the Company granted a warrant to
      Multi Strat Holdings Ltd., its ultimate parent, to purchase 5,500 of the
      Company's common shares at a price per share equal to US$10.00, as
      adjusted from time to time pursuant to the terms of the share purchase
      warrant. The warrant expires on December 31, 2023.

	 	 
		
      On February 20, 2014, the note receivable of 
      $100,000 due from La Plata River Partners, LLC was repaid in
  full.

10Till Capital Ltd.: Exhibit 4.14 - Filed by newsfilecorp.com

SHARE PURCHASE AGREEMENT 

THIS AGREEMENT made as of the 1th day of April, 2014 

AMONG: 

  
    
      GOLDEN PREDATOR MINING CORP. (formerly NORTHERN TIGER RESOURCES
        INC.), a corporation existing under the laws of the Province of British Columbia
        having an office at 200, 9797 - 45 Avenue NW, Edmonton, Alberta T6E 5V8 

    

  

     ("NTR") 

AND: 

  
    
      TILL CAPITAL LTD. (formerly, RESOURCE HOLDINGS LTD.), an exempt
        company existing under the laws of Bermuda and having an registered office at
        Crawford House, 50 Cedar Avenue, Hamilton, HMl 1 Bermuda 

    

  

("Till") 

RECITALS: 

A.                  
Till is the legal and beneficial owner of all of the outstanding common shares
(the "Shares") in the capital of Americas Bullion Royalty Corp. (the "Company").

B.                  
NTR wishes to purchase, and Till wishes to sell, the Shares on the terms and
subject to the conditions of this Agreement. 

NOW THEREFORE THIS AGREEMENT WITNESSES THAT in consideration of
the mutual covenants and agreements hereinafter set forth and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Parties covenant and agree as follows: 

ARTICLE l 
INTERPRETATION 

1.1                  
Definitions 

       
         
     In this Agreement, including the Recitals and
Schedules hereto, unless there is something in the subject matter or context
inconsistent therewith, the following terms and expressions will have the
following meanings: 

	 	(a) 	
      "Additional Royalties" means the royalty interests in
      respect of the properties and in the amounts thereon set forth in Schedule
      "C" hereto;

	 	 	 
	 	(b) 	
      "Affiliate" has the meaning ascribed to such term in the
      Securities Act;

- 2 - 

	 	(c) 	
      "Arrangement" means an arrangement involving Till and the
      Company under the provisions of Division 5 of Part 9 of the BCBCA on the
      terms and subject to the conditions set forth in the arrangement agreement
      between Till and the Company dated February 18, 2014, as amended March 25,
      2014;

	 	 	 
	 	(d) 	
      "Assets" means all assets, contracts, equipment, goodwill
      and inventory of the Company, and includes all tangible things and
      intangible things owned by the Company as at the Effective Time, and as
      more particularly described in Schedule "A" to this Agreement;

	 	 	 
	 	(e) 	
      "Business" means, with respect to the Company, the
      business carried on by the Company as at the date of this
  Agreement;

	 	 	 
	 	(f) 	
      "Business Day" means any day other than a day which is a
      Saturday, a Sunday or a statutory holiday in the State of Idaho or the
      Province of Alberta;

	 	 	 
	 	(g) 	
      "Business Combination Agreement" means the amended and
      restated business combination agreement signed among the Company, NTR and
      Redtail Metals Corp. dated December 17, 2013 and amended January 21, 2014
      and March 24, 2014 providing for, among other things, the purchase of the
      Shares by NTR;

	 	 	 
	 	(h) 	
      "Cash Portion" has the meaning ascribed in Section
      2.2;

	 	 	 
	 	(i) 	
      "Closing" has the meaning ascribed in Section
  6.1;

	 	 	 
	 	(j) 	
      "Closing Time" has the meaning ascribed thereto in
      Section 6.1;

	 	(k) 	
      "Commissions" means, collectively, the British Columbia
      Securities Commission and the Alberta Securities
  Commission;

	 	(l) 	
      "Consideration" has the meaning ascribed in Section
      2.2;

	 	 	 
	 	(m) 	
      "Effective Date" means the date upon which the
      Arrangement will become effective;

	 	 	 
	 	(n) 	
      "Effective Time" means the time on the Effective Date
      that the Arrangement becomes effective;

	 	 	 
	 	(o) 	
      "Encumbrances" means mortgages, charges, pledges,
      security interests, liens, encumbrances, actions, claims, leases, demands
      and equities of any nature whatsoever or howsoever arising and any rights
      or privileges capable of becoming any of the foregoing;

	 	 	 
	 	(p) 	
      "Environmental Laws" means any current federal, state,
      provincial or local law, regulation, order, decree, permit, authorization,
      opinion, common law or agency requirement relating to: (i) the protection,
      investigation or restoration of the indoor or outdoor environment, health,
      safety or natural resources; (ii) the handling, use, presence, disposal,
      release or threatened release of any Hazardous Substance; or (iii) odour, indoor air, employee exposure,
      wetlands, pollution, contamination; (iv) and injury or threat of injury to
      persons or property relating to any Hazardous Substance; or (v) the
      protection, management or use of surface water or ground water;

- 3 - 

	 	(q) 	
      "Exchange" means the TSX Venture
  Exchange;

	 	 	 
	 	(r) 	
      "Financing" means the investment by Till in common
      shares in the capital of NTR having a value equal to $1,800,000;

	 	 	 
	 	(s) 	
      "Till Percentage" means the percentage of the
      issued and outstanding NTR Shares, on a non-diluted basis owned, directly
      or indirectly, by Till and its Affiliates from time to time. For greater
      certainty, the Till Percentage includes the NTR Shares that will be issued
      pursuant to the Financing;

	 	 	 
	 	(t) 	
      "Hazardous Substances" means any substance,
      material or waste that is listed, classified or regulated as hazardous,
      toxic or dangerous pursuant to any Environmental Laws;

	 	 	 
	 	(u) 	
      "Material Contract" means, with respect to the
      Company:

	 	(i) 	
      any continuing contract for the purchase of materials,
      supplies, equipment or services involving, in the case of any such
      contract, more than $10,000 over the life of the contract;

	 	 	 
	 	(ii) 	
      any contract that expires, or may be renewed at the
      option of any person other than the Company so as to expire, more than one
      year after the date of this Agreement;

	 	 	 
	 	(iii) 	
      any debt instrument;

	 	 	 
	 	(iv) 	
      any contract for capital expenditures in excess of
      $10,000 in the aggregate;

	 	 	 
	 	(v) 	
      any contract limiting the right of the Company to engage
      in any line of business or to compete with any other person;

	 	 	 
	 	(vi) 	
      any confidentiality, secrecy or non-disclosure
      contract;

	 	 	 
	 	(vii) 	
      any contract pursuant to which the Company leases any
      real property;

	 	 	 
	 	(viii) 	
      any contract pursuant to which the Company leases any
      personal property involving payments by the Company in excess of $10,000
      annually or involving rights or obligations which cannot be terminated
      without penalty on less than three months' notice;

	 	 	 
	 	(ix) 	
      any employment contracts with employees and service
      contracts with independent contractors that cannot be terminated on 30
      days' notice or less by the Company without
penalty;

- 4 - 

	 	(x) 	
      any agreement to indemnify, hold harmless or defend any
      other person with respect to any assertion of personal injury, damage to
      property, misappropriation or violation or warranting the lack thereof;
      and

	 	 	 
	 	(xi) 	
      any other agreement, indenture, contract, lease, deed of
      trust, license, option, instrument or other commitment which is or would
      reasonably be expected to be material to the Business, properties, Assets,
      operations, condition (financial or otherwise) or prospects of the
      Company;

	 	(v) 	
      "NTR" means Northern Tiger Resources
  Inc.;

	 	 	 
	 	(w) 	
      "NTR Shares" means the Class A common shares of
      NTR;

	 	 	 
	 	(x) 	
      "Plan of Arrangement" means the plan of
      arrangement attached as Schedule A of the Arrangement Agreement;

	 	 	 
	 	(y) 	
      "Public Record" has the meaning ascribed m
      Subsection 3.2(f) of this Agreement;

	 	 	 
	 	(z) 	
      "Purchase Note" has the meaning ascribed in
      Section 2.3(a)(ii);

	 	 	 
	 	(aa) 	
      "Release" means any release, spill, leak,
      emission, discharge, leach, dumping, emission, escape or other
      disposal;

	 	 	 
	 	(bb) 	
      "Royalties" means the royalty interests in respect
      of the properties and in the amounts thereon set forth in Schedule "B"
      hereto

	 	 	 
	 	(cc) 	
      "Securities Act" means the Securities Act
      (British Columbia), as amended from time to time, and the rules and
      regulations promulgated thereunder;

	 	 	 
	 	(dd) 	
      "Shares" has the meaning ascribed in Recital
    A;

	 	 	 
	 	(ee) 	
      "Till" means Till Capital Ltd.;

	 	 	 
	 	(ff) 	
      "Transaction" means the sale of the Shares by Till
      to NTR in exchange for the Consideration in accordance with the terms of
      this Agreement and the Plan of Arrangement and all other transactions
      referred to herein; and

	 	 	 
	 	(gg) 	
      "VWAP" means the volume weighted average trading
      price.

1.2                  
Currency 

                       All
sums of money which are referred to in this Agreement are expressed in lawful
money of Canada unless otherwise specified. 

1.3                  
Best of Knowledge 

                       Any
reference herein to "the best of the knowledge" of a party will be deemed to
mean the actual knowledge of senior management of the party and the best of the
knowledge which they would have had if they had conducted a diligent
inquiry into the relevant subject matter. 

- 5 - 

1.4                    Interpretation
Not Affected by Headings 

                       The
division of this Agreement into articles, sections, paragraphs, subsections and
clauses and the insertion of headings are for convenience of reference only and
will not affect the construction or interpretation of this Agreement. The terms
"this Agreement", "hereof ', "herein", "hereunder" and similar expressions refer
to this Agreement and the Schedules hereto and not to any particular article,
section, paragraph, clause or other portion hereof and include any agreement or
instrument supplementary or ancillary hereto. 

1.5                  
Time of Essence 

                       Time
will be of the essence hereof. 1.6 Schedules 

                       The
following Schedules attached to this Agreement are incorporated into this
Agreement by reference and are deemed to be part hereof: 

	Schedule "A" 	Assets of the
      Company 
	Schedule "B" 	Material Contracts 
	Schedule "C" 	Royalties 
	Schedule "D" 	Additional Royalties 
	Schedule "E" 	Form of Purchase
      Note 
	Schedule "F" 	Form of Royalty Grant Agreement
    
	Schedule "G" 	Form of
      Subscription Agreement 

ARTICLE 2 
PURCHASE AND SALE 

2.1                  
Purchase and Sale 

                       Subject
to the terms and conditions herein, Till agrees to the sell the Shares to NTR
and NTR agrees to purchase the Shares from Till, free and clear of all
Encumbrances other than those restrictions on transfer, if any, contained in the
articles or by-laws of the Company. 

2.2                  
Consideration 

                       
In consideration of the purchase and sale of the Shares herein contemplated, NTR
hereby agrees to pay to Till $5,250,000 (the "Cash Portion") and grant to Till
the Royalties (together, the "Consideration"). 

2.3                  
Payment of the Cash Portion of the Consideration 

	 	(a) 	
      NTR will satisfy the Cash Portion of the Consideration at
      Closing as follows:

- 6 - 

	 	(i) 	
      NTR will pay to Till, or an Affiliate of Till as directed
      by Till in writing, $550,000 by the issue of NTR Shares issued at a deemed
      price per share equal to the greater of: (A) $0.35 (on a
      post-consolidation basis); and (B) the minimum price permitted by the
      Exchange.

	 	 	
       

	 	(ii) 	
      NTR will issue to Till, or an Affiliate of Till as
      directed by Till in writing, a promissory note in the form attached hereto
      at Schedule "E" in the principal amount of $4,700,000 (the "Purchase
      Note") bearing interest at a rate of 6% (compounded annually) and payable
      over three years as set forth in the Purchase
Note.

	 	(b) 	
      As security for the timely payment of the Purchase Note,
      NTR will deposit with Till, or an Affiliate of Till as directed by Till in
      writing, at Closing, the share certificates representing the Shares, duly
      endorsed in blank for transfer.

	 	 	 	 
	 	(c) 	
      If at any time prior to satisfaction of the Purchase Note
      in full, NTR elects (on prior written notice to Till) to terminate the
      Transaction or if NTR fails to make a payment under the Purchase Note when
      due (subject to a 30 day cure period commencing on the date when such
      payment is due), then:

	 	 	 	 
	 		(i) 	
      NTR will promptly transfer the Shares back to Till or an
      Affiliate of Till, as directed by Till in writing, and represent and
      warrant to Till in substantially the same terms as the representations and
      warranties given by Till in section 3.1 hereof (substituting references to
      Till with references to NTR) provided that NTR shall have no liability to
      Till for any breach of such representations and warranties that existed as
      of the Effective Time;

	 	 	 	 
	 		(ii) 	
      NTR will be deemed to have forfeited to Till, without
      compensation, any of the Cash Portion of the Consideration then paid to
      Till (including any NTR Shares issued in satisfaction of the Cash Portion
      of the Consideration or payment obligations under the Purchase Note as at
      such date); and

	 	 	 	 
	 		(iii) 	
      Till will retain, without compensation to NTR, all of the
      Royalties and Additional Royalties.

	 	(d) 	
      Until such time as the Purchase Note is paid in full with
      accrued interest, NTR will not cause or permit:

	 	 	 	 
	 		(i) 	
      the issuance of, and will ensure that the Company does
      not issue, any securities of the Company; and

	 	 	 	 
	 		(ii) 	
      the wind up or dissolution of the
  Company.

- 7 - 

2.4                  
Royalties 

                       At
Closing, NTR will execute in favour of Till, or an Affiliate of Till as directed
by Till in writing, the royalty grant agreement in the form attached hereto at
Schedule "F" in respect of each of the Royalties set forth in Schedule "C". 

2.5                  
Additional Royalties 

                       At
Closing, NTR will cause the Company to execute in favour of Till, or an
Affiliate of Till as directed by Till in writing, the royalty grant agreement in
the form attached hereto at Schedule "F" in respect of each of the Additional
Royalties set forth in Schedule "D". 

ARTICLE 3 
REPRESENTATIONS AND WARRANTIES

3.1                  
Representations and Warranties by Till 

                       Till
hereby represents and warrants to NTR at Closing, as follows, and acknowledges
that NTR is relying upon the accuracy of each such representation and warranty
in connection with the completion of the Transaction: 

	 	(a) 	
      Corporate Authority and Binding Obligation

	 	 	 
	 		
      Till is a corporation duly incorporated and validly
      subsisting in all respects under the laws of Bermuda. Till has good right,
      full corporate power and absolute authority to enter into this Agreement
      and to perform all of Till's obligations under this Agreement. Till has
      taken all necessary or desirable actions, steps and corporate and other
      proceedings to approve or authorize, validly and effectively, the entering
      into of, and the execution, delivery and performance of, this Agreement.
      This Agreement has been duly executed and delivered by Till and, assuming
      the due authorization, execution and delivery hereof by Till, constitutes
      a legal, valid and binding obligation of Till, enforceable against it in
      accordance with its terms subject to (i) bankruptcy, insolvency,
      moratorium, reorganization and other laws relating to or affecting the
      enforcement of creditors' rights generally and (ii) the fact that
      equitable remedies, including the remedies of specific performance and
      injunction, may only be granted in the discretion of a court.

	 	 	 
	 	(b) 	
      Status, Charter Documents and
Licenses

	 	(i) 	
      The Company is a corporation duly incorporated and
      validly subsisting in all respects under the laws of the Province of
      British Columbia. The Company has all necessary corporate power and
      authority to own, lease or otherwise hold its Assets and to carry on its
      Business as it is now being conducted and proposed to be
  conducted.

	 	 	 
	 	(ii) 	
      The Company is duly licensed, registered and qualified as
      a corporation to do Business, is up-to-date in the filing of all required
      corporate returns and other notices and filings and is
otherwise in good standing in all respects, in each jurisdiction where it
carries on Business. 

- 8 - 

	 	(c) 	
      Authorized and Issued Capital

	 	 	 	 
	 		
      The authorized capital of the Company consists of an
      unlimited number of common shares without par value and an unlimited
      number of Class 1 common shares without par value of which, a total of
      180,682,213 common shares have been validly issued and are outstanding and
      are fully paid and non-assessable. There are no Class 1 common shares
      issued and outstanding.

	 	 	 	 
	 	(d) 	
      Title to Shares

	 	 	 	 
	 		
      The Shares are owned by Till as the registered and
      beneficial owner thereof with good title, free and clear of all
      Encumbrances other than those restrictions on transfer, if any, contained
      in the articles or by-laws of the Company.

	 	 	 	 
	 	(e) 	
      Shareholder Agreements, Etc.

	 	 	 	 
	 		
      There are no shareholders' agreements, pooling
      agreements, voting trusts or other similar agreements with respect to the
      ownership or voting of any of the Shares or any other securities of the
      Company.

	 	 	 	 
	 	(f) 	
      Assets

	 	 	 	 
	 		(i) 	
      To the best of the knowledge of Till, Schedule "A" to
      this Agreement contains a complete and accurate description of all of the
      material Assets of the Company.

	 	 	 	 
	 		(ii) 	
      Other than the royalties NTR will cause the Company to
      grant to Till as contemplated under this Agreement, the Company is the
      registered and beneficial owner of the Assets set forth in Schedule "A"
      and has good and marketable title to such Assets, free and clear of all
      material Encumbrances.

	 	(g) 	
      Reporting Issuer

	 	 	 
	 		
      The Company is a "reporting issuer" in each of British
      Columbia, Alberta and Ontario, and its common shares are listed on the
      Toronto Stock Exchange.

	 	 	 
	 	(h) 	
      No Subsidiaries

	 	 	 
	 		
      The Company has no
subsidiaries.

- 9 - 

	 	(i) 	Licenses 
	 	  	  
	 		
      To the best of the knowledge of Till, all licenses and
      permits required for the conduct of the Business of the Company have been
      obtained and are in good standing. 

	 	  	     
	 	G) 	
      No Other Purchase Agreements 

	 	  	     
	 		
      No person has any agreement, option, understanding or
      commitment, or any right or privilege capable of becoming an agreement,
      option or commitment, including convertible securities, warrants or
      convertible obligations of any nature, for: 

	 	(i) 	
      the purchase, subscription, allotment or issuance of, or
      conversion into, any of the unissued shares of the Company or any
      securities of the Company; or

	 	 	 
	 	(ii) 	
      the purchase from Till of any of the
  Shares.

	 	(k) 	Contractual and Regulatory
      Approvals 
	 	  	 
	 		
      Except as have been obtained on the date hereof and in
      respect of the Arrangement Agreement and the Plan of Arrangement, to the
      best of the knowledge of Till, neither Till nor the Company is under any
      obligation, contractual or otherwise, to request or obtain the consent of
      any person, and no permits, licenses, certifications, authorizations or
      approvals of, or notifications to, any federal, provincial, state,
      municipal or local government or governmental agency, board, commission or
      authority are required to be obtained by Till or the Company, in
      connection with the execution, delivery or performance by Till of this
      Agreement or the completion of any of the transactions contemplated
      herein. 

	 	  	
       

	 	(1) 	
      Compliance with Charter Documents, Agreements and Laws
      

	 	  	
       

	 		
      The execution, delivery and performance of this Agreement
      and each of the other agreements contemplated or referred to herein, and
      the completion of the transactions contemplated hereby, will not conflict
      with nor constitute or result in a violation or material breach of or
      material default under, or cause the acceleration of any obligations of
      the Company under: 

	 	(i) 	
      any term or provision of any of the constating documents
      of Till or the Company or any director or shareholder minutes;
or

	 	 	 
	 	(ii) 	
      the terms of any agreement (written or oral), indenture,
      instrument or understanding or other obligation or restriction to which
      any of the Company, or Till is a party or by which any of them is bound;
      or

	 	 	 
	 	(iii) 	
      any term or provision of any order or decree of any
      court, governmental authority or regulatory body or any law or regulation
      of any jurisdiction.

- 10 -

	 	(m) 	
      Corporate Records

	 	 	 
	 		
      To the best of the knowledge of Till, the corporate
      records and minute books of the Company contain complete and accurate
      minutes of all meetings of the directors and the shareholder of the
      Company, at which resolutions were passed held since its incorporation,
      and signed copies of all resolutions, articles and by- laws duly passed or
      confirmed by the directors or the shareholder of the Company, other than
      at a meeting.

	 	 	 
	 	(n) 	
      Tax Returns

	 	 	 
	 		
      All tax returns required to be filed by or on behalf of
      the Company have been duly filed on a timely basis and such tax returns
      are true, complete and correct in all material respects. All taxes shown
      to be payable on the tax returns or on subsequent assessments with respect
      thereto have been paid in full on a timely basis, and no other taxes are
      payable by the Company with respect to items or periods covered by such
      tax returns.

	 	 	 
	 	(o) 	
      Financial Records

	 	 	 
	 		
      All material financial transactions of the Company have
      been recorded in the financial books and records of the Company in
      accordance with good business practice. No information, records or systems
      pertaining to the operation or administration of the Business are in the
      possession of, recorded, stored, maintained by or otherwise dependent upon
      any other person.

	 	 	 
	 	(p) 	
      Liabilities

	 	 	 
	 		
      There are no material liabilities (contingent or
      otherwise) and, to the best of the knowledge of Till, there is no basis
      for assertion against the Company of any liabilities of any kind or in
      respect of which the Company may become liable on or after the
      consummation of the transactions contemplated by this Agreement other than
      liabilities specifically disclosed to NTR in writing before the date
      hereof.

	 	 	 
	 	(q) 	
      Material Contracts

	 	 	 
	 		
      Except as set forth on Schedule "B", Company is not a
      party to any Material Contracts.

	 	 	 
	 	(r) 	
      Litigation

	 	 	 
	 		
      There are no actions, suits or proceedings, judicial or
      administrative (whether or not purportedly on behalf of Till or the
      Company) pending or, to the best of the knowledge of Till, threatened, by
      or against or affecting the, at law or in equity, or before or by any
      court or any federal, provincial, state, municipal or other governmental
      department, commission, board, bureau, agency or instrumentality, domestic
      or foreign.

- 11 -

	 	(s) 	
      Environmental Matters

	 	 	 	 
	 		(i) 	
      To the best of the knowledge of Till, the operation of
      the Business, the property and assets owned or used by the Company and the
      use, maintenance and operation thereof have been and are in compliance
      with all Environmental Laws. To the best of the knowledge of Till, the
      Company has complied with all reporting and monitoring requirements under
      all Environmental Laws. The Company has not received any notice of any
      non-compliance with any Environmental Laws, and there is no reasonable
      basis upon which the Company could become, responsible for any material
      clean up or corrective action under any Environmental Laws.

	 	 	 	 
	 		(ii) 	
      The Company has obtained all permits, certificates,
      approvals, registrations and licenses necessary to conduct the Business as
      it now exists, and to own, use and operate its properties and assets in
      compliance with all Environmental Laws.

	 	 	 	 
	 		(iii) 	
      To the best of the knowledge of Till, there are no
      Hazardous Substances located on or in any of the properties or assets
      owned or used by the Company and no Release of any Hazardous Substances
      has occurred on or from the properties and assets of the Company or has
      resulted from the operation of the Business and the conduct of all other
      activities of the Company. The Company has not used any of its properties
      or assets to produce, generate, store, handle, transport or dispose of any
      Hazardous Substances and no real property has been or is being used as a
      landfill or waste disposal site.

	 	 	 	 
	 		(iv) 	
      To the best of the knowledge of Till, there are no past,
      present or, future events, conditions, circumstances, activities,
      practices, incidents, actions or plans which may interfere with or prevent
      compliance or continued compliance by the Company with the Environmental
      Laws as in effect on the date hereof or which may give rise to any common
      law or legal liability under the Environmental Laws, or otherwise form the
      basis of any claim, action, demand, suit, proceeding, hearing, notice of
      violation, study or investigation, based on or related to the manufacture,
      generation, processing, distribution, use, treatment, storage, disposal,
      transport or handling, or the Release or threatened Release into the
      indoor or outdoor environment by the Company of any Hazardous
      Substances.

	 	 	 	 
	 		(v) 	
      To the best of the knowledge of Till, the Company has
      never conducted or had conducted an environmental audit, assessment or
      study of any of its properties or assets.

	 	(t) 	
      Tax Liabilities

	 	 	 
	 		
      To the best of Till's knowledge, the Company has no
      material tax liabilities.

- 12 -

3.2                  
Representations and Warranties by NTR 

                       NTR
hereby represents and warrants to Till at Closing as follows, and confirms that
Till is relying upon the accuracy of each of such representation and warranty in
connection with the completion of the Transaction: 

	 	(a) 	
      Corporate Authority and Binding Obligation

	 	 	 
	 		
      NTR is a corporation duly incorporated and validly
      subsisting in all respects under the laws of the Province of Alberta. NTR
      has good right, full corporate power and absolute authority to enter into
      this Agreement and to perform all of NTR's obligations under this
      Agreement. NTR has taken all necessary or desirable actions, steps and
      corporate and other proceedings to approve or authorize, validly and
      effectively, the entering into of, and the execution, delivery and
      performance of, this Agreement. This Agreement has been duly executed and
      delivered by NTR and, assuming the due authorization, execution and
      delivery hereof by Till, constitutes a legal, valid and binding obligation
      of NTR, enforceable against it in accordance with its terms subject to (i)
      bankruptcy, insolvency, moratorium, reorganization and other laws relating
      to or affecting the enforcement of creditors' rights generally and (ii)
      the fact that equitable remedies, including the remedies of specific
      performance and injunction, may only be granted in the discretion of a
      court.

	 	 	 
	 	(b) 	
      Reporting Issuer

	 	 	 
	 		
      NTR is a reporting issuer in the Provinces of British
      Columbia and Alberta and its common shares are posted and listed for
      trading on the Exchange. NTR is not in default under the Securities Act or
      the rules, by-laws or policies of any stock exchange on which any
      securities of NTR are listed. There are no orders suspending the sale or
      ceasing the trading of any securities issued by NTR and no proceedings for
      such purpose are pending or, to the knowledge of NTR,
threatened.

	 	 	 
	 	(c) 	
      Share Capital

	 	 	 
	 		
      NTR's authorized share capital consists of an unlimited
      number of common shares without par value of which, as at the date hereof,
      there are 8,366,832 common shares issued and outstanding as fully-paid and
      non-assessable. Any NTR Shares issued pursuant to Section 2.3(a)(i) or
      under the terms of the Purchase Note will, when issued, be validly issued
      as fully paid and non- assessable.

	 	 	 
	 	(d) 	
      Contractual and Regulatory Approvals

	 	 	 
	 		
      Except as have been obtained on the date hereof, NTR is
      not under any obligation, contractual or otherwise, to request or obtain
      the consent of any person, and no permits, licenses, certifications,
      authorizations or approvals of, or notifications to, any federal,
      provincial, municipal or local government or governmental
  agency, board, commission or authority are required to be
      obtained by NTR in connection with the execution, delivery or performance
      by NTR of this Agreement or the completion of any of the transactions
      contemplated herein.

- 13 -

	 	(e) 	
      Compliance with Constating Documents, Agreements and
      Laws

	 	 	 
	 		
      The execution, delivery and performance of this Agreement
      and each of the other agreements contemplated or referred to herein by
      NTR, and the completion of the transactions contemplated hereby, will not
      conflict with nor constitute or result in a violation or breach of or
      material default under or cause the acceleration of any obligations of NTR
      under or cause the acceleration of any obligations of NTR
  under:

	 	(i) 	
      any term or provision of any of its articles, by-laws or
      other constating documents of NTR or any director or shareholder
      minutes;

	 	 	 
	 	(ii) 	
      the terms of any indenture, agreement (written or oral),
      instrument or understanding or other obligation or restriction to which
      NTR is a party or by which it is bound, or

	 	 	 
	 	(iii) 	
      any term or provision of any licenses, registrations or
      qualification of NTR or any order of any court, governmental authority or
      regulatory body or any applicable law or regulation of any
      jurisdiction.

	 	(f) 	
      Public Disclosure

	 	 	 
	 		
      As of their respective dates, all information and
      materials filed by NTR with the Commissions and which are available
      through the SEDAR website (including all exhibits and schedules thereto
      and documents incorporated by reference therein) from January 1, 2012 to
      the date hereof (collectively, the "Public Record") did not contain
      any untrue statement of a material fact or omit to state a material fact
      required to be stated therein or necessary to make the statements therein,
      in light of the circumstances under which they were made, not misleading,
      and complied in all material respects with all applicable legal and stock
      exchange requirements.

	 	 	 
	 	(g) 	
      Subsequent Events; Investment Information

	 	 	 
	 		
      Subsequent to the respective dates as of which
      information is given in the Public Record, there has been no material
      adverse change, or any fact known to NTR and not disclosed to Till that
      could reasonably be expected to result in a material adverse change in the
      condition of the assets, liabilities, operations, activities, earnings,
      affairs or financial position of NTR.

	 	 	 
	 	(h) 	
      Corporate Records

	 	 	 
	 		
      The corporate records and minute books of NTR contain
      complete and accurate minutes of all meetings of the directors and
      shareholders of NTR at which resolutions were passed held since its
      incorporation, and signed copies of all resolutions duly passed or confirmed by the directors or
      shareholders of NTR other than at a meeting. The share certificate books,
      register of security holders, register of transfers and register of
      directors and any similar corporate records of NTR are complete and
      accurate.

- 14 -

	 	(i) 	
      Litigation

	 	 	 
	 		
      There is no suit, action, litigation, investigation,
      claim, complaint or proceeding before any governmental authority in
      progress or pending or, to the best of the knowledge of NTR, threatened
      against or relating to NTR which, if determined adversely to it, would
      prevent NTR from fulfilling all of its obligations set out in this
      Agreement or arising from this Agreement, and, to the best of the
      knowledge of NTR, there is no existing ground on which any such action,
      suit, litigation or proceeding might be commenced with any likelihood of
      success. There is not presently outstanding against NTR any cease trade
      order, judgment, decree, injunction, or rule or order of any governmental
      authority.

3.3                  
Survival of Warranties by Till 

                       The
representations and warranties made by Till and contained in this Agreement, or
contained in any document or certificate given in order to carry out the
transactions contemplated hereby, will survive the Closing and, notwithstanding
any closing or any investigation made by or on behalf of NTR or any other person
or any knowledge of NTR or any other person, will continue in full force and
effect for the benefit of NTR for a period of 12 months from the Effective Date.

3.4                  
Survival of Warranties by NTR 

                      
The representations and warranties made by NTR and contained in this Agreement
or contained in any document or certificate given in order to carry out the
transactions contemplated hereby will survive the Closing and, notwithstanding
any closing or any investigation made by or on behalf of Till or any other
person or any knowledge of Till or any other person, will continue in full force
and effect for the benefit of Till for a period of 12 months from the Effective
Date. 

ARTICLE 4 
COVENANTS 

4.1                  
Sale, Option or Joint Venture of Assets or Shares 

                       Excepting
only the grant of royalties by the Company to Till as contemplated under this
Agreement, until such time as the Purchase Note is paid in full, NTR shall not
sell, assign, transfer, joint venture, option or in any way encumber any of the
Shares or any of the Assets (and shall not enter into any binding agreement in
respect thereof), without obtaining the prior written consent of Till, such
consent not to be unreasonably withheld, conditioned or delayed. 

- 15 -

4.2                  
Management 

	 	(a) 	
      So long as the Till Percentage is at least: (a) 20%,
      Till, or a Till Affiliate, as directed by Till, will have the right to
      nominate two appointees to the board of directors of NTR; and (b) at least
      10% but less than 20%, Till, or a Till Affiliate, will have the right to
      nominate one appointee to the board of directors of NTR.

	 	 	 
	 	(b) 	
      At Closing, NTR will engage Till to provide contract
      services for accounting, IT, investor relations and corporate secretary
      functions at arms' length rates to be negotiated among the
  parties.

4.3                  
Pre-Emptive Rights 

	 	(a) 	
      After the Closing and for so long as the Till Percentage
      is at least 15%, if NTR proposes to issue pursuant to a private placement
      any common shares or securities that are convertible into, exchangeable
      for or exercisable to acquire Common Shares ("New NTR Securities"),
      Till, or a Till Affiliate, as directed by Till in writing, will be
      entitled (but not required) to concurrently purchase up to such number of
      New NTR Securities ("Participation Right Securities") that will
      enable Till, or a Till Affiliate, as directed by Till in writing, to
      maintain the Till Percentage in effect immediately prior to such private
      placement, on the same terms and at the same price at which the New NTR
      Securities are issued to other person(s) ("Third Party Purchasers"),
      subject to the approval of the Exchange.

	 	 	 
	 	(b) 	
      NTR will give Till, or a Till Affiliate, as directed by
      Till in writing, written notice of any proposed issuance of New NTR
      Securities at least 10 Business Days prior to the proposed date of
      issuance thereof. Such notice will set out the material terms of the
      proposed issuance, including the proposed issue price.

	 	 	 
	 	(c) 	
      Within five Business Days following receipt of the notice
      contemplated in Section 4.3(b), Till, or a Till Affiliate, as directed by
      Till in writing, will provide written notice to NTR of the number of New
      NTR Securities (if any) it intends to purchase in connection with the
      proposed transaction. If NTR does not receive any notice from Till, or a
      Till Affiliate, as directed by Till in writing, within such five Business
      Day period referred to in this Section 4.3(c), Till, or a Till Affiliate,
      as directed by Till in writing, will be deemed to have waived its rights
      to acquire any New NTR Securities under this Section 4.3 and NTR will be
      entitled, within the period of 90 days following the expiry of such five
      Business Day period, to complete the proposed issuance of New NTR
      Securities to the Third Party Purchasers on terms and conditions no less
      favourable to NTR than those contained in the notice provided to Till, or
      a Till Affiliate, as directed by Till in writing, pursuant to Section
      4.3(b). If no such transaction is completed within such 90 day period, NTR
      will be required to again comply with the provisions of this Section 4.3
      before completing such transaction.

	 	 	 
	 	(d) 	
      If NTR receives within the five Business day period
      referred to in Section 4.3(c) written notice from Till, or a Till
      Affiliate, as directed by Till in writing, that it wishes to purchase some
      or all of the New NTR Securities which it is entitled
to purchase under Section 4.3(a), then subject to the approval of the Exchange
      (which NTR will use reasonable commercial efforts to promptly obtain) and
      any shareholder approvals which may be required under applicable laws or
      Exchange policies, NTR will be obligated to issue to Till (or an Affiliate
      of Till as directed by Till in writing), and Till, or a Till Affiliate, as
      directed by Till in writing, will be obligated to purchase from NTR, such
      New NTR Securities concurrently with the completion of the issuance of
      such New NTR Securities to the Third Party Purchasers.

- 16 -

	 	(e) 	
      Nothing in this Section 4.3 will provide Till, or a Till
      Affiliate, as directed by Till in writing, with any rights to acquire any
      securities of NTR which are being issued (i) solely as consideration for
      the acquisition by NTR or its Affiliates of assets from persons dealing at
      arm's length to NTR and not as a financing transaction for NTR, (ii) under
      any equity compensation plan in respect of directors, officers, employees
      or consultants of NTR or (iii) upon the exercise of other outstanding
      convertible securities of NTR.

	 	 	 
	 	(f) 	
      NTR will use commercially reasonable efforts to obtain
      any and all approvals of the Exchange and the shareholders of NTR under
      the rules of the Exchange or any other applicable laws in order for Till,
      or a Till Affiliate, as directed by Till in writing, to obtain the full
      benefit of its rights under this Section 4.3 to purchase Participation
      Right Securities.

4.4                  
Public Disclosure; Confidentiality 

	 	(a) 	
      Unless and until the transactions contemplated in this
      Agreement will have been completed, except with the prior written consent
      of the other party, each party and its respective employees, officers,
      directors, shareholders, agents, advisors and other representatives will
      hold all information received from the other party and all information
      concerning the Company in strictest confidence, except such information
      and documents already available to the public or as are required to be
      filed or disclosed by applicable law or Exchange policies.

	 	 	 
	 	(b) 	
      All such information and documents in any form or medium
      whatsoever concerning the Company, including but without limitation copies
      thereof and derivative materials made therefrom will be delivered to Till,
      or an Affiliate of Till, as directed by Till in writing, in the event that
      the Shares are transferred back to Till or an Affiliate of Till, as
      directed by Till in writing, destroyed in the event that the transactions
      provided for in this Agreement are not completed.

ARTICLE 5

CONDITIONS 

5.1                  
Mutual Conditions Precedent 

                       The
respective obligations of the parties hereto to consummate the transactions and
deliver the documents contemplated hereby are conditional on the satisfaction or
waiver of all conditions precedent in the Arrangement Agreement which
condition is for the benefit of both Till and NTR and may not be waived . 

- 17 -

ARTICLE 6 
CLOSING 

6.1                  
Effective Time 

                       The
parties will complete the transactions contemplated hereby ("Closing") on the
the Effective Date at the time set out in the Plan of Arrangement (the "Closing
Time").

6.2                  
Deliveries on Closing 

                       At Closing: 

	 	(a) 	
      Till will deliver to NTR:

	 	(i) 	
      the share certificates representing the Shares, duly
      endorsed for transfer to NTR or to an Affiliate of NTR, as directed by
      NTR;

	 	 	 
	 	(ii) 	
      a subscription agreement in respect of the Financing in
      the form attached hereto as Schedule "G", duly executed by
  Till;

	 	(iii) 	
      all books, minute books, records and accounts of the
      Company and any other information necessary for NTR to operate and manage
      the Business of the Company;

	 	(iv) 	
      a certified copy of a resolution of the directors of Till
      authorizing the execution of this Agreement and the completion of the
      transactions contemplated hereby;

	 	 	 
	 	(v) 	
      a certified copy of a resolution of the Company approving
      the transfer of the Shares from Till to NTR or to an Affiliate of NTR, as
      directed by NTR;

	 	 	 
	 	(vi) 	
      a certified copy of a resolution of Till approving the
      Financing; and

	 	 	 
	 	(vii) 	
      such other documents as may be required by NTR's legal
      counsel, acting reasonably.

	 	(b) 	
      NTR will deliver to Till:

	 	 	 	 
	 		(i) 	
      a share certificate of NTR registered in the name of Till
      or an Affiliate of Till, as directed by Till, for the number of NTR Shares
      which NTR issues at Closing in accordance with Section
2.3(a)(i);

	 	 	 	 
	 		(ii) 	
      a certified copy of a resolution of the directors of NTR
      authorizing the execution of this Agreement and the transactions
      contemplated hereby, including the allotment and issuance of the NTR Shares
      issued pursuant to Section 2.3(a)(i);

- 18 -

	 	(iii) 	
      the Purchase Note, duly executed by NTR in favour of Till
      or an Affiliate of Till, as directed by Till;

	 	 	 
	 	(iv) 	
      share certificates representing the Shares, duly endorsed
      m blank for transfer, in accordance with Section 2.3(b);

	 	 	 
	 	(v) 	
      the royalty grant agreements in respect of each of the
      Royalties, duly executed by NTR in accordance with Section 2.4;

	 	 	 
	 	(vi) 	
      the royalty grant agreements in respect of each of the
      Additional Royalties, duly executed by the Company in accordance with
      Section 2.5; and

	 	 	 
	 	(vii) 	
      such other documents as may be required by Till's legal
      counsel, acting reasonably.

6.3                  
Closing Arrangements 

                       Subject
to the terms and conditions hereof, the Transaction will be closed at the
Closing Time at the Vancouver offices of Stikeman Elliott LLP or at such other
place or places as may be mutually agreed upon by Till and NTR. 

ARTICLE 7 
GENERAL PROVISIONS 

7.1                  
FurtherAssurances 

                       Each
of Till and NTR hereby covenant and agree that at any time and from time to time
after the Effective Date it will, upon the request of the others, do, execute,
acknowledge and deliver or cause to be done, executed, acknowledged and
delivered all such further acts, deeds, assignments, transfers, conveyances and
assurances as may be required for the better carrying out and performance of all
the terms of this Agreement including, without limitation, any documents
required to comply with securities or stock exchange requirements. 

7.2                  
Notices 

                       Any
notice required or permitted to be given under this agreement will be given in
writing and transmitted by facsimile or other electronic transmission or
delivered by one party to the other (the "Recipient") at the address
indicated below and will be deemed to have been given on the day on which it is
delivered or sent by facsimile or other electronic transmission, provided that
such day is a Business Day in the city in which the recipient is located and
such notice is so delivered or sent by facsimile prior to 5:00 p.m. (local time
of the Recipient). If a notice is not delivered or sent on a Business Day or is
delivered or sent on or after 5:00 p.m. on such day, it will be deemed to be
given on the next Business Day thereafter. 

- 19 -

lf to Northern Tiger Resources
Inc.: 

200, 9797 - 45 Avenue NW 
Edmonton,
AB T6E 5V8 
Attention:         
 Greg Hayes, President

Fax:                    
 (780) 669-3715

Email:                  
ghayes@northem-tiger.com 

If to Till CapitalLtd.

c/o Cedar Management 
Crawford
House, 50 Cedar Avenue, 
Hamilton, HMl 1 Bermuda

Attention:         
 William Sheriff, Chairman & CEO

Fax:                    
 +441 295-6566

Email:                  
wms@aubullion.com 

With a copy to: 

11521 North Warren Street 
Hayden,
Idaho 83835 

Attention:          
William Sheriff, Chairman & CEO

Fax:                     
(208) 635-5465

Email:                  
wms@aubullion.com 

And 

Attention:          
Timothy Leybold, CFO

Fax:                     
(208) 635-5465

Email:                  
tleybold@aubullion.com 

7.3                  
Governing Law 

                       This
Agreement shall be governed by and construed in accordance with the laws of the
Province of British Columbia and the laws of Canada applicable therein and shall
be treated in all respects as a British Columbia contract. Each of the parties
hereby irrevocably attoms to the exclusive jurisdiction of the courts of the
Province of British Columbia in respect of all matters arising under and in
relation to this Agreement and the Arrangement and waives any defences to the
maintenance of an action in the Courts of the Province of British Columbia. EACH
PARTY TO THIS AGREEMENT HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE)
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY OR THE ACTIONS OF THE PARTIES IN THE NEGOTIATION, ADMINISTRATION,
PERFORMANCE AND ENFORCEMENT OF THIS AGREEMENT. 

- 20 -

7.4                  
Expenses of Parties 

                       Each
of the parties hereto will bear all expenses incurred by it in connection with
this Agreement including, without limitation, the charges of their respective
counsel, accountants, and financial advisors. 

7.5                  
Assignment 

                       No
party hereto may assign its rights or obligations under this Agreement, without
the consent of the other party hereto. NTR hereby consents to the assignment by
Till to an Affiliate of Till of its rights and obligations hereunder, which
rights and obligations Till will assign an Affiliate promptly following Closing.

7.6                  
Successors and Assigns 

                       This Agreement will be binding upon and
inure to the benefit of the parties hereto and their respective successors and
permitted assigns. Nothing herein, express or implied, is intended to confer
upon any person, other than the parties hereto and their respective successors
and assigns, any rights, remedies, obligations or liabilities under or by reason
of this Agreement. 

7.7                  
Entire Agreement 

                       This Agreement, the Business Combination
Agreement and the Schedules hereto constitutes the entire agreement, and
supersedes all other prior agreements and understandings between the Parties
with respect to the subject matter hereof and thereof. In the event of a
conflict between this Agreement (including the Schedules hereto) and the
Business Combination Agreement, this Agreement shall prevail. None of the
parties hereto will be bound or charged with any oral or written agreements,
representations, warranties, statements, promises, information, arrangements or
understandings not specifically set forth in this Agreement or in the Schedules,
documents and instruments to be delivered on or before the Effective Time
pursuant to this Agreement. The parties hereto further acknowledge and agree
that, in entering into this Agreement and in delivering the Schedules, documents
and instruments to be delivered on or before the Effective Time, they have not
in any way relied, and will not in any way rely, upon any oral or written
agreements, representations, warranties, statements, promises, information,
arrangements or understandings, express or implied, not specifically set forth
in this Agreement or in such Schedules, documents or instruments. 

7.8                  
Waiver 

                       Any
party hereto which is entitled to the benefits of this Agreement may, and has
the right to, waive any term or condition hereof at any time on or prior to the
Effective Time; provided, however, that such waiver must be evidenced by written
instrument duly executed on behalf of such party. 

7.9                  
Amendments 

                       No
modification or amendment to this Agreement may be made unless agreed to by the
parties hereto in writing. 

- 21 -

7.10                 Counterparts

                       This
Agreement may be executed in one or more counterparts, each of which shall be
deemed to be an original but all of which together shall constitute one and the
same instrument. The parties shall be entitled to rely upon delivery of an
executed facsimile or similar executed electronic copy of this Agreement, and
such facsimile or similar executed electronic copy shall be legally effective to
create a valid and binding agreement between the parties. 

IN WITNESS WHEREOF, the parties hereto have duly executed this
agreement as of the day and year first above written. 

GOLDEN PREDATOR MINING CORP., 

by its authorized
signatory: 

/s/ Nancy La Couvee

  Authorized Signatory

  Name: Nancy La Couvee

  Title:   Corporate Secretary

  

TILL CAPITAL LTD., by its authorized
signatory: 

/s/ Timothy P. Leybold

  Authorized Signatory

Name: Timothy P. Leybold

Title: Chief Financial Officer

SCHEDULE "A" 

ASSETS OF THE COMPANY 

The assets of the Company are the assets as described in its
interim financial statements for the 3 and 9 months ended November 30, 2013
including assets that have been purchased in the ordinary course and as acquired
pursuant to disclosure of the public record of the Company on SEDAR, but not
including assets that are to be contributed to Till Capital Ltd. pursuant to a
contribution agreement to be entered into between AMB and Till Capital Ltd.
under the Arrangement, assets sold in the ordinary course and assets disposed of
pursuant to disclosure of the public record of the Company on SEDAR. 

SCHEDULE "B" 

MATERIAL CONTRACTS 

	1. 	
      Arrangement Agreement, including the Plan of Arrangement,
      and all agreements referred to in the Arrangement Agreement and the Plan
      of Arrangement;

	 	 
	2. 	
      Agreement between Golden Predator Canada Corp. and Access
      Consulting dated October 23, 2013 to write the submission of the permit to
      the Yukon Environmental and Socio- economic Assessment Board at the
      Executive Committee Level for approximately $950,000 over the next 6 to 8
      months; and

	 	 
	3. 	
      Agreement between Americas Bullion Royalty Corp. and EBA
      Tetra Tech dated December 12, 2013 for conducting engineering heap leach
      design with approximately $150,000 outstanding. This project should be
      completed in April, 2014.

SCHEDULE "C" 

ROYALTIES 1 

NTR will grant royalties to Till, or an Affiliate of Till as
directed by Till in writing, on each of the following properties and in the
following amounts; provided, however, that all NPI will be calculated after any
NSR payment, such that any NSR payments are allowable expenses when calculating
NPI: 

	3Ace 	1.0% NSR high grade Au 
	Sonora Gulch 	1.0% NSR porph Cu Au 
	Marg 	1.0% NSR 1lmmt poly rsc 
	Clear Lake 	0.5% NSR 7mmt Pb-Zn rsc 
	Babine, BC 	0.5% NSR -25mt .3%Cu .3gAu 
	Copper Ace, BC 	2.0% NSR Cu Mo intercepts 
	Joss'ulan, BC 	2.0% NSR Cu VMS 
	Lucky Joe 	1.0% NSR white gold Cu-Au 
	Korat 	2.0% NSR Au soils KGC-CSL 
	Birman 	2.0% NSR white gold area 
	BOND 	1.0% NSR minto style2
    
	DAD 	1.0% NSR minto style2
    
	MEL 	1.0% NSR minto style2
    
	DEL 	1.0% NSR minto style2
    
	LED 	1.0% NSR minto style2
    
	Chopin 	1.0% NSR Sonora Gulch
      type2 
	Quitovac, Mexico 	1.0%NSR 
	Willoughby, BC 	1.0% NSR 
	Kelzas 	2.0% NPI 

_______________________________________________
1All
properties located in Yukon Territory unless otherwise specified. 
2
Subject to Capstone Mining Corp. consent as properties are under back-in
right. 

SCHEDULE "D" 

ADDITIONAL ROYALTIES3 

NTR will cause the Company to grant royalties to Till, or an
Affiliate of Till as directed by Till in writing, on each of the following
properties and in the following amounts: 

	Brewery Creek 	0.5% NSR 
	Gold Dome 	l .5% NSR 
	Rogue A/B 	2.0% NPI or 0.5% NSR 
	Cache Creek 	2.0% NPI or 0.5% NSR 
	SER/CHO 	2.0% NSR 
	Fortymile 	2.0% NPI or 0.5% NSR 
	Airstrip 	l .0% NSR 
	Idaho 	1.0%NSR 
	Willoughby, BC 	2.0% NSR 

_________________________________________________
3
All properties located in Yukon Territory unless otherwise specified.

SCHEDULE "E" 

FORM OF PURCHASE NOTE 

WITHOUT PRIOR WRITTEN APPROVAL OF TSX VENTURE EXCHANGE AND
COMPLIANCE WITH ALL APPLICABLE SECURITIES LEGISLATION, THE SECURITIES
REPRESENTED BY TIDS CERTIFICATE MAY NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR
OTHERWISE TRADED ON OR THROUGH THE FACILITIES OF TSX VENTURE EXCHANGE OR
OTHERWISE IN CANADA OR TO OR FOR THE BENEFIT OF A CANADIAN RESIDENT UNTIL
<:@},, 2014. 

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF
THE SECURITIES MUST NOT TRADE THE SECURITIES BEFORE '2014. 

GOLDEN PREDATOR MINING CORP. 

PROMISSORY NOTE 

	Date of Issue: <{qJ>, 2014 	Amount: $4,700,000 

Golden Predator Mining Corp. (the "Company"), for value
received, promises to pay to Resource Re Ltd. (the "Holder"), the principal sum
of $4,700,000 (the "Principal Amount"), plus simple interest accruing from the
date of issue until paid at a rate of 6% per annum. 

This Promissory Note (the "Note") is made pursuant to the share
purchase agreement dated the date hereof between the Company and Till Capital
Ltd. (the "Share Purchase Agreement"). Unless otherwise defined, capitalized
terms used in this Note have the meanings assigned to them in the Share Purchase
Agreement. If there is a conflict or inconsistency between this Note and the
Share Purchase Agreement, the Share Purchase Agreement will prevail to the
extent of that conflict or inconsistency. 

1.        Principal and
Interest 

The outstanding Principal Amount and the accrued but unpaid
interest (the "Interest") shall become due and payable as follows (each, a
"Payment Due Date"): 

	 	(a) 	
      Principal Amount of $1,100,000 on <@}, 2015;

	 	 	 
	 	(b) 	
      Principal Amount of $1,600,000 on <@i>, 2016;
      and

	 	 	 
	 	(c) 	
      Principal Amount of $2,000,000 on <@:>,
  2017,

in each case plus Interest accumulated as at such date. 

All payments under this Note shall be made in the lawful money
of Canada. The Company may prepay all or any part of the Note at any time
without penalty, bonus or charges. Any such payments shall first be applied to
the Interest and thereafter to the outstanding Principal Amount. All payments of
Interest, whether in cash, or in shares pursuant to section 2, will be net of
applicable Canadian withholding tax, if any. 

2.         Payment of
Principal Amount and Interest in Common Shares 

Subject to the receipt of any required regulatory approvals and
the other provisions of this Note the Company may, at its option provided that
its common shares are then listed on the Toronto Stock Exchange or the TSX
Venture Exchange, and not subject to any cease trade order or suspension or halt
in trading, in exchange for or in lieu of paying the portion of
the Principal Amount and/or any Interest due on each Payment Due Date (or any
other pre-payment date) solely in money, elect to satisfy its obligation to pay
such portion of the Principal Amount and/or any Interest by issuing and
delivering to the Holder on the date of payment (the "Common Share Payment
Date") that number of fully paid common shares in the capital of the Company
("Common Shares") obtained by dividing such portion of the Principal
Amount and/or any Interest that the Company elects to pay in Common Shares by
the Common Share FMV (the "Common Share Payment Right"). 

- 2- 

For the purposes of the foregoing, the "Common Share FMV''
shall be the greater of: (a) the volume weighted average trading price
("VWAP") of the Common Shares on the TSX Venture Exchange (or such other
stock exchange on which the Common Shares may at such time be trading) (the
"Exchange") for the 14 trading days immediately preceding the date which
is two days before the Common Share Payment Date, (b) $0.35, and (c) the minimum
price permitted by the Exchange; in any case less a 20% discount to the
applicable VWAP. 

Any amount payable by the Company to the Holder pursuant to the
terms of this Note that is paid in Common Shares in accordance with the
Company's Common Share Payment Right will be deemed to be paid and satisfied in
full as of the Common Share Payment Date. The Holder shall be treated as the
shareholder of record of the Common Shares issued on due exercise by the Company
of its Common Share Payment Right effective immediately after the close of
business on the Common Share Payment Date, and shall be entitled to all
substitutions therefor, all income earned thereon or accretions thereto and all
dividends or distributions (including distributions and dividends in kind)
thereon and arising thereafter. As soon as practicable following the Common
Share Payment Date, the Company, at its expense, will cause to be issued in the
name of and delivered to the Holder, a certificate or certificates for the
number of Common Shares to which the Holder shall be entitled pursuant to this
Section 2. The Holder acknowledges and agrees that this Note and any securities
acquired upon conversion pursuant to this Section 2 will be subject to such
trade restrictions as may be imposed by operation of applicable securities rules
and that the Company will be required to legend the certificates representing
such securities with those restrictions. 

3.        
Fractional Shares 

The Company shall not be required to issue fractional Common
Shares upon the payment of any portion of this Note in Common Shares pursuant to
Section 2. If any fractional interest in Common Shares would, except for the
provisions of this Section 3, be issuable upon the payment of any amount of this
Note, the number of Common Shares issued upon such payment shall be rounded down
to the next whole number of Common Shares and the Company shall not be required
to make any payment in lieu of delivering any certificates of such fractional
interest. 

4.        
Adjustment and Anti-dilution Rights 

If, prior to repayment of this Note, the Company undertakes any
reclassification of, or other change in (including a change resulting from
consolidation or subdivision) the outstanding Common Shares other than the
Consolidation; or in case of any issue of Common Shares (or securities
convertible into Common Shares) to all or substantially all of the holders of
its outstanding Common Shares by way of a stock dividend or other distribution
of assets or securities; the number of Conversion Shares to be issued under
Section 2 shall, after such reclassification, change, issue, distribution or
dividend, be equal to the number of shares or other securities or property of
the Company, to which the Holder would have been entitled to upon such
reclassification, change, distribution or dividend. The Common Share FMV in
effect on the Common Share Payment Date of any such subdivision, redivision or
on the record dated for such issuance of the Common Shares by way of a stock dividend or other
distribution of assets or securities, as the case may be, shall be decreased in
the proportion which the number of Common Shares outstanding before such
transaction bears to the number of Common Shares outstanding after such
transaction. The Conversion Price in effect on the Common Share Payment Date of
any such reduction, combination or consolidation of the Common Shares, shall be
increased in the proportion which the number of Common Shares outstanding before
such transaction bears to the number of Common Shares outstanding after such
transaction. 

- 3- 

The Company covenants with the Holder that so long as this Note
remains outstanding, it will give notice to the Holder of its intention to fix a
record date for any event referred to in this Section 4 which may give rise to
an adjustment in the number of Common Shares issuable under Section 2 herein and
such notice must specify the particulars of such event and the record date and
the effective date for such event. The Company shall give such notice to the
Holder not less than ten business days in each case prior to such applicable
record date. 

5.        
Transfer of Note - Restrictions on Transfer 

This Note may not be transferred or assigned without the
consent of the Company, which consent will not be unreasonably withheld by the
Company; provided however that the Holder may transfer or assign this Note to an
affiliate (as defined in the Securities Act (British Columbia) of the
Holder without the consent of the Company. The Company shall not be required to
consent to the transfer of this Note to a person that is either a non-resident
person or a partnership that is not a "Canadian Partnership" each for the
purposes of the Income Tax Act (Canada). If consented to by the Company,
this Note may be transferred only in compliance with applicable securities laws
and only upon surrender of the original Note for registration of transfer, duly
endorsed, or accompanied by a duly executed written instrument of transfer in
form satisfactory to the Company. A new Note for like Principal Amount will be
issued to, and registered in the name of, the transferee. 

6.        
No Impairment 

Except and to the extent as waived or consented to by the
Holder, the Company will not, by amendment of its articles or bylaws or through
any reorganization, transfer of assets, consolidation, merger, dissolution,
issue or sale of securities or any other voluntary action, avoid or seek to
avoid the observance or performance of any of the terms to be observed or
performed hereunder by the Company, but will at all times in good faith assist
in the carrying out of all the provisions of this Note and in the taking of all
such action as may be necessary or appropriate in order to protect the exercise
rights of the Holder against impairment. 

7.        
Miscellaneous 

	 	(a) 	
      The Company may deem and treat the holder of record of
      this Note as the absolute owner for all purposes regardless of any notice
      to the contrary.

	 	 	 
	 	(b) 	
      This Note shall not entitle the Holder to any voting
      rights or any other rights as a shareholder of the Company or to any other
      rights except the rights stated herein.

	 	 	 
	 	(c) 	
      Any term of this Note may be amended and the observance
      of any term may be waived (either generally or in a particular instance
      and either retroactively or prospectively) only with the written consent
      of both the Company and the Holder.

- 4- 

	 	(d) 	
      This Note shall be governed by and construed under the
      laws of the Province of British Columbia.

	 	 	 
	 	(e) 	
      The terms and conditions of this Note shall inure to the
      benefit of and be binding on the respective successors and assigns of the
      parties.

	 	 	 
	 	(f) 	
      If one or more provisions of this Note are held to be
      unenforceable under applicable law, such provision shall be excluded from
      this Note, and the balance of this Note shall be interpreted as if such
      provision were so excluded and shall be enforceable in accordance with its
      terms.

GOLDEN PREDATOR MINING CORP. 

Per: 

___________________________________________
Authorized
Signatory 

SCHEDULE "F" 

FORM OF ROYALTY GRANT AGREEMENT 

No APN's - no transfer of title 
Deed of Royalties Only 

Recorded at the request of 
and when recorded return to:

	The undersigned affirms that this document 
	does not contain
      the personal information of any person. 

Deed of Royalties 

This Deed of Royalties ("Deed") is made and entered into
effective this         , day
of         , 2014 from <@>, a
corporation ("<@}>"),to <@)>,
a         <@> corporation
("         "). 

Recitals 

                     ,
a company incorporated under the laws
of        
("                
"),        
and         , a corporation incorporated
under the laws of         , are parties
to the Share Purchase Agreement
dated         , 2014 (the "Sale
Agreement") pursuant to
which                
agreed to grant
to                
the "Net Profits Royalty" (as defined herein) in the properties more
particularly described in Exhibit A (hereinafter the "NPI Properties") and the
"Net Smelter Royalty" (as defined herein) in the properties more particularly
described in Exhibit B (hereinafter the "NSR Properties") (together with the Net
Profits Royalty, the "Royalties") attached to and by this reference incorporated
in this Deed (collectively the "Properties" and each individually a "Property").

             All
capitalized words not otherwise defined shall have the respective meanings set
forth in Exhibit C. 

desires to grant
to                
the Royalties provided for in the Sale Agreement. 

             In
consideration of the sum of ten dollars ($10.00), the receipt of which is
acknowledged, and the parties' rights and obligations under the Sale Agreement,
the parties agree as follows: 

1.        
Net Profits Royalty. <@> grants to <@>, and <@>'s
assigns and successors forever, and <@> covenants for itself and its
assigns and successors, to pay to <@:::_, and <@>'s assigns and
successors, a production royalty
of         % of the Net Profits of the
<@> Properties payable after the commencement of Commercial Production
from the <@> Properties (the "Net Profits Royalty"). For greater
certainty, the Net Profits Royalty encumbers the Properties separately, and the
Net Profits Royalty in respect of the <@> Properties shall encumber, and
shall only be payable from, the Net Profits to which <@> is entitled in
respect of the <@> Properties and shall not encumber any other claims.

             1.1        
Calculation of Royalty. If and for so long as the Net Profits Royalty
is payable in respect of
the                
Properties, <@> shall calculate, as of the end of each calendar quarter
ending after the date of commencement of Commercial Production on each
of the <@> Properties, the Gross Revenue, Expenditures and Net Profits for
each of the <@> Properties for such quarter. 

- 2 -

            
1.2         Arm's Length.
Notwithstanding the definitions of Gross Revenue and Expenditures, if, in
respect of the <@> Properties: 

	 	(a) 	
      sales of ore, minerals or other products extracted or
      produced from the <@> Properties are made to;

	 	 	 
	 	(b) 	
      receipts are paid by or receivables are payable by;
    or

	 	 	 
	 	(c) 	
      costs, charges, obligations, liabilities and expenses
      paid or payable by <@>, <@> US and their respective affiliates
      to,

a person not at arm's length to <@>, the amount to be
added to Gross Revenue for the <@> Properties in respect of such sales,
receipts or receivables or to be added to Expenditures in respect of such costs,
charges, obligations, liabilities and expenses shall be the fair market value to
<@>, as delivered, of the ore, minerals, metals or other products or of
the subject matter of the receipts, receivables, costs, charges, obligations,
liabilities and expenses at the time. 

             1.3        
Payment of Net Profits Royalty. If and for so long as the Net Profits Royalty is
payable in respect of the <@> Properties, <@> shall, within 45 days
after the end of each calendar quarter ending after the date of commencement of
Commercial Production on the <@> Properties: 

	 	(a) 	
      deliver to <@> a statement, showing in reasonable
      detail the calculation of Gross Revenue, Expenditures and Net Profits for
      the <@> Properties for such quarter; and

	 	 	 
	 	(b) 	
      pay to <@> the Net Profits Royalty for such
      quarter.

             1.4        
Carrying Forward of Losses. Any amount by which the aggregate of the
Expenditures for the <@> Properties in any calendar quarter ending after
the date of commencement of Commercial Production on the <@> Properties,
exceeds Gross Revenue for the <@> Properties for such quarter shall,
together with any negative balance carried forward from the previous quarter (as
long as such quarter ended after the date of commencement of Commercial
Production), be carried forward for deduction from Gross Revenue for the purpose
of determining the Net Profits for the <@> Properties for the immediately
succeeding quarter. 

             1.5        
Year End Adjustment. If and for so long as the Net Profits Royalty is payable in
respect of the <@> Properties, <@> shall, within 120 days of the end
of each calendar year ending after the date of commencement of Commercial
Production on the <@> Properties, deliver to <@> a statement of the
Gross Revenue, Expenditures and Net Profits for such calendar year, and
contemporaneously with the delivery of such statement an appropriate adjustment
shall be made with respect to the royalty payments made by <@> pursuant to
Paragraph l .3(b) above and <@> shall pay to <@> any amount payable
by reason of the Net Profits disclosed in such statement. 

- 3 -

             1.6        
Access and Audit. For the purpose of verifying any statement of Net Profits for
the <@> Properties delivered by <@> to <@> hereunder,
<@> agrees that <@> and its authorized representatives shall, at all
reasonable times, have full and free access to the books, accounts and records
of <@> dealing with all aspects and elements of Gross Revenue and
Expenditures for the <@> Properties, and <@> grants to <@> the
right at any time to have the Gross Revenue, Expenditures and Net Profits for
such Property determined and audited by a chartered accountant selected by
<@>. <@> shall pay, on demand by <@>, any deficiency shown to
be due by any such audit and, if the statement of Net Profits for the <@>
Properties in respect of any period is found by such audit to be understated by
more than 5%, <@> shall also reimburse <@> for the costs of the
audit. 

2.         Net Smelter
Royalty. <@> grants to <@>, and <@>'s assigns and successors
forever, and <@> covenants for itself and its assi s and successors, to
pay to <@>, and <@>'s assigns and successors, a production royalty
of <@>% of the Net Smelter Returns from the production or sale of minerals
from each of the <@> Properties payable after the commencement of
Commercial Production from such Owned Property (the "Net Smelter Royalty"). For
greater certainty, the Net Smelter Royalty encumbers each of the <@>
Properties separately and the Net Smelter Royalty in respect of anyone Owned
Property shall encumber, and shall only be payable from, the Net Smelter Returns
to which <@> is entitled in respect of that Property and shall not
encumber any other claims. The Royalties shall be non-administrative,
nonexecutive, non- participating and nonworking mineral production royalties.

             2.1        
Royalty on Property. The Royalties shall burden and run with the Properties, as
applicable, including any amendments, conversions to a lease or other form of
tenure, relocations or patent of all or any of the unpatented mining claims
which comprise all or part of the Properties. On amendment, conversion to a
lease or other form of tenure, relocation or patenting of any of the unpatented
mining claims which comprise all or part of the Properties, <@> agrees and
covenants to execute, deliver and record in the office of the recorder of the
county in which all or any part of the Properties are situated an instrument by
which <@> grants to <@> the Royalties and subjects the amended,
converted or relocated unpatented mining claims and the patented claims, as
applicable, to all of the burdens, conditions, obligations and terms of this
Deed. 

             2.2        
Notice of Commencement of Commercial Production. <@> shall provide
<@> with written notice of the date of commencement of Commercial
Production on any of the Properties within ten days after the occurrence of such
date. 

             2.3        
Payment of Net Smelter Royalty. <@> shall, within 45 days after the end of
each calendar quarter ending after the date of commencement of Commercial
Production on any of the <@> Properties: 

	 	(a) 	
      deliver to <@> a statement, showing in reasonable
      detail the calculation of Net Smelter Returns for such Owned Property for
      such quarter together with documentation supporting the proceeds and
      payments underlying such calculation; and

- 4 -

	 	(b) 	
      pay <@> the Net Smelter Royalty in respect of such
      Owned Property for such quarter.

             2.4        
Arm's Length. Notwithstanding the definition of Net Smelter
Returns, if the proceeds from the sales of ore, minerals or other products
extracted or produced from any of the <@> Properties are paid to a person
not at arm's length to <@>, or the payments deductible from proceeds are
paid to a person not at arm's length to <@>, the amount to be added to or
deducted from Net Smelter Returns for such Owned Property in respect of such
sales or payments shall be the fair market value to <@>, as delivered, of
the ore, minerals, metals or other products or to <@> of the subject
matter of the payments at the time. 

             2.5        
Audit. <@> shall have the right, within 90 days after the
delivery to <@> of the annual audited financial statements of <@>
Parentco for each fiscal year during which Commercial Production from any of the
<@> Properties exists to request an audit of any of the Net Smelter
Royalty calculations for the previous year by <@> Parentco's public
auditors, after which time period <@>'s calculations shall be deemed to be
correct. The cost of such audit shall be paid by <@> unless the audit
reveals that the amount paid on account of the Net Smelter Royalty for the
fiscal year in question was more than 5% less than that calculated as being due
by the auditor, in which case the cost of such audit shall be paid by <@>.

3.        
Interest on Unpaid Amounts. If <@> shall fail to pay any amount
when due under this Deed, the unpaid amount shall bear interest from the due
date thereof to the date of payment at the annual rate equal to the Prime Rate
plus [3%], calculated and payable monthly. 

4.        
Commingling. Subject to <@> obtaining any necessary
consents or agreements of the owners of the <@> Properties <@> shall
have the right to commingle any ores, minerals or mineral products from any of
the Properties with ores, minerals and mineral products produced from other
properties, provided that such commingling is accomplished after such ores,
minerals or mineral products have been weighed or measured and sampled in
accordance with sound mining and metallurgical practices. Any Royalty due
hereunder shall be determined by equitable allocation between ores, minerals and
mineral products from any of the Properties and ores, minerals and mineral
products from other properties in accordance with sound accounting and
metallurgical practices. Before the commencement of Commercial Production from
any of the Properties that would involve commingling, <@> shall present
and explain the commingling procedures that will be used to <@> and give
reasonable consideration to any concerns raised by <@>. Accurate records
of tonnage, volume of products, analyses of products, weight, assays of metal
content, sales, and other records necessary for the computation of any Royalty
due hereunder shall be kept by <@>, and such shall be available for
inspection by <@>, at <@>'s sole expense, as applicable, at all
reasonable times. In any dispute regarding the amount of any Royalty payable,
the foregoing shall not alter the common law principles applicable to
commingling regarding fair dealing and the burden of proof relating to the
calculations of royalties payable. 

5.        
General Provisions. 

             5.1        
Entire Agreement. This Deed and the Sale Agreement constitute the
entire agreement between the parties with respect to the subject matter hereof.

- 5 -

             5.2        
Additional Documents. The parties shall from time to time execute all
such further instruments and documents and do all such further actions as may be
necessary to effectuate the purposes of this Deed. 

             5.3        
Binding Effect. All of the covenants, conditions, and terms of this
Deed shall bind and inure to the benefit of the parties and their successors and
assigns. 

             5.4        
No Partnership. Nothing in this Deed shall be construed to create,
expressly or by implication, a joint venture, mining partnership or other
partnership relationship between the parties. 

             5.5        
Governing Law and Forum Selection. This Deed is to be governed
by and construed under the laws of the State of Nevada. Any action or proceeding
concerning the construction, or interpretation of the terms of this Deed or any
claim or dispute between the parties shall be commenced and heard in the Second
Judicial District Court of the State of Nevada, in and for the County of Washoe,
Reno, Nevada. 

             5.6        
Severability. If any part, term or provision of this Deed is
held by a court of competent jurisdiction to be illegal or in conflict with any
laws or regulations, the validity of the remaining portions or provisions shall
not be affected, and the rights and obligations of the parties shall be
construed and enforced as if this Deed did not contain the particular part, term
or provision held to be invalid. 

             5.7        
Notices. Any notices required or authorized to be given by this
Deed shall be in writing and shall be sent either by commercial courier,
facsimile, or by certified U.S. mail, postage prepaid and return receipt
requested, addressed to the proper party at the address stated below or such
address as the party shall have designated to the other parties in accordance
with this Section. Such notice shall be effective on the date of receipt by the
addressee party, except that any facsimiles received after 5:00 p.m. of the
addressee's local time shall be deemed delivered the next day. 

             If
to <@>: 

             If
to <@>.: 

This Deed is
effective         ,
of         ,2014. 

- 6 -

	By:	  	 
	 	Authorized Signatory 	 
	 	Name: 	 
	 	Title: 	 

This Royalty Deed was executed before me on _________________,
by                        
, Chief Financial Officer and Treasurer of 

 

	 	 
	Notary Public 	 

My commission does not expire. 

Exhibit A 

<@> Properties

PROPERTY 

The following <@} [NTD: insert property description] 

 

  	Claim Name 	BLM# 
	 	<@>

 

PROPERTY 

The following <@} [NTD: insert property description] 

	Claim Name 	BLM# 
	 	<@>

Exhibit B 

<@> Properties

PROPERTY 

The following claims [NTD: insert property description]: 

	Claim Name	BLM#
	 	<@>

PROPERTY 

The following claims [NTD: insert property description]: 

	Claim Name 	BLM# 
	 	<@>

Exhibit C 

Defined Terms 

	1. 	
      "Claims" means the mining claims that comprise the
      Properties.

	 	 
	2. 	
      "Commercial Production" means, and is deemed to
      have been achieved, in respect of any of the Claims when the concentrator
      processing ores, for other than testing purposes, has operated for a
      period of 30 consecutive production days at an average rate of not less
      than 60% of the projected production rate specified in a feasibility study
      recommending placing any of the relevant Claims in commercial production
      or other production plan being pursued or, if a concentrator is not
      erected on such Claims, when ores have been produced for a period of 30
      consecutive production days at the rate of not less than 60% of the mining
      rate specified in a feasibility study recommending placing such Claims in
      commercial production, but specifically excludes the milling of ores for
      the purpose of testing or milling (to a maximum of 500 tons in respect of
      each of the Claims) by a pilot plant or milling during an initial tune-up
      period of a plant.

	 	 
	3. 	
      "Expenditures" means, subject to Paragraph 1.2
      hereof, all costs, charges, obligations, liabilities and expenses of every
      nature incurred or chargeable, directly or indirectly, by <@>,
      <@> Parentco and their respective affiliates, including payments for
      damages, if any, save and except for damages arising from willful
      misconduct or gross negligence of any of <@> or <@> Parentco,
      resulting from or connected with the preparation, equipping and operation
      of the <@> Properties which are incurred or become chargeable in
      connection with or for the benefit of the <@> Properties, its
      development, improvement, maintenance and operation, and the products
      thereof, except that any capital expenditure shall only be deemed to be an
      expenditure for any period to the extent that such capital expenditure is
      depreciated or amortized, as applicable, in accordance with Canadian
      generally accepted accounting principles, consistently applied, or the
      International Financial Reporting Standards, if adopted by <@> for
      that period. All Expenditures shall be determined in accordance with
      Canadian generally accepted accounting principles consistently applied or
      the International Financial Reporting Standards, if adopted by <@>
      or <@> Parentco. Without limiting the generality of the foregoing,
      and without intending to enumerate all items of expense, it is understood
      that Expenditures shall include the following items which are incurred or
      chargeable in connection with or for the benefit of the <@>
      Properties and without duplication:

	 	(a) 	
      all costs of or related to the mining and concentrating
      of ore or other products and the operation and development of the
      <@> Properties;

	 	 	 
	 	(b) 	
      all selling and marketing expenses of ore or other
      products, including without limitation, transportation, agents'
      commissions and discounts;

	 	 	 
	 	(c) 	
      all costs of maintaining any the <@> Properties or
      the leases relating thereto, as applicable, or any other interest therein
      in good standing, including payment of the Royalties and any other amounts
      due thereunder, as applicable, and taxes of any nature whatsoever in
      connection therewith;

- 10 -

	 	(d) 	
      the costs of purchase or rental of all supplies,
      equipment, machinery, plant maintenance, plant additions, repairs and
      replacements and construction;

	 	 	 
	 	(e) 	
      the costs of purchase or rental of all equipment,
      facilities and amenities for the use and welfare of employees employed in
      connection with the <@> Properties;

	 	 	 
	 	(f) 	
      the total annual costs and expenses of insuring the
      <@> Properties, including the buildings, improvements, equipment and
      other property on or below the <@> Properties;

	 	 	 
	 	(g) 	
      the salaries, fees and wages of all personnel, including
      supervisory and management personnel who work full time at the <@>
      Properties employed to carry out the maintenance and operation of the
      <@> Properties, including contributions and premiums towards usual
      fringe benefits, hospital and medical attention, unemployment and workers'
      compensation insurance, accident benefits, and other sums payable on
      account of death or injury to such employees, including all sums payable
      as compensation or damages arising in any manner out of the mining and
      treatment of the products and including any operations or work of any
      nature at the property, and in and on the plant or equipment on or below
      each such claim, including legal expenses in connection therewith, pension
      plan contributions and similar premiums and contributions;

	 	 	 
	 	(h) 	
      all costs of consulting, audit, legal and accounting and
      other services;

	 	 	 
	 	(i) 	
      all reasonable and actual costs and fees of<@> or
      <@> Parentco for providing technical, management and or supervisory
      services, such amount, excluding costs relating to depreciated or
      amortized capital expenditures, not to exceed: (i) 3% of the Expenditures
      during the relevant period under paragraphs (a), (c), (d), (e), (f), (g),
      (j), (1) and (m) of the definition of Expenditures; and (ii) 10% of the
      Expenditures during the relevant period under paragraph (k), provided
      that, notwithstanding the foregoing, the costs and fees pursuant to this
      clause (ii) shall not exceed 5% of the Expenditures in respect of any
      contract pursuant to which the cost to <@> or <@> Parentco is
      in excess of $50,000;

	 	 	 
	 	(j) 	
      the costs of cleaning, garbage and waste collection and
      disposal, and operating and maintaining storage areas, loading and
      receiving areas and truck docks;

	 	 	 
	 	(k) 	
      all exploration and development expenditures, and all
      other costs, expenses, interest, obligations and liabilities of whatsoever
      nature or kind, including those of a capital nature to the extent that
      such capital expenditures are depreciated or amortized, as applicable, in
      accordance with Canadian generally accepted accounting principles,
      consistently applied, or the International Financial Reporting Standards,
      if adopted by <@> or <@> Parentco, during the relevant period,
      incurred or chargeable, directly or indirectly by <@> or <@>
      Parentco with respect to the exploration and development of the <@>
      Properties and equipping such claims for production, but excluding
      reasonable overhead charges;

- 11 -

	 	(l) 	
      the costs for pollution control, reclamation or any other
      similar costs incurred or to be incurred as a result of any governmental
      regulations or requirements;

	 	 	 
	 	(m) 	
      costs or expenses incurred or to be incurred relating to
      the termination of the operation and development of the <@>
      Properties; and

	 	 	 
	 	(n) 	
      all Taxes, rates, royalties, assessments, fees and
      duties, levied or imposed on the <@> Properties or on <@> or
      <@> Parentco in respect of such interests, and all taxes and other
      charges payable to any Governmental Entity, department or agency thereof
      (excluding income and similar taxes), including all government royalties,
      mining duties and Taxes not based or imposed on profits, payable on or in
      respect of or measured by the products from such
claims.

	4. 	
      "Gross Revenue" means, subject to Paragraph 1.2 hereof,
      the total amount of all sales of ores, minerals, metals or other product
      extracted or produced from the <@> Properties and all other receipts
      or receivables whatsoever from all business conducted on or from such
      claims, whether those sales or other receipts be evidenced by cheque;
      cash, credit, charge accounts, exchange or otherwise. If any part of the
      operations on the <@> Properties shall be subcontracted or conducted
      by any person, firm or corporation other than <@>, then the total
      amount of all sales and other receipts of that subcontractor or other
      person, firm or corporation shall be included in Gross Revenue for the
      purpose of calculating the royalties payable hereunder.

	 	 	 
	5. 	
      "Net Smelter Returns" means, subject to Paragraph 2.4
      hereof, the net proceeds received from the sale of ore, or ore
      concentrates, metals or other mineral products from the relevant Claim to
      a smelter or other purchaser, after payment of:

	 	 	 
		(a) 	
      smelter and refining charges;

	 	 	 
		(b) 	
      government imposed production and ad valorem taxes
      (excluding taxes on income);

	 	 	 
		(c) 	
      ore treatment charges, penalties and any and all charges
      made by the purchaser of ore or concentrates. In the case of leaching
      operations or other solution mining or beneficiation techniques, where the
      metal being treated is precipitated or otherwise directly derived from
      such leach solution, all processing and recovering costs incurred beyond
      the point at which the metal being treated is in solution, shall be
      considered as treatment charges;

	 	 	 
		(d) 	
      any and all transportation and insurance costs which may
      be incurred in connection with the transportation of ore, concentrates or
      other products, ex- headframe in the case of ores and ex-mill or other
      treatment facility in the case of concentrates or other products;
    and

	 	 	 
		(e) 	
      all umpire charges which <@> may be required to
      pay.

	 	 	 
	6. 	
      "Net Profits" means, with respect to any period and in
      respect of any of the Lease Properties, the Gross Revenue for such period
      less all Expenditures for such period.

- 12 -

	7. 	
      "Prime Rate" means at any particular time, the
      reference rate of interest, expressed as a rate per annum that the Bank of
      Montreal, at its main office in Vancouver, British Columbia, establishes
      as its prime rate of interest in order to determine interest rates that it
      will charge for demand loans in Canadian dollars to its most credit worthy
      customers.

SCHEDULE "G" 

FORM OF SUBSCRIPTION AGREEMENT 

SUBSCRIPTION FOR SHARES 

TO: Golden Predator Mining Corp. (formerly, Northern Tiger
Resources Inc.) (the "Corporation") 

The undersigned (hereinafter referred to as the "Subscriber")
hereby irrevocably subscribes for and agrees to purchase the number of common
shares (the "Shares" or "Securities") of the Corporation set forth below for the
subscription amount set forth below (the "Subscription Amount"), representing a
subscription price of S0.28 per Share, upon and subject to the terms and
conditions set forth in "Terms and Conditions of Subscription for Shares of
Golden Predator Mining Corp." attached hereto (together with this page and the
attached exhibits, the "Subscription Agreement"). 

 

2 

TERMS AND CONDITIONS OF SUBSCRIPTION FOR 
SHARES OF GOLDEN
PREDATOR MINING CORP. 

Terms of the Offering 

1.                
The Subscriber acknowledges (on its own behalf and, if applicable, on behalf of
each person on whose behalf the Subscriber is contracting) that this
subscription is subject to rejection or allotment by the Corporation in whole or
in part at any time prior to closing. 

Representations, Warranties, Acknowledgements and Covenants by
Corporation. By accepting this offer, the Corporation represents and warrants to
the Subscriber as follows: 

	 	(a) 	
      the Corporation and its subsidiaries are valid and
      subsisting corporations duly incorporated and in good standing under the
      laws of the jurisdictions in which they are incorporated, continued or
      amalgamated;

	 	 	 
	 	(b) 	
      the Corporation has all requisite corporate power and
      capacity to enter into, and carry out its obligations under, this
      Subscription Agreement and this Subscription Agreement is a legal, valid
      and binding obligation of the Corporation;

	 	 	 
	 	(c) 	
      no Offering Memorandum has been or will be provided to
      the Subscriber;

	 	 	 
	 	(d) 	
      the Corporation has complied, or will comply, with all
      applicable corporate and securities laws and regulations in connection
      with the offer, sale and issuance of the Shares, and in connection
      therewith has not engaged in any "direct selling efforts," as such term is
      defined in Regulation S, or any "general solicitation or general
      advertising" as described in Regulation D of the U.S. Securities
    Act;

	 	 	 
	 	(e) 	
      on the Closing Date, the Corporation will have taken all
      corporate steps and proceedings necessary to approve the transactions
      contemplated hereby, including the execution and delivery of this
      Subscription Agreement;

	 	 	 
	 	(f) 	
      the Corporation and its subsidiaries are the beneficial
      owners of the properties, business and assets or the interests in the
      properties, business or assets referred to in all information and
      materials filed by the Company with the Commissions and which are
      available through the SEDAR website (including all exhibits and schedules
      thereto and documents incorporated by reference therein) from January l,
      2012 to the date hereof (the "Public Record") and except as disclosed
      therein, all agreements by which the Corporation or its subsidiaries holds
      an interest in a property, business or asset are in good standing
      according to their terms, and the properties are in good standing under
      the applicable laws of the jurisdictions in which they are
  situated;

	 	 	 
	 	(g) 	
      the financial statements comprised in the Public Record
      accurately reflect the financial position of the Corporation as at the
      date thereof, and no adverse material changes in the financial position of
      the Corporation have taken place since the date of the Corporation's last
      financial statements except as filed in the Public Record;

	 	 	 
	 	(h) 	
      neither the Corporation nor any of its subsidiaries is a
      party to any actions, suits or proceedings which could materially affect
      its business or financial condition, and to the best of the Corporation's
      knowledge no such actions, suits or proceedings have been threatened as at
      the date hereof, except as disclosed in the Public Record;

	 	 	 
	 	(i) 	
      except as set out in the Public Record or herein, no
      person has any right, agreement or option, present or future, contingent
      or absolute, or any right capable of becoming a right, agreement or option
      for the issue or allotment of any unissued common shares of the
      Corporation or any other security convertible or exchangeable for any such
      shares or to require the Corporation to purchase, redeem or otherwise
      acquire any of the issued or outstanding Shares of the
  Corporation;

	 	(j) 	
      the entering into and performance by the Corporation will
      not, on the Closing Date, constitute a default under any term or provision
      of the constating documents or resolutions of the Corporation, or any
      judgment, decree, order, statute, rule or regulation, or any agreement or
      instrument applicable to the Corporation which in any way materially
      adversely affects the Corporation or the condition (financial or
      otherwise) of the Corporation or which would have any material effect upon
      the ability of the Corporation to perform its obligations arising under
      this Subscription Agreement; 

3 

	 	(k) 	
      the Shares will, at the Closing Date, be duly allotted,
      validly issued, fully paid and non-assessable and will be free of all
      liens, charges and encumbrances and the Corporation will reserve
      sufficient shares in the treasury of the Corporation to enable it to issue
      the Shares; 

	 	  	     
	 	(I) 	
      the outstanding Shares are now, and will be on the
      Closing Date, listed on the TSX Venture Exchange ("Stock Exchange") ;
    

	 	  	     
	 	(m) 	
      on the Closing Date, no order ceasing or suspending
      trading in the securities of the Corporation nor prohibiting the sale of
      such securities will have been issued to the Corporation or its directors,
      officers or promoters and, to the knowledge of the Corporation, no
      investigations or proceedings for such purposes are pending or threatened;
      

	 	  	     
	 	(n) 	
      prior to the Closing Date, the Corporation will have
      obtained all required approvals from the Stock Exchange in order to permit
      the completion of the transactions contemplated hereby; 

	 	  	     
	 	(o) 	
      the Corporation will use reasonable commercial efforts to
      satisfy as expeditiously as possible any conditions of the Stock Exchange
      required to be satisfied prior to the Stock Exchange's acceptance of the
      Corporation's notice of the Offering; 

	 	  	     
	 	(p) 	
      the Corporation will use its best efforts to obtain all
      necessary approvals for this Offering; 

	 	  	     
	 	(q) 	
      as at the Closing Date, the Corporation is a reporting
      issuer in good standing under the securities laws of the Provinces of
      British Columbia and Alberta and the Corporation will use its commercially
      reasonable best efforts to maintain its status; and 

	 	  	     
	 	(r) 	
      the Corporation has full corporate authority to issue the
      Shares at the Closing Date. 

Representations, Warranties, Acknowledgements and Covenants by
Subscriber 

2.                
The Subscriber (on its own behalf and, if applicable, on behalf of each person
on whose behalf the Subscriber is contracting) represents, warrants,
acknowledges and covenants, as applicable, to the Corporation (and acknowledges
that the Corporation, and its counsel, are relying thereon) both at the date
hereof and at the Closing Time (as herein defined) that: 

	 	(a) 	
      the Subscriber has been independently advised to consult
      with its own legal advisors as to restrictions with respect to trading in
      the Securities, imposed by applicable securities legislation in the
      jurisdiction in which it resides or to which it is otherwise subject,
      confirms that no representation has been made to it by or on behalf of the
      Corporation with respect thereto, acknowledges that it is aware of the
      characteristics of the Securities, the risks relating to an investment
      therein and of the fact that it may not be able to resell the Securities,
      except in accordance with limited exemptions under applicable securities
      legislation and regulatory policy until the expiry of the applicable
      restricted period and compliance with the other requirements of applicable
      law; and it agrees that any certificates representing the Securities will
      bear a legend indicating that the resale of such securities is restricted;
      and

	 	 	 
	 	(b) 	
      the Subscriber has not received nor been provided with,
      nor has the Subscriber requested, nor does the Subscriber have any need to
      receive, any offering memorandum, any prospectus, sales or advertising
      literature, or any other document (other than an annual report, annual
      information form, interim report, information circular, take-over bid
      circular, issuer bid circular, prospectus, or other continuous disclosure
      document, the content of which is prescribed by applicable securities law,
      that, in each case, has been filed with applicable securities commissions)
      describing, or purporting to describe, the business and affairs of the
      Corporation which has been prepared for delivery to, and review by,
      prospective purchasers in order to assist such prospective purchasers in
      making an investment decision in respect of the Shares;
  and

4 

	 	(c) 	
      the Subscriber has not become aware of and the purchase
      of the Shares is not made through or as a result of any general
      solicitation or any advertisement in printed media of general and regular
      paid circulation (or other printed public media), radio, television or
      telecommunications or other form of advertisement (including electronic
      display such as the Internet) with respect to the distribution of the
      Shares; and

	 	 	 
	 	(d) 	
      unless the Subscriber is purchasing under Section 3(e)
      hereof, the Subscriber is, purchasing the Shares as principal for its own
      account, not for the benefit of any other person, for investment only and
      not with a view to the resale or distribution of al1 or any of the
      Securities, it is resident in or is otherwise subject to applicable
      securities laws of the jurisdiction set out as the "Subscriber's Address"
      on the face page hereof, and it ful1y complies with one or more of the
      criteria set forth below:

	 	(i) 	
      it is resident in or otherwise subject to applicable
      securities laws of any jurisdiction of Canada
and:

	 	(A) 	
      it is an "accredited investor", as such term is defined
      in National Instrument 45-106 - Prospectus and Registration Exemptions
      ("NI 45-106"), and has concurrently executed and delivered a
      Representation letter in the form attached as Exhibit 1 to this
      Subscription Agreement with Appendix A to Exhibit I completed;
or

	 	 	 
	 	(B) 	
      the Subscriber is one of the fol1owing and has so
      indicated by identifying the applicable
subsection:

		_______	(I) 	
      an employee, executive officer, director or consultant of
      the Corporation or a related entity (as defined in NI 45-106) of the
      Corporation; or 

	 	 	  	     
	 	_______  	(II) 	
      a permitted assign (asdefined inNI 45-106) of a person
      referred to in (I) above; and 

participation in the purchase is
voluntary, meaning it is not induced to participate in the trade by expectation
of employment or appointment or continued employment or appointment with, or
engagement to provide services or continued engagement to provide services to,
as applicable, the Corporation; or 

	 	(ii) 	
      it has an aggregate acquisition cost for the Shares of
      not less than $150,000 paid in cash at the time of the trade and it was
      not created or used solely to purchase or hold securities in reliance on
      this exemption from the registration and prospectus requirements of
      applicable securities laws; or

	 	 	 
	 	(iii) 	
      it is resident in or otherwise subject to applicable
      securities laws of any jurisdiction of Canada, other than Ontario or
      Saskatchewan, is one of the fol1owing and has so indicated by identifying
      the applicable subsection:

	 	(A) 	
      a "director'', "executive officer" or "control person" of
      the Corporation, or of an "affiliate" (as such terms are defined in NI
      45-106 and reproduced in Appendix A to Exhibit I to this Subscription
      Agreement) of the Corporation; or

	 	 	 
	 	(B) 	
      a "spouse" (as such term is defined in NI 45-106 and
      reproduced in Appendix A to Exhibit l to this Subscription Agreement),
      parent, grandparent, brother, sister or child of any person referred to in
      subclause (A) above; or

	 	 	 
	 	(C) 	
      a parent, grandparent, brother, sister or child of the
      spouse of any person referred to in subclause (A); or

	 	 	 
	 	(D) 	
      a close personal friend of any person referred to in
      subclause (A) and, if requested by the Corporation or its respective
      counsel, will provide a signed statement describing their relationship
      with any such person; or

	 	 	 
	 	(E) 	
      a close business associate of any person referred to in
      subclause (A) and, if requested by the Corporation or its respective
      counsel, will provide a signed statement describing their relationship
      with any such person; or

5 

	 	(F) 	
      a "founder'' (as such term is defined in NI 45-106 and
      reproduced in Appendix A to Exhibit I to this Subscription Agreement) of
      the Corporation or a spouse, parent, grandparent, brother, sister, child,
      close personal friend or close business associate of a founder of the
      Corporation; or

	 	 	 
	 	(G) 	
      a parent, grandparent, brother, sister or child of a
      spouse of a founder of the Corporation; or

	 	 	 
	 	(H) 	
      a person of which a majority of the voting securities are
      beneficially owned by, or a majority of the directors are, persons
      described in subsections (A) through (G) above; or

	 	 	 
	 	(I) 	
      a trust or estate of which all of the beneficiaries or a
      majority of the trustees are persons described in subsections (A) through
      (G) above; or

	 		
      (Note: for the purposes of subparagraph (D) above, a
      person is not a close persona/ friend solely because the individual is a
      relative or a member of the same organization or religious group or
      because the individual is a client, customer or former client or customer,
      nor is an individual a close persona/ friend as a result of being a close
      persona/ friend of a close friend of one of the listed individuals above,
      rather the relationship must be direct. A close persona/ friend is one who
      knows the director, executive officer, founder or control person well
      enough and has known them for a sufficient period of time to be in a
      position to assess their capabilities and trustworthiness. Further, for
      the purposes of subparagraph (E) above, a person is not a "close business
      associate" if the person is a casual business associate or a
      person introduced or solicited for purposes of purchasing securities nor
      is the individual a close business associate solely because the individual
      is a client, customer, former client or customer, nor is the individual a
      close business associate if they are a close business
      associate of a close business associate of one of the listed individuals
      above, rather the relationship must be direct. A close business associates
      an individual who had sufficient prior dealings with the director,
      executive officer, founder or control person to be in a position to assess
      their capabilities and trustworthiness)

	 	 	 
	 	(iv) 	
      it is resident in or otherwise subject to applicable
      securities laws of Ontario, is one of the following and has so indicated
      by identifying the applicable subsection:

	 	(A) 	
      a founder of the Corporation; or

	 	 	 
	 	(B) 	
      an affiliate of a founder of the Corporation;
or

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

	 	 	 
	 	(D) 	
      a person that is a control person of the Corporation;
      or

	 	(v) 	
      if it is a resident of or otherwise subject to applicable
      securities Laws of any jurisdiction referred to in the preceding
      subsections but not purchasing thereunder, the Subscriber or any
      beneficial purchaser for whom the Subscriber is acting, is purchasing
      pursuant to an exemption from prospectus and registration requirements
      (particulars of which have been enclosed herewith by the Subscriber)
      available to the Subscriber under applicable securities legislation of the
      jurisdiction of the Subscriber's residence and shall deliver to the
      Corporation such further particulars of the exemption(s) and the
      Subscriber's qualifications thereunder as the Corporation or its
      respective counsel may request; or

	 	 	 
	 	(vi) 	
      if the Subscriber is resident in or otherwise subject to
      applicable securities Jaws of a jurisdiction other than Canada or the
      United States, the Subscriber confirms, represents and warrants
    that:

	 	(A) 	
      the Subscriber is knowledgeable of, or has been
      independently advised as to, the applicable securities laws of the
      jurisdiction in which the Subscriber is resident (the "International
      Jurisdiction") and which would apply to the acquisition of the
      Securities;

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

6 

	 	(C) 	
      the applicable securities laws of the International
      Jurisdiction do not require the Corporation to make any filings or seek
      any approvals of any kind whatsoever from any securities regulator of any
      kind whatsoever in the International Jurisdiction in connection with the
      issue and sale or resale of the Subscriber's Securities; and

	 	 	 
	 	(D) 	
      the purchase of the Securities by the Subscriber does not
      trigger:

	 	(I) 	
      any obligation to prepare and file a prospectus or
      similar document, or any other report with respect to such purchase in the
      International Jurisdiction; or

	 	 	 
	 	(II) 	
      any continuous disclosure reporting obligation of the
      Corporation in the International Jurisdiction; and

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

	 	(e) 	
      if it is not purchasing as a principal, it is duly
      authorized to enter into this Subscription Agreement and to execute and
      deliver all documentation in connection with the purchase on behalf of
      each beneficial purchaser, each of whom is purchasing as principal for its
      own account, not for the benefit of any other person, and not with a view
      to the resale or distribution of all or any of the Securities, it
      acknowledges that the Corporation is required by law to disclose to
      certain regulatory authorities the identity of each beneficial purchaser
      of Shares for whom it may be acting, and it and each beneficial purchaser
      is resident in the jurisdiction set out as the "Subscriber's Address"
      and:

	 	(A) 	
      it is an "accredited investor" as such term is defined in
      paragraphs (p) or (q) of the definition of "accredited investor'' in NI
      45-106 and reproduced in Appendix "A" to Exhibit 1 of this Subscription
      Agreement (provided, however, that it is not a trust company or trust
      corporation registered under the laws of Prince Edward Island that is not
      registered or authorized under the Trust and Loan Companies Act
      (Canada) or under comparable legislation in another jurisdiction in
      Canada) and is therefore deemed to be purchasing as principal pursuant to
      NI 45-106 and it has concurrently executed and delivered a Representation
      Letter in the form attached hereto as Exhibit 1and has initialed or placed
      a check mark in Appendix "A" thereto indicating that the Subscriber
      satisfied one of the categories of "accredited investor" set out in
      paragraphs (p) or (q) of Appendix "A" thereto; or

	 	 	 
	 	(B) 	
      subject to securities laws applicable to the Subscriber,
      it is acting as agent for one or more Disclosed Beneficial Principals,
      each of such principals is purchasing as principal for its own account,
      not for the benefit of any other person, for investment only, and not with
      a view to the resale or distribution of all or any of the Common Shares,
      and each of such principals complies with subparagraphs (i) or (ii) of
      paragraph 3(d) hereof as are applicable to it;
and

	 	(f) 	
      the Subscriber acknowledges that:

	 	 	 	 
	 		(i) 	
      no securities commission or similar regulatory authority
      has reviewed or passed on the merits of the Securities subscribed for
      hereunder; and

	 	 	 	 
	 		(ii) 	
      there is no government or other insurance covering the
      Shares subscribed for hereunder; and

	 	 	 	 
	 		(iii) 	
      there are risks associated with the purchase of the
      Shares subscribed for hereunder; and

	 	 	 	 
	 		(iv) 	
      there are restrictions on the Subscriber's ability to
      resell the Securities subscribed for hereunder, and it is the
      responsibility of the Subscriber to find out what those restrictions are
      and to comply with them before selling such securities;
  and

7 

	 	(v) 	
      the Corporation has advised the Subscriber that the
      Corporation is relying on an exemption from the requirements to provide
      the Subscriber with a prospectus and to sell securities through a person
      or company registered to sell securities under the Securities Act
      (Alberta) and other applicable securities Jaws and, as a consequence
      of acquiring Shares pursuant to this exemption, certain protections,
      rights and remedies provided by the Securities Act (Alberta) and
      other applicable securities Jaws, including statutory rights of rescission
      or damages, will not be available to the Subscriber; and

	 	 	 
	 	(vi) 	
      the certificate(s) representing the Securities subscribed
      for hereunder will be endorsed by a legend stating that the Securities
      subscribed for hereunder will be subject to restrictions on resale in
      accordance with applicable securities legislation;
and

	 	(g) 	
      the Subscriber is aware that the Securities have not been
      and will not be registered under the United States Securities Act of
      1933, as amended ("U.S. Securities Act") or the securities laws of any
      state and that the Securities may not be offered or sold, directly or
      indirectly, in the United States without registration under the U.S.
      Securities Act or compliance with requirements of an exemption from
      registration and the applicable laws of all applicable states and
      acknowledges that the Corporation has no present intention of filing a
      registration statement under the U.S. Securities Act in respect of the
      Securities; and

	 	 	 
	 	(h) 	
      the Shares have not been offered to the Subscriber in the
      United States, and the individuals making the order to purchase the Shares
      and executing and delivering this Subscription Agreement on behalf of the
      Subscriber were not in the United States when the order was placed and
      this Subscription Agreement was executed and delivered; and

	 	 	 
	 	(i) 	
      the Subscriber is not a U.S. Person (as defined in
      Regulation S under the U.S. Securities Act, which definition includes, but
      is not limited to, an individual resident in the United States, an estate
      or trust of which any executor or administrator or trustee, respectively,
      is a U.S. Person and any partnership or corporation organized or
      incorporated under the laws of the United States) and is not purchasing
      the Shares on behalf of, or for the account or benefit of, a person in the
      United States or a U.S. Person; and

	 	(j) 	
      the Subscriber undertakes and agrees that it will not
      offer or sell the Securities, in the United States unless such securities
      are registered under the U.S. Securities Act and the securities laws of
      all applicable states of the United States or an exemption from such
      registration requirements is available, and further that the Subscriber
      will not resell the Securities, except in accordance with the provisions
      of applicable securities legislation, regulations, rules, policies and
      orders and stock exchange rules; and

	 	(k) 	
      if a corporation, partnership, unincorporated association
      or other entity, the Subscriber has the legal capacity and competence to
      enter into and be bound by this Subscription Agreement and to perform all
      of its obligations hereunder, and if it is a body corporate, it is duly
      incorporated or created and validly subsisting under the laws of the
      jurisdiction of its incorporation, and further certifies that all
      necessary approvals of directors, shareholders, partners or otherwise have
      been given and obtained; and

	 	()) 	
      if an individual, the Subscriber is of the full age of
      majority and is legally competent to execute this Subscription Agreement
      and take all action pursuant hereto; and 

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

	 	  	     
	 	(n) 	
      the Subscriber acknowledges that this Subscription
      Agreement is not enforceable by the Subscriber until the Subscription
      Agreement has been accepted by the Corporation; and 

	 	  	     
	 	(o) 	
      in the case a Subscriber is acting on behalf of a
      principal/beneficial purchaser, the Subscriber is duly authorized to
      execute and deliver this Subscription Agreement and all other necessary
      documentation in connection with such subscription on behalf of such
      principal/beneficial purchaser and this Subscription Agreement has been
      duly authorized, executed and delivered by or on behalf of, and
      constitutes a legal, valid and binding agreement of, such
      principal/beneficial purchaser and the Subscriber acknowledges that the
      Corporation may be required by law to disclose to certain principal
      regulatory authorities the identity of each principal/beneficial purchaser
      for whom the Subscriber may be acting; and 

8 

	 	(p) 	
      the Subscriber, or each principal/beneficial purchaser
      for whom it is acting, has such knowledge in financial and business
      affairs as to be capable of evaluating the merits and risks of its
      investment and the Subscriber, or each principal/beneficial purchaser for
      whom it is acting, is able to bear the economic risk of loss of its entire
      investment; and

	 	 	 
	 	(q) 	
      the Subscriber has relied solely upon publicly available
      information relating to the Corporation and, other than as stated herein,
      not upon any verbal or written representation as to fact or otherwise made
      by or on behalf of the Corporation; and

	 	 	 
	 	(r) 	
      the Subscriber understands and acknowledges that the
      Shares are being offered for sale only on a "private placement" basis and
      that the sale and delivery of the Shares is conditional upon such sale
      being exempt from the requirements as to the filing of a prospectus or
      delivery of an offering memorandum or upon the issuance of such orders,
      consents or approvals as may be required to permit such sale without the
      requirement of filing a prospectus or delivering an offering memorandum;
      and

	 	 	 
	 	(s) 	
      IF REQUIRED BY APPLICABLE SECURITIES LEGISLATION,
      REGULATIONS, RULES, POLICIES OR ORDERS OR BY ANY SECURITIES COMMISSION,
      STOCK EXCHANGE OR OTHER REGULATORY AUTHORITY, THE SUBSCRIBER WILL EXECUTE,
      DELIVER, FILE AND OTHERWISE ASSIST THE CORPORATION IN FILING, SUCH
      REPORTS, UNDERTAKINGS AND OTHER DOCUMENTS WITH RESPECT TO THE ISSUE OF THE
      COMMON SHARES AS MAY BE REQUIRED (INCLUDING, WITHOUT
  LIMITATION):

	 	(i) 	
      in the case of an "accredited investor'' resident in or
      otherwise subject to applicable securities laws of Canada, a
      representation letter in the form attached as Exhibit 1with Appendix A to
      Exhibit 1 fully completed;

	 	 	 
	 	(ii) 	
      Form 4C - Corporate Placee Registration Form, a copy of
      which is attached hereto as Exhibit 2 for all Subscribers who are not
      individuals and have not previously filed such form with the TSX Venture
      Exchange;

	 	 	 
	 	(iii) 	
      Acknowledgement - Personal Information attached hereto as
      Exhibit 3 for all Subscribers; and

	 	 	 
	 	(iv) 	
      Particulars of the Subscriber Form attached hereto as
      Exhibit 4 for all Subscribers.

	 	(t) 	
      the Subscriber will not resell the Securities except in
      accordance with the provisions of applicable securities legislation and
      stock exchange rules, if applicable, in the future; and

	 	 	 
	 	(u) 	
      the entering into of this Subscription Agreement and the
      completion of the transactions contemplated hereby will not result in a
      violation of any of the terms or provisions of any law applicable to the
      Subscriber, or if the Subscriber is not a natural person, any of the
      Subscriber's constating documents, or any agreement to which the
      Subscriber is a party or by which the Subscriber is bound; and

	 	 	 
	 	(v) 	
      none of the funds that the Subscriber is using to
      purchase the Shares represent proceeds of crime for the purposes of the
      Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada)
      (the "PCMLA") and the Subscriber acknowledges that the Corporation may in
      the future be required by law to disclose the Subscriber's name and other
      information relating to this Subscription Agreement and the Subscriber's
      subscription hereunder, on a confidential basis, pursuant to the PCMLA,
      and to the best of the Subscriber's knowledge (i) the Subscription Amount
      to be provided by the Subscriber (A) has not been or wil1 not be derived
      from or related to any activity that is deemed criminal under the laws of
      Canada, the United States of America, or any other jurisdiction, or (B) is
      not being tendered on behalf of a person or entity who has not been
      identified to the Subscriber, and (ii) the Subscriber shall promptly
      notify the Corporation if the Subscriber discovers that any of such
      representations ceases to be true, and to provide the Corporation with
      appropriate information in connection therewith; and

	 	 	 
	 	(w) 	
      none of the funds the Subscriber is using to purchase the
      Shares are, to the knowledge of the Subscriber, proceeds obtained or
      derived, directly or indirectly, as a result of illegal activities;
    and

	 	 	 
	 	(x) 	
      the Subscriber understands and acknowledges that the
      Shares are being purchased pursuant to exemptions from the prospectus
      requirements contained in applicable securities legislation and, as a
      result:

9 

	 	(i) 	
      the Subscriber is restricted from using most of the civil
      remedies available under applicable securities legislation; and

	 	 	 
	 	(ii) 	
      the Subscriber may not receive information that would
      otherwise be required to be provided to the Subscriber under applicable
      securities legislation; and

	 	 	 
	 	(iii) 	
      the Corporation is relieved from certain obligations that
      would otherwise apply under applicable securities legislation;
  and

	 	(y) 	
      the Subscriber acknowledges that it has been encouraged
      to and should obtain independent legal, income tax and investment advice
      with respect to its subscription for the Shares, including, but not
      limited to, the applicable resale restrictions and accordingly, has had
      the opportunity to acquire an understanding of the meanings of all terms
      contained herein relevant to the Subscriber for purposes of giving
      representations, warranties and covenants under this Subscription
      Agreement; and

	 	 	 
	 	(z) 	
      the Subscriber's offer to subscribe for Shares has not
      been induced by any representations with regard to the present or future
      worth of the Securities; and

	 	(aa) 	
      the Subscriber, either alone or together with the
      Subscriber's financial advisor, has sufficient financial knowledge and
      experience to evaluate the merit and risks of an investment in the
      Corporation on the basis of information presented to the
  Subscriber;

Closing 

3.                
The Subscriber agrees to deliver to the Corporation, on the Closing Date: 

	 	(a) 	
      this duly completed and executed Subscription
      Agreement;

	 	 	 
	 	(b) 	
      if the Subscriber is an "accredited investor" resident in
      or otherwise subject to applicable securities laws of Canada, a fully
      executed and completed Representation Letter in the form of Exhibit I with
      Appendix A to Exhibit I fully completed;

	 	 	 
	 	(c) 	
      a wire transfer, certified cheque or bank draft payable
      to the Corporation for the Subscription Amount of the Shares subscribed
      for under this Subscription Agreement or payment of the same amount in
      such other manner as is acceptable to the Corporation;

	 	 	 
	 	(d) 	
      a fully executed and completed copy of Form 4C -
      Corporate Placee Registration Form in the form of Exhibit 2 for all
      Subscribers who are not individuals;

	 	 	 
	 	(e) 	
      a fully executed "Acknowledgement - Personal Information"
      attached hereto as Exhibit 3 for all Subscribers; and

	 	 	 
	 	(t) 	
      the Particulars of the Subscriber Form attached hereto as
      Exhibit 4 for all Subscribers.

4.                
The sale of the Shares pursuant to this Subscription Agreement will be completed
at the offices of the Corporation in Edmonton, Alberta on the the Effective Date
(as defined in the arrangement agreement between the Subscriber and Americas
Bullion Royalty Corp. dated February 18, 2014, as amended on March 25, 2014 (the
"Arrangement Agreement") at the time set out in the Plan of Arrangement (as
defined in the Arrangement Agreement) or such other date as the Corporation may
determine (the "Closing Date"). 

5.                
The Corporation shall be entitled to rely on delivery of a facsimile copy of
executed Subscription Agreement, and acceptance by the Corporation of such
facsimile subscriptions shall be legally effective to create a valid and binding
agreement between the Subscriber and the Corporation in accordance with the
terms hereof. Notwithstanding the foregoing, the Subscriber shall deliver
originally executed copies of the documents listed in section 4 hereof to the
Corporation within two business days of the Closing Date. In addition, this
Subscription Agreement may be executed in counterparts, each of which shall be
deemed to be an original and all of which shall constitute one and the same
document. 

10

General 

6.                
The Subscriber agrees that the representations, warranties and covenants of the
Subscriber herein will be true and correct both as of the execution of this
Subscription Agreement and as of the Closing Time as if made at that time and
will survive the completion of the issuance of the Shares. The representations,
warranties and covenants of the Subscriber herein are made with the intent that
they be relied upon by the Corporation and their counsel in determining the
Subscriber's eligibility to purchase the Shares and the Subscriber hereby agrees
to indemnify the Corporation and its directors, officers, employees, advisors,
affiliates, shareholders, partners and agents from and against any and all loss,
liability, claim, damage and expense whatsoever including, but not limited to,
any fees, costs and expenses whatsoever reasonably incurred in investigating,
preparing or defending against any litigation, administrative proceeding or
investigation commenced or threatened or any claim whatsoever arising out of or
based upon any representation or warranty of the Subscriber contained herein or
in any document furnished by the Subscriber to the Corporation in connection
herewith being untrue in any material respect or any breach or failure by the
Subscriber to comply with any covenant or agreement made by the Subscriber
herein or in any document furnished by the Subscriber to the Corporation in
connection herewith. The Subscriber undertakes to immediately notify the
Corporation of any change in any statement or other information relating to the
Subscriber set forth herein which takes place prior to the Closing Time. 

7.                
This Subscription Agreement and the Exhibits hereto require the Subscriber to
provide certain personal information to the Corporation and its respective
counsel. Such information is being collected by the Corporation and its
respective counsel for the purposes of completing the Offering described herein,
which includes, without limitation, determining the Subscriber's eligibility to
purchase the Shares under applicable securities legislation, preparing and
registering certificates representing the Shares to be issued to the Subscriber
and completing filings required by any stock exchange, securities commission or
securities regulatory authority or taxation authorities. Certain securities
commissions have been granted the authority to indirectly collect this personal
information pursuant to securities legislation and_ this personal information is
also being collected for the purpose of administration and enforcement of
securities legislation. In Ontario, the Administrative Assistant to the Director
of Corporate Finance, Suite 1903, Box 5520 Queen Street West, Toronto, Ontario
M5H 3S8, Telephone (416) 593-8086, Facsimile: (416) 593- 8252 is the public
official who can answer questions about the indirect collection of personal
information. The Subscriber's personal information may be disclosed by the
Corporation or its respective counsel to: (a) stock exchanges, securities
commissions or securities regulatory authorities; (b) the Corporation's
registrar and transfer agent (c} taxation authorities; (d) any of the other
parties involved in the offering, including legal counsel. By executing this
Subscription Agreement and the "Acknowledgement-Personal Information" attached
as Exhibit 3, the Subscriber is deemed to be authorizing and consenting to the
foregoing collection (including the indirect collection of personal
information}, use and disclosure of the Subscriber's personal information as set
forth above and in the "Acknowledgement-Personal Information" attached as
Exhibit 3. The Subscriber also consents to the filing of copies or originals of
any of the Subscriber's documents described in this Subscription Agreement as
may be required to be filed with any stock exchange, securities commission or
securities regulatory authority in connection with the transactions contemplated
hereby. 

8.                
The obligations of the parties hereunder are subject to acceptance of the terms
of the Offering by the TSX Venture Exchange Inc. and all other required
regulatory approvals. 

9.                
The Subscriber acknowledges and agrees that all costs incurred by the Subscriber
(including any fees and disbursements of any special counsel retained by the
Subscriber) relating to the sale of the Shares to the Subscriber shall be borne
by the Subscriber. 

10.              
The contract arising out of this Subscription Agreement and all documents
relating thereto shall be governed by and construed in accordance with the laws
of the Province of Alberta and the federal laws of Canada applicable therein.
The parties irrevocably attom to the exclusive jurisdiction of the courts of the
Province of Alberta. Time shall be of the essence hereof. 

11.              
This Subscription Agreement represents the entire agreement of the parties
hereto relating to the subject matter hereof and there are no representations,
covenants or other agreements relating to the subject matter hereof except as
stated or referred to herein. 

12.               The
terms and provisions of this Subscription Agreement shall be binding upon and
enure to the benefit of the Subscriber and the Corporation and their respective
heirs, executors, administrators, successors and assigns; provided that, except
for the assignment by a Subscriber who is acting as nominee or agent to the
beneficial owner and as otherwise herein provided, this Subscription Agreement
shall not be assignable by any party without prior written consent of the other
parties. 

11

13.              
Except as otherwise provided herein, the parties may waive, modify, change,
discharge or terminate this Subscription Agreement only by a written instrument
signed by each party against whom the waiver, change, discharge or termination
is sought. 

14.              
The invalidity, illegality or unenforceability of any provision of this
Subscription Agreement shall not affect the validity, legality or enforceability
of any other provision hereof. 

15.              
The Subscriber, on its own behalf and, if applicable, on behalf of others for
whom it is contracting hereunder, agrees that this subscription is made for
valuable consideration and may not be withdrawn, cancelled, terminated or
revoked by the Subscriber, on its own behalf and, if applicable, on behalf of
others for whom it is contracting hereunder. 

16.              
The covenants, representations and warranties contained herein shall survive the
closing of the transactions contemplated hereby. 

17.               In
this Subscription Agreement (including attachments), references to "$" or "Cdn.
$" are to Canadian dollars. 

EXHIBIT 1 

REPRESENTATION LETTER 

{FOR ACCREDITED INVESTORS} 

	TO: 	GOLDEN PREDATOR MINING CORP. (THE
      "CORPORATION") 

             In
connection with the purchase of Shares (the "Shares") of the Corporation by the
undersigned subscriber or, if applicable, the principal on whose behalf the
undersigned is purchasing as agent (the "Subscriber" for the purposes of this
Exhibit I), the Subscriber hereby represents, warrants, covenants and certifies
to the Corporation that: 

	1. 	
      The Subscriber is resident in a jurisdiction of Canada or
      is subject to the securities laws of a jurisdiction of Canada;

	 	 
	2. 	
      The Subscriber is purchasing the Shares as principal for
      its own account or complies with the provisions of paragraph 9(e) of the
      Subscription Agreement;

	 	 
	3. 	
      The Subscriber is an "accredited investor" within the
      meaning of National Instrument 45-106 entitled "Prospectus and
      Registration Exemptions" by virtue of satisfying the indicated criterion
      as set out in Appendix "A" to this Representation Letter;

	 	 
	4. 	
      The Subscriber was not created or used solely to purchase
      or hold securities as an "accredited investor" as described in paragraph
      (m) of the attached Appendix "A" of this Exhibit I ; and

	 	 
	5. 	
      Upon execution of this Exhibit I by the Subscriber, this
      Exhibit I shall be incorporated into and form a part of the Subscription
      Agreement.

Dated: ___________________________, 2014 

	 	 
	 	Print name of Subscriber

	 	By:	   
	 	 	Signature 
	 	 	 
	 	 	 
	 	 	Print name of Signatory (if
      different from Subscriber) 
	 	 	 
	 	 	 
	 	 	Title 

IMPORTANT: PLEASE MARK THE CATEGORY OR CATEGORIES 
IN
APPENDIX "A" ON THE NEXT PAGE THAT DESCRIBES YOU 

APPENDIX "A" 

TO EXHIBIT 1 

NOTE: THE INVESTOR MUST INITIAL BESIDE THE APPLICABLE PORTION
OF THE DEFINITION BEWW. 

Accredited Investor - (defined in
National Instrument 45-106) means: 

	_______	(a) 	
      a Canadian financial institution, or a Schedule III Bank;
      or 

	 	  	     
	_______ 	(b) 	
      the Business Development Bank of Canada incorporated
      under the Business Development Bank of Canada Act (Canada); or
    

	 	  	     
	_______ 	(c) 	
      a subsidiary of any person referred to in paragraphs (a)
      or (b), if the person owns all of the voting securities of the subsidiary,
      except the voting securities required by law to be owned by directors of
      that subsidiary; or 

		  	     
	_______	(d) 	
      a person registered under the securities legislation of a
      jurisdiction of Canada, as an adviser or dealer, other than a person
      registered solely as a limited market dealer under one or both of the
      Securities Act (Ontario) or the Securities Act (Newfoundland
      and Labrador); or 

	 	  	     
	_______	(e) 	
      an individual registered or formerly registered under the
      securities legislation of a jurisdiction of Canada as a representative of
      a person referred to in paragraph (d); or 

	 	  	     
	_______	(f) 	
      the Government of Canada or a jurisdiction of Canada, or
      any crown corporation, agency or wholly-owned entity of the Government of
      Canada or a jurisdiction of Canada; or 

	 	  	     
	_______	(g) 	
      a municipality, public board or commission in Canada and
      a metropolitan community school board, the Comite de gestion de la taxe
      scolaire de l'ile de Montreal or an intermunicipal management board in
      Quebec; or 

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

	 	  	     
	_______	(i) 	
      a pension fund that is regulated by the Office of the
      Superintendent of Financial Institutions (Canada), a pension commission or
      similar regulatory authority of a jurisdiction of Canada; or 

	 	  	     
	_______	(j) 	
      an individual who, either alone or with a spouse,
      beneficially owns, financial assets having an aggregate realizable value
      that before taxes, but net of any related liabilities, exceeds $1,000,000;
      or 

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

(Note: if individual accredited
investors wish to purchase through wholly-owned holding companies or similar
entities, such purchasing entities must qualify under paragraph (t) below, which
must be initialed) 

	_______	(l)	
      an individual who, either alone or with a spouse, has net
      assets of at least $5,000,000; or 

	 	 	
       

	_______	(m)	
      a person, other than an individual or investment fund,
      that has net assets of at least $5,000,000 as shown on its most recently
      prepared financial statements; or 

2

	_______	(n)	an investment fund that
      distributes or has distributed its securities only to:

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

	 	 	 
	 	(ii) 	
      a person that acquires or acquired securities in the
      circumstances referred to in sections 2.10 or 2.19 of National Instrument
      45- l 06, or

	 	 	 
	 	(iii) 	
      a person described in paragraph (i) or (ii) that acquires
      or acquired securities under section 2.18 of National Instrument 45-106;
      or

	_______	(o) 	
      an investment fund that distributes or has distributed
      securities under a prospectus in a jurisdiction of Canada for which the
      regulator or, in Quebec, the securities regulatory authority, has issued a
      receipt; or

	 	 	 
	_______	(p) 	
      a trust company or trust corporation registered or
      authorized to carry on business under the Trust and Loan Companies Act
      (Canada) or under comparable legislation in a jurisdiction of Canada
      or a foreign jurisdiction, acting on behalf of a fully managed account
      managed by the trust company or trust corporation, as the case may be;
      or

	 	 	 
	_______	(q) 	
      a person acting on behalf of a fully managed account
      managed by that person, if that person:

	 	(i) 	
      is registered or authorized to carry on business as an
      adviser or the equivalent under the securities legislation of a
      jurisdiction of Canada or a foreign jurisdiction, and 

	 	  	
       

	 	(ii) 	
      in Ontario, is purchasing a security that is not a
      security of an investment fund; or 

	_______	(r) 	
      a registered charity under the Income Tax Act
      (Canada) that, in regard to the trade, has obtained advice from an
      eligibility adviser or an adviser registered under the securities
      legislation of the jurisdiction of the registered charity to give advice
      on the securities being traded; or 

	 	  	     
	_______	(s) 	
      an entity organized in a foreign jurisdiction that is
      analogous to any of the entities referred to in paragraphs (a) to (d) or
      paragraph (i) in form and function; or 

	 	  	     
	_______	(t) 	
      a person in respe3ct of which all of the owners of
      interests, direct, indirect or beneficial, except the voting securities
      required by law to be owned by directors, are persons that are accredited
      investors (as defined in National Instrument 45-106); or

(Note: if you are purchasing as an
individual accredited investor, paragraph (k) above must be initialed rather
than paragraph (t).) 

	_______	(u) 	
      an investment fund that is advised by a person registered
      as an adviser or a person that is exempt from registration as an adviser;
      or 

	 	 	     
	_______	(v) 	
      a person that is recognized or designated by the
      securities regulatory authority or, except in Ontario and Quebec, the
      regulator as: 

	 	(i) 	
      an accredited investor, or

	 	 	 
	 	(ii) 	
      an exempt purchaser in Alberta or British
  Columbia.

For the purposes hereof: 

	(a) 	
      "affiliate" means an issuer connected with another issuer
      because

	 	(i) 	
      one of them is the subsidiary of the
  other;

3

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

	 	 	 
	 	(iii) 	
      for the purposes of Saskatchewan securities law, both are
      subsidiaries of the same issuer;

	(b) 	
      "Canadian financial institution" means

	 	 	 
		(i) 	
      an association governed by the Cooperative Credit
      Associations Act (Canada) or a central cooperative credit society for
      which an order has been made under section 473(1) of that Act,
or

	 	 	 
		(ii) 	
      a bank, loan corporation, trust company, trust
      corporation, insurance company, treasury branch, credit union, caisse
      populaire, financial services cooperative, or league that, in each case,
      is authorized by an enactment of Canada or a jurisdiction of Canada to
      carry on business in Canada or a jurisdiction of
Canada;

	(c) 	
      "consultant" means, for an issuer, a person, other than
      an employee, executive officer, or director of the issuer or of a related
      entity of the issuer, that

	 	 	 
		(i) 	
      is engaged to provide services to the issuer or a related
      entity of the issuer, other than services provided in relation to a
      distribution,

	 	 	 
		(ii) 	
      provides the services under a written contract with the
      issuer or a related entity of the issuer, and

	 	 	 
		(iii) 	
      spends or will spend a significant amount of time and
      attention on the affairs and business of the issuer or a related entity of
      the issuer and includes, for an individual consultant, a corporation of
      which the individual consultant is an employee or shareholder, and a
      partnership of which the individual consultant is an employee or
      partner;

	(d) 	
      "director" means:

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

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

	(e) 	
      "eligibility adviser" means:

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

	 	 	 
		(ii) 	
      in Saskatchewan or Manitoba, also means a lawyer who is a
      practicing member in good standing with a law society of a jurisdiction of
      Canada or a public accountant who is a member in good standing of an
      institute or association of chartered accountants, certified general
      accountants or certified management accountants in a jurisdiction of
      Canada provided that the lawyer or public
accountant:

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

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

	(f) 	
      "executive officer" means, for an issuer, an individual
      who is:

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

4

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

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

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

	(g) 	
      "financial assets" means:

	 	 	 
		(i) 	
      cash,

	 	 	 
		(ii) 	
      securities, or

	 	 	 
		(iii) 	
      a contract of insurance, a deposit or an evidence of a
      deposit that is not a security for the purposes of securities
      legislation;

	(h) 	
      "foreign jurisdiction" means a country other than Canada
      or a political subdivision of a country other than Canada;

	 	 	 
	(i) 	
      "founder" means, in respect of an issuer, a person
      who:

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

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

	
      (j) 
	
      "fully managed account" means an account of a client for
      which a person makes the investment decisions if that person has full
      discretion to trade in securities for the account without requiring the
      client's express consent to a transaction; 

	 	 
	(k) 	"investment fund" means a mutual
      fund or a non-redeemable investment fund; 
	 	 
	(I) 	"jurisdiction" means a province
      or territory of Canada except when used in the term foreign jurisdiction;
    
	 	 
	(m) 	"local jurisdiction" means the
      jurisdiction in which the Canadian securities regulatory authority is
      situate; 
	 	 
	(n) 	"non-redeemable investment fund"
      means an issuer, 

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

	 	 	 	 
	 	(ii) 	
      that does not invest;

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

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

	 	(iii) 	
      that is not a mutual fund;

	(o) 	
      "person" includes:

	 	 	 
		(i) 	
      an individual,

	 	 	 
		(ii) 	
      a corporation,

5

	 	(iii) 	
      a partnership, trust, fund and an association, syndicate,
      organization or other organized group of persons, whether incorporated or
      not, and

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

	(p) 	
      "regulator" means, for the local jurisdiction, the
      Executive Director as defined under securities legislation of the local
      jurisdiction;

	 	 	 
	(q) 	
      "related liabilities" means

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

	 	 	 
		(ii) 	
      liabilities that are secured by financial
  assets;

	(r) 	
      "Schedule III bank" means an authorized foreign bank
      named in Schedule III of the Bank Act (Canada);

	 	 	 
	(s) 	
      "spouse" means, an individual who,

	 	 	 
		(i) 	
      is married to another individual and is not living
      separate and apart within the meaning of the Divorce Act (Canada),
      from the other individual,

	 	 	 
		(ii) 	
      is living with another individual in a marriage-like
      relationship, including a marriage-like relationship between individuals
      of the same gender, or

	 	 	 
		(iii) 	
      in Alberta, is an individual referred to in paragraph (i)
      or (ii) above, or is an adult interdependent partner within the meaning of
      the Adult Interdependent Relationships Act (Alberta);
  and

	(t) 	
      "subsidiary" means an issuer that is controlled directly
      or indirectly by another issuer and includes a subsidiary of that
      subsidiary.

All monetary references are in Canadian
Dollars. 

 

	  
	
      EXHIBIT 2 

       
	
     

	FORM 4C
      
CORPORATE PLACEE REGISTRATION FORM 

This Form will remain on file with the Exchange and must be
completed if required under section 4(b) of Part II of Form 48. The corporation,
trust, portfolio manager or other entity (the "Placee") need only file it on one
time basis, and it will be referenced for all subsequent Private Placements in
which it participates. If any of the information provided in this Form changes,
the Placee must notify the Exchange prior to participating in further placements
with Exchange listed Issuers. If as a result of the Private Placement, the
Placee becomes an Insider of the Issuer, Insiders of the Placee are reminded
that they must file a Personal Information Form (2A) or, if applicable,
Declarations, with the Exchange. 

	I. 	
      Placee Information:

	 	(a) 	
      Name: Till Capital Ltd.

	 	 	 
	 	(b) 	
      Complete Address: Crawford House, 5 Cedar Avenue,
      Hamilton, HM 1 1 Bermuda

	 	 	 
	 	(c) 	
      Jurisdiction of Incorporation or Creation:
      Bermuda                                                           
      

	2. 	(a) 	Is the Placee purchasing
      securities as a portfolio manager: (Yes/No)?
      No                                  

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

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

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

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

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

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

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

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

	 Name * 	 City 	 Province or State 	 Country 
	 	 	 	 
	 	 	 	 
		  		

________________________________________________________________________________________________________________

________________________________________________________________________________________________________________

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

	5. 	
      Acknowledgement - Personal Information and Securities
      Laws

	 	 	 
		(a) 	
      "Personal Information " means any information n about an
      identifiable individual, and includes information contained in sections 1,
      2 and 4, as applicable, of this Form.

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

	 	(i) 	
      the disclosure of Personal Information by the undersigned
      to the Exchange (as defined in Appendix 68) pursuant to this Form;
    and

	 	 	 
	 	(ii) 	
      the collection, use and disclosure of Personal
      Information by the Exchange for the purposes described in Appendix 68 or
      as otherwise identified by the Exchange, from time to
  time.

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

Dated and certified (if applicable), acknowledged and agreed,
at _______________________________________on
________________________________________

	 	Till
      Capital Ltd . 
	 	(Name of Purchaser - please print) 
	 	 
	 	  
	 	(Authorized Signature) 
	 	 
	 	Chief
      Financial Officer 
	 	(Official Capacity - please print) 
	 	 
	 	Timothy Leybold 
	 	 
	 	(Please print name of individual whose
      signature appears above) 

THIS IS NOT A PUBLIC DOCUMENT 

Corporate Placee Signature Page (NTR Subscription) 

EXHIBIT 3 

ACKNOWLEDGEMENT - PERSONAL INFORMATION 

"Personal Information " means any information about an
identifiable individual, and includes information provided by the Subscriber on
the cover page and in the forms, schedules and appendices forming part of the
Subscription Agreement. 

The undersigned Subscriber provides its written consent to:

	(a) 	
      the disclosure of Personal Information by the Corporation
      to the Exchange (as defined below) and to any applicable securities
      regulatory authorities; and

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

Dated at _______________________________on
________________________

	 	x
  
	 	Signature of individual (if Subscriber is an
      individual) 
	 	  
	 	  
	 	x
  
	 	Authorized signatory (if Subscriber is not an
      individual) 
	 	  
	 	  
	 	Till
      Capital Ltd. 
	 	Name of Subscriber (please print) 
	 	  
	 	  
	 	Timothy Leybold 
	 	Name of authorized signatory (please print)
  
	 	  
	 	  
	 	Chief
      Financial Officer 
	 	Official capacity of authorized signatory
      (please print) 

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

	(a) 	
      to conduct background checks;

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

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

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

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

	 	 
	(f) 	
      to conduct enforcement proceedings;
and

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

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

The Personal Information the Exchange collects may also be
disclosed: 

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

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

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

EXHIBIT 4 

PARTICULARS OF THE SUBSCRIBER 

 

	Till Capital Ltd.
    	 
	Name of Subscriber (Please Print)

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