Document:

tapimmunedebenture.htm

    
      
        EXHIBIT
10.1

      

      
        

        

        

        

        

        

        

        

        

        

      

      
        

      

      
        

      

      
        DEBENTURE

      

      
        

      

      
        

      

      
        

        

        

        

        

        

        

        

        

        

      

      
        From:

      

      
        

        

      

      
        TAPIMMUNE
INC.

      

      
        

        

        

        

        

      

      
        To:

      

      
        

        

      

      
        [---------------------------]

      

      
        

      

      
        

        

        

        

      

      
        TapImmune
Inc.

        Unit 2,
3590 West 41st Avenue,
Vancouver, British Columbia, Canada, V6N 3E6

      

      
        __________

        

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      DEBENTURE

      

      

      THESE SECURITIES HAVE NOT
BEEN REGISTERED UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED, OR THE LAWS OF
ANY STATE, AND ARE BEING ISSUED PURSUANT TO AN EXEMPTION FROM REGISTRATION
PERTAINING TO SUCH SECURITIES AND PURSUANT TO A REPRESENTATION BY THE SECURITY
HOLDER NAMED HEREON THAT SAID SECURITIES HAVE BEEN ACQUIRED FOR PURPOSES OF
INVESTMENT AND NOT FOR PURPOSES OF DISTRIBUTION.  THESE SECURITIES MAY
NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF
REGISTRATION, OR THE AVAILABILITY OF AN EXEMPTION FROM SUCH
REGISTRATION.  THE STOCK TRANSFER AGENT HAS BEEN ORDERED TO EFFECTUATE
TRANSFERS ONLY IN ACCORDANCE WITH THE ABOVE INSTRUCTIONS.

      (OR)

      THESE SECURITIES HAVE NOT
BEEN REGISTERED UNDER THE UNITED STATES SECURITIES
ACT OF 1933, AS
AMENDED (THE “ACT”), OR THE LAWS OF ANY STATE, AND ARE BEING ISSUED IN RELIANCE
UPON REGULATION S PROMULGATED UNDER THE ACT.  THESE SECURITIES MAY NOT
BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF
REGISTRATION, THE AVAILABILITY OF AN EXEMPTION FROM SUCH REGISTRATION OR
COMPLIANCE WITH REGULATION S.  FURTHERMORE, NO OFFER, SALE, TRANSFER,
PLEDGE OR HYPOTHECATION IS TO TAKE PLACE WITHOUT THE PRIOR WRITTEN APPROVAL OF
COUNSEL TO THE BORROWER.  THE STOCK
TRANSFER AGENT HAS BEEN ORDERED TO EFFECTUATE TRANSFERS ONLY IN ACCORDANCE WITH
THE ABOVE INSTRUCTIONS.

      (AND, IF
APPLICABLE)

      UNLESS PERMITTED UNDER
APPLICABLE SECURITIES LEGISLATION, THE HOLDER OF THE SECURITIES REPRESENTED
HEREBY SHALL NOT TRADE THE SECURITIES IN CANADA BEFORE THE EARLIER OF (I) THE
DATE THAT IS FOUR MONTHS AND A DAY AFTER THE DATE THE BORROWER FIRST BECAME A
REPORTING ISSUER IN ANY OF ALBERTA, BRITISH COLUMBIA, MANITOBA, NOVA SCOTIA,
ONTARIO, QUEBEC AND SASKATCHEWAN, IF THE BORROWER IS A SEDAR FILER, AND (II) THE
DATE THAT IS FOUR MONTHS AND A DAY AFTER THE LATER OF (A) THE DISTRIBUTION DATE,
AND (B) THE DATE THE BORROWER BECAME A REPORTING ISSUER IN THE LOCAL
JURISDICTION OF THE SUBSCRIBER OF THE SECURITIES THAT ARE THE SUBJECT OF THE
TRADE.

      (AND)

      UNLESS OTHERWISE PERMITTED
UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE
SECURITY IN OR FROM BRITISH COLUMBIA UNLESS THE CONDITIONS IN SECTION 12(2) OF
BC INSTRUMENT 51-509 ISSUERS QUOTED IN THE U.S. OVER-THE-COUNTER MARKET ARE
MET.

      

      
        
          
             

            

          

           

        

        
          1

          
            

          

        

        
           

        

      

      

      TO THE SECURED LOAN
AGREEMENT

      Between the BORROWER and the
LENDER

      Aggregate Principal Sum of
U.S.
$[--------]

      

      

      THIS
DEBENTURE is provided, dated and made effective as of the [---] day of
[----------] 2009 (the “Effective Date”).

      

      

      FROM:

      

      TAPIMMUNE
INC., a company incorporated under the laws of the State of Nevada,
U.S.A., , and having an address for notice and delivery located at Unit 2, 3590 West
41st Avenue, Vancouver,
British Columbia, Canada, V6N 3E6

      

      (the
“Borrower”);

      

      TO:

      

      [----------------],
having an address for notice and delivery located at
[--------------].

      

      (the
“Lender”);

      

      (the
Borrower and the Lender being hereinafter singularly also referred to as a
“Party” and collectively
referred to as the “Parties” as the context so
requires).

      

      

      FOR VALUE
RECEIVED THE
BORROWER HEREBY PROMISES TO PAY TO THE LENDER the aggregate principal sum
of [--------------] dollars (U.S.$[------------]) in lawful money of the United
States (hereinafter referred to as the “Principal Sum”) together with
interest accruing thereon and commencing on the above-referenced Effective Date
at the rate of thirty percent (30%) per annum (and if such rate is
deemed usurious, the maximum non-usurious rate of interest that Lender is
permitted under the applicable law of the jurisdiction that found such rate to
be usurious to contract for, take, charge, or receive from Borrower), calculated
daily and payable in full quarterly during the continuance of any portion of the
Principal Sum being outstanding hereunder (herein the “Interest”) prior to
maturity; with any
such outstanding Interest to be payable in full to the Lender on
repayment of the Principal Sum in the manner as set forth immediately
hereinbelow; failing which the Lender may immediately realize upon any of the
“Security” which has been provided by the Borrower to the Lender in conjunction
with the delivery of this Debenture; all in accordance with the terms and
conditions of this Debenture (the “Debenture”) which is Schedule
“A” to that certain “Secured Loan Agreement” of even date herewith (the “Loan Agreement”) as entered
into between the Parties hereto.

      

      NOW
THEREFORE THIS DEBENTURE FURTHER PROVIDES THAT, subject to the prior
application of the provisions provided for in section “3.5” of the Loan
Agreement, the Principal Sum, together with all outstanding Interest
accrued thereon as specified hereinabove, is hereby irrevocably and
unconditionally due and payable by the Borrower to the Lender at or before 5:00
p.m. (Vancouver, British Columbia, time) on or before the first
business day which is one hundred and eighty (180) days from the
Effective Date of each such Loan advance hereunder (the “Final Principal Sum Payment
Date”); failing which the Lender may immediately realize upon any of the
Security which has been provided by the Borrower to the Lender in accordance
with the terms of this Debenture and the Loan Agreement (the period of time
between the Effective Date and the Final Principal Sum Payment Date being,
herein, the “Term”).

      

      The Borrower may prepay and
redeem any portion of the Principal Sum portion of the Loan in whole or in part
at any time prior to the Final Principal Sum Payment Date (the “Right
of Redemption”) and in the manner as
set forth immediately hereinbelow by providing the Lender with no less
than five calendar days’ prior written notice (the “Redemption Notice”) of its
Right of Redemption intention to redeem and repay all or any portion of the
Principal Sum and any Interest accrued thereon which would be due and owing by
the Borrower to the Lender at the end of such five-day period (collectively, the
“Redemption Amount”)
(such day at the end of such five-day period being the “Redemption Date” and, for
clarity, such Redemption Date would be the date to which such Principal Sum and
Interest would be calculated and due and payable to the Lender at the close of
business, in Vancouver, British Columbia, Canada, on such Redemption
Date).

      

      In order
to provide such Redemption Notice, the Borrower will be required, at the date of
its delivery to the Lender of the Redemption Notice, to provide to the Lender’s
counsel, or to such other mutually agreeable holder (the “Escrow Holder”), a certified
cheque or bank draft representing the entire Redemption Amount and made payable
to the Lender in
funds of the United States, or funds by way of wire transfer to such designation
as may be directed by the Lender in its sole and absolute discretion, in the
amount of any such Redemption Amount.  Thereupon, and should
the proposed Redemption Amount in fact represent all of the Principal Sum and
any Interest accrued thereon which would be due and owing by the Borrower to the
Lender under this Debenture and the Loan Agreement at the Redemption Date, then
the Lender will be required to provide to the Escrow Holder, and as soon as
reasonably possible after its receipt of the Redemption Notice, all such
registerable discharges as may be necessary to relieve the Borrower of any
obligation to the Lender under each of this Debenture, the Loan Agreement and
each and every other Security instrument already provided by the Borrower to the
Lender under the terms and conditions of the Loan Agreement (collectively, the
“Discharges”).

      

      On the second business day subsequent
to the Redemption Date the Escrow Holder, if applicable, shall deliver to the
Lender the Redemption Amount and, only if also applicable, to the Borrower the
Discharges, and, unless otherwise directed in writing by the Parties prior
thereto, to the Parties’ respective addresses for notice and delivery as set
forth on the front page of this Debenture.

      

      AS
SECURITY for such payment of the said Principal Sum and Interest and all
other moneys owing by the Borrower to and for the performance of the obligations
and other covenants of the Borrower herein contained, the Borrower hereby
grants, mortgages, pledges, charges, assigns and conveys to and in collective
favour of the Lender (subject to the exception hereinafter contained as to the
last day of the term of any agreement therefor), as and by way of a fixed and
floating charge, all of the Borrower’s undertaking and all of the Borrower’s
properties and assets for the time being, real and personal, movable and
immovable, of whatsoever nature and kind, both present and that acquired during
the term of this Debenture and the obligations hereunder, including, without
limiting the generality of the foregoing, the Borrower’s uncalled capital and
goodwill and all real and personal, movable and immovable, property now owned or
hereafter acquired by the Borrower and all of the Borrower’s present and future
rents, revenues, incomes, moneys, rights, franchises, motor vehicles,
inventories, machinery, equipment, materials, supplies, book debts, accounts
receivable, negotiable and non-negotiable instruments, conditional sales
contracts, judgments, securities, choses in action, all intellectual
property
(including
all patents,
patent applications, trademarks, trademark applications, service marks,
tradenames, copyrights, trade secrets, licenses, domain names, mask works,
information and proprietary rights and processes as are necessary to the conduct
of the Borrower’s business as now
conducted and as presently proposed to be conducted)  and all
other property and things of value of every kind and nature, tangible and
intangible, legal and equitable, which the Borrower may be possessed of or
entitled to or which may hereafter be acquired by the Borrower, including any
greater right, title and interest therein or any part thereof which the Borrower
may acquire and hold during the currency of the Debenture after the Effective
Date hereof (collectively, the “Mortgaged
Property”).

      

      TO HAVE
AND TO HOLD the same unto and to the use of the Lender and the Lender’s
successors and assigns upon and subject to the terms and conditions herein set
forth.

      

      Mortgaged Property, wherever used,
means and includes the specifically mortgaged property and the undertaking and
all other property and assets, present and future, of the Borrower expressed
herein or in any instruments supplemental hereto or in implement hereof to be
mortgaged or charged for or with the payment of the moneys intended to be
secured hereby by way of a fixed charge.

      

      The last day of any term of years
reserved by any agreement therefor is excepted out of the mortgage and charges
hereby created and does not form any part of the Mortgaged Property; but if any
sale is made under or pursuant to the powers herein contained of any interest
forming part of the Mortgaged Property the Borrower will thereafter stand
possessed of such last day and will hold the same in trust to assign to any
person who may acquire such term or any part thereof.

      

      This
Debenture is issued subject to and with the benefit of the conditions annexed
hereto, which are to be deemed part of it.

      

      

      WITNESS
the hand of the authorized representative of the undersigned Borrower given
under seal as of the
Effective Date determined hereinabove.

      

      The
COMMON SEAL of)

      TAPIMMUNE
INC.,)

      the
Borrower herein,)

      was
hereunto affixed in the presence of:)(C/S)

      )

      )

      )

      Authorized
Signatory)

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      CONDITIONS REFERRED TO IN
THE DEBENTURE ANNEXED HERETO

      

      

      

      The Borrower hereby covenants and
agrees with the Lender as follows, namely:

      

      
        	
                1.

              	
                This
      Debenture is issued in accordance with resolutions of the Directors of the
      Borrower and all other matters and things have been done and performed so
      as to authorize and make the creation and issue of this Debenture and the
      execution thereof legal and valid and in accordance with the requirements
      of the laws relating to the Borrower and all other statutes and laws in
      that behalf. This Debenture is validly issued,
      fully paid and nonassessable and free of restrictions on transfer other
      than applicable provincial, state and federal
      securities.

              

      

      

      
        	
                2.

              	
                The
      Borrower lawfully owns and is lawfully possessed and seized of the
      specifically Mortgaged Property and has good title thereto, free from all
      liens, charges and encumbrances, save only those referred to herein, has
      good right and lawful authority to grant, mortgage, pledge, charge,
      encumber, bargain, sell, assign and convey the Mortgaged Property
      according to the true meaning and intent of this Debenture and will defend
      the title to the Mortgaged Property for the benefit of against the claims
      and demands of all persons.

              

      

      

      
        	
                3.

              	
                The
      Principal Sum and Interest monies hereby secured will be paid without
      regard to any equities between the Borrower and the Lender or any
      intermediate holder hereof or any right of setoff or counterclaim; and the
      receipt of the Lender or the holders hereof for payment of such moneys and
      Interest will be a sufficient discharge to the Borrower for the
      same.

              

      

      

      
        	
                4.

              	
                The
      Principal Sum and Interest moneys hereby secured will become immediately
      due and payable on demand by the Lender or, unless waived by the Lender,
      in any of the following events:

              

      

      

      
        	
                 
      

              	
                (a)

              	
                if
      an order is made or a resolution is passed or a petition is filed for the
      winding-up, dissolution, liquidation or amalgamation of the
      Borrower;

              

      

      

      
        	
                 
      

              	
                (b)

              	
                if
      the Borrower makes an assignment or proposal or a bankruptcy petition is
      filed or presented against the Borrower or the Borrower otherwise becomes
      subject to the provisions of any legislation for the benefit of its
      creditors or otherwise acknowledges its
  insolvency;

              

      

      

      
        	
                 
      

              	
                (c)

              	
                if
      any execution, sequestration, extent or any other process of any kind
      becomes enforceable against the Borrower and is not satisfied within 10
      calendar days;

              

      

      

      
        	
                 
      

              	
                (d)

              	
                if
      a distress or analogous process is levied upon the Mortgaged Property of
      the Borrower or any part thereof unless the process is in good faith
      disputed by the Borrower and the Borrower gives adequate security to pay
      in full the amount claimed;

              

      

      

      
        	
                 
      

              	
                (e)

              	
                if
      the Borrower ceases or demonstrates an intention to cease to carry on the
      Borrower’s business;

              

      

      

      
        	
                 
      

              	
                (f)

              	
                if
      a receiver of all or any part of the Mortgaged Property charged hereby is
      appointed;

              

      

      

      
        	
                 
      

              	
                (g)

              	
                if
      an encumbrancer takes possession of the Mortgaged Property of the Borrower
      or any part thereof;

              

      

      

      
        	
                 
      

              	
                (h)

              	
                if
      the Borrower, without the prior written consent of the Lender, authorizes
      the purchase of all or substantially all of the Borrower’s
      shares;

              

      

      

      
        	
                 
      

              	
                (i)

              	
                if
      the Borrower carries on any business that it is restricted from carrying
      on by its Memorandum or Articles;

              

      

      

      
        	
                 
      

              	
                (j)

              	
                if
      any statutory declaration of the Secretary or other officer or director of
      the Borrower delivered in connection with this Debenture contains any
      misstatement; or

              

      

      

      
        	
                 
      

              	
                (k)

              	
                if
      the Borrower defaults in observing or performing any other covenant,
      agreement or condition of this Debenture or the Loan Agreement on its part
      to be observed or performed and such default is not cured within a period
      of 10 calendar days following the giving of written notice of default to
      the Borrower by the Lender.

              

      

      

      
        	
                5.

              	
                The
      Lender may waive any default by the Borrower in the observance or
      performance of any covenant, agreement or condition contained in this
      Debenture or any other event which without such waiver would cause the
      moneys hereby secured to be immediately due and payable but no such waiver
      or other act or omission of the Lender will extend to or affect any
      subsequent default or event or the rights resulting
    therefrom.

              

      

      

      
        	
                6.

              	
                The
      security hereby constituted will become enforceable if the Principal Sum
      and Interest moneys hereby secured are not paid when the same become due
      and payable in accordance with the provisions herein
      contained.

              

      

      

      
        	
                7.

              	
                At
      any time after the Principal Sum and Interest moneys hereby secured have
      become payable and remain unpaid, the Lender may by instrument in writing
      appoint any person, whether an officer or employee of such Lender or not,
      to be a receiver or receiver-manager (the “Receiver”) of the
      property and assets hereby charged and may remove any Receiver so
      appointed and appoint another in his
stead.

              

      

      

      
        	
                 
      

              	
                Any
      Receiver so appointed shall have the
power:

              

      

      

      
        	
                 
      

              	
                (a)

              	
                to
      take possession of, collect and get in the Mortgaged Property and for that
      purpose to take any proceedings in the name of the Borrower or
      otherwise;

              

      

      

      
        	
                 
      

              	
                (b)

              	
                to
      carry on or concur in carrying on the business of the Borrower and for
      that purpose to raise money on the Mortgaged Property in priority to this
      Debenture or otherwise;

              

      

      

      
        	
                 
      

              	
                (c)

              	
                to
      sell or lease or concur in the selling or leasing of the whole or any part
      of the Mortgaged Property and to convert the same or any part thereof into
      money, with full power to sell any Mortgaged Property either together or
      in parcels and either by public auction or private contract and either for
      a lump sum or for a sum payable by installments or for a sum on account
      and a mortgage or charge for the balance (and the Receiver will not be
      accountable for any moneys until actually received), and with full power
      upon every such sale to make any special or other stipulation as to title
      or otherwise which the Receiver may deem proper, and with full power to
      buy in or rescind any contract for sale of the Mortgaged Property or any
      part thereof and to resell the same without being responsible for any loss
      which may be occasioned thereby;
and

              

      

      

      
        	
                 
      

              	
                (d)

              	
                to
      make any arrangement or compromise which he may think expedient to the
      interests of the Lender.

              

      

      

      To enable
any Receiver so appointed to exercise the powers granted to the Receiver by this
section, the Borrower hereby appoints each such Receiver to be its attorney to
effect a sale or lease or any of the Mortgaged Property by conveying or leasing
in the name of or on behalf of the Borrower or otherwise, and under the
Receiver’s own seal; and any deed, lease, agreement or other instrument signed
by any such Receiver under the Receiver’s seal pursuant hereto will have the
same effect as if it were under the corporate seal of the Borrower.

      

      The
Lender of any sale purporting to be made by such Receiver pursuant hereto will
not be bound to inquire whether any notice required hereunder has been given or
otherwise as to the propriety of the sale or regularity of its proceedings, or
be affected by notice that no default has been made or continues or notice that
the sale is otherwise unnecessary, improper or irregular; and despite any
impropriety or irregularity or notice thereof to any other lender, the sale as
regards such Lender will be deemed to be within the aforesaid powers and be
valid accordingly and the remedy (if any) of the Borrower in respect of any
impropriety or irregularity whatsoever in any such sale will be in damages
only.

      

      Any
Receiver so appointed will be deemed to be the agent of the Borrower, and the
Borrower will be solely responsible for his acts or defaults and for the
Receiver’s remuneration and expenses, and will not be in any way responsible for
any misconduct or negligence on the part of any such Receiver.

      

      All
moneys received by such Receiver after providing for payment of all claims and
charges (if any) ranking prior to this Debenture and for all costs, charges and
expenses of or incidental to the appointment of the Receiver including the
reasonable remuneration of the Receiver and all outgoings properly payable by
him will be applied:

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      

      
        	
                FIRST:

              	
                in
      or towards payment to the Lender of the Principal Sum and all other moneys
      (other than Interest) hereby
secured.

              

      

      

      
        	
                SECONDLY:

              	
                in
      or towards payment to the Lender of all arrears of Interest remaining
      unpaid on this Debenture; and

              

      

      

      
        	
                THIRDLY:

              	
                the
      surplus (if any) will be paid to the
Borrower.

              

      

      

      The
rights and powers conferred by this section are supplemental to and not in
substitution for any rights and powers the Lender may from time to time
have.

      

      
        	
                8.

              	
                The
      Borrower will pay to the Lender on demand the amount of all expenses
      including, without limiting the generality of the foregoing, all legal
      fees (on a solicitor and client basis) and other costs, charges and
      expenses incurred by the Lender relating to the creation and registration
      of this Debenture or in recovering or enforcing payment of the moneys
      hereby secured, or in realizing upon this Debenture or any other
      securities for such moneys, or in taking possession of or protecting or
      realizing upon any property comprised in any such security, all of which
      together with Interest thereon at the rate provided for in this Debenture
      will be secured hereby, and in default of payment thereof all remedies
      hereunder and at law and in equity will be
  exercisable.

              

      

      

      
        	
                9.

              	
                This
      Debenture is to be treated as a negotiable instrument and all persons are
      invited by the Borrower to act
accordingly.

              

      

      

      
        	
                10.

              	
                This
      Debenture is in addition to and not in substitution for any other security
      now or hereafter held by the
Lender.

              

      

      

      
        	
                11.

              	
                The
      security created by this Debenture is a continuing security for the
      payment of all indebtedness, both present and future, and all and every
      liability, present or future, direct or indirect, absolute or contingent,
      of the Borrower to the Lender.

              

      

      

      
        	
                12.

              	
                The
      Borrower will at all times during the currency of this
      Debenture:

              

      

      

      
        	
                 
      

              	
                (a)

              	
                give
      to the Lender any information which it may reasonably require relating to
      the business of the Borrower, and upon request furnish access to its books
      and accounts and records at all reasonable times, and provide copies of
      its annual financial statements certified by a chartered accountant within
      120 calendar days after the end of each fiscal year of the
      Borrower;

              

      

      

      
        	
                 
      

              	
                (b)

              	
                maintain
      and preserve its charter and corporate organization in good standing and,
      subject to all the provisions herein contained, diligently preserve all
      the rights, powers, privileges and goodwill owned by the
      Borrower;

              

      

      

      
        	
                 
      

              	
                (c)

              	
                conduct
      the Borrower’s business in a proper and businesslike
    manner;

              

      

      

      
        	
                 
      

              	
                (d)

              	
                insure
      and keep insured against all risks or hazards to their full insurable
      value all of its property and assets which are of an insurable nature, and
      pay the premiums for all such insurance, and on request deliver to the
      Lender a copy of the policy or policies of such
  insurance;

              

      

      

      
        	
                 
      

              	
                (e)

              	
                duly
      and punctually pay, perform and observe all rent, taxes, local improvement
      rates, assessments, covenants and obligations whatsoever which ought to be
      paid, performed or observed by the Borrower in respect of all or any part
      of the property hereby charged;

              

      

      

      
        	
                 
      

              	
                (f)

              	
                fully
      and effectually register this Debenture in all jurisdictions and places
      where the Borrower carries on business or registration is required, and
      otherwise maintain and keep maintained the security hereby created as
      valid and effective security;

              

      

      

      
        	
                 
      

              	
                (g)

              	
                pay
      duly and punctually all taxes, levies and assessments, and all debts and
      obligations to labourers, workmen, employees, contractors,
      sub-contractors, suppliers of material and others which, if unpaid, might
      under the laws of either the Province of British Columbia, the United
      States or otherwise have priority over the security hereby created or any
      part thereof; and

              

      

      

      
        	
                 
      

              	
                (h)

              	
                make
      all payments and perform each and every covenant, agreement and obligation
      under any lease now held or hereafter acquired by the Borrower and any
      mortgage, debenture, trust deed or agreement charging any property or
      assets of the Borrower as and when the same are required to be paid or
      performed.

              

      

      

      
        	
                13.

              	
                If
      the Borrower fails to perform any of the covenants, agreements or
      conditions herein contained the Lender may, in its sole and absolute
      discretion, perform the same, and if any such covenant, agreement or
      condition required the payment or expenditure of money, the Lender may
      make such payment or expenditure; and all costs, charges and expenses
      thereby incurred and all sums so paid or expended will bear Interest at
      the rate provided for in this Debenture, will be at once payable by the
      Borrower to the Lender and will be secured hereby and have the benefit of
      the charges hereby created.

              

      

      

      
        	
                14.

              	
                The
      Borrower will not at any time during the currency of this Debenture,
      without the prior written consent of the Lender, alter its Memorandum by
      altering any restriction upon the business carried on or to be carried on
      by the Borrower, or upon its
powers.

              

      

      

      
        	
                15.

              	
                Neither
      the preparation, nor the execution nor the registration of this Debenture
      binds the Lender to advance the moneys hereby secured, nor will the
      advance of part of such moneys bind the Lender to advance any unadvanced
      portion thereof, but nevertheless the charges hereby created take effect
      forthwith upon the execution of these presents by the
      Borrower.

              

      

      

      
        	
                16.

              	
                Neither
      the taking of any judgment nor the exercise of any power of seizure or
      sale or any other rights or powers of the Lender hereunder will operate to
      extinguish the liability of the Borrower to make payment of the Principal
      Sum and Interest monies hereby secured, nor will the same operate as a
      merger of any covenant or affect the right of the Lender to Interest at
      the rate hereinbefore provided.

              

      

      

      
        	
                17.

              	
                The
      Lender, in addition to any other powers given to the Lender under this
      Debenture, has the power:

              

      

      

      
        	
                 
      

              	
                (a)

              	
                to
      release any Mortgaged Property of the Borrower from the charge created by
      or pursuant to this Debenture;

              

      

      

      
        	
                 
      

              	
                (b)

              	
                to
      agree to any modification, compromise, release or waiver of the rights of
      the Lender against the Borrower or against the Borrower’s property,
      whether such rights arise under this Debenture or otherwise;
      and

              

      

      

      
        	
                 
      

              	
                (c)

              	
                to
      accept any other properties or securities in substitution for this
      Debenture.

              

      

      

      
        	
                 
      

              	
                Any
      notice given to the Borrower in connection with this Debenture will be in
      writing and may be given by delivering the same or by sending the same by
      prepaid registered post addressed to the Borrower at Unit 2, 3590 West
      41st
      Avenue, Vancouver, British Columbia, Canada, V6N 3E6 (or at such other
      address as may be substituted therefor by notice in writing given by the
      Borrower to the Lender).  Any notice so delivered will be deemed
      to have been received by the Borrower upon delivery, and any notice so
      mailed will be deemed to have been received by the Borrower on the tenth
      business day following the day on which it was so mailed; but any notice
      given during a strike, lockout or other labour disturbance at the Post
      Office will be delivered and not
mailed.

              

      

      

      
        	
                18.

              	
                Time
      is of the essence of this
Debenture.

              

      

      

      
        	
                 
      

              	
                19.When
      the context hereof makes it possible, the word “person” appearing in this
      Debenture includes in its meaning any body corporate or politic; and the
      word “Lender” as the case may be includes any subsequent holder hereof,
      and any appointment or removal under section “7.” may be made by writing,
      signed or sealed by any such holder; and words in the singular include the
      plural, and words importing the masculine gender include females and any
      body corporate or politic.

              

      

      

      
        	
                20.

              	
                This
      Debenture and all its terms and conditions will enure to the benefit of
      the Lender and its successors and assigns, and will be binding upon the
      Borrower and the Borrower’s successors and
  assigns.

              

      

       

      4tapimmunewarrantcertificate.htm

EXHIBIT 10.2

    
      __________

    

    
      

      

      

      

      

      

      

      

      

      

    

    
      

    

    
      

    

    
      $0.02 SHARE PURCHASE WARRANT
CERTIFICATE

    

    
      

    

    
      

    

    
      

      

      

      

      

      

      

      

      

      

    

    
      From:

    

    
      

      

    

    
      TAPIMMUNE
INC.

    

    
      

      

      

      

      

    

    
      To:

    

    
      

      

    

    
      [-----------------]

    

    
      

    

    
      

      

      

      

      

      

      

      

      

    

    
      TapImmune
Inc.

      Unit 2,
3590 West 41st Avenue,
Vancouver, British Columbia, Canada, V6N 3E6

    

    
      __________

      

    

    
      
        
          --  $0.02 Share Purchase Warrant
Certificate  --

          --  TapImmune
Inc.  --

          2745683.1

        

                                                                                            

      

      
        
        

        
          

        

      

      
         

        
           

        

      

    

    $0.02 SHARE PURCHASE WARRANT
CERTIFICATE

     

    

                                                           $0.02
Series A No. 1 

    TAPIMMUNE
INC.

    

    (Incorporated
under the laws of the State of Nevada, U.S.A.)

    

    

    WARRANTS FOR [-------------]
SHARES OF COMMON STOCK

    

    

    THE WARRANTS REPRESENTED
HEREBY ARE NON-TRANSFERABLE EXCEPT IN ACCORDANCE WITH APPLICABLE SECURITIES LAWS
AND WILL BE VOID AND OF NO VALUE UNLESS EXERCISED ON OR BEFORE 5:00 P.M.
(VANCOUVER, BRITISH COLUMBIA, CANADA. TIME) ON FEBRUARY 4, 2011,
AND MAY EXPIRE EARLIER IN CERTAIN CIRCUMSTANCES.

    

    THESE SECURITIES HAVE NOT
BEEN REGISTERED UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED, OR THE LAWS OF
ANY STATE, AND ARE BEING ISSUED PURSUANT TO AN EXEMPTION FROM REGISTRATION
PERTAINING TO SUCH SECURITIES AND PURSUANT TO A REPRESENTATION BY THE SECURITY
HOLDER NAMED HEREON THAT SAID SECURITIES HAVE BEEN ACQUIRED FOR PURPOSES OF
INVESTMENT AND NOT FOR PURPOSES OF DISTRIBUTION.  THESE SECURITIES MAY
NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF
REGISTRATION, OR THE AVAILABILITY OF AN EXEMPTION FROM SUCH
REGISTRATION.  THE STOCK TRANSFER AGENT HAS BEEN ORDERED TO EFFECTUATE
TRANSFERS ONLY IN ACCORDANCE WITH THE ABOVE INSTRUCTIONS.

    (OR)

    THESE SECURITIES HAVE NOT
BEEN REGISTERED UNDER THE UNITED STATES SECURITIES
ACT OF 1933, AS
AMENDED (THE “ACT”), OR THE LAWS OF ANY STATE, AND ARE BEING ISSUED IN RELIANCE
UPON REGULATION S PROMULGATED UNDER THE ACT.  THESE SECURITIES MAY NOT
BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF
REGISTRATION, THE AVAILABILITY OF AN EXEMPTION FROM SUCH REGISTRATION OR
COMPLIANCE WITH REGULATION S.  FURTHERMORE, NO OFFER, SALE, TRANSFER,
PLEDGE OR HYPOTHECATION IS TO TAKE PLACE WITHOUT THE PRIOR WRITTEN APPROVAL OF
COUNSEL TO THE COMPANY.  THE STOCK TRANSFER AGENT HAS BEEN ORDERED TO
EFFECTUATE TRANSFERS ONLY IN ACCORDANCE WITH THE ABOVE
INSTRUCTIONS.

    (AND, IF
APPLICABLE)

    UNLESS PERMITTED UNDER
APPLICABLE SECURITIES LEGISLATION, THE HOLDER OF THE SECURITIES REPRESENTED
HEREBY SHALL NOT TRADE THE SECURITIES IN CANADA BEFORE THE EARLIER OF (I) THE
DATE THAT IS FOUR MONTHS AND A DAY AFTER THE DATE THE COMPANY FIRST BECAME A
REPORTING ISSUER IN ANY OF ALBERTA, BRITISH COLUMBIA, MANITOBA, NOVA SCOTIA,
ONTARIO, QUEBEC AND SASKATCHEWAN, IF THE COMPANY IS A SEDAR FILER, AND (II) THE
DATE THAT IS FOUR MONTHS AND A DAY AFTER THE LATER OF (A) THE DISTRIBUTION DATE,
AND (B) THE DATE THE COMPANY BECAME A REPORTING ISSUER IN THE LOCAL JURISDICTION
OF THE SUBSCRIBER OF THE SECURITIES THAT ARE THE SUBJECT OF THE
TRADE.

    (AND)

    UNLESS OTHERWISE PERMITTED
UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE
SECURITY IN OR FROM BRITISH COLUMBIA UNLESS THE CONDITIONS IN SECTION 12(2) OF
BC INSTRUMENT 51-509 ISSUERS QUOTED IN THE U.S. OVER-THE-COUNTER MARKET ARE
MET.

    

    

    SHARE PURCHASE
WARRANTS

    (the
“Warrants”)

    

    

    THIS IS
TO CERTIFY THAT, for value received, [--------------] (the “Holder”) is entitled to
purchase up to a total of [------------] fully paid and
non-assessable shares of the common stock (each a “Warrant Share”) of TAPIMMUNE
INC. (the “Company”) for the period
commencing upon the date of issuance of the within Warrants by the Company; that
being on [----------------], 2009; and ending at 5:00 p.m. (Vancouver, British
Columbia, Canada, time) on [-----------------],
2011 (such time period being the “Warrant Exercise Period” and
the final such day of such Warrant Exercise Period being the “Time of Expiry” herein), at an
exercise price of U.S.
$0.02 per Warrant Share, as may be adjusted
hereunder (the
“Warrant Exercise
Price”), during the Warrant Exercise Period.

    

    This
Warrant is subject to the terms and conditions contained hereinbelow together
with the terms and conditions which are attached to this Warrant as Schedule
“A”.

    

    The aforesaid right to purchase Warrant
Shares may be exercised by the Holder at anytime and from time to time prior to
the Time of Expiry (i) by duly completing in the manner indicated and executing
the subscription form attached hereto, (ii) by surrendering this Warrant to the
Company at its executive office located in Vancouver, British Columbia, Canada,
and (iii) if the Holder does not choose to exercise a Cashless Exercise (as
defined herein), by paying the requisite Warrant Exercise Price for the Warrant
Shares subscribed for either in cash or by certified cheque or money order
payable at par to the order of the Company.  Upon said surrender and
payment, the Company will issue to the Holder of the subscription form the
number of Warrant Shares subscribed for and said Holder will become a
shareholder or shareholders of the Company in respect of the Warrant Shares as
of the date of such surrender and payment.  Subject to the terms and
conditions of this Warrant, the Company will, as soon as practicable after said
surrender and payment, mail to the person or persons at the address or addresses
specified in the subscription form a certificate or certificates evidencing the
Warrant Shares subscribed for.  If the Holder of this Warrant
subscribes for a lesser number of Warrant Shares than the number of Warrant
Shares referred to in this Warrant, the Holder shall be entitled to receive a
further Warrant in respect of Warrant Shares not subscribed for.

    

    The Holder of this Warrant may
surrender this Warrant to the Company at its executive office located in
Vancouver, British Columbia, Canada, in exchange for new certificates
representing this Warrant entitling the Holder to purchase in the aggregate the
same number of Warrant Shares referred to in this Warrant.

     

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

    

    This Warrant shall not constitute the
Holder a stockholder of the Company.

    

    Time shall be of the essence
hereof.

    

    

    IN
WITNESS WHEREOF TAPIMMUNE
INC. has caused
its common seal to be affixed and this Warrant to be signed by its authorized
representative effective on this [---] day of [-----------] 2009.

    

    Signed by:

    

        TAPIMMUNE
INC.

    

    (C/S)

    
 

    Per:                       

                                                 

                                        Authorized
Signatory

    __________

    --  $0.02 Share Purchase Warrant
Certificate  --

    --  TapImmune
Inc.  --

    2745683.1

    
      
        
           

        

                                                                                           

      

      
        1

        
          

        

      

      
         

        
           

        

      

    

    FORM OF
SUBSCRIPTION

    

    

    

    To:                      TAPIMMUNE
INC.

    

    

    

    The undersigned “Holder” of the attached “Warrant” hereby subscribes for
_______________ “Warrant Shares” of TAPIMMUNE
INC. (again the “Company”) pursuant to the
attached Warrant at a “Warrant
Exercise Price” of U.S. $[----] per Warrant Share during the Warrant
Exercise Price (or such number of other Warrant Shares or securities to which
such subscription entitles it in lieu thereof or in addition thereto under the
terms and conditions mentioned in the within Warrant) on the terms specified in
the said Warrant.  This subscription is accompanied by a certified
cheque or money order payable to or to the order of the Company for the whole
amount of the requisite Warrant Exercise Price of the said Warrant
Shares.

    

    The
undersigned hereby elects (please check the appropriate box and fill in the
blank spaces):

    

    
      	
                 |_|

            	
              to
      purchase ______ shares of Common Stock, $.001 par value per share, of
      TapImmune Inc. at $[----] per share for a total of $______ and pursuant to
      the terms of the attached Warrant, and tenders herewith payment of the
      aggregate Warrant Exercise Price of such Warrant Shares in full;
      or

            

    

    

    
      	
                 |_|

            	
              to
      purchase _______ shares of Common Stock, $.001 par value per share, of
      TapImmune Inc. pursuant to the cashless exercise provision under Section
      4.01(b) of the Terms and Conditions of the attached Warrant, and tenders
      herewith the number of Warrant Shares to purchase such Warrant Shares
      based upon the formula set forth in Section
  4.01(b).

            

    

    

    

    The undersigned hereby irrevocably
directs that above-mentioned number of Warrant Shares are to be registered as
follows:

    

    
      	
               
      

            	
                Social
      Number of

            

    

    
      	
               
      

            	
                     Name        Address in
      FullInsur.
      No.         Warrant
      Shares

            

    

        

                                 

    
      	
               
      

            	 

                                                                                                 

    
      	
               
      

            	 

    

                                   

    
      	
               
      

            	 

    

                                   

    
      	
               
      

            	 

    

    

    Total:                      

    

    

    
      	
               
      

            	
              DATED
      on this _____ day of _______________,
_____.

            

    

    

    

    
      	
               
      

            	 

    

    
      	
               
      

            	
                       Signature of
      Guarantor*  Signature of
      Holder

            

    

    

    

    
      	
               
      

            	 

    

    
      	
               
      

            	
               Print Name of
      Holder

            

    

             (If
Warrant Holder is not an individual,

               name
and title of signatory)

    

    

    
      	
               
      

            	 

    

    
      	
               
      

            	
               Residence Address of
      Holder in full

            

    

    

    
      	
               
      

            	 

    

    

    
      	
               
      

            	
              *If
      this Warrant subscription form indicates that Warrant Shares are to be
      issued to a person or persons other than the registered Holder of the
      Warrant certificate, the signature of such Holder of the subscription form
      must be medallion guaranteed by an authorized officer of a chartered bank,
      trust company or an investment dealer who is a member of a recognized
      stock exchange.  If the subscription form is signed by a
      trustee, executor, administrator, curator, guardian, attorney, officer of
      a corporation or any person acting in a judiciary or representative
      capacity, the subscription form must be accompanied by evidence of
      authority to sign satisfactory to the
Company.

            

    

    

    The Warrant Share certificate(s) will
be mailed by registered mail to the address appearing on the face page of the
Warrant certificate.

    

    

    The Holder’s
representations, warranties, certifications and
understandings.

    

    The
Holder is either (check the applicable box):

    

    
      	
               
      

            	
              Not
      a U.S. Person (as defined in
      Rule 902 of Regulation S (“Regulation S”) under the
      United States Securities
      Act of 1933, as amended (the “U.S. Act”), which
      definition includes, but is not limited to, any natural person resident in
      the United States, any corporation or partnership incorporated or
      organized under the laws of the United States or any estate or trust of
      which any executor, administrator or trustee is a U.S. Person in which
      case representation (d) below is not applicable; or
  

            

    

    

    A U.S. Person in which case
representations (a) – (c) are not applicable.

    

    

     The
Holder certifies, acknowledges, represents and warrants to the Company and
understands that:

    

    
      	
               
      

            	
              (a)Not
      a U.S. Person:   The
      Holder: (i) is not a U.S. Person; (ii) is not purchasing any of the
      Warrant Shares for the account or benefit of any U.S. Person or for
      offering, resale or delivery for the account or benefit of any U.S. Person
      or for the account of any person in any jurisdiction other than the
      jurisdiction set out in the name and address of the Holder set forth
      hereinabove; and (iii) was not offered any Warrant Shares in the United
      States and was outside the United States at the time of execution and
      delivery of this Warrant
subscription;

            

    

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    
      	
               
      

            	
              (b)

            	
              No
      registration and sales under Regulation S:   the Holder acknowledges
      that the Warrant Shares have not been registered under the U.S. Act
      and the Company has no obligation or present intention of filing a
      registration statement under the U.S. Act in respect of the Warrant
      Shares.  In addition,  the Holder agrees to resell the
      Warrant Shares only in accordance with the provisions of Regulation S,
      pursuant to a registration under the U.S. Act or pursuant to an available
      exemption from such registration, and that hedging transactions involving
      the Warrant Shares may not be conducted unless in compliance with the U.S.
      Act.  The Holder understands that any certificate representing
      the Warrant Shares will bear a legend setting forth the foregoing
      restrictions.  Furthermore, the Holder understands that the
      Warrant Shares are restricted within the meaning of “Rule 144” promulgated
      under the U.S. Act; that the exemption from registration under Rule 144
      will not be available in any event for at least six months from the date
      of purchase and payment of the Warrants by the Holder, and even then will
      not be available unless (i) a public trading market then exists for the
      shares of the Company, (ii) adequate information concerning the Company is
      then available to the public and (iii) other terms and conditions of Rule
      144 are complied with; and that any sale of the Warrant Shares may be made
      by the Holder only in limited amounts in accordance with such terms and
      conditions;

            

    

    

    
      	
               
      

            	
              (c)

            	
              No
      U.S. beneficial interest:   no
      U.S. Person, either directly or indirectly, has any beneficial interest in
      any of the Warrant Shares acquired by Holder hereunder, nor does the
      Holder have any agreement or understanding (written or oral) with any U.S.
      Person respecting:

            

    

    

    
      	
               
      

            	
              (i)

            	
              the
      transfer or any assignment of any rights or interest in any of the Warrant
      Shares;

            

    

    

    
      	
               
      

            	
              (ii)

            	
              the
      division of profits, losses, fees, commissions or any financial stake in
      connection with this subscription;
or

            

    

    

    
      	
               
      

            	
              (iii)

            	
              the
      voting of the Warrant Shares;

            

    

    

    
      	
               
      

            	
              (d)

            	
              Holder’s declarations
      as an “Accredited Investor” :   the Holder warrants
      and certifies that the Holder is an “Accredited Investor”, as
      that term is defined in Section 4(2) of the U.S. Act, and in “Rule 501” of “Regulation D”
      promulgated thereunder, by virtue of the Subscriber’s qualification under
      one or more of the following categories {please check the appropriate
      category or categories where
applicable}:

            

    

    

    
      	
               
      

            	
              The
      Holder is a natural person whose individual net worth, or joint net worth
      with that person’s spouse, exceeds U.S.
  $1,000,000.

            

    

    

    
      	
               
      

            	
              The
      Holder is a natural person who had an individual income in excess of U.S.
      $200,000 in each of the two most recent years or joint income with the
      Subscriber’s spouse in excess of U.S. $300,000 in each of those years and
      has a reasonable expectation of reaching the same income level in the
      current year.

            

    

    

    
      	
               
      

            	
              The
      Holder is a corporation, organization described in section 501(c)(3) of
      the United States Internal Revenue Code,
      Massachusetts, or similar business trust or partnership, not formed for
      the specific purpose of acquiring the Warrant Shares, with total assets in
      excess of U.S. $5,000,000.

            

    

    

    
      	
               
      

            	
              The
      Holder is a trust, with total assets in excess of U.S. $5,000,000, not
      formed for the specific purpose of acquiring the Warrant Shares, whose
      purchase is directed by a sophisticated
person.

            

    

    

    
      	
               
      

            	
              The
      Holder is a Director or Executive Officer of the
  Company.

            

    

    

    
      	
               
      

            	
              The
      Holder is a “private business development company” as that term is defined
      in section 202(a)(22) of the United States Investment Advisers Act of
      1940.

            

    

    

    
      	
               
      

            	
              The
      Holder is either: (a) a “bank” as defined in section 3(a)(2) of the U.S.
      Act, or a “savings and loan association or other institution” as defined
      in section 3(a)(5)(A) of the U.S. Act, whether acting in its individual or
      fiduciary capacity; or (b) a broker or dealer registered pursuant to
      section 15 of the United States Securities Exchange Act of
      1934; or (c) an “insurance company” as defined in section 2(13) of
      the U.S. Act; or (d) an investment company registered under the United
      States Investment
      Company Act of 1940 or a “business development company” as defined
      in section 2(a)(48) of the United States Investment Company Act of
      1940; or (e) a small business investment company licensed by the
      United States “Small Business Administration” under either of subsections
      301(c) or (d) of the United States Small Business Investment Act
      of 1958; or (f) a plan established and maintained by a state, its
      political subdivisions, or any agency or instrumentality of a state or its
      political subdivisions, for the benefit of its employees, if such plan has
      total assets in excess of U.S. $5,000,000; or (g) an employee benefit plan
      within the meaning of the United States Employee Retirement Income
      Security Act of 1974, if the investment decision is made by a plan
      fiduciary as defined in section 3(21) of the United States Employee Retirement Income
      Security Act of 1974 which is either a bank, savings and loan
      association, insurance company or registered investment adviser, or if the
      employee benefit plan has total assets in excess of U.S. $5,000,000 or, if
      a self-directed plan, with investment decisions made solely by persons
      that are accredited investors.

            

    

    

    
      	
               
      

            	
              The
      Holder is an entity in which all of the equity owners are accredited
      investors under one or more of the categories set forth
      hereinabove.

            

    

     

    
      	
               

            	
              (e)

            	
              Experience:   the
      Holder has the requisite knowledge and experience in financial and
      business matters for properly evaluating the risks of an investment in the
      Company;

            

    

    

    
      	
               
      

            	
              (f)

            	
              Information:   the
      Holder has received all information regarding the Company reasonably
      requested by the Holder;

            

    

    

    
      	
               
      

            	
              (g)

            	
              Risk:   the
      Holder understands that an investment in the Company involves certain
      risks of which the Holder has taken full cognizance, and which risks the
      Holder fully understands;

            

    

    

    
      	
               
      

            	
              (h)

            	
              Adequacy
      of information:   the
      Holder has been given the opportunity to ask questions of, and to receive
      answers from, the Company concerning the terms and conditions of the
      within Warrants and to obtain additional information necessary to verify
      the accuracy of the information contained in the information described in
      subsection (f) hereinabove, or such other information as the Holder
      desired in order to evaluate an investment in the
  Company;

            

    

    

    
      	
               
      

            	
              (i)

            	
              Residency:   the
      residence of the Holder as set forth hereinabove is the true and correct
      residence of the Holder and the Holder has no present intention of
      becoming a resident or domiciliary of any other State or
      jurisdiction;

            

    

    

    
      	
               
      

            	
              (j)

            	
              Independent
      investigation:   in
      making a decision to invest in the Company, the Holder has relied solely
      upon independent investigations made by the Holder, and the particular tax
      consequences arising from an investment in the Company will depend upon
      the Holder’s individual
circumstances;

            

    

    

    
      	
               
      

            	
              (k)

            	
              Principal:   the
      Holder is purchasing the Warrant Shares as principal for the Holder’s own
      account and not for the benefit of any other person, except as otherwise
      stated herein, and not with a view to the resale or distribution of all or
      any of the Warrant Shares;

            

    

    

    
      	
               
      

            	
              (l)

            	
              Decision to
      purchase:   the decision of the Holder to purchase
      Warrant Shares pursuant hereto has been based only on the representations
      of this Warrant and any collateral business plan or offering memorandum
      provided herewith or based upon the Holder’s relationship with a Director
      and/or Executive Officer of the Company.  It is not made on
      other information relating to the Company and not upon any oral
      representation as to fact or otherwise made by or on behalf of the Company
      or any other person.  The Holder agrees that the Company assumes
      no responsibility or liability of any nature whatsoever for the accuracy,
      adequacy or completeness of any business plan information which has been
      created based upon the Company’s management experience.  In
      particular, and without limiting the generality of the foregoing, the
      decision to subscribe for Warrant Shares has not been influenced
      by:

            

    

    

    
      	
               
      

            	
              (i)

            	
              newspaper,
      magazine or other media articles or reports related to the Company or its
      business;

            

    

    

    
      	
               
      

            	
              (ii)

            	
              promotional
      literature or other materials used by the Company for sales or marketing
      purposes; or

            

    

    

    
      	
               
      

            	
              (iii)

            	
              any
      representations, oral or otherwise, that the Company will become a listed
      company, that the Warrant Shares will be repurchased or have any
      guaranteed future realizable value or that there is any certainty as to
      the success of the Company or the liquidity or value of the Warrant
      Shares;

            

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    
      	
               
      

            	
              (m)

            	
              Advertisements:   the
      Holder acknowledges that the Holder has not purchased Warrant Shares as a
      result of any general solicitation or general advertising, including
      advertisements, articles, notices or other communications published in any
      newspaper, magazine or similar media or broadcast over radio or
      television, or any seminar or meeting whose attendees have been invited by
      general solicitation or general
advertising;

            

    

     

    
      
      

    

    
      	
               
      

            	
              (n)

            	
              Information not
      received:   the Holder has not received, nor has the
      Holder requested, nor does the Holder have any need to receive, any
      offering memorandum or any other document (other than financial statements
      or any other document the content of which is prescribed by statute or
      regulation) describing the business and affairs of the Company which has
      been prepared for delivery to, and review by, prospective purchasers in
      order to assist them in making an investment decision in respect of the
      Warrant Shares, and the Holder has not become aware of any advertisement
      in printed media of general and regular paid circulation, radio or
      television with respect to the distribution of the Warrant
      Shares;

            

    

    

    
      	
               
      

            	
              (o)

            	
              Information
      received:   the Holder has had access to such
      additional information, if any, concerning the Company as the Holder has
      considered necessary in connection with the Holder’s investment decision
      to acquire the Warrant Shares;

            

    

    

    
      	
               
      

            	
              (p)

            	
              Reliance on public
      information:   the Holder has relied solely upon the
      publicly available information relating to the Company and not upon any
      verbal or written representation as to fact or otherwise made by or on
      behalf of the Company; such publicly available information having been
      delivered to the Holder without independent investigation or verification
      by the Company, and agrees that the Company assumes no responsibility or
      liability of any nature whatsoever for the accuracy, adequacy or
      completeness of the publicly available
  information;

            

    

    

    

    
      	
               
      

            	
              (r)Reliance of
      representative:   the Holder, by reason of the
      Holder’s knowledge and experience in financial and business matters, is
      capable of evaluating the risks and merits of an investment in the Warrant
      Shares or, if the Holder is relying upon the investment advice of a
      representative who has advised the undersigned in connection with this
      investment (the “Representative”), the
      undersigned believes the Representative to be sophisticated and competent
      in the area of investment advice and analysis and therefore capable of
      evaluating the risks and merits of an investment in the Warrant
      Shares;

            

    

    

    
      	
               
      

            	
              (s)

            	
              Economic
      risk:   the Holder has such knowledge and experience
      in financial and business affairs as to be capable of evaluating the
      merits and risks of the Holder’s investment in the Warrant Shares, and the
      Holder is able to bear the economic risk of a total loss of the Holder’s
      investment in the Warrant Shares;

            

    

    

    
      	
               
      

            	
              (t)

            	
              Speculative
      investment:   the Holder understands that an
      investment in the Warrant Shares is a speculative investment and that
      there is no guarantee of success of the Company’s management’s
      plans.  Management’s plans are an effort to apply present
      knowledge and experience to project a future course of action which is
      hoped will result in financial success employing the Company’s assets and
      with the present level of management’s skills and of those whom the
      Company will need to attract (which cannot be
      assured).  Additionally, all plans are capable of being
      frustrated by new or unrecognized or unappreciated present or future
      circumstances which can typically not be accurately, or at all,
      predicted;

            

    

    

    
      	
               
      

            	
              (u)

            	
              Risk and resale
      restriction:   the Holder is aware of the risks and
      other characteristics of the Warrant Shares and of the fact that the
      Holder will not be able to resell the Warrant Shares except in accordance
      with the applicable securities legislation and regulatory
      policy;

            

    

    

    
      	
               
      

            	
              (v)Representations as to
      resale:   no person has made to the Holder any
      written or oral representations:

            

    

    

    
      	
               
      

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

            

    

    

    
      	
               
      

            	
              (ii)that
      any person will refund the purchase of the Warrant
      Shares;

            

    

    

    
      	
               
      

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

            

    

    

    
      	
               
      

            	
              (iv)that
      the Warrant
      Shares will be listed and posted for trading on any stock exchange,
      over-the-counter or bulletin board market, or that application has been
      made to list and post any of the Warrant
      Shares for trading on any stock exchange, over-the-counter or
      bulletin board market; and

            

    

    

    
      	
               
      

            	
              the
      Purchaser will not resell the Warrant Shares except in accordance with the
      provisions of applicable securities legislation and stock exchange
      rules;

            

    

    

    
      	
               
      

            	
              (w)

            	
              Reports and
      undertakings:   if required by applicable securities
      legislation, policy or order or by any securities commission, stock
      exchange or other regulatory authority, the Holder will
      execute and otherwise assist the Company in filing such reports,
      undertakings and other documents as may be reasonably required with
      respect to the issue of the Warrant
Shares;

            

    

    

    
      	
               
      

            	
              (x)

            	
              Resale
      restrictions:   the Holder has been independently
      advised as to the applicable hold period imposed in respect of the Warrant
      Shares by securities legislation in the jurisdiction in which the Holder’s
      resides and confirms that no representation has been made respecting the
      applicable hold periods for the Warrant Shares and is aware of the risks
      and other characteristics of the Warrant Shares and of the fact that the
      Holder may not be able to resell the Warrant Shares except in accordance
      with the applicable securities legislation and regulatory
      policy.  In this regard the Holder agrees that if the Holder
      decides to offer, sell or otherwise transfer any of the Warrant Shares the
      Holder will not offer, sell or otherwise transfer any of such Warrant
      Shares, directly or indirectly,
unless:

            

    

    

    
      	
               
      

            	
              (i)

            	
              the
      sale is to the Company; or

            

    

    

    
      	
               
      

            	
              (ii)

            	
              the
      sale is made outside the United States in compliance with the requirements
      of Rule 904 of Regulation S under the U.S. Act and in compliance with
      applicable state securities laws;
or

            

    

    

    
      	
               
      

            	
              (iii)

            	
              the
      sale is made pursuant to an exemption from registration under the U.S. Act
      provided by Rule 144 thereunder and in compliance with applicable state
      securities laws; or

            

    

    

    
      	
               
      

            	
              (iv)

            	
              the
      sale is made pursuant to another applicable exemption from registration
      under the U.S. Act and in compliance with applicable state securities
      laws;

            

    

    

    
      	
               
      

            	
              (y)

            	
              No prospectus
      filing:   the Holder acknowledges that this is an
      offering made on a private basis without a prospectus and that no federal,
      state, provincial or other agency has made any finding or determination as
      to the merits of the investment nor made any recommendation or endorsement
      of the Warrant Shares, and that:

            

    

    

    
      	
               
      

            	
              (i)

            	
              the
      Holder may be or is restricted from using most of the civil remedies
      available under applicable securities legislation;
  and

            

    

    

    
      	
               
      

            	
              (ii)

            	
              the
      Company is relieved from certain obligations that would otherwise apply
      under applicable securities
legislation;

            

    

    

    
      	
               
      

            	
              (z)

            	
              Confidentiality:   the
      Holder understands that the Company’s business plan and this Warrant are
      confidential.  Furthermore, the Holder has not distributed such,
      or divulged the contents thereof, to anyone other than such legal or
      financial advisors as the Holder has deemed desirable for purposes of
      evaluating an investment in the Warrant Shares, and the Holder has not
      made any copies thereof except for the Holder’s own
    records;

            

    

    

    
      	
               
      

            	
              (aa)

            	
              Age of
      majority:   the Holder, if an individual, has
      attained the age of majority and is legally competent to execute this
      Warrant subscription and to take all actions required pursuant
      hereto;

            

    

    

    
      	
               
      

            	
              (ab)

            	
              Authorization and
      formation of Holder:   the Holder, if a corporation,
      partnership, trust or other form of business entity, is authorized and
      otherwise duly qualified to purchase and hold the Warrant Shares, and such
      entity has not been formed for the specific purpose of acquiring Warrant
      Shares in this issue.  If the Holder is one of the
      aforementioned entities it hereby agrees that, upon request of the
      Company, it will supply the Company with any additional written
      information that may be reasonably requested by the Company.  In
      addition, the
      entering into of this Warrant subscription and the transactions
      contemplated hereby will not result in the violation of any of the terms
      of and provisions of any law applicable to, or the constating documents,
      if a corporation, of, the Holder or of any agreement, written or oral, to
      which the Holder may be a party or by which the Holder may be
      bound;

            

    

    

    
      	
               
      

            	
              (ac)

            	
              Legal
      obligation:   this Warrant subscription has been
      duly and validly authorized, executed and delivered by and constitutes a
      legal, valid, binding and enforceable obligation of the
      Holder;

            

    

    

    
      	
               
      

            	
              (ad)

            	
              Legal and tax
      consequences:   the Holder acknowledges that an
      investment in the Warrant Shares of the Company may have tax consequences
      to the Holder under applicable law, which the Holder is solely responsible
      for determining, and the Holder also acknowledges and agrees that the
      Holder is responsible for obtaining its own legal and tax
      advice;

            

    

    

    
      	
               
      

            	
              (ae)

            	
              Compliance with
      applicable laws:   The Holder knows of no reason
      (and is sufficiently knowledgeable to determine the same or has sought
      legal advice) why the delivery of this Warrant subscription, the
      acceptance of it by the Company and the issuance of the Warrant Shares to
      the Holder will not comply with all applicable laws of the Holder’s
      jurisdiction of residence or domicile, and all other applicable laws, and
      the Holder has no reason to believe that the Holder’s subscription hereby
      will cause the Company to become subject to or required to comply with any
      disclosure, prospectus or reporting requirements or to be subject to any
      civil or regulatory review or proceeding.  In addition, the
      Holder will comply with all applicable securities laws and will assist the
      Company in all reasonable manner to comply with all applicable securities
      laws;

            

    

    

    
      	
               
      

            	
              (af)

            	
              Encumbrance or
      transfer of Warrant Shares:   the Holder will only
      sell, assign, gift, pledge or encumber in any manner whatsoever the
      Warrant Shares herein subscribed for in accordance with applicable
      securities legislation; and

            

    

    

    
      	
               
      

            	
              (ag)

            	
              Regulation
      S:   the
      Holder further represents and warrants that the Holder was not
      specifically formed to acquire any of the Warrants Share subscribed for in
      this Warrant subscription in violation of the provisions of Regulation
      S.

            

    

    

    The
Holder understands that the Company will rely on the representations and
warranties of the Holder herein in determining whether a sale of the Warrant
Shares to the Holder is in compliance with federal and applicable state and
provincial securities laws.  The Holder hereby agrees to indemnify the
Company and its affiliates and to hold the Company and its affiliates, together with each of
the Company’s officers, directors, employees and professional advisors,
harmless from and against any and all liability, damage, cost or expense
(including reasonable attorney’s fees) incurred on account of or arising out of:
(i) any inaccuracy in the Holder’s acknowledgements, representations or
warranties set forth in this Warrant subscription; (ii) the disposition of any
of the Warrant Shares which the Holder will receive, contrary to the Holder’s
acknowledgements, representations or warranties in this Warrant subscription or
otherwise; (iii) any suit or proceeding based upon the claim that such
acknowledgments, representations or warranties were inaccurate or misleading or
otherwise cause for obtaining damages or redress from the Company or its
affiliates; and (iv) the Holder’s failure to fulfill any or all of the Holder’s
obligations herein.

    

    Restrictions, legend on and
disposition of the Warrant Shares.   The Holder
acknowledges and understands that neither the sale of the Warrant Shares which
the Holder is acquiring nor the Warrant Shares themselves has been registered
under the U.S. Act or any state securities laws, and, furthermore, that the
Warrant Shares must be held indefinitely unless subsequently registered under
the U.S. Act or an exemption from such registration is available.

    

    The
Holder also acknowledges and understands that the share certificate representing
the Warrant Shares will be stamped with the following legend (or substantially
equivalent language) restricting transfer in the following manner:

    

    “The
securities represented by this certificate have not been registered under the
United States Securities Act
of 1933, as amended, or the laws of any state, and have been issued
pursuant to an exemption from registration pertaining to such securities and
pursuant to a representation by the security holder named hereon that said
securities have been acquired for purposes of investment and not for purposes of
distribution.  These securities may not be offered, sold, transferred,
pledged or hypothecated in the absence of registration, or the availability of
an exemption from such registration.  The stock transfer agent has
been ordered to effectuate transfers of this certificate only in accordance with
the above instructions.”

    (or)

    “These
securities have not been registered under the United States Securities Act of 1933, as
amended (the “Act”), or the laws of any state, and are being issued in reliance
upon Regulation S promulgated under the Act.  These securities may not
be offered, sold, transferred, pledged or hypothecated in the absence of
registration, the availability of an exemption from such registration or
compliance with Regulation S.  Furthermore, no offer, sale, transfer,
pledge or hypothecation is to take place without the prior written approval of
counsel to the company.  The stock transfer agent has been ordered to
effectuate transfers only in accordance with the above
instructions.”

    (and, if
applicable)

    “Unless
permitted under applicable securities legislation, the holder of the securities
represented hereby shall not trade the securities in Canada before the earlier
of (i) the date that is four months and a day after the date the company first
became a reporting issuer in any of Alberta, British Columbia, Manitoba, Nova
Scotia, Ontario, Quebec and Saskatchewan, if the company is a sedar filer, and
(ii) the date that is four months and a day after the later of (a) the
distribution date, and (b) the date the company became a reporting issuer in the
local jurisdiction of the subscriber of the securities that are the subject of
the trade.”

    (and)

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

    

    The Holder hereby consents to the
Company making a notation on its records or giving instructions to any transfer
agent of the Warrant Shares in order to implement the restrictions on transfer
set forth and described hereinabove.

    

    The
Holder also acknowledges and understands that:

    

    
      	
               
      

            	
              (a)

            	
              the
      Warrant Shares are restricted securities within the meaning of Rule 144
      promulgated under the U.S. Act;

            

    

    

    
      	
               
      

            	
              (b)

            	
              the
      exemption from registration under Rule 144 will not be available in any
      event for at least six months from the date of purchase and payment of the
      Warrants by the Holder, and even then will not be available unless (i) a
      public trading market then exists for the shares of the Company, (ii)
      adequate information concerning the Company is then available to the
      public and (iii) other terms and conditions of Rule 144 are complied with;
      and

            

    

    

    
      	
               
      

            	
              (c)

            	
              any
      sale of the Warrant Shares may be made by the Holder only in limited
      amounts in accordance with such terms and
  conditions.

            

    

    

    The
Holder further acknowledges and understands that, without in anyway limiting the
acknowledgements and understandings as set forth hereinabove, the Holder agrees
that the Holder shall in no event make any disposition of all or any portion of
the Warrant Shares which the Holder is acquiring hereunder unless and
until:

    

    
      	
               
      

            	
              (a)

            	
              there
      is then in effect a “Registration Statement”
      under the U.S. Act covering such proposed disposition and such disposition
      is made in accordance with said Registration Statement;
  or

            

    

    

    
      	
               
      

            	
              (b)

            	
              (i)
      the Holder shall have notified the Company of the proposed disposition and
      shall have furnished the Company with a detailed statement of the
      circumstances surrounding the proposed disposition, (ii) the Holder shall
      have furnished the Company with an opinion of the Holder’s own counsel to
      the effect that such disposition will not require registration of such
      Warrant Shares under the U.S. Act and (iii) such opinion of the Holder’s
      counsel shall have been concurred in by counsel for the Company and the
      Company shall have advised the Holder of such
  concurrence.

            

    

    __________

    
      
        
          --  $0.02 Share Purchase Warrant
Certificate  --

          --  TapImmune
Inc.  --

          2745683.1

        

                                                                                                

      

      
        4

        
          

        

      

      
         

        
           

        

      

    

    Schedule
“A”

    

    

    

    TERMS AND
CONDITIONS

    

    Of

    

    WARRANTS

    

    

    

    These are the Terms and Conditions
which are attached to the Warrants issued by TapImmune Inc.

    

    

    ARTICLE ONE -
INTERPRETATION

    

    Section
1.01 - Definitions

    

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

    

    
      	
               
      

            	
              (a)

            	
              “Company” means TapImmune
      Inc. or any successor Company referred to in Article 6
      hereinbelow;

            

    

    

    
      	
               
      

            	
              (b)

            	
              “Company’s Auditors”
      means Dale Matheson Carr-Hilton Labonte LLP, an independent firm of
      accountants duly appointed as auditors of the Company or any duly
      appointed successor;

            

    

    

    
      	
               
      

            	
              (c)

            	
              “Current Market Price” of
      a share at any date means the price per share equal to the weighted
      average price at which the shares have traded during any 30 consecutive
      trading days selected by the Company, commencing not more than 45 trading
      days before and ending not less than five trading days before such date,
      on any recognized stock exchange on which such shares are listed or quoted
      as may be selected for such purpose by the Directors or, if such shares
      are not listed on any stock exchange, then on the Over-The-Counter
      Bulletin Board (“OTCBB”) of FINRA and if not on the OTCBB then on such
      over-the-counter market or bulletin board
      trading market upon which such trade as may be selected for such
      purpose by the Directors.  The weighted average price per share
      shall be determined by dividing the aggregate sale price of all such
      shares sold on the aforementioned exchange or market, as the case may be,
      during the aforementioned 30 consecutive trading days by the total number
      of such shares so sold;

            

    

    

    
      	
               
      

            	
              (d)

            	
              “Director” means a
      director of the Company for the time being, and reference, without more,
      to action by the Directors of the Company shall mean action taken by the
      directors of the Company as a board, or whenever duly empowered, action by
      an executive committee of the
board;

            

    

    

    
      	
               
      

            	
              (e)

            	
              “Dividends Paid in the Ordinary
      Course” means dividends paid on the shares in any fiscal year of
      the Company, whether in: (i) cash; (ii) shares of the Company; (iii)
      warrants or similar rights to purchase any shares of the Company; or (iv)
      property or other assets of the Company; provided that the amount or value
      of such dividends (any such shares, warrants or similar rights, or
      property or other assets so distributed to be valued at the fair market
      value of such shares, warrants or similar rights, or property or other
      assets, as the case may be, as determined by action by the Directors (such
      determination to be conclusive)), does not in such fiscal year exceed the
      greatest of:

            

    

    

    
      	
               
      

            	
              (i)

            	
              150%
      of the aggregate amount of dividends declared payable by the Company on
      the shares in the period of twelve consecutive months ended immediately
      prior to the first day of such fiscal year;
and

            

    

    

    
      	
               
      

            	
              (ii)

            	
              100%
      of the consolidated net income of the Company before extraordinary items
      for the period of twelve consecutive months ended immediately prior to the
      first day of such fiscal year less the amount of all dividends payable on
      all shares ranking prior to or on a parity with the shares in respect of
      the payment of dividends (such consolidated net income, extraordinary
      items and dividends to be shown in the audited consolidated financial
      statements of the Company for such period of twelve consecutive months or
      if there are no audited consolidated financial statements for such period,
      computed in accordance with generally accepted accounting principles,
      consistent with those applied in the preparation of the most recent
      audited consolidated financial statements of the
  Company);

            

    

    

    
      	
               
      

            	
              (f)

            	
              “herein”, “hereby” and similar
      expressions refer to these Terms and Conditions as the same may be amended
      or modified from time to time; and the expressions “Article”, “Section” or
      “subsection” followed by a number refer to the specified Article or
      Section of these Terms and
Conditions;

            

    

    

    
      	
               
      

            	
              (g)

            	
              “Issuance Date” means
      that date on which the Company issued the attached
    Warrants;

            

    

    

    
      	
               
      

            	
              (h)

            	
              “person” means an
      individual, company, partnership, trustee or any unincorporated
      organization, and any words importing persons have a similar
      meaning;

            

    

    

    
      	
               
      

            	
              (i)

            	
              “shares” means the common
      shares in the capital of the Company as constituted at the Issuance Date
      and any shares resulting from any subdivision or consolidation of the
      shares;

            

    

    

    
      	
               
      

            	
              (j)

            	
              “Time of Expiry” means
      5:00 p.m. (Vancouver, British Columbia, Canada, time) on February 4,
      2011;

            

    

    

    
      	
               
      

            	
              (k)

            	
              “Warrant Exercise Period”
      means the period in time between the Issuance Date and the Time of
      Expiry;

            

    

    

    
      	
               
      

            	
              (l)

            	
              “Warrant Exercise Price”
      means U.S. $0.02 per Warrant Share during the Warrant Exercise
      Period;

            

    

    

    
      	
               
      

            	
              (m)

            	
              “Warrant Holders” or
      “Holders” means
      the bearers of the Warrants for the time
being;

            

    

    

    
      	
               
      

            	
              (n)

            	
              “Warrant Holders’
      Request” means an instrument signed in one or more counterparts by
      Warrant Holders entitled to purchase in the aggregate not less than 25% of
      the aggregate number of Warrant Shares which could be purchased pursuant
      to all the Warrants outstanding for the time being, requesting the Company
      to take some action or proceeding;

            

    

    

    
      	
               
      

            	
              (o)

            	
              “Warrants” means the
      Warrants of the Company issued and presently authorized, as set out in
      Section 2.01 and for the time being outstanding, and any other warrants
      made subject to these Terms and
Conditions;

            

    

    

    
      	
               
      

            	
              (p)

            	
              “Warrant Shares” means
      the shares in the capital of the Company issuable upon the exercise of the
      within Warrants by the Holder thereof;
and

            

    

    

    
      	
               
      

            	
              (q)

            	
              words
      importing the singular number include the plural and vice versa, and words
      importing the masculine gender include the feminine and neuter
      genders.

            

    

    

    Section
1.02 - Interpretation
Not Affected by Headings

    

    The division of these Terms and
Conditions into Articles and Sections and the insertion of headings are for
convenience of reference only and will not affect their construction of
interpretation.

    

    Section
1.03 - Applicable
Law

    

    The
Warrants will be construed in accordance with the laws of the State of Nevada,
U.S.A., and will be treated in all respects as Nevada contracts.

    

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    ARTICLE TWO - ISSUE OF
WARRANTS

    

    Section
2.01 - Issue of
Warrants

    

    Warrants entitling the Holders thereof
to purchase an aggregate of up to [-----------] Warrant Shares, as may be
adjusted herein, are authorized to be issued by the Company on the basis of an
issue of [-------------] whole Warrants where one Warrant is required to
purchase one Warrant Share of the Company.

    

    Section
2.02 - Additional
Warrants

    

    Nothing contained herein shall preclude
the Company from time to time to make further equity or debt offerings and sell
additional shares, warrants or grant options or similar rights to purchase
shares of its capital stock.

    

    Section
2.03 - Issue in
Substitution for Lost Warrants

    

    
      	
               
      

            	
              (a)

            	
              Subject
      to Section 2.03(b) hereinbelow, if a Warrant is mutilated, lost, destroyed
      or stolen, the Company shall issue and deliver a new Warrant of like date
      and tenor as the one mutilated, lost, destroyed or stolen, in exchange for
      and in place of and upon cancellation of such mutilated Warrant, or in
      lieu of, and in substitution for such lost, destroyed or stolen Warrant,
      and the substituted Warrant will be entitled to the benefit of these Terms
      and Conditions and rank equally in accordance with its terms with all
      other Warrants issued or to be issued by the
  Company.

            

    

    

    
      	
               
      

            	
              (b)

            	
              The
      applicant for the issue of a new Warrant will bear the cost of its issue
      and in case of loss, destruction or theft, furnish to the Company such
      evidence of ownership and of loss, destruction or theft of the Warrant so
      lost, destroyed or stolen, as will be satisfactory to the Company in its
      discretion, and such applicant may also be required to furnish indemnity
      in amount and form satisfactory to the Company in its discretion, and will
      pay the reasonable charges of the Company in connection with such issuance
      of a new Warrant.

            

    

    

    Section
2.04 - Warrant Holder
Not a Shareholder

    

    The holding of a Warrant will not
constitute the Holder a stockholder of the Company, nor entitle him to any right
or interest except as expressly provided in the Warrant and herein.

    

    

    ARTICLE THREE - OWNERSHIP
AND TRANSFER

    

    Section
3.01 - Exchange of
Warrants

    

    
      	
               
      

            	
              (a)

            	
              Warrants
      in any authorized denomination may, upon compliance with the reasonable
      requirements of the Company, be exchanged for Warrants in any other
      authorized denomination, of the same class and date of expiry, entitling
      the Holder to purchase an equal aggregate number of shares at the same
      subscription price and on the same terms as the Warrants so
      exchanged.

            

    

    

    
      	
               
      

            	
              (b)

            	
              Warrants
      may be exchanged only at the office of the Company and any Warrants
      tendered for exchange will be surrendered to the Company and
      cancelled.

            

    

    

    Section
3.02 - Ownership of
Warrants

    

    
      	
               
      

            	
              (a)

            	
              The
      Company may deem and treat the registered holder of any Warrant as the
      absolute owner of such Warrant, for all purposes, and will not be affected
      by any notice or knowledge to the
contrary.

            

    

    

    
      	
               
      

            	
              (b)

            	
              The
      registered holder of any Warrant will be entitled to the rights evidenced
      by such Warrant free from all equities or rights of set-off or
      counterclaim between the Company and the original or any intermediate
      Holder and all persons may act accordingly, and the receipt of any such
      bearer for the shares will be a good discharge to the Company for the same
      and the Company will not be bound to inquire into the title of any such
      bearer.

            

    

    

    Section
3.03 - Transfer of
Warrants

    

    The Warrants are
transferable.

    

    Section
3.04 - Notice to
Warrant Holders

    

    Any
notice to be given to Warrant Holders will be deemed to be validly given if
delivered or sent by ordinary post addressed to such Warrant Holders at the
addresses appearing on the register hereinbefore-mentioned and shall be deemed
to have been effectively given on the date of delivery or, if mailed, on the
seventh business day following the date of mailing.

    

    

    
      
                                                                                        

      

      
        6

        
          

        

      

      
        
        

      

    

    ARTICLE FOUR - EXERCISE OF
WARRANTS

    

    Section
4.01 - Method of
Exercise of Warrants

    

    The right to purchase Warrant Shares
conferred by the Warrants may be exercised, before the Time of Expiry, by the
Holder of such Warrant surrendering it, with a duly completed and executed
subscription in the form attached thereto and:

    

    (a) cash
or a certified cheque or money order payable to or to the order of the Company,
at par in Vancouver, British Columbia, Canada, for the Warrant Exercise Price
per Warrant Share applicable at the time of surrender in respect of the Warrant
Shares subscribed for in lawful money of the United States, to the Company at
its executive office in the City of Vancouver, British Columbia, Canada
or

    

    (b) The Holder may, at its option, in
lieu of paying cash for the Warrant Shares, exercise this Warrant by an
exchange, in whole or in part (a "Warrant Exchange"), by delivery to the Company
of (i) a duly executed Form of Subscription electing a Warrant Exchange and (ii)
the certificate representing this Warrant. In connection with any Warrant
Exchange, the Holder shall be deemed to have paid for the Warrant Shares an
amount equal to the Fair Market Value of each Warrant delivered, and the
Warrants shall be deemed exercised for the amount so paid. For this purpose, the
Fair Market Value of each Warrant is the difference between the Market Value of
a share of Common Stock and the Exercise Price on the Exercise Date. Market
Value shall mean the average Closing Bid Price of a share of Common Stock during
the ten (10) Trading Days ending on the Exercise Date.

    

    Section
4.02 - Effect of
Exercise of Warrants

    

    As soon as practicable after surrender
and payment, and subject to the terms and conditions set forth herein, the
Company will cause to be delivered to the person or persons in whose name or
names the Warrant Shares subscribed for are to be issued as specified in such
subscription or mailed to him or them at his or their respective addresses
specified in such subscription, a certificate or certificates for the
appropriate number of Warrant Shares not exceeding those which the Warrant
Holder is entitled to purchase pursuant to the Warrant
surrendered.  Upon issuance, such person or persons shall be deemed to
have become the holder or holders of record of such Warrant Shares on the date
of surrender and payment.

    

    Section
4.03 - Subscription
for Less than Entitlement

    

    The Holder of any Warrant may subscribe
for and purchase a number of Warrant Shares less than the number which he is
entitled to purchase pursuant to the surrendered Warrant.  In the
event of any purchase of a number of Warrant Shares less than the number which
can be purchased pursuant to a Warrant, the Company will issue a new Warrant in
respect of the balance of the Warrant Shares which the Holder was entitled to
purchase pursuant to the surrendered Warrant and which were not then
purchased.

    

    Section
4.04 - Warrants for
Fractions of Warrant Shares

    

    No fractional Warrant Shares shall be
issued upon exercise of these Warrants.  If any fractional interest in
a Warrant Share would, except for the provisions of the first sentence of this
Section 4.04, be deliverable upon the exercise of a Warrant, the number of
Warrant Shares to be issued to the Warrant Holder upon exercise of the Warrant
shall be rounded up to the next whole number.

    

    Section
4.05 - Expiration of
Warrants

    

    After the Time of Expiry all rights
attaching to the Warrants will wholly cease and terminate and the Warrants will
be void and of no effect.

    

    Section
4.06 – Warrant
Exercise Price

    

    The Warrant Exercise Price per Warrant
Share which must be paid to exercise a Warrant is as prescribed by resolution of
the Board of Directors of the Company and set forth in this Warrant certificate
subject to adjustment as provided for herein.

    

    Section
4.07 - Adjustment of
Subscriptions Rights and Exercise Price

    

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

    

    
      	
               
      

            	
              (a)

            	
              Share
      Reorganization.  If prior to the Time of Expiry the
      Company shall:

            

    

    

    
      	
               
      

            	
              (i)

            	
              issue
      shares without the receipt of any consideration therefor to all or
      substantially all of the holders of the shares by way of stock dividend or
      other distribution (other than as dividends paid in the common course
      (“Dividends Paid in the
      Common Course”)), or

            

    

    

    
      	
               
      

            	
              (ii)

            	
              subdivide
      its outstanding shares into a greater number of shares;
  or

            

    

    

    
      	
               
      

            	
              (iii)

            	
              consolidate
      its outstanding shares into a lesser number of
  shares,

            

    

    

    (any of
such events in these paragraphs (i), (ii) and (iii) being called a “Share Reorganization”), then
the Warrant Exercise Price per Warrant Share shall be adjusted as of the
effective date or record date, as the case may be, at which the holders of
shares are determined for the purpose of the Share Reorganization by multiplying
the Warrant Exercise Price in effect immediately prior to such effective date or
record date by a fraction, the numerator of which shall be the number of shares
outstanding on such effective date or record date before giving effect to such
Share Reorganization and the denominator of which shall be the number of shares
outstanding as of the effective date or record date after giving effect to such
Share Reorganization.

    

    
      	
               
      

            	
              (b)

            	
              Rights
      Offering.  If prior to the Time of Expiry the Company
      shall fix a record date for the issue of rights, options or warrants to
      all or substantially all of the holders of shares under which such holders
      are entitled, during a period expiring not more than 45 calendar days
      after the record date for such issue (“Rights Period”), to
      subscribe for or purchase shares at a price per share to the holder of
      less than ninety-five percent (95%) of the Current Market Price for the
      shares on such record date (any of such events being called a “Rights Offering”), then
      the Warrant Exercise Price shall be adjusted effective immediately after
      the end of the Rights Period to a price determined by multiplying the
      Warrant Exercise Price in effect immediately prior to the end of the
      Rights Period by a fraction:

            

    

    

    
      	
               
      

            	
              (i)

            	
              the
      numerator of which shall be the aggregate
of:

            

    

    

    
      	
               
      

            	
              A.

            	
              the
      number of shares outstanding as of the record date for the Rights
      Offering; and

            

    

    

    
      	
               
      

            	
              B.

            	
              a
      number determined by dividing (1) the product of the number of shares
      issued or subscribed during the Rights Period upon the exercise of the
      rights, warrants or options under the Rights Offering and the price at
      which such shares are offered by (2) the Current Market Price of the
      shares as of the record date for the Rights Offering;
  and

            

    

    

    
      	
               
      

            	
              (ii)

            	
              the
      denominator of which shall be the number of shares outstanding after
      giving effect to the Rights Offering and including the number of shares
      actually issued or subscribed for during the Rights Period upon exercise
      of the rights, warrants or options under the Rights
    Offering.

            

    

    

    
      	
               
      

            	
              Any
      Warrant Holder who shall have exercised his right to purchase shares in
      accordance with this Article 4 during the period beginning immediately
      after the record date for a Rights Offering and ending on the last day of
      the Rights Period therefor shall, in addition to the shares to which he is
      otherwise entitled upon such exercise in accordance with this Article 4,
      be entitled to that number of additional shares equal to the result
      obtained when the difference, if any, resulting from the subtraction of
      the Warrant Exercise Price as adjusted for such Rights Offering pursuant
      to this subsection (b) hereinabove from the Warrant Exercise Price in
      effect immediately prior to the end of such Rights Offering is multiplied
      by the number of Warrant Shares purchased upon exercise of the Warrants
      held by such Warrant Holder during such period, and the resulting product
      is divided by the Warrant Exercise Price as adjusted for such Rights
      Offering pursuant to this subsection 4.07(b); provided that the provisions
      of this Article 4 shall be applicable to any fractional interest in any
      share to which such Warrant Holder might otherwise be entitled under the
      foregoing provisions of this subsection 4.07(b).  Such
      additional shares shall be deemed to have been issued to the Warrant
      Holder immediately following the end of the Rights Period and a
      certificate for such additional shares shall be delivered to such Warrant
      Holder within ten business days following the end of the Rights
      Period.

            

    

    

    
      	
               
      

            	
              (c)

            	
              Special
      Distribution.  If prior to the Time of Expiry the Company
      shall issue or distribute to all or to substantially all the holders of
      the shares:

            

    

    

    
      	
               
      

            	
              (i)

            	
              securities
      of the Company including rights, options or warrants to acquire shares of
      any class or securities exchangeable for or convertible into or
      exchangeable into any such shares or property or assets and including
      evidences of its indebtedness; or

            

    

    

    
      	
               
      

            	
              (ii)

            	
              any
      property or other assets;

            

    

    

    and if
such issuance or distribution does not constitute Dividends Paid in the Ordinary
Course, a Share Reorganization or a Rights Offering (any of such non-excluded
events being herein called a “Special Distribution”), the
Warrant Exercise Price per Warrant Share shall be adjusted effective immediately
after the record date at which the holders of affected shares are determined for
purposes of the Special Distribution to a price determined by multiplying the
Warrant Exercise Price in effect on such record date by a fraction:

    

    (iii)           the
numerator of which shall be:

    

    
      	
               
      

            	
              A.

            	
              the
      product of the number of shares outstanding on such record date and the
      Current Market Price of the shares on such record date;
    less

            

    

    

    
      	
               
      

            	
              B.

            	
              the
      excess, if any, of (1) the fair market value on such record date, as
      determined by action by the Directors (whose determination shall be
      conclusive), to the holders of the shares of such securities or property
      or other assets so issued or distributed in the Special Distribution over
      (2) the fair market value of the consideration received therefor by the
      Company from the holders of the shares, as determined by action by the
      Directors (whose determination shall be conclusive);
  and

            

    

    

    
      	
               
      

            	
              (iv)

            	
              the
      denominator of which shall be the number of shares outstanding on such
      record date multiplied by the Current Market Price of the shares on such
      record date.

            

    

    

    
      	
               
      

            	
              (d)

            	
              Capital
      Reorganization.  If prior to the Time of Expiry there
      shall be a reclassification of shares at any time outstanding or a change
      of the shares into other shares or into other securities (other than a
      Share Reorganization), or a consolidation, amalgamation, arrangement or
      merger of the Company with or into any other Company or other entity
      (other than a consolidation, amalgamation, arrangement or merger which
      does not result in any reclassification of the outstanding shares or a
      change of the shares into other securities), or a transfer of the
      undertaking or assets of the Company as an entirety or substantially as an
      entirety to another Company or other entity (any of such events being
      herein called a “Capital
      Reorganization”), any Warrant Holder who exercises his right to
      purchase Warrant Shares pursuant to Warrant(s) then held after the
      effective date of such Capital Reorganization shall be entitled to
      receive, and shall accept for the same aggregate consideration in lieu of
      the number of Warrant Shares to which such holder was theretofore entitled
      upon such exercise the aggregate number of shares, other securities or
      other property which such holder would have been entitled to receive as a
      result of such Capital Reorganization if, on the effective date thereof,
      the Warrant Holder had been the registered holder of the number of Warrant
      Shares to which such holder was theretofore entitled upon exercise of the
      Warrant subject to adjustment thereafter in accordance with provisions the
      same, as nearly as may be possible, as those contained in this Section
      4.07; provided, however, that no such Capital Reorganization shall be
      carried into effect unless all necessary steps shall have been taken to so
      entitle the Warrant Holders.  If determined appropriate by the
      Company, acting reasonably, appropriate adjustments shall be made as a
      result of any such Capital Reorganization in the application of the
      provisions set forth in this Article 4 with respect to the rights and
      interests thereafter of Warrant Holders to the end that the provisions set
      forth in this Article 4 shall thereafter correspondingly be made
      applicable as nearly as may reasonably be in relation to any shares, other
      securities or other property thereafter deliverable upon the exercise of
      any Warrant.  Any such adjustments shall be made by and set
      forth in terms and conditions supplemental hereto approved by action by
      the Directors and by the Company, acting reasonably and shall for all
      purposes be conclusively deemed to be appropriate
    adjustments.

            

    

    

    
      	
               
      

            	
              (e)

            	
              If
      prior to the Time of Expiry a Share Reorganization shall occur which
      results in an adjustment in the Exercise Price pursuant to the provisions
      of this Section 4.07, the number of Warrant Shares purchasable pursuant to
      each whole Warrant shall be adjusted contemporaneously with the adjustment
      of the Warrant Exercise Price per Warrant Share by multiplying the number
      of Warrant Shares theretofore purchasable on the exercise thereof by a
      fraction the numerator of which shall be the Warrant Exercise Price in
      effect immediately prior to such adjustment and the denominator of which
      shall be the Warrant Exercise Price resulting from such
      adjustment.

            

    

    

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    
      	
               
      

            	
              Section
      4.08 - Rules
      Regarding Calculation of Adjustment of Exercise Price and Number of
      Warrant Shares Purchasable upon
Exercise

            

    

    

    
      	
               
      

            	
              For
      the purposes of Section 4.07
hereinabove:

            

    

    

    
      	
               
      

            	
              (a)

            	
              The
      adjustments provided for in Section 4.07 are cumulative, and shall, in the
      case of adjustments to the Warrant Exercise Price per Warrant Share, be
      computed to the nearest one-tenth of one cent (U.S. $0.001) and shall be
      made successively whenever an event referred to therein shall occur,
      subject to the following subsections of this Section
  4.08.

            

    

    

    
      	
               
      

            	
              (b)

            	
              No
      adjustment in the Warrant Exercise Price per Warrant Share shall be
      required unless such adjustment would result in a change of at least one
      and one-half percent (1.5%) in the prevailing Warrant Exercise Price and
      no adjustment shall be made in the number of Warrant Shares purchasable
      upon exercise of a Warrant unless it would result in a change of at least
      one one-tenth of a Warrant Share (1/10); provided, however, that any
      adjustments which, except for the provisions of this subsection 4.08(b)
      would otherwise have been required to be made, shall be carried forward
      and taken into account in any subsequent
  adjustment.

            

    

    

    
      	
               
      

            	
              (c)

            	
              Subject
      to the prior consent, if required, of any recognized stock exchange or
      over-the-counter or bulletin board
      trading market which may have jurisdiction over the affairs of the
      Company, from time to time, no adjustment in the Warrant Exercise Price
      per Warrant Share or in the number of Warrant Shares purchasable upon
      exercise of Warrants shall be made in respect of any event described in
      Section 4.07, other than the events referred to in paragraphs (ii) and
      (iii) of subsection (a) thereof, if Warrant Holders are entitled to
      participate in such event on the same terms, mutatis mutandis, as if
      Warrant Holders had exercised their Warrants prior to or on the effective
      date or record date of such event.

            

    

    

    
      	
               
      

            	
              (d)

            	
              No
      adjustment in the Warrant Exercise Price shall be made pursuant to Section
      4.07 in respect of the issue from time to
time:

            

    

    

    (i)           of
Warrant Shares purchasable on exercise of the Warrants; or

    

    
      	
               
      

            	
              (ii)

            	
              in
      respect of the issue from time to time as Dividends Paid in the Ordinary
      Course of shares to holders of shares who exercise an option or election
      to receive substantially equivalent dividends in shares in lieu of
      receiving a cash dividend;

            

    

    

    and any
such issue shall be deemed not to be a Share Reorganization.

    

    
      	
               
      

            	
              (e)

            	
              If
      a dispute shall at any time arise with respect to adjustments provided for
      in Section 4.07, such dispute shall be conclusively determined by the
      Company’s Auditors, or if they are unable or unwilling to act, by such
      other firm of independent chartered accountants as may be selected by
      action by the Directors and any such determination shall be binding upon
      the Company and the Warrant Holders; such auditors or accountants shall be
      provided access to all necessary records of the Company.  In the
      event that any such determination is made, the Company shall deliver a
      certificate to the Warrant Holders describing such
      determination.

            

    

    

    
      	
               
      

            	
              (f)

            	
              In
      case the Company after the date of issue of the Warrants shall take any
      action affecting the shares, other than action described in Section 4.07,
      which in the opinion of the Directors of the Company would materially
      affect the rights of Warrant Holders, the Warrant Exercise Price per
      Warrant Share or the number of Warrant Shares purchasable upon exercise
      shall be adjusted in such manner, if any, and at such time, by action by
      the Directors, in their sole discretion as they may determine to be
      equitable in the circumstances, but subject in all cases to the prior
      approval, if required, of any recognized stock exchange or
      over-the-counter or bulletin board
      trading market which may have jurisdiction over the affairs of the
      Company, from time to time, together with all other applicable regulatory
      authorities.  Failure of the taking of action by the Directors
      so as to provide for an adjustment on or prior to the effective date of
      any action by the Company affecting the shares shall be conclusive
      evidence that the Board of Directors of the Company has determined that it
      is equitable to make no adjustment in the
  circumstances.

            

    

    

    
      	
               
      

            	
              (g)

            	
              If
      the Company shall set a record date to determine the holders of the shares
      for the purpose of entitling them to receive any dividend or distribution
      or any subscription or purchase rights and shall, thereafter and before
      the distribution to such shareholders of any such dividend, distribution
      or subscription or purchase rights, legally abandon its plan to pay or
      deliver such dividend, distribution or subscription or purchase rights,
      then no adjustment in the Warrant Exercise Price per Warrant Share or the
      number of Warrant Shares purchasable upon exercise of any Warrant shall be
      required by reason of the setting of such record
  date.

            

    

    

    
      	
               
      

            	
              (h)

            	
              In
      the absence of a resolution of the Directors fixing a record date for a
      Special Distribution or Rights Offering, the Company shall be deemed to
      have fixed as the record date therefor the date on which the Special
      Distribution or Rights Offering is
effected.

            

    

    

    
      	
               
      

            	
              (i)

            	
              As
      a condition precedent to the taking of any action which would require any
      adjustment in any of the subscription rights pursuant to any of the
      Warrants, including the Warrant Exercise Price per Warrant Share and the
      number or class of Warrant Shares or other securities which are to be
      received upon the exercise thereof, the Company shall take any corporate
      action which may, in the opinion of counsel to the Company, be necessary
      in order that the Company have unissued and reserved in its authorized
      capital and may validly and legally issue as fully paid and non-assessable
      all the shares or other securities which all the holders of such Warrants
      are entitled to receive on the full exercise thereof in accordance with
      the provisions thereof.

            

    

    

    
      	
               
      

            	
              Section
      4.09 - Postponement of
      Subscription

            

    

    

    In any case in which this Article 4
shall require that an adjustment shall be effective immediately after a record
date for an event referred to herein, the Company may defer, until the
occurrence of such an event:

    

    
      	
               
      

            	
              (a)

            	
              issuing
      to the Holder of any Warrant exercised after such record date and before
      the occurrence of such event, the additional Warrant Shares issuable upon
      such exercise by reason of the adjustment required by such event;
      and

            

    

    

    
      	
               
      

            	
              (b)

            	
              delivering
      to such Holder any distributions declared with respect to such additional
      Warrant Shares after such exercise date and before such
    event;

            

    

    

    provided,
however, that the Company shall deliver to such Holder an appropriate instrument
evidencing such Holder’s right, upon the occurrence of the event requiring the
adjustment, to an adjustment in the Warrant Exercise Price per Warrant Share or
the number of Warrant Shares purchasable on the exercise of any Warrant to such
distributions declared with respect to any additional Warrant Shares issuable on
the exercise of any Warrant.

    

    
      	
               
      

            	
              Section
      4.10 - Notice of
      Adjustment of Warrant Exercise Price and Number of Warrant Shares
      Purchasable Upon Exercise

            

    

    

    
      	
               
      

            	
              (a)

            	
              At
      least 14 calendar days prior to the effective date or record date, as the
      case may be, of any event which requires or might require adjustment in
      any of the subscription rights pursuant to any of the Warrants, including
      the Warrant Exercise Price per Warrant Share and the number of Warrant
      Shares which are purchasable upon the exercise thereof, or such longer
      period of notice as the Company shall be required to provide holders of
      shares in respect of any such event, the Company shall give notice to the
      Warrant Holders by way of a certificate of the Company specifying the
      particulars of such event and, if determinable, the required adjustment
      and the computation of such
adjustment.

            

    

    

    
      	
               
      

            	
              (b)

            	
              In
      case any adjustment for which a notice in subsection 4.10(a) of this
      Section 4.10 has been given is not then determinable the Company shall
      promptly after such adjustment is determinable, give notice to the Warrant
      Holders of the adjustment and the computation of such
      adjustment.

            

    

    

    Section
4.11 - Legending of
Warrants and Warrant Shares

    

    
      	
               
      

            	
              (a)

            	
              The
      Holder of any Warrants hereby agrees and consents by acceptance hereof
      that the certificate or certificates representing any Warrants or Warrant
      Shares shall be impressed with a legend (the “Legend”) reciting that
      the transfer thereof is restricted for a prescribed period (the “Restricted Period”),
      substantially in the following
form:

            

    

    

    “The
securities represented by this certificate have not been registered under the
United States Securities Act
of 1933, as amended, or the laws of any state, and have been issued
pursuant to an exemption from registration pertaining to such securities and
pursuant to a representation by the security holder named hereon that said
securities have been acquired for purposes of investment and not for purposes of
distribution.  These securities may not be offered, sold, transferred,
pledged or hypothecated in the absence of registration, or the availability of
an exemption from such registration.  The stock transfer agent has
been ordered to effectuate transfers of this certificate only in accordance with
the above instructions.”

    (or)

    “These
securities have not been registered under the United States Securities Act of 1933, as
amended (the “Act”), or the laws of any state, and are being issued in reliance
upon Regulation S promulgated under the Act.  These securities may not
be offered, sold, transferred, pledged or hypothecated in the absence of
registration, the availability of an exemption from such registration or
compliance with Regulation S.  Furthermore, no offer, sale, transfer,
pledge or hypothecation is to take place without the prior written approval of
counsel to the company.  The stock transfer agent has been ordered to
effectuate transfers only in accordance with the above
instructions.”

    (and, if
applicable)

    “Unless
permitted under applicable securities legislation, the holder of the securities
represented hereby shall not trade the securities in Canada before the earlier
of (i) the date that is four months and a day after the date the company first
became a reporting issuer in any of Alberta, British Columbia, Manitoba, Nova
Scotia, Ontario, Quebec and Saskatchewan, if the company is a sedar filer, and
(ii) the date that is four months and a day after the later of (a) the
distribution date, and (b) the date the company became a reporting issuer in the
local jurisdiction of the subscriber of the securities that are the subject of
the trade.”

    (and)

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

    

    
      	
               
      

            	
              (b)

            	
              The
      Holder and any transferee thereof acknowledges by acceptance hereof that
      if any Warrants are exercised during the Restricted Period the certificate
      or certificates representing the Warrant Shares issuable upon such
      exercise shall also be impressed with the Legend set forth above unless
      counsel reasonably acceptable to the Company delivers an unqualified
      opinion that such Legend need not be
imposed.

            

    

    

    

    
      
                                                                                           

      

      
        8

        
          

        

      

      
        
        

      

    

    ARTICLE FIVE - COVENANTS BY
THE COMPANY

    

    Section
5.01 - Reservation of
Warrant Shares

    

    The Company will reserve and there will
remain unissued out of its authorized capital a sufficient number of shares to
satisfy the rights of purchase in the Warrants should the Holders of all the
Warrants from time to time outstanding determine to exercise such rights in
respect of all Warrant Shares which they are or may be entitled to purchase
pursuant thereto.

    

    

    

    

    ARTICLE SIX - MODIFICATION
OF TERMS, MERGER, SUCCESSORS

    

    
      	
               
      

            	
              Section
      6.01 - Modification of Terms
      for Certain Purposes

            

    

    

    From time to time the Company may, and
it will, when so directed by these presents, modify these Terms and Conditions,
for any one or more or all of the following purposes:

    

    
      	
               
      

            	
              (a)

            	
              giving
      effect to any extraordinary resolution passed as provided in Article
      6;

            

    

    

    
      	
               
      

            	
              (b)

            	
              adding
      to or altering these provisions in respect of the registration and
      transfer of Warrants making provision for the exchange of Warrants of
      different denominations; and making any modification in the form of the
      Warrants which does not affect their
substance;

            

    

    

    
      	
               
      

            	
              (c)

            	
              for
      any other purpose, including the correction or rectification of any
      ambiguous, defective provisions, errors or omissions herein;
      and

            

    

    

    
      	
               
      

            	
              (d)

            	
              to
      evidence any succession of any Company and the assumption by any successor
      of the covenants of the Company and in the Warrants contained as provided
      in this Article.

            

    

    

    Section
6.02 - No Extension of
Expiry Date

    

    Notwithstanding Section 7.01, no
modification will be made to the Time of Expiry without the prior consent of the
Directors of the Company together with, if required, all recognized stock
exchange or over-the-counter or bulletin board
trading markets and regulatory authorities who may have, from time to
time, jurisdiction over the affairs of the Company.

    

    Section
6.03 - Company May
Consolidate, etc. on Certain Terms

    

    Nothing will prevent any consolidation,
amalgamation or merger of the Company with or into any other corporation or
corporations; however, the corporation formed by such consolidation or into
which such merger will have been made will be a corporation organized and
existing under the laws of Canada or of the United States of America, or any
Province, State, District or Territory thereof, and will, simultaneously with
such consolidation, amalgamation or merger assume the due and punctual
performance and observance of all the covenants and conditions hereof to be
performed or observed by the Company.

    

    Section
6.04 - Successor
Company Substituted

    

    In case the Company is consolidated,
amalgamated or merged with or into any other corporation or corporations, the
successor corporation formed by such consolidation or amalgamation, or into
which the Company will have been merged, will succeed to and be substituted for
the Company hereunder.  Such changes in phraseology and form (but not
in substance) may be made in the Warrants as may be appropriate in view of such
consolidation, amalgamation or merger.

    __________

    --  $0.02 Share Purchase Warrant
Certificate  --

    --  TapImmune
Inc.  --

    2745683.1

     

    9

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