Document:

Exhibit 4.5

 

UNLESS PERMITTED UNDER SECURITIES
LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE MAY 3, 2013.

 

THESE OPTIONS AND THE SECURITIES
DELIVERABLE UPON EXERCISE THEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES
ACT"), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THIS WARRANT MAY NOT BE EXERCISED IN THE UNITED STATES OR
BY OR ON BEHALF OF, OR FOR THE ACCOUNT OR BENEFIT OF, A U.S. PERSON UNLESS THIS WARRANT AND SHARES ISSUABLE UPON EXERCISE OF THIS
WARRANT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT AND THE APPLICABLE SECURITIES LEGISLATION OF ANY SUCH STATE OR AN EXEMPTION
FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE. "UNITED STATES" AND "U.S. PERSON" ARE AS DEFINED BY REGULATION
S UNDER THE SECURITIES ACT.

 

______________

OPTIONS

 

OPTION CERTIFICATE

 

STELLAR BIOTECHNOLOGIES, INC.

332 E. Scott Street

Port Hueneme, California 93041

Tel: (805) 488-2800 / Fax:
(805) 488-2889

 

THESE OPTIONS ARE NON-TRANSFERABLE.

 

THIS CERTIFIES that, for value received:

__________________________

__________________________

__________________________

 

(hereinafter referred to as the "Holder")

 

is the registered holder of that number of Options
(collectively, the "Options") of Stellar Biotechnologies, Inc. (the "Issuer") set forth above.

 

Underlying Securities and Exercise Terms

 

Subject to adjustment as herein
provided, each Option entitles the Holder to purchase one unit (collectively, the "Units") of the Issuer at a price of
CDN$0.25 per Unit until 5:00 pm (Pacific Time) on January 4, 2016. Each Unit shall be comprised of one common share (collectively,
the "Shares") of the Issuer as constituted on January 2, 2013, and one non-transferable share purchase warrant (collectively,
the "Warrants"). Each Warrant shall entitle the holder thereof to purchase one common share (collectively, the "Warrant
Shares") of the Issuer as constituted on January 2, 2013, at a price of CDN$0.40 per Warrant Share if exercised on or before
5:00 pm (Pacific Time) on January 4, 2016. The form of certificate representing the Warrants shall be as attached hereto as Schedule
"B". The Options, Shares, Warrants and Warrant Shares are collectively referred to herein as the "Securities".

 

The Issuer covenants that the
Shares, when issued upon the due exercise of the Options, will be fully paid and non- assessable securities, and will be free and
clear of all liens, charges and encumbrances. The Issuer covenants that, until the expiry of the Options, it will have reserved
a sufficient number of common shares to provide for the exercise of the rights represented by the Options and the underlying Warrants
issuable on exercise thereof.

 

     

     

    

 

Options Exercise Procedure

 

The Options may be exercised at
any time prior to the expiry of the Options by surrendering to the Issuer:

 

		(a)	this Option Certificate;

 

		(b)	the Subscription Form attached as Schedule "A" hereto, duly completed and executed; and

 

		(c)	a certified cheque, bank draft, money order or wire transfer made payable to the Issuer in the aggregate amount of the exercise
price,

 

at its head office stated above
or such other office or agency of the Issuer as it may designate by notice in writing delivered to the Holder at the Holder's address
stated above. Upon the due exercise of the Options, the Issuer shall issue or cause to be issued the requisite number of Units
to be issued to the Holder pursuant to said exercise, registered in the name of the Holder or such other person as may be specified
in the Subscription Form, and each such person shall be deemed the holder of such Units with effect from the date of such exercise.
If Units are to be issued to a person other than the Holder, the Holder's signature on the Subscription Form must be guaranteed
by a Canadian chartered bank, a Canadian trust company or a member firm of the TSX Venture Exchange. The Issuer will cause the
certificates representing such Shares and Warrants to be mailed to the Holder at the Holder's address stated above or such other
address(es) as may be specified in the Subscription Form, within five business days of the exercise of the Options.

 

Upon the due exercise of an
Option, the Option shall be deemed tendered for purposes thereof by the Holder without further notice or action by the Holder,
and all rights under such Option, other than the right to receive certificates representing the Shares and Warrants to which the
Holder is entitled on such exercise, shall wholly cease and terminate and such Option shall be void and of no further effect or
value.

 

Partial Exercise, Exchange
and Replacement of Certificates

 

The Options represented by this
Option Certificate may be exercised in whole or in part from time to time. If the Options are exercised in part, the Issuer shall
deliver, with the Units issued pursuant to such exercise, a new Option Certificate representing the balance of the Options remaining
unexercised.

 

This Option Certificate may be
exchanged, upon its surrender to the Issuer and payment of such administration fee, not exceeding CDN$10.00, as the Issuer may
require, for new Option Certificates of like tenor in denominations which in the aggregate represent the number of Options represented
hereby.

 

If this Option Certificate is
lost, stolen, mutilated or destroyed, the Issuer may on such reasonable terms as it may in its discretion impose, including but
not limited to the payment of any administration fee, not exceeding CDN$10.00, and the provision of any indemnity by the Holder,
issue and countersign a new Option Certificate of like tenor, denomination and date as the Option Certificate so lost, stolen,
mutilated or destroyed.

 

All Options shall rank pari
passu, notwithstanding the actual date of issue thereof.

 

Holding of Options

 

The Issuer may treat the Holder
as the absolute owner of the Options represented hereby for all purposes, and the Issuer shall not be affected by any notice or
knowledge to the contrary except where the Issuer is required to take notice by statute or by order of a court of competent jurisdiction.

 

Nothing in this Option Certificate
or in the holding of an Option evidenced hereby shall be construed as conferring upon the Holder any right or interest whatsoever
as a shareholder of the Issuer or entitle the Holder to any right or interest in respect of any Shares except as herein expressly
provided.

 

    	 	2	 

     

    

 

Resale Restrictions and Legending Of Certificates

 

The Options have been, and the
Shares, Warrants and Warrant Shares will be, issued pursuant to an exemption (an "Exemption ") from the registration
and prospectus requirements of applicable securities law. To the extent that the Issuer relies on such Exemption, the Shares, Warrants
and Warrant Shares may be subject to restrictions on resale and transferability contained in applicable securities laws.

 

In the event that any of the
Securities are subject to a hold period, or any other restrictions on resale and transferability, the Issuer may place a legend
on the certificates representing the Securities as may be required under applicable securities laws, or as it may otherwise deem
necessary or advisable.

 

Capital Adjustments

 

If at any time after the date hereof
and prior to the expiry of the Options, and provided that any Options remain unexercised, there shall be:

 

		(a)	a reclassification of the Issuer's common shares, a change in the Issuer's common shares into other
shares or securities, a subdivision or consolidation of the Issuer's common shares into a greater or lesser number of common shares,
or any other capital reorganization, or

 

		(b)	a consolidation, amalgamation or merger of the Issuer with or into any other corporation other
than a consolidation, amalgamation or merger which does not result in any reclassification of the Issuer's outstanding common shares
or a change of the Issuer's common shares into other shares or securities,

 

(any of such events being called
a "Capital Reorganization") any Holders who shall thereafter acquire Securities pursuant to the Options shall be entitled
to receive, at no additional cost, and shall accept in lieu of the number of Securities to which such Holder was theretofore entitled
to acquire upon such exercise, the aggregate number of shares, other securities or other property which such Holder should have
been entitled to receive as a result of such Capital Reorganization if, on the effective date or record date thereof as the case
may be, the Holder had been the registered holder of the number of Securities to which such Holder was theretofore entitled to
acquire upon exercise of the Options. If determined appropriate by the Issuer acting reasonably, appropriate adjustments shall
be made in the application of the provisions set forth herein with respect to the rights and interests of the Holder relative to
a Capital Reorganization, to the end that the provisions set forth herein shall correspond as nearly as may be reasonably possible
to the effect of the Capital Reorganization in relation to any shares, other securities or other property thereafter deliverable
upon the exercise of any Options.

 

In case the Issuer, after the
date hereof, shall take any action affecting any securities of the Issuer, other than as previously set out herein, which in the
opinion of the directors would materially affect the rights and interests of the Holder hereunder, the number of Securities or
other securities which shall be issuable on the exercise of the Options shall be adjusted in such manner, if any, and at such time
as the directors, in their sole discretion, may determine to be equitable in the circumstances, provided that no such adjustment
will be made unless all necessary regulatory approvals, if any, have been obtained. In the event of any question arising with respect
to any adjustment provided for herein, such question shall be conclusively determined by a firm of chartered accountants appointed
by the Issuer at its sole discretion (who may be the Issuer's auditors) and any such determination shall be binding upon the Issuer
and the Holder.

 

No adjustment shall be made
in respect of any event described herein if the Holder is entitled to participate in such event on the same terms, without amendment,
as if the Holder had exercised the Options prior to or on the effective date or record date of such event. The adjustments provided
for herein are cumulative and such adjustments shall be made successively whenever an event referred to herein shall occur, subject
to the limitations provided for herein. No adjustment shall be made in the number or kind of Securities or other securities which
may be acquired on the exercise of an Option unless it would result in a change of at least one-tenth of a Security or other security.
Any adjustment which may by reason of this paragraph not be required to be made shall be carried forward and then taken into consideration
in any subsequent adjustment.

 

    	 	3	 

     

    

 

Notwithstanding any adjustments
provided for herein or otherwise, the Issuer shall not be required, upon the exercise of any Options, to issue fractional Securities
or other securities in satisfaction of its obligations hereunder and, except as provided for herein, any fractions shall be eliminated.
To the extent that the Holder would otherwise be entitled to acquire a fraction of a Security or other security, such right may
be exercised in respect of such fraction only in combination with other rights which in the aggregate entitle the Holder to acquire
a whole number of Securities or other securities. The Holder shall be entitled, upon the elimination of any fraction of a Security
or other security, to be paid in cash for the fair market value for the securities so eliminated. always provided that the Issuer
shall not be required to make any payment if for less than CDN$10.00.

 

Miscellaneous Provisions

 

Any delivery or surrender of documents
shall be valid and effective if delivered personally or if sent by registered letter postage prepaid. and any notice shall be valid
and effective if made in writing and transmitted as aforementioned or if transmitted by facsimile with confirmed receipt, in each
case addressed to:

 

		(a)	If to the Issuer,

 

Stellar Biotechnologies, Inc.

332 E. Scott Street

Port Hueneme, California 93041

Tel: (805) 488-2800 / Fax: (805) 488-2889

 

		(b)	if to the Holder, at its address appearing on page 1 of this Option Certificate,

 

and such shall be deemed to
have been effectively made and received on the date of personal delivery, if delivered; on the fourth business day after the time
of mailing or upon actual receipt, whichever is sooner, if sent by registered letter (except the delivery of documents to exercise
the Options, in which case actual receipt is required); or on the first business day after the time of facsimile transmission.
if sent by facsimile. In the case of a disruption in postal services, any delivery or surrender of documents or notice sent by
mail shall not be deemed to have been effectively made or received until it is actually delivered. The Issuer and the Holder may
from time to time change their address for service hereunder by notice in writing delivered in one of the foregoing manners.

 

Except as herein provided, any
and all of the rights conferred upon the Holder herein may be enforced by the Holder through appropriate legal proceedings. No
recourse under or upon any covenant, obligation or agreement herein contained shall be had against any shareholder, officer or
director of the Issuer, either directly or through the Issuer, it being expressly agreed and declared that the obligations under
the Options are solely corporate obligations of the Issuer and no personal liability whatsoever shall attach to or be incurred
by the shareholders, officers or directors of the Issuer in respect thereof. This Option Certificate shall be binding upon the
Issuer and its successors.

 

This Option Certificate shall
be governed in accordance with the laws of the Province of British Columbia and the laws of Canada applicable therein. The parties
hereby attorn to the jurisdiction of the courts of the Province of British Columbia in the event of any dispute hereunder. Time
shall be of the essence hereof.

 

IN WITNESS WHEREOF the Issuer
has caused this Option Certificate to be signed by its duly authorized director on January 2, 2013.

 

STELLAR BIOTECHNOLOGIES,
INC.

 

	By:		 
	 	Darrell Brookstein, Director	 

 

    	 	4	 

     

    

 

SCHEDULE ‘A’

SUBSCRIPTION FORM TO OPTION CERTIFICATE

(Private Placement Announced November 15,
2012)

 

	TO:	Stellar Biotechnologies, Inc.
	 	332 E. Scott Street
	 	Port Hueneme, California 93041

 

The Undersigned, being the registered
holder of the attached Option Certificate of the Issuer, does hereby irrevocably exercise________________________of the Options evidenced thereby in accordance
with the terms thereof, and accordingly hereby irrevocably subscribes for the Units (as described therein) to be received thereon
and irrevocably surrenders the Option Certificate to the Issuer for such purpose. This subscription is accompanied by a certified
cheque, bank draft or wire transfer payable to the Issuer for the whole amount of the purchase price of the Units.

 

In connection with this subscription:
(check one):

 

1. ̈      The undersigned hereby certifies that (i) it is not a U.S.
Person (as defined in Regulation S under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”),
the definition of which includes, but is not limited to, any individual resident in the United States, any partnership or corporation
organized or incorporated under the laws of the United States, and any estate or trust of which any administrator, executor or
trustee is a U.S. Person), (ii) at the time of exercise it is not within the United States and it did not execute and deliver this
subscription form in the United States, and (iii) it is not exercising any of the Warrants represented by this Warrant Certificate
for or on behalf of any U.S. Person or person within the United States.

 

2. ̈      The
undersigned is delivering herewith a written opinion of U.S. counsel in form and substance satisfactory to the Issuer to the
effect that the Warrants and the Common Shares to be delivered upon exercise hereof have been registered under the U.S.
Securities Act and applicable state securities laws or are exempt from registration thereunder.

 

3. ̈      The
undersigned hereby certifies that (i) it is an Accredited Investor (as defined in Rule 501(a) under the U.S. Securities Act)
that purchased the Warrants represented by this Warrant Certificate directly from the Issuer for its own account or the
account of another Accredited Investor, (ii) it is exercising the Warrants for its own account or the account of such other
Accredited Investor, (iii) it remains an Accredited Investor on the date of exercise of the Warrants, and (iv) if the
Warrants are being exercised on behalf of another person, such person was an Accredited Investor on the date the undersigned
purchased the Warrants from the Issuer for its account and remains an Accredited Investor on the date of exercise of the
Warrants.

 

Note: The common shares and warrant
certificates comprising the Units will not be registered or delivered to a U.S. address unless the undersigned has checked box
2 or box 3 above and satisfied the applicable requirements thereof. A legend will be placed on any Common Shares issued pursuant
to box 2 or box 3 above to the effect that the Common Shares may not be transferred except pursuant to an exemption from registration
under the U.S. Securities Act and all applicable state securities laws.

 

    	 	5	 

     

    

 

The undersigned hereby directs that the Units be registered
as follows:

 

	Name(s) in full	Address	Number of Units
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

DATED this ______day of _____________________, 20 _____.

 

	Name of Holder:	 
	 	 
	 	 
	Signature of Holder	 
	 	 
	 	 
	Mailing Address:	 
	 	 
	 	 
	 	 
	 	 

 

Instructions:

 

		1.	The signature to the subscription must be the signature of the person appearing on the face of
the Option Certificate.

 

		2.	In the case of persons signing by a trustee, executor, administrator, curator, guardian, attorney,
officer of a corporation or any person acting in a fiduciary or representative capacity, the certificate must be accompanied by
evidence of authority to sign satisfactory to the Issuer.

 

		3.	If the Option Certificate and the form of subscription are being forwarded by mail, registered
mail must be employed.

 

    	 	6	 

     

    

 

SCHEDULE ‘B’

WARRANT CERTIFICATE TO OPTION
CERTIFICATE

(Private Placement Announced November
15, 2012)

 

UNLESS PERMITTED UNDER SECURITIES
LEGISLATION, THE HOLDER OF THIS SECURITY AND ANY SECURITY ISSUED ON EXERCISE HEREOF MUST NOT TRADE THE SECURITY BEFORE MAY 3, 2013.

 

THIS WARRANT AND THE
SECURITIES DELIVERABLE UPON EXERCISE THEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THIS WARRANT MAY NOT BE
EXERCISED IN THE UNITED STATES OR BY OR ON BEHALF OF, OR FOR THE ACCOUNT OR BENEFIT OF, A U.S. PERSON UNLESS THIS WARRANT AND
SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT AND THE APPLICABLE SECURITIES
LEGISLATION OF ANY SUCH STATE OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE. "UNITED STATES" AND
"U.S. PERSON" ARE AS DEFINED BY REGULATION S UNDER THE SECURITIES ACT.

 

THIS WARRANT CERTIFICATE IS
VOID IF NOT EXERCISED ON OR BEFORE 5:00 P.M. (PACIFIC TIME) ON JANUARY 4, 2016.

 

WARRANT CERTIFICATE

(Relating to a Private Placement
Announced on November 15, 2012)

 

STELLAR BIOTECHNOLOGIES,
INC.

(Continued under the laws of
the Province of British Columbia)

 

	WARRANT

CERTIFICATE NO. u	 	t   WARRANTS entitling the holder to acquire, subject to adjustment, one Common Share for each Warrant represented hereby.

 

THIS IS TO CERTIFY THAT ________________
of ___________________________________________ (hereinafter referred to as the "holder" or the "Warrantholder")
is entitled to acquire for each Warrant represented hereby, in the manner and subject to the restrictions and adjustments set forth
herein, at any time and from time to time until 5:00 p.m. (Pacific Time) (the "Expiry Time") on January 4, 2016
(the “Expiry Date”), one fully paid and non-assessable common share ("Common Share") in the
capital of STELLAR BIOTECHNOLOGIES, INC. (the "Company").

 

These Warrants may only be
exercised at the head office of the Company located at 332 East Scott Street, Port Hueneme, California, 93041, or the registered
office of the Company located at Suite 401, 1231 Barclay Street, Vancouver, British Columbia, V6E 1H5.

 

These Warrants are issued subject
to the terms and conditions appended hereto as Schedule "A".

 

IN WITNESS WHEREOF, the Company
has caused this Warrant Certificate to be executed by a duly authorized director of the Company.

 

DATED for reference t.

 

	 	STELLAR BIOTECHNOLOGIES, INC.
	 	 
	 	Per:	 
	 	 	u Authorized Signatory

 

(See terms and conditions attached hereto)

 

    	 	7	 

     

    

 

SCHEDULE "A"

 

TERMS AND CONDITIONS FOR
WARRANT

(Relating to a Private Placement
Announced on November 15, 2012)

 

Terms
and Conditions attached to the Warrant issued by STELLAR BIOTECHNOLOGIES, INC. (the “Company”) and dated
for reference t.

 

ARTICLE
1

INTERPRETATION

 

		1.1	Definitions

 

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

 

		(a)	"Common Shares" means the common shares in the capital of the Company to be issued pursuant to the exercise
of Warrants;

 

		(b)	"Company" means STELLAR BIOTECHNOLOGIES, INC. unless and until a successor
corporation shall have become such in the manner prescribed in Article 6, and thereafter "Company" shall mean such successor
corporation;

 

		(c)	"Company's Auditors" means an independent firm of accountants duly appointed as auditors of the Company;

 

		(d)	"Exchange" means the TSX Venture Exchange or such other stock exchange on which the Company's Common Shares
are listed and posted for trading;

 

		(e)	“Exercise Date” has that meaning ascribed to that term in Section 3.2 of this Schedule “A”;

 

		(f)	"Exercise Price" means the price of CDN$0.40 per share if exercised on or before January 4, 2016;

 

		(g)	"Expiry Time" means 5:00 p.m. (Pacific Time) on the Expiry Date;

 

		(h)	“Expiry Date” means January 4, 2016.

 

		(i)	"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 expression "Article" and "Section"
followed by a number refer to the specified Article or Section of these Terms and Conditions;

 

		(j)	"Issue Date" means the issue date of the Warrant shown on the face page of the Warrant Certificate;

 

		(k)	"person" means an individual, corporation, partnership, trustee or any unincorporated organization and words
importing persons have a similar meaning;

 

		(l)	“Subscription Form” has that meaning ascribed to that term in Section 3.1 of this Schedule “A”;

 

		(m)	"Warrant" means the warrant to acquire Common Shares evidenced by the Warrant Certificate; and

 

		(n)	"Warrant Certificate" means the certificate to which these Terms and Conditions are attached.

 

		1.2	Interpretation Not Affected by Headings

 

		(a)	The division of these Terms and Conditions into Articles and Sections, and the insertion of headings are for convenience of
reference only and shall not affect the construction or interpretation thereof.

 

    	 	8	 

     

    

 

		(b)	Words importing the singular number include the plural and vice versa and words importing the masculine gender include the
feminine and neuter genders.

 

		1.3	Applicable Law

 

The terms hereof and of the Warrant
shall be construed in accordance with the laws of the Province of British Columbia and the laws of Canada.

 

ARTICLE 2

ISSUE OF WARRANT

 

		2.1	Issue of Warrants

 

That number of Warrants set out on the Warrant Certificate
are hereby created and authorized to be issued.

 

		2.2	Additional Warrants

 

Subject to
any other written agreement between the Company and the Warrantholder, the Company may at any time and from time to time undertake
further equity or debt financing and may issue additional Common Shares, warrants or grant options or similar rights to purchase
Common Shares to any person.

 

		2.3	Issue in Substitution for Lost Warrants

 

If the Warrant Certificate becomes mutilated, lost,
destroyed or stolen:

 

		(a)	the Company shall issue and deliver a new Warrant Certificate 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, lost, destroyed
or stolen Warrant Certificate; and

 

		(b)	the holder shall bear the cost of the issue of a new Warrant Certificate hereunder and in the case
of the loss, destruction or theft of the Warrant Certificate, shall furnish to the Company such evidence of loss, destruction,
or theft as shall be satisfactory to the Company in its discretion and the Company may also require the holder to furnish indemnity
in an amount and form satisfactory to the Company in its discretion, and shall pay the reasonable charges of the Company in connection
therewith.

 

		2.4	Warrantholder Not a Shareholder

 

The Warrant shall
not constitute the holder a shareholder of the Company, nor entitle it to any right or interest in respect thereof except as may
be expressly provided in the Warrant.

 

ARTICLE 3

EXERCISE OF
THE WARRANT

 

		3.1	Method of Exercise of the Warrant

 

The right to
purchase Common Shares conferred by the Warrant Certificate may be exercised, prior to the Expiry Time, by the holder surrendering
this Warrant Certificate, with a duly completed and executed subscription form substantially in the form attached hereto as Schedule
"B" (the “Subscription Form”) and a certified cheque, bank draft or a money order payable to or to
the order of the Company, for the Exercise Price applicable at the time of surrender in respect of the Common Shares subscribed
for in lawful money of Canada, to the Company.

 

    	 	9	 

     

    

 

		3.2	Effective Date of Exercise of the Warrant

 

This Warrant
Certificate together with such Exercise Form, certified cheque, bank draft or money order will be deemed to be so surrendered and
exercised only upon actual receipt thereof by the Company as set out above (the “Exercise Date”).

 

		3.3	Effect of Exercise of the Warrant

 

		(a)	Upon surrender and payment as aforesaid the Common Shares so subscribed for shall be issued as
fully paid and non-assessable shares and the holder shall become the holder of record of such Common Shares on the date of such
surrender and payment; and

 

		(b)	Within five business days after surrender and payment as aforesaid, the Company shall forthwith cause the issuance to the holder
of a certificate for the Common Shares purchased as aforesaid.

 

		3.4	Subscription for Less than Entitlement

 

The holder
may subscribe for and purchase a number of Common Shares less than the number which it is entitled to purchase pursuant to the
surrendered Warrant Certificate. In the event of any purchase of a number of Common Shares less than the number which can be purchased
pursuant to the Warrant Certificate, the holder shall be entitled to either:

 

		(a)	the return of the Warrant Certificate with a notation on the Grid attached hereto as Schedule
"C" showing the balance of the Common Shares which it is entitled to purchase pursuant to the Warrant Certificate
which were not then purchased; or

 

		(b)	to receive a new Warrant Certificate with respect to the remaining balance of the Common Shares purchasable under this Warrant
Certificate.

 

		3.5	Expiration of the Warrant

 

After the
Expiry Time all rights hereunder shall wholly cease and terminate and the Warrant shall be void and of no effect.

 

		3.6	Hold Periods and Legending of Share Certificate

 

If any of the Warrants are exercised
prior to May 3, 2013, the certificates representing the Common Shares to be issued pursuant to such exercise shall bear the following
legend:

 

“Unless
permitted under securities legislation, the holder of the securities shall not trade the securities before May 3, 2013.”

 

ARTICLE
4

ADJUSTMENTS

 

		4.1	Adjustments

 

The number
of Common Shares purchasable upon the exercise of each Warrant and the Exercise Price shall be subject to adjustment as follows:

 

		(a)	in the event the Company shall:

 

		(i)	pay a dividend in Common Shares or make a distribution in Common Shares;

 

		(ii)	subdivide its outstanding Common Shares;

 

		(iii)	combine its outstanding Common Shares into a smaller number of Common Shares; or

 

    	 	10	 

     

    

 

		(iv)	issue by reclassification of its Common Shares other securities of the Company (including any such
reclassification in connection with a consolidation, merger, amalgamation or other combination in which the Company is the surviving
corporation);

 

the number of Common Shares (or
other securities) purchasable upon exercise of each Warrant immediately prior thereto shall be adjusted so that the Warrantholder
shall be entitled to receive the kind and number of Common Shares or other securities of the Company which it would have owned
or have been entitled to receive after the happening of any of the events described above, had such Warrant been exercised immediately
prior to the happening of such event or any record date with respect thereto. An adjustment made pursuant to this subsection (a)
shall become effective immediately after the effective date of such event retroactive to the record date, if any, for such event.

 

		(b)	In case the Company shall issue rights, options or warrants to all or substantially all holders
of its outstanding Common Shares, without any charge to such holders, entitling them (for a period within 45 days after the record
date mentioned below) to subscribe for or purchase Common Shares at a price per share which is lower than 95% of the current market
price at the record date mentioned below than the then current market price per Common Share (as determined in accordance with
subsection (d) below), the number of Common Shares thereafter purchasable upon the exercise of each Warrant shall be determined
by multiplying the number of Common Shares theretofore purchasable upon exercise of each Warrant by a fraction, of which the numerator
shall be the number of Common Shares outstanding on the date of issuance of such rights, options or warrants plus the number of
additional Common Shares offered for subscription or purchase, and of which the denominator shall be the number of Common Shares
outstanding on the date of issuance of such rights, options or warrants plus the number of shares which the aggregate offering
price of the total number of Common Shares so offered would purchase at the current market price per Common Share at such record
date. Such adjustment shall be made whenever such rights, options or warrants are issued, and shall become effective immediately
after the record date for the determination of shareholders entitled to receive such rights, options or warrants.

 

		(c)	In case the Company shall distribute to all or substantially all holders of its Common Shares evidences
of its indebtedness or assets (excluding cash dividends or distributions payable out of consolidated earnings or earned surplus
and dividends or distributions referred to in subsection (a) above or in subsection (d) below or rights, options or warrants, or
convertible or exchangeable securities containing the right to subscribe for or purchase Common Shares (excluding those referred
to in subsection (b) above)), then in each case the number of Common Shares thereafter purchasable upon the exercise of each Warrant
shall be determined by multiplying the number of Common Shares theretofore purchasable upon the exercise of each Warrant by a fraction,
of which the numerator shall be the then current market price per Common Share (as determined in accordance with subsection (d)
below) on the date of such distribution, and of which the denominator shall be the then current market price per Common Share less
the then fair value (as determined by the board of directors of the Company, acting reasonably) of the portion of the assets or
evidences of indebtedness so distributed or of such subscription rights, options or warrants, or of such convertible or exchangeable
securities applicable to one Common Share. Such adjustment shall be made whenever any such distribution is made, and shall become
effective on the date of distribution retroactive to the record date for the determination of shareholders entitled to receive
such distribution.

 

In the event of the distribution
by the Company to all or substantially all of the holders of its Common Shares of shares of a subsidiary or securities convertible
or exercisable for such shares, then in lieu of an adjustment in the number of Common Shares purchasable upon the exercise of each
Warrant, the Warrantholder of each Warrant, upon the exercise thereof, shall receive from the Company, such subsidiary or both,
as the Company shall reasonably determine, the shares or other securities to which such Warrantholder would have been entitled
if such Warrantholder had exercised such Warrant immediately prior thereto, all subject to further adjustment as provided in this
section 4.1 provided, however, that no adjustment in respect of dividends or interest on such shares or other securities shall
be made during the term of a Warrant or upon the exercise of a Warrant.

 

    	 	11	 

     

    

 

		(d)	For the purpose of any computation under subsections (b) and (c) of this section 4.1, the
                                                               current market price per Common Share at any date shall be the weighted average price per Common Share for twenty- five (25)
                                                               consecutive trading days, commencing not more than 45 trading days before such date on the stock exchange on which the Common
                                                               Shares are then traded; provided if the Common Shares are then traded on more than one stock exchange, then on the stock
                                                               exchange on which the largest volume of Common Shares were traded during such twenty-five (25) consecutive trading day
                                                               period. The weighted average price per Common Share shall be determined by dividing the aggregate sale price of all Common
                                                               Shares sold on such exchange or market, as the case may be, during the said twenty-five (25) consecutive trading days by the
                                                               total number of shares so sold. For purposes of this subsection (d), trading day means, with respect to a stock exchange, a
                                                               day on which such exchange is open for the transaction of business. Should the Common Shares not be listed on any stock
                                                               exchange the current market price per Common Share at any date shall be determined by the board of directors of the Company,
                                                               acting reasonably.

 

		(e)	In any case in which this Article 4 shall require that any adjustment in the Exercise Price be
made effective immediately after a record date for a specified event, the Company may elect to defer until the occurrence of the
event the issuance, to the holder of any Warrant exercised after that record date, of the Common Shares and other shares of the
Company, if any, issuable upon the exercise of the Warrant over and above the Common Shares and other shares of the Company; provided,
however, that the Company shall deliver to the holder an appropriate instrument evidencing the holder's right to receive such additional
shares upon the occurrence of the event requiring such adjustment.

 

		(f)	No adjustment in the number of Common Shares purchasable hereunder shall be required unless such
adjustment would require an increase or decrease of at least one percent (1%) in the number of Common Shares purchasable upon the
exercise of each Warrant; provided, however, that any adjustments which by reason of this subsection (f) are not required to be
made shall be carried forward and taken into account in any subsequent adjustment. All calculations shall be made to the nearest
one-hundredth of a share.

 

		(g)	Wherever the number of Common Shares purchasable upon the exercise of each Warrant is adjusted,
as herein provided, the Exercise Price payable upon exercise of each Warrant shall be adjusted by multiplying such Exercise Price
immediately prior to such adjustment by a fraction, of which the numerator shall be the number of Common Shares purchasable upon
the exercise of such Warrant immediately prior to such adjustment, and of which the denominator shall be the number of Common Shares
purchasable immediately thereafter.

 

		(h)	No adjustment in the number of Common Shares purchasable upon the exercise of each Warrant need
be made under subsections (b) and (c) if, the Company issues or distributes to the Warrantholder the rights, options, warrants,
or convertible or exchangeable securities, or evidences of indebtedness or assets referred to in those subsections which the Warrantholder
would have been entitled to receive had the Warrants been exercised prior to the happening of such event or the record date with
respect thereto.

 

		(i)	In the event that at any time, as a result of an adjustment made pursuant to subsection (a) above,
the Warrantholder shall become entitled to purchase any securities of the Company other than Common Shares, thereafter the number
of such other shares so purchasable upon exercise of each Warrant and the Exercise Price of such shares shall be subject to adjustment
from time to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to the Common Shares
contained in subsections (a) through (h), inclusive, above, and the provisions of sections 4.2 through 4.4, inclusive, of this
Article 4 with respect to the Common Shares, shall apply on like terms to any such other securities.

 

		(j)	Upon the expiration of any rights, options, warrants or conversion or exchange privileges, if any
thereof shall not have been exercised, the Exercise Price and the number of Common Shares purchasable upon the exercise of each
Warrant shall, upon such expiration, be readjusted and shall thereafter be such as it would have been had it been originally adjusted
(or had the original adjustment not been required, as the case may be) as if:

 

		(i)	the only Common Shares so issued were the Common Shares, if any, actually issued or sold upon the exercise of such rights,
options, warrants or conversion or exchange rights; and

 

		(ii)	such Common Shares, if any, were
                                                                                                                             issued or sold for the consideration actually received by the Company upon such exercise plus the aggregate consideration, if
                                                                                                                             any, actually received by the Company for the issuance, sale or grant of all such rights, options, warrants or
                                                                                                                             conversion or exchange rights whether or not exercised;

 

    	 	12	 

     

    

 

provided further, that no such
readjustment shall have the effect of increasing the Exercise Price or decreasing the number of Common Shares purchasable upon
the exercise of each Warrant by an amount in excess of the amount of the adjustment initially made with respect to the issuance,
sale or grant of such rights, options, warrants or conversion or exchange rights.

 

		4.2	Voluntary Adjustment by the Company

 

Subject to
requisite Exchange approval, the Company may, at its option, at any time during the term of the Warrants, reduce the then current
Exercise Price to any amount deemed appropriate by the Board of Directors of the Company.

 

		4.3	Notice of Adjustment

 

Whenever the
number of Common Shares purchasable upon the exercise of each Warrant or the Exercise Price of such Common Shares is adjusted,
as herein provided, the Company shall promptly send to the Warrantholder by first class mail, postage prepaid, notice of such adjustment
or adjustments.

 

		4.4	No Adjustment for Dividends

 

Except as provided
in section 4.1 of this Article 4, no adjustment in respect of any dividends shall be made during the term of a Warrant or upon
the exercise of a Warrant.

 

		4.5	Preservation of Purchase Rights Upon Merger, Consolidation, etc.

 

In connection
with any consolidation of the Company with, or amalgamation or merger of the Company with or into, another corporation (including,
without limitation, pursuant to a "takeover bid", "tender offer" or other acquisition of all or substantially
all of the outstanding Common Shares) or in case of any sale, transfer or lease to another corporation of all or substantially
all the property of the Company, the Company or such successor or purchasing corporation, as the case may be, shall execute with
the Warrantholder an agreement that the Warrantholder shall have the right thereafter, upon payment of the Exercise Price in effect
immediately prior to such action, to purchase upon exercise of each Warrant the kind and amount of shares and other securities
and property which it would have owned or have been entitled to receive after the happening of such consolidation, amalgamation,
merger, sale, transfer or lease had such Warrant been exercised immediately prior to such action, and the Warrantholder shall be
bound to accept such shares and other securities and property in lieu of the Common Shares to which it was previously entitled;
provided, however, that no adjustment in respect of dividends, interest or other income on or from such shares or other securities
and property shall be made during the term of a Warrant or upon the exercise of a Warrant. Any such agreement shall provide for
adjustments, which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Schedule "A".
The provisions of this Article 4 shall similarly apply to successive consolidations, mergers, amalgamation, sales, transfers or
leases.

 

		4.6	Determination of Adjustments

 

If any questions
shall at any time arise with respect to the Exercise Price, such question shall be conclusively determined by the Company's Auditors,
or, if they decline to so act, any other firm of Chartered Accountants, in Toronto, Ontario, that the Company may designate and
the Warrantholder, acting reasonably, may approve, and who shall have access to all appropriate records and such determination
shall be binding upon the Company and the holder.

 

    	 	13	 

     

    

 

ARTICLE 5

COVENANTS BY THE COMPANY

 

		5.1	Reservation of Common Shares

 

The Company
will reserve and there will remain unissued out of its authorized capital a sufficient number of Common Shares to satisfy the rights
of acquisition provided for in the Warrant Certificate.

 

ARTICLE 6

MERGER AND SUCCESSORS

 

		6.1	Company May Consolidate, etc. on Certain Terms

 

Nothing herein
contained shall prevent any consolidation, amalgamation or merger of the Company with or into any other corporation or corporations,
or a conveyance or transfer of all or substantially all the properties and estates of the Company as an entirety to any corporation
lawfully entitled to acquire and operate same, provided, however, that the corporation formed by such consolidation, amalgamation
or merger or which acquires by conveyance or transfer all or substantially all the properties and estates of the Company as an
entirety shall, simultaneously with such amalgamation, merger, conveyance or transfer, assume the due and punctual performance
and observance of all the covenants and conditions hereof to be performed or observed by the Company.

 

		6.2	Successor Company Substituted

 

In case the
Company, pursuant to section 6.1 shall be consolidated, amalgamated or merged with or into any other corporation or corporations
or shall convey or transfer all or substantially all of its properties and estates as an entirety to any other corporation, the
successor corporation formed by such consolidation or amalgamation, or into which the Company shall have been consolidated, amalgamated
or merged or which shall have received a conveyance or transfer as aforesaid, shall succeed to and be substituted for the Company
hereunder and such changes in phraseology and form (but not in substance) may be made in the Warrant Certificate and herein as
may be appropriate in view of such amalgamation, merger or transfer.

 

ARTICLE 7

AMENDMENTS

 

		7.1	Amendment, etc.

 

 

hereto.This Warrant Certificate may only be amended
by a written instrument signed by the parties

 

ARTICLE 8

MISCELLANEOUS

 

		8.1	Time

 

Time is of the essence of the terms of this Warrant
Certificate.

 

		8.2	Notice

 

Any notice or other communication
to be given in connection with this Warrant Certificate must be in writing and given by personal delivery to the addresses listed
on the cover page of this Warrant Certificate.

 

		8.3	Transfer of Warrants

 

The Warrants evidenced hereby (or any portion thereof)
are not transferable.

 

    	 	14	 

     

    

 

SCHEDULE "B"

 

SUBSCRIPTION FORM

(Private Placement Announced
November 15, 2012)

 

	TO:	Stellar Biotechnologies, Inc.
	 	332 E. Scott Street
	 	Port Hueneme, California 93041

 

The undersigned Holder of the within Warrants hereby
subscribes for  _____________common shares (the“Common Shares”) of STELLAR BIOTECHNOLOGIES, INC. (the
“Company”) pursuant to the within Warrants at $0.40 per Common Share on the terms specified in the said
Warrants. This subscription is accompanied by a certified cheque or bank draft payable to or to the order of the Company for the
whole amount of the purchase price of the Common Shares.

 

In connection with this subscription:
(check one):

 

1. ̈      The undersigned hereby certifies that (i) it is not a U.S.
Person (as defined in Regulation S under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”),
the definition of which includes, but is not limited to, any individual resident in the United States, any partnership or corporation
organized or incorporated under the laws of the United States, and any estate or trust of which any administrator, executor or
trustee is a U.S. Person), (ii) at the time of exercise it is not within the United States and it did not execute and deliver this
subscription form in the United States, and (iii) it is not exercising any of the Warrants represented by this Warrant Certificate
for or on behalf of any U.S. Person or person within the United States.

 

2. ̈      The undersigned is delivering herewith a written opinion of U.S. counsel in form and substance satisfactory to the Company to
the effect that the Warrants and the Common Shares to be delivered upon exercise hereof have been registered under the U.S.
Securities Act and applicable state securities laws or are exempt from registration thereunder.

 

3. ̈      The
undersigned hereby certifies that (i) it is an Accredited Investor (as defined in Rule 501(a) under the U.S.
Securities Act) that purchased the Warrants represented by this Warrant Certificate directly from the Company for its own
account or the account of another Accredited Investor, (ii) it is exercising the Warrants for its own account or the account
of such other Accredited Investor, (iii) it remains an Accredited Investor on the date of exercise of the Warrants, and (iv)
if the Warrants are being exercised on behalf of another person, such person was an Accredited Investor on the date the
undersigned purchased the Warrants from the Company for its account and remains an Accredited Investor on the date of
exercise of the Warrants.

 

Note: The Common Shares will not
be registered or delivered to a U.S. address unless the undersigned has checked box 2 or box 3 above and satisfied the applicable
requirements thereof. A legend will be placed on any Common Shares issued pursuant to box 2 or box 3 above to the effect that the
Common Shares may not be transferred except pursuant to an exemption from registration under the U.S. Securities Act and all applicable
state securities laws.

 

    	 	15	 

     

    

 

The undersigned hereby directs that the Common Shares
be registered as follows:

 

	Name(s) in full	Address	Number of Common Shares
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

DATED this ______day of________________, 20___.

 

	Name of Holder:	 
	 	 
	 	 
	Signature of Holder	 
	 	 
	 	 
	Mailing Address:	 
	 	 
	 	 
	 	 
	 	 

 

Instructions:

 

		1.	The signature to the subscription must be the signature of the person appearing on the face of
the Warrant Certificate.

 

		2.	In the case of persons signing by a trustee, executor, administrator, curator, guardian, attorney,
officer of a corporation or any person acting in a fiduciary or representative capacity, the certificate must be accompanied by
evidence of authority to sign satisfactory to the Company.

 

		3.	If the Warrant certificate and the form of subscription are being forwarded by mail, registered
mail must be employed.

 

    	 	16	 

     

    

 

SCHEDULE "C"

 

WARRANT EXERCISE GRID

(Private Placement Announced
November 15, 2012)

 

RELATING TO WARRANT CERTIFICATE NO. t

 

	Common Shares Issued	Common Shares Available	Initials of Authorized OfficerExhibit 4.6

 

STELLAR BIOTECHNOLOGIES, INC.

(the “Corporation”)

PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT

(CDN $0.25 UNITS)

 

INSTRUCTIONS TO SUBSCRIBER

 

All Subscribers must sign and deliver to Stellar
Biotechnologies, Inc. at its Canadian office, 1868 King George Blvd., South Surrey, British Columbia, V4A 5A1 (Tel: 604-306-8854
/ Fax: 604-535-4454):

 

All Subscribers:

 

		1.	A completed and executed copy of this Agreement;

 

		2.	A Schedule II (TSX Personal Information Acknowledgement and Consent);

 

		3.	A certified cheque, bank draft or wire transfer payable to the Corporation; Each Subscriber Must Complete 

 

One of the Following:

 

		4.	If the Subscriber is an “Accredited Investor” resident anywhere, except the United States, a completed and signed
Schedule III (Accredited Investor Certificate – Non-United States Residents Only);

 

		5.	If the Subscriber is a resident of the United States and is an “Accredited Investor” as that term is defined in
Regulation D under the United States Securities Act of 1933, a completed and signed Schedule IV (Accredited Investor Certificate
- United States Residents Only);

 

		6.	If the Subscriber is not an “accredited investor” but is a director, executive officer, control person of the Corporation,
or of an affiliate of the Corporation or founder of the Corporation, or a spouse, parent, grandparent, brother, sister, child,
grandchild, close personal friend or close business associate of a director, executive officer, control person or founder of the
Corporation or a parent, grandparent, brother, sister, child or grandchild of a spouse of a founder of the Corporation and is not
resident in Ontario or Saskatchewan, a completed and signed Schedule V (Family, Friends and Business Associates Certificate);

 

		7.	If the Subscriber is not an “accredited investor” but is a founder or control person of the Corporation or a spouse,
parent, grandparent, brother, sister, grandchild or child of an executive officer, director or founder of the Corporation and a
resident of Ontario, a completed Schedule VI (Founder, Control Person and Family Certificate – Ontario Residents Only);

 

		8.	If the Subscriber is not an “accredited investor”, but is a close personal friend or business associate of a founder,
director, executive officer or control person of the issuer, or of an affiliate of the Corporation and is a resident of Saskatchewan,
then complete and sign Schedule VII (“Risk Acknowledgement – Saskatchewan Residents Only”);

 

		9.	If the Subscriber is not an “accredited investor”, but is buying securities having an aggregate cost of at least
CDN$150,000 and is not a resident of the United States or offshore, then complete and sign Schedule VIII (“Minimum Investment
Amount Certificate – Non United States Residents or Offshore Residents”);

 

		10.	If the Subscriber is not a resident of Canada or the United States of America and did not sign this subscription agreement
in Canada or the United States of America, a completed and signed Schedule IX (Confirmation of Residence Outside of Canada and
the United States of America – Non Resident Certificate);

 

Each Subscriber Who Is Not an Individual
Must Complete the Following:

 

		11.	If the Subscriber is a portfolio manager or is not an individual (that is, the Subscriber is a corporation, partnership, trust
or entity other than an individual), and does not have a current accurate Form 4C - Corporate Placee Registration Form on file
with the TSX Venture Exchange, a completed and signed Schedule X.

 

     

     

    

 

SUBSCRIPTION AGREEMENT

 

TO:                                   STELLAR BIOTECHNOLOGIES, INC.

 

The undersigned (the
“Subscriber”) hereby irrevocably subscribes for and agrees to purchase from STELLAR BIOTECHNOLOGIES, INC.
(the “Corporation”) that number of units of the Corporation (the “Units”) set out below
at a price of CDN $0.25 per Unit. Each Unit consists of one common share in the capital of the Corporation (a “Share”)
and one transferable common share purchase warrant (a “Warrant”). Each Warrant shall entitle the holder
thereof to acquire one common share in the capital of the Corporation (a “Warrant Share”) at a price of CDN
$0.40 per Warrant Share until 5:00 p.m. (Vancouver time) on the date which is three years following the Closing Date (as defined
herein). The Subscriber agrees to be bound by the terms and conditions set forth in the attached “General Provisions”
including without limitation the representations, warranties and covenants set forth in the applicable schedules attached thereto.
The Subscriber further agrees, without limitation, that the Corporation may rely upon the Subscriber’s representations, warranties
and covenants contained in such documents.

 

SUBSCRIPTION AND SUBSCRIBER INFORMATION

Please print all information (other than
signatures), as applicable, in the space provided below

 

	 
	 
	(Name of Subscriber)	 
	 	 
	Account Reference (if applicable): 	 
	 	 
	By:	 
	Authorized Signature	 
	 	 
	 
	(Official Capacity or Title – if the Subscriber is not an individual)
	 
	(Name of individual whose signature appears above if different than the name of the subscriber printed above.)
	 
	 
	(Subscriber’s Address, including Municipality and Province)
	 
	 
	(Telephone Number)	(Email Address)

	 	 	 
	Number of Units  	 	x CDN $0.25	 
	 	 	 
	=
	 	 
	Aggregate Subscription Price: ______________________
	(the “Subscription Amount”)
	 	 	 	 	 

 

	Please
    complete     if
    purchasing as agent or trustee for a principal
    (beneficial purchaser) (a “Disclosed Principal”) and not purchasing as trustee or agent for accounts fully
    managed by it.
	 
	 
	(Name of Disclosed Principal)
	 
	 
	(Address of Disclosed Principal)
	 
	 
	(Account Reference, if applicable)

 

	 
	Share Certificate Registration Information: (indicate exactly how you want to be registered on the share and warrant certificate)
	 
	 
	(Name)
	 
	 
	 
	 
	(Address, including Postal Code)

	 
	Delivery Instructions as set forth below:
	 
	 
	(Name)
	 
	(Account Reference, if applicable)
	 
	(Address)
	 
	(Contact Name)	(Telephone Number)
	 

 

	Number and kind of securities of the Corporation held, directly or indirectly, if any:
	 
	 
	 
	 
	 
	 
	 
	 
	 
	 

	1.	State whether Subscriber is an Insider of the Corporation:
	 	 
	 	Yes     ̈                    No     ̈
	 	 
	2.	State whether Subscriber is a member of the Pro Group:
	 	 
	 	Yes     ̈                    No     ̈
	 	 
	3.	If applicable, the Subscriber has on file with the Exchange a current Form 4C
	 	 
	 	Yes     ̈                    No     ̈

   

     

     

    

 

GENERAL PROVISIONS

 

		1.	DEFINITIONS

 

1.1         In
this Subscription Agreement (including the first page (instruction page), page 2 (cover page), the General Provisions and Schedules
incorporated by reference, the following words have the following meanings unless otherwise indicated:

 

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

 

		(b)	“Applicable Legislation” means the Securities Legislation Applicable to the Corporation and all legislation incorporated
in the definition of this term in other parts of this Subscription Agreement, together with the regulations and rules made and
promulgated under that legislation and all administrative policy statements, blanket orders and rulings, notices and other administrative
directions issued by the Commissions;

 

		(c)	“Closing” means the completion of the sale and purchase of the Purchased Securities;

 

		(d)	“Closing Date” has the meaning assigned in the Term Sheet;

 

		(e)	“Commissions” means the Commissions with Jurisdiction over the Corporation and the securities commissions incorporated
in the definition of this term in other parts of this Subscription Agreement;

 

		(f)	“Exchange” has the meaning assigned in the Term Sheet;

 

		(g)	“Final Closing” means the last closing under the Private Placement;

 

		(h)	“General Provisions” means those portions of this Subscription Agreement headed “General Provisions”;

 

		(i)	“Private Placement” means the offering of the Purchased Securities in the General Provisions of this Subscription
Agreement;

 

		(j)	“Public Record” means those documents filed in the website www.SEDAR.com;

 

		(k)	“Purchased Securities” has the meaning assigned in the Term Sheet;

 

		(l)	“Regulation S” means Regulation S promulgated under the 1933 Act;

 

		(m)	“Regulatory Authorities” means the Commissions and the Exchange;

 

		(n)	“Securities” has the meaning assigned in the Term Sheet;

 

		(o)	“Subscription Agreement” means the instruction page, page 3 (cover page), the Term Sheet, the General Provisions
and other Schedules incorporated by reference; and

 

		(p)	“Terms” means those portions of this Subscription Agreement headed “General Provisions” and “Term
Sheet”.

 

1.2         In
this Subscription Agreement, the following terms have the meanings defined in Regulation S: “Directed Selling Efforts”,
“Foreign Corporation”, “Substantial U.S. Market Interest”, “U.S. Person” and “United
States”.

 

    	 	3	 

     

    

 

1.3         In
this Subscription Agreement, unless otherwise specified, currencies are indicated in Canadian dollars.

 

1.4         In
this Subscription Agreement, other words and phrases that are capitalized have the meaning assigned in this Subscription Agreement.

 

		2.	REPRESENTATIONS AND WARRANTIES OF SUBSCRIBER

 

		2.1	Acknowledgements concerning offering The Subscriber acknowledges that:

 

		(a)	no securities commission or similar regulatory authority has reviewed or passed on the merits of
the Securities;

 

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

 

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

 

		(d)	there are restrictions on the Subscriber’s ability to resell the Securities and it is the
responsibility of the Subscriber to find out what those restrictions are and to comply with them before selling the Securities;

 

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

 

		(f)	no prospectus has been filed by the Corporation with the Commissions in connection with the issuance
of the Purchased Securities, the issuance is exempted from the prospectus and registration requirements of the Applicable Legislation
and:

 

		(i)	the Subscriber is restricted from using most of the civil remedies available under the Applicable
Legislation;

 

		(ii)	the Subscriber may not receive information that would otherwise be required to be provided to the
Subscriber under the Applicable Legislation; and

 

		(iii)	the Corporation is relieved from certain obligations that would otherwise apply under the Applicable
Legislation; and

 

		(g)	the Subscriber acknowledges that the Securities have not been registered under the 1933 Act and
may not be offered or sold in the United States unless registered under the 1933 Act and the securities laws of all applicable
states of the United States or an exemption from such registration requirements is available, and that the Corporation has no obligation
or present intention of filing a registration statement under the 1933 Act in respect of the Purchased Securities or any of the
Securities.

 

		2.2	Representations by all Subscribers

 

The Subscriber represents and warrants to
the Corporation that, as at the Agreement Date and at the Closing:

 

    	 	4	 

     

    

 

		(a)	if the Subscriber is purchasing the Securities as principal for its own account, the Subscriber
is purchasing them for investment only and not for the benefit of any other person or for resale, distribution or other disposition
of the Securities;

 

		(b)	to the best of the Subscriber’s knowledge, the Securities were not advertised;

 

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

 

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

 

		(ii)	that any person will refund the purchase price of the Purchased Securities;

 

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

 

		(iv)	that any of the Securities will be listed and posted for trading on a stock exchange or that application has been made to list
and post any of the Securities for trading on any stock exchange, other than the Shares and Warrant Shares on the Exchange;

 

		(d)	this subscription has not been solicited in any other manner contrary to the Applicable Legislation
or the 1933 Act;

 

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

 

		(f)	the Subscriber has no knowledge of a “material fact” or “material change”
(as those terms are defined in the Applicable Legislation) in the affairs of the Corporation that has not been generally disclosed
to the public, except knowledge of this particular transaction;

 

		(g)	the offer made by this subscription is irrevocable (subject to the Subscriber’s right to
withdraw the subscription and to terminate the obligations as set out in this Subscription Agreement) and requires acceptance by
the Corporation and approval of the Exchange;

 

		(h)	the Subscriber has the legal capacity and competence to enter into and execute this Subscription
Agreement and to take all actions required pursuant to this Subscription Agreement and, if the Subscriber is a corporation, it
is duly incorporated and validly subsisting under the laws of its jurisdiction of incorporation and all necessary approvals by
its directors, shareholders and others have been given to authorize execution of this Subscription Agreement on behalf of the Subscriber;

 

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

 

		(j)	unless the Subscriber has completed and signed Schedule “IV”, the offer was not made
to the Subscriber when the Subscriber was in the United States and, at the time the Subscriber’s buy order was made to the
Corporation, the Subscriber was outside the United States;

 

		(k)	unless the Subscriber has completed and signed Schedule “IV”, the Subscriber is not
a U.S. Person;

 

		(l)	unless the Subscriber has completed and signed Schedule “IV”, the Subscriber is not
and will not be purchasing Purchased Securities for the account or benefit of any U.S. Person;

 

    	 	5	 

     

    

 

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

 

		(n)	this Subscription Agreement has been duly executed and delivered by the Subscriber and constitutes
a legal, valid and binding agreement of the Subscriber enforceable against the Subscriber;

 

		(o)	the Subscriber has been independently advised as to the applicable hold period imposed in respect
of the Securities by securities legislation in the jurisdiction in which the Subscriber resides and confirms that no representation
has been made respecting the applicable hold periods for the Securities and is aware of the risks and other characteristics of
the Securities and of the fact that the Subscriber may not be able to resell the Securities except in accordance with the applicable
securities legislation and regulatory policies;

 

		(p)	the Subscriber is capable of assessing the proposed investment as a result of the Subscriber’s
financial and business experience or as a result of advice received from a registered person other than the Corporation or any
affiliates of the Corporation;

 

		(q)	if required by applicable securities legislation, policy or order or by any securities commission,
stock exchange or other regulatory authority, the Subscriber will execute, deliver, file and otherwise assist the Corporation in
filing, such reports, undertakings and other documents with respect to the issue of the Securities as may be required;

 

		(r)	it has relied solely upon publicly available information relating to the Issuer and not upon any
verbal or written representation as to fact or otherwise made by or behalf of the Corporation or the Corporation; and

 

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

 

		2.3	Representations by residents of the United States:

 

The Subscriber represents and warrants to
the Corporation that, as at the Agreement Date and at the Closing:

 

		(a)	the Subscriber is resident of the United States of America, or is otherwise subject to the securities
laws thereof;

 

		(b)	understands the Securities have not and will not be registered under the 1933 Act or the securities
laws of any state of the United States of America in which the Subscriber is resident and the sale contemplated hereby is being
made in reliance on private placement exemptions to the Subscriber pursuant to Rule 506 of the 1933 Act;

 

    	 	6	 

     

    

 

		(c)	the Subscriber, is an Accredited Investor as set out in the completed Schedule IV - U.S. Accredited
Investor Certificate, delivered with this Agreement; and

 

		(d)	has made the representations, warranties and covenants (which representations, warranties and covenants
shall survive the Closing) to the Corporation (and acknowledges that the Corporation is relying thereon).

 

		2.4	Representations by residents outside of Canada and the United States:

 

The Subscriber represents
and warrants to the Corporation that, as of the Agreement Date and at the Closing:

 

		(a)	is knowledgeable of, or has been independently advised as to the applicable securities laws and
the applicable rules of any securities regulatory authorities having application in the jurisdiction in which the Subscriber is
resident (the “International Jurisdiction”) which would apply to the acquisition of the Subscriber’s Units, if
any;

 

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

 

		(c)	the applicable securities laws of the International Jurisdiction do not require the Corporation
to make any filings or seek any approvals of any nature whosoever from any regulatory authority of any kind whatsoever in the International
Jurisdiction in connection with the issue and sale or resale of the Units; and

 

		(d)	is complying with the requirements of all applicable securities legislation in the jurisdiction
of its residence and will provide such evidence of compliance with all such matters as the Corporation may request.

 

		2.5	Reliance, indemnity and notification of changes

 

The representations and
warranties in this Subscription Agreement (including the Term Sheet, the General Provisions and the other schedules and appendices
incorporated by reference) are made by the Subscriber with the intent that they be relied upon by the Corporation in determining
its suitability as a Subscriber of Purchased Securities, and the Subscriber hereby agrees to indemnify the Corporation against
all losses, claims, costs, expenses and damages or liabilities which any of them may suffer or incur as a result of reliance thereon.
The Subscriber undertakes to notify the Corporation immediately of any change in any representation, warranty or other information
relating to the Subscriber set forth in this Subscription Agreement (including the Term Sheet, the General Provisions and the other
schedules and appendices incorporated by reference) which takes place prior to the Closing.

 

		2.6	Survival of representations and warranties

 

The representations and
warranties contained in this Section will survive the Closing.

 

		3.	REPRESENTATIONS AND WARRANTIES OF THE CORPORATION

 

3.1         The
Corporation represents and warrants to the Subscriber that, as of the date of this Agreement and at the Closing:

 

		(a)	the Corporation and its subsidiaries, if any, are valid and subsisting corporations duly incorporated,
continued or amalgamated and in good standing under the laws of the jurisdictions in which they are incorporated, continued or
amalgamated with respect to all acts necessary to maintain their corporate existence;

 

    	 	7	 

     

    

 

		(b)	the Corporation is the beneficial owner of the properties, business and assets or the interests
in the properties, business and assets referred to in the Public Record, except as disclosed in the Public Record all agreements
by which the Corporation holds an interest in a property, business or asset are in good standing according to their terms, and
there has not been any breach of the applicable laws of the jurisdictions in which such properties, business and assets are situated
which would have a material adverse effect on such properties, business and assets;

 

		(c)	the Financial Statements accurately reflect the financial position of the Corporation as at the
date thereof and have been properly prepared in accordance with Canadian Generally Accepted Accounting Principles (GAAP) (up to
and including audited financial statements for the year ended August 31, 2011) and International Financial Reports Standards (interim
financial statements subsequent to August 31, 2011);

 

		(d)	no adverse material changes in the financial position of the Corporation have taken place since
the date of the latest balance sheet contained in the Financial Statements, except as has been publicly disclosed;

 

		(e)	except for as provided in the Public Record, the Corporation and its subsidiaries are not currently
a party to any actions, suits or proceedings which could materially affect the Corporation’s business or financial condition;

 

		(f)	except as disclosed in the Public Record and for options granted in the ordinary course under the
Corporation’s stock option plan, there are no outstanding options, warrants or other securities exercisable to purchase or
convertible or exchangeable into common shares of the Corporation;

 

		(g)	the Corporation has complied and will comply with all applicable corporate and securities laws
and regulations in connection with the offer, sale and issuance of the Units;

 

		(h)	the issuance and sale of the Units by the Corporation does not and will not conflict with and does
not and will not result in a breach of any of the terms, conditions or provisions of its constating documents or any agreement
or instrument to which the Corporation is a party;

 

		(i)	this Agreement has been duly authorized by all necessary corporate action on the part of the Corporation
and, subject to acceptance by the Corporation, constitutes a valid obligation of the Corporation legally binding upon it and enforceable
in accordance with its terms;

 

		(j)	the issuance of the Securities, at the time of their issue, will have been approved by all requisite
corporate action and any shares comprising part of the Securities, upon issue and delivery, will be validly issued as fully paid
and non-assessable;

 

		(k)	the Corporation is a reporting issuer under the BC Act and Alberta Act, its common shares are listed
for trading on the Exchange; and

 

		(l)	all consents, approvals, authorizations, orders or agreements of any stock exchanges, securities
commissions or similar authorities in Canada, governmental agencies or regulators, courts or any other persons which may be required
for the issuance of the Securities and the delivery of certificates representing the Securities to the Subscriber, shall be obtained
and in effect prior to or on the date of delivery of such certificates.

 

		3.2	Survival of representations and warranties

 

The representations and warranties contained
in this Section will survive the Closing.

 

    	 	8	 

     

    

 

		4.	CLOSING

 

4.1         The
Subscriber acknowledges that, although Purchased Securities may be issued to other purchasers under the private placement concurrently
with the Closing, there may be other sales of Purchased Securities under the private placement, some or all of which may close
before or after the Closing.

 

4.2         On
or before the end of the fifth business day before the Closing Date, the Subscriber will deliver to the Corporation this Subscription
Agreement and all applicable schedules and required forms, duly executed, and payment in full for the total purchase price of the
Purchased Securities to be purchased by the Subscriber by certified cheque, bank draft or wire transfer in Canadian dollars payable
to “STELLAR BIOTECHNOLOGIES, INC.”.

 

4.3         At
Closing or as soon as reasonably possible thereafter, the Corporation will deliver to the Subscriber the certificates representing
the Purchased Securities purchased by the Subscriber registered in the name of the Subscriber or its nominee, or as directed by
the Subscriber.

 

		5.	MISCELLANEOUS

 

5.1         The
Subscriber agrees to sell, assign or transfer the Securities only in accordance with the requirements of applicable securities
laws and any legends placed on the Securities as contemplated by this Subscription Agreement.

 

5.2         The
Subscriber hereby authorizes the Corporation to correct any minor errors in, or complete any minor information missing from any
part of this Subscription Agreement and any other schedules, forms, certificates or documents executed by the Subscriber and delivered
to the Corporation in connection with the Private Placement.

 

5.3         The
Corporation may rely on delivery by fax machine of an executed copy of this subscription, and acceptance by the Corporation of
such faxed copy will be equally effective to create a valid and binding agreement between the Subscriber and the Corporation in
accordance with the terms of this Subscription Agreement.

 

5.4         Without
limitation, this subscription and the transactions contemplated by this Subscription Agreement are conditional upon and subject
to the Corporation’s having obtained such regulatory approval of this subscription and the transactions contemplated by this
Subscription Agreement as the Corporation considers necessary.

 

5.5         This
Subscription Agreement is not assignable or transferable by the parties hereto without the express written consent of the other
party to this Subscription Agreement.

 

5.6         Time
is of the essence of this Subscription Agreement and will be calculated in accordance with the provisions of the Interpretation
Act (British Columbia).

 

5.7         Except
as expressly provided in this Subscription Agreement and in the agreements, instruments and other documents contemplated or provided
for in this Subscription Agreement, this Subscription Agreement contains the entire agreement between the parties with respect
to the Securities and there are no other terms, conditions, representations or warranties whether expressed, implied, oral or written,
by statute, by common law, by the Corporation, or by anyone else.

 

5.8         The
parties to this Subscription Agreement may amend this Subscription Agreement only in writing.

 

5.9         This
Subscription Agreement enures to the benefit of and is binding upon the parties to this Subscription Agreement and their successors
and permitted assigns.

 

5.10         A
party to this Subscription Agreement will give all notices to or other written communications with the other party to this Subscription
Agreement concerning this Subscription Agreement by hand or by registered mail addressed to the address given on page 2.

 

5.11         This
Subscription Agreement is to be read with all changes in gender or number as required by the context.

 

    	 	9	 

     

    

 

5.12         This
Subscription Agreement will be governed by and construed in accordance with the internal laws of British Columbia (without reference
to its rules governing the choice or conflict of laws), and the parties hereto irrevocably attorn and submit to the exclusive jurisdiction
of the courts of British Columbia with respect to any dispute related to this Subscription Agreement.

 

The Corporation hereby
accepts the subscription for Units as set forth on the face page of this Subscription Agreement on the terms and conditions contained
in the Subscription Agreement (including all applicable schedules) this ____________________ day of ___________________________,
2012.

 

	 	STELLAR BIOTECHNOLOGIES, INC.
	 	 	 
	 	Per:	 
	 	 	Authorized Signatory

 

    	 	10	 

     

    

 

SCHEDULE “I”

 

TERM SHEET

STELLAR BIOTECHNOLOGIES, INC.

(Capitalized terms have the meanings assigned
in the Subscription Agreement.)

 

	THE CORPORATION	 	Stellar Biotechnologies, Inc.
	 	 	 
	MINIMNUM/MAXIMUM OFFERING	 	There is no Minimum Offering. The Maximum Offering consists of 4,000,000 Units.
	 	 	 
	PURCHASED SECURITIES	 	
        The “Purchased
        Securities” are Units. Each Unit consists of one previously unissued common share, as presently constituted (a
        “Share”) and one transferable share purchase warrant (a “Warrant”) of the Corporation. Each Warrant
        will entitle the holder, on exercise, to purchase one additional common share of the Corporation (a “Warrant
        Share”), at a price of CDN $0.40 per Warrant Share until the close of business on the day which is three years from the
        date of the issue of the Warrants.

	 	 	 
	TOTAL AMOUNT	 	CDN $1,000,000
	 	 	 
	PRICE	 	CDN $0.25 per Unit.
	 	 	 
	WARRANTS	 	The Warrants will be transferable, subject to compliance with applicable securities legislation.
	 	 	 
	 	 	The certificates representing the Warrants will, among other things, include provisions for the appropriate adjustment in the class, number and price of the Warrant Shares issued upon exercise of the Warrants upon the occurrence of certain events, including any subdivision, consolidation or reclassification of the Corporation’s common shares, the payment of stock dividends and the amalgamation of the Corporation.
	 	 	 
	 	 	The issue of the Warrants will not restrict or prevent the Corporation from obtaining any other financing, or from issuing additional securities or rights, during the period within which the Warrants may be exercised.
	 	 	 
	SELLING JURISDICTIONS	 	The Units may be sold to eligible purchasers in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, the Yukon, Nunavut, Northwest Territories, the Maritimes, the United States and in certain “offshore” jurisdictions outside Canada and the United States, subject to receipt of all necessary regulatory approvals and compliance with applicable laws (the “Selling Jurisdictions”).
	 	 	 
	FINDER’S FEE	 	The Corporation may pay a finder’s fee to certain arm’s length parties at up to the maximum rates allowed by the Exchange. Such amounts will be paid either in cash or, at the discretion of the Issuer, the issuance of securities of the Corporation.

 

    	 	11	 

     

    

 

	EXEMPTIONS	 	The offering will be made in accordance with the following exemptions from the prospectus requirements:

 

	 	 	(a)	the “accredited investor” exemption (section 2.3 of National Instrument 45-106);
	 	 	(b)	the United States “accredited investor exemption” (section 2.3 of National Instrument 45-106 and Rule 506 of Regulation D);
	 	 	(c)	the British Columbia, Alberta, Manitoba, Quebec, Yukon, Nunavut, Northwest Territories and Maritime “family, friends and business associates” exemption (section 2.5 of National Instrument 45-106);
	 	 	(d)	the Saskatchewan “family, friends and business associates” exemption (section 2.6 of National Instrument 45-106);
	 	 	(e)	the Ontario “founder, control person and family exemption” (section 2.7 of National Instrument 45-106);
	 	 	(f)	the “minimum amount investment” exemption (section 2.10 of National Instrument 45-106); and
	 	 	(g)	the “offshore exemption” (BC Instrument 72-503).

  

	RESALE RESTRICTIONS AND LEGENDS	 	The Purchased Securities
    will be subject to a four month and one day hold period that commences on Closing.
	 	 	 
	 	 	The Subscriber acknowledges that the
    certificates representing the Purchased Securities may bear the following legends:
	 	 	 
	 	 	“UNLESS PERMITTED UNDER SECURITIES
    LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE [INSERT THE DATE THAT IS FOUR MONTHS AND A DAY
    AFTER THE DISTRIBUTION DATE.]”
	 	 	 
	 	 	“WITHOUT PRIOR WRITTEN APPROVAL
    OF THE TSX VENTURE EXCHANGE AND COMPLIANCE WITH ALL APPLICABLE SECURITIES LEGISLATION, THE SECURITIES REPRESENTED BY THIS
    CERTIFICATE MAY NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE TRADED ON OR THROUGH THE FACILITIES OF THE TSX VENTURE
    EXCHANGE OR OTHERWISE IN CANADA OR TO OR FOR THE BENEFIT OF A CANADIAN RESIDENT UNTIL [DATE THAT IS FOUR MONTHS AND A DAY
    AFTER THE CLOSING].”
	 	 	 
	 	 	If the Subscriber is a resident of
    the United States, then the Subscriber acknowledges that the certificates representing the Purchased Securities will bear
    the additional following legend or such other legend as legal counsel for the Corporation may advise:
	 	 	 
	 	 	 “THE SECURITIES REPRESENTED
    HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933
    ACT”). THESE SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE COMPANY, (B) OUTSIDE
    THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE 1933 ACT, (C) IN COMPLIANCE WITH THE EXEMPTION FROM
    THE REGISTRATION REQUIREMENTS UNDER THE 1933 ACT PROVIDED BY RULE 144 OR RULE 144A THEREUNDER, IF AVAILABLE, AND IN ACCORDANCE
    WITH APPLICABLE STATE SECURITIES LAWS, OR (D) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE 1933 ACT OR ANY
    APPLICABLE STATE LAWS, AND THE HOLDER HAS, PRIOR TO SUCH SALE, FURNISHED TO THE COMPANY AN OPINION OF COUNSEL OR OTHER EVIDENCE
    OF EXEMPTION, IN EITHER CASE REASONABLY SATISFACTORY TO THE COMPANY. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE “GOOD
    DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA.”

 

    	 	12	 

     

    

 

	 	 	The Corporation agrees that the Purchased Securities will bear no legends other than those set out here. Subscribers are advised to consult with their own legal counsel or advisors to determine the resale restrictions that may be applicable to them.
	 	 	 
	CLOSING DATE	 	Payment for the Units is required as soon as possible, and the delivery of the Units is scheduled to occur following receipt of the required approval of the Exchange or on such date as may be designated by the Corporation (the “Closing Date”). Subsequent closings may take place from time to time at later dates as may be determined by the Corporation.
	 	 	 
	ADDITIONAL DEFINITIONS	 	In this Subscription Agreement, the following words have the following meanings unless otherwise indicated:

 

	 	 	(a) 	“Purchased Securities” means the Units purchased under this Subscription Agreement;
	 	 	(b) 	“Securities” means the Shares, the Warrants and the Warrant Shares;
	 	 	(c)	“Warrants” includes the certificates representing the Warrants.

 

	REGULATORY APPROVAL:	 	The completion of the Offering is subject to regulatory approval by the TSX Venture Exchange.
	 	 	 
	JURISDICTION OF ORGANIZATION	 	The Corporation is a validly existing company under the laws of the British Columbia Business Corporations Act.
	 	 	 
	STOCK EXCHANGE LISTING	 	Shares of the Corporation are listed on the TSX Venture Exchange. (the “Exchange”).
	 	 	 
	SECURITIES LEGISLATION APPLICABLE TO THE CORPORATION	 	The “Securities Legislation Applicable to the Corporation” is the Securities Act (British Columbia) and the Securities Act (Alberta).

 

    	 	13	 

     

    

 

SCHEDULE II

 

PERSONAL INFORMATION ACKNOWLEDGEMENT
AND CONSENT

 

IN THE MATTER OF PERSONAL INFORMATION
PROVIDED TO

 STELLAR BIOTECHNOLOGIES, INC. (the “Corporation”)

 

TO BE COMPLETED BY ALL SUBSCRIBERS

 

“Personal Information” means any information about
the undersigned and includes information obtained from the undersigned through written or verbal means between the undersigned
and the Corporation, its agents or representatives.

 

ACKNOWLEDGEMENT AND CONSENT:

 

I, the undersigned, have read and understand the TSX Personal
Information Acknowledgement set out below.

 

I hereby consent to:

 

		(1)	the disclosure of my Personal Information to the TSX Venture Exchange Inc. and its affiliates,
authorized agents, subsidiaries and divisions, including the TSX Venture Exchange (collectively referred to as “the Exchange”)
as requested from the Exchange;

 

		(2)	the collection, use and disclosure of my Personal Information by the Exchange for the purposes
described below under “TSX Personal Information Acknowledgement” or as otherwise identified by the Exchange, from time
to time;

 

		(3)	the disclosure of my Personal Information to the British Columbia Securities Commission and to
any other applicable regulatory authority (collectively referred to as the “Regulatory Authorities”) as requested from
the Regulatory Authorities; and

 

		(4)	the collection, use and disclosure of my Personal Information by the Regulatory Authorities for
such purposes as are identified by the Regulatory Authorities from time to time.

 

DATED the ________________day of _____________________________,
2012.

 

 

	 	Signature of individual (if Subscriber is an individual)
	 	 
	 	 
	 	Authorized signatory (if Subscriber is not an individual)
	 	 
	 	 
	 	Name of Subscriber (please print)
	 	 
	 	 
	 	Name of authorized signatory (please print)
	 	 
	 	 
	 	Official capacity of authorized signatory (please print)

 

    	 	14	 

     

    

 

TSX PERSONAL INFORMATION ACKNOWLEDGEMENT

 

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

 

		•	to conduct background checks,

		•	to verify the Personal Information that has been provided about each individual,

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

		•	to consider the eligibility of the Issuer or Applicant to list on the Exchange,

		•	to provide disclosure to market participants as to the security holdings of directors, officers,
other insiders and promoters of the Issuer, or its associates or affiliates, and includes information as to such individual’s
involvement with any other reporting issuers, issuers subject to a cease trade order or bankruptcy, as well as information respecting
penalties, sanctions or personal bankruptcies, to which such individual has been subject, as well as any conflicts of interest
that the individual may have with the Issuer,

		•	to detect and prevent fraud,

		•	to conduct enforcement proceedings, and

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

 

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

 

The Personal Information the Exchange collects
may* also be disclosed:

 

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

 

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

 

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

 

    	 	15	 

     

    

 

SCHEDULE III

 

ACCREDITED INVESTOR CERTIFICATE

(Non-United States Residents Only)

 

(Capitalized terms not
specifically defined in this Schedule have the meaning ascribed to them in the Subscription Agreement of which this Schedule forms
part.)

 

In connection with the
execution of the Subscription Agreement to which this Schedule is attached, the undersigned (the “Subscriber”)
represents and warrants to the Corporation that the Subscriber satisfies one or more of the categories indicated below (please
place an “X” on the appropriate lines):

 

(Please initial or place an X or a check
mark next to as applicable)

 

	 	___(a)	a Canadian financial institution, or a Schedule III bank,
	 	 	 
	 	___(b)	the Business Development Bank of Canada incorporated under the Business Development Bank of Canada Act (Canada),
	 	 	 
	 	___(c)	a subsidiary of any person referred to in paragraphs (a) or (b), if the person owns all of the voting securities of the subsidiary, except the voting securities required by law to be owned by directors of that subsidiary,
	 	 	 
	 	___(d) 	a person registered under the securities legislation of a jurisdiction of Canada as an adviser or dealer, other than a person registered solely as a limited market dealer registered under one or both of the Securities Act (Ontario) or the Securities Act (Newfoundland and Labrador),
	 	 	 
	 	___(e)	an individual registered or formerly registered under the securities legislation of a jurisdiction of
Canada as a representative of a person referred to in paragraph (d),

	 	 	 
	 	___(f)	the Government of Canada or a jurisdiction of Canada, or any crown corporation, agency or wholly owned entity of the Government of Canada or a jurisdiction of Canada,
	 	 	 
	 	___(g)	a municipality, public board or commission in Canada and a metropolitan community, school board, the Comité
de gestion de la taxe scolaire de l’île de Montréal or an intermunicipal management board in Québec,

	 	 	 
	 	___(h)	any national, federal, state, provincial, territorial or municipal government of or in any foreign jurisdiction, or any agency of that government,
	 	 	 
	 	___(i)	a pension fund that is regulated by the Office of the Superintendent of Financial Institutions (Canada),
a pension commission or similar regulatory authority of a jurisdiction of Canada,

	 	 	 
	 	___(j)	an individual who, either alone or with a spouse, beneficially owns financial assets having an aggregate realizable value that before taxes, but net of any related liabilities, exceeds $1,000,000,
	 	 	 
	 	___(k)	an individual whose net income before taxes exceeded $200,000 in each of the two most recent calendar years or whose net income before taxes combined with that of a spouse exceeded $300,000 in each of the two most recent calendar years and who, in either case, reasonably expects to exceed that net income level in the current calendar year,

 

    	 	16	 

     

    

 

	 	___(l)	an individual who, either alone or with a spouse, has net assets of at least $5,000,000,
	 	 	 
	 	___(m)	a person, other than an individual or investment fund, that has net assets of at least $5,000,000, as shown on its most recently prepared financial statements,
	 	 	 
	 	___(n)	an investment fund that distributes its securities only to

 

	 	 	(i)	a person that is or was an accredited investor at the time of distribution,
	 	 	 	 
	 	 	(ii)	a person that acquires or acquired securities in the circumstances referred to in sections 2.10 [Minimum amount investment], and 2.19 [Additional investment in investment funds], or
	 	 	 	 
	 	 	(iii)	a person described in paragraph (i) or (ii) that acquires or acquired securities under section 2.18 [Investment fund reinvestment],

  

	 	___(o)	an investment fund that distributes or has distributed securities under a prospectus in a jurisdiction of Canada for which the regulator or, in Québec, the securities regulatory authority, has issued a receipt,
	 	 	 
	 	___(p) 	a trust company or trust corporation registered or authorized to carry on business under the Trust and Loan Companies Act (Canada) or under comparable legislation in a jurisdiction of Canada or a foreign jurisdiction, acting on behalf of a fully managed account managed by the trust company or trust corporation, as the case may be,
	 	 	 
	 	___(q)	a person acting on behalf of a fully managed account managed by that person, if that person

 

	 	 	(i)	is registered or authorized to carry on business as an adviser or the equivalent under the securities legislation of a jurisdiction of Canada or a foreign jurisdiction, and
	 	 	 	 
	 	 	(ii)	in Ontario, is purchasing a security that is not a security of an investment fund;

  

	 	___(r) 	a registered charity under the Income Tax Act (Canada) that, in regard to the trade, has obtained advice from an eligibility adviser or an adviser registered under the securities legislation of the jurisdiction of the registered charity to give advice on the securities being traded,
	 	 	 
	 	___(s)	an entity organized in a foreign jurisdiction that is analogous to any of the entities referred to in paragraphs (a) to (d) or paragraph (i) in form and function,
	 	 	 
	 	___(t)	a person or company in respect of which all of the owners of interests, direct, indirect or beneficial, except the voting securities required by law to be owned by directors, are persons that are accredited investors,
	 	 	 
	 	___(u)	an investment fund that is advised by a person registered as an adviser or a person that is exempt from registration as an adviser, or
	 	 	 
	 	___(v)	a person that is recognized or designated by the securities regulatory authority or, except in Ontario and Québec, the regulator as an accredited investor.

 

For the purposes of the foregoing terms in
bold, the following definitions apply:

 

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

 

    	 	17	 

     

    

 

“Canadian financial institution” means

 

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

 

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

 

“control person” means
any person that holds or is one of a combination of persons, acting in concert by virtue of an agreement, arrangement,
commitment or understanding, that holds

 

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

 

		(b)	more than 20% of the outstanding voting securities of a company except where there is evidence
showing that the holding of those securities does not affect materially the control of the company.

 

“director” means

 

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

 

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

 

“eligibility adviser” means

 

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

 

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

 

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

 

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

 

“eligible investor” means

 

		(a)	a person whose

 

		(i)	net assets, alone or with a spouse, in the case of an individual, exceed $400 000,

 

		(ii)	net income before taxes exceeded $75,000 in each of the 2 most recent calendar years and who reasonably expects to exceed that
income level in the current calendar year, or

    	 	18	 

     

    

  

		(iii)	net income before taxes, alone or with a spouse, in the
case of an individual, exceeded $125 000 in each of the 2 most recent calendar years and who reasonably expects to exceed that
income level in the current calendar year,

 

		(b)	a person of which a majority of the voting securities are beneficially owned by eligible investors or a majority of the directors
are eligible investors,

 

		(c)	a general partnership of which all of the partners are eligible investors,

 

		(d)	a limited partnership of which the majority of the general partners are eligible investors,

 

		(e)	a trust or estate in which all of the beneficiaries or a majority of the trustees or executors are eligible investors,

 

		(f)	an accredited investor,

 

		(g)	a person described in section 2.5 [Family, friends and business associates] of National Instrument 45-106, or

 

		(h)	a person that has obtained advice regarding the suitability of the investment and, if the person is resident in a jurisdiction
of Canada, that advice has been obtained from an eligibility adviser;

 

“executive officer”
means, for an Corporation, an individual who is

 

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

 

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

 

		(d)	performing a policy-making function in respect of the
Corporation;

 

“financial assets” means

 

		(a)	cash,

 

		(b)	securities, or

 

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

 

“founder” means,
in respect of a Corporation, a person who,

 

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

 

		(b)	at the time of the trade is actively involved in the business of the Corporation;

 

“fully
managed account” means an account for of a client for which a person makes the investment decisions if that person
has full discretion to trade in securities for the account without requiring the client’s express consent to a transaction;

 

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

 

    	 	19	 

     

    

 

“marketplace” has the same meaning
as in National Instrument 21-101 Marketplace Operation;

 

“MD&A” has the same meaning
as in National Instrument 51-102 Continuous Disclosure Obligations;

 

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

 

“person” includes

 

		(a)	an individual,

 

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

 

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

 

“related liabilities” means:

 

		(a)	liabilities incurred or assumed for the purpose of financing the acquisition or ownership of

financial assets;
or

 

		(b)	liabilities that are secured by financial assets;

 

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

 

		(a)	is married to another individual and is not living separate and apart within the meaning of the

Divorce Act (Canada), from the other individual,

 

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

 

		(c)	in Alberta, is an individual referred to in paragraph (a) or (b), or is an adult interdependent partner within the meaning
of the Adult Interdependent Relationships Act (Alberta).

 

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

 

For the purposes of paragraph (t)
of the definition of “accredited investor” in the second paragraph of this Schedule III, in British Columbia, an indirect
interest means an economic interest in the person referred to in that paragraph.

 

For the purpose of this Schedule
III, an issuer is an affiliate of another issuer if

 

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

 

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

 

Except for the “Employee, Executive Officer,
Director and Consultant Exemptions”, a person (first person) is considered to control another person (second person)
if

 

		(a)	the first person beneficially owns or directly or indirectly exercises control or direction over securities of the second person
carrying votes which, if exercised, would entitle the first person to

 

    	 	20	 

     

    

  

elect a majority of the directors
of the second person, unless that first person holds the voting securities only to secure an obligation,

 

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

 

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

 

The foregoing
representations and warranties are true an accurate as of the date of this Certificate and will be true and accurate as of Closing.
If any such representations and warranties shall not be true and accurate prior to Closing, the Subscriber shall give immediate
written notice of such fact to the Corporation.

 

The undersigned
has executed this Certificate as of the __________day of _____________, 2012.

 

	 	 
	 	Signature of individual (if Subscriber is an individual)
	 	 
	 	 
	 	Authorized signatory (if Subscriber is not an individual)
	 	 
	 	 
	 	Name of Subscriber (please print)
	 	 
	 	 
	 	Name of authorized signatory (please print)
	 	 
	 	 
	 	Official capacity of authorized signatory (please print)

 

    	 	21	 

     

    

  

SCHEDULE IV

 

ACCREDITED INVESTOR CERTIFICATE

(United States Residents Only)

 

The Subscriber understands
and agrees that the Units, the Shares, the Warrants and the Warrant Shares (collectively, the “Securities”) have not
been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”),
or applicable state securities laws, and the Units are being offered and sold by the Corporation to the Subscriber in reliance
upon Rule 506 of Regulation D under the 1933 Act.

 

The undersigned represents,
warrants and covenants (which representations, warranties and covenants shall survive the Closing) to the Corporation (and acknowledges
that the Corporation is relying thereon) that:

 

		(a)	it is purchasing the Units either for its own account for investment purposes only or for the account
of a beneficial purchaser for which it is exercising sole investment discretion and that is purchasing the Units for its own account
for investment purposes only and, in any case, not with a view to resale or distribution and, in particular, it has no intention
to distribute either directly or indirectly any of the Securities in the United States; provided, however, that the Subscriber
may sell or otherwise dispose of any of the Securities pursuant to registration thereof pursuant to the 1933 Act and any applicable
state securities laws or under an exemption from such registration requirements;

 

		(b)	it has such knowledge and experience in financial business matters as to be capable of evaluating
the merits and risks of an investment in the Securities and it is able to bear the economic risk of loss of its entire investment;

 

		(c)	the Corporation has provided to it the opportunity to ask questions and receive answers concerning
the terms and conditions of the offering and it has had access to such information concerning the Corporation as it has considered
necessary or appropriate in connection with its investment decision to acquire the Securities;

 

		(d)	it, and each beneficial purchaser for whom it is acting, if any, satisfies one or more of the categories
of “accredited investor” as defined in Rule 501(a) of Regulation D of the 1933 Act indicated below (the Subscriber
must initial or place an X or a check mark on the appropriate line(s) for itself and for each beneficial purchaser on behalf of
whom it is purchasing, if any):

 

	 	________	Category 1.	A bank, as defined in Section 3(a)(2) of the 1933 Act, whether acting in its individual or fiduciary capacity; or
	 	 	 	 
	 	________	Category 2.	A  savings  and  loan  association  or  other  institution  as  defined  in Section 3(a)(5)(A) of the 1933 Act, whether acting in its individual or  fiduciary capacity; or
	 	 	 	 
	 	________	Category 3.	A  broker  or  dealer  registered  pursuant  to  Section  15  of  the  United States Securities Exchange Act of 1934; or
	 	 	 	 
	 	________	Category 4.	An insurance company as defined in Section 2(13) of the 1933 Act; or
	 	 	 	 
	 	 ________	Category 5.	An investment company registered under the United States Investment Company Act of 1940; or
	 	 	 	 
	 	 ________	Category 6.	 A business development company as defined in Section 2(a)(48) of the United States Investment Company Act of 1940; or
	 	 	 	 
	 	________	Category 7.	 A  small  business  investment  company  licensed  by  the  U.S.  Small Business Administration under Section 301 (c) or (d) of the United States Small Business Investment Act of 1958; or

 

    	 	22	 

     

    

  

	 	________	Category 8.	 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, with total assets in excess of US $5,000,000; or
	 	 	 	 
	 	________	Category 9.	 An employee benefit plan within the meaning of the United States Employee Retirement Income Security Act of 1974 in which the investment  decision is made by a plan fiduciary, as defined in Section 3(21) of such Act, which is either a bank, savings and loan association, insurance company or registered investment adviser, or an employee benefit plan with total assets in excess of US $5,000,000 or, if a self-directed plan, with investment decisions made solely by persons who are accredited investors; or
	 	 	 	 
	 	 ________	Category 10.	 A private business development company as defined in Section 202(a)(22) of the United States Investment Advisers Act of 1940; or
	 	 	 	 
	 	________	Category 11.	 An organization described  in  Section 501(c)(3)  of the  United  States Internal Revenue Code, a corporation, a Massachusetts or similar business trust, or a partnership, not formed for the specific purpose of acquiring the securities offered, with total assets in excess of US $5,000,000; or
	 	 	 	 
	 	________	Category 12.	Any director or executive officer of the Corporation; or
	 	 	 	 
	 	________	Category 13.	 A  natural  person  whose  individual  net  worth,  or  joint  net  worth  with  that person’s spouse, at the date hereof exceeds US $1,000,000; or
	 	 	 	 
	 	________	Category 14.	 A natural person who had an individual income in excess of US $200,000 in each of the two most recent years or joint income with that person’s spouse in excess of US $300,000 in each of those years and has a reasonable  expectation of reaching the same income level in the current year; or
	 	 	 	 
	 	________	Category 15.	 A trust, with total assets in excess of US $5,000,000, not formed for the specific purpose of acquiring the securities offered, whose purchase is directed by a sophisticated person as described in Rule 506(b)(2)(ii) under the 1933 Act; or
	 	 	 	 
	 	________	Category 16.	 Any entity in which all of the equity owners meet the requirements of at least one of the above categories;

 

		(e)	it understands that if it decides to offer, sell or otherwise transfer the Securities, it will not offer, sell or otherwise
transfer any of such securities directly or indirectly, unless:

 

		(i)	the transfer is to the Corporation;

 

		(ii)	the transfer is made outside the United States in a transaction meeting the requirements of Rule
904 of Regulation S under the 1933 Act and in compliance with applicable local laws and regulations;

 

		(iii)	the transfer is made in compliance with the exemption from the registration requirements under
the 1933 Act provided by Rule 144 or Rule 144A thereunder, if available, and in accordance with applicable state securities laws;
or

 

		(iv)	the Securities are transferred in a transaction that does not require registration under the 1933
Act or any applicable state laws and regulations governing the offer and sale of securities;

 

and it has prior to such sale
furnished to the Corporation an opinion of counsel of recognized standing or other evidence of exemption, in either case reasonably
satisfactory to the Corporation;

 

    	 	23	 

     

    

 

		(f)	it understands that upon the issuance thereof, and until such time as the same is no longer required
under the applicable requirements of the 1933 Act or applicable U.S. state laws and regulations, the certificates representing
the Securities, and all securities issued in exchange therefor or in substitution thereof, will bear a legend in substantially
the following form, or such other legend, as may be advised by legal counsel for the Corporation:

 

“THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
(THE “1933 ACT”). THESE SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE COMPANY,
(B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE 1933 ACT, (C) IN COMPLIANCE WITH THE EXEMPTION
FROM THE REGISTRATION REQUIREMENTS UNDER THE 1933 ACT PROVIDED BY RULE 144 OR RULE 144A THEREUNDER, IF AVAILABLE, AND IN ACCORDANCE
WITH APPLICABLE STATE SECURITIES LAWS, OR (D) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE 1933 ACT OR ANY APPLICABLE
STATE LAWS, AND THE HOLDER HAS, PRIOR TO SUCH SALE, FURNISHED TO THE COMPANY AN OPINION OF COUNSEL OR OTHER EVIDENCE OF EXEMPTION,
IN EITHER CASE REASONABLY SATISFACTORY TO THE COMPANY. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE “GOOD DELIVERY”
IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA.”

 

provided,
that if any of the Securities are being sold under clause (B) above, at a time when the Corporation is a “foreign Corporation”
as defined in Rule 902 under the 1933 Act, the legend set forth above may be removed by providing a declaration to the Corporation
and its transfer agent in such form as the Corporation may from time to time prescribe, together with such other evidence, including
an opinion of counsel in form satisfactory to the Corporation and its transfer agent, as the Corporation and its transfer agent
may from time to time prescribe, to the effect that the sale of such securities is being made in compliance with Rule 904 of Regulation
S under the 1933 Act;

 

provided
further, that if any of the Securities are being sold pursuant to Rule 144 of the 1933 Act, the legend may be removed by delivery
to the Corporation’s transfer agent of an opinion satisfactory to the Corporation to the effect that the legend is no longer
required under applicable requirements of the 1933 Act or state securities laws;

 

		(g)	it consents to the Corporation making a notation on its records or giving instruction to the registrar
and transfer agent of the Corporation in order to implement the restrictions on transfer set forth and described herein;

 

		(h)	it understands and acknowledges that the Warrants may not be exercised in the United States or
by or on behalf of a U.S. Person unless an exemption is available from the registration requirements of the 1933 Act and the securities
laws of all applicable states and the holder has furnished an opinion of counsel of recognized standing in form and substance satisfactory
to the Corporation to such effect; provided that a Subscriber who purchased Units pursuant to the Offering will not be required
to deliver an opinion of counsel in connection with the due exercise of the Warrants that comprise part of the Units if the Subscriber
delivers to the Corporation a warrant exercise form containing representations, warranties and agreements substantially as included
in this U.S. Accredited Investor Certificate;

 

		(i)	it understands and acknowledges that the Corporation has no obligation or present intention of
filing with the United States Securities and Exchange Commission or with any state securities administrator any registration statement
in respect of resales of the Securities in the United States;

 

    	 	24	 

     

    

 

		(j)	the office or other address of the Subscriber at which the Subscriber received and accepted the
offer to purchase the Units is the address listed as the “Subscriber’s Address” on the signature page of the
Subscription Agreement;

 

		(k)	it acknowledges that it has not purchased the Securities as a result of any form of general solicitation
or general advertising (as such terms are used in Regulation D under the 1933 Act), including, but not limited to, any 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;

 

		(l)	it understands and agrees that there may be material tax consequences to the Subscriber of an acquisition,
holding, exercise or disposition of the Securities. The Corporation does not give any opinion or makes any representation with
respect to the tax consequences to the Subscriber under United States, state, local or foreign tax law of the Subscriber’s
acquisition, holding, exercise or disposition of such securities, and the Subscriber acknowledges that the undersigned is solely
responsible for determining the tax consequences to its investment. In particular, no determination has been made whether the Corporation
will be a “passive foreign investment company” within the meaning of Section 1297 of the United States Internal Revenue
Code;

 

		(m)	it understands and acknowledges that the Corporation is not obligated to remain a “foreign
Corporation” (as such is defined in Rule 405 promulgated under the 1933 Act);

 

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

 

		(o)	it understands and agrees that the certificates representing the Warrants, and all certificates
issued in exchange therefor or in substitution thereof, shall bear the following legend, or such other legend, as may be advised
by legal counsel for the Corporation:

 

“THIS
WARRANT AND THE SECURITIES DELIVERABLE UPON EXERCISE THEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THIS WARRANT MAY
NOT BE EXERCISED IN THE UNITED STATES OR BY OR ON BEHALF OF, OR FOR THE ACCOUNT OR BENEFIT OF, A U.S. PERSON UNLESS THIS WARRANT
AND SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT AND THE APPLICABLE SECURITIES LEGISLATION
OF ANY SUCH STATE OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE. “UNITED STATES” AND “U.S.
PERSON” ARE AS DEFINED BY REGULATION S UNDER THE SECURITIES ACT.”

 

The capitalized terms not defined
in this Schedule shall have the meanings ascribed to them in the Subscription Agreement.

 

    	 	25	 

     

    

 

The foregoing
representations and warranties are true an accurate as of the date of this Certificate and will be true and accurate as of Closing.
If any such representations and warranties shall not be true and accurate prior to Closing, the Subscriber shall give immediate
written notice of such fact to the Corporation.

 

The undersigned
has executed this Certificate as of the _______day of___________, 2012.

 

	 	 
	 	Signature of individual (if Subscriber is an individual)
	 	 
	 	 
	 	Authorized signatory (if Subscriber is not an individual)
	 	 
	 	 
	 	Name of Subscriber (please print)
	 	 
	 	 
	 	Name of authorized signatory (please print)
	 	 
	 	 
	 	Official capacity of authorized signatory (please print)

 

    	 	26	 

     

    

 

SCHEDULE V

 

CONFIRMATION OF RELATIONSHIP

 

FAMILY, FRIENDS AND BUSINESS
ASSOCIATES CERTIFICATE

(British Columbia, Alberta,
Manitoba, Quebec, Yukon, Nunavut, Northwest Territories and Maritime Residents Only)

 

The Subscriber represents and
warrants to the Corporation that the Subscriber is buying the Securities as principal and that the Subscriber has read the following
definitions from National Instrument 45-106 Prospectus and Registration Exemptions and certifies that the Subscriber has
the relationship(s) to the Corporation or its directors, executive officers, control persons or founders
by virtue of the Subscriber being:

 

(Please initial or place an
X or a place a check mark next to one or more as applicable)

 

	 ________	(a)	I am a director, executive officer or control person of the Corporation, or of an affiliate of the Corporation.
	 	 	 
	________	(b)	I am a spouse, parent, grandparent, brother, sister, child or grandchild of a director, executive officer or control person of the Corporation, or of an affiliate of the Corporation.
	 	 	 
	________	(c)	I am a parent, grandparent, brother, sister, child or grandchild of the spouse of a director, executive officer or control person of the Corporation, or of an affiliate of the Corporation.
	 	 	 
	________	(d)	I am a close personal friend of a director, executive officer or control person of the Corporation, or of an affiliate of the Corporation.
	 	 	 
	________	(e)	I am a close business associate of a director, executive officer or control person of the Corporation, or of an affiliate of the Corporation.
	 	 	 
	________	(f)	I am a founder of the Corporation or a spouse, parent, grandparent, brother, sister, child, grandchild or close personal close business associate of a founder of the Corporation.
	 	 	 
	________	(g)	I am a parent, grandparent, brother, sister, child or grandchild of a spouse of a founder of the Corporation.
	 	 	 
	________	(h)	I am a person of which a majority of the voting securities are beneficially owned by, or a majority of the directors are, persons described in the categories (a) to (g) above.
	 	 	 
	________	(i)	I am a trust or estate of which all of the beneficiaries or a majority of the trustees or executors are persons described in the categories (a) to (g) above.

 

and if any of (b) through (i) is initialled or marked,
the name of the director, executive officer, control person or

founder is:

 

____________________________________________________________

(Print name of director, executive officer, control
person or founder)

 

    	 	27	 

     

    

 

For the purposes
of the foregoing terms in bold, the definitions in Schedule III and the following guidance apply:

 

“close business associate”
is an individual who has had sufficient prior business dealings with the director, executive officer, founder
or control person of the Corporation to be in a position to assess their capabilities and trustworthiness.

 

An individual
is not a close business associate solely because the individual is (a) a member of the same organization, association or religious
group, or (b) a client, customer, former client or former customer.

 

The relationship between the
individual and the director, executive officer, founder or control person must be direct. For example,
the exemption is not available for a close business associate of a close business associate of a director, executive
officer, founder or control person.

 

“close
personal friend” is an individual who known the director, executive officer, founder or control
person well enough and has known them for a sufficient period of time to be in a position to assess their capabilities and
trustworthiness. The term “close personal friend” can include a family member who is not already specifically identified
in the exemption above.

 

An individual
is not a close personal friend solely because the individual is a relative, a member of the same organization, association or religious
group or a current or former client or customer.

 

The relationship between the
individual and the director, executive officer, founder or control person must be direct. For example,
the exemption is not available for a close personal friend of a close personal friend of the director, executive officer,
founder or control person.

 

The foregoing
representations and warranties are true an accurate as of the date of this Certificate and will be true and accurate as of Closing.
If any such representations and warranties shall not be true and accurate prior to Closing, the Subscriber shall give immediate
written notice of such fact to the Corporation.

 

The undersigned
has executed this Certificate as of the ______day of_______________, 2012.

 

	 	 
	 	Signature of individual (if Subscriber is an individual)
	 	 
	 	 
	 	Authorized signatory (if Subscriber is not an individual)
	 	 
	 	 
	 	Name of Subscriber (please print)
	 	 
	 	 
	 	Name of authorized signatory (please print)
	 	 
	 	 
	 	Official capacity of authorized signatory (please print)

 

    	 	28	 

     

    

  

SCHEDULE
VI

 

CONFIRMATION
OF RELATIONSHIP

 

FOUNDER, CONTROL PERSON AND
FAMILY CERTIFICATE

(Ontario Residents Only)

 

The Subscriber represents and
warrants to the Corporation that the Subscriber has read the following definitions from National Instrument 45-106 Prospectus
and Registration Exemptions and certifies that the Subscriber has the relationship(s) to the Corporation or its directors,
executive officers, control persons or founders by virtue of the Subscriber being:

 

(initial or place an X or
place a check mark next to one or more as applicable)

 

	 	__(a)	a founder of the Corporation;	 
	 	 	 
	 	__(b)	an affiliate of a founder of the Corporation;
	 	 	 
	 	__(c)	a spouse, parent, brother,sister, grandparent, grandchild or child of an executive  officer, director or founder of the Corporation; or
	 	 	 
	 	__(d)	a control person of the Corporation.

 

and if (c) is initialled or marked, the director,
executive officer or founder is:__________________

 

__________________________________________

(Print name of director, executive
officer or founder)

 

For the purposes
of the foregoing terms in bold, the definitions in Schedule III apply.

 

The foregoing
representations and warranties are true an accurate as of the date of this Certificate and will be true and accurate as of Closing.
If any such representations and warranties shall not be true and accurate prior to Closing, the Subscriber shall give immediate
written notice of such fact to the Corporation.

 

The undersigned
has executed this Certificate as of the ______day of___________, 2012.

 

	 	Signature of individual (if Subscriber is an individual)
	 	 
	 	 
	 	Authorized signatory (if Subscriber is not an individual)
	 	 
	 	 
	 	Name of Subscriber (please print)
	 	 
	 	 
	 	Name of authorized signatory (please print)
	 	 
	 	 
	 	Official capacity of authorized signatory (please print)

 

    	 	29	 

     

    

 

SCHEDULE VII

 

RISK ACKNOWLEDGEMENT

 

SASKATCHEWAN CLOSE PERSONAL
FRIENDS AND CLOSE BUSINESS ASSOCIATES

(Saskatchewan
Residents Only)

 

WARNING

 

I acknowledge that this is a risky investment:

 

		·	I am investing entirely at my own risk.

 

		·	No securities regulatory authority or regulator has evaluated or endorsed the merits of these securities.

 

		·	The person selling me these securities is not registered with a securities regulatory authority
or regulator and has no duty to tell me whether this investment is suitable for me. [Instruction: Delete if sold by registrant]

 

		·	I will not be able to sell these securities for 4 months.

 

		·	I could lose all the money I invest.

 

		·	I do not have a 2-day right to cancel my purchase of these securities or the statutory rights of
action for misrepresentation I would have if I were purchasing the securities under a prospectus. I do have a 2- day right to cancel
my purchase of these securities if I receive an amended offering document.

 

I am investing $______________[total consideration] in
total; this includes any amount I am obliged to pay in future.

 

I am a close personal friend
or close business associate of_____________________[state name], who is a____________[state title - founder, director, executive officer
or control person] of Stellar Biotechnologies, Inc.

 

I acknowledge that I am purchasing based on my close
relationship with  _______________________ [state name of founder, director, executive officer or control person] whom I know well enough and
for a sufficient period of time to be able to assess her/his capabilities and trustworthiness.

 

I acknowledge that this is a risky investment and
that I could lose all the money I invest.

 

	Date	 	Signature of Subscriber
	 	 	 
	 	 	 
	 	 	Print name of Subscriber

 

Sign 2 copies of this document.
Keep one copy for your records.

 

    	 	30	 

     

    

 

You are buying Exempt Market Securities

 

They are called exempt market securities because
two parts of securities law do not apply to them. If an issuer wants to sell exempt market securities to you:

 

		·	the issuer does not have to give you a prospectus (a document that describes the investment in detail and gives you some legal
protections), and

 

		·	the securities do not have to be sold by an investment dealer registered with a securities regulatory authority or regulator.

 

There are restrictions on your
ability to resell exempt market securities. Exempt market securities are more risky than other securities.

 

You may not receive any written information
about the issuer or its business

 

If you have any questions about
the issuer or its business, ask for written clarification before you purchase the securities. You should consult your own professional
advisers before investing in the securities.

 

You will not receive advice [Instruction:
Delete if sold by registrant]

 

Unless you consult your own professional
advisers, you will not get professional advice about whether the investment is suitable for you.

 

For more information on the exempt
market, refer to the Saskatchewan Financial Services Commission’s website at http://www.sfsc.gov.sk.ca.

 

[Instruction: The Subscriber must sign 2 copies of
this form. The Subscriber and the issuer must each receive a signed copy.]

 

    	 	31	 

     

    

 

SCHEDULE VIII

 

MINIMUM INVESTMENT AMOUNT
CERTIFICATE

(Non United States Residents
or Offshore Residents)

 

The Subscriber
represents and warrants to the Corporation that:

 

		(a)	the Subscriber is buying the Securities as principal;

 

		(b)	the Securities have an acquisition cost to the Subscriber of not less than CDN$150,000 paid in cash at the time of the distribution;
and

 

		(c)	the distribution is of a security of a single issuer.

 

The foregoing
representations and warranties are true an accurate as of the date of this Certificate and will be true and accurate as of Closing.
If any such representations and warranties shall not be true and accurate prior to Closing, the Subscriber shall give immediate
written notice of such fact to the Corporation.

 

The undersigned
has executed this Certificate as of the______day of_____________, 2012.

 

	 	Signature of individual (if Subscriber is an individual)
	 	 
	 	 
	 	Authorized signatory (if Subscriber is not an individual)
	 	 
	 	 
	 	Name of Subscriber (please print)
	 	 
	 	 
	 	Name of authorized signatory (please print)
	 	 
	 	 
	 	Official capacity of authorized signatory (please print)

 

    	 	32	 

     

    

 

SCHEDULE IX

 

CONFIRMATION OF RESIDENCE
OUTSIDE CANADA

 AND THE UNITED STATES OF AMERICA

 

NON RESIDENT CERTIFICATE

 

The Subscriber
represents and warrants and certifies to the Corporation that the Subscriber:

 

		(a)	is not a resident of Canada;

 

		(b)	did not sign this Subscription Agreement in Canada;

 

		(c)	is not a resident of the United States of America;

 

		(d)	is not U.S. Person, at that term is defined in Regulation S under the United States Securities
Act of 1933;

 

		(e)	did not sign this Subscription Agreement in the United States of America;

 

		(f)	has fully read this Subscription Agreement, and without restricting the foregoing, has read Section 2 of the General Provisions
to this Subscription Agreement.

 

The foregoing
representations and warranties are true an accurate as of the date of this Certificate and will be true and accurate as of Closing.
If any such representations and warranties shall not be true and accurate prior to Closing, the Subscriber shall give immediate
written notice of such fact to the Corporation.

 

The undersigned
has executed this Certificate as of the ______day of__________, 2012.

 

	 	Signature of individual (if Subscriber is an individual)
	 	 
	 	 
	 	Authorized signatory (if Subscriber is not an individual)
	 	 
	 	 
	 	Name of Subscriber (please print)
	 	 
	 	 
	 	Name of authorized signatory (please print)
	 	 
	 	 
	 	Official capacity of authorized signatory (please print)

 

    	 	33	 

     

    

  

	 	             SCHEDULE X	 

FORM 4C

 

CORPORATE PLACEE REGISTRATION
FORM

 

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

 

		1.	Placee Information:

 

		(a)	Name:_______________________________________________________________________

 

		(b)	Complete Address:_____________________________________________________________

 

		(c)	Jurisdiction of Incorporation or Creation:_____________________________________________

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	34	 

     

    

 

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

 

	Name *	City	Province or State	Country
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

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

 

		5.	Acknowledgement - Personal Information and Securities Laws

 

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

 

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

 

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

 

		(ii)	the collection, use and disclosure of Personal Information by the Exchange for the purposes described
in Appendix 6B or as otherwise identified by the Exchange, from time to time.

 

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

 

Dated and certified (if applicable), acknowledged and
agreed, at  __________________________on____________, 2012.

 

	 	X
	 	(Name of Subscriber - please print)
	 	 
	 	X
	 	(Authorized Signature)
	 	 
	 	(Official Capacity - please print)
	 	 
	 	(Please print name of individual whose signature appears above)

 

THIS IS NOT A PUBLIC DOCUMENT

 

    	 	35

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