Document:

INTER-CREDITOR AND STANDSTILL AGREEMENT

 

THIS INTER-CREDITOR
AND STANDSTILL AGREEMENT (“Agreement”) is made and effective as of May 13, 2013 (“Effective Date”) by and
among (i) Gordon Snyder, as administrative agent (“Administrative Agent”) for the owners of certain secured promissory
notes, convertible notes and redeemable options to certain debt holders (individually and together, the “Secured Creditors”);
(ii) Black Diamond Holdings LLC (“BDH”) (iii) additional purchasers as provided by the Elkhorn Streaming Contract (“Additional
Purchaser” together with BDH, collectively referred to herein as the "Purchasers") of approximately $25,000,000
of mineral product receivables pursuant to the Amended and Restated Mineral Product Receivables Purchase Agreement dated October
18, 2012 (the "Elkhorn Streaming Contract") which rights and obligations are secured by a specified quantity of gold
to be developed from specified mineral deposits owned by Elkhorn Goldfields, Inc. (the “Company”), a wholly owned subsidiary
of Eastern Resources, Inc. (the “Parent Company”); (iv) the Company; (v) Elkhorn Goldfields, LLC (“EGLLC”);
(vi) Montana Tunnels Mining, Inc. (“MTMI”) and (vii) the Parent Company.

 

RECITALS

 

WHEREAS, the Secured
Creditors own certain promissory notes issued on various dates and in various amounts (the “Notes”) and redeemable
options (“Options”, together with Notes, collectively referred to herein as “Secured Instruments”) secured
in part by two (2) instruments: (i) Mortgage, Security Agreement, Assignment of Leases and Rents, and Fixture Filing executed and
delivered by Elkhorn Goldfields, Inc., in favor of Administrative Agent for the benefit of the Secured Creditors, recorded on May
29, 2009 in the official records of Jefferson County, Montana as documents numbered 233612 (mortgage) and 233614 (First Priority
UCC filing) (the “Elkhorn Mine Mortgage,”) and (ii) Mortgage, Security Agreement, Assignment of Leases and Rents, and
Fixture Filing in favor of Administrative Agent executed and delivered by MTMI, as mortgagor for the benefit of the Secured Creditors,
recorded on May 29, 2009 in the official records of Jefferson County, Montana as documents numbered 236384 (mortgage) and 236385
(UCC filing) (the “Montana Tunnels Mortgages,” together with the Elkhorn Mine Mortgages, the “Mortgages”).
The Mortgages and their associated fixture filings constitute first liens on the mining properties located in Jefferson County,
Montana, commonly known as “The Elkhorn Mine” and “The Montana Tunnels Mine” (together, the “Property”).

 

WHEREAS, the Secured
Creditors hold (i) Notes in the aggregate principal amount of approximately U.S. $21,579,848 which
are secured by all of the assets of the Parent Company; and (ii) Options in the aggregate principal amount of U.S. $5,950,000 which
are secured by the assets of the Parent Company (separately and together, the "Existing Indebtedness").

 

WHEREAS, the Secured
Creditors represent the sole secured creditors of the Parent Company and the Company, except for BDH under the Original Elkhorn
Streaming Contract (defined below).

 

WHEREAS, the Company
entered into that certain Mineral Product Receivables Purchase Agreement, dated April 15, 2011 (“Original Elkhorn Streaming
Contract”), with EGLLC and BDH for aggregate capital contributions totaling U.S. $10,000,000.

 

    	 

    	 

    

 

WHEREAS, the Company
seeks to raise an additional amount of capital though the Elkhorn Streaming Contract, expected to be no less than U.S. $10,000,000.00
and as much as U.S. $15,391,200.00 (such final amount of up to U.S. $25,391,200.00 being the “Contributed Capital”),
for the further development of the Golden Dream Mine and, as required to execute the Elkhorn Streaming Contract, also including
the refurbishment and maintenance of the Diamond Hill Mill, and other related expenditures expressly stipulated in the Use of Proceeds,
included in Exhibit B, and pursuant to the Elkhorn Streaming Agreement, such obligations to be secured by up to 80,000 ounces of
Payable Au on terms and conditions as described in the Elkhorn Streaming Contract, attached as Exhibit A;

 

WHEREAS, it is potentially
in the best interests of the Company and the Secured Creditors to raise the Contributed Capital pursuant to the Elkhorn Streaming
Contract, the Secured Creditors and the Purchasers desire, upon mutually agreeable terms and conditions, to enter into an Agreement
to achieve an understanding and arrangement whereby the Purchasers are assured that the Property will not be foreclosed upon in
a manner that would impede or impair the Company’s ability to undertake its obligations under the Elkhorn Streaming Contract;

 

WHEREAS, the Purchasers
and the Secured Creditors desire to memorialize certain agreements with each other concerning their respective rights, duties and
obligations to one another, subject to the rights, duties, obligations and interests granted under their respective creditor agreements,
including any associated security agreement, and/or any mineral resource purchase agreement, between and among the the Purchasers
and the Secured Creditors and the Parent and/or the Company (together, the “Agreements”).

 

NOW, THEREFORE, in
consideration of the mutual covenants herein, their respective performances, rights, duties, obligations and interests pertaining
to the Agreements, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties agree:

 

		1.	Standstill

 

		1.1	Secured Creditor hereby confirms and acknowledges that, to the best of Secured Creditors’
knowledge, as of the date of this Agreement there exist no current or past default or defaults by EGLLC, the Company, MTMI, the
Parent Company or MFPI Partners, LLC (“MFPI”) under the Credit Documents and Loans (as such terms are defined in that
certain Loan Reinstatement Agreement dated March 28, 2012, as amended, by and between the Secured Creditors, EGLLC, and MFPI referred
to herein as the “Loan Reinstatement Agreement”) or the Loan Reinstatement Agreement on or prior to the Effective Date.

 

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		1.2.	Upon any Event of Default occurring on or prior to September 30, 2013 (as “Event of Default”
is defined under any security agreement or the Loan Reinstatement Agreement or Elkhorn Streaming Contract), the Secured Creditors
agree to standstill and not exercise any foreclosure rights against EGLLC, the Company, MTMI, the Parent Company, MFPI Partners,
LLC or the Property which would materially adversely affect: (i) the Company ordinary-course business operations (ii) reasonably
functional milling capacity or ordinary-course operations of MTMI, or (iii) the Company’s ability by the employment of reasonable
efforts and diligence to produce payable ounces of gold under the Elkhorn Streaming Contract until such time as all of the obligations
of the Company under the Elkhorn Streaming Contract have been fully satisfied (collectively referred to as “Company Obligations”)
(the “Standstill Period”) regardless of whether acts or omissions or conditions which would constitute an Event of
Default by EGLLC, the Company, MTMI, the Parent Company, MFPI Partners, LLC or any party with respect to the Property shall actually
have occurred during the Standstill Period. Notwithstanding the foregoing provisions, upon the occurrence of an Event of Default
at any time following the execution and delivery of this Agreement by EGLLC, the Secured Creditors do not waive and hereby reserve,
as against EGLLC, the Company, MTMI, the Parent Company, MFPI Partners, LLC or any party with respect to the Property, the full
rights to declare and withdraw declarations of default, to collect (without resort to legal process) and receive sums due Secured
Creditors under any of the provisions of the Loan Reinstatement Agreement or any of the documents incorporated therein by reference,
and to foreclosure on the assets of EGLLC, to the fullest extent not inconsistent with the foregoing provisions. Pursuant to this
Section 1.2 and during the Standstill Period, the Secured Creditor agrees not to commence any action or proceeding concerning the
Existing Indebtedness or its security interest in the Property, without providing at least thirty (30) business days’ written
notice to the EGLLC, the Company, the Parent Company and the Purchasers and providing the opportunity to cure within thirty (30)
business days from receipt of such notice.

 

		1.3	After the Standstill Period, Administrative Agent further agrees that no action shall be taken
which would have the effect of materially impeding or impairing the satisfaction of the terms and conditions of the Elkhorn Streaming
Contract or the Company Obligations (the “Post-Standstill Period”). Upon an Event of Default, Administrative Agent
further agrees that no collection or enforcement action involving legal process shall be taken related to the Property, on behalf
of the Secured Creditors, until such reasonable time as the Purchasers have exclusively determined that they are not able or not
willing to raise sufficient capital through a future gold streaming agreement (“FGSA”) to cure any Event of Default
and has provided written notice to the Secured Creditors of such determination. Any FGSA will (i) be subordinated to the Elkhorn
Streaming Agreement; (ii) will have net proceeds after issuance expenses of not less than U.S$1,000,000.00 and not more than U.S.
$5,000,000.00; and (iii) will have a use of proceeds strictly limited to (a) enabling the cure of a violation of an Event of Default
and (b) bringing the Golden Dream Mine to operational readiness. Notwithstanding the above, the Parent Company may cure Event of
Default by making a further equity investment in the Company provided that such cure is effectuated within the timing parameters
set forth in Section 1 of this Agreement to cure such Event of Default. Pursuant to this Section 1.3, the Administrative Agent
agrees not to commence any action or proceeding involving legal process on behalf of the Secured Creditors, concerning the Existing
Indebtedness or its security interest in the Property without providing at least thirty (30) business days’ written notice
to the EGLLC, the Company, the Parent Company and the Purchasers and providing the opportunity to cure within thirty (30) business
days from receipt of such notice.

 

		2.	Indemnification by Secured Creditors. The Secured Creditors shall indemnify, defend, and
hold harmless the Purchasers against and in respect of any and all claims, demands, losses, costs, expenses, obligations, liabilities
damages, recoveries, and deficiencies, including interest, penalties, and reasonable professional and attorneys' fees, including
those arising from settlement negotiations, that the Purchasers shall incur or suffer, which arise, result from, or relate to a
breach of, or failure by Secured Creditors to perform under this Agreement.

 

		3.	Indemnification by Purchasers. The Purchasers shall indemnify, defend, and hold harmless
Secured Creditors against and in respect of any and all claims, demands, losses, costs, expenses, obligations, liabilities, damages,
recoveries, and deficiencies, including interest, penalties, and reasonable professional and attorneys' fees, including those arising
from settlement negotiations, that Secured Creditors shall incur or suffer, which arise, result from, or relate to a breach of,
or failure by Purchasers to perform under this Agreement.

 

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		4.	Acknowledgements

 

		4.1	The Secured Creditors agrees and consents to the Company raising up to an aggregate total of U.S.
$25,391,200.00 (including all sums raised under the Original Streaming Contract) pursuant to the Elkhorn Streaming Contract.

 

		4.2	The Parent Company and the Company agree, warrant and represent that the Secured Creditors represent
the sole secured creditors of the Parent Company and the Company, except for BDH under the Original Elkhorn Streaming Contract.

 

		4.3	The Parent Company and the Company acknowledge the existence of this Agreement and covenant that
they will not take any action which has the effect of frustrating the intention of this Agreement.

 

		5.	New Investment

 

		5.1	In the Event of Default, as set forth in the immediate
preceding section, the Secured Creditors shall have the right but not the obligation to contribute and participate to an amount
equal to 50% of any FGSA on the same terms and conditions as other participants in the FGSA.

 

		6.	Foreclosure

 

		6.1	In the event that there is an Event of Default after the Standstill Period, and such violation
has not been cured under the terms and conditions of the applicable agreement (including the cure period set forth in Section 1.2
and Section 1.3 of this Agreement), Administrative Agent shall have the right to foreclose on the Company's assets including the
Golden Dream Mine so long as the Company is not performing all of its Company Obligations. Pursuant to this Section 6, the Administrative
Agent agrees not to commence any action or proceeding involving legal process on behalf of the Secured Creditors, concerning the
Existing Indebtedness or its security interest in the Property without providing at least thirty (30) business days’ written
notice to the EGLLC, the Company, the Parent Company and the Purchasers and providing the opportunity to cure with an additional
thirty (30) business days from receipt of such notice. Upon the Administrative Agent exercising its rights to foreclose on the
Company’s assets, including the Golden Dream Mine, the Elkhorn Streaming Contract shall be binding upon and inure to the
benefit of the Purchasers and their respective heirs, personal representatives, transferees, successors and permitted assigns.

 

		7.	Miscellaneous.

 

		7.1	Assignment. The rights and obligations of the Secured Creditors and/or the Purchasers under
this Agreement may be assigned to or assumed by a transferee of the respective obligations, as applicable.

 

		7.2	Binding Effect. This Agreement shall be binding on, and shall inure to the benefit of the
parties to it and their respective heirs, legal representatives, and successors.

 

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		7.3	Parties in Interest. Except as expressly provided in this Agreement, nothing in this Agreement,
whether express or implied, is intended to confer any rights or remedies under or by reason of this Agreement on any persons other
than the parties to it and their respective successors and assigns, nor is anything in this Agreement intended to relieve or discharge
the obligation or liability of any third persons to any party to this Agreement, nor shall any provision give any third persons
any right to subrogation or action against any party to this Agreement.

 

		7.4	Entire Agreement. This Agreement constitutes the entire agreement between the parties pertaining
to the subject matter contained in it and supersedes all prior and contemporaneous agreements, representations and understandings
of the parties.

 

		7.5	Amendment. No supplement, modification, or amendment of this Agreement shall be binding
unless executed in writing by all the parties.

 

		7.6	Waiver. No waiver of any of the provisions of this Agreement shall be deemed, or shall constitute,
a waiver of any other provision, whether or not similar, nor shall any waiver constitute a continuing waiver. No waiver shall be
binding unless executed in writing by the party making the waiver.

 

		7.7	Notices. Notices given under this Agreement shall be delivered in writing to: Secured Creditors:
Barrie Cowan, 595 Laidley Street, San Francisco, California  94131 and New Purchasers: Eric Altman, 1610 Wynkoop Street, STE
400, Denver, CO 80202.

 

		7.8	Governing Law and Venue. This Agreement shall be construed in accordance with, and governed
by, the laws of the State of Colorado, and any action or proceeding, including arbitration, brought by any party in which this
Agreement is a subject, shall be brought in Denver County, Colorado.

 

		7.9	Effect of Headings. The headings of the Sections of this Agreement are included for purposes
of convenience only, and shall not affect the construction or interpretation of any of its provisions.

 

		7.10	Invalidity. Any provision of this Agreement which is invalid, void, or illegal, shall not
affect impair, or invalidate any other provision of this Agreement, and such other provisions of this Agreement shall remain in
full force and effect.

 

		7.11	Counterparts. This Agreement may be executed in multiple counterparts, each of which may
be executed by less than all of the parties and shall be deemed to be an original instrument which shall be enforceable against
the parties actually executing such counterparts and all of which together shall constitute one and the same instrument. In lieu
of the original documents, a facsimile transmission or copy of the original documents shall be as effective and enforceable as
the original.

 

		7.12	Number and Gender. When required by the context of this Agreement, each number (singular
and plural) shall include all numbers, and each gender shall include all genders.

 

		7.13	Further Assurances. Each party to this Agreement agrees to execute further instruments as
may be necessary or desirable to carry out this Agreement, provided the party requesting such further action shall bear all related
costs and expenses.

 

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		7.14	Professional Fees and Costs. If any legal or equitable action, arbitration, or other proceeding,
whether on the merits or on motion, are brought or undertaken, or an attorney retained, to enforce this Agreement, or because of
an alleged dispute, breach, default, or misrepresentation in connection with any of the provisions of this Agreement, then the
successful or prevailing party or parties in such undertaking (or the party that would prevail if an action were brought) shall
be entitled to recover reasonable attorney's fees and other professional fees and other costs incurred in such action, proceeding,
or discussions, in addition to any other relief to which such party may be entitled. The parties intend this provision to be given
the most liberal construction possible and to apply to any circumstances in which such party reasonably incurs expenses.

 

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IN WITNESS WHEREOF, this Agreement has been duly executed by the Parties as of
the day and year first written above.

 

ADMINISTRATIVE AGENT

 

	 	/s/Gordon Snyder	 
	By:	 	 
	 	Gordon Snyder on behalf of the Secured Creditors	 

 

BLACK DIAMOND HOLDINGS LLC

 

BLACK DIAMOND FINANCIAL GROUP, LLC, its manager

 

	/s/ Patrick W. M. Imeson	 
	By: Patrick W. M. Imeson	 
	Title: Manager	 

 

MFPI PARTNERS,
LLC,

	By:	/s/ Patrick W. M. Imeson	 
	Patrick Imeson, Manager	 

 

ELKHORN GOLDFIELDS, LLC

 

	By: 	/s/Robert Trenaman	 

 

ELKHORN GOLDFIELDS, INC.

 

	By: 	/s/Robert Trenaman	 

 

 

MONTANA TUNNELS MINING, INC.

 

	By: 	/s/Robert Trenaman	 

 

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EASTERN RESOURCES, INC.

 

	By:	/s/ Patrick W. M. Imeson	 

 

    	8EASTERN
RESOURCES, INC.

 

1610 Wynkoop Street, Suite 400,

Denver, CO 80202

 

SUBSCRIPTION AGREEMENT

 

Ladies and Gentlemen:

 

1.          Subscription.  The
undersigned (the “Purchaser”), intending to be legally bound, hereby irrevocably agrees to purchase the number of units
of securities (the “Units”) of Eastern Resources, Inc., a Delaware corporation (the “Company”), set forth
on the signature page hereof at a purchase price of $0.50 per Unit, subject to the terms and conditions of this Subscription Agreement
and on the basis of the representations, warranties, covenants and agreements contained herein. Each Unit consists of (i) one share
of the Company’s common stock, par value $0.001 per share (the “Common Stock”), and (ii) a warrant, substantially
in the form of Exhibit A hereto (the “Investor Warrant”), representing the right to purchase one share of Common
Stock, exercisable for a period of five (5) years from issuance, at an exercise price of $0.75 per whole share. All dollar amounts
reflected in this Subscription Agreement represent US dollars.

 

2.          Offering.  This
subscription is being submitted to you in accordance with and subject to the terms and conditions described in this Subscription
Agreement, as amended or supplemented from time to time, including all attachments, schedules and exhibits hereto, relating to
the offering (the “Offering”) by the Company of up to 3,000,000 Units ($1,500,000) (the Maximum Offering Amount”).

 

3.          Transaction
Documents/Payment.  The Purchaser will send directly a check payable to, or will immediately make a wire transfer
payment to, Eastern Resources, Inc. in the full amount of the purchase price of the Units being subscribed for. Mailing and wire
transfer instructions are set forth on page 15 under the heading “To subscribe for Units in the private placement offering
of Eastern Resources, Inc.” Such funds will be available immediately to the Company or will be held for the Purchaser’s
benefit, and will be returned promptly, without interest or offset if this Subscription Agreement is not accepted by the Company
or the Offering is terminated pursuant to its terms by the Company prior to the first Closing (as defined in Section 4). Simultaneously
with a check for, or wire transfer of, the full purchase price, the Purchaser is delivering a completed and executed Omnibus Signature
Page to this Subscription Agreement and the Registration Rights Agreement (page 16 hereto), the Anti-Money Laundering Information
Form following the Omnibus Signature Page (Appendix A hereto) and the Accredited Investor Certification (Appendix B
hereto) and Investor profile (Appendix C hereto) following the Omnibus Signature Page (collectively, the “Transaction
Documents”). The form of Registration Rights Agreement is in the form of Exhibit B hereto.

 

4.          Deposit
of Funds.  All payments made as provided in Section 3 hereof shall be sent directly to the Company and credited with
the Company until the earliest to occur of (a) a closing of the Offering (the “Closing”), (b) the rejection of such
subscription, or (c) the termination of the Offering by the Company. The Company will continue to offer and sell the Units and
conduct closings for the sale of Units until the termination of the Offering. The Units will be offered until the earlier of the
time that all Units offering in the Offering are sold or until December 31, 2013, which date may be extended by the Company in
writing (“Termination Date”).

 

    	 

    	 

    

 

5.          Acceptance
of Subscription.  The Purchaser understands and agrees that the Company, in its sole and absolute discretion, reserves
the right to accept or reject this or any other subscription for Units, in whole or in part, notwithstanding prior receipt by the
Purchaser of notice of acceptance of this subscription. The Company shall have no obligation hereunder until the Company shall
execute and deliver to the Purchaser an executed copy of this Subscription Agreement. If this subscription is rejected in whole
or the Offering is terminated, all funds received from the Purchaser will be returned without interest or offset, and this Subscription
Agreement shall thereafter be of no further force or effect. If this subscription is rejected in part, the funds for the rejected
portion of this subscription will be returned without interest or offset, and this Subscription Agreement will continue in full
force and effect to the extent this subscription was accepted.

 

6.          Placement
Agent.  The Company may determine to utilize the services of one or more placement agents (the “Placement Agent”)
in this Offering. The Placement Agents would be paid a cash commission of ten percent (10%) of funds raised from the sale of the
Units to persons introduced by the Placement Agent and a warrant commission of five percent (5%) of the number of Units sold in
this offering, a portion of which commissions may be re-allocated to licensed sub-agents. These warrants will have a term of five
years and will be exercisable for the purchase of one share of the Issuer’s common stock at a price of $0.50 per share

 

7.          Representations
and Warranties.  The Purchaser hereby acknowledges, represents, warrants, and agrees as follows:

 

(a)          None
of the Units, the shares of Common Stock underlying the Units, the Investor Warrants or the shares of Common Stock issuable upon
exercise of the Investor Warrants (the “Investor Warrant Shares”) offered pursuant to this Subscription Agreement are
registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws. The Purchaser
understands that the offering and sale of the Units is intended to be exempt from registration under the Securities Act, by virtue
of Section 4(2) thereof and the provisions of Regulation D (“Regulation D”) and/or Regulation S (“Regulation
S”) each as promulgated by the Securities and Exchange Commission (the “SEC”) thereunder, based, in part, upon
the representations, warranties and agreements of the Purchaser contained in this Subscription Agreement;

 

(b)          Prior
to the execution of this Subscription Agreement, the Purchaser and the Purchaser’s attorney, accountant, purchaser representative
and/or tax adviser, if any (collectively, the “Advisers”), have received this Agreement and all other documents requested
by the Purchaser, have carefully reviewed them and understand the information contained therein;

 

(c)          Neither
the SEC nor any state securities commission or other regulatory authority has approved the Units, the shares of Common Stock, the
Investor Warrants or the Investor Warrant Shares or passed upon or endorsed the merits of the Offering;

 

(d)          All
documents, records, and books pertaining to the investment in the Units have been made available for inspection by such Purchaser
and its Advisers, if any;

 

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(e)          The
Purchaser and its Advisers, if any, have had a reasonable opportunity to ask questions of and receive answers from a person or
persons acting on behalf of the Company concerning the offering of the Units and the business, financial condition and results
of operations of the Company, and all such questions have been answered to the full satisfaction of the Purchaser and its Advisers,
if any;

 

(f)          In
evaluating the suitability of an investment in the Company, the Purchaser has not relied upon any representation or information
(oral or written) other than as stated herein;

 

(g)          The
Purchaser is unaware of, is in no way relying on, and did not become aware of the Offering of the Units through or as a result
of, any form of general solicitation or general advertising including, without limitation, any article, notice, advertisement or
other communication published in any newspaper, magazine or similar media or broadcast over television, radio or the Internet (including,
without limitation, internet “blogs,” bulletin boards, discussion groups and social networking sites) in connection
with the Offering and sale of the Units and is not subscribing for the Units and did not become aware of the Offering through or
as a result of any seminar or meeting to which the Purchaser was invited by, or any solicitation of a subscription by, a person
not previously known to the Purchaser in connection with investments in securities generally;

 

(h)          The
Purchaser has taken no action that would give rise to any claim by any person for brokerage commissions, finders’ fees or
the like relating to this Subscription Agreement or the transactions contemplated hereby (other than commissions to be paid by
the Company to the Placement Agent, if any, and other participating broker-dealers, if any);

 

(i)          The
Purchaser, together with its Advisers, if any, has such knowledge and experience in financial, tax, and business matters, and,
in particular, investments in securities, so as to enable it to utilize the information made available to it in connection with
the Offering to evaluate the merits and risks of an investment in the Units and the Company and to make an informed investment
decision with respect thereto;

 

(j)          The
Purchaser is not relying on the Company, the Placement Agent, if any, or any of their respective employees or agents with respect
to the legal, tax, economic and related considerations of an investment in the Units, and the Purchaser has relied on the advice
of, or has consulted with, only its own Advisers;

 

(k)          The
Purchaser is acquiring the Units solely for such Purchaser’s own account for investment purposes only and not with a view
to or intent of resale or distribution thereof, in whole or in part. The Purchaser has no agreement or arrangement, formal or informal,
with any person to sell or transfer all or any part of the Units, the shares of Common Stock, the Investor Warrants or the Investor
Warrant Shares and the Purchaser has no plans to enter into any such agreement or arrangement;

 

(l)          The
Purchaser must bear the substantial economic risks of the investment in the Units indefinitely because none of the securities included
in the Units may be sold, hypothecated or otherwise disposed of unless subsequently registered under the Securities Act and applicable
state securities laws or an exemption from such registration is available (including, without limitation, under Regulation S).
Legends to the following effect shall be placed on the securities included in the Units to the effect that they have not been registered
under the Securities Act or applicable state securities laws:

 

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THE SECURITIES REPRESENTED
HEREBY AND THE SECURITIES ISSUABLE UPON THE EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF
1933, AS AMENDED (THE “U.S. SECURITIES ACT”). THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT
OF THE COMPANY THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN ACCORDANCE WITH (I) REGULATION
S UNDER THE U.S. SECURITIES ACT, IF AVAILABLE, (II) ANY OTHER EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT, IF AVAILABLE,
OR (III) UNDER AN EFFECTIVE REGISTRATION STATEMENT, AND, IN EACH CASE, IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS.
IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES REPRESENTED HEREBY AND THE SECURITIES ISSUABLE UPON THE EXERCISE HEREOF
MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE U.S. SECURITIES ACT. RELIANCE ON AN EXEMPTION FROM REGISTRATION WILL REQUIRE
THE HOLDER TO PROVIDE THE COMPANY WITH AN OPINION OF COUNSEL, WHICH COUNSEL AND OPINION MUST BE SATISFACTORY TO THE COMPANY.

 

Appropriate notations will be made in the
Company’s stock books to the effect that the securities included in the Units have not been registered under the Securities
Act or applicable state securities laws. Stop transfer instructions will be placed with the transfer agent of the Units. The Company
has agreed that purchasers of the Units will have, with respect to the shares of Common Stock included in the Units, the registration
rights described in the Registration Rights Agreement. Notwithstanding such registration rights, there can be no assurance that
there will be any market for resale of the Common Stock, nor can there be any assurance that such securities will be freely transferable
at any time in the foreseeable future;

 

(m)          The
Purchaser has adequate means of providing for such Purchaser’s current financial needs and foreseeable contingencies and
has no need for liquidity of its investment in the Units for an indefinite period of time;

 

(n)          The
Purchaser is aware that an investment in the Units is high risk, involving a number of very significant risks and has carefully
read and considered the matters set forth in the Company’s SEC filings, and, in particular, acknowledges that the Company
has a limited operating history, has had operating losses since inception, and is engaged in a highly competitive business;

 

(o)          The
Purchaser either

 

		i.	meets the requirements of at least one of the suitability
standards for an “accredited investor” as that term is defined in Regulation D and as set forth on the Accredited
Investor Certification contained herein; or

 

		ii.	is not a “U.S. Person” as defined in Regulation
S; and specifically the Purchaser is not (all Purchasers who are not a U.S. Person must INITIAL this appropriate section
of the Appendix B, Accredited Investor Certification, to confirm their careful review and understanding of this Section 7(o)(ii)):

 

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		A.	a natural person resident in the United States of America,
including its territories and possessions (“United States”);

		 	 

		B.	a partnership or corporation organized or incorporated
under the laws of the United States;

		 	 

		C.	an estate of which any executor or administrator is a
U.S. Person;

		 	 

		D.	a trust of which any trustee is a U.S. Person;

		 	 

		E.	an agency or branch of a foreign entity located in the
United States;

		 	 

		F.	a non-discretionary account or similar account (other
than an estate or trust) held by a dealer or other fiduciary for the benefit or account of a U.S. Person;

		 	 

		G.	a discretionary account or similar account (other than
an estate or trust) held by a dealer or other fiduciary organized, incorporated, or (if an individual) resident in the United
States; and

		 	 

		H.	a partnership or corporation: (I) organized or incorporated
under the laws of any foreign jurisdiction; and (II) formed by a U.S. Person principally for the purpose of investing in securities
not registered under the Securities Act, unless it is organized or incorporated, and owned, by accredited investors (as defined
in Rule 501(a) under the Securities Act) who are not natural persons, estates or trusts.

 

And, in addition:

 

		I.	the Purchaser was not offered the Units in the United
States;

		 	 

		J.	at the time the buy-order for the Units was originated,
the Purchaser was outside the United States; and

		 	 

		K.	the Purchaser is purchasing the Units for its own account
and not on behalf of any U.S. Person (as defined in Regulation S) and a sale of the Units has not been pre-arranged with a purchaser
in the United States.

 

    	5

    	 

    

 

(p)          The
Purchaser (i) if a natural person, represents that the Purchaser has reached the age of 21 and has full power and authority to
execute and deliver this Subscription Agreement and all other related agreements or certificates and to carry out the provisions
hereof and thereof; (ii) if a corporation, partnership, or limited liability company or partnership, or association, joint stock
company, trust, unincorporated organization or other entity, represents that such entity was not formed for the specific purpose
of acquiring the Units, such entity is duly organized, validly existing and in good standing under the laws of the state of its
organization, the consummation of the transactions contemplated hereby is authorized by, and will not result in a violation of
state law or its charter or other organizational documents, such entity has full power and authority to execute and deliver this
Subscription Agreement and all other related agreements or certificates and to carry out the provisions hereof and thereof and
to purchase and hold the securities constituting the Units, the execution and delivery of this Subscription Agreement has been
duly authorized by all necessary action, this Subscription Agreement has been duly executed and delivered on behalf of such entity
and is a legal, valid and binding obligation of such entity; or (iii) if executing this Subscription Agreement in a representative
or fiduciary capacity, represents that it has full power and authority to execute and deliver this Subscription Agreement in such
capacity and on behalf of the subscribing individual, ward, partnership, trust, estate, corporation, or limited liability company
or partnership, or other entity for whom the Purchaser is executing this Subscription Agreement, and such individual, partnership,
ward, trust, estate, corporation, or limited liability company or partnership, or other entity has full right and power to perform
pursuant to this Subscription Agreement and make an investment in the Company, and represents that this Subscription Agreement
constitutes a legal, valid and binding obligation of such entity. The execution and delivery of this Subscription Agreement will
not violate or be in conflict with any order, judgment, injunction, agreement or controlling document to which the Purchaser is
a party or by which it is bound;

 

(q)          The
Purchaser and the Advisers, if any, have had the opportunity to obtain any additional information, to the extent the Company has
such information in its possession or could acquire it without unreasonable effort or expense, necessary to verify the accuracy
of the information contained herein and in all documents received or reviewed in connection with the purchase of the Units and
have had the opportunity to have representatives of the Company provide them with such additional information regarding the terms
and conditions of this particular investment and the financial condition, results of operations, business of the Company deemed
relevant by the Purchaser or the Advisers, if any, including the annual reports, quarterly reports, current reports, registration
statements and other information filed by the Company with the SEC (see www.sec.gov), and all such requested information,
to the extent the Company had such information in its possession or could acquire it without unreasonable effort or expense, has
been provided to the full satisfaction of the Purchaser and the Advisers, if any;

 

(r)          Any
information which the Purchaser has heretofore furnished or is furnishing herewith to the Company or the Placement Agent, if any,
is complete and accurate and may be relied upon by the Company and the Placement Agent, if any, in determining the availability
of an exemption from registration under federal and state securities laws in connection with the offering of the Units as described
herein. The Purchaser further represents and warrants that it will notify and supply corrective information to the Company and
the Placement Agent, if any, immediately upon the occurrence of any change therein occurring prior to the Company’s issuance
of the securities contained in the Units;

 

(s)          The
Purchaser has significant prior investment experience, including investment in non-listed and non-registered securities. The Purchaser
is knowledgeable about investment considerations in development-stage companies with limited operating histories. The Purchaser
has a sufficient net worth to sustain a loss of its entire investment in the Company in the event such a loss should occur. The
Purchaser’s overall commitment to investments which are not readily marketable is not excessive in view of the Purchaser’s
net worth and financial circumstances and the purchase of the Units will not cause such commitment to become excessive. The investment
is a suitable one for the Purchaser;

 

    	6

    	 

    

 

(t)          The
Purchaser is satisfied that the Purchaser has received adequate information with respect to all matters which it or the Advisers,
if any, consider material to its decision to make this investment;

 

(u)          The
Purchaser acknowledges that any estimates or forward-looking statements or projections included herein or in any other materials
that might have been provided to the Purchaser by the Company were prepared by the Company in good faith but that the attainment
of any such projections, estimates or forward-looking statements cannot be guaranteed by the Company and should not be relied upon;

 

(v)         No
oral or written representations have been made, or oral or written information furnished, to the Purchaser or the Advisers, if
any, in connection with the Offering which are in any way inconsistent with the information contained herein;

 

(w)          Within
five (5) days after receipt of a request from the Company or the Placement Agent, if any, the Purchaser will provide such information
and deliver such documents as may reasonably be necessary to comply with any and all laws and ordinances to which the Company or
the Placement Agent is subject;

 

(x)          The
Purchaser’s substantive relationship with the Placement Agent, if any, through which the Purchaser is subscribing for Units
predates the Placement Agent’s contact with the Purchaser regarding an investment in the Units;

 

(y)          THE
SECURITIES OFFERED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND
ARE BEING OFFERED AND SOLD IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF SAID ACT AND SUCH LAWS. THE SECURITIES
ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER SAID ACT
AND SUCH LAWS PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. RELIANCE ON AN EXEMPTION FROM REGISTRATION WILL REQUIRE THE HOLDER
TO PROVIDE THE COMPANY WITH AN OPINION OF COUNSEL, WHICH COUNSEL AND OPINION MUST BE SATISFACTORY TO THE COMPANY. THE SECURITIES
HAVE NOT BEEN RECOMMENDED, APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION, ANY STATE SECURITIES COMMISSION OR
ANY OTHER REGULATORY AUTHORITY, NOR HAVE ANY OF THE FOREGOING AUTHORITIES PASSED UPON OR ENDORSED THE MERITS OF THIS OFFERING OR
THE ACCURACY OR ADEQUACY OF THIS SUBSCRIPTION AGREEMENT. ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL;

 

(z)          In
making an investment decision investors must rely on their own examination of the Company and the terms of the Offering, including
the merits and risks involved. The Purchaser should be aware that it will be required to bear the financial risks of this investment
for an indefinite period of time;

 

    	7

    	 

    

 

(aa)         (For
ERISA plans only)   The fiduciary of the ERISA plan (the “Plan”) represents that such fiduciary
has been informed of and understands the Company’s investment objectives, policies and strategies, and that the decision
to invest “plan assets” (as such term is defined in ERISA) in the Company is consistent with the provisions of ERISA
that require diversification of plan assets and impose other fiduciary responsibilities. The Purchaser fiduciary or Plan (a) is
responsible for the decision to invest in the Company; (b) is independent of the Company or any of its affiliates; (c) is qualified
to make such investment decision; and (d) in making such decision, the Purchaser fiduciary or Plan has not relied primarily on
any advice or recommendation of the Company or any of its affiliates;

 

(bb)         The
Purchaser should check the Office of Foreign Assets Control (“OFAC”) website at <http://www.treas.gov/ofac>
before making the following representations. The Purchaser represents that the amounts invested by it in the Company in the
Offering were not and are not directly or indirectly derived from activities that contravene federal, state or international laws
and regulations, including anti-money laundering laws and regulations. Federal regulations and Executive Orders administered by
OFAC prohibit, among other things, the engagement in transactions with, and the provision of services to, certain foreign countries,
territories, entities and individuals. The lists of OFAC prohibited countries, territories, persons and entities can be found
on the OFAC website at <http://www.treas.gov/ofac>. In addition, the programs administered by OFAC (the “OFAC Programs”)
prohibit dealing with individuals1 or entities in certain countries regardless of whether such individuals or entities
appear on the OFAC lists;

 

(cc)         To
the best of the Purchaser’s knowledge, none of: (1) the Purchaser; (2) any person controlling or controlled by the Purchaser;
(3) if the Purchaser is a privately-held entity, any person having a beneficial interest in the Purchaser; or (4) any person for
whom the Purchaser is acting as agent or nominee in connection with this investment is a country, territory, individual or entity
named on an OFAC list, or a person or entity prohibited under the OFAC Programs. Please be advised that the Company may not accept
any amounts from a prospective investor if such prospective investor cannot make the representation set forth in the preceding
paragraph. The Purchaser agrees to promptly notify the Company and the Placement Agent, if any, should the Purchaser become aware
of any change in the information set forth in these representations. The Purchaser understands and acknowledges that, by law, the
Company may be obligated to “freeze the account” of the Purchaser, either by prohibiting additional subscriptions from
the Purchaser, declining any redemption requests and/or segregating the assets in the account in compliance with governmental regulations,
and the Placement Agent may also be required to report such action and to disclose the Purchaser’s identity to OFAC. The
Purchaser further acknowledges that the Company may, by written notice to the Purchaser, suspend the redemption rights, if any,
of the Purchaser if the Company reasonably deems it necessary to do so to comply with anti-money laundering regulations applicable
to the Company and the Placement Agent or any of the Company’s other service providers. These individuals include specially
designated nationals, specially designated narcotics traffickers and other parties subject to OFAC sanctions and embargo programs;

 

(dd)         To
the best of the Purchaser’s knowledge, none of: (1) the Purchaser; (2) any person controlling or controlled by the Purchaser;
(3) if the Purchaser is a privately-held entity, any person having a beneficial interest in the Purchaser; or (4) any person for
whom the Purchaser is acting as agent or nominee in connection with this investment is a senior foreign political figure2,
or any immediate family3 member or close associate4 of a senior foreign political figure, as such terms
are defined in the footnotes below; and

 

 

 

1 These individuals include
specially designated nationals, specially designated narcotics traffickers and other parties subject to OFAC sanctions and embargo
programs.

 

2 A “senior foreign political
figure” is defined as a senior official in the executive, legislative, administrative, military or judicial branches of
a foreign government (whether elected or not), a senior official of a major foreign political party, or a senior executive of
a foreign government-owned corporation. In addition, a “senior foreign political figure” includes any corporation,
business or other entity that has been formed by, or for the benefit of, a senior foreign political figure.

 

3 “Immediate family”
of a senior foreign political figure typically includes the figure’s parents, siblings, spouse, children and in-laws.

 

4 A “close associate”
of a senior foreign political figure is a person who is widely and publicly known to maintain an unusually close relationship
with the senior foreign political figure, and includes a person who is in a position to conduct substantial domestic and international
financial transactions on behalf of the senior foreign political figure.

 

    	8

    	 

    

 

(ee)         If
the Purchaser is affiliated with a non-U.S. banking institution (a “Foreign Bank”), or if the Purchaser receives deposits
from, makes payments on behalf of, or handles other financial transactions related to a Foreign Bank, the Purchaser represents
and warrants to the Company that: (1) the Foreign Bank has a fixed address, other than solely an electronic address, in a country
in which the Foreign Bank is authorized to conduct banking activities; (2) the Foreign Bank maintains operating records related
to its banking activities; (3) the Foreign Bank is subject to inspection by the banking authority that licensed the Foreign Bank
to conduct banking activities; and (4) the Foreign Bank does not provide banking services to any other Foreign Bank that does not
have a physical presence in any country and that is not a regulated affiliate.

 

(ff)         The
Purchaser acknowledges that Adam S. Gottbetter is the owner of Gottbetter Capital Group, Inc.,
Gottbetter & Partners, LLP and Gottbetter Capital Markets, LLC.  Gottbetter Capital Group, Inc. owns shares of the
Company.  Gottbetter & Partners, LLP represents the Company for which it receives legal fees in accordance with
an executed retainer agreement.  Gottbetter Capital Markets, LLC may serve as a Placement Agent for this Offering for
which it may receive placement agent fees in accordance with a placement agency agreement with the Company.

 

(gg)        The
Purchaser acknowledges that the Company is a former “shell company” as defined in Rule 12b-2 under the Securities
Exchange Act of 1934, as amended (the “Exchange Act”). Pursuant to Rule 144(i), securities issued by a current or
former shell company (that is, the securities included in the Units) that otherwise meet the holding period and other requirements
of Rule 144 nevertheless cannot be sold in reliance on Rule 144 until one year after the Company (a) is no longer a shell company;
and (b) has filed current “Form 10 information” (as defined in Rule 144(i)) with the SEC reflecting that it is no
longer a shell company, and provided that at the time of a proposed sale pursuant to Rule 144, the Company is subject to the reporting
requirements of Section 13 or 15(d) of the Exchange Act and has filed all reports and other materials required to be filed by
Section 13 or 15(d) of the Exchange Act, as applicable, during the preceding 12 months (or for such shorter period that the issuer
was required to file such reports and materials), other than Form 8-K reports. As a result, the restrictive legends on certificates
for the securities included in the Units cannot be removed except in connection with an actual sale meeting the foregoing requirements
or pursuant to an effective registration statement.

 

    	9

    	 

    

 

(hh)       The Purchaser
acknowledges that the net proceeds from the Offering will be used by the Company as general working capital.

 

8.          Representations
and Warranties of the Company.  The Company hereby represents and warrants to the Subscriber the following:

 

(a)          Organization
and Qualification.  The Company is a corporation duly organized and validly existing under the laws of the State
of Delaware. The Company has all requisite power and authority to carry on its business as currently conducted. The Company is
duly qualified to transact business in each jurisdiction in which the failure to be so qualified would reasonably be expected to
have a material adverse effect.

 

(b)          Authorization.  As
of the Closing, all action on the part of the Company, its board of directors, officers and existing stockholders necessary for
the authorization, execution and delivery of this Agreement, and the performance of all obligations of the Company hereunder shall
have been taken, and this Agreement, assuming due execution by the parties hereto, will constitute valid and legally binding obligations
of the Company, enforceable in accordance with its terms, subject to: (i) judicial principles limiting the availability of specific
performance, injunctive relief, and other equitable remedies and (ii) bankruptcy, insolvency, reorganization, moratorium or other
similar laws now or hereafter in effect generally relating to or affecting creditors’ rights.

 

(c)          Valid
Issuance of the Common Stock.  The shares of Common Stock, when issued, sold and delivered in accordance with the
terms of this Agreement for the consideration expressed herein, shall be duly and validly issued and will be free of restrictions
on transfer directly or indirectly created by the Company other than restrictions on transfer under this Agreement and under applicable
federal and state securities laws.

 

(d)          Governmental
Consents.  No consent, approval, order or authorization of, or registration, qualification, designation, declaration
or filing with, any federal, state or local governmental authority on the part of the Company is required in connection with the
offer, sale or issuance of Shares, except for the following: (i) the filing of such notices as may be required under the Securities
Act and (ii) the compliance with any applicable state securities laws, which compliance will have occurred within the appropriate
time periods therefor.

 

(e)          Litigation.  There
are no actions, suits, proceedings or investigations pending or, to the best of the Company’s knowledge, threatened before
any court, administrative agency or other governmental body against the Company which question the validity of this Agreement or
the right of the Company to enter into this Agreement, or to consummate the transaction contemplated hereby. The Company is not
a party or subject to, and none of its assets is bound by, the provisions of any order, writ, injunction, judgment or decree of
any court or government agency or instrumentality.

 

    	10

    	 

    

 

(f)          Compliance
with Other Instruments.  The Company is not in violation or default of any provision of its Articles of Incorporation,
as in effect immediately prior to the Closing. The Company is not in violation or default of any provision of any material instrument,
mortgage, deed of trust, loan, contract, commitment, judgment, decree, order or obligation to which it is a party or by which it
or any of its properties or assets are bound. To the best of its knowledge, the Company is not in violation or default of any provision
of any federal, state or local statute, rule or governmental regulation. The execution, delivery and performance of and compliance
with this Agreement and the issuance of the Shares, will not result in any such violation, be in conflict with or constitute, with
or without the passage of time or giving of notice, a default under any such provision, require any consent or waiver under any
such provision (other than any consents or waivers that have been obtained), or result in the creation of any mortgage, pledge,
lien, encumbrance or charge upon any of the properties or assets of the Company pursuant to any such provision.

 

(g)          Certain
Registration Matters.  Assuming the accuracy of the Subscriber’s representations and warranties set forth in
this Agreement, no registration under the Securities Act is required for the offer and issuance of the Shares by the Company to
the Subscriber hereunder.

 

(h)          No
General Solicitation.  Neither the Company nor any person acting on behalf of the Company has offered or sold any
of the Shares by any form of general solicitation or general advertising (within the meaning of Regulation D).

 

19.         Indemnification.  The
Purchaser agrees to indemnify and hold harmless the Company, the Placement Agent, if any, and their respective officers, directors,
employees, agents, control persons and affiliates from and against all losses, liabilities, claims, damages, costs, fees and expenses
whatsoever (including, but not limited to, any and all expenses incurred in investigating, preparing or defending against any litigation
commenced or threatened) based upon or arising out of any actual or alleged false acknowledgment, representation or warranty, or
misrepresentation or omission to state a material fact, or breach by the Purchaser of any covenant or agreement made by the Purchaser
herein or in any other document delivered in connection with this Subscription Agreement.

 

10.         Irrevocability;
Binding Effect.  The Purchaser hereby acknowledges and agrees that the subscription hereunder is irrevocable by the
Purchaser, except as required by applicable law, and that this Subscription Agreement shall survive the death or disability of
the Purchaser and shall be binding upon and inure to the benefit of the parties and their heirs, executors, administrators, successors,
legal representatives, and permitted assigns. If the Purchaser is more than one person, the obligations of the Purchaser hereunder
shall be joint and several and the agreements, representations, warranties, and acknowledgments herein shall be deemed to be made
by and be binding upon each such person and such person’s heirs, executors, administrators, successors, legal representatives,
and permitted assigns.

 

11.         Modification.  This
Subscription Agreement shall not be modified or waived except by an instrument in writing signed by the party against whom any
such modification or waiver is sought.

 

12.         Notices.  Any
notice or other communication required or permitted to be given hereunder shall be in writing and shall be mailed by certified
mail, return receipt requested, or delivered against receipt to the party to whom it is to be given (a) if to the Company, at 1610
Wynkoop Street, Suite 400, Denver, CO 80202, Attn: Patrick W. M. Imeson, CEO, with a copy to Gottbetter & Partners, LLP, 488
Madison Avenue, 12th Floor, New York, New York 10022, Attn: Paul C. Levites , Esq., or (b) if to the Purchaser, at the
address set forth on the signature page hereof (or, in either case, to such other address as the party shall have furnished in
writing in accordance with the provisions of this Section 11), ,. Any notice or other communication
given by certified mail shall be deemed given at the time of certification thereof, except for a notice changing a party’s
address which shall be deemed given at the time of receipt thereof.

 

    	11

    	 

    

 

13.         Assignability.  This
Subscription Agreement and the rights, interests and obligations hereunder are not transferable or assignable by the Purchaser
and the transfer or assignment of the shares of Common Stock or the Investor Warrants shall be made only in accordance with all
applicable laws.

 

14.         Applicable
Law.  This Subscription Agreement shall be governed by and construed in accordance with the laws of the State of
New York, without reference to the principles thereof relating to the conflict of laws.

 

15.         Arbitration/Mediation.
The parties agree to submit all controversies to arbitration in accordance with the provisions set forth below and understand that:

 

THE
PARTIES HERETO AGREE TO SUBMIT ALL CONTROVERSIES TO the exclusive jurisdiction of finra ARBITRATION IN ACCORDANCE WITH THE PROVISIONS
SET FORTH BELOW AND UNDERSTAND THAT (A) ARBITRATION IS FINAL AND BINDING ON THE PARTIES, (B) THE PARTIES ARE WAIVING THEIR RIGHTS
TO SEEK REMEDIES IN COURT, INCLUDING THE RIGHT TO A JURY TRIAL, (C) PRE-ARBITRATION DISCOVERY IS GENERALLY MORE LIMITED AND DIFFERENT
FROM COURT PROCEEDINGS, (D) THE ARBITRATOR’S AWARD IS NOT REQUIRED TO INCLUDE FACTUAL FINDINGS OR LEGAL REASONING AND ANY
PARTY’S RIGHT TO APPEAL OR TO SEEK MODIFICATION OF RULES BY ARBITRATORS IS STRICTLY LIMITED, (E) THE PANEL OF FINRA ARBITRATORS
WILL TYPICALLY INCLUDE A MINORITY OF ARBITRATORS WHO WERE OR ARE AFFILIATED WITH THE SECURITIES INDUSTRY, AND (F) ALL CONTROVERSIES
WHICH MAY ARISE BETWEEN THE PARTIES CONCERNING THIS AGREEMENT SHALL BE DETERMINED BY ARBITRATION PURSUANT TO THE RULES THEN PERTAINING
TO FINRA. ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY, ENFORCEMENT AND INTERPRETATION OF THIS AGREEMENT SHALL BE GOVERNED
BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEw york. JUDGMENT ON ANY AWARD OF ANY SUCH ARBITRATION
MAY BE ENTERED IN THE SUPREME COURT OF THE STATE OF NEW YORK OR IN ANY OTHER COURT HAVING JURISDICTION OVER THE PERSON OR PERSONS
AGAINST WHOM SUCH AWARD IS RENDERED. THE PARTIES AGREE THAT THE DETERMINATION OF THE ARBITRATORS SHALL BE BINDING AND CONCLUSIVE
UPON THEM. THE PREVAILING PARTY, AS DETERMINED BY SUCH ARBITRATORS, IN A LEGAL PROCEEDING SHALL BE ENTITLED TO COLLECT ANY COSTS,
DISBURSEMENTS AND REASONABLE ATTORNEY’S FEES FROM THE OTHER PARTY.  PRIOR
TO FILING AN ARBITRATION, THE PARTIES HEREBY AGREE THAT THEY WILL ATTEMPT TO RESOLVE THEIR DIFFERENCES FIRST BY SUBMITTING THE
MATTER FOR RESOLUTION TO A MEDIATOR, ACCEPTABLE TO ALL PARTIES, AND WHOSE EXPENSES WILL BE BORNE EQUALLY BY ALL PARTIES. THE MEDIATION
WILL BE HELD IN THE COUNTY OF NEW YORK, STATE OF NEW YORK, ON AN EXPEDITED BASIS. IF THE PARTIES CANNOT SUCCESSFULLY RESOLVE THEIR
DIFFERENCES THROUGH MEDIATION, THE MATTER WILL BE RESOLVED BY ARBITRATION. THE ARBITRATION SHALL TAKE PLACE IN THE COUNTY OF NEW
YORK, THE STATE OF NEW YORK, ON AN EXPEDITED BASIS. 

 

    	12

    	 

    

 

16.         Blue
Sky Qualification.  The purchase of Units under this Subscription Agreement is expressly conditioned upon the exemption
from qualification of the offer and sale of the Units from applicable federal and state securities laws. The Company shall not
be required to qualify this transaction under the securities laws of any jurisdiction and, should qualification be necessary, the
Company shall be released from any and all obligations to maintain its offer, and may rescind any sale contracted, in the jurisdiction.

 

17.         Use
of Pronouns.  All pronouns and any variations thereof used herein shall be deemed to refer to the masculine, feminine,
neuter, singular or plural as the identity of the person or persons referred to may require.

 

18.         Confidentiality.  The
Purchaser acknowledges and agrees that any information or data the Purchaser has acquired from or about the Company or may acquire
in the future, not otherwise properly in the public domain, was received in confidence. The Purchaser agrees not to divulge, communicate
or disclose, except as may be required by law or for the performance of this Subscription Agreement, or use to the detriment of
the Company or for the benefit of any other person, or misuse in any way, any confidential information of the Company, including
any scientific, technical, trade or business secrets of the Company and any scientific, technical, trade or business materials
that are treated by the Company as confidential or proprietary, including, but not limited to, internal personnel and financial
information of the Company or its affiliates, the manner and methods of conducting the business of the Company or its affiliates
and confidential information obtained by or given to the Company about or belonging to third parties. The Purchaser understands
that the Company may rely on his agreement of confidentiality to comply with the exemptive provisions of Regulation FD under the
Securities Act as set forth in Rule 100(a)(b)(2)(ii) of Regulation FD. In addition, the Purchaser acknowledges that such Purchaser
is aware that the United States securities laws generally prohibit any person who is in possession of material nonpublic information
about a public company such as the Company from purchasing or selling securities of such company.

 

19.         Miscellaneous.

 

(a)          This
Subscription Agreement, together with the attached exhibits, constitutes the entire agreement between the Purchaser and the Company
with respect to the Offering and supersedes all prior oral or written agreements and understandings, if any, relating to the subject
matter hereof. The terms and provisions of this Subscription Agreement may be waived, or consent for the departure therefrom granted,
only by a written document executed by the party entitled to the benefits of such terms or provisions.

 

    	13

    	 

    

 

(b)          The
representations and warranties of the Company and the Purchaser made in this Subscription Agreement shall survive the execution
and delivery hereof and delivery of the Units.

 

(c)          Each
of the parties hereto shall pay its own fees and expenses (including the fees of any attorneys, accountants, appraisers or others
engaged by such party) in connection with this Subscription Agreement and the transactions contemplated hereby whether or not the
transactions contemplated hereby are consummated.

 

(d)          This
Subscription Agreement may be executed in one or more original or facsimile counterparts, each of which shall be deemed an original,
but all of which shall together constitute one and the same instrument.

 

(e)          Each
provision of this Subscription Agreement shall be considered separable and, if for any reason any provision or provisions hereof
are determined to be invalid or contrary to applicable law, such invalidity or illegality shall not impair the operation of or
affect the remaining portions of this Subscription Agreement.

 

(f)          Paragraph
titles are for descriptive purposes only and shall not control or alter the meaning of this Subscription Agreement as set forth
in the text.

 

(g)          The
Purchaser understands and acknowledges that there may be multiple closings for the Offering.

 

(h)          The
Purchaser hereby agrees to furnish the Company such other information as the Company may request prior to the Closing with respect
to its subscription hereunder.

 

20.         Omnibus
Signature Page.  This Subscription Agreement is intended to be read and construed in conjunction with the Registration
Rights Agreement pertaining to the issuance by the Company of the Units to subscribers pursuant to this Agreement. Accordingly,
pursuant to the terms and conditions of this Subscription Agreement and such related agreements it is hereby agreed that the execution
by the Purchaser of this Subscription Agreement, in the place set forth herein, shall constitute agreement to be bound by the terms
and conditions hereof and the terms and conditions of the Registration Rights Agreement, with the same effect as if each of such
separate but related agreements were separately signed.

 

21.         Public
Disclosure. Neither the Purchaser nor any officer, manager, director, member, partner, stockholder, employee, affiliate, affiliated
person or entity of the Purchaser shall make or issue any press releases or otherwise make any public statements or make any disclosures
to any third person or entity with respect to the transactions contemplated herein and will not make or issue any press releases
or otherwise make any public statements of any nature whatsoever with respect to the Company without the Company’s express
prior approval. The Company has the right to withhold such approval in its sole discretion.

 

    	14

    	 

    

 

To subscribe for Units in the private
placement offering of Eastern Resources, Inc.:

 

		1.	Date and Fill in the number of Units being purchased
and Complete and Sign the Omnibus Signature Page of the Subscription Agreement.

 

		2.	Complete and return the Anti-Money Laundering Information
Form.

		 	 

		3.	Initial the Accredited Investor Certification
page attached to this letter.

		 	 

		4.	Complete and return the Investor Profile.

		 	 

		5.	Fax or email all forms and then send all signed
original documents to:

 

	 	 
	 	Eastern Resources, Inc.
	 	1610 Wynkoop Street, Suite 400,
	 	Denver, Colorado 80202
	 	Attention: Eric Altman
	 	 
	 	With a copy to:
	 	 
	 	Gottbetter & Partners, LLP
	 	488 Madison Avenue, 12th Floor
	 	New York, NY  10022
	 	Facsimile Number:  212.400.6901
	 	Telephone Number:  212.400.6900
	 	Attention:  Elizabeth Q. Aviles
	 	Email:  eqa@gottbetter.com

 

		6.	If you are paying the Purchase Price by check,
a check for the exact dollar amount of the Purchase Price for the number of Units you are offering to purchase should be made
payable to the order of Eastern Resources, Inc.” and should be sent to Eastern Resources, Inc., 1610 Wynkoop Street, Suite
400, Denver, Colorado 80202, Attention: Eric Altman.

		 	 

		7.	If you are paying the Purchase Price by wire transfer,
you should send a wire transfer for the exact dollar amount of the Purchase Price of the number of Units you are offering
to purchase according to the following instructions:

 

	Bank Name:	COBIZ Bank
	 	821 7th Street
	 	Denver, CO  
	ABA Routing Number:	102003206
	Account Name:	Eastern Resources, Inc.
	Account Number:	3447960
	Reference:	Eastern Resources, Inc. PPO; [insert Purchaser’s name]
	Company Contact:	Eric Altman

 

    	15

    	 

    

 

EASTERN RESOURCES, INC.

OMNIBUS SIGNATURE PAGE TO THE

SUBSCRIPTION AGREEMENT

 AND REGISTRATION RIGHTS AGREEMENT

 

Subscriber hereby elects to subscribe
under the Subscription Agreement for a total of __________ Units at a price of $0.50 per Unit (NOTE: to be completed by subscriber)
and executes the Subscription Agreement and, hereby, the Registration Rights Agreement.

 

Date (NOTE: To be completed by subscriber):                                                
                    

 

 

 

If the Purchaser is an INDIVIDUAL, and
if purchased as JOINT TENANTS, as TENANTS IN COMMON, or as COMMUNITY PROPERTY:

	 	 	 
	 	 	 
	Print Name(s)	 	Social Security Number(s)
	 	 	 
	 	 	 
	Signature(s) of Subscriber(s)	 	Signature
	 	 	 
	 	 	 
	Date	 	Address

 

If the Purchaser is a PARTNERSHIP, CORPORATION, LIMITED LIABILITY
COMPANY OR TRUST:

	 	 	 
	 	 	 
	Name of Partnership, Corporation, Limited Liability Company or Trust	 	Federal Taxpayer Identification Number
	 	 	 
	By:	 	 	 
	
         Name:

         Title:
	 	State of Organization
	 	 	 
	Date	 	Address
	 	 	 
	EASTERN RESOURCES, INC.

a Delaware corporation	 	 
	 	 	 
	By:	 	 	 	 
	Authorized Officer	 	 
	 	 	 

 

  

    	16

    	 

    

 

ANTI MONEY LAUNDERING REQUIREMENTS

 

The USA PATRIOT Act

 

The USA PATRIOT Act is designed to detect,
deter, and punish terrorists in the United States and abroad. The Act imposes new anti-money laundering requirements on brokerage
firms and financial institutions. Since April 24, 2002 all brokerage firms have been required to have new, comprehensive anti-money
laundering programs.

 

To help you understand these efforts, we
want to provide you with some information about money laundering and our steps to implement the USA PATRIOT Act.

 

What is money laundering?

 

Money laundering is the process of disguising
illegally obtained money so that the funds appear to come from legitimate sources or activities. Money laundering occurs in connection
with a wide variety of crimes, including illegal arms sales, drug trafficking, robbery, fraud, racketeering, and terrorism.

 

How big is the problem and why is it important?

 

The use of the U.S. financial system by
criminals to facilitate terrorism or other crimes could well taint our financial markets. According to the U.S. State Department,
one recent estimate puts the amount of worldwide money laundering activity at $1 trillion a year.

 

What are we required to do to eliminate money laundering?

 

Under rules required by the USA PATRIOT
Act, our anti-money laundering program must designate a special compliance officer, set up employee training, conduct independent
audits, and establish policies and procedures to detect and report suspicious transaction and ensure compliance with such laws.
As part of our required program, we may ask you to provide various identification documents or other information. Until you provide
the information or documents we need, we may not be able to effect any transactions for you.

 

    	17

    	 

    

 

Appendix A

 

ANTI-MONEY LAUNDERING INFORMATION FORM

The following is required in accordance
with the AML provision of the USA PATRIOT ACT.

 (Please fill out and return with
requested documentation.)

 

	INVESTOR NAME:	 
	 	 
	LEGAL ADDRESS:	 
	 	 
	 	 
	SSN# or TAX ID#	 
	OF INVESTOR:	 

 

FOR INVESTORS WHO ARE INDIVIDUALS: 

 

	YEARLY INCOME:  	 	 	AGE:  	 

 

	NET WORTH (excluding value of primary residence):  	 

  

	OCCUPATION:  	 
	 	 
	ADDRESS OF EMPLOYER:	 
	 	 
	 	 
	 	 
	INVESTMENT OBJECTIVE(S):  	 
	 	 

IDENTIFICATION & DOCUMENTATION
AND SOURCE OF FUNDS:

 

		1.	Please submit a copy of a non-expired identification
for the authorized signatory(ies) on the investment documents, showing name, date of birth, address and signature. The address
shown on the identification document MUST match the Investor’s address shown on the Omnibus Signature Page.

 

	Current Driver’s License	or	Valid Passport	or	Identity Card
	 	(Circle one or more)	 

  

		2.	If the Investor is a corporation, limited liability company,
trust or other type of entity, please submit the following requisite documents: (i) Articles of Incorporation, By-Laws, Certificate
of Formation, Operating Agreement, Trust or other similar documents for the type of entity; and (ii) Corporate Resolution or power
of attorney or other similar document granting authority to signatory(ies) and designating that they are permitted to make the
proposed investment.

 

		3.	Please advise where the funds were derived from to make
the proposed investment:

 

	Investments	Savings	Proceeds of Sale	Other ____________
	(Circle one or more)

 

	Signature:  	 	 
	Print Name:  	 	 
	Title (if applicable):  	 	 
	Date:  	 	 

 

    	 

    	 

    

 

Appendix B 

 

EASTERN RESOURCES, INC. 

ACCREDITED INVESTOR CERTIFICATION

 

	 	 	 	 	
        For Individual Investors Only

        (all Individual Investors must INITIAL
        where appropriate):

	 	 	 	 	 
	Initial	 	                     	 	I have a net worth of at least $1 million either individually or through aggregating my individual holdings and those in which I have a joint, community property or other similar shared ownership interest with my spouse. (For purposes of calculating your net worth under this paragraph, (a) your primary residence shall not be included as an asset; (b) indebtedness secured by your primary residence, up to the estimated fair market value of your primary residence at the time of your purchase of the securities, shall not be included as a liability (except that if the amount of such indebtedness outstanding at the time of your purchase of the securities exceeds the amount outstanding 60 days before such time, other than as a result of the acquisition of your primary residence, the amount of such excess shall be included as a liability); and (c) indebtedness that is secured by your primary residence in excess of the estimated fair market value of your primary residence at the time of your purchase of the securities shall be included as a liability.)
	Initial	 	                     	 	I have had an annual gross income for the past two years of at least $200,000 (or $300,000 jointly with my spouse) and expect my income (or joint income, as appropriate) to reach the same level in the current year.
	Initial	 	                     	 	I am a director or executive officer of the Company.
	 	 	 	 	 
	 	 	 	 	
        For Non-Individual Investors

        (all Non-Individual Investors must INITIAL
        where appropriate):

	 	 	 	 	 
	Initial	 	                     	 	The investor certifies that it is a partnership, corporation, limited liability company or business trust that is 100% owned by persons who meet at least one of the criteria for Individual Investors set forth above.
	Initial	 	                     	 	The investor certifies that it is a partnership, corporation, limited liability company or business trust that has total assets of at least $5 million and was not formed for the purpose of investing in the Company.
	Initial	 	                     	 	The investor certifies that it is an employee benefit plan whose investment decision is made by a plan fiduciary (as defined in ERISA §3(21)) that is a bank, savings and loan association, insurance company or registered investment adviser.
	Initial	 	                     	 	The investor certifies that it is an employee benefit plan whose total assets exceed $5,000,000 as of the date of the Subscription Agreement.
	Initial	 	                     	 	The undersigned certifies that it is a self-directed employee benefit plan whose investment decisions are made solely by persons who meet either of the criteria for Individual Investors.
	Initial	 	                     	 	The investor certifies that it is a U.S. bank, U.S. savings and loan association or other similar U.S. institution acting in its individual or fiduciary capacity.
	Initial	 	                     	 	The undersigned certifies that it is a broker-dealer registered pursuant to §15 of the Securities Exchange Act of 1934.
	Initial	 	                     	 	The investor certifies that it is an organization described in §501(c)(3) of the Internal Revenue Code with total assets exceeding $5,000,000 and not formed for the specific purpose of investing in the Company.
	Initial	 	                     	 	The investor certifies that it is a trust with total assets of at least $5,000,000, not formed for the specific purpose of investing in the Company, and whose purchase is directed by a person with such knowledge and experience in financial and business matters that he is capable of evaluating the merits and risks of the prospective investment.

 

 

    	 

    	 

    

  

	Initial	 	                     	 	The investor certifies that it is a plan established and maintained by a state or its political subdivisions, or any agency or instrumentality thereof, for the benefit of its employees, and which has total assets in excess of $5,000,000.
	Initial	 	                     	 	The investor certifies that it is an insurance company as defined in §2(13) of the Securities Act, or a registered investment company.

 

    	 

    	 

    

For Non-U.S.
Person Investors

 

(all Investors who are not a U.S. Person
must INITIAL this section):

 

Initial
_______The investor is not a “U.S. Person” as defined in Regulation S; and specifically the investor is not:

 

		A.	a natural person resident in the United States of America,
including its territories and possessions (“United States”);

		 	 

		B.	a partnership or corporation organized or incorporated
under the laws of the United States;

		 	 

		C.	an estate of which any executor or administrator is a
U.S. Person;

		 	 

		D.	a trust of which any trustee is a U.S. Person;

		 	 

		E.	an agency or branch of a foreign entity located in the
United States;

		 	 

		F.	a non-discretionary account or similar account (other
than an estate or trust) held by a dealer or other fiduciary for the benefit or account of a U.S. Person;

		 	 

		G.	a discretionary account or similar account (other than
an estate or trust) held by a dealer or other fiduciary organized, incorporated, or (if an individual) resident in the United
States; or

		 	 

		H.	a partnership or corporation: (i) organized or incorporated
under the laws of any foreign jurisdiction; and (ii) formed by a U.S. Person principally for the purpose of investing in securities
not registered under the Securities Act, unless it is organized or incorporated, and owned, by accredited investors (as defined
in Rule 501(a) under the Securities Act) who are not natural persons, estates or trusts.

 

And, in
addition:

 

		I.	the investor was not offered the securities in the United
States;

		 	 

		J.	at the time the buy-order for the securities was originated,
the investor was outside the United States; and

		 	 

		K.	the investor is purchasing the securities for its own
account and not on behalf of any U.S. Person (as defined in Regulation S) and a sale of the securities has not been pre-arranged
with a purchaser in the United States.

 

    	 

    	 

    

 

Appendix C

 

EASTERN RESOURCES, INC.

Investor Profile

 (Must be completed by Investor)

 

Section A - Personal Investor Information

 

	Investor Name(s):	 
	Individual executing Profile or Trustee:	 
	Social Security Numbers / Federal I.D. Number:	 
	Date of Birth:	 	 	 	Marital Status:	 	 
	Joint Party Date of Birth:	 	 	 	Investment Experience (Years):	 	 
	Annual Income:	 	 	 	Liquid Net Worth:	 	 
	Net Worth*:	 
	Tax Bracket:	 	 	15% or below	 	 	25% - 27.5%	 	 	Over 27.5%
	 	 
	Home Street Address:	 
	Home City, State & Zip Code:	 
	Home Phone:	 	Home Fax:	 	Home Email:	 
	Employer:	 
	Employer Street Address:	 
	Employer City, State & Zip Code:	 
	Bus. Phone:	 	Bus. Fax:	 	Bus. Email:	 
	Type of Business:	 
	(PLACEMENT AGENT) Account Executive / Outside Broker/Dealer:
	 
	
        *  For
        purposes of calculating your net worth in this form, (a) your primary residence shall not be included as an asset; (b) indebtedness
        secured by your primary residence, up to the estimated fair market value of your primary residence at the time of your purchase
        of the securities, shall not be included as a liability (except that if the amount of such indebtedness outstanding at the time
        of your purchase of the securities exceeds the amount outstanding 60 days before such time, other than as a result of the acquisition
        of your primary residence, the amount of such excess shall be included as a liability); and (c) indebtedness that is secured by
        your primary residence in excess of the estimated fair market value of your primary residence at the time of your purchase of the
        securities shall be included as a liability.

         

        If you are a United States citizen,
        please list the number and jurisdiction of issuance of any other government-issued document evidencing residence and bearing a
        photograph or similar safeguard (such as a driver’s license or passport), and provide a photocopy of each of the documents
        you have listed.

	 
	If you are NOT a United States citizen, for each jurisdiction of which you are a citizen or in which you work or reside, please list (i) your passport number and country of issuance or (ii) alien identification card number AND (iii) number and country of issuance of any other government-issued document evidencing nationality or residence and bearing a photograph or similar safeguard, and provide a photocopy of each of these documents you have listed.  These photocopies must be certified by a lawyer as to authenticity.  
	 
	Section B – Certificate Delivery Instructions
	 
	  	 	Please deliver certificate to the Employer Address listed in Section A.
	 	 	Please deliver certificate to the Home Address listed in Section A.
	 	 	Please deliver certificate to the following address:	 
	Section C – Form of Payment – Check or Wire Transfer
	 
	 	 	Check payable to Eastern Resources, Inc.
	 	 	Wire funds from my outside account according to the “How to subscribe for Units” Page.
	 	 	The funds for this investment are rolled over, tax deferred from __________ within the allowed 60 day window.
	 
	Please check if you are a FINRA member or affiliate of a FINRA member firm: ____
	 
	 	 	 
	Investor Signature	 	Date

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