Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - Uranium Energy Corp. - Exhibit 10.21

AGENCY AGREEMENT

	December 12, 2007 
	  
	  
	Uranium Energy Corp. 
	9801 Anderson Mill Road, Suite 230 
	Austin, Texas 78750 
	USA 

	Attention: 	Amir Adnani, President & Chief Executive
      Officer 

Dear Sirs:

	Re: 	Private Placement of Units 	 

We, National Bank Financial Inc., RBC Dominion Securities Inc.
and Canaccord Capital Corporation (the “Agents”), understand that Uranium
Energy Corp. (the “Corporation”) proposes to undertake a private
placement (the “Private Placement”) of units (the “Units”) at a
price of US$3.75 per Unit to raise aggregate gross proceeds of up to
US$8,000,000. Each Unit will consist of one share of common stock (a
“Share”) and one common stock purchase warrant (a “Warrant”) of
the Corporation, with each Warrant entitling the holder thereof to purchase one
additional share of common stock (a “Warrant Share”) of the Corporation
at an exercise price of US$4.25 per Warrant Share, subject to adjustment, for a
period of one year from the Closing Date (as defined herein). The Units will be
subject to a four month hold period from the Closing Date.

Subject to the terms and conditions set forth in this
Agreement, the Corporation hereby appoints the Agents to act as the
Corporation’s exclusive Agents and the Agents hereby accept the appointment and
agree to act as Agents of the Corporation and to use their commercially
reasonable efforts to find and introduce to the Corporation potential Purchasers
(as defined herein) in the Qualifying Jurisdictions (as defined herein) to
purchase, by way of private placement, the Units. The Agents are under no
obligation to purchase any of the Units, although the Agents may subscribe for
Units if they so desire.

We, the Agents, also understand that the Corporation intends to
enter into a registration rights agreement (the “Registration Rights
Agreement”) with the Purchasers dated on or before the Closing Date in which
the Corporation will covenant and agree to use reasonable best efforts to
prepare and file a registration statement on Form S-1 (the “Registration
Statement”) with the United States Securities and Exchange Commission
(“SEC”) to register the resale, from time to time, of the Shares,
Warrants Shares and any Liquidated Damages Warrant Shares (as defined herein)
under the United States Securities Act of 1933, as amended (the “1933
Act”), within 30 days following the Closing Date and use reasonable best
efforts to cause the Registration Statement to be declared effective by the SEC
on or before 5:00 p.m. (Vancouver time) on the first Business Day which is not
less than four months after the Closing Date (the “Registration
Deadline”).

- 2 -

In accordance with the Registration Rights Agreement, if the
Registration Statement has not been declared effective by the SEC on or prior to
the Registration Deadline, or if the effectiveness of the Registration Statement
is not maintained by the Corporation as described in the Registration Rights
Agreement, the Corporation will provide to the Purchasers, as liquidated damages
and not as a penalty, such number of additional whole transferable common stock
purchase warrants (the “Liquidated Damages Warrants”) equal to one
one-hundredth (1/100th) of such an additional Liquidated Damages
Warrant for each US$1.00 in aggregate subscription price funds paid by each
Purchaser pursuant to the Subscription Agreements with respect to each and every
30 calendar day period (or partial period thereof) during which the Registration
Statement is not effective after the Registration Deadline until the
registration default is cured; provided, however, that the maximum number of
shares of common stock of the Corporation issuable pursuant to the Private
Placement (including the Warrant Shares and the shares of common stock issuable
upon the exercise of the Liquidated Damages Warrants (the “Liquidated Damages
Warrant Shares”)), shall not exceed 19.9% of the Corporation’s issued and
outstanding share capital unless shareholder approval has been obtained, which
the Corporation shall use reasonable best efforts to obtain if necessary.

Each Liquidated Damages Warrant will entitle the holder thereof
to purchase one Liquidated Damages Warrant Share at an exercise price of US$4.25
per Liquidated Damages Warrant Share, subject to adjustment, and shall expire at
5:00 p.m. (Vancouver time) on the date that is two years from the date the
Liquidated Damages Warrant is issued.

	1. 	
       
	Definitions
	 	 	 
	1.1 	
       
	In this Agreement, including the recital and any
      schedules forming a part of this Agreement:
	 	 	 
		(a) 	
      “$” refers to Canadian dollars, unless otherwise
      provided;

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

	 	 	 
		(c) 	
      “1934 Act” means the United States Securities
      Exchange Act of 1934, as amended;

	 	 	 
		(d) 	
      “Accredited Investor” means a Purchaser who
      qualifies as an “accredited investor” pursuant to National Instrument
      45-106 – Prospectus and Registration Exemptions;

	 	 	 
		(e) 	
      “Accredited Investor Certificate” means the
      Accredited Investor Certificate for purchasers resident in Canada attached
      as Schedule “B” to the Subscription Agreement, or the U.S. Accredited
      Investor Certificate for Purchasers resident in the United States attached
      as Schedule “C” to the Subscription Agreement, as the case may
  be;

	 	 	 
		(f) 	
      “Agents’ Expenses” has the meaning given to that
      term in section 10.2;

	 	 	 
		(g) 	
      “Agents’ Fee” has the meaning given to that term
      in section 10.1;

- 3 -

	 	(h) 	
      “Agreement” means this agreement and includes all
      Schedules and exhibits attached hereto, in each case as they may be
      amended or supplemented from time to time;

	 	 	 
	 	(i) 	
      “Applicable Securities Laws” means, in respect of
      each and every offer or sale of Units, the applicable securities laws,
      regulations and rules, and the blanket rulings and policies and written
      interpretations of, and multilateral or national instruments of each of
      the Qualifying Jurisdictions or, as the context may require, any one or
      more of the Qualifying Jurisdictions and “Canadian Applicable
      Securities Laws” for greater certainty means the applicable securities
      laws, regulations and rules, and the blanket rulings and policies and
      written interpretations of, and multilateral or national instruments of
      the Qualifying Jurisdictions that are within Canada only;

	 	 	 
	 	(j) 	
      “Closing” has the meaning given to that term in
      section 9.1;

	 	 	 
	 	(k) 	
      “Closing Date” has the meaning given to that term
      in section 9.1;

	 	 	 
	 	(l) 	
      “Directed Selling Efforts” means “directed selling
      efforts” as defined in Rule 902(c) of Regulation S;

	 	 	 
	 	(m) 	
      “Distribution” has the meaning given to that term
      under Canadian Applicable Securities Laws;

	 	 	 
	 	(n) 	
      “Exchanges” means the American Stock Exchange, the
      Frankfurt Stock Exchange and the Berlin Stock Exchange, and
      “Exchange” means any one of them;

	 	 	 
	 	(o) 	
      “Exchange Conditions” has the meaning given to
      that term in section 3.5;

	 	 	 
	 	(p) 	
      “Financial Statements” means the financial
      statements of the Corporation described in subsection 4.1(t);

	 	 	 
	 	(q) 	
      “Indemnitor” has the meaning ascribed thereto in
      section 11.1;

	 	 	 
	 	(r) 	
      “Issued Shares” has the meaning given to that term
      in subsection 4.1(e);

	 	 	 
	 	(s) 	
      “Material Change” has the meaning given to that
      term under Canadian Applicable Securities Laws;

	 	 	 
	 	(t) 	
      “Material Fact” has the meaning given to that term
      under Canadian Applicable Securities Laws;

	 	 	 
	 	(u) 	
      “Net Proceeds” has the meaning given to that term
      in section 9.3;

	 	 	 
	 	(v) 	
      “Option Plans” has the meaning ascribed thereto in
      subsection 13.1(b);

	 	 	 
	 	(w) 	
      “Personnel” has the meaning ascribed thereto in
      section 11.1;

- 4 -

	 	(x) 	
      “Private Placement” means the offering and sale of
      the Units pursuant to the terms and conditions of this
Agreement;

	 	 	 
	 	(y) 	
      “Purchaser” means a person that subscribes for and
      purchases any of the Units under the Private Placement and
      “Purchasers” means more than one Purchaser;

	 	 	 
	 	(z) 	
      “Qualifying Jurisdictions” means the all of the
      provinces of Canada, and such other jurisdictions (within and outside of
      Canada) which are agreed to by the Corporation and the Agents;

	 	 	 
	 	(aa) 	
      “Registration Rights Agreement” has the meaning
      ascribed thereto in the recital hereof;

	 	 	 
	 	(bb) 	
      “Registration Statement” has the meaning ascribed
      thereto in the recital hereof;

	 	 	 
	 	(cc) 	
      “Regulation D” means Regulation D promulgated
      under the 1933 Act;

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

	 	 	 
	 	(ee) 	
      “Regulatory Authorities” means the securities
      regulatory authorities in each of the Qualifying Jurisdictions;

	 	 	 
	 	(ff) 	
      “SEC” has the meaning ascribed thereto in the
      recital hereof;

	 	 	 
	 	(gg) 	
      “Securities” means the Units, the Shares, the
      Warrants and the Warrant Shares;

	 	 	 
	 	(hh) 	
      “SEDAR” means the System for Electronic Document
      Analysis and Retrieval;

	 	 	 
	 	(ii) 	
      “Share” means a share of common stock of the
      Corporation forming part of a Unit, and “Shares” means more than
      one Share;

	 	 	 
	 	(jj) 	
      “Subscription Agreement” means the agreement
      between the Corporation and a Purchaser pursuant to which the Purchaser
      subscribes for Units and includes all Schedules thereto, in each case as
      they may be amended or supplemented from time to time;

	 	 	 
	 	(kk) 	
      “Subscription Proceeds” means the aggregate gross
      subscription proceeds paid by the Purchasers for the Units;

	 	 	 
	 	(ll) 	
      “Substantial U.S. Market Interest” means
      “substantial U.S. market interest” as defined in Regulation S;

	 	 	 
	 	(mm) 	
      “Time of Closing” has the meaning given to that
      term in section 9.1;

	 	 	 
	 	(nn) 	
      “Unit” means an equity unit of the Corporation to
      be offered for sale by the Agents under the terms and conditions of this
      Agreement, each Unit consisting of one Share and one Warrant, and
      “Units” means more than one Unit;

	 	 	 
	 	(oo) 	
      “United States” has the meaning given to that term
      in Regulation S;

- 5 -

		(pp) 	
      “U.S. Accredited Investor” means an “accredited
      investor” as defined in Rule 501(a) of Regulation D;

	 	 	
       

		(qq) 	
      “U.S. Accredited Investor Certificate” means the
      U.S. Accredited Investor Certificate attached as Schedule “C” to the
      Subscription Agreement;

	 	 	
       

		(rr) 	
      “U.S. Affiliates” means NBF Securities (USA)
      Corp., RBC Capital Markets Corp. and Canaccord Adams Inc. and “U.S.
      Affiliate” means either of them;

	 	 	
       

		(ss) 	
      “U.S. Offeree” means any person who is a U.S.
      Person or is in the United States to whom the Units are offered,
      irrespective of whether that person subscribes for and purchases the
      Securities;

	 	 	
       

		(tt) 	
      “U.S. Person” means a “U.S. person” as defined in
      Rule 902 of Regulation S;

	 	 	
       

		(uu) 	
      “U.S. Purchaser” means (a) any person purchasing
      the Units in the United States, (b) any person purchasing Units for the
      account of or on behalf of a U.S. Person or any person in the United
      States, (c) any person that receives or received an offer of the Units
      while in the United States, (d) any person that is in the United States at
      the time the Purchaser’s buy order is originated or the Subscription
      Agreement is executed or delivered, and (e) any other person that
      furnishes a U.S. Accredited Investor Certificate in connection with its
      purchase of Units;

	 	 	
       

		(vv) 	
      “Warrant” means a transferable common stock
      purchase warrant which constitutes part of a Unit, having the attributes
      described in the recital hereto, and “Warrants” means more than one
      Warrant; and

	 	 	
       

		(ww) 	
      “Warrant Share” means a share of common stock of
      the Corporation to be issued upon the exercise of a Warrant, and
      “Warrant Shares” means more than one Warrant Share.

	 	 	
       

	2. 		
      Appointment of Agents

	 	 	
       

	2.1 	
       
	
      The Corporation appoints the Agents as its exclusive
      agents and the Agents accept the appointment and agree to act as agents of
      the Corporation to use their commercially reasonable efforts to find and
      introduce to the Corporation potential Purchasers in the Qualifying
      Jurisdictions to purchase, by way of private placement pursuant to the
      Subscription Agreements, Units at a price of US$3.75 per Unit for gross
      proceeds of up to US$8,000,000.

	 	 	
       

	3. 	
       
	
      Offering Terms

	 	 	
       

	3.1 	
       
	
      The Units will be offered for sale by the Agents to
      Purchasers resident in the Qualifying Jurisdictions.

	 	 	
       

	3.2 		
      The sale of the Units to Purchasers is to be effected by
      the Agents or the U.S. Affiliates (as applicable) in a manner exempt from
      any prospectus or offering memorandum filing or delivery requirements of
      the Applicable Securities Laws

- 6 -

		
      and without the necessity of obtaining any order or
      ruling of the Regulatory Authorities and for offers and sales of Units in
      the United States, in accordance with the requirements of an exemption
      from registration under United States federal and state securities laws.
      The Agents will notify the Corporation with respect to the identity and
      jurisdiction of residence of each Purchaser as soon as practicable and
      with a view to affording sufficient time to allow the Corporation to
      secure compliance with all Applicable Securities Laws in connection with
      the sale of the Units to the Purchasers.

	 	 	 
	3.3 	
      The Agents will obtain from each Purchaser a properly
      completed and duly executed Subscription Agreement, a properly completed
      and duly executed Accredited Investor Certificate or U.S. Accredited
      Investor Certificate (as applicable), together with any additional
      documentation as may be requested by the Exchanges or by any Regulatory
      Authority pursuant to the Applicable Securities Laws.

	 	 	 
	3.4 	
      If, in the opinion of the Agents, it is necessary, the
      Agents will form, manage and participate in a group of sub-agents to offer
      and sell the Units as provided for hereunder. Each sub-agent shall be
      appropriately registered under the Applicable Securities Laws so as to
      permit it to lawfully offer and sell the Units in such jurisdictions in
      which it offers and sells the Units. In the event that a selling group is
      formed, the Agents will:

	 	 	 
		(a) 	
      manage the selling group as and to the extent customary
      in the securities industry in Canada; and

	 	 	 
		(b) 	
      require each member of the selling group to offer and
      sell the Units on the terms set forth in this Agreement.

	 	 	 
	3.5 	
      The Corporation covenants to use its best efforts to
      satisfy as expeditiously as possible, each of the conditions of the
      Exchanges (the “Exchange Conditions”) required to be satisfied
      prior to the Exchanges’ acceptance of the Corporation’s notice of the
      Private Placement.

	 	 	 
	3.6 	
      The terms, conditions attributes and characteristics of
      the Warrants will be substantially as described in this Agreement subject
      to the changes, if any, to which the Corporation and the Agents may agree;
      provided that, with respect to the Warrants, changes of a material nature
      are subject to the prior written consent of the Purchasers, such consent
      not to be unreasonably withheld.

	 	 	 
	3.7 	
      The Private Placement has not been and will not be
      advertised in any way.

	 	 	 
	3.8 	
      No selling or promotional expenses will be paid or
      incurred in connection with the Private Placement, except for professional
      services or for services performed by a registered dealer, as provided for
      herein.

	 	 	 
	3.9 	
      The Agents acknowledge that the Securities have not been
      registered under the 1933 Act or the applicable securities laws of any
      state of the United States and

- 7 -

	 		
      may not be offered or sold except outside the United
      States to non-U.S. Persons in accordance with Regulation S or, for offers
      in the United States or to U.S. Persons, by the Agents through the U.S.
      Affiliates, for sale by the Corporation, pursuant to Rule 506 of
      Regulation D in the manner described in paragraph (b) below (the “U.S.
      Private Placement”). Accordingly, the Agents represent, warrant and
      covenant to the Corporation, without limiting the generality of section
      3.2 of this Agreement, as of the date of this Agreement and as of the Time
      of Closing and the Closing Date, (which representations, warranties and
      covenants shall survive the completion of the transactions contemplated
      under this Agreement), that:

	 	 	 	 
	 	(a) 	
      except for offers and sales of Units that comply with
      paragraph (b) below, it has offered and sold, and will offer and sell, the
      Units only outside the United States to non-U.S. Persons in accordance
      with Rule 903 of Regulation S and accordingly, neither the Agents, the
      U.S. Affiliates, nor any persons acting on their behalf, has made or will
      make in connection therewith:

	 	 	 	 
	 		(i) 	
      any offer to sell, or any solicitation of an offer to
      buy, any Units to any U.S. Offeree;

	 	 	 	 
	 		(ii) 	
      any sale of Units to any Purchaser unless, at the time
      the buy order was or will have been originated, the Purchaser was outside
      the United States, or the Agents, the U.S. Affiliates or any persons
      acting on their behalf, reasonably believed that such Purchaser was
      outside the United States; or

	 	 	 	 
	 		(iii) 	
      any Directed Selling Efforts in the United States with
      respect to any of the Securities.

	 	 	 	 
	 	(b)	
      it will only offer and sell Units to U.S. Offerees in the
      following manner:

	 	 	 	 
	 		(i) 	
      the Agents have offered and sold, and will offer and sell
      the Units only through the U.S. Affiliates, which were and are on the
      dates of such offers and sales duly registered brokers or dealers pursuant
      to section 15(b) of the 1934 Act and under the securities laws of each
      state in which such offers and sales were or are made (unless exempted
      from the respective state’s broker-dealer registration requirements) and
      were and are a member in good standing with the National Association of
      Securities Dealers, Inc.;

	 	 	 	 
	 		(ii) 	
      immediately prior to soliciting U.S. Offerees and making
      sales of the Units, each of the Agents, the U.S. Affiliates, their
      affiliates and any person acting on their behalf has or will have
      reasonable grounds to believe and did or will believe that each U.S.
      Offeree and each U.S. Purchaser, as applicable, was and is a U.S.
      Accredited Investor;

	 	 	 	 
	 		(iii) 	
      no form of general solicitation or general advertising
      (as those terms are used in Regulation D) or any manner involving a public
      offering within

- 8 -

	 		
      the meaning of section 4(2) of the 1933 Act has been or
      will be used by the Agents, the U.S. Affiliates, their affiliates or
      anyone acting on their behalf or its affiliates, including, but not
      limited to, 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 had been
      invited by general solicitation or general advertising, in connection with
      the offer or sale of the Units to U.S. Offerees;

	 	 	 
	 	(iv) 	
      any offer, sale or solicitation of an offer to buy Units
      that has been made or will be made to U.S. Offerees, was or will be made
      only to U.S. Accredited Investors by the Agents through their respective
      U.S. Affiliates, and in transactions that are exempt from registration
      pursuant to Rule 506 of Regulation D under the 1933 Act and under any
      applicable state securities laws and in accordance with any applicable
      U.S. federal and state laws and regulations governing the registration and
      conduct of securities brokers and dealers;

	 	 	 
	 	(v) 	
      all U.S. Offerees and U.S. Purchasers shall be informed
      that the Securities have not been registered under the 1933 Act or
      applicable securities laws of any state and the Securities are being
      offered and sold to such persons in reliance on an exemption from the
      registration requirements of the 1933 Act and any state securities
      laws;

	 	 	 
	 	(vi) 	
      as a condition of the purchase of the Units, each U.S.
      Purchaser will be required to execute and deliver to the Agents a
      Subscription Agreement, including the U.S. Accredited Investor
      Certificate, among other terms and conditions;

	 	 	 
	 	(vii) 	
      at least 24 hours in advance of the Closing, the Agents
      will deliver to the Corporation a list of the U.S. Purchasers, together
      with the materials described in the foregoing paragraph;

	 	 	 
	 	(viii) 	
      neither the Agents, their affiliates nor any person
      acting on their behalf (other than the Corporation, its affiliates and any
      person acting on their behalf, as to which no representation is made) has
      taken or will take, directly or indirectly, any action in violation of
      Regulation M under the 1934 Act in connection with the offer and sale of
      the Securities;

	 	 	 
	 	(ix) 	
      it has not entered and will not enter into any
      contractual arrangement with respect to the distribution of the
      Securities, except with their affiliates, any selling group members, or
      with the prior written consent of the Corporation. It shall require each
      selling group member to agree in writing, to comply with, and shall use
      their best efforts to ensure that each selling group member complies with,
      the same provisions of this section 3.9(b) as apply to the Agents as if
      such provisions applied to such selling group
member;

- 9 -

			(x) 	
      all offers of the Units in the United States or to U.S.
      Offerees have been and will be made through the U.S. Affiliates and all
      sales of the Units in the United States or to U.S. Purchasers will be made
      by the Corporation to Accredited Investors designated by the U.S.
      Affiliates or by the Agents through the U.S. Affiliates;

	 	 	 	 
			(xi) 	
      the Agents shall give the Corporation reasonable notice
      of the U.S. jurisdictions in which it proposes to offer and sell the
      Units, so as to assist the Corporation in satisfying its obligations under
      this Agreement and to permit the Corporation to timely submit any and all
      filings required of the 1933 Act and applicable state securities laws;
      and

	 	 	 	 
			(xii) 	
      the representations and warranties and covenants of the
      Agents contained in this section 3.9(b) shall be true and correct as of
      the Closing, with the same force and effect as if then made by the
      Agents.

	 	 	 	 
		(c)	
      at the Closing, the Agents and the U.S. Affiliates will
      execute and deliver to the Corporation, and will make the representations
      and warranties set out in Exhibit “1” – Agents’ Certificate.

	 	 	 	 
	4. 		
      Representations and Warranties of the
      Corporation

	 	 	 	 
	4.1 		
      The Corporation represents and warrants to the Agents (on
      their own behalf and on behalf of the Purchasers), and acknowledges that
      the Agents are relying upon such representations and warranties in
      entering into this Agreement, that:

	 	 	 	 
		(a)	
      the Corporation has no subsidiaries;

	 	 	 
		(b) 	
      the Corporation is a valid and subsisting corporation
      duly incorporated and in good standing under the laws of the jurisdiction
      in which it is incorporated;

	 	 	 
		(c) 	
      the Corporation is a reporting issuer in the Province of
      British Columbia, and on the Closing Date will have been a reporting
      issuer in such jurisdiction for at least four months;

	 	 	 
		(d)	
      the Corporation is not in default of any of the
      requirements of the Canadian Applicable Securities Laws;

	 	 	 
		(e) 	
      the authorized capital of the Corporation consists of an
      unlimited number of shares of common stock of which 37,735,988 shares were
      issued and outstanding as of the close of business on December 3, 2007 as
      fully paid and non-assessable shares (the “Issued
  Shares”);

	 	 	 
		(f) 	
      the shares of common stock of the Corporation are listed
      and posted for trading on the Exchanges and the Corporation is not in
      default of any of the listing requirements of the
  Exchanges;

- 10 -

	 	(g) 	
      except for the Issued Shares, the Shares and the Warrants
      comprising the Units, the Warrant Share, and any options, warrants,
      agreements and convertible notes disclosed in Schedule “A” to this
      Agreement, there are no, nor will there be immediately prior to the Time
      of Closing, documents, instruments or other writings of any kind
      whatsoever which constitute a “security” (as that term is defined under
      Canadian Applicable Securities Laws) of the Corporation;

	 	 	 
	 	(h) 	
      at the Time of Closing, the Shares will be validly
      authorized and issued as fully paid and non-assessable shares of common
      stock of the Corporation;

	 	 	 
	 	(i) 	
      subject to due exercise of the instruments (including
      payment in full of the applicable subscription price), if any, pursuant to
      which they are issued, upon their issuance, the Warrant Shares and the
      Liquidated Damages Warrant Shares will be validly issued and outstanding
      as fully paid and non-assessable shares of common stock of the
      Corporation;

	 	 	 
	 	(j) 	
      upon their issuance, the Warrants and the Liquidated
      Damages Warrants will be validly created, issued and outstanding,
      registered in the names of the holders thereof;

	 	 	 
	 	(k) 	
      all of the transactions of the Corporation have been
      properly recorded or filed in or with the books or records of the
      Corporation and the minute books of the Corporation contain all records of
      the meetings and proceedings of the Corporation’s directors and
      shareholders since its incorporation;

	 	 	 
	 	(l) 	
      the Corporation has conducted and is conducting its
      business in compliance with all applicable laws, rules and regulations of
      the jurisdictions in which it carries on business;

	 	 	 
	 	(m) 	
      other than as disclosed in the Corporation’s SEC filings,
      the Corporation holds all licences and permits that are required for
      carrying on its business in the manner in which such business has been
      carried on and each of the foregoing is in full force and
effect;

	 	 	 
	 	(n) 	
      the Corporation has the corporate power and capacity to
      own the assets owned by it and to carry on the business carried on by it
      and is duly qualified to carry on business in all jurisdictions in which
      it carries on business;

	 	 	 
	 	(o) 	
      other than as disclosed in the Corporation’s SEC filings,
      the Corporation has good and marketable title to its assets free and clear
      of all liens, charges and encumbrances of any kind whatsoever;

	 	 	 
	 	(p) 	
      other than as disclosed in the Corporation’s SEC filings,
      the Corporation holds either directly or indirectly freehold title, mining
      leases, mining claims or other conventional property, proprietary or
      contractual interests or rights including interests and rights under
      option and/or joint venture agreements, recognized in the jurisdiction in
      which a particular property is located, in respect of the ore bodies and
      minerals located in properties in which it has an interest under
    valid,

- 11 -

	 		
      subsisting and enforceable title documents or other
      recognized and enforceable agreements or instruments, sufficient to permit
      it to explore the minerals relating thereto, all such property, leases or
      claims and all property, leases or claims in which it has any interest or
      right have been validly located and recorded in accordance with all
      applicable laws and are valid and subsisting, it has all necessary surface
      rights, access rights and other necessary rights and interests relating to
      the properties in which it has an interest granting it the right and
      ability to explore for minerals, ore and metals for development purposes
      as are appropriate in view of the rights and interest therein of it, with
      only such exceptions as do not interfere with the use made by it of the
      rights or interests so held, and each of the proprietary interests or
      rights and each of the documents, agreements and instruments and
      obligations relating thereto referred to above is currently in good
      standing in the name of the Corporation;

	 	 	 
	 	(q) 	
      the Corporation is current with all filings required to
      be made in all jurisdictions in which it exists or carries on any
      business, and it is not in default of any filings required to be made
      under Applicable Securities Laws;

	 	 	 
	 	(r) 	
      all prospectuses, management discussion and analysis,
      technical reports, press releases, material change reports, shareholder
      communications and other disclosure documents of the Corporation,
      including all publicly filed financial statements, contain no untrue
      statement of a Material Fact as at the date thereof nor do they omit to
      state a Material Fact which, at the date thereof, was required to have
      been stated or was necessary to prevent a statement that was made from
      being false or misleading in the circumstances in which it was made and
      were prepared in accordance with and complied with Applicable Securities
      Laws;

	 	 	 
	 	(s) 	
      there is not presently, and will not be until the Closing
      Date, any Material Change relating to the Corporation or change in any
      Material Fact relating to the Corporation, which has not been or will not
      be fully disclosed in accordance with the requirements of the Applicable
      Securities Laws;

	 	 	 
	 	(t) 	
      the audited consolidated financial statements of the
      Corporation for its fiscal year ended July 31, 2007 and the consolidated
      interim financial statements of the Corporation for the period ended March
      31, 2007 (collectively, the “Financial Statements”) are true and
      correct in every material respect and present fairly and accurately the
      financial position and results of the operations of the Corporation for
      the period then ended and the Financial Statements have been prepared in
      accordance with United States generally accepted accounting principles
      applied on a consistent basis;

	 	 	 
	 	(u) 	
      there are no material liabilities of the Corporation,
      whether direct, indirect, absolute, contingent or otherwise which are not
      disclosed or reflected in the Corporation’s Financial Statements except
      those incurred in the ordinary course of business of the Corporation since
      July 31, 2007 which are recorded in the books and records of the
      Corporation;

- 12 -

	 	(v) 	
      since July 31, 2007, there has not been any adverse
      Material Change of any kind whatsoever in the financial position or
      condition of the Corporation, or any damage, loss or other change of any
      kind whatsoever in circumstances materially affecting the business or
      assets of the Corporation, or the right or capacity of the Corporation to
      carry on its business, except as disclosed in the publicly filed documents
      available through SEDAR;

	 	 	 
	 	(w) 	
      the contracts and agreements set out in Schedule “B”
      hereto constitute all of the material contracts and agreements of the
      Corporation and all such contracts and agreements are in good standing and
      are not in default in any material respect;

	 	 	 
	 	(x) 	
      all tax returns and tax-related reports of the
      Corporation required by law to have been filed have been filed and are
      substantially true, complete and correct and all taxes and other
      government charges of any kind whatsoever of the Corporation have been
      paid or accrued in the Financial Statements;

	 	 	 
	 	(y) 	
      the Corporation has established on its books and records
      reserves which are adequate for the payment of all taxes not yet due and
      payable and there are no liens for taxes on the assets of the Corporation
      except for taxes not yet due, and there are no audits of any of the tax
      returns of the Corporation pending, and there are no claims which have
      been or may be asserted relating to any such tax returns of the
      Corporation;

	 	 	 
	 	(z) 	
      other than as disclosed in the Corporation’s SEC filings,
      there are no actions, suits, judgments, investigations or proceedings of
      any kind whatsoever outstanding, or pending or threatened against or
      affecting the Corporation or its directors, officers or promoters at law
      or in equity or before or by any federal, provincial, state, municipal or
      other governmental department, commission, board, bureau or agency of any
      kind whatsoever which would result in an adverse Material Change in the
      financial position, business or prospects of the Corporation and there is
      no basis therefor;

	 	 	 
	 	(aa) 	
      neither of the Corporation nor any of its directors,
      officers and promoters is in breach of any law, ordinance, statute,
      regulation, by-law, order or decree of any kind whatsoever which breach
      could have a material adverse effect on the financial position, business
      or prospects of the Corporation;

	 	 	 
	 	(bb) 	
      no order ceasing or suspending trading in securities of
      the Corporation or prohibiting the sale of such securities has been issued
      to and is outstanding against the Corporation or its directors, officers
      or promoters or against any other companies that have common directors,
      officers or promoters of the Corporation and no investigations or
      proceedings for such purposes are pending or threatened;

	 	 	 
	 	(cc) 	
      the Corporation has all requisite power and capacity and
      good and sufficient right and authority to enter into, deliver and carry
      out its obligations under this Agreement, the Subscription Agreements and
      the Registration Rights Agreement

- 13 -

	 		
      and to complete the transactions contemplated under this
      Agreement and the Registration Rights Agreement on the terms and
      conditions set forth herein;

	 	 	 	 
	 	(dd) 	
      this Agreement has been authorized, executed and
      delivered by the Corporation and constitutes a valid and legally binding
      obligation of the Corporation enforceable against the Corporation in
      accordance with the terms hereof and, upon being executed and delivered,
      each of the Subscription Agreements, the Registration Rights Agreement and
      the certificates representing the Warrants and the Liquidated Damages
      Warrants will constitute a valid and legally binding obligation of the
      Corporation enforceable against the Corporation in accordance with the
      terms thereof subject to applicable bankruptcy, insolvency,
      reorganization, moratorium and other laws of general application affecting
      the enforcement of creditors’ rights generally or as limited by laws
      relating to the availability of equitable remedies;

	 	 	 	 
	 	(ee) 	
      the execution and delivery of this Agreement, the
      Subscription Agreements and the Registration Rights Agreement, the
      performance of the Corporation’s obligations under this Agreement, the
      Subscription Agreements and the Registration Rights Agreement, and the
      completion of the transactions contemplated under this Agreement, the
      Subscription Agreements and the Registration Rights Agreement, will not
      conflict with, or result in the material breach of or the acceleration of
      any indebtedness under, or constitute default under, the constating
      documents of the Corporation or any indenture, mortgage, agreement, lease,
      licence or other instrument of any kind whatsoever to which the
      Corporation is a party or by which it or any of its properties or assets
      are bound, or any statute or any judgment, decree, order, rule, policy or
      regulation of any court, governmental authority or administrative body of
      any kind whatsoever applicable to the Corporation or any of its properties
      or assets;

	 	 	 	 
	 	(ff) 	
      other than as disclosed in the Corporation’s SEC filings,
      no action has been taken by any persons which would in any way limit,
      restrict or cause interference with any mineral exploration and
      development work which the Corporation currently proposes to carry out on
      the Corporation’s mineral properties;

	 	 	 	 
	 	(gg) 	
      other than as disclosed in the Corporation’s SEC filings
      and except to the extent that any violation or other matter referred to in
      this subsection does not have a material adverse effect on the financial
      position, business or prospects of the Corporation:

	 	 	 	 
	 		(i) 	
      the Corporation is not in violation of, and has operated
      its business at all times in compliance with, any applicable federal,
      state, provincial, municipal or local laws, regulations, orders,
      government decrees or ordinances with respect to environmental, health or
      safety matters (collectively, “Environmental
  Laws”);

- 14 -

			
      (ii) 
	
      no orders, directions or notices have been issued and
      remain outstanding pursuant to any Environmental Laws relating to the
      business or assets of the Corporation; 

	
       
	
       
	
       
	
       

			
      (iii) 
	
      the Corporation has not failed to report to the proper
      federal, state, provincial, municipal or other political subdivision,
      government, department, commission, board, bureau, agency or
      instrumentality (domestic or foreign) the occurrence of any event which is
      required to be so reported by any Environmental Law; and 

	
       
	
       
	
       
	
       

			
      (iv) 
	
      the Corporation holds all licences, permits and approvals
      required under any Environmental Laws in connection with the operation of
      its business and the ownership and use of its assets, all such licences,
      permits and approvals are in full force and effect, and except for
      notifications and conditions of general application to assets of the type
      owned by the Corporation, the Corporation has not received any
      notification pursuant to any Environmental Laws that any work, repairs,
      construction or capital expenditures are required to be made by them as a
      condition of continued compliance with any Environmental Laws, or any
      licence, permit or approval issued pursuant thereto, or that any licence,
      permit or approval referred to above is about to be reviewed, made subject
      to limitation or conditions, revoked, withdrawn or terminated; 

	 	  	  	  
		(hh) 	
      to the knowledge of the Corporation, no insider (as
      defined in Canadian Applicable Securities Laws) has a present intention as
      at the date hereof to sell any securities of the Corporation; 

	 	  	
       
	
       

		(ii) 	
      neither the Corporation nor any of its shareholders is a
      party to any unanimous shareholder agreement, pooling agreement, voting
      trust or other similar type of arrangements in respect of outstanding
      securities of the Corporation; and 

	 	  	
       
	
       

		(jj) 	
      the Corporation has or, on or before the Time of Closing,
      will enter into the Registration Rights Agreement among the Corporation
      and the Purchasers in a form acceptable to the Agents, acting reasonably;
      

	 	  	
       
	
       

	4.2 		
      The Corporation further represents, warrants, covenants
      and agrees that: 

	 	  	
       
	
       

		(a) 	
      the Corporation is a registrant under the 1934 Act and is
      required to file reports under section 13(a) or section 15(d) of the 1934
      Act; 

	 	  	
       
	
       

		(b) 	
      it is not registered or required to register as an
      “investment company” pursuant to the United States Investment Company
      Act of 1940; 

	 	  	
       
	
       

		(c) 	
      the Corporation has not sold, offered for sale or
      solicited any offer to buy and will not sell, offer for sale or solicit
      any offer to buy any of its securities in the United States in a manner
      that would cause the exemption from registration set forth in Rule 506 of
      Regulation D to become unavailable with respect to the offer and sale
    

- 15 -

	 		
      of the Units pursuant to paragraph 3.10(b) or for
      exercises of the Warrants comprised therein;

	 	 	 
	 	(d) 	
      neither the Corporation nor any of the predecessors or
      affiliates thereof has been subject to any order, judgment or decree of
      any court of competent jurisdiction temporarily, preliminarily or
      permanently enjoining such person for failure to comply with Rule 503 of
      Regulation D concerning the filing of a notice of sales on Form
  D;

	 	 	 
	 	(e) 	
      except with respect to offers and sales in the U.S.
      Private Placement in the manner described in section 3.10(b) of this
      Agreement, neither the Corporation nor any of its affiliates, nor any
      person acting on its or their behalf (other than the Agents, their
      affiliates or any person acting on their behalf, in respect of which no
      representation is made), has made or will make: (i) any offer to sell, or
      any solicitation of an offer to buy, any Securities to a U.S. Person or a
      person in the United States; or (ii) any sale of the Securities unless, at
      the time the buy order was or will have been originated, the Purchaser is
      not a U.S. Person and is (A) outside the United States or (B) the
      Corporation, its affiliates, and any person acting on their behalf
      reasonably believe that the purchaser is outside the United
  States;

	 	 	 
	 	(f) 	
      neither the Corporation nor any of its affiliates, nor
      any person acting on their behalf (except the Agents, their affiliates and
      any person acting on their behalf, in respect of which no representation
      is made) has taken or will take any action that would cause the safe
      harbour from registration available under Rule 903 of Regulation S or the
      exemption from registration available under Rule 506 of Regulation D to be
      unavailable for offers and sales of the Securities pursuant to this
      Agreement or for exercises of the Warrants or Liquidated Damages
      Warrants;

	 	 	 
	 	(g) 	
      none of the Corporation, its affiliates or any person
      acting on its or their behalf (except the Agents, their affiliates and any
      person acting on their behalf, in respect of which no representation is
      made) have engaged or will engage in any form of Directed Selling Efforts
      with respect to offers or sales of the Securities, or have taken or will
      take any action in violation of Regulation M under the 1934 Act, or have
      engaged in or will engage in any general solicitation or advertising with
      respect to offers or sales of the Securities in the United States,
      including advertisements, articles, notices or other communications
      published in any newspaper, magazine or similar media, or broadcast over
      radio, or television, or any seminar or meeting whose attendees have been
      invited by general solicitation or general advertising or in a manner
      involving a public offering within the meaning of section 4(2) of the 1933
      Act;

	 	 	 
	 	(h) 	
      the Corporation will execute or procure the execution of
      all documents in a timely manner and will use its commercially reasonable
      efforts to take or cause to be taken all such steps as may be reasonably
      necessary or desirable to establish, to the reasonable satisfaction of
      counsel for the Agents, any and all legal

- 16 -

			requirements to enable the Agents to offer the Units for
      sale in the United States under Rule 506 of Regulation D in accordance
      with this Agreement; and
	 	 	 
		(i) 	
      the Corporation will, within fifteen (15) days after the
      first sale of Units in the United States, prepare and file with the SEC a
      notice on Form D with respect to any of the Units which require such
      filings in accordance with Regulation D and will file all amendments
      required to be filed as a result of subsequent sales of Units in the
      United States. The Corporation shall also prepare and file within
      prescribed time periods any notices required to be filed with state
      securities authorities under applicable blue sky laws in connection with
      any Units sold pursuant to Rule 506 of Regulation D.

	 	 	 
	4.3 	
      The Agents shall have the benefit of the representations
      and warranties of the Corporation made by the Corporation in the
      Subscription Agreement, as if such representations and warranties were
      contained herein.

	 	 	 
	4.4 	
      The representations and warranties of the Corporation
      contained in this section 4 shall be true at the Time of Closing and the
      Closing Date as though they were made at the Time of Closing and the
      Closing Date and they shall survive the completion of the transactions
      contemplated under this Agreement.

	 	 	 
	5. 	
      Representations and Warranties of the
      Agents

	 	 	 
	5.1 	
      Each of the Agents represent and warrant to the
      Corporation, and acknowledge that the Corporation is relying upon such
      representations and warranties in entering into this Agreement,
    that:

	 	 	 
		(a) 	
      the Agent is a valid and subsisting corporation duly
      incorporated and in good standing under the laws of the jurisdiction in
      which it is incorporated;

	 	 	 
		(b) 	
      the Agent has not entered, and will not enter, into any
      contractual arrangement with respect to the Private Placement without the
      prior written consent of the Corporation, except for this Agreement and
      any agreement with its affiliates;

	 	 	 
		(c) 	
      the Agent holds all licences and permits that are
      required for carrying on its business in the manner in which such business
      has been carried on;

	 	 	 
		(d) 	
      the Agent has all requisite power and authority and good
      and sufficient right and authority to enter into, deliver and carry out
      their obligations under this Agreement and complete the transactions
      contemplated under this Agreement on the terms and conditions set forth
      herein; and

	 	 	 
		(e) 	
      the Agent and its U.S. Affiliate are appropriately
      registered under the Applicable Securities Laws and/or the laws of the
      United States, as appropriate, so as to permit them to lawfully fulfill
      their obligations hereunder including the sale of the
  Securities.

- 17 -

	5.2 	
      The representations and warranties of each of the Agents
      contained in this Agreement shall be true at the Time of Closing as though
      they were made at the Time of Closing and they shall survive the
      completion of the transactions contemplated under this
Agreement.

	 	 	 	 
	6. 	
      Covenants of the Corporation

	 	 	 	 
	6.1 	
      The Corporation covenants with the Agents (on their own
      behalf and on behalf of the Purchasers) that it will:

	 	 	 	 
		(a) 	
      as applicable, file with the Exchanges as soon as
      possible all required documents and filing fees, and do all things
      required by the rules and policies of the Exchanges in order to obtain the
      approval of the Exchanges with respect to the Private Placement;

	 	 	 	 
		(b) 	
      take all steps as may be reasonably necessary to enable
      the Securities to be sold on a private placement basis in the Qualifying
      Jurisdictions by way of exemptions from the prospectus filing requirements
      of Applicable Securities Laws and otherwise fulfill all legal requirements
      required to be fulfilled by the Corporation (including, without
      limitation, compliance with all Applicable Securities Laws) in connection
      with the Private Placement;

	 	 	 	 
		(c) 	
      use its reasonable best efforts to maintain its status as
      a “reporting issuer” not in default in British Columbia and to remain a
      U.S. registrant that files periodic reports with the SEC under section
      13(a) of the 1934 Act for a period of two years from the Closing
    Date;

	 	 	 	 
		(d) 	
      use its reasonable best efforts to maintain its listing
      of its shares of common stock on the American Stock Exchange for a period
      of two years from the Closing Date;

	 	 	 	 
		(e) 	
      use the Subscription Proceeds raised from the issuance of
      the Units (less an amount equal to the aggregate amount of the Agents’
      Expenses and the Agents’ Fee) as set forth in Schedule “C”;

	 	 	 	 
		(f) 	
      deliver to the Agents and to their legal
  counsel:

	 	 	 	 
			(i) 	
      a copy of all letters, submissions and other materials
      with respect to the Private Placement filed with the Regulatory
      Authorities, or any one of them, at the same time that the materials are
      filed with the Regulatory Authorities;

	 	 	 	 
			(ii) 	
      at the Time of Closing, comfort letters, in form and
      content acceptable to the Agents, acting reasonably, with respect to the
      status of the Corporation’s interest in its Goliad and Cebolleta
      Projects;

	 	 	 	 
			(iii) 	
      at the Time of Closing, such favourable legal opinions of
      legal counsel to the Corporation, addressed to the Agents, their legal
      counsel and the Purchasers and dated as of the Closing Date, in form and
      content

- 18 -

	 		  
	acceptable to the Agents, acting reasonably, with
        respect to all matters which the Agents may reasonably request including,
        without limitation:

	 	 	  

	 		 (1) 
	 the due incorporation and valid subsistence of the Corporation;

	 	 	  

	 		 (2) 
	 the qualification of the Corporation to carry on business
        under the laws of each jurisdiction in which it carries on business;

	 	 	  

	 		 (3) 
	 the authorized and issued capital of the Corporation;

	 	 	  

	 		 (4) 
	 the due creation, authorization and issuance of the
        Securities;

	 	 	  

	 		 (5) 
	 the due authorization, execution, binding effect and
        enforceability of this Agreement, the Subscription Agreements an the Registration
        Rights Agreement, subject to bankruptcy laws, the availability of all
        equitable remedies and other customary exceptions;

	 	 	  

	 		 (6) 
	 that no prospectus is required and, except as have been
        obtained or completed, no approval or consent of or filing with any Regulatory
        Authority in Canada or the Exchanges is required in order to permit the
        issuance and sale by the Corporation of the Shares and Warrants comprising
        the Units, except for filings required under the Canadian Applicable Securities
        Laws or as may be required by the Exchanges;

	 	 	  

	 		 (7) 
	 that no prospectus is required and, except as have been
        obtained or completed, no approval or consent of or filing with any Regulatory
        Authority in Canada or the Exchanges is required in order to permit the
        issuance of the Warrant Shares, the Liquidated Damages Warrants or the
        Liquidated Damages Warrant Shares, provided the conditions set out in
        the opinion are satisfied; and

	 	 	  

	 		 (8) 
	 the hold periods and resale restrictions applicable
        to the Shares, the Warrants, the Warrant Shares, the Liquidated Damages
        Warrants and the Liquidated Damages Warrant Shares under the Canadian
        Applicable Securities Laws;

	 	 	  

	 	(iv) 	 if the Units are offered or sold in the United
        States or to a U.S. Offeree, the Agents shall have received, at the Time
        of Closing, a favourable legal opinion from the Corporation’s United
        States counsel, dated the Closing Date and addressed to the Agents and
        its Canadian legal counsel, in form and substance satisfactory to the
        Agents and such counsel, acting reasonably, with respect to the availability
        of an exemption from the registration requirements under the securities
        laws of the United States in connection with sale in the United States
        of the Units by the Corporation

- 19 -

	 			
      in the U.S. Private Placement and the issuance of the
      Warrant Shares upon exercise of the Warrants;

	 	 	
       
	
       

	 		
      (v) 
	
      

      at the Time of Closing, such certificates of officers of
      the Corporation and other materials as the Agents may reasonably require,
      addressed to the Agents and to such parties as the Agents may direct and
      as of the Closing Date or such other date as the Agents may reasonably
      require; and

	 	 	
       
	
       

	 		
      (vi) 
	
      

      at the Time of Closing, such other materials as the
      Agents may reasonably require, addressed to the Agents and to such parties
      as the Agents may direct and as of the Closing Date or such other date as
      the Agents may reasonably require;

	 	 	
       
	
       

	 	
      (g) 
	
      

      within the required time, file with the applicable
      Regulatory Authorities and Exchanges any reports, in the required form,
      required to be filed under Applicable Securities Laws and the policies of
      the Exchanges in connection with the Private Placement, together with any
      applicable filing fees and other materials;

	 	 	
      

      

	 	
      (h) 
	
      

      take all steps reasonably necessary to ensure that it has
      a sufficient number of shares of common stock of the Corporation available
      for issuance to satisfy its obligations under the Warrants and prior to
      Closing shall have reserved for issuance the Warrant Shares;

	 	 	
      

      

	 	
      (i) 
	
      

      from and including the date of this Agreement through to
      and including the Time of Closing, do all such acts and things necessary,
      and within its ability to do, to ensure that all of the representations
      and warranties of the Corporation contained in this Agreement or any
      certificates or documents delivered by it pursuant to this Agreement
      remain true and correct;

	 	 	
      

      

	 	
      (j) 
	
      

      fulfill its obligations with respect to the Securities
      described in the Subscription Agreement;

	 	 	
      

      

	 	
      (k) 
	
      

      from and including the date of this Agreement through to
      and including the Time of Closing, not do any such act or thing that would
      render any representation or warranty of the Corporation contained in this
      Agreement or any certificates or documents delivered by it pursuant to
      this Agreement untrue or incorrect; and

	 	 	
      

      

	 	
      (l) 
	
      

      maintain proper and complete books, records and accounts
      in accordance with United States generally accepted accounting principals
      showing true and accurate records of the Corporation.

	 	 	
       
	
       

	6.2 		
      The Agents shall have the benefit of the covenants of the
      Corporation in the Subscription Agreements as if such covenants were
      contained herein.

- 20 -

	7. 		Covenants of the Agents
	 	 	 
	7.1 		Each of the Agents covenants with the Corporation
    that:
	 	 	 
		(a) 	
      all solicitation, offering and other selling efforts
      carried out by the Agent in connection with the Distribution of the Units
      will be made, and all purchases of the Units will be made, in compliance
      with Applicable Securities Laws and in a manner such that no prospectus,
      offering memorandum or other disclosure document need be prepared and
      filed or delivered by the Corporation in connection with the Distribution
      of the Units such that the Corporation is not made subject to a new
      continuous disclosure reporting requirement;

	 	 	 
		(b) 	
      no delivery has been or will be made by it to any
      prospective purchaser or Purchaser of any document which, individually or
      together with any other document, would constitute an offering memorandum
      under Applicable Securities Laws; and

	 	 	 
		(c) 	
      the Agent, including its U.S. Affiliate, will only offer
      and sell the Units to purchasers whom they have reasonable belief to be
      Accredited Investors or U.S. Accredited Investors.

	 	 	 
	8. 	
       
	Conditions Precedent
	 	 	 
	8.1 	
       
	The obligations of the Agents to complete the
      transactions contemplated in this Agreement and to deliver executed
      Subscription Agreements and the Subscription Proceeds is subject to the
      following conditions for the benefit of the Agents which must be fulfilled
      at or prior to the Time of Closing, unless waived in writing by the
    Agents:
	 	 	 
		(a) 	
      all actions required to be taken by or on behalf of the
      Corporation, including, without limitation, the passing of all requisite
      resolutions of directors of the Corporation, will have been taken so as to
      validly create, issue, offer, sell and deliver the Shares and the Warrants
      comprising the Units to the Purchasers;

	 	 	 
		(b) 	
      the Corporation will have entered into the Registration
      Rights Agreement among the Corporation and the Purchasers in a form
      acceptable to the Agents, acting reasonably;

	 	 	 
		(c) 	
      the Corporation will have made all necessary filings with
      and obtained all necessary approvals, consents and acceptances of the
      applicable Regulatory Authorities, subject, in the case of the Exchanges,
      to the satisfaction of the Exchange Conditions within the time required
      (subject to any extensions permitted by the Exchanges and agreed to by the
      Agents, in writing), in order to list the Shares on the Exchanges and to
      permit the Corporation to create, sell, issue and deliver the Shares and
      the Warrants comprising the Units to the Purchasers pursuant to prospectus
      exemptions under Applicable Securities Laws;

- 21 -

		(d) 	
      the Corporation will be, and will have been for at least
      the four months immediately preceding the Time of Closing, a reporting
      issuer in one of the jurisdictions of Canada;

	 	 	
       

		(e) 	
      the Corporation will have filed a NI 43-101 compliant
      technical report on each of its material properties, if any, as required
      by Canadian Applicable Securities Laws that have not already been
      filed;

	 	 	
       

		(f) 	
      the Private Placement will have been approved by the
      Exchanges, subject to satisfaction of the Exchange Conditions within the
      time required;

	 	 	
       

		(g) 	
      the Corporation will have delivered the required legal
      opinions, officers’ certificates and other closing materials provided for
      in this Agreement;

	 	 	
       

		(h) 	
      no order ceasing or suspending trading in any securities
      of the Corporation, or ceasing or suspending trading by the directors,
      officers or promoters of the Corporation, or any one of them, or
      prohibiting the offer, sale, issuance or delivery of the Shares and
      Warrants comprising the Units, will have been issued and no proceedings
      for such purpose will be pending or threatened;

	 	 	
       

		(i) 	
      the Corporation will have complied with all of its
      covenants and agreements contained in this Agreement; and

	 	 	
       

		(j) 	
      the representations and warranties of the Corporation
      contained in this Agreement will be true and correct as of the Time of
      Closing as if such representations and warranties had been made as of the
      Time of Closing.

	 	 	
       

	9. 		
      Closing

	 	 	
       

	9.1 	
       
	
      The closing of the transactions contemplated under this
      Agreement (the “Closing”) will be completed at the offices of Lang
      Michener LLP, at 1500 Royal Centre, 1055 West Georgia Street, Vancouver,
      British Columbia, at 5:00 a.m. (Vancouver time) on December 12, 2007 or at
      such other time and date as the Corporation and the Agents may agree
      (being the “Time of Closing” and the “Closing Date”,
      respectively).

	 	 	
       

	9.2 		
      Unless otherwise agreed to by the Agents and the
      Corporation, not less than 48 hours prior to Closing, the Agents will
      deliver, or cause to be delivered, to the Corporation Subscription
      Agreements executed by the Purchasers including the registration
      particulars of the certificates representing the Shares and the Warrants
      comprising the Units purchased by such Purchasers.

	 	 	
       

	9.3 		
      At the Closing, the Agents (on their behalf and on behalf
      of the Purchasers) will deliver, or cause to be delivered to the
      Corporation, one or more cheques or bank drafts made payable on the
      Closing Date to the Corporation in an amount (the “Net Proceeds”)
      equal to the Subscription Proceeds, less an amount equal to the Agents’
      Fee and the Agents’ Expenses.

- 22 -

	9.4 		
      At the Closing, upon payment of the Net Proceeds of the
      Private Placement to the Corporation, the Corporation will deliver or
      cause to be delivered to the Agents, the following:

	 	 	
       

		(a) 	
      a direction authorizing the Agents to retain from the
      Subscription Proceeds an amount equal to the portion of the Agents’ Fee
      payable in cash and the Agents’ Expenses;

	 	 	
       

		(b) 	
      definitive certificates representing the Shares and the
      Warrants comprising the Units sold, as directed by the Agents;
  and

	 	 	
       

		(c) 	
      the requisite legal opinions, officers’ certificates,
      receipts and other closing materials provided for in this
  Agreement.

	 	 	
       

	9.5 	
       
	
      The Corporation will, if required by Applicable
      Securities Laws, endorse each of the certificates for the Shares, the
      Warrants and the Warrant Shares with legends describing the applicable
      hold period and resale restrictions.

	 	 	
       

	10. 	
       
	
      Agents’ Fee and Expenses

	 	 	
       

	10.1 	
       
	
      In consideration of the services to be rendered by the
      Agents to the Corporation hereunder, the Corporation agrees to pay to the
      Agents, at the time and in the manner specified herein, a cash fee (the
      “Agents’ Fee”) equal to 6.0% of the Subscription Proceeds realized
      from the sale of the Units by the Agents up to US$6,750,000.

	 	 	
       

	10.2 		
      The Corporation will pay all expenses and fees of the
      Agents in connection with the Private Placement, including, without
      limitation, all reasonable out-of-pocket expenses of the Agents and the
      fees and distributions of the Agents’ legal counsel (collectively, the
      “Agents’ Expenses”). The Agents’ Expenses will be paid by the
      Corporation immediately upon receiving an invoice therefore from the
      Agents and will be payable whether or not the Private Placement is
      completed or this Agreement is terminated.

	 	 	
       

	10.3 		
      At the option of the Agents, the Agents’ Fee and the
      Agents’ Expenses may be deducted from the Subscription Proceeds otherwise
      payable to the Corporation on the closing of the Private
  Placement.

	 	 	
       

	11. 	
       
	
      Indemnity

	 	 	
       

	11.1 		
      The Corporation (referred to in this section as the
      “Indemnitor”) hereby agrees to indemnify and hold the Agents and
      its subsidiaries and affiliates, and each of their respective directors,
      officers, employees, agents and advisors (hereinafter referred to as the
      “Personnel”) harmless from and against any and all expenses, losses
      (other than loss of profits), fees, claims, actions (including shareholder
      actions, derivative actions or otherwise), damages, obligations, or
      liabilities, whether joint or several, and the reasonable fees and
      expenses of their counsel, that may be incurred in advising with respect
      to and/or defending any actual or threatened

- 23 -

		
       
	
      claims, actions, suits, investigations or proceedings to
      which the Agents and/or their Personnel may become subject or otherwise
      involved in any capacity under any statute or common law, or otherwise
      insofar as such expenses, losses, claims, damages, liabilities or actions
      arise out of or are based, directly or indirectly, upon the performance of
      professional services rendered to the Indemnitor by the Agents and their
      Personnel hereunder (including the aggregate amount paid in reasonable
      settlement of any such actions, suits, investigations, proceedings or
      claims that may be made against the Agents and/or their Personnel,
      provided that the Indemnitor has agreed to such settlement), provided,
      however, that this indemnity shall not apply to the extent that a court of
      competent jurisdiction in a final judgment that has become non-appealable
      shall determine that:

	 	 	
       

		(a) 	
      the Agents and/or their Personnel have been grossly
      negligent or have committed wilful misconduct or any fraudulent act in the
      course of such performance; and

	 	 	
       

		(b) 	
      the expenses, losses, claims, damages or liabilities, as
      to which indemnification is claimed, were directly caused by the gross
      negligence, wilful misconduct or fraud referred to in (a).

	 	 	
       

			
      Without limiting the generality of the foregoing, this
      indemnity shall apply to all expenses (including legal expenses), losses,
      claims and liabilities that the Agents may incur as a result of any action
      or litigation that may be threatened or brought against the Agents and/or
      their Personnel.

	 	 	
       

	11.2 		
      If for any reason (other than the occurrence of any of
      the events itemized in (a) and (b) above), the foregoing indemnification
      is unavailable to the Agents or any Personnel or is insufficient to hold
      the Agents or any Personnel harmless as a result of such expense, loss,
      claim, damage or liability then the Indemnitor, the Agents and such
      Personnel will contribute to such expense, loss, claim, damage or
      liability in such proportion as is appropriate to reflect not only the
      relative benefits received by the Indemnitor on the one hand and the
      Agents or any Personnel on the other hand but also the relative fault of
      the Indemnitor and the Agents or any Personnel, as well as any relevant
      equitable considerations; provided that the Indemnitor shall in any event
      contribute to the amount paid or payable by the Agents or any Personnel as
      a result of such expense, loss, claim, damage or liability that is in
      excess of the amount of the fees received by the Agents
  hereunder.

	 	 	
       

	11.3 		
      The Indemnitor agrees that in case any legal proceeding
      shall be brought against the Indemnitor, the Agents and/or any of their
      Personnel by any governmental commission or regulatory authority or any
      stock exchange or other entity having regulatory authority, either
      domestic or foreign, or any such entity shall investigate the Indemnitor,
      the Agents and/or any Personnel of the Agents shall be required to testify
      in connection therewith or shall be required to respond to procedures
      designed to discover information regarding, in connection with, or by
      reason of the performance of professional services rendered to the
      Indemnitor, the Agents shall have the right to employ their own counsel in
      connection therewith

- 24 -

		
      provided that the Agents act reasonably in selecting such
      counsel, and the reasonable fees and expenses of such counsel as well as
      the reasonable costs (including an amount to reimburse the Agents for time
      spent by their Personnel in connection therewith) and out-of-pocket
      expenses incurred by their Personnel in connection therewith shall be paid
      by the Indemnitor as they occur.

	 	
       

	11.4 	
      Promptly after receipt of notice of the commencement of
      any legal proceeding against the Agents or any of their Personnel or after
      receipt of notice of the commencement or any investigation, which is
      based, directly or indirectly, upon any matter in respect of which
      indemnification may be sought from the Indemnitor, the Agents will notify
      the Indemnitor in writing of the commencement thereof, and throughout the
      course thereof, will provide copies of all relevant documentation to the
      Indemnitor, will keep the Indemnitor advised of the progress thereof and
      will discuss with the Indemnitor all significant actions proposed.
      However, the failure by the Agents to notify the Indemnitor will not
      relieve the Indemnitor of its obligations to indemnify the Agents and/or
      any such Personnel. The Indemnitor shall on behalf of itself and the
      Agents, and/or any such Personnel, as applicable, be entitled (but not
      required) to assume the defence of any suit brought to enforce such legal
      proceeding; provided, however, that the defence shall be conducted through
      legal counsel acceptable to the Agents and/or any such Personnel, as
      applicable, acting reasonably, that no settlement of any such legal
      proceeding may be made by the Indemnitor without the prior written consent
      of the Agents and/or any such Personnel, as applicable, and none of the
      Agents and/or any such Personnel, as applicable, shall be liable for any
      settlement of any such legal proceeding unless it has consented in writing
      to such settlement, such consent not to be unreasonably withheld. The
      Agents and their Personnel shall have the right to appoint their own
      separate counsel at the Indemnitor’s cost provided the Agents and their
      Personnel act reasonably in selecting such counsel.

	 	
       

	11.5 	
      The indemnity and contribution obligations of the
      Indemnitor shall be in addition to any liability, which the Indemnitor may
      otherwise have, shall extend upon the same terms and conditions to the
      Personnel of the Agents and shall be binding upon and enure to the benefit
      of any successors, assigns, heirs and personal representatives of the
      Indemnitor, the Agents, and any of the Personnel of the Agents. The
      foregoing provisions shall survive the completion of professional service
      rendered under this Agreement.

	 	
       

	12. 	
      Termination of Agents’
Obligations

	 	
       

	12.1 	
      The Agents may terminate their obligations under this
      Agreement and the obligations of the Purchasers under the Subscription
      Agreements by notice in writing to the Corporation at any time prior to
      the Time of Closing if:

	 	
       

		
      (a) 
	
      an adverse Material Change in the affairs of the
      Corporation occurs or is announced by the
Corporation;

- 25 -

		(b) 	
      there should develop, occur, or come into effect any
      catastrophe of national or international consequence or accident,
      governmental law, or regulation or other occurrence of any nature which,
      in the opinion of the Agents, seriously affects or will seriously affect
      the financial markets or the business of the Corporation or the ability of
      the Agents to perform their obligations under this Agreement, or a
      Purchaser’s decision to purchase the Units, even if the Purchaser has
      already executed a Subscription Agreement for all or a portion of the
      Private Placement;

	 	 	 
		(c) 	
      following a consideration of the history, business,
      products, property or affairs of the Corporation or its principals and
      promoters, or the state of the financial markets in general, or the state
      of the market for the Corporation’s securities in particular, the Agents
      determine in their sole discretion, acting reasonably, that it is not in
      the interest of the Purchasers to complete the purchase and sale of the
      Units;

	 	 	 
		(d) 	
      the Units cannot, in the opinion of the Agents acting
      reasonably, be profitably placed due to the state of financial
    markets;

	 	 	 
		(e) 	
      any order to cease or suspend trading in the securities
      of the Corporation, or an order to cease or suspend trading by a director,
      officer or promoter of the Corporation, or any one of them, is issued by
      any competent regulatory authority;

	 	 	 
		(f) 	
      the Corporation is in breach of any material term of this
      Agreement;

	 	 	 
		(g) 	
      the Agents determine that any of the material
      representations or warranties made by the Corporation in this Agreement
      are false or have become false;

	 	 	 
		(h) 	
      an inquiry or investigation in relation to the
      Corporation, or the Corporation’s directors, officers or promoters, is
      commenced or threatened by an officer or official of any competent
      authority; or

	 	 	 
		(i) 	
      the Agents are not satisfied, in their sole discretion
      acting reasonably, with the results of its due diligence investigation of
      the Corporation.

	 	 	 
	12.2 	
      The Agents’ obligations hereunder will terminate if the
      Closing Date does not occur on or before December 31, 2007, unless
      otherwise agreed to in writing by the Agents.

	 	 	 
	12.3 	
      Notwithstanding any termination pursuant to this section
      12, the obligations contained in sections 10 and 11 shall survive such
      termination and continue in full force and effect.

	 	 	 
	13. 	
      Restriction on Issuances of Shares of Common
      Stock

	 	 	 
	13.1 	
      The Corporation covenants that it will not issue or
      announce the issuance of any shares of common stock or any securities
      convertible into or exchangeable for or

- 26 -

			 exercisable to acquire shares of common stock
        without the prior written consent of the Agents, acting reasonably, for
        a period of 90 days from the Closing Date, other than pursuant to:

	 	 	  

		(a) 	 currently outstanding rights or agreements,
        including without limitation, rights to acquire any right, title or interest
        to any real property, mining claims, leases or licences, options, warrants
        and other convertible securities and any rights which have been granted
        or issued, subject to any necessary regulatory approval; or

	 	 	  

		(b) 	 currently outstanding options granted to officers,
        directors, employees or consultants of the Corporation or any subsidiary
        thereof pursuant to the Corporation’s stock option plans and the
        Corporation’s Stock Incentive Plan (collectively, the “Option
        Plans”); or

	 	 	  

		(c) 	 the Option Plans.

	 	 	  

	14. 	  
	 Press Releases

	 	 	  

	14.1 		 Subject to compliance with applicable law,
        any press release hereafter issued by the Corporation and relating to
        the Private Placement will be provided in advance to the Agents, and the
        Corporation will use its reasonable best efforts to agree to the form
        and content thereof with the Agents prior to the release thereof. More
        particularly, any press release issued by the Corporation concerning the
        Private Placement shall comply with Rule 135(c) under the 1933 Act and
        shall include the following legend:

	 	 	  

			 Within the body of each press release:

	 	 	  

				 
        
          “The Securities have not been registered under
            the United States Securities Act of 1933, as amended, and may not
            be offered or sold in the United States absent registration or an
            applicable exemption from the registration requirements.”

        

      

	15. 	  
	 General

	 	 	  

	15.1 	  
	 Time shall be of the essence of this Agreement
        and any waiver by the parties of this section or any failure by them to
        exercise any of their rights under this Agreement shall be limited to
        the particular instance and shall not extend to any other instance or
        matter in this Agreement or otherwise affect any of their rights or remedies
        under this Agreement.

	 	 	  

	15.2 		 The exhibit and schedules to this Agreement
        are incorporated by reference and the recitals to this Agreement constitute
        a part of this Agreement.

	 	 	  

	15.3 		 Except as provided herein, this Agreement
        constitutes the entire Agreement between the parties hereto in respect
        of the matters referred to herein and there are no representations, warranties,
        covenants or agreements, expressed or implied, collateral hereto other
        than as expressly set forth or referred to herein.

- 27 -

	15.4 	
      The headings in this Agreement are for reference only and
      do not constitute terms of the Agreement.

	 	 
	15.5 	
      The provisions contained in this Agreement which, by
      their terms, require performance by a party to this Agreement subsequent
      to the Closing Date of this Agreement, shall survive the Closing Date of
      this Agreement.

	 	 
	15.6 	
      No alteration, amendment, modification or interpretation
      of this Agreement or any provision of this Agreement shall be valid and
      binding upon the parties hereto unless such alteration, amendment,
      modification or interpretation is in written form executed by the parties
      directly affected by such alteration, amendment, modification or
      interpretation.

	 	 
	15.7 	
      Whenever the singular or masculine is used in this
      Agreement the same shall be deemed to include the plural or the feminine
      or the body corporate as the context may require.

	 	 
	15.8 	
      The parties hereto shall execute and deliver all such
      further documents and instruments and do all such acts and things as any
      party may, either before or after the Closing Date, reasonably require in
      order to carry out the full intent and meaning of this
Agreement.

	 	 
	15.9 	
      This Agreement may not be assigned by any party hereto
      without the prior written consent of all of the parties hereto.

	 	 
	15.10 	
      This Agreement shall enure to the benefit of and be
      binding upon the parties hereto and their respective successors and
      permitted assigns.

	 	 
	15.11 	
      If any provision of this Agreement is determined to be
      void or unenforceable in whole or in part, it shall be deemed not to
      affect or impair the validity of any other provision of this Agreement and
      such void or unenforceable provision shall be severable from this
      Agreement.

	 	 
	15.12 	
      This Agreement shall be subject to, governed by, and
      construed in accordance with the laws of the Province of British Columbia
      and the federal laws of Canada applicable therein.

	 	 
	15.13 	
      This Agreement may be signed by the parties in as many
      counterparts as may be deemed necessary, each of which so signed shall be
      deemed to be an original, and all such counterparts together shall
      constitute one and the same instrument. For the purposes of this section,
      a facsimile copy of a counterpart shall be deemed to be an
  original.

	 	 
	15.14 	
      Any notice to be given hereunder will be in writing and
      may be given by telecopier or by hand delivery and will be, in the case of
      the Corporation, addressed and telecopied or delivered
  to:

- 28 -

	 	Uranium Energy Corp. 
	 	9801 Anderson Mill Road, Suite 230 
	 	Austen, Texas, USA 78750 
	 	 
	 	Fax: (512) 233-2531 
	 	 
	 	Attention: Amir Adnani 
	 	 
	 	with a copy to: 
	 	 
	 	Lang Michener LLP 
	 	1500 Royal Centre, 1055 West Georgia Street
  
	 	Vancouver, BC V6E 4N7 
	 	 
	 	Fax: (604) 893-2679 
	 	 
	 	Attention: Thomas Deutsch 
	 	 
	 	and in the case of the Agents, be addressed and
      telecopied or delivered to: 
	 	 
	 	National Bank Financial Inc. 
	 	Suite 3300, Park Place 
	 	666 Burrard Street 
	 	Vancouver BC V6C 2X8 
	 	 
	 	Fax: (604) 682-2132 
	 	 
	 	Attention: Daniel Wilton 
	 	 
	 	with a copy to: 
	 	 
	 	Blake Cassels & Graydon, LLP 
	 	Suite 2600, Three Bentall Centre 
	 	595 Burrard Street 
	 	Vancouver, BC V7X 1L3 
	 	 
	 	Fax: (604) 631-3309 
	 	 
	 	Attention: Bob Wooder

The Corporation and the Agents may
change their respective addresses for notice by notice given in the manner
referred to above.

[Signature Page Follows]

- 29 -

If the foregoing is in accordance with your understanding and
agreed to by you, please signify your acceptance on the accompanying
counterparts of this letter and return same to the Agents whereupon this letter
as so accepted will constitute an agreement between the Corporation and the
Agents enforceable in accordance with its terms.

Yours truly,

NATIONAL BANK FINANCIAL INC.

	By: 	 
	  	 
	/signed/
	 
	Authorized Signatory 	 

	RBC DOMINION SECURITIES INC. 	 
	 	 
	By: 	 
	 	 
	/signed/
	 
	Authorized Signatory 	 

	CANACCORD CAPITAL CORPORATION 	 
	 	 
	By: 	 
	 	 
	/signed/
	 
	Authorized Signatory 	 

The foregoing is accepted and agreed to on the
__12th___ day of December, 2007, effective as of the
date appearing on the first page of this Agreement.

	 	URANIUM ENERGY CORP. 
	 	 
	 	By: 
	 	 
	 	/s/
      ‘Amir Adnani’ 
	 	Authorized Signatory 

	 
	 
	SCHEDULE “A” 
	  
	OPTIONS, WARRANTS AND AGREEMENTS 
	TO ISSUE SECURITIES 
	 

	 
	 
	SCHEDULE “B” 
	 
	LIST OF ALL MATERIAL CONTRACTS AND AGREEMENTS
  
	 

	 
	 
	SCHEDULE “C” 
	 
	USE OF PROCEEDS 
	 

Use of Proceeds

	Agents' Fee: 	Up to US$405,000 
	  	(respecting up to US$6,750,000 raised) 
	  	  
	Finder's fee: 	Up to US$20,833 
	  	(respecting the balance of up to US$1,250,000
      raised) 
	  	  
	Agents' expenses: 	Approximately US$50,000 
	  	  
	Goliad Project Expenditures: 	Approximately US$3,010,000 
	  	(for confirmation, definition and expansion
      drilling, 
	  	permitting and monitor wells, plus those
      activities as 
	  	disclosed at the December 6, 2007 due diligence
      call) 
	  	  
	Other Project expenditures: 	Approximately US$1,129,000 
	  	(cash expenditures for the Holley, Cebolleta
      and New River 
	  	Projects, and lease and database acquisitions)
    
	  	  
	General and Administrative: 	Approximately US$3,385,800 
	  	(capital expenditures and unallocated working
      capital) 

	 
	 
	EXHIBIT “1” 
	 

AGENTS’ CERTIFICATE

     In connection with the private
placement of units (the “Securities”) of Uranium Energy Corp. (the
“Corporation”) with U.S. investors (each a “U.S. Private Placee”)
pursuant to subscription agreements (the “Subscription Agreements”) and
accredited investor certificates (the “U.S. Accredited Investor
Certificates”), each of the undersigned, referred to in the agency agreement
dated as of December 12, 2007 among the Corporation and the Agents named therein
(the “Agency Agreement”), does hereby certify that:

	1. 	
      [Name of U.S. broker-dealer affiliate] (the
      “Placement Agent”) is duly registered as a broker-dealer pursuant
      to section 15(b) of the 1934 Act (as defined in the Agency Agreement) and
      is registered as a broker-dealer in all states where the activities
      conducted by the Placement Agent require such registration, and is a
      member of, and in good standing with, the National Association of
      Securities Dealers, Inc. on the date hereof;

	 	 
	2. 	
      all offers and sales of the Securities in the United
      States or the U.S. Offerees (as defined in the Agency Agreement) have been
      effected in accordance with all applicable U.S. federal and state
      broker-dealer requirements;

	 	 
	3. 	
      immediately prior to our transmitting the Subscription
      Agreement and U.S. Accredited Investor Certificate to such U.S. Offerees,
      we had reasonable grounds to believe and did believe that each such
      offeree was a U.S. Accredited Investor and, on the date hereof, we
      continue to believe that each U.S. Private Placee is a U.S. Accredited
      Investor;

	 	 
	4. 	
      no form of general solicitation or general advertising
      (as those terms are used in Regulation D), or any manner involving a
      public offering within the meaning of section 4(2) of the 1933 Act (as
      defined in the Agency Agreement) was used by us, including advertisements,
      articles, notices or other communications published in any newspaper,
      magazine or similar media or broadcast over radio or television, or any
      seminar or meeting whose attendees had been invited by general
      solicitation or general advertising, in connection with the offer or sale
      of the Securities to U.S. Offerees;

	 	 
	5. 	
      prior to any sale of the Securities in the United States
      or the U.S. Offerees, we caused each U.S. Private Placee to complete and
      sign and deliver a Subscription Agreement and U.S. Accredited Investor
      Certificate;

	 	 
	6. 	
      all U.S. Private Placees have been informed that the
      Securities have not been registered under the 1933 Act or applicable
      securities laws for any state of the United States and the Securities are
      being offered and sold to such purchasers in reliance on an exemption from
      the registration requirements of the 1933 Act for non-public offerings and
      such other applicable exemptions from state securities
  laws.

- 2 -

	7. 	
      the Private Placement was otherwise conducted in
      compliance with the Agency Agreement; and

	 	 
	8. 	
      the officers signing this certificate are the duly
      appointed, qualified and acting officers of their respective corporation
      and have performed all investigations, examined all records and documents
      and made all inquiries reasonably necessary or appropriate to obtain
      sufficient actual knowledge to support the statements made in the
      certificate.

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

     DATED this ____ day of December,
2007.

	[AGENT] 	 	[U.S. BROKER-DEALER
      AFFILIATE] 
	 	 	 
	 	 	 
	By: 	 	 	By: 	 
	 	Authorized Signatory 	 	 	Authorized SignatoryFiled by Automated Filing Services Inc. (604) 609-0244 - Uranium Energy Corp. - Exhibit 10.22

EXECUTION COPY

REGISTRATION RIGHTS AGREEMENT 

dated as of December 12, 2007 

between 

Uranium Energy Corp. 

and 

National Bank Financial Inc. 

as agent for each of the Subscribers 

named herein

     This Registration Rights
Agreement (this "Agreement") is made and entered into as of December 12,
2007 among Uranium Energy Corp., a corporation incorporated under the laws of
the State of Nevada (the "Corporation"), and the Agents (as described
herein) on behalf of each of the purchasers to the Subscription Agreements
between the Corporation and each of the Subscribers (the "Subscription
Agreements") (each, a "Subscriber" and collectively, the
"Subscribers").

     WHEREAS, the parties have agreed
to enter into this Agreement in connection with, and as a condition to the
Closing (as defined herein) under, the Subscription Agreements; and

     WHEREAS, the Corporation has
agreed, upon the terms and subject to the conditions set forth in the
Subscription Agreements, to issue and sell to the Subscribers the number of
Units (as described herein) set forth therein;

     NOW, THEREFORE, IN CONSIDERATION
of the mutual covenants contained in this Agreement, and for other good and
valuable consideration the receipt and adequacy of which are hereby
acknowledged, the Corporation agrees with the Agents, for the benefit of the
Subscribers from time to time of the Units, the Warrant Shares (as described
herein) and the Liquidated Damages Shares (as described herein), to provide
certain registration rights under the 1933 Act (as defined herein), and
applicable state securities laws, and the Corporation further agrees with the
Agents, for the benefit of the Subscribers from time to time of the Units, the
Warrant Shares and the Liquidated Damages Shares, as follows:

	     1.      Definitions.
      The following terms have the meanings indicated: 

          "Agency
Agreement" means the agency agreement to be dated on or before the Closing
Date between the Corporation and the Agents. 

          "Agents"
means National Bank Financial Inc., RBC Capital Markets Inc. and Canaccord
Capital Corporation, and their respective U.S. registered broker-dealer
affiliates. 

          "Agreement"
has the meaning set forth in the preamble.

          "Business
Day" means any day other than Saturday, Sunday or any other day on which
commercial banks in New York City or Vancouver, as applicable, are authorized or
required by law to remain closed.

          "Claims"
has the meaning set forth in Section 6(a).

          "Closing"
means the closing of the purchase of the Units by the Subscribers. 

          "Closing
Date" means December 12, 2007 or such other date as the Corporation and the
Agents may mutually agree.

          "Common
Shares" means the shares of common stock of the Corporation, par value
US$0.001 per share. 

          "Corporation"
has the meaning set forth in the preamble. 

1

          "Effective
Date" means the date a Registration Statement has been declared effective by
the SEC.

          "Event"
has the meaning set forth in Section 2(f).

          "Filing
Deadline" means (i) with respect to the initial Registration Statement
required to be filed with the SEC pursuant to Section 2(a)(i), the date
that is 30 days from the Closing Date, and (ii) with respect to any additional
Registration Statements required to be filed with the SEC pursuant to Section
2(a)(ii), the 30th day following the date on which the
Corporation first knows, or reasonably should have known, that such additional
Registration Statement is required under such Section, which, in the case of the
issuance of Liquidated Damages Warrants shall be the date of issuance of such
Liquidated Damages Warrants.

          "Indemnified
Damages" has the meaning set forth in Section 6(a).

          "Indemnified
Party" has the meaning set forth in Section 6(b).

          "Indemnified
Person" has the meaning set forth in Section 6(a).

          "Inspectors"
has the meaning set forth in Section 3(h).

          "Investor"
means a Subscriber or any transferee or assignee thereof to whom a Subscriber
assigns its rights under this Agreement and who agrees to become bound by the
provisions of this Agreement in accordance with Section 9 and any
transferee or assignee thereof to whom a transferee or assignee assigns its
rights under this Agreement and who agrees to become bound by the provisions of
this Agreement in accordance with Section 9.

          "Legal
Counsel" has the meaning set forth in Section 2(d).

          "Liquidated
Damages Period" has the meaning set forth in Section 2(f).

          "Liquidated
Damages Warrants" means the transferable share purchase warrants, each of
which entitles the holder thereof to acquire one Warrant Share at an exercise
price of US$4.25 per Warrant Share, expiring at 5:00 p.m. (Vancouver time) on
the date that is two years from the date the Liquidated Damages Warrant is
issued, which Liquidated Damages Warrants are issuable to an Investor as
liquidated damages upon the occurrence of any Event as described in Section 2(f)
hereof.

          "Majority
Investors" means the holders of a majority in interest of Registrable
Securities on a fully diluted basis.

          "Person"
means any individual or corporation, partnership, trust, incorporated or
unincorporated association, joint venture, limited liability company, joint
stock company, government (or an agency or subdivision thereof) or other entity
of any kind.

2

          "Purchased
Securities" means the Units purchased by the Subscribers pursuant to the
Subscription Agreement or, the securities underlying such Units that are
acquired by an Investor pursuant to Section 9, as the case may be.

          "Records"
has the meaning set forth in Section 3(h).

          "register,"
"registered," and "registration" refer to a registration effected
by preparing and filing one or more Registration Statements in compliance with
the 1933 Act and pursuant to Rule 415 and the declaration or ordering of
effectiveness of such Registration Statements by the SEC.

          "Registrable
Securities" means the Common Shares issued as part of the Units and the
Warrant Shares issuable upon exercise of the Warrants and, if applicable, the
Liquidated Damages Warrants.

          "Registration
Deadline" means (i) with respect to the initial Registration Statement
required to be filed with the SEC pursuant to Section 2(a)(i), 5:00 p.m.
(Vancouver time) on April 12, 2008, and (ii) with respect to any additional
Registration Statements that may be required to be filed with the SEC pursuant
to Section 2(a)(ii), the 60th day following the date on which
the Corporation first knows, or reasonably should have known, that such
additional Registration Statement is required under such Section, which, in the
case of the issuance of Liquidated Damages Warrants shall be the date of
issuance of such Liquidated Damages Warrants.

          "Registration
Period" has the meaning set forth in Section 3(a).

          "Registration
Statement" means a registration statement of the Corporation to be filed
with the SEC, as amended and supplemented, in order to register resales of the
Registrable Securities, from time to time, by the Investors.

          "Rule
144" has the meaning set forth in Section 8.

          "Rule
415" means Rule 415 under the 1933 Act or any successor rule providing for
offering securities on a continuous or delayed basis.

          "SEC"
means the United States Securities and Exchange Commission.

          "Securities
Laws" means all of the applicable federal and state securities laws and
regulations of the United States, including without limitation the 1933 Act, the
1934 Act and the respective rules and regulations of the SEC thereunder.

          "Subscriber"
has the meaning set forth in the preamble.

          "Subscription
Agreements" has the meaning set forth in the preamble.

          "Suspension
Notice" has the meaning set forth in Section 4(b).

3

          "Trading
Day" means (a) any day on which the Common Shares are listed or quoted, and
traded, on the American Stock Exchange or the Toronto Stock Exchange, or (b) if
the Common Shares are not then listed or quoted, and traded, on the American
Stock Exchange or the Toronto Stock Exchange, then any Business Day.

          "Transaction
Documents" means this Agreement, the Subscription Agreements and the Agency
Agreement and the instruments referenced therein.

          "Transfer
Agent" means the transfer agent (including any co-transfer agent) of the
Corporation with respect to the Common Shares.

          "Unit"
means one Common Share and one Warrant to purchase one additional Common Share
of the Corporation, each Unit having a purchase price of US$3.75.

          "Violations"
has the meaning set forth in Section 6(a).

          "Warrants"
means the transferable share purchase warrants issued as part of the Units, each
of which Warrant is exercisable to purchase one Warrant Share at a price of
US$4.25 per Warrant Share, expiring at 5:00 p.m. (Vancouver time) on the date
that is one year from the Closing Date.

          "Warrant
Shares" means the Common Shares issuable upon exercise of the Warrants or,
if applicable, the Liquidated Damages Warrants.

          "1933
Act" means the United States Securities Act of 1933, as amended, and the
rules and regulations thereunder. 

          "1934
Act" means the United States Securities Exchange Act of 1934, as amended,
and the rules and regulations thereunder.

	     2.     
      Registration. 

          (a)      (i)
Initial Registration. The Corporation shall use its reasonable best
efforts to prepare and file with the SEC by the applicable Filing Deadline the
Registration Statement on Form S-1 or Form S-3 covering the resale, from time to
time, of all of the Registrable Securities other than the Warrant Shares
issuable upon exercise of the Liquidated Damages Warrants.

                    (ii)
Subsequent Registrations. The Corporation shall use its reasonable best
efforts to prepare and file with the SEC by the applicable Filing Deadline a
Registration Statement on Form S-1 or Form S-3 covering the resale, from time to
time, of all of the Registrable Securities relating to the issuance by the
Corporation of any Liquidated Damages Warrants.

          (b)
Neither the Corporation nor any affiliate thereof shall identify any Investor as
an underwriter in any public disclosure or filing with the SEC unless required
by the SEC, and 

4

any Investor being deemed an underwriter by the SEC shall not
relieve the Corporation of any obligations it has under the Transaction
Documents. If the Corporation is advised by the SEC that a Registration
Statement may not become effective without the Corporation identifying an
investor as an underwriter therein, the Corporation shall consult with Legal
Counsel and the Investors to determine whether to proceed with a request to have
the Registration Statement declared effective. In any event, the Corporation
shall use its reasonable best efforts to advocate for the Registration Statement
to be declared effective by the SEC without identifying an Investor as an
underwriter therein, and shall permit Legal Counsel to participate in any
communications with the SEC in respect thereof. Each Registration Statement
shall contain the "Plan of Distribution" section in substantially the
form attached hereto as Exhibit A, subject to such amendments thereto as
may be required by the SEC. The Corporation shall use its reasonable best
efforts to have each Registration Statement declared effective by the SEC as
soon as practicable, but in no event later than the applicable Registration
Deadline.

          (c)
Allocation of Registrable Securities. The initial number of Registrable
Securities included in any Registration Statement and any increase in the number
of Registrable Securities included therein shall be allocated pro rata among the
Investors based on the number of Registrable Securities held by each Investor at
the time the Registration Statement covering such initial number of Registrable
Securities or increase thereof is declared effective by the SEC. In the event
that an Investor sells or otherwise transfers any of such Investor's Registrable
Securities, each transferee shall be allocated a pro rata portion of the then
remaining number of Registrable Securities included in such Registration
Statement for such transferor. Any Common Shares included in a Registration
Statement which remain allocated to any Person which ceases to hold any
Registrable Securities covered by such Registration Statement shall be allocated
to the remaining Investors, pro rata based on the number of Registrable
Securities then held by such Investors which are covered by such Registration
Statement. In no event shall the Corporation include any securities other than
Registrable Securities in any Registration Statement without the prior written
consent of the Majority Investors.

          (d)
Legal Counsel. The Majority Investors shall have the right to select one
U.S. and one Canadian legal counsel to review and oversee any registration
pursuant to this Section 2 collectively, (the "Legal Counsel"),
which shall initially be Skadden, Arps, Slate, Meagher & Flom LLP and Blake,
Cassels & Graydon LLP. The Corporation shall, and the Majority Investors
shall cause their respective Legal Counsel to, reasonably cooperate with each
other in performing the Corporation's obligations under this Agreement.

          (e)
Sufficient Number of Shares Registered. In the event the number of shares
available under a Registration Statement filed pursuant to Section 2(a)
is insufficient to cover all of the Registrable Securities required to be
covered by such Registration Statement or an Investor's allocated portion of the
Registrable Securities pursuant to Section 2(c), the Corporation shall
amend the applicable Registration Statement, or file a new Registration
Statement, or both, so as to cover the resale, from time to time, of such
Registrable Securities, as soon as practicable, but in any event not later than
30 days after the necessity therefor arises. The Corporation shall use its
reasonable best efforts to cause such amendment and/or new 

5

Registration Statement to become effective as soon as
practicable within 60 days following the filing thereof.

          (f)
Effect of Failure to Obtain and Maintain Effectiveness of Registration
Statement. Upon the occurrence of any Event (as defined below) and on
each 30 calendar-day period (or partial period thereof) until the applicable
Event is cured, as partial relief for the damages suffered therefrom by the
Investor (which remedy shall not be exclusive of any other remedies available at
law or in equity), the Corporation shall provide to the Investor, as liquidated
damages and not as a penalty, such number of Liquidated Damages Warrants equal
to one one-hundredth (1/100th) of a Liquidated Damages Warrant for each US$1.00
in aggregate funds paid by the Subscriber, or if applicable, the Investor, for
the Purchased Securities (each such period, a "Liquidated Damages
Period"); provided, however, that the maximum number of Common Shares
issuable pursuant to the offering of Units contemplated by the Agency Agreement
(including Warrant Shares issuable upon exercise of the Warrants, and if
applicable, the Liquidated Damages Warrants), shall not exceed 19.9% of the
Corporation's issued and outstanding share capital on the day immediately prior
to the Closing Date unless shareholder approval for such issuance has been
obtained, if required, which the Corporation shall use its reasonable best
efforts to obtain, if necessary. The Corporation shall make such additional
Liquidated Damages Warrant issuance to the Investor within 10 calendar days
after the end of each Liquidated Damages Period. For such purposes, each of the
following shall constitute an "Event": (i) a Registration Statement is
not declared effective by the SEC on or prior to the applicable Registration
Deadline; (ii) subject to an allowable suspension pursuant to Section 3(p)
below, after the Effective Date of a Registration Statement, an Investor is
not permitted to sell Registrable Securities under such Registration Statement
(or a subsequent Registration Statement filed in replacement thereof) for any
reason for three consecutive Trading Days or five Trading Days in aggregate in
any 12 month period; and (iii) the Corporation fails to have available a
sufficient number of authorized but unissued and otherwise unreserved Common
Shares available to issue all shares underlying the Warrants, and if applicable,
the Liquidated Damages Warrants.

     3.     
Related Obligations. At such time as the Corporation is obligated to file
a Registration Statement with the SEC pursuant to Section 2(a) or
2(e), the Corporation will use its reasonable best efforts to effect the
registration of the Registrable Securities in accordance with the intended
method of disposition thereof and, pursuant thereto, the Corporation shall have
the following obligations:

          (a)
The Corporation shall submit to the SEC, within two Business Days after the
Corporation learns that no review of a particular Registration Statement will be
made by the staff of the SEC, or that the staff has no further comments on a
particular Registration Statement, a request for acceleration of effectiveness
of such Registration Statement to a time and date not later than two Business
Days after the submission of such request. The Corporation shall use its
reasonable best efforts to keep each Registration Statement effective at all
times until the earlier of (i) the third anniversary of the Closing Date, in the
case of the initial Registration Statement required to be filed with the SEC
pursuant to Section 2(a)(i), or the fourth anniversary of the date of
issuance of the Liquidated Damages Warrants, in the case of any additional
Registration 6

Statement required to be filed with the SEC pursuant to
Section 2(a)(ii) and (ii) the date on which the Investors shall have sold
all of the Registrable Securities covered by such Registration Statement (the
"Registration Period"). The Corporation shall ensure that each
Registration Statement (including any amendments or supplements thereto and
prospectuses contained therein) shall not contain any untrue statement of a
material fact or omit to state a material fact required to be stated therein, or
necessary to make the statements therein (in the case of prospectuses, in the
light of the circumstances in which they were made) not misleading.

          (b)
The Corporation shall prepare and file with the SEC such amendments (including
post-effective amendments) and supplements to one or more Registration
Statements and the prospectus used in connection with such Registration
Statements, which prospectus is to be filed pursuant to Rule 424 promulgated
under the 1933 Act as may be necessary to keep such Registration Statement
effective at all times during the Registration Period, and, during such
Registration Period, comply with the provisions of the 1933 Act with respect to
the disposition of all Registrable Securities of the Corporation covered by such
Registration Statement. In the case of amendments and supplements to a
Registration Statement which are required to be filed pursuant to this Agreement
(including pursuant to this Section 3(b)) by reason of the Corporation
filing a report on Form 10-K, Form 10-Q, Form 8-K or any analogous report or
similar filing under the 1934 Act, the Corporation shall have incorporated such
report by reference into such Registration Statement, if applicable, or shall
file such amendments or supplements with the SEC on the same day on which the
1934 Act report is filed which created the requirement for the Corporation to
amend or supplement such Registration Statement.

          (c)
The Corporation shall (i) permit Legal Counsel to review and comment upon (A)
mature drafts of a Registration Statement, and the final version of such
Registration Statement if there have been any material changes thereto at least
five Business Days prior to its filing with the SEC, (B) all amendments and
supplements to all Registration Statements (except for Reports on Form 10-K,
Form 10-Q and Form 8-K and any similar or successor reports) within a reasonable
number of days prior to their filing with the SEC, and (C) not file any
Registration Statement or amendment or supplement thereto in a form to which
Legal Counsel reasonably objects; provided that Legal Counsel responds with
substantially all comments within five Business Days of receipt of such
documents. The Corporation shall not submit a request for acceleration of the
effectiveness of a Registration Statement or any amendment or supplement thereto
without the prior approval of Legal Counsel, which consent shall not be
unreasonably withheld. The Corporation shall furnish to Legal Counsel, without
charge, (i) copies of any correspondence from the SEC or the staff of the SEC to
the Corporation or its representatives relating to any Registration Statement,
(ii) promptly after the same is prepared and filed with the SEC, one copy of any
Registration Statement and any amendment(s) thereto, including financial
statements and schedules, all documents incorporated therein by reference, if
requested by an Investor, and all exhibits, and (iii) upon the effectiveness of
any Registration Statement, one copy of the prospectus included in such
Registration Statement and all amendments and supplements thereto. The
Corporation shall reasonably cooperate with Legal Counsel in performing the
Corporation's obligations pursuant to this Section 3(c).

7

          (d)
The Corporation shall furnish to each Investor whose Registrable Securities are
included in any Registration Statement without charge, (i) upon the
effectiveness of any Registration Statement, at the request of the Investor, up
to ten copies of the prospectus included in such Registration Statement and all
amendments and supplements thereto (or such other number of copies as such
Investor may reasonably request), and (ii) such other documents, including
copies of any preliminary or final prospectus, as such Investor may reasonably
request from time to time in order to facilitate the disposition of the
Registrable Securities owned by such Investor.

          (e)
The Corporation shall use its reasonable best efforts to (i) register and
qualify, unless an exemption from registration and qualification applies, the
resale by Investors of the Registrable Securities covered by a Registration
Statement under such other securities or "blue sky" laws of all applicable
jurisdictions in the United States, (ii) prepare and file in those
jurisdictions, such amendments (including post-effective amendments) and
supplements to such registrations and qualifications as may be necessary to
maintain the effectiveness thereof during the Registration Period, (iii) take
such other actions as may be necessary to maintain such registrations and
qualifications in effect at all times during the Registration Period, and (iv)
take all other actions reasonably necessary or advisable to qualify the
Registrable Securities for sale in such jurisdictions; provided, however,
that the Corporation shall not be required in connection therewith or as a
condition thereto to (A) qualify to do business as a foreign corporation or
dealer in any jurisdiction where it would not otherwise be required to qualify
but for this Section 3(e), (B) subject itself to general taxation in any
such jurisdiction, or (C) file a general consent to service of process in any
such jurisdiction. The Corporation shall promptly notify Legal Counsel of the
receipt by the Corporation of any notification with respect to the suspension of
the registration or qualification of any of the Registrable Securities for sale
under the securities or "blue sky" laws of any jurisdiction in the United States
or its receipt of actual notice of the initiation or threatening of any
proceeding for such purpose.

          (f)
The Corporation shall notify Legal Counsel and each Investor in writing of the
happening of any event, as promptly as practicable after becoming aware of such
event, as a result of which the prospectus included in a Registration Statement,
as then in effect, includes an untrue statement of a material fact or omission
to state a material fact required to be stated therein or necessary to make the
statements therein, in the light of the circumstances under which they were
made, not misleading (provided that in no event shall such notice contain any
material, nonpublic information), and, subject to Section 3(p), promptly
prepare a supplement or amendment to such Registration Statement or file an
appropriate document that is incorporated by reference to correct such untrue
statement or omission, and deliver one copy (which may be in electronic form) of
such supplement or amendment to Legal Counsel and, at the request of any
Investor, up to ten copies to such Investor. The Corporation shall also promptly
notify Legal Counsel and each Investor in writing when a prospectus or any
prospectus supplement or post-effective amendment has been filed (such
notification shall be delivered by facsimile or electronic transmission on the
same day as filing or effectiveness). The Corporation shall also promptly notify
Legal Counsel in writing of (i) any request by the SEC for amendments or
supplements to a Registration Statement, or related prospectus or related
information, and (ii) of

8

the Corporation's reasonable determination that a
post-effective amendment to a Registration Statement would be appropriate.

          (g)
The Corporation shall use its reasonable best efforts to prevent the issuance of
any stop order or other suspension of effectiveness of a Registration Statement,
or the suspension of the qualification of any of the Registrable Securities for
sale in any jurisdiction and, if such an order or suspension is issued, to
obtain the withdrawal of such order or suspension at the earliest possible
moment and to notify Legal Counsel and each Investor who holds Registrable
Securities being sold of the issuance of such order and the resolution thereof
or its receipt of actual notice of the initiation or threat of any proceeding
for such purpose.

          (h)
The Corporation shall make available for inspection, during normal business
hours on two Business Days notice, by (i) Legal Counsel and (ii) any firm of
accountants or other agents retained by the Investors (collectively, the
"Inspectors"), all pertinent financial and other records, and pertinent
corporate documents and properties of the Corporation (collectively, the
"Records"), as shall be reasonably deemed necessary by each Inspector,
and cause the Corporation's officers, directors and employees to supply all
information which any Inspector may reasonably request; provided,
however, that each Inspector shall agree to hold in strict confidence and
shall not make any disclosure (except to an Investor) or use of any Record other
than public Records, unless (A) the disclosure of such Records is necessary to
avoid or correct a misstatement or omission in any Registration Statement or is
otherwise required under the 1933 Act, (B) the release of such Records is
ordered pursuant to a final, non-appealable subpoena or order from a court or
government body of competent jurisdiction, or (C) the information in such
Records has been made generally available to the public other than by disclosure
in violation of this or any other agreement of which the Inspector has
knowledge. Each Investor agrees that it shall, upon learning that disclosure of
such Records is sought in or by a court or governmental body of competent
jurisdiction or through other means, give prompt notice to the Corporation and
allow the Corporation, at its expense, to undertake appropriate action to
prevent disclosure of, or to obtain a protective order for, the Records deemed
confidential. Nothing herein (or in any other confidentiality agreement between
the Corporation and any Investor) shall be deemed to limit the Investors'
ability to sell Registrable Securities in a manner which is otherwise consistent
with applicable laws and regulations.

          (i)
The Corporation shall hold in confidence and not make any disclosure of
information concerning an Investor provided to the Corporation unless (i)
disclosure of such information is necessary to comply with Securities Laws, (ii)
the disclosure of such information is necessary to avoid or correct a
misstatement or omission in any Registration Statement, (iii) the release of
such information is ordered pursuant to a subpoena or other final,
non-appealable order from a court or governmental body of competent
jurisdiction, or (iv) such information has been made generally available to the
public other than by disclosure in violation of this Agreement or any other
agreement. The Corporation agrees that it shall, upon learning that disclosure
of such information concerning an Investor is sought in or by a court or
governmental body of competent jurisdiction or through other means, give prompt
written notice to such Investor and allow such Investor, at the Investor's
expense, to undertake appropriate action to prevent disclosure of, or to obtain
a protective order for, such information.

9

          (j)
The Corporation shall use its reasonable best efforts to (i) cause all of the
Registrable Securities covered by a Registration Statement to be listed on each
securities exchange on which securities of the same class or series issued by
the Corporation are then listed, if any, if the listing of such Registrable
Securities is then permitted under the rules of such exchange, and (ii) secure
designation and quotation of all of the Registrable Securities covered by a
Registration Statement on the AMEX. The Corporation shall pay all fees and
expenses in connection with satisfying its obligation under this Section
3(j).

          (k)
The Corporation shall cooperate with the Investors who hold Registrable
Securities being offered and, to the extent applicable, use its reasonable best
efforts to facilitate the timely preparation and delivery of certificates (not
bearing any restrictive legend) representing the Registrable Securities sold
pursuant to a Registration Statement and enable such certificates to be in such
denominations or amounts, as the case may be, as the Investors may reasonably
request and registered in such names as the Investors may request.

          (l)
If reasonably requested by an Investor, the Corporation shall (i) as soon as
practicable incorporate in a prospectus supplement or post-effective amendment
such information as Legal Counsel or an Investor reasonably requests to be
included therein relating to the sale and distribution of Registrable
Securities, including, without limitation, information with respect to the
number of Registrable Securities being offered or sold, the purchase price being
paid therefor and any other terms of the offering of the Registrable Securities
to be sold in such offering, (ii) as soon as practicable make all required
filings of such prospectus supplement or post-effective amendment after being
notified of the matters to be incorporated in such prospectus supplement or
post-effective amendment, and (iii) as soon as practicable, supplement or make
amendments to any Registration Statement if reasonably requested by Legal
Counsel or an Investor holding any Registrable Securities.

          (m)
The Corporation shall use its reasonable best efforts to cause the Registrable
Securities covered by a Registration Statement to be registered with or approved
by such other governmental agencies or authorities as may be necessary to
consummate the disposition of such Registrable Securities, and shall use its
reasonable best efforts to comply with all applicable rules and regulations of
the SEC in connection with any registration hereunder.

          (n)
The Corporation shall make generally available to its security holders as soon
as practical, but not later than 90 days after the close of the period covered
thereby, an earning statement (in form complying with, and in the manner
provided by, the provisions of Rule 158 under the 1933 Act) covering a 12-month
period beginning not later than the first day of the Corporation's fiscal
quarter next following the Effective Date of a Registration Statement.

          (o)
Within two Business Days after a Registration Statement which covers Registrable
Securities is ordered effective by the SEC, the Corporation shall deliver, and
shall cause legal counsel for the Corporation to deliver, to the Transfer Agent
for such Registrable Securities (with copies to the Investors whose Registrable
Securities are included in such Registration Statement) confirmation that such
Registration Statement has been declared effective by the SEC.

10

          (p)
Notwithstanding anything in this Agreement to the contrary, after 20 consecutive
Trading Days of continuous effectiveness of the initial Registration Statement
filed and declared effective pursuant to this Agreement, the Corporation may, by
written notice to Legal Counsel and the Investors, suspend sales under a
Registration Statement after the Effective Date thereof and/or require that such
Investors immediately cease the sale of Common Shares pursuant thereto and/or
defer the filing of any subsequent Registration Statement if: (i) the
Corporation is in possession of material non-public information relating to a
material merger, acquisition or sale or similar transaction, (ii) the board of
directors of the Corporation determines in good faith, by appropriate
resolutions, that, as a result of such activity, (A) it would be materially
detrimental to the Corporation (other than as relating solely to the price of
the Common Shares) to file a Registration Statement at such time and (B) it is
in the best interests of the Corporation to defer proceeding with such
registration at such time, and (iii) in the opinion of legal counsel for the
Corporation sales under the Registration Statement are required to be suspended.
Upon receipt of such notice, each Investor shall immediately discontinue any
sales of Registrable Securities pursuant to such registration until such
Investor has been advised that the Corporation has filed a prospectus supplement
or amended prospectus with the SEC or until such Investor is advised in writing
by the Corporation that the then-current prospectus may be used and has received
copies of any additional or supplemental filings that are incorporated or deemed
incorporated by reference in such prospectus. In no event, however, shall this
right be exercised to suspend sales beyond the period during which (in the good
faith determination of the Corporation's board of directors) the failure to
require such suspension would be materially detrimental to the Corporation. The
Corporation's rights under this Section 3(p) may be exercised not more
than one time, nor for a period of more than 20 days, in any 12-month period.
Immediately after the end of any suspension period under this Section
3(p), the Corporation shall take all necessary actions (including filing any
required supplemental prospectus) to restore the effectiveness of the applicable
Registration Statement and the ability of the Investors to publicly resell their
Registrable Securities pursuant to such effective Registration Statement.
Notwithstanding anything to the contrary, the Corporation shall cause its
Transfer Agent to deliver unlegended Common Shares to a transferee of an
Investor in connection with any sale of Registrable Securities with respect to
which an Investor has entered into a contract for sale, and delivered a copy of
the prospectus included as part of the applicable Registration Statement, if
required, prior to the Investor's receipt of the notice of a suspension period
and for which the Investor has not yet settled.

     4.      Obligations
of the Investors.

          (a)
At least five Business Days prior to the first anticipated filing date of a
Registration Statement, the Corporation shall notify Legal Counsel and each
Investor in writing of the information the Corporation requires from each such
Investor if such Investor elects to have any of such Investor's Registrable
Securities included in such Registration Statement. It shall be a condition
precedent to the obligations of the Corporation to complete the registration
pursuant to this Agreement with respect to the Registrable Securities of a
particular Investor and any penalty or default resulting from such failure, that
such Investor shall furnish to the Corporation such information regarding
itself, the Registrable Securities held by it and the 

11

intended method of disposition of the Registrable Securities
held by it as shall be reasonably required to effect the effectiveness of the
registration of such Registrable Securities.

          (b)
Each Investor agrees that, upon receipt of any notice from the Corporation of
the happening of any event of the kind described in Section 3(g), the
first sentence of Section 3(f) or a suspension period under
Section 3(p) (a "Suspension Notice"), such Investor will (i)
immediately discontinue disposition of Registrable Securities pursuant to any
Registration Statement(s) covering such Registrable Securities until such
Investor's receipt of notice of the filing of any prospectus supplement or
post-effective amendment contemplated by Section 3(g) or the first
sentence of Section 3(f) or receipt of notice that no supplement or
amendment is required, and (ii) if so requested by the Corporation, deliver to
the Corporation or destroy all copies of the prospectus covering the Registrable
Securities in its possession at the time of receipt of such Suspension Notice.
Notwithstanding anything to the contrary, the Corporation shall cause its
Transfer Agent to deliver unlegended Common Shares to a transferee of an
Investor in connection with any sale of Registrable Securities with respect to
which an Investor has entered into a contract for sale and delivered a copy of
the applicable prospectus prior to the Investor's receipt of a notice from the
Corporation of the happening of any event of the kind described in Section
3(g) or the first sentence of Section 3(f) and for which the Investor
has not yet settled.

          (c)
Each Investor covenants and agrees that it will comply with the prospectus
delivery requirements of the 1933 Act in connection with sales of Registrable
Securities pursuant to the Registration Statement.

     5.      Expenses
of Registration. All reasonable expenses, other than underwriting discounts
and commissions, incurred in connection with registrations, filings or
qualifications pursuant to Sections 2 and 3, including, without
limitation, all registration, listing and qualifications fees, printers and
accounting fees, and fees and disbursements of legal counsel for the Corporation
shall be paid by the Corporation. The Corporation shall also reimburse the
Investors for the reasonable fees and disbursements of Legal Counsel in
connection with registration, filing or qualification pursuant to Sections
2 and 3 of this Agreement.

     6.      Indemnification.
In the event any Registrable Securities are included in a Registration Statement
under this Agreement:

          (a)
To the fullest extent permitted by law, the Corporation will, and hereby does,
indemnify, hold harmless and defend each Investor, the directors, officers,
members, partners, employees, agents, representatives of, and each Person, if
any, who controls any Investor within the meaning of the 1933 Act or the 1934
Act (each, an "Indemnified Person"), against any losses, claims, damages,
liabilities, judgments, fines, penalties, charges, costs, reasonable attorneys'
fees, amounts paid in settlement or expenses, joint or several, (collectively,
the "Claims") incurred in investigating, preparing or defending any
action, claim, suit, inquiry, proceeding, investigation or appeal taken from the
foregoing by or before any court or governmental, administrative or other
regulatory agency, body or the SEC, whether pending or threatened, whether or
not an indemnified party is or may be a party thereto ("Indemnified

12

Damages"), to which any of them may become subject
insofar as such Claims (or actions or proceedings, whether commenced or
threatened, in respect thereof) arise out of or are based upon (i) any untrue
statement or alleged untrue statement of a material fact in a Registration
Statement or any post-effective amendment thereto or in any filing made in
connection with the qualification of the offering under the securities or other
"blue sky" laws of any jurisdiction in which Registrable Securities are offered,
or the omission or alleged omission to state a material fact required to be
stated therein or necessary to make the statements therein not misleading, (ii)
any untrue statement or alleged untrue statement of a material fact contained in
any preliminary prospectus if used prior to the Effective Date of such
Registration Statement, or contained in the final prospectus (as amended or
supplemented, if the Corporation files any amendment thereof or supplement
thereto with the SEC, as applicable) or the omission or alleged omission to
state therein any material fact necessary to make the statements made therein,
in the light of the circumstances under which the statements therein were made,
not misleading, (iii) any violation or alleged violation by the Corporation of
the 1933 Act, the 1934 Act, any other law, including, without limitation, any
state, provincial or territorial securities law, or any rule or regulation
thereunder relating to the offer or sale of the Registrable Securities pursuant
to a Registration Statement, or (iv) any violation of this Agreement by the
Corporation (the matters in the foregoing clauses (i) through (iv) being,
collectively, "Violations"). Subject to Section 6(c), the
Corporation shall reimburse the Indemnified Persons, promptly as such expenses
are incurred and are due and payable, for any reasonable and documented legal
fees or other reasonable expenses incurred by them in connection with
investigating or defending any such Claim.

          Notwithstanding
anything to the contrary contained herein, the indemnity agreement contained in
this Section 6(a): (i) shall not apply to a Claim by an Indemnified
Person arising out of or based upon a Violation which occurs in reliance upon
and in conformity with information furnished in writing to the Corporation by
such Indemnified Person expressly for use in connection with the preparation of
the Registration Statement or any such amendment thereof or supplement thereto,
if such prospectus was timely made available by the Corporation pursuant to
Section 3(d); (ii) with respect to any preliminary prospectus, shall not
inure to the benefit of any such Person from whom the Person asserting any such
Claim purchased the Registrable Securities that are the subject thereof (or to
the benefit of any Person controlling such Person) if the untrue statement or
omission of material fact contained in the preliminary prospectus was corrected
in the prospectus, as then amended or supplemented, if such prospectus was
timely made available by the Corporation pursuant to Section 3(d); (iii)
shall not be available to the extent such Claim is based on a failure of the
Investor to deliver or to cause to be delivered the prospectus made available by
the Corporation, including a corrected prospectus, if such prospectus or
corrected prospectus was timely made available by the Corporation pursuant to
Section 3(d); and (iv) shall not apply to amounts paid in settlement of
any Claim if such settlement is effected without the prior written consent of
the Corporation, which consent shall not be unreasonably withheld or delayed.
Such indemnity shall remain in full force and effect regardless of any
investigation made by or on behalf of the Indemnified Person and shall survive
the transfer of the Registrable Securities by the Investors pursuant to
Section 9.

          (b)
In connection with any Registration Statement in which an Investor is
participating, each such Investor agrees to severally and not jointly indemnify,
hold harmless and 

13

defend, to the same extent and in the same manner as is set
forth in Section 6(a), the Corporation, each of its directors, each of
its officers who signs the Registration Statement and each Person, if any, who
controls the Corporation within the meaning of the 1933 Act or the 1934 Act
(each, an "Indemnified Party"), against any Claim or Indemnified Damages
to which any of them may become subject, under the 1933 Act, the 1934 Act or
otherwise, insofar as such Claim or Indemnified Damages arise out of or are
based upon any Violation, in each case to the extent, and only to the extent,
that such Violation occurs in reliance upon and in conformity with written
information furnished to the Corporation by such Investor expressly for use in
connection with such Registration Statement; and, subject to Section
6(c), such Investor will reimburse any reasonable and documented legal or
other reasonable and documented expenses incurred by an Indemnified Party in
connection with investigating or defending any such Claim; provided,
however, that the indemnity agreement contained in this Section 6(b)
and the agreement with respect to contribution contained in Section 7
shall not apply to amounts paid in settlement of any Claim if such settlement is
effected without the prior written consent of such Investor, which consent shall
not be unreasonably withheld or delayed; provided, further, however, that the
Investor shall be liable under this Section 6(b) for only that amount of
a Claim or Indemnified Damages as does not exceed the net proceeds to such
Investor as a result of the sale of Registrable Securities pursuant to such
Registration Statement. Such indemnity shall remain in full force and effect
regardless of any investigation made by or on behalf of such Indemnified Party
and shall survive the transfer of the Registrable Securities by the Investors
pursuant to Section 9. Notwithstanding anything to the contrary contained
herein, the indemnification agreement contained in this Section 6(b) with
respect to any preliminary prospectus shall not inure to the benefit of any
Indemnified Party if the untrue statement or omission of material fact contained
in the preliminary prospectus was corrected on a timely basis in the prospectus,
as then amended or supplemented.

          (c)
Promptly after receipt by an Indemnified Person or Indemnified Party under this
Section 6 of notice of the commencement of any action or proceeding
(including any governmental action or proceeding) involving a Claim, such
Indemnified Person or Indemnified Party shall, if a Claim in respect thereof is
to be made against any indemnifying party under this Section 6, deliver
to the indemnifying party a written notice of the commencement thereof, and the
indemnifying party shall have the right to participate in, and, to the extent
the indemnifying party so desires, jointly with any other indemnifying party
similarly noticed, to assume control of the defense thereof with counsel
mutually satisfactory to the indemnifying party and the Indemnified Person or
the Indemnified Party, as the case may be; provided, however, that an
Indemnified Person or Indemnified Party shall have the right to retain its own
counsel with the reasonable and documented fees and expenses of not more than
one counsel for such Indemnified Person or Indemnified Party to be paid by the
indemnifying party, if, in the reasonable opinion of counsel retained by the
indemnifying party, the representation by such counsel of the Indemnified Person
or Indemnified Party and the indemnifying party would be inappropriate due to
actual or potential differing interests between such Indemnified Person or
Indemnified Party and any other party represented by such counsel in such
proceeding. The Indemnified Party or Indemnified Person shall cooperate fully
with the indemnifying party in connection with any negotiation or defense of any
such action or Claim by the indemnifying party and shall furnish to the
indemnifying party all information reasonably available to the 

14

Indemnified Party or Indemnified Person which relates to such
action or Claim. The indemnifying party shall keep the Indemnified Party or
Indemnified Person reasonably apprised at all times as to the status of the
defense or any settlement negotiations with respect thereto. No indemnifying
party shall be liable for any settlement of any action, claim or proceeding
effected without its prior written consent, provided, however, that the
indemnifying party shall not unreasonably withhold, delay or condition its
consent. No indemnifying party shall, without the prior written consent of the
Indemnified Party or Indemnified Person, consent to entry of any judgment or
enter into any settlement or other compromise which does not include as an
unconditional term thereof the giving by the claimant or plaintiff to such
Indemnified Party or Indemnified Person of a release from all liability in
respect to such Claim or litigation. Following indemnification as provided for
hereunder, the indemnifying party shall be subrogated to all rights of the
Indemnified Party or Indemnified Person with respect to all third parties, firms
or corporations relating to the matter for which indemnification has been made.
The failure to deliver written notice to the indemnifying party within a
reasonable time of the commencement of any such action shall not relieve such
indemnifying party of any liability to the Indemnified Person or Indemnified
Party under this Section 6, except to the extent that the indemnifying
party is prejudiced in its ability to defend such action.

          (d)
The indemnification required by this Section 6 shall be made by periodic
payments of the amount thereof during the course of the investigation or
defense, as and when bills are received or Indemnified Damages are incurred.

          (e)
The indemnity agreements contained herein shall be in addition to (i) any cause
of action or similar right of the Indemnified Party or Indemnified Person
against the indemnifying party or others, and (ii) any liabilities the
indemnifying party may be subject to pursuant to the law.

     7.      Contribution.
To the extent any indemnification by an indemnifying party is prohibited or
limited by law, the indemnifying party agrees to make the maximum contribution
with respect to any amounts for which it would otherwise be liable under
Section 6 to the fullest extent permitted by law; provided,
however, that: (i) no Person involved in the sale of Registrable Securities
which Person is guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the 1933 Act) in connection with such sale shall be entitled to
contribution from any Person involved in such sale of Registrable Securities who
was not guilty of fraudulent misrepresentation, and (ii) contribution by any
seller of Registrable Securities shall be limited in amount to the net amount of
proceeds received by such seller from the sale of such Registrable Securities
pursuant to such Registration Statement.

     8.     
Reports Under the 1934 Act. With a view to making available to the
Investors the benefits of Rule 144 promulgated under the 1933 Act or any other
similar rule or regulation of the SEC that may at any time permit the Investors
to sell securities of the Corporation to the public without registration
("Rule 144"), the Corporation agrees to:

          (a)
make and keep public information available, as those terms are understood and
defined in Rule 144;

15

          (b)
file with the SEC in a timely manner all reports and other documents required of
the Corporation under the 1933 Act and the 1934 Act so long as the Corporation
remains subject to such requirements and the filing of such reports and other
documents is required for the applicable provisions of Rule 144; and

          (c)
furnish to each Investor so long as such Investor owns Registrable Securities,
promptly upon request such information not available on EDGAR as may be
reasonably requested by each Investor to permit the Investors to sell such
securities pursuant to Rule 144 without registration.

     9.      Assignment
of Registration Rights. The rights under this Agreement shall be
automatically assignable by the Investors to any transferee in a private
transaction of all or any portion of such Investor's Common Shares, Warrants,
Liquidated Damages Warrants or Warrant Shares, pursuant to the terms thereof,
if: (a) the Investor agrees in writing with the transferee or assignee to assign
such rights, and a copy of such agreement is furnished to the Corporation within
a reasonable time after such assignment; (b) the Corporation is furnished with
written notice of (i) the name and address of such transferee or assignee, and
(ii) the securities with respect to which such registration rights are being
transferred or assigned; (c) at or before the time the Corporation receives the
written notice contemplated by clause (b) of this sentence the transferee or
assignee agrees in writing with the Corporation to be bound by all of the
provisions contained herein; and (d) such transfer shall have been made in
accordance with the applicable requirements of the Subscription Agreements.

     10.     
Amendment of Registration Rights. Provisions of this Agreement may be
amended and the observance thereof maybe waived (either generally or in a
particular instance and either retroactively or prospectively), only with the
prior written consent of the Corporation and the Majority Investors. Any
amendment or waiver effected in accordance with this Section 10 shall be
binding upon each Investor and the Corporation. No such amendment shall be
effective to the extent that it applies to less than all of the Investors. No
consideration shall be offered or paid to any Person to amend or consent to a
waiver or modification of any provision of any of this Agreement unless the same
consideration also is offered to all of the parties to this Agreement.

     11.      Miscellaneous.

          (a)
A Person is deemed to be a holder of Registrable Securities whenever such Person
owns or is deemed to own of record such Registrable Securities. If the
Corporation receives conflicting instructions, notices or elections from two or
more Persons with respect to the same Registrable Securities, the Corporation
shall act upon the basis of instructions, notice or election received from the
such record owner of such Registrable Securities.

          (b)
Any notices, consents, waivers or other communications required or permitted to
be given under the terms of this Agreement must be in writing and will be deemed
to have been delivered: (i) upon receipt, when delivered personally; (ii) upon
receipt, when sent by facsimile (provided confirmation of transmission is
mechanically or electronically generated and kept on file by the sending party);
or (iii) one Business Day after deposit with a nationally

16

recognized overnight delivery service, in each case properly
addressed to the party to receive the same. The addresses and facsimile numbers
for such communications shall be:

	 	If to the Corporation: 
	 	  
	 	Attn: Amir Adnani 
	 	Uranium Energy Corp. 
	 	9801 Anderson Mill Road, Suite 230 
	 	Austin, Texas, 78750 
	 	Telephone No.: (512) 828-6980 
	 	Facsimile No.: (512) 233-2531 
	 	  
	 	With copies to: 
	 	  
	 	Attn: Tom Deutsch and Herbert I. Ono 
	 	Lang Michener LLP 
	 	Royal Centre, 1055 West Georgia Street 
	 	Suite 1500 
	 	Vancouver, British Columbia V6E 4N7 
	 	Telephone No.: (604) 691-7493 
	 	Facsimile No.: (604) 893-2398 
	 	  
	 	With a copy to: 
	 	  
	 	Attn: Bob Wooder 
	 	Blake, Cassels & Graydon LLP 
	 	595 Burrard Street, Suite 2600 
	 	P.O. Box 49314 
	 	Vancouver, British Columbia, V7X 1L3 
	 	Telephone No.: (604) 631-3330 
	 	Facsimile No.: (604) 631-3309 
	 	  
	 	And to: 
	 	  
	 	Attn: Riccardo A. Leofanti 
	 	Skadden, Arps, Slate, Meagher & Flom LLP
  
	 	222 Bay Street, Suite 1750 
	 	P.O. Box 258 
	 	Toronto, Ontario, M5K 1J5 
	 	Telephone No.: (416) 777-4700 
	 	Facsimile No.: (416) 777-4747

          If
to an Investor, to its address and facsimile number as set forth in the
signature pages hereof, or as provided to the Corporation pursuant to Section 9
hereof in connection with a 

17

transferee or consignee of the rights under this Agreement, or
to such other address and/or facsimile number and/or to the attention of such
other Person as the recipient party has specified by written notice given to
each other party five days prior to the effectiveness of such change. Written
confirmation of receipt (i) given by the recipient of such notice, consent,
waiver or other communication, (ii) mechanically or electronically generated by
the sender's facsimile machine containing the time, date, recipient facsimile
number and an image of the first page of such transmission, or (iii) provided by
a courier or overnight courier service shall be rebuttable evidence of personal
service, receipt by facsimile or receipt from a nationally recognized overnight
delivery service in accordance with clause (i), (ii) or (iii) above,
respectively.

          (c)
Failure of any party to exercise any right or remedy under this Agreement or
otherwise, or delay by a party in exercising such right or remedy, shall not
operate as a waiver thereof.

          (d)
ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY, ENFORCEMENT AND
INTERPRETATION OF THIS AGREEMENT SHALL BE GOVERNED BY THE INTERNAL LAWS OF THE
STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICT OF LAW
PROVISION OR RULE (WHETHER OF THE STATE OF NEW YORK OR ANY OTHER JURISDICTIONS)
THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTIONS OTHER THAN THE
STATE OF NEW YORK. EACH PARTY HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE
JURISDICTION OF THE STATE AND FEDERAL COURTS SITTING IN THE CITY OF NEW YORK,
BOROUGH OF MANHATTAN, FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN
CONNECTION HEREWITH OR WITH ANY TRANSACTION CONTEMPLATED HEREBY OR DISCUSSED
HEREIN, AND HEREBY IRREVOCABLY WAIVES, AND AGREES NOT TO ASSERT IN ANY SUIT,
ACTION OR PROCEEDING, ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE
JURISDICTION OF ANY SUCH COURT, THAT SUCH SUIT, ACTION OR PROCEEDING IS BROUGHT
IN AN INCONVENIENT FORUM OR THAT THE VENUE OF SUCH SUIT, ACTION OR PROCEEDING IS
IMPROPER. EACH PARTY HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF PROCESS AND
CONSENTS TO PROCESS BEING SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING BY
MAILING A COPY THEREOF TO SUCH PARTY AT THE ADDRESS FOR SUCH NOTICES TO IT UNDER
THIS AGREEMENT AND AGREES THAT SUCH SERVICE SHALL CONSTITUTE GOOD AND SUFFICIENT
SERVICE OF PROCESS AND NOTICE THEREOF. NOTHING CONTAINED HEREIN SHALL BE DEEMED
TO LIMIT IN ANY WAY ANY RIGHT TO SERVE PROCESS IN ANY MANNER PERMITTED BY LAW.
IF ANY PROVISION OF THIS AGREEMENT SHALL BE INVALID OR UNENFORCEABLE IN ANY
JURISDICTION, SUCH INVALIDITY OR UNENFORCEABILITY SHALL NOT AFFECT THE VALIDITY
OR ENFORCEABILITY OF THE REMAINDER OF THIS AGREEMENT IN THAT JURISDICTION OR THE
VALIDITY OR ENFORCEABILITY OF ANY PROVISION OF THIS AGREEMENT IN ANY OTHER
JURISDICTION. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND
AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE
HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY
TRANSACTION CONTEMPLATED HEREBY.

          (e)
The Transaction Documents and the instruments referenced therein constitute the
entire agreement among the parties hereto with respect to the subject matter
thereof. There are no restrictions, promises, warranties or undertakings, other
than those set forth or referred to therein. The Transactions Documents and the
instruments referenced therein 

18

supersede all prior agreements and understandings among the
parties hereto with respect to the subject matter thereof.

          (f)
Subject to the requirements of Section 9, this Agreement shall inure to
the benefit of and be binding upon the permitted successors and assigns of each
of the parties hereto.

          (g)
The headings in this Agreement are for convenience of reference only and shall
not limit or otherwise affect the meaning or interpretation hereof. When a
reference is made in this Agreement to a Section, such reference shall be to a
Section of this Agreement, unless otherwise clearly indicated. Whenever the word
"including" is used in this Agreement, it shall be deemed to be followed by the
words "without limitation." The use of any gender herein shall be deemed to be
or include the other genders and the use of the singular herein shall be deemed
to be or include the plural (and vice versa), wherever appropriate.

          (h)
This Agreement may be executed in identical counterparts, each of which shall be
deemed an original but all of which shall constitute one and the same agreement.
This Agreement, once executed by a party, may be delivered to the other party
hereto by facsimile transmission of a copy of this Agreement bearing the
signature of the party so delivering this Agreement.

          (i)
Each party shall do and perform, or cause to be done and performed, all such
further acts and things, and shall execute and deliver all such other
agreements, certificates, instruments and documents, as any other party may
reasonably request in order to carry out the intent and accomplish the purposes
of this Agreement and the consummation of the transactions contemplated
hereby.

          (j)
All consents and other determinations required to be made by the Investors
pursuant to this Agreement shall be made, unless otherwise specified in this
Agreement, by the Majority Investors.

          (k)
The language used in this Agreement will be deemed to be the language chosen by
the parties to express their mutual intent and no rules of strict construction
will be applied against any party.

          (l)
This Agreement is intended for the benefit of the parties hereto and their
respective permitted successors and assigns, and is not for the benefit of, nor
may any provision hereof be enforced by, any other Person.

          (m)
Unless otherwise indicated, all dollar amounts referred to in this Agreement are
in United States dollars.

          (n)
The obligations of each Investor hereunder are several and not joint with the
obligations of any other Investor, and no provision of this Agreement is
intended to confer any obligations on any Investor vis-a-vis any other Investor.
Nothing contained herein, and no action taken by any Investor pursuant hereto,
shall be deemed to constitute the Investors as a partnership, an association, a
joint venture or any other kind of entity, or create a presumption 

19

that the Investor are in any way acting in concert or as a
group with respect to such obligations or the transactions contemplated
herein.

          (o)
Except as otherwise provided herein, in any other Transaction Document or as
required by applicable law or legal process, no Investor may make any public
announcement concerning this Agreement or the transactions contemplated by this
Agreement without obtaining the prior written consent of the Corporation and
giving the Corporation no less than 48 hours to review and comment on such
public announcement prior to release.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK SIGNATURE PAGES
TO FOLLOW]

20

          IN
WITNESS WHEREOF, the parties have executed this Agreement as of the date first
written above.

	 	URANIUM ENERGY CORP. 
	 	 
	 	By: 	/s/
      ‘Amir Adnani’ 
	 	 	 
	 	Name: 	Amir Adnani 
	 	Title: 	President & CEO 
	 	  	  
	 	NATIONAL BANK FINANCIAL INC.
    
	 	AS AGENT FOR EACH OF THE
      SUBSCRIBERS 
	 	 
	 	By: 	/s/
      Daniel W. Wilton 
	 	 	 
	 	Name: 	Daniel
      W. Wilton 
	 	Title: 	Managing Director, Co-Head Global Mining and Metals Group
  

Exhibit A

PLAN OF DISTRIBUTION

     The selling stockholders may,
from time to time, sell any or all of their shares of common stock on any stock
exchange, market or trading facility on which the shares are traded or in
private transactions. These sales may be at fixed or negotiated prices. The
selling stockholders may use any one or more of the following methods when
selling shares:

	
  ordinary brokerage transactions and transactions in which the broker-dealer
  solicits purchasers; 

  
	
  block trades in which the broker-dealer will attempt to sell the shares as
  agent but may position and resell a portion of the block as principal to
  facilitate the transaction; 

  
	
  purchases by a broker-dealer as principal and resale by the broker-dealer
  for its account; 

  
	
  an exchange distribution in accordance with the rules of the applicable
  exchange; 

  
	
  privately negotiated transactions; 

  
	
  short sales; 

  
	
  broker-dealers may agree with the selling stockholders to sell a specified
  number of such shares at a stipulated price per share; 

  
	
  a combination of any such methods of sale; and 

  
	
  any other method permitted pursuant to applicable law. 

     The selling stockholders may also
sell shares under Rule 144 or Regulation S under the Securities Act, if
available, rather than under this prospectus.

     The selling stockholders may also
engage in short sales against the box, puts and calls and other transactions in
our securities or derivatives of our securities and may sell or deliver shares
in connection with these trades. 

     Broker-dealers engaged by the
selling stockholders may arrange for other brokers-dealers to participate in
sales. Broker-dealers may receive commissions or discounts from the selling
stockholders (or, if any broker-dealer acts as agent for the purchaser of
shares, from the purchaser) in amounts to be negotiated. The selling
stockholders do not expect these commissions and discounts to exceed what is
customary in the types of transactions involved. Any profits on the resale of
shares of common stock by a broker-dealer acting as principal might be deemed to
be underwriting discounts or commissions under the Securities Act. Discounts,
concessions, commissions and similar selling 

expenses, if any, attributable to the sale of shares will be
borne by a selling stockholder. The selling stockholders may agree to indemnify
any agent, dealer or broker-dealer that participates in transactions involving
sales of the shares if liabilities are imposed on that person under the
Securities Act.

     The selling stockholders may from
time to time pledge or grant a security interest in some or all of the shares of
common stock owned by them and, if they default in the performance of their
secured obligations, the pledgees or secured parties may offer and sell the
shares of common stock from time to time under this prospectus after we have
filed an amendment to this prospectus under the applicable provisions of the
Securities Act amending the list of selling stockholders to include the pledgee,
transferee or other successors in interest as selling stockholders under this
prospectus.

     The selling stockholders also may
transfer the shares of common stock in other circumstances, in which case the
transferees, pledgees or other successors in interest will be the selling
beneficial owners for purposes of this prospectus and may sell the shares of
common stock from time to time under this prospectus after we have filed an
amendment to this prospectus under the applicable provisions of the Securities
Act amending the list of selling stockholders to include the pledgee, transferee
or other successors in interest as selling stockholders under this
prospectus.

     We are required to pay all fees
and expenses incident to the registration of the shares of common stock,
including the reasonable fees and disbursements of counsel to the selling
stockholders. We have agreed to indemnify the selling stockholders against
certain losses, claims, damages and liabilities, including liabilities under the
Securities Act.

     The selling stockholders have
advised us that they have not entered into any agreements, understandings or
arrangements with any underwriters or broker-dealers regarding the sale of their
shares of common stock, nor is there an underwriter or coordinating broker
acting in connection with a proposed sale of shares of common stock by any
selling stockholder. If we are notified by any selling stockholder that any
material arrangement has been entered into with a broker-dealer for the sale of
shares of common stock, if required, we will file a supplement to this
prospectus. If the selling stockholders use this prospectus for any sale of the
shares of common stock, they will be subject to the prospectus delivery
requirements of the Securities Act.

     The anti-manipulation rules of
Regulation M under the Securities Exchange Act of 1934 may apply to sales of our
common stock and activities of the selling stockholders.

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