Document:

form10qsb103107ex4-2.htm

    WARRANT
      AGREEMENT (“Agreement”), dated as of December 6, 2007, by and between
      American Goldfields Inc., a Nevada corporation (the “Company”), and
      ________ (“Warrantholder”).  Certain capitalized terms used
      herein are defined in Section 14 hereof.

     

    In
      consideration of the mutual terms, conditions, representations, warranties
      and
      agreements herein set forth, and for other good and valuable consideration,
      the
      receipt and sufficiency of which is hereby acknowledged, the parties hereto
      hereby agree as follows:

     

    
      	
              Section
                1.

            	
              Issuance
                of Warrants.

            

    

     

    The
      Company hereby issues and grants to Warrantholder _______ Class B Warrants
      (“Warrants”) to purchase ____ shares of common stock of the Company (the
“Common Stock”).  Commencing on the date which is two months
      from the date hereof, or such earlier date as determined by the Company in
      its
      sole and absolute discretion (the “Warrant Commencement Date”), and
      terminating five years thereafter (the “Warrant Expiration Date”), the
      holder shall have the right, subject to the satisfaction of the conditions
      to
      exercise set forth in Section 7 of this Agreement, to purchase ________ shares
      of Common Stock (the shares of Common Stock issuable upon exercise of the
      Warrants being collectively referred to herein as the “Warrant Shares”)
      at an exercise price of $0.74 per Warrant Share (the “Exercise
      Price”).  The number of Warrant Shares issuable on exercise of
      each Warrant and the Exercise Price are all subject to adjustment pursuant
      to
      Section 8 of this Agreement. Notwithstanding, the Company may, in its sole
      and
      absolute discretion, reduce the Exercise Price.

     

    
      	
              Section
                2.

            	
              Form
                of Warrant Certificates.

            

    

     

    Promptly
      after the execution and delivery of this Agreement by the parties hereto, the
      Company shall cause to be executed and delivered to Warrantholder one or more
      certificates evidencing the Warrants (the “Warrant
      Certificates”).  Each Warrant Certificate delivered hereunder
      shall be substantially in the form set forth in Exhibit A attached hereto
      and may have such letters, numbers or other identification marks and legends,
      summaries or endorsements printed thereon as the Company may deem appropriate
      and that are not inconsistent with the terms of this Agreement or as may be
      required by applicable law, rule or regulation.  Each Warrant
      Certificate shall be dated the date of execution by the Company.

     

    
      	
              Section
                3.

            	
              Execution
                of Warrant Certificates.

            

    

     

    Each
      Warrant Certificate delivered hereunder shall be signed on behalf of the Company
      by its Chairman of the Board, Chief Executive Officer, President or a Vice
      President, Secretary or an Assistant Secretary.  Each such signature
      may be in the form of a facsimile thereof and may be imprinted or otherwise
      reproduced on the Warrant Certificates.

     

    If
      any
      officer of the Company who signed any Warrant Certificate ceases to be an
      officer of the Company before the Warrant Certificate so signed shall have
      been
      delivered by the Company, such Warrant Certificate nevertheless may be delivered
      as though such person had not ceased to be such officer of the
      Company.

     

    
      	
              Section
                4.

            	
              Registration.

            

    

     

    Warrant
      Certificates shall be issued in registered form only.  The Company
      will keep or cause to be kept books for registration of ownership and transfer
      of each Warrant Certificate issued pursuant to this Agreement.  Each
      Warrant Certificate issued pursuant to this Agreement shall be

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    numbered
      by the Company and shall be registered by the Company in the name of the holder
      thereof (initially the Warrantholder).  The Company may deem and treat
      the registered holder of any Warrant Certificate as the absolute owner thereof
      (notwithstanding any notation of ownership or other writing thereon made by
      anyone) for the purpose of any exercise thereof and for all other purposes,
      and
      the Company shall not be affected by any notice to the contrary.

     

    
      	
              Section
                5.

            	
              No
                Transfers.

            

    

     

    A.           Restrictions
      on Transfer.  No Warrant may be sold, pledged, hypothecated,
      assigned, conveyed, transferred or otherwise disposed of (each a
“transfer”) unless (i) the transfer complies with all applicable United
      States and Canadian securities laws and (ii) the transferee agrees in writing
      to
      be bound by the terms of this Agreement.

     

    B.           Cancellation.  Warrant
      Certificates surrendered for transfer or exchange shall be canceled by the
      Company.

     

    
      	
              Section
                6.

            	
              Mutilated
                or Missing Warrant
                Certificates.

            

    

     

    If
      any
      Warrant Certificate is mutilated, lost, stolen or destroyed, the Company shall
      issue, upon surrender and cancellation of any mutilated Warrant Certificate,
      or
      in lieu of and substitution for any lost, stolen or destroyed Warrant
      Certificate, a new Warrant Certificate of like tenor and representing an equal
      number of Warrants.  In the case of a lost, stolen or destroyed
      Warrant Certificate, a new Warrant Certificate shall be issued by the Company
      only upon the Company’s receipt of reasonably satisfactory evidence of such
      loss, theft or destruction and, if requested, an indemnity or bond reasonably
      satisfactory to the Company.

     

    
      	
              Section
                7.

            	
              Exercise
                of Warrants.

            

    

     

    A.           Exercise.  Subject
      to the terms and conditions set forth in this Section 7, Warrants may be
      exercised, in whole or in part (but not as to any fractional part of a Warrant),
      at any time or from time to time on and after the Warrant Commencement Date
      and
      on or prior to 5:00 p.m. on the Warrant Expiration Date.

     

    The
      Warrant shall be exercisable only on and after the Warrant Commencement Date.
      If
      the Company determines in its sole and absolute discretion to accelerate the
      date that this Warrant first becomes exercisable to a date which is earlier
      than
      the eighteenth month anniversary of the date hereof, the Company shall send
      notice to the Warrantholder prior to the date thereof.

     

    In
      order
      to exercise any Warrant, Warrantholder shall deliver to the Company at its
      office referred to in Section 15 the following: (i) a written notice
      in the form of the Election to Purchase appearing at the end of the form of
      Warrant Certificate attached as Exhibit A hereto of such
      Warrantholder’s election to exercise the Warrants, which notice shall specify
      the number of such Warrantholder’s Warrants being exercised; (ii) the
      Warrant Certificate or Warrant Certificates evidencing the Warrants being
      exercised; and (iii) payment of the aggregate Exercise Price.

     

    All
      rights of Warrantholder with respect to any Warrant that has not been exercised,
      on or prior to 5:00 p.m on the Warrant Expiration Date shall immediately cease
      and such Warrants shall be automatically cancelled and void.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    B.           Payment
      of Exercise Price.  Payment of the Exercise Price with respect to
      Warrants being exercised hereunder may, at the election of Warrantholder, be
      made as follows:  (i) by the payment to the Company, in cash, by check
      or wire transfer, of an amount equal to the Exercise Price multiplied by the
      number of Warrants then being exercised; or (ii) by surrendering to the
      Company for cancellation Warrant Certificates evidencing Warrants to acquire
      a
      number of Warrant Shares equal to (x) the aggregate Exercise Price divided
      by
      (y) the fair market value of one Warrant Share (a “cashless
      exercise”).

     

    If
      a
      Warrantholder elects a cashless exercise, the number of Warrant Shares to be
      issued to Warrantholder upon such exercise shall be computed using the following
      formula:

     

    X
      =           Y(A-B)

     

        A

     

    X
      =           the number of
      Warrant Shares to be issued to Warrantholder

     

    Y
      =           the number of
      Warrant Shares underlying the Warrants being exercised

     

    A
      =           the fair
      market value of one Warrant Share

     

    B
      =           the Exercise
      Price

     

    (a)           As
      used herein, the “fair market value of one Warrant Share” means an amount
      equal to the number of shares of Common Stock into which a Warrant Share is
      convertible times the average, over the 5 trading-day period ending on the
      trading day which is two trading days prior to the date of surrender, of the
      closing sales prices (or, if on any day there is no closing sales price, the
      average of the highest bid and lowest asked price) in the United States
      Over-the-Counter Bulletin Board as reported by the National
      Quotation Bureau, Incorporated, or any similar successor
      organization.

     

    (b)           For
      the purpose of this section, the “closing” shall mean 4:00 p.m., New York
      City time.

     

    C.           Payment
      of Taxes.  The Company shall be responsible for paying any and all
      issue, documentary, stamp or other taxes that may be payable in respect of
      any
      issuance or delivery of Warrant Shares on exercise of a Warrant.

     

    D.           Delivery
      of Warrant Shares.  Upon receipt of the items referred to in
      Section 7A, the Company shall, as promptly as practicable, and in any event
      within five (5) Business Days thereafter, execute and deliver or cause to be
      executed and delivered, to or upon the written order of Warrantholder, and
      in
      the name of Warrantholder or Warrantholder’s designee, a stock certificate or
      stock certificates representing the number of Warrant Shares to be issued on
      exercise of the Warrant(s).  If the Warrant Shares shall in accordance
      with the terms thereof have become automatically convertible into shares of
      the
      Company’s Common Stock prior to the time a Warrant is exercised, the Company
      shall in lieu of issuing shares of Common Stock, issue to the Warrantholder
      or
      its designee on exercise of such Warrant, a stock certificate or stock
      certificates representing the number of shares of Common Stock into which the
      Warrant Shares issuable on exercise of such Warrant are
      convertible.  The certificates issued to Warrantholder or its designee
      shall bear any restrictive legend required under applicable law, rule or
      regulation.  The stock certificate or certificates so delivered shall
      be registered in the name of Warrantholder or such other name as shall be
      designated in said notice.  A Warrant shall be deemed to have been
      exercised and such stock certificate or stock certificates shall be deemed
      to
      have been issued,

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    and
      such
      holder or any other Person so designated to be named therein shall be deemed
      to
      have become a holder of record of such shares for all purposes, as of the date
      that such notice, together with payment of the aggregate Exercise Price and
      the
      Warrant Certificate or Warrant Certificates evidencing the Warrants to be
      exercised, is received by the Company as aforesaid.  If the Warrants
      evidenced by any Warrant Certificate are exercised in part, the Company shall,
      at the time of delivery of the stock certificates, deliver to the holder thereof
      a new Warrant Certificate evidencing the Warrants that were not exercised or
      surrendered, which shall in all respects (other than as to the number of
      Warrants evidenced thereby) be identical to the Warrant Certificate being
      exercised.  Any Warrant Certificates surrendered upon exercise of
      Warrants shall be canceled by the Company.

     

    
      	
              Section
                8.

            	
              Adjustment
                of Number of Warrant Shares Issuable Upon Exercise of a Warrant and
                Adjustment of Exercise
                Price.

            

    

     

    A.           Adjustment
      for Stock Splits, Stock Dividends, Recapitalizations.  The
      number of Warrant Shares issuable upon exercise of each Warrant and the Exercise
      Price shall each be proportionately adjusted to reflect any stock dividend,
      stock split, reverse stock split, recapitalization or the like affecting the
      number of outstanding shares of Common Stock that occurs after the date
      hereof.

     

    B.           Adjustments
      for Reorganization, Consolidation, Merger.  If after the date
      hereof, the Company (or any other entity, the stock or other securities of
      which
      are at the time receivable on the exercise of the Warrants), consolidates with
      or merges into another entity or conveys all or substantially all of its assets
      to another entity, then, in each such case, Warrantholder, upon any permitted
      exercise of a Warrant (as provided in Section 7), at any time after the
      consummation of such reorganization, consolidation, merger or conveyance, shall
      be entitled to receive, in lieu of the stock or other securities and property
      receivable upon the exercise of the Warrant prior to such consummation, the
      stock or other securities or property to which such Warrantholder would have
      been entitled upon the consummation of such reorganization, consolidation,
      merger or conveyance if such Warrantholder had exercised the Warrant immediately
      prior thereto, all subject to further adjustment as provided in this Section
      8.  The successor or purchasing entity in any such reorganization,
      consolidation, merger or conveyance (if other than the Company) shall duly
      execute and deliver to Warrantholder a written acknowledgment of such entity’s
      obligations under the Warrants and this Agreement.

     

    C.           Notice
      of Certain Events.

     

    Upon
      the
      occurrence of any event resulting in an adjustment in the number of Warrant
      Shares (or other stock or securities or property) receivable upon the exercise
      of the Warrants or the Exercise Price, the Company shall promptly thereafter
      (i)
      compute such adjustment in accordance with the terms of the Warrants, (ii)
      prepare a certificate setting forth such adjustment and showing in detail the
      facts upon which such adjustment is based, and (iii) mail copies of such
      certificate to Warrantholder.

     

    D.           Adjustment
      to the Exercise Price.

     

    The
      Company has the right, in its sole and absolute discretion, to reduce the
      Exercise Price. Upon any such determination, the Company shall notice to the
      Warrantholder thereof.

     

    
      	
              Section
                9.

            	
              Reservation
                of Shares.

            

    

     

    The
      Company shall at all times reserve and keep available, free from preemptive
      rights, out of the aggregate of its authorized but unissued Common Stock, or
      its
      authorized and issued Common Stock held in its treasury, the aggregate number
      of
      the Warrant Shares deliverable upon the exercise of

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    all
      outstanding Warrants, for the purpose of enabling it to satisfy any obligation
      to issue the Warrant Shares upon the due and punctual exercise of the Warrants,
      through 5:00 p.m. on the Warrant Expiration Date.

     

    
      	
              Section
                10.

            	
              No
                Impairment.

            

    

     

    The
      Company shall not, by amendment of its certificate of incorporation or bylaws,
      or through reorganization, consolidation, merger, dissolution, issuance or
      sale
      of securities, sale of assets or any other voluntary action, willfully avoid
      or
      seek to avoid the observance or performance of any of the terms of the Warrants
      or this Agreement, and shall at all times in good faith assist in the carrying
      out of all such terms and in the taking of all such actions as may be necessary
      or appropriate in order to protect the rights of Warrantholder under the
      Warrants and this Agreement against wrongful impairment.  Without
      limiting the generality of the foregoing, the Company:  (i) shall not
      set or increase the par value of any Warrant Shares above the amount payable
      therefor upon exercise, and (ii) shall take all actions that are necessary
      or
      appropriate in order that the Company may validly and legally issue fully paid
      and nonassessable Warrant Shares upon the exercise of the Warrants.

     

    
      	
              Section
                11.

            	
              Representations
                and Warranties of
                Warrantholder.

            

    

     

    Warrantholder
      represents and warrants to the Company that, on the date hereof and on the
      date
      the Warrantholder exercises the Warrant pursuant to the terms of this
      Agreement:

     

    (i)           Warrantholder
      is an “accredited investor”, as such term is defined in Rule 501(a) of
      Regulation D promulgated under the Securities Act.

     

    (ii)           Warrantholder
      understands that the Warrants and the Warrant Shares have not been registered
      under the Securities Act and acknowledges that the Warrants and the Warrant
      Shares must be held indefinitely unless they are subsequently registered under
      the Securities Act or an exemption from such registration becomes
      available.

     

    (iii)           Warrantholder
      is acquiring the Warrants for Warrantholder’s own account for investment and not
      with a view to, or for sale in connection with, any distribution
      thereof.

     

    (iv)           All
      the representations made by the Warrantholder on the date hereof in the
      Subscription Agreement between the Company and the Warrantholder shall be true
      and correct as of the date the Warrantholder exercises the Warrant.

     

    
      	
              Section
                12.

            	
              No
                Rights or Liabilities as
                Stockholder.

            

    

     

    No
      holder, as such, of any Warrant Certificate shall be entitled to vote, receive
      dividends or be deemed the holder of Common Stock which may at any time be
      issuable on the exercise of the Warrants represented thereby for any purpose
      whatever, nor shall anything contained herein or in any Warrant Certificate
      be
      construed to confer upon the holder of any Warrant Certificate, as such, any
      of
      the rights of a stockholder of the Company or any right to vote for the election
      of directors or upon any matter submitted to stockholders at any meeting
      thereof, or to give or withhold consent to any corporate action (whether upon
      any recapitalization, issuance of stock, reclassification of stock, change
      of
      par value or change of stock to no par value, consolidation, merger, conveyance
      or otherwise), or to receive notice of meetings or other actions affecting
      stockholders or to receive dividend or subscription rights, or otherwise, until
      such Warrant Certificate shall have been exercised in accordance with the
      provisions hereof and the receipt and collection of the Exercise Price and
      any
      other amounts payable upon such

     

    
      
         

      

      
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    exercise
      by the Company.  No provision hereof, in the absence of affirmative
      action by Warrantholder to purchase Warrant Shares shall give rise to any
      liability of such holder for the Exercise Price or as a stockholder of the
      Company, whether such liability is asserted by the Company or by creditors
      of
      the Company.

     

    
      	
              Section
                13.

            	
              Fractional
                Interests.

            

    

     

    The
      Company shall not be required to issue fractional shares of Common Stock upon
      exercise of the Warrants or to distribute certificates that evidence fractional
      shares of Common Stock.  If any fraction of a Warrant Share would,
      except for the provisions of this Section 13, be issuable on the exercise of
      a
      Warrant, the number of Warrant Shares to be issued by the Company shall be
      rounded to the nearest whole number, with one-half or greater being rounded
      up.

     

    
      	
              Section
                14.

            	
              Definitions.

            

    

     

    Unless
      the context otherwise requires, the terms defined in this Section 14,
      whenever used in this Agreement shall have the respective meanings hereinafter
      specified and words in the singular or in the plural shall each include the
      singular and the plural and the use of any gender shall include all
      genders.

     

     “Business
      Day” shall mean any day on which banking institutions are generally open for
      business in Nevada.

     

    “Common
      Stock” means the common stock of the Company.

     

    “Exercise
      Price” shall be the price per Warrant Share at which Warrantholder is
      entitled to purchase Warrant Shares upon exercise of any Warrant determined
      in
      accordance with Section 7 and  subject to adjustment as provided in
      Sections 8 and 16 hereof.

     

    “Person”
      shall mean any corporation, association, partnership, joint venture, trust,
      organization, business, individual, government or political subdivision thereof
      or governmental body.

     

    “Securities
      Act” shall mean the Securities Act of 1933, as amended, or any similar
      federal statute as at the time in effect, and any reference to a particular
      section of such Act shall include a reference to the comparable section, if
      any,
      of such successor federal statute.

     

    
      	
              Section
                15.

            	
              Notices.

            

    

     

    All
      notices, consents, requests, waivers or other communications required or
      permitted under this Agreement (each a “Notice”) shall be in writing and
      shall be sufficiently given (a) if hand delivered, (b) if sent by
      nationally recognized overnight courier, or (c) if sent by registered or
      certified mail, postage prepaid, return receipt requested, addressed as
      follows:

     

    if
      to the
      Company:

    

    American
      Goldfields Inc.

    200-4170
      Still Creek Drive

    Burnaby,
      British Columbia, Canada V5C 6C6

    Attn:  President

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    if
      to
      Warrantholder, to its address in the Subscription Agreement.

     

    

    

    or
      such
      other address as shall be furnished by any of the parties hereto in a
      Notice.  Any Notice shall be deemed given upon receipt.

     

    
      	
              Section
                16.

            	
              Supplements,
                Amendments and Waivers; Unilateral Changes by the
                Company.

            

    

     

    This
      Agreement may be supplemented or amended only by a subsequent writing signed
      by
      each of the parties hereto (or their successors or permitted assigns), and
      any
      provision hereof may be waived only by a written instrument signed by the party
      charged therewith.

     

    The
      Company shall have the right, in its sole and absolute discretion, to (i)
      accelerate the exercise date of this Warrant to a date which is prior to the
      eighteenth month anniversary of the date hereof and/or (ii) reduce the Exercise
      Price. If the Company exercises its right hereunder, it shall provide notice
      thereof to the Warrantholder.

     

    
      	
              Section
                17.

            	
              Successors
                and Assigns.

            

    

     

    Except
      as
      otherwise provided herein, the provisions of this Agreement shall be binding
      upon and inure to the benefit of and be enforceable by the successors and
      permitted assigns of the parties hereto.  Warrants issued under this
      Agreement may be assigned by Warrantholder only to the extent such assignment
      satisfies the restrictions on transfer set forth in this Agreement; any
      attempted assignment of Warrants in violation of the terms hereof shall be
      void
ab initio.

     

    
      	
              Section
                18.

            	
              Termination.

            

    

     

    This
      Agreement (other than Sections 7C, 11, and Sections 15 through 26,
      inclusive, and all related definitions, all of which shall survive such
      termination) shall terminate on the earlier of (i) the Warrant Expiration Date
      and (ii) the date on which all Warrants have been exercised.

     

    
      	
              Section
                19.

            	
              Governing
                Law; Jurisdiction.

            

    

     

    A.           Governing
      Law. This Agreement and each Warrant Certificate issued hereunder shall be
      governed by and construed in accordance with the laws of the State of Nevada
      and
      the federal laws of the United States and Canada applicable herein.

     

    B.           Submission
      to Jurisdiction.  Each party to this Agreement hereby irrevocably
      and unconditionally submits, for itself and its property, to the jurisdiction
      of
      the State of Nevada or the  province of British Columbia, and any
      appellate court from any thereof, as determined by the Company in its sole
      and
      absolute discretion, inespect of actions brought against it as a defendant,
      in
      any action, suit or proceeding arising out of or relating to this Agreement
      or
      the Warrant Certificates and Warrants to be issued pursuant hereto, or for
      recognition or enforcement of any judgment, and each of the parties hereto
      hereby irrevocably and unconditionally agrees that all claims in respect of
      any
      such action, suit or proceeding may be heard and determined in such
      courts.  Each of the parties hereto agrees that a final judgment in
      any such action, suit or proceeding shall be conclusive and may be enforced
      in
      other jurisdictions by suit on the judgment or in any other manner provided
      by
      law.

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    C.           Venue.  Each
      party hereto irrevocably and unconditionally waives, to the fullest extent
      it
      may legally and effectively do so, any objection which it may now or hereafter
      have to the laying of venue of any action, suit or proceeding arising out of
      or
      relating to this Agreement, or the Warrant Certificates and Warrants to be
      issued pursuant hereto, in any court referred to in this Subsection
      B.  Each of the parties hereby irrevocably waives, to the fullest
      extent permitted by law, the defense of an inconvenient forum to the maintenance
      of such action, suit proceeding in any such court and waives any other right
      to
      which it may be entitled on account of its place of residence or
      domicile.

     

    
      	
              Section
                20.

            	
              Third
                Party Beneficiaries.

            

    

     

    Each
      party intends that this Agreement shall not benefit or create any right or
      cause
      of action in or on behalf of any Person other than the parties hereto and their
      successors and permitted assigns.

     

    
      	
              Section
                21.

            	
              Headings.

            

    

     

    The
      headings in this Agreement are for convenience only and shall not affect the
      construction or interpretation of this Agreement.

     

    
      	
              Section
                22.

            	
              Entire
                Agreement.

            

    

     

    This
      Agreement, together with the Warrant Certificates and Exhibits, constitutes
      the
      entire agreement and understanding between the parties hereto with respect
      to
      the subject matter hereof and shall supersede any prior agreements and
      understandings between the parties hereto with respect to such subject
      matter.

     

    
      	
              Section
                23.

            	
              Expenses.

            

    

     

    Each
      of
      the parties hereto shall pay its own expenses and costs incurred or to be
      incurred in negotiating, closing and carrying out this Agreement and in
      consummating the transactions contemplated herein, except as otherwise expressly
      provided for herein.

     

    
      	
              Section
                24.

            	
              Neutral
                Construction.

            

    

     

    The
      parties to this Agreement agree that this Agreement was negotiated fairly
      between them at arm’s length and that the final terms of this Agreement are the
      product of the parties’ negotiations.  Each party represents and
      warrants that it has sought and received legal counsel of its own choosing
      with
      regard to the contents of this Agreement and the rights and obligations affected
      hereby.  The parties agree that this Agreement shall be deemed to have
      been jointly and equally drafting by them, and that the provisions of this
      Agreement therefore should not be construed against a party or parties on the
      grounds that such party or parties drafted or was more responsible for the
      drafting of any such provision(s).

     

    
      	
              Section
                25.

            	
              Representations
                and Warranties.

            

    

     

    The
      Company hereby represents and warrants to the Warrantholder that:

     

    (a)           the
      Company has all requisite corporate power and authority to (i) execute and
      deliver this Agreement and (ii) issue and sell the Common Stock upon the
      conversion thereof and carry out provisions of this Agreement.  All
      corporate action on the part of the Company, its officers,
      directors

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    and
      stockholders necessary for the authorization, execution and delivery of this
      Agreement, the performance of all obligations of the Company hereunder, and
      the
      authorization (or reservation for issuance), sale and issuance of the Common
      Stock to be sold hereunder has been taken or will be taken prior to the date
      hereof;

     

    (b)           this
      Agreement constitutes a valid and legally binding obligation of the Company,
      enforceable in accordance with its terms, except (i) as limited by applicable
      bankruptcy, insolvency, reorganization, moratorium and other laws relating
      to
      application affecting enforcement of creditor’s rights generally and (ii) as
      limited by laws relating to the availability of specific performance, injunctive
      relief of other equitable remedies;

     

    (c)           the
      Common Stock issuable upon the conversion thereof that is being purchased
      hereunder, when issued, sold and delivered in accordance with the terms of
      this
      Agreement for the consideration expressed herein, will be duly and validly
      issued, fully paid and nonassessable and will be free of restrictions on
      transfer, other than restrictions on transfer under applicable state and federal
      securities laws;

     

    (d)           subject
      in part to the truth and accuracy of Warrantholder’s representations set forth
      in Section 11 of this Agreement, the offer, sale and issuance of the Common
      Stock issuable upon the conversion thereof as contemplated by this Agreement
      are
      exempt from the registration requirements of the Securities Act and the
      qualification or registration requirements of any state securities or other
      applicable blue sky laws; and

     

    (e)           the
      execution, delivery and performance of this Agreement and the consummation
      of
      the transactions contemplated hereby will not result in any such violation,
      or
      be in conflict with or constitute, with or without the passage of time and
      giving of notice, either a default under any such provision or an event that
      results in creation of any lien, charge or encumbrance upon any assets of the
      Company or the suspension, revocation, impairment, forfeiture or nonremoval
      of
      any material permit, license, authorization or approval applicable to the
      Company, its business or operations or any of its assets or
      properties.

     

    
      	
              Section
                26.

            	
              Counterparts.

            

    

     

    This
      Agreement may be executed in counterparts and by facsimile and each such
      counterpart shall for all purposes be deemed to be an original, and all such
      counterparts shall together constitute but one and the same
      instrument.

     

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

     

    
      	
               

            	
              AMERICAN
                GOLDFIELDS INC.

            

    

     

    
      	
              By:

            	 	 

    

    
      	
               

            	
              Name:  Donald
                Neal

            

    

    
      	
               

            	
              Title:
                President

            

    

    

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    EXHIBIT A

     

    THE
      SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY
      STATE.  THE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT
      BE SOLD, ASSIGNED, TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT IN COMPLIANCE
      WITH SUCH ACT AND LAWS.  THE SECURITIES REPRESENTED BY THIS
      CERTIFICATE ARE SUBJECT TO THE TERMS AND CONDITIONS OF, AND MAY ONLY BE
      TRANSFERRED IN ACCORDANCE WITH, A WARRANT AGREEMENT BETWEEN AMERICAN GOLDFIELDS
      INC. AND THE HOLDER OF THE SECURITIES REPRESENTED BY THIS
      CERTIFICATE.  COPIES OF SUCH AGREEMENT MAY BE OBTAINED UPON WRITTEN
      REQUEST TO THE COMPANY.

     

    NO.
          _______ CLASS B WARRANTS

     

    FORM
      OF

     

    Class
      B Warrant Certificate

     

    AMERICAN
      GOLDFIELDS INC.

     

    This
      Warrant Certificate certifies that _____________, a resident of Canada, is
      the
      registered holder of _______ Class B Warrants (the “Warrantholder”) to
      purchase shares (the “Warrant Shares”) of Common Stock of American
      Goldfields Inc. (the “Company”).  Each Warrant entitles the
      holder, subject to the satisfaction of the conditions to exercise set forth
      in
      Section 7 of the Warrant Agreement referred to below, to purchase from the
      Company at any time or from time to time on and after February 6, 2008, or
      such
      earlier date as determined by the Company in its sole and absolute discretion
      (the “Warrant Commencement Date”) and terminate on or prior to 5:00 p.m.
      five years thereafter (the “Warrant Expiration Date”) one fully paid and
      nonassessable Warrant Share at the Exercise Price set forth in the Warrant
      Agreement.  The number of Warrant Shares for which each Warrant is
      exercisable and the Exercise Price are subject to adjustment as provided in
      the
      Warrant Agreement.

     

    The
      Warrants evidenced by this Warrant Certificate are part of a duly
      authorized issue of Warrants to purchase Warrant Shares and are issued pursuant
      to a Warrant Agreement, dated as of December 6, 2007 (the “Warrant
      Agreement”), between the Company and ___________, which Warrant Agreement is
      hereby incorporated by reference in and made a part of this instrument and
      is
      hereby referred to for a description of the rights, limitation of rights,
      obligations, duties and immunities thereunder of the Company and
      Warrantholder.

     

    Warrantholder
      may exercise vested Warrants by surrendering this Warrant Certificate, with
      the
      Election to Purchase attached hereto properly completed and executed, together
      with payment of the aggregate Exercise Price, at the offices of the Company
      specified in Section 15 of the Warrant Agreement.  If upon any
      exercise of Warrants evidenced hereby the number of Warrants exercised
      shall

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    be
      less
      than the total number of Warrants evidenced hereby, there shall be issued to
      the
      holder hereof or its assignee a new Warrant Certificate evidencing the
      number of Warrants not exercised.

     

    This
      Warrant Certificate, when surrendered at the offices of the Company specified
      in
      Section 15 of the Warrant Agreement, by the registered holder thereof in person,
      by legal representative or by attorney duly authorized in writing, may be
      exchanged, in the manner and subject to the limitations provided in the Warrant
      Agreement, for one or more other Warrant Certificates of like tenor evidencing
      in the aggregate a like number of Warrants.

     

    The
      Company may deem and treat the registered holder hereof as the absolute owner
      of
      this Warrant Certificate (notwithstanding any notation of ownership or other
      writing hereon made by anyone), for the purpose of any exercise hereof and
      for
      all other purposes, and the Company shall not be affected by any notice to
      the
      contrary.

     

    

     

    WITNESS
      the signatures of the duly authorized officers of the Company.

     

    Dated:  December
      6, 2007

     

    AMERICAN
      GOLDFIELDS INC.

     

     

    
      	
               

            	
              By:

            	 	 

    

    
      	
               

            	
              Name:
                Donald Neal

            

    

    
      	
               

            	
              Title:
                President

            

    

    

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    FORM
      OF

     

    Election
      to Purchase

     

    The
      undersigned hereby irrevocably elects to exercise _________ of the Class B
      Warrants evidenced by the attached Warrant Certificate to purchase Warrant
      Shares, and herewith tenders (or is concurrently tendering) payment for such
      Warrant Shares in an amount determined in accordance with the terms of the
      Warrant Agreement.  The undersigned requests that a certificate
      representing such Warrant Shares be registered in the name of , whose address
      is
 and that such certificate be delivered to , whose address is
      .  If said number of Warrants is less than the number of Warrants
      evidenced by the Warrant Certificate (as calculated pursuant to the Warrant
      Agreement), the undersigned requests that a new Warrant Certificate evidencing
      the number of Warrants evidenced by this Warrant Certificate that are not being
      exercised be registered in the name of , whose address is  and that
      such Warrant Certificate be delivered to , whose address is .

     

    Dated:                                   ,
                   

    

    Name
      of
      holder of Warrant Certificate:

    

    

    
 

    (Please
      Print)

    

    Address:                                                              

    

    

    

    

    

    Signature:                                                              

    

    
      	
               

            	
              Note:

            	
              The
                above signature must correspond with the name as written in the first
                sentence of the attached Warrant Certificate in every particular,
                without
                alteration or enlargement or any change whatever, and if the certificate
                evidencing the Warrant Shares or any Warrant Certificate representing
                Warrants not exercised is to be registered in a name other than that
                in
                which this Warrant Certificate is registered, the signature above
                must be
                guaranteed.

            

    

    

    

    Signature
      Guaranteed:  _________________________

    

    Dated:                           ,form10qsb103107ex10-1.htm

    The
      securities to which this agreement relate have not been registered under the
      United States Securities Act of 1933, as amended, any U.S. state securities
      laws, any applicable Canadian securities laws, or any securities laws of any
      other jurisdiction and may not be offered or resold in the United States or
      in
      Canada without registration under such applicable U.S. or Canadian securities
      laws, unless an exemption from registration is available and only upon the
      holder thereof first having obtained the written opinion of counsel to the
      Company, or other counsel acceptable to the Company, that the proposed
      disposition is consistent with all applicable provisions of such Act as well
      as
      any other applicable securities law.

     

    PRIVATE
      PLACEMENT SUBSCRIPTION AGREEMENT

     

    TO:           AMERICAN
      GOLDFIELDS INC. (the “Company”)

     

    Re:           Purchase
      of securities of the Company

     

    Details
      of
      Subscription:                                                      The
      Subscriber (the “Subscriber”) hereby irrevocably subscribes for and agrees to
      purchase from the Company, on the terms and conditions set forth herein and
      in
      the attached schedules, that number of units of the Company set out below at
      a
      price of $0.64 per unit.  Each unit shall consist of one common share
      of the Company (a “Share”) and two share purchase warrants (collectively, the
“Warrants”), each Warrant substantially in the form attached
      hereto.  Each Warrant shall entitle the Subscriber to purchase one
      common share of the Company at the following prices:

     

    
      	
               

            	
              a.

            	
              Class
                A warrant – $0.70  per
                share

            

    

    
      	
               

            	
              b.

            	
              Class
                B warrant – $0.74 per share

            

    

    

     

    The
      Class
      A are exercisable immediately and the Class B Warrants are not exercisable
      until
      February 6, 2008. The Warrants expire 5 years from the date the Warrants are
      first exercisable.  The Company reserves the right, in its sole and
      absolute discretion, to reduce the exercise price of the warrants and/or to
      accelerate the exercise date of the Warrants.

     

    
      	
              Number
                of Units to be purchased:

            	 	 	
              Units

            
	
              Total
                Subscription Price:

                      ($0.64
                per Unit)

            	
              $

            	 	 

    

    

    
      	
              Name
                of Subscriber:

            	 	 
	
              Address:

            	 	 
	 	 	
              (Street
                Address)

               

            
	 	 	
              (City
                and Province)

               

            
	 	 	
              (Country
                and Postal or Zip Code)

               

            
	 	 	
              (Contact
                Name)

               

            
	 	 	
              (Contact’s
                Telephone Number)

               

            
	 	 	
              (Contact’s
                e-mail Address)

            

    

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

     

    N
      WITNESS
      WHEREOF the Subscriber has executed, or caused its duly authorized
      representative to execute, this agreement as of December 6, 2007.

     

    
      	 	 	 
	
              Signature
                of Subscriber (if an individual)

               

               

               

               

            	
              Per:

            	
              Name
                of Subscriber (if not an individual)

            
	
              Name
                of Subscriber (if an individual)

            	 	
              (signature
                of authorized representative)

            
	 	 	
              Name
                and Title of Authorized
                Representative

            

    

     

    ACCEPTANCE

     

    The
      foregoing is accepted and agreed to as of the 6th day of December,
      2007.

     

    AMERICAN
      GOLDFIELDS INC.

     

     By:   ________________________

    Name:
      Donald Neal

    Title:  President

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    SCHEDULE
      I

     

    CONFIRMATION
      OF RELATIONSHIP

    (For
      Directors, Senior Officers and Control Persons and

    Their
      Close Personal Friends, Close Business Associates and Relatives)

     

    The
      Subscriber represents and warrants to the Company that the Subscriber has read
      the following definitions from Multilateral Instrument 45-103 Capital
      Raising Exemptions and certifies that the Subscriber has the
      relationship(s) to the Company or its directors, senior officers or control
      persons by virtue of the Subscriber being:

     

    (initial
      one or more as appropriate)

     

    
      	
              _____

            	
              (a)

            	
              a
                director, senior officer or control person of the Company, or of
                an
                affiliate of the Company;

            

    

     

    
      	
              _____

            	
              (b)

            	
              a
                spouse, parent, grandparent, brother, sister or child of a director,
                senior officer or control person of the Company, or of an affiliate
                of the
                company;

            

    

     

    
      	
              _____

            	
              (c)

            	
              a
                close personal friend of a director, senior officer or control person
                of
                the Company, or of an affiliate of the
                Company;

            

    

     

    
      	
              _____

            	
              (d)

            	
              a
                close business associate of a director, senior officer or control
                person
                of the Company, or of an affiliate of the
                Company;

            

    

     

    
      	
              _____

            	
              (e)

            	
              a
                person or company that is wholly-owned by any combination of persons
                or
                companies described in paragraphs (a) to
                (d),

            

    

     

    
      	
               

            	
              and
                if (b), (c), (d) or (e) is initialed the director, senior officer
                or
                control person is:

            

    

     

    
      	
               

            	
              ________________________________________

            

    

    
      	
               

            	
              (Print
                name of director, senior officer or control
                person)

            

    

     

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

     

    For
      the
      purposes hereof, the following definitions are included for
      convenience:

     

    
      	
               

            	
              a.

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

            

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    
      	
               

            	
              A
                casual business associate or a person introduced or solicited for
                the
                purpose of purchasing securities is not a close business
                associate.  An individual is not a close business associate
                solely because the individual is a client or former client.  For
                example, an individual is not a close business associate of a registrant
                or former registrant solely because the individual is a client or
                former
                client of that registrant or former
                registrant.

            

    

     

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

     

    
      	
               

            	
              b.

            	
              “close
                personal friend” means an individual who has known the director, senior
                officer or control person for a sufficient period of time to be in
                a
                position to assess the capabilities and trustworthiness of the director,
                senior officer or control person.

            

    

     

    An
      individual is not a close personal friend solely because

     

    
      	
               

            	
              ·

            	
              the
                individual is a member of the same organization, association or religious
                group, or

            

    

     

    
      	
               

            	
              ·

            	
              the
                individual is a client or former
                client.

            

    

     

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

     

    
      	
               

            	
              c.

            	
              “company”
                means any corporation, incorporated association, incorporated syndicate
                or
                other incorporated organization.

            

    

     

    
      	
               

            	
              d.

            	
              “person”
                means and individual, partnership, unincorporated association,
                unincorporated syndicate, unincorporated organization, trust, trustee,
                executor, administrator or other legal
                representative.

            

    

     

    
      	
               

            	
              e.

            	
              “spouse”
means,
                in relation to an
                individual, another individual to whom that individual is married,
                or
                another individual of the opposite sex or the same sex with whom
                that
                individual is living in a conjugal relationship outside
                marriage.

            

    

     

    DATED
      at
      _______ on ______________________________.

     

    ___________________________________

    Name
      of Purchaser – please
      print

     

    ___________________________________

    Authorized
      Signature

     

    ___________________________________

    Official
      Capacity – please
      print

     

    ___________________________________

    
      	
               

            	
              Please
                print name and individual whose signature appears above, if different
                name
                of purchaser printed above.

            

    

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    
      	
               

            	
              SCHEDULE
                II

            

    

     

    
      	
               

            	
              ACCREDITED
                INVESTOR CONFIRMATION

            

    

    
      	
               

            	
              (For
                accredited investors resident in British Columbia or
                Alberta)

            

    

     

    The
      Subscriber represents and warrants to the Company that the Subscriber has read
      the following definitions of an “accredited investor” from Multilateral
      Instrument 45-103 Capital Raising Exemptions and certifies that the
      Subscriber is an accredited investor by virtue of falling into one or more
      of
      the categories indicated below (initial as appropriate):

     

    
      	
              _____

            	
              (a)

            	
              a
                Canadian financial institution, or an authorized foreign bank listed
                in
                Schedule III of the Bank Act
                (Canada);

            

    

     

    
      	
              _____

            	
              (b)

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

            

    

     

    
      	
              _____

            	
              (c)

            	
              an
                association under the Cooperative Credit Associations Act
                (Canada) located in Canada;

            

    

     

    
      	
              _____

            	
              (d)

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

            

    

     

    
      	
              _____

            	
              (e)

            	
              a
                person or company registered under the securities legislation of
                British
                Columbia or Alberta, or under the securities legislation of another
                jurisdiction of Canada, as an adviser or dealer, other than a limited
                market dealer registered under the Securities Act
                (Ontario);

            

    

     

    
      	
              _____

            	
              (f)

            	
              an
                individual registered or formerly registered under the securities
                legislation of British Columbia or Alberta, or under the securities
                legislation of another jurisdiction of Canada, as a representative
                of a
                person or company referred to in paragraph
                (e);

            

    

     

    
      	
              _____

            	
              (g)

            	
              the
                government of Canada or a province, or any crown corporation or agency
                of
                the government of Canada or a
                province;

            

    

     

    
      	
              _____

            	
              (h)

            	
              a
                municipality, public board or commission in
                Canada;

            

    

     

    
      	
              _____

            	
              (i)

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

            

    

     

    
      	
              _____

            	
              (j)

            	
              a
                pension fund that is regulated by either the Office of the Superintendent
                of Financial Institutions (Canada) or a provincial pension commission
                or
                similar regulatory authority;

            

    

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    
      	
              _____

            	
              (k)

            	
              a
                registered charity under the Income Tax Act
                (Canada)

            

    

     

    
      	
              _____

            	
              (l)

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

            

    

     

    
      	
              _____

            	
              (m)

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

            

    

     

    
      	
              _____

            	
              (n)

            	
              a
                corporation, limited partnership, limited liability partnership,
                trust or
                estate, other than a mutual fund or non-redeemable investment fund,
                that
                had net assets of at least CDN$ 5,000,000 as shown on its most recently
                prepared financial statements;

            

    

     

    
      	
              _____

            	
              (o)

            	
              a
                mutual fund or non-redeemable investment fund that, in British Columbia
                or
                Alberta, distributes its securities only to persons or companies
                that are
                accredited investors;

            

    

     

    
      	
              _____

            	
              (p)

            	
              a
                mutual fund or non-redeemable investment fund that, in British Columbia
                or
                Alberta, distributes its securities under a prospectus for which
                the
                British Columbia or Alberta Securities Commission, as the case may
                be, has
                issued a receipt;

            

    

     

    
      	
              _____

            	
              (q)

            	
              an
                entity organized in a foreign jurisdiction that is analogous to any
                of the
                entities referred to in paragraphs (a) through (e) and paragraph
                (j) in
                form and function; or

            

    

     

    
      	
              _____

            	
              (r)

            	
              a
                person or company in respect of which all of the owners of interests,
                direct or indirect, legal or beneficial, are persons or companies
                that are
                accredited investors.

            

    

     

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

     

    For
      the
      purposes hereof, the following definitions are included for
      convenience:

     

    
      	
               

            	
              a.

            	
              “company”
                means any corporation, incorporated association, incorporated syndicate
                or
                other incorporated
                organization.

            

    

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    
      	
               

            	
              b.

            	
              “entity”
                means a company, syndicate, partnership, trust or incorporated
                organization.

            

    

     

    
      	
               

            	
              c.

            	
              “financial
                assets” means cash and securities.

            

    

     

    
      	
               

            	
              d.

            	
              “mutual
                fund” indicates an issuer of securities that entitle the holder to receive
                on demand, or within a specified period after demand, an amount computed
                by reference to the value of a proportionate interest in the whole
                or in a
                part of the net assets, including a separate fund or trust account,
                of the
                issuer of securities.

            

    

     

    
      	
               

            	
              e.

            	
              “non-redeemable
                investment fund” means an issuer:

            

    

     

    
      	
               

            	
              i.

            	
              whose
                primary purpose is to invest money provided by its security
                holders;

            

    

     

    
      	
               

            	
              ii.

            	
              that
                does not invest for the purpose of exercising effective control,
                seeking
                to exercise effective control, or being actively involved in the
                management of the issuers in which it invests, other than other mutual
                funds or non-redeemable investment funds;
                and

            

    

     

    
      	
               

            	
              iii.

            	
              that
                is not a mutual fund.

            

    

     

    
      	
               

            	
              f.

            	
              “person”
                means an individual, partnership, unincorporated association,
                unincorporated syndicate, unincorporated organization, trust, trustee,
                executor, administrator or other legal
                representative.

            

    

     

    
      	
               

            	
              g.

            	
              “related
                liabilities” means liabilities incurred or assumed for the purpose of
                financing the acquisition or ownership of financial assets and liabilities
                that are secured by financial
                assets.

            

    

     

    
      	
               

            	
              h.

            	
              “spouse”
                means, in relation to an individual, another individual to whom that
                individual is married, or another individual or the opposite sex
                or the
                same sex with whom that individual is living in a conjugal relationship
                outside of marriage.

            

    

     

    In
      Multilateral Instrument 45-103 a person or company is considered to
      be:

     

    
      	
               

            	
              ·

            	
              an
                “affiliated entity” of another person or company if one is a subsidiary
                entity of the other, or if both are subsidiary entities of the same
                person
                of company, or if each of them is controlled by the same person or
                company.

            

    

     

    
      	
               

            	
              ·

            	
              “controlled”
                by a person or company if,

            

    

     

    
      	
               

            	
              a.

            	
              in
                the case of a person or company,

            

    

     

    
      	
               

            	
              i.

            	
              voting
                securities of the first-mentioned person or company carrying more
                than 50%
                of the votes for the election of directors are held, otherwise than
                by way
                of securities only, by or for the benefit of the other person or
                company;
                and

            

    

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    
      	
               

            	
              ii.

            	
              the
                votes carried by the securities are entitled, if exercised, to elect
                a
                majority of the directors of the first-mentioned person or
                company;

            

    

     

    
      	
               

            	
              b.

            	
              in
                the case of a partnership that does not have directors, other than
                a
                limited partnership, the second-mentioned person or company holds
                more
                than 50% of the interests in the partnership;
                or

            

    

     

    
      	
               

            	
              c.

            	
              in
                the case of a limited partnership, the general partner is the
                second-mentioned person or company.

            

    

     

    
      	
               

            	
              ·

            	
              a
                “subsidiary entity” of another person or company
                if:

            

    

     

    
      	
               

            	
              a.

            	
              it
                is controlled by,

            

    

     

    
      	
               

            	
              i.

            	
              that
                other, or

            

    

     

    
      	
               

            	
              ii.

            	
              that
                other and one or more persons or companies each of which’s controlled by
                that other, or

            

    

     

    
      	
               

            	
              iii.

            	
              two
                or more persons or companies, each of which is controlled by that,
                or

            

    

     

    
      	
               

            	
              b.

            	
              it
                is a subsidiary entity of a person or company that is the other’s
                subsidiary entity.

            

    

     

    DATED
      at  _________ on ______, 2007.

     

    ___________________________________

    Name
      of Purchaser – please
      print

     

    ___________________________________

    Authorized
      Signature

     

    ___________________________________

    Official
      Capacity – please
      print

     

    ___________________________________

    
      	
               

            	
              Please
                print name and individual whose signature appears above, if different
                name
                of purchaser printed above.

            

    

    

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

    DETAILS
      AND CONDITIONS OF THE SUBSCRIPTION

     

    1.           Description
      of Securities

     

    The
      securities subscribed for hereunder shall be units, each unit consisting of
      one
      (1) share of common stock of the Company (collectively, the “Shares”) and two
      (2) common share purchase warrants (collectively, the
“Warrants”).  Each Warrant shall entitle the holder thereof to
      purchase one share of common stock of the Company (collectively, the “Warrant
      Shares”), during the period and for the prices described on the first page of
      this Private Placement Subscription Agreement (this “Agreement”) and as more
      further specified in the attached forms of the Warrant
      Agreements.  The foregoing description of the Warrants is a summary
      only and is subject to the detailed provisions of the Warrant
      Agreements.  The Shares and Warrants are herein collectively referred
      to as the “Units”.  The Units, Shares, Warrants and Warrant Shares are
      herein collectively referred to as the “Securities”.

     

    The
      Securities will be subject to statutory hold periods during which they may
      not
      be transferred or resold.  Subscribers are advised to consult their
      own legal advisers in connection with any applicable resale
      restrictions.

     

    2.           Payment
      of Subscription Price

     

    The
      total
      Subscription Price set out on the first page of this Agreement must be paid
      by
      money order, certified check or bank draft payable to the Company prior to
      the
      Closing Date.

     

    3.           Documents
      Required

     

    The
      Subscriber must complete, sign and deliver to the company and executed copy
      of
      this Agreement together with the attached applicable Schedules:

     

    
      	
               

            	
              a.

            	
              Schedule
                I, a Confirmation of Relationship, if the Subscriber is a director,
                senior
                officers or control person of the Company or a close personal friend,
                close business associate, spouse, parent, grandparent, sibling or
                child of
                a director, senior officer or control person of the
                Company.

            

    

     

    
      	
               

            	
              b.

            	
              Schedule
                II, a British Columbia or Alberta Accredited Investor Confirmation,
                if the
                Subscriber is an accredited investor resident in British Columbia
                or
                Alberta.

            

    

     

    The
      Subscriber shall complete, sign and deliver to the Company as soon as possible
      such further documents, questionnaires, notices and undertakings as may be
      required by regulatory authorities, stock exchanges and applicable
      law.

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

     

    4.           Closing

     

    Delivery
      and payment for the Units (the “Closing) will be completed at the offices of
      American Goldfields Inc., 200-4170
      Still
      Creek Drive, Burnaby, B.C., Canada  V5C 6C6.

     

    Upon
      receipt by the Company of an executed Agreement and payment for an aggregate
      of
      _______ Units, certificates representing the Shares and Warrants will be
      available for delivery five business days after the Closing.

     

    5.           Acknowledgements
      by All Subscribers

     

    The
      Subscriber, irrespective of their jurisdiction of residency, acknowledges
      that:

    

    (a)           The
      Subscriber is acquiring the Securities for his own account as principal, not
      as
      a nominee or agent, for investment purposes only, and not with a view to, or
      for, resale, distribution or fractionalization thereof in whole or in part
      and
      no other person has a direct or indirect beneficial interest in such Securities
      or any portion thereof.  Further, the Subscriber does not have any
      contract, undertaking, agreement or arrangement with any person to sell,
      transfer or grant participations to such person or to any third person, with
      respect to the Securities for which the Subscriber is subscribing or any part
      of
      the Securities.

    

    (b)           The
      Subscriber has full power and authority to enter into this Agreement, the
      execution and delivery of this Agreement has been duly authorized, if
      applicable, and this Agreement constitutes a valid and legally binding
      obligation of the Subscriber.

    

    (c)           The
      Subscriber is not subscribing for the Securities as a result of or subsequent
      to
      any advertisement, article, notice or other communication published in any
      newspaper, magazine or similar media or broadcast over television or radio,
      or
      presented at any seminar or meeting, or any solicitation of a subscription
      by
      person previously not known to the Subscriber in connection with investment
      securities generally.

    

    (d)           The
      Subscriber understands that the Company is under no obligation to register
      the
      Securities under the Securities Act, or to assist the Subscriber in complying
      with the Securities Act or the securities laws of any state of the United States
      or of any foreign jurisdiction.

    

    (e)           The
      Subscriber is (i) experienced in making investments of the kind described in
      this Agreement and the related documents, (ii) able, by reason of the business
      and financial experience of its officers (if an entity) and professional
      advisors (who are not affiliated with or compensated in any way by the Company
      or any of its affiliates or selling agents), to protect its own interests in
      connection with the transactions described in this Agreement, and the related
      documents, and (iii) able to afford the entire loss of its investment in the
      Securities.

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    (f)           The
      Subscriber acknowledges his understanding that the offering and sale of the
      Securities is intended to be exempt from registration under the Securities
      Act.  In furtherance thereof, in addition to the other representations
      and warranties of the Subscriber made herein, the Subscriber further represents
      and warrants to and agrees with the Company and its affiliates as
      follows:

    

    
      	
               

            	
              (i)

            	
              The
                Subscriber realizes that the basis for the exemption may not be present
                if, notwithstanding such representations, the Subscriber has in mind
                merely acquiring the Securities for a fixed or determinable period
                in the
                future, or for a market rise, or for sale if the market does not
                rise.  The Subscriber does not have any such
                intention;

            

    

    

    
      	
               

            	
              (ii)

            	
              The
                Subscriber has the financial ability to bear the economic risk of
                his
                investment, has adequate means for providing for his current needs
                and
                personal contingencies and has no need for liquidity with respect
                to his
                investment in the Company; and

            

    

    

    
      	
               

            	
              (iii)

            	
              The
                Subscriber has such knowledge and experience in financial and business
                matters as to be capable of evaluating the merits and risks of the
                prospective investment in the Securities.  The Subscriber also
                represents it has not been organized for the purpose of acquiring
                the
                Securities; and

            

    

    

    
      	
               

            	
              (iv)

            	
              The
                Subscriber has been provided an opportunity for a reasonable period
                of
                time prior to the date hereof to obtain additional information concerning
                the offering of the Securities, the Company and all other information
                to
                the extent the Company possesses such information or can acquire
                it
                without unreasonable effort or
                expense.

            

    

    

    
      	
               

            	
              (v)

            	
              The
                Subscriber has carefully reviewed all of the Company’s filings under the
                Securities Exchange Act of 1934, as amended (the “Exchange
                Act”).

            

    

    

    (g)           The
      Subscriber is not relying on the Company, or its affiliates or agents with
      respect to economic considerations involved in this investment.  The
      Subscriber has relied solely on its own advisors.

    

    (h)           No
      representations or warranties have been made to the Subscriber by the Company,
      or any officer, employee, agent, affiliate or subsidiary of the Company, other
      than the representations of the Company contained herein, and in subscribing
      for
      Securities the Subscriber is not relying upon any representations other than
      those contained herein.

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    (i)           Any
      resale of the Securities during the ‘distribution compliance period’ as defined
      in Rule 902(f) to Regulation S shall only be made in compliance with exemptions
      from registration afforded by Regulation S.  Further, any such sale of
      the Securities in any jurisdiction outside of the United States will be made
      in
      compliance with the securities laws of such jurisdiction.  The
      Investor will not offer to sell or sell the Securities in any jurisdiction
      unless the Investor obtains all required consents, if any.

    

    (j)           The
      Subscriber understands that the Securities are being offered and sold to him
      in
      reliance on an exemption from the registration requirements of United States
      federal and state securities laws under Regulation S promulgated under the
      Securities Act and that the Company is relying upon the truth and accuracy
      of
      the representations, warranties, agreements, acknowledgments and understandings
      of the Investor set forth herein in order to determine the applicability of
      such
      exemptions and the suitability of the Investor to acquire the
      Securities.  In this regard, the Subscriber represents, warrants and
      agrees that:

     

    

     

    
      	
               

            	
              1.

            	
              The
                Subscriber is not a U.S. Person (as defined below) and is not an
                affiliate
                (as defined in Rule 501(b) under the Securities Act) of the Company
                and is
                not acquiring the Securities for the account or benefit of a U.S.
                Person.  A U.S. Person means any one of the
                following:

            

    

     

    
      	
               

            	
              ·

            	
              any
                natural person resident in the United States of
                America;

            

    

     

     

    
      	
               

            	
              ·

            	
              any
                partnership or corporation organized or incorporated under the laws
                of the
                United States of
                America;

            

    

     

     

    
      	
               

            	
              ·

            	
              any
                estate of which any executor or administrator is a U.S.
                person;

            

    

     

     

    
      	
               

            	
              ·

            	
              any
                trust of which any trustee is a U.S.
                person;

            

    

     

     

    
      	
               

            	
              ·

            	
              any
                agency or branch of a foreign entity located in the United States
                of
                America;

            

    

     

     

    
      	
               

            	
              ·

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

            

    

     

     

    
      	
               

            	
              ·

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

            

    

     

     

    
      	
               

            	
              ·

            	
              any
                partnership or corporation
                if:

            

    

     

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

     

    
      	
               

            	
              (A)
                organized or incorporated under the laws of any foreign jurisdiction;
                and

            

    

     

     

    (B)
      formed by a U.S. person principally for the purpose of investing in securities
      not registered under the Securities Act, unless it is organized or incorporated,
      and owned, by accredited investors (as defined in Rule 501(a)
      under the Securities Act) who are not natural persons, estates or
      trusts.

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    2.           At
      the time of the origination of contact concerning this Agreement and the date
      of
      the execution and delivery of this Agreement, the Subscriber was outside of
      the
      United States.

    

    
      	
               

            	
              3.

            	
              The
                Subscriber will not, during the period commencing on the date of
                issuance
                of the Securities and ending on the first anniversary of such date,
                or
                such shorter period as may be permitted by Regulation S or other
                applicable securities law (the “Restricted Period”), offer, sell, pledge
                or otherwise transfer the Securities in the United States, or to
                a U.S.
                Person for the account or for the benefit of a U.S. Person, or otherwise
                in a manner that is not in compliance with Regulation
                S.

            

    

    

    
      	
               

            	
              4.

            	
              The
                Subscriber will, after expiration of the Restricted Period, offer,
                sell,
                pledge or otherwise transfer the Securities only pursuant to registration
                under the Securities Act or an available exemption therefrom and,
                in
                accordance with all applicable state and foreign securities
                laws.

            

    

    

    
      	
               

            	
              5.

            	
              The
                Subscriber was not in the United States, engaged in, and prior to
                the
                expiration of the Restricted Period will not engage in, any short
                selling
                of or any hedging transaction with respect to the Securities, including
                without limitation, any put, call or other option transaction, option
                writing or equity swap.

            

    

    

    
      	
               

            	
              6.

            	
              Neither
                the Subscriber nor or any person acting on his behalf has engaged,
                nor
                will engage, in any directed selling efforts to a U.S. Person with
                respect
                to the Securities and the Investor and any person acting on his behalf
                have complied and will comply with the “offering restrictions”
                requirements of Regulation S under the Securities
                Act.

            

    

    

    
      	
               

            	
              7.

            	
              The
                transactions contemplated by this Agreement have not been pre-arranged
                with a buyer located in the United States or with a U.S. Person,
                and are
                not part of a plan or scheme to evade the registration requirements
                of the
                Securities Act.

            

    

    

    
      	
               

            	
              8.

            	
              Neither
                the Subscriber nor any person acting on his behalf has undertaken
                or
                carried out any activity for the purpose of, or that could reasonably
                be
                expected to have the effect of, conditioning the market in the United
                States, its territories or possessions, for any of the
                Securities.  The Subscriber agrees not to cause any
                advertisement of the Securities to be published in any newspaper
                or
                periodical or posted in any public place and not to issue any circular
                relating to the Securities, except such advertisements that include
                the
                statements required by Regulation S under the Securities Act, and
                only
                offshore and

            

    

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    
      	
               

            	
              not
                in the U.S. or its territories, and only in compliance with any local
                applicable securities laws.

            

    

    

    
      	
               

            	
              9.

            	
              Each
                certificate representing the Securities shall be endorsed with the
                following legends, in addition to any other legend required to be
                placed
                thereon by applicable federal or state securities
                laws:

            

    

     

    (A)           “THE
      SHARES ARE BEING OFFERED TO INVESTORS WHO ARE NOT U.S. PERSONS (AS DEFINED
      IN
      REGULATION S UNDER THE SECURITIES ACT OF 1933, AS AMENDED (“THE SECURITIES
      ACT”)) AND WITHOUT REGISTRATION WITH THE UNITED STATES SECURITIES AND EXCHANGE
      COMMISSION UNDER THE SECURITIES ACT IN RELIANCE UPON REGULATION S PROMULGATED
      UNDER THE SECURITIES ACT.”

     

    (B)           “TRANSFER
      OF THESE SHARES IS PROHIBITED, EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF
      REGULATION S, PURSUANT TO REGISTRATION UNDER THE SECURITIES ACT, OR PURSUANT
      TO
      AVAILABLE EXEMPTION FROM REGISTRATION.  HEDGING TRANSACTIONS MAY NOT
      BE CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES ACT.”

    

    
      	
               

            	
              10.

            	
              The
                Subscriber consents to the Company making a notation on its records
                or
                giving instructions to any transfer agent of the Company in order
                to
                implement the restrictions on transfer of the Securities set forth
                herein.

            

    

    

    (k)           The
      Subscriber is an “accredited investor” as that term is defined within the
      meaning of Rule 501 ” as that term is defined in Rule 501 of the General Rules
      and Regulations under the Securities Act by reason of Rule
      501(a)(3).

    

    

    (l)           The
      Subscriber understands that an investment in the Securities is a speculative
      investment which involves a high degree of risk and the potential loss of his
      entire investment.

    

    (m)           The
      Subscriber's overall commitment to investments which are not readily marketable
      is not disproportionate to the Subscriber's net worth, and an investment in
      the
      Securities will not cause such overall commitment to become
      excessive.

    

    (n)           The
      Subscriber has received all documents, records, books and other information
      pertaining to the Subscriber’s investment in the Company that has
      been

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

    requested
      by the Subscriber.  The Subscriber has reviewed or received copies of
      all reports and other documents filed by the Company with the Securities and
      Exchange Commission, including without limitation, the Company’s Form 10-KSB and
      most recently filed Form 10-QSB (the “SEC Documents”).

    

    (o)           The
      Subscriber represents and warrants to the Company that all information that
      the
      Subscriber has provided to the Company is correct and complete as of the date
      hereof.

    

    (p)           Other
      than as set forth herein, the Subscriber is not relying upon any other
      information, representation or warranty by the Company or any officer, director,
      stockholder, agent or representative of the Company in determining to invest
      in
      the Securities.  The Subscriber has consulted, to the extent deemed
      appropriate by the Subscriber, with the Subscriber’s own advisers as to the
      financial, tax, legal and related matters concerning an investment in the
      Securities and on that basis believes that his or its investment in the
      Securities is suitable and appropriate for the Subscriber.

    

    (q)           The
      Subscriber is aware that no federal or state agency has (i) made any finding
      or
      determination as to the fairness of this investment, (ii) made any
      recommendation or endorsement of the Securities or the Company, or (iii)
      guaranteed or insured any investment in the Securities or any investment made
      by
      the Company.

    

    (p)           The
      Subscriber understands that the price of the Securities offered hereby bear
      no
      relation to the assets, book value or net worth of the Company and were
      determined arbitrarily by the Company.  The Subscriber further
      understands that there is a substantial risk of further dilution on his or
      its
      investment in the Company.

    

    (q)           The
      Company has advised the Subscriber that the Company is relying on exemptions
      from the requirements to provide the Subscriber with a prospectus and to sell
      securities through a person registered to sell securities under the
Securities Act (British Columbia) (together with the rules, policies,
      instruments and orders thereunder, the “BC Act”), and regulations of the 1933
      Act (together with the rules, policies, instruments and orders thereunder,
      the
“US Securities Act”), as the case may be, and, as a consequence of acquiring
      securities pursuant to these exemptions, certain protections, rights and
      remedies provided by the BC Act and US Securities Act, including statutory
      rights of rescission or damages, will not be available to the
      Subscriber.

    

    (r)           The
      Subscriber is aware that the Securities will be offered and sold pursuant to
      certain exemptions under the BC Act, U.S. Securities Act and other applicable
      securities legislation and the Subscriber is not acquiring the Securities as
      a
      result of any information about the affairs of the Company that is not generally
      known to the public save knowledge of this particular transaction.

    

    (s)           This
      subscription by the Subscriber has not been induced by any representations
      or
      warranties by any person whatsoever with regard to the future value of the
      Securities.

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

    The
      foregoing representations, warranties and covenants are made by the Subscriber
      with the intent that they be relied upon by the Company in determining its
      suitability as a purchaser of the Securities and the Subscriber hereby agrees
      to
      indemnify the Company against all losses, claims, costs, expenses and damages
      or
      liabilities which it may suffer or incur as a result of reliance
      thereon.  The Subscriber undertakes to notify the Company immediately
      of any change in any representation, warranty or other information relating
      to
      the Subscriber set forth herein.

     

    7.           Representations
      and Warranties of the Company

     

    The
      Company represents and warrants to the Subscriber that, as of the date of this
      Agreement:

     

    
      	
               

            	
              a.

            	
              The
                Company  is a valid and subsisting corporation duly
                incorporated, continued or amalgamated and in good standing under
                the laws
                of the State of Nevada;

            

    

     

    
      	
               

            	
              b.

            	
              The
                Company has complied and will comply with all applicable corporate
                and
                securities laws and regulations in connection with the offer, sale
                and
                issuance of the Securities;

            

    

     

    
      	
               

            	
              c.

            	
              The
                filings made by the Company with the Securities and Exchange Commission
                (the “SEC Documents”) and the representations contained in this Agreement
                are accurate in all material respects and omit no fact, the omission
                of
                which would make such representations misleading in light of the
                circumstances in which such representation was
                made;

            

    

     

    
      	
               

            	
              d.

            	
              The
                issuance and sale of the Securities by the Company does not and will
                not
                conflict with and does not and will not result in a breach of any
                of the
                terms, conditions or provisions of its constituent documents or any
                agreement or instrument to which the Company is a
                party;

            

    

     

    
      	
               

            	
              e.

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

            

    

     

    
      	
               

            	
              f.

            	
              The
                issuance of the Shares and Warrants, at the time of their issue,
                will have
                been approved by all requisite corporate action and, upon issue and
                delivery, will be validly issued, fully paid and non-assessable.
                The
                Warrant Shares to be issued upon the due exercise of the Warrants
                are
                reserved for issuance and, upon exercise of the Warrants in accordance
                with its terms, will be validly issued, fully paid and
                non-assessable;

            

    

    
      
         

      

      
        17

        
          

        

      

      
         

      

    

     

    
      	
               

            	
              g.

            	
              The
                Company is not a party to any actions, suits or proceedings which
                could
                materially affect its business or financial condition, and, as at
                the date
                hereof, no such actions, suits or proceedings have been threatened
                or, to
                the best of the Company’s knowledge, are pending, except as disclosed in
                the SEC Documents; and

            

    

     

    
      	
               

            	
              h.

            	
              No
                other ceasing or suspending trading in the Securities nor prohibiting
                sale
                of the Securities has been issued to and is outstanding against the
                Company or its directors, officers or promoters and to the best of
                the
                Company’s knowledge no investigations of proceedings for such purposes are
                pending or threatened.

            

    

     

    8.           Legending
      of Securities

     

    The
      Subscriber hereby acknowledges that legends will be placed upon the certificates
      representing the Securities to the effect that the securities represented
      thereby are subject to hold periods and may not be traded until the expiry
      thereof except as permitted under applicable securities rules and
      regulations.

    
      
         

      

      
        18

        
          

        

      

      
         

      

    

     

    9.           Costs

     

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

     

    10.           Governing
      Law

     

    This
      Agreement is governed by the laws of the State of Nevada, the federal laws
      of
      the United States and the province of British Columbia and the federal laws
      of
      Canada applicable herein.  The Subscriber, in its personal or
      corporate capacity and, if applicable, on behalf of each beneficial purchaser
      for whom it is acting, irrevocably attorn to the jurisdiction of the courts
      of
      the province of British Columbia or the State of Nevada, as determined in the
      sole discretion of the Company.

     

    11.           Survival

     

    This
      Agreement including, without limitation, the representations, warranties and
      covenants contained herein, shall survive and continue in full force and effect
      and be binding upon the parties notwithstanding the completion of the purchase
      of the Units by the Subscriber and any subsequent disposition by the Subscriber
      or the Securities.

     

    12.           Assignment

     

    This
      Agreement is not transferable or assignable.

     

    13.           Execution

     

    The
      Company shall be entitled to rely on delivery by facsimile machine of an
      executed copy of this Agreement and acceptance by the Company of such facsimile
      copy shall be equally effective to create a valid and binding agreement between
      the Subscriber and the Company in accordance with the terms hereof. This
      Agreement may be executed through the use of separate signature pages or in
      any
      number of counterparts, and each of such counterparts shall, for all purposes,
      constitute one agreement binding on all parties, notwithstanding that all
      parties are not signatories to the same counterpart.

     

    14.           Severability

     

    The
      invalidity or unenforceability of any particular provision of this Agreement
      shall not affect or limit the validity or enforceability of the remaining
      provisions of the Agreement.

     

    15.           Entire
      Agreement

    
      
         

      

      
        19

        
          

        

      

      
         

      

    

     

    Except
      as
      expressly provided in this Agreement and in the agreements, instruments and
      other documents contemplated or provided for herein, this Agreement contains
      the
      entire agreement between the parties with respect to the sale of the Units
      and
      there are no other terms, conditions, representations or warranties, whether
      expressed, implied, oral or written, by statute, by common law, by the Company,
      by the Subscriber, or by any third party.

     

    16.           Notice

     

    Unless
      otherwise provided herein, any notice or other communication to a party under
      this Agreement may be made, given or served by registered mail, postage
      pre-paid, by telecopy or by delivery to the parties at the addresses as set
      out
      in this Agreement.  Any notice or other communication:

     

    
      	
               

            	
              a.

            	
              Mailed
                shall be deemed to have been received on the fifth business day following
                its mailing;

            

    

     

    
      	
               

            	
              b.

            	
              Telecopied
                shall be deemed to have been received on the business day following
                the
                date of transmission; and

            

    

     

    
      	
               

            	
              c.

            	
              Delivered
                shall be deemed to have been received on the date of
                delivery.

            

    

     

    In
      the
      event of a postal strike or delay affecting mail delivery, the date of receipt
      of any notice by mail is deemed to be extended by the length of such strike
      or
      delay.  Each party may change its address for service at any time by
      providing notice in writing of such change to the other party.

     

    17.           Binding
      Effect

    

    This
      Agreement shall be binding upon and inure to the benefit of the parties and
      their heirs, executors, administrators, successors, legal representatives and
      assigns.  If the Subscriber is more than one person, the obligation of
      the Subscriber shall be joint and several and the agreements, representations,
      warranties and acknowledgments herein contained shall be deemed to be made
      by
      and be binding upon each such person and his heirs, executors, administrators
      and successors.

    

    19.           Further
      Assurances

    

    The
      Subscriber agrees that he shall, from time to time after the Closing, upon
      the
      request of the Company, duly execute, acknowledge and deliver, or cause to
      be
      executed, acknowledged and delivered, all such further documents and instruments
      and take such other actions, as may be requested by the Company.

    

    20.           Pronouns.

    
      
         

      

      
        20

        
          

        

      

      
         

      

    

    The
      use
      herein of the masculine pronouns "him" or "his" or similar terms shall be deemed
      to include the feminine and neuter genders as well and the use herein of the
      singular pronoun shall be deemed to include the plural as well.

     

    

     

    

    

    

     

    [Remainder
      of Page Intentionally Omitted; Signature Pages to Follow]

    
      
         

      

      
        21

        
          

        

      

      
         

      

    

     

    ACCEPTANCE

     

    The
      foregoing details and conditions are accepted and agreed to as of the __th
      day
      of ________, 2007.

     

    ___________________________________

    Name
      of Purchaser – please
      print

     

    ___________________________________

    Authorized
      Signature

     

    ___________________________________

    Official
      Capacity – please
      print

     

    ___________________________________

    
      	
               

            	
              Please
                print name and individual whose signature appears above, if different
                name
                of purchaser printed above.

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