Document:

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                                   Exhibit 10.7

                             STOCK PURCHASE AGREEMENT

         This Stock Purchase Agreement (the "AGREEMENT"), dated as of January
30, 2002, is entered into by and between enherent Corp., a Delaware
corporation ("PURCHASER"), and Traveler's Indemnity Company ("SELLER").

                                     RECITALS

         Seller is the owner at the date hereof of 1,632,540 shares of the
issued and outstanding common stock, par value $0.001 per share ("COMMON
STOCK"), of Purchaser.  Seller is also the owner at the date hereof of
2,750,000 shares of the issued and outstanding Series A Preferred Stock, par
value $0.001 per share ("PREFERRED STOCK") of Purchaser.

         Seller desires to sell and Purchaser desires to purchase 1,000,000
shares of the outstanding shares of Common Stock currently owned by Seller
(the "ACQUIRED SHARES"), upon the terms set forth in this Agreement.

                                    AGREEMENT

         Based upon the foregoing and the mutual promises contained herein,
the parties agree as follows:

1.       PURCHASE AND SALE OF COMMON STOCK

1.1      PURCHASE. Upon the terms and subject to the conditions of this
Agreement, on the Closing Date: (i) Seller shall sell, assign, convey,
transfer and deliver to Purchaser or its designee, free and clear of any
pledge, security interest, lien, charge, option, encumbrance or other
restriction of any kind or nature whatsoever ("LIEN") the Acquired Shares, and
(ii) Purchaser shall pay to Seller the aggregate cash consideration of Two
Hundred Thousand Dollars ($200,000.00) by Purchaser's wire transfer of
immediately-available funds.

1.2       CLOSING. Upon satisfaction or waiver of the conditions precedent set
forth in Section 3, and unless this Agreement shall have been terminated and
the transactions herein contemplated shall have been abandoned pursuant to the
provisions of Section 4, a closing with respect to the transactions provided
for in this Agreement (the "CLOSING") shall take place within three (3)
business days of the date that all of the conditions precedent set forth in
Section 3 are satisfied, or such other time or date as is agreed to in writing
by Seller and the Purchaser (the time and date of such Closing is referred to
herein as the "CLOSING DATE"). The parties will use their best efforts to have
the Closing on January ___, 2002. All proceedings to take place at the Closing
shall take place simultaneously, and no delivery shall be considered to have
been made until all such proceedings have been completed.

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2.       REPRESENTATIONS AND WARRANTIES

2.1      REPRESENTATIONS AND WARRANTIES OF SELLER. Seller hereby represents
and warrants to Purchaser as follows:

(a)      ORGANIZATION AND POWER. Seller is a corporation duly incorporated,
validly existing and in good standing under the laws of the state of Delaware
and has the requisite corporate power and authority to sell, assign, convey,
transfer and deliver the Acquired Shares and to enter into this Agreement and
perform its obligations hereunder.

(b)      AUTHORIZATION, EXECUTION AND DELIVERY, ETC. The execution, delivery
and performance by Seller of this Agreement and all other agreements
contemplated hereby or necessary in connection herewith and the consummation
by Seller of the transactions contemplated hereby and thereby have been duly
authorized by all necessary actions. This Agreement has been duly executed and
delivered by Seller and is a legal, valid and binding obligation of Seller,
enforceable against Seller in accordance with its terms. Seller: (i) has good
and valid title to the Acquired Shares, free and clear of all Liens; and (ii)
upon delivery of and payment for the Acquired Shares in accordance with
Section 1.1 hereof, good and valid title to the Acquired Shares will pass to
the Purchaser free and clear of all Liens.

(c)      THIRD PARTY CONSENTS. There is no legal impediment to Seller's
consummation of the transactions contemplated by this Agreement, and no filing
or registration with, or authorization, consent or approval of any domestic or
foreign public body or authority is necessary for the consummation by Seller
of the transactions contemplated by this Agreement.

2.2      REPRESENTATIONS AND WARRANTIES OF PURCHASER. Purchaser hereby
represents and warrants to Seller as follows:

(a)      ORGANIZATION AND POWER. Purchaser is a corporation duly formed,
validly existing and in good standing under the laws of the State of Delaware
and has the requisite corporate power and authority to own, hold and purchase
the Acquired Shares and to enter into this Agreement and perform its
obligations hereunder.

(b)      AUTHORIZATION EXECUTION AND DELIVERY, ETC. The execution, delivery
and performance by Purchaser of this Agreement and all other agreements
contemplated hereby or necessary in connection herewith and the consummation
by Purchaser of the transactions contemplated hereby and thereby have been
duly authorized by all necessary actions. This Agreement has been duly
executed and delivered by Purchaser and is a legal, valid and binding
obligation of Purchaser, enforceable against Purchaser in accordance with its
terms.

(c)      THIRD PARTY CONSENTS. There is no legal impediment to Purchaser's
consummation of the transactions contemplated by this Agreement, and no filing
or registration with, or authorization, consent or approval of any domestic or
foreign public body or authority is necessary for the consummation by Seller
of the transactions contemplated by this Agreement.

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3.       CONDITIONS PRECEDENT

3.1      CONDITIONS TO OBLIGATIONS OF EACH PARTY. The obligations of each
party hereunder are subject to the satisfaction on or prior to the Closing
Date of the following conditions, unless waived in writing by Purchaser and
Seller:

(a)      NO INJUNCTION. No court or other governmental body or public
authority shall have issued an order which shall then be in effect
restraining, enjoining or prohibiting the transactions contemplated by this
Agreement.

4.       TERMINATION

4.1      TERMINATION BY COLLECTIVE AGREEMENT. This Agreement may be terminated
at any time prior to the Closing by the joint written agreement of Seller and
Purchaser.

4.2      TERMINATION BY EITHER PARTY. This Agreement may be terminated by
written notice by either party to the other at any time prior to the Closing:

(a)      if a representation or warranty contained in Section 3.1 or Section
3.2 shall become untrue and the breaching party shall have been afforded
reasonable opportunity to cure such breach; or

(b)      if the transactions contemplated by this Agreement have not been
consummated by February 8, 2002 (unless a later date is established by the
mutual written consent of such parties before such date).

4.3      EFFECT OF FAILURE BY A PARTY TO CONSUMMATE TRANSACTION DUE TO BREACH.
Provided that Purchaser, in the event Seller is the breaching party, or
Seller, in the event the Purchaser is the breaching party, is not then in
breach of any of its own obligations under this Agreement, upon (i)
termination of this Agreement due to a breach as described in Section 4.2 (a)
or (ii) the failure of a party to perform its obligations hereunder after all
of the conditions precedent set forth in Section 3 are satisfied, the
non-breaching party shall be entitled to reimbursement of all fees and
expenses incurred by the non-breaching party and to pursue against the
breaching party any and all rights and/or remedies, at law or in equity, to
which such non-breaching party may be entitled.

4.4      EFFECTS OF TERMINATION. Except as provided in Section 5.4, upon any
such termination pursuant to this Section 5, neither Purchaser nor Seller
shall have any liability or further obligation to the other party to this
Agreement as a result thereof.

5.       MISCELLANEOUS

5.1      FURTHER ASSURANCES. Seller hereby covenants and agrees to and with
Purchaser to execute and deliver such additional instruments of sale,
assignment, conveyance, transfer or delivery and to take such additional
reasonable action as Purchaser may reasonably request to more effectively

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transfer to and vest in Purchaser, and to put Purchaser in possession of, or
give Purchaser the benefit or enjoyment of, any and all of the Acquired
Shares, free and clear of any and all Liens.

5.2      FINDER'S AND BROKER'S FEES. Seller and Purchaser each represent and
warrant to the other that there are no claims (or any basis therefor) for
brokerage commissions, finder's fees or like payments in connection with this
Agreement or the transactions contemplated hereby resulting from any action
taken by either of the Purchaser or Seller.

         IN WITNESS WHEREOF, the parties hereto hereby execute this Agreement
as of the date first written above.

PURCHASER:

____________________________

_____________________________
[Name/Title]

SELLER:

____________________________

_____________________________
[Name/Title]

                                       4<PAGE>

                        GLOBAL RESOURCE INVESTMENTS LTD.
                               7770 EL CAMINO REAL
                              CARLSBAD, CALIFORNIA
                                      92009

February 1, 2002

Vista Gold Corp.
Suite 5
7961 Shaffer Parkway
Littleton, Colorado
80127

ATTENTION:        RONALD J. MCGREGOR

Dear Sirs:

We understand that VISTA GOLD CORP.  (the  "Company")  proposes to undertake the
following offerings:

a)       the issuance of 20,000,000 units (the "Units") at a price of $0.0513
         per Unit (the "Unit Offering") for gross proceeds of $1,026,000. Each
         Unit will consist of one common share of the Company (the "Shares") and
         one common share purchase warrant (the "Warrants"). Each Warrant will
         entitle the holder to purchase one common share of the Company (the
         "Warrant Shares") at a price of $0.075 per Warrant Share on or before
         4:30 p.m. on the first business day that is five (5) years from the
         Unit Closing Date (as hereinafter defined); and

b)       the issuance of $2,774,000 principal amount of convertible debentures
         (the "Debentures") at $1,000 per Debenture (the "Debenture Offering").
         Each Debenture will be convertible into units of the Company (the
         "Debenture Units") at a price of $0.0513 per Debenture Unit. The
         Debenture Units will have the same terms as the Units being offered
         pursuant to the Unit Offering. The Debentures will bear interest at 1%
         per annum from the Debenture Closing Date (as hereinafter defined) and
         will mature 18 months from the Debenture Closing Date.

Subject to the terms and conditions set forth below, the Company appoints Global
Resource Investments Ltd. (the "Agent") to act as the Company's sole and
exclusive agent to solicit offers to purchase Units and Debentures.

ALL REFERENCES TO DOLLARS OR $ HEREIN ARE TO LAWFUL CURRENCY OF THE UNITED
STATES OF AMERICA, UNLESS OTHERWISE INDICATED.

In this Agreement "business day" means any day except Saturday, Sunday or a
statutory holiday in Canada or the United States of America. In this Agreement,
the terms "material change", "material fact", "misrepresentation" and
"distribution" have the meanings ascribed thereto in the applicable securities
legislation of the Reporting Provinces.

1.           UNIT OFFERING

1.1          The Agent will act as agent of the Company and use its best efforts
to arrange  for  purchasers  ("Purchasers")  for the Units in the  Provinces
of British  Columbia,  Alberta and Ontario,  in the United States, or in such
other jurisdictions as may be agreed upon by the Agent and the Company.

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1.2          The sale of the Units to Purchasers where such sale would
constitute a distribution in British Columbia will be effected in a manner so
as to be exempt from the prospectus requirements of the SECURITIES ACT (British
Columbia) (the "B.C.  Act")  pursuant to the provisions of section  74(2)(4)
of the B.C. Act. The sale of Units to purchasers  where such sale would
constitute a distribution  in Alberta will be effected in such a manner so as to
be exempt from the prospectus  requirements of the SECURITIES ACT (Alberta) (the
"Alberta Act") pursuant to the  provisions of section  131(1)(d) of the Alberta
Act. The sale of Units to purchasers  where such sale would constitute a
distribution in Ontario will be effected in such a manner so as to be exempt
from the prospectus requirements of the SECURITIES ACT (Ontario) (the "Ontario
Act") pursuant to the provisions of Rule 45-501 promulgated under the Ontario
Act. The sale of Units to purchasers where such sale would constitute an offer
of securities in the United States will be effected in such a manner as to be
exempt from the registration requirements of the United States SECURITIES ACT
OF 1933 (the "1933 Act") pursuant to the provisions of Rule 506 of Regulation D
(as hereinafter defined) under the 1933 Act.

1.3          In consideration of the services performed by the Agent under this
Agreement, which services shall include:

     (a)     acting as the Company's agent to solicit offers to purchase the
             Units;

     (b)     advising the Company with respect to the private placement of the
             Units; and

     (c)     co-ordinating and review of the private placement documentation and
             assisting in the preparation of the form of subscription agreement
             (the "Subscription Agreement") to be entered into between the
             Company and each of the Purchasers;

the Company agrees to pay to the Agent at the time of Closing (as hereinafter
defined) a commission (the "Agent's Commission") equal to 8% of the gross
proceeds received under the Unit Offering, payable in units of the Company (the
"Agent's Units"). The Agent's Units shall have the same terms as the Units being
offered pursuant to the Unit Offering.

1.4          The Company agrees that the Agent will be permitted to appoint
registered dealers (or other dealers duly qualified in their respective
jurisdictions) as its agents to assist in the Unit Offering and that the Agent
may determine the remuneration payable by the Agent to such other dealers
appointed by it.

1.5          The Warrants will be governed by the terms and conditions set out
in the certificates representing the Warrants (the "Warrant Certificates") which
will be in a form acceptable to the Agent acting reasonably and will contain,
among other things, anti-dilution provisions and provision for the appropriate
adjustment in the class, number and price of the Warrant Shares upon the
occurrence of certain events, including any subdivision, consolidation or
reclassification of the common shares of the Company, payments of stock
dividends, or the amalgamation or other reorganization of the Company. The
Warrant Certificates will provide that the Warrants may not be exercised until
the Shareholder Approval (as hereinafter defined) is obtained.

2.           CONVERTIBLE DEBENTURE OFFERING

2.1          The Agent agrees to act as agent of the Company and use its best
efforts to arrange for Purchasers for the Debentures in the Provinces of British
Columbia, Alberta and Ontario, in the United States, and in such other
jurisdictions as may be agreed upon by the Agent and the Company.

2.2          The sale of the Debentures to Purchasers where such sale would
constitute a distribution in British Columbia will be effected in a manner so as
to be exempt from the prospectus requirements of the B.C. Act, pursuant to the
provisions of section 74(2)(4) of the B.C. Act. The sale of Debentures to
purchasers where such sale would constitute a distribution in Alberta will be
effected in such a manner so as to be exempt from the prospectus requirements of
the Alberta Act pursuant to the provisions of section 131(1)(d) of

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                                     - 3 -

the Alberta Act. The sale of Debentures to Purchasers where such sale would
constitute a distribution in Ontario will be effected in such a manner so as to
be exempt from the prospectus requirements of the Ontario Act pursuant to the
provisions of Rule 45-501 promulgated under the Ontario Act. The sale of
Debentures to purchasers where such sale would constitute an offer of securities
in the United States will be effected in such a manner as to be exempt from the
registration requirements of the 1933 Act pursuant to the provisions of Rule 506
of Regulation D (as hereinafter defined) under the 1933 Act.

2.3          In consideration of the services performed by the Agent under this
Agreement, which services shall include:

     (a)     acting as the Company's agent to solicit offers to purchase the
             Debentures;

     (b)     advising the Company with respect to the private placement of the
             Debentures; and

     (c)     co-ordinating and review of the private placement documentation and
             assisting in the preparation of the form of subscription agreement
             (the "Debenture Subscription Agreement") to be entered into
             between the Company and each of the Purchasers;

the Company agrees to pay to the Agent at the time of Closing (as hereinafter
defined) a commission (the "Agent's Debenture Commission") equal to 8% of the
gross proceeds received under the Debenture Offering, payable in Agent's Units.

2.4          The Company agrees that the Agent will be permitted to appoint
registered dealers (or other dealers duly qualified in their respective
jurisdictions) as its agents to assist in the Debenture Offering and that the
Agent may determine the remuneration payable by the Agent to such other dealers
appointed by it.

2.5          The Debentures will be governed by the terms and conditions set out
in the certificates representing the Debentures, which will be in a form
acceptable to the Agent acting reasonably and will provide, among other things,
that:

     (a)     conversion of the Debentures is subject to the Company having
             obtained the approval of its shareholders to the issuance of the
             Warrants and the Debentures, the issuance of the common shares of
             the Company (the "Debenture Shares") and Warrants (the "Debenture
             Warrants") on conversion of the Debentures, and the issuance of the
             Warrant Shares issuable on the exercise of the Warrants and the
             Debenture Warrants as required by The Toronto Stock Exchange and
             any other applicable regulatory authorities (the "Shareholder
             Approval");

     (b)     if the Shareholder Approval is not obtained at the next Annual
             Meeting of shareholders of the Company to be held in April 2002,
             the Debentures and all accrued interest shall immediately become
             due and payable;

     (c)     if the Company has not filed and had accepted a Registration
             Statement with the United States Securities and Exchange Commission
             (the "SEC") pursuant to the 1933 Act relating to the Shares,
             Warrants, Debentures, Debenture Shares, Debenture Warrants, and all
             Warrant Shares (collectively, the "Securities"), so that the
             Securities are not subject to any hold period in the United States,
             within 6 months of the Closing Date, the Debentures and all accrued
             interest shall, at the option of the holder, immediately become due
             and payable; and

     (d)     anti-dilution provisions and provision for the appropriate
             adjustment in the class, number and price of the Shares and
             Warrants upon the occurrence of certain events, including any
             subdivision, consolidation or reclassification of the common shares
             of the Company, payments of stock dividends or the amalgamation or
             other reorganization of the Company.

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2.6          On closing of the Debenture Offering, the gross proceeds shall be
placed into escrow with an escrow agent mutually acceptable to the Company and
the Agent acting reasonably and shall be held in escrow until a meeting of the
shareholders of the Company is held to obtain the Shareholder Approval. The
escrow agreement will provide that:

     (a)     if the Shareholder Approval is obtained at the meeting, the
             escrowed funds shall be released to the Company; and

     (b)     if the Shareholder Approval is not obtained at the meeting, the
             Debentures and all accrued interest will immediately become due and
             payable and the escrow funds will be returned to the Purchasers of
             the Debentures.

3.           REPRESENTATIONS AND WARRANTIES OF THE COMPANY

3.1          The Company  represents and warrants to the Agent and acknowledges
that the Agent is relying upon such representations and warranties, as follows:

     (a)     the Company and its subsidiaries (the "Subsidiaries"), have been
             duly incorporated, amalgamated or continued and organized and are
             validly existing under the laws of the jurisdiction of their
             incorporation, amalgamation or continuance and are duly qualified
             to carry on their respective businesses and are in good standing in
             respect of the filing of their annual reports under the laws of the
             jurisdiction of their incorporation, amalgamation or continuance,
             and have all requisite corporate power and authority to carry on
             their respective businesses as now conducted and as currently
             proposed to be conducted and to own, lease and operate their
             property and assets;

     (b)     the Company is a reporting issuer in good standing under the
             securities laws of the Provinces of British Columbia, Alberta and
             Ontario (the "Reporting Provinces"), and is a reporting company
             under the United States Securities and Exchange Act of 1934 (the
             "1934 Act") and no material change relating to the Company has
             occurred with respect to which the requisite material change report
             has not been filed under any applicable securities laws in the
             Reporting Provinces and no such disclosure has been made on a
             confidential basis;

     (c)     the Company has full corporate power and authority to undertake the
             Unit Offering and the Debenture Offering, to issue the Securities,
             and at each respective Time of Closing (as hereinafter defined),
             the Shares, the Warrants and the Debentures will be duly and
             validly created, authorized and issued, the Debenture Shares and
             the Debenture Warrants will be duly and validly created and
             authorized for issuance upon conversion of the Debentures, and all
             Shares issuable upon exercise of any Warrants or Debenture Warrants
             will be duly and validly authorized, allotted and reserved for
             issuance upon exercise of the Warrants or Debenture Warrants and
             will, upon exercise of the Warrants or the Debenture Warrants, be
             issued as fully paid and non-assessable shares;

     (d)     the authorized capital of the Company consists of an unlimited
             number of common shares without par value and an unlimited number
             of preferred shares, of which 90,715,040 common shares and no
             preferred shares are issued and outstanding as at the date hereof;

     (e)     the Company has full corporate power and authority to enter into
             this Agreement and the Subscription Agreements, and to perform its
             obligations set out herein and therein, and each of this Agreement
             and the Subscription Agreements has been, or will be upon execution
             and delivery thereof, duly authorized, executed and delivered by
             the Company and constitutes, or will constitute when executed and
             delivered, a legal, valid and binding obligation of the Company
             enforceable in accordance with their respective terms;

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                                     - 5 -

     (f)     neither the Company nor its Subsidiaries is in default or breach
             of, and the execution and delivery of each of this Agreement and
             the Subscription Agreements, and the performance of the
             transactions contemplated thereby will not result in a breach of,
             and do not create a state of facts which, after notice or lapse of
             time or both, will result in a breach of, and do not and will not
             conflict with, any of the terms, conditions or provisions of the
             constating documents, resolutions or by-laws of the Company or any
             indenture, contract, agreement (written or oral), instrument, lease
             or other document to which the Company or its Subsidiaries is a
             party or by which the Company or its Subsidiaries is or will be
             contractually bound as of the Time of Closing;

     (g)     the Company and its  Subsidiaries  are the beneficial  owners of
             or have the right to acquire the interests in the properties,
             business and assets referred to in the prospectuses, annual
             information forms, offering memoranda, material change reports and
             press releases filed with The Toronto Stock Exchange (the
             "Exchange"), the British Columbia Securities Commission the Alberta
             Securities Commission and the Ontario Securities Commission, and
             the SEC on or during the twelve (12) months preceding the date
             hereof (such documents collectively, the "Public Record") and any
             and all agreements pursuant to which the Company or its
             Subsidiaries holds or will hold any such interest in property,
             business or assets are in good standing in all material respects
             according to their terms, and the properties are in good standing
             in all material respects under the applicable statues and
             regulations of the jurisdictions in which they are situated;

     (h)     the Public Record is in all material respects accurate and omit
             no facts, the omission of which makes the Public Record or any
             particulars therein, misleading or incorrect;

     (i)     except as disclosed in the Public Record and as contemplated by
             this Agreement, neither the Company or its Subsidiaries is a party
             to, and neither the Company nor its Subsidiaries has granted, any
             agreement, warrant, option, right or privilege capable of becoming
             an agreement, for the purchase, subscription or issuance of any of
             their securities ;

     (j)     except as disclosed in the Public Record, no actions, suits,
             inquiries or proceedings are pending or, to the knowledge of the
             Company, are contemplated or threatened to which the Company or its
             Subsidiaries is a party or to which the property of the Company or
             its Subsidiaries is subject that would result individually or in
             the aggregate in any material adverse change in the operations,
             business or condition (financial or otherwise) of the Company or
             its Subsidiaries;

     (k)     the audited annual financial statements of the Company as at and
             for the year ended December 31, 2000 and the unaudited financial
             statements of the Company as at and for the 9 month period ended
             September 30, 2001 (collectively, the "Financial Statements")
             present fairly, in all material respects, the financial position of
             the Company and its Subsidiaries on a consolidated basis as at the
             dates set out therein and the results of their operations and the
             changes in their financial position for the periods then ended, in
             accordance with Canadian generally accepted accounting principles;

     (l)     except as disclosed in the Public Record, there has not been any

             material change in the assets, liabilities or obligations
             (absolute, accrued, contingent or otherwise) of the Company or its
             Subsidiaries, as set forth in the Financial Statements, and there
             has not been any material adverse change in the business,
             operations or condition (financial or otherwise) or results of the
             operations of the Company or its Subsidiaries, since September 30,
             2001 and since that date there have been no material facts,
             transactions, events or occurrences which could materially
             adversely affect the business of the Company or its Subsidiaries;

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                                     - 6 -

     (m)     other than the Agent and its agents, there is no person, firm or
             corporation acting or purporting to act at the request of the
             Company, who is entitled to any brokerage or finder's fee in
             connection with the transactions contemplated herein;;

     (n)     the Company and its  Subsidiaries  have conducted and are
             conducting their businesses in compliance with all applicable laws,
             by-laws, rules and regulations of each jurisdiction in which their
             businesses are carried on and holds all licences, registrations,
             permits, consents or qualifications (whether governmental,
             regulatory or otherwise) required in order to enable their
             businesses to be carried on as now conducted or as proposed to be
             conducted, and all such licences, registrations, permits, consents
             and qualifications are valid and subsisting and in good standing
             and neither the Company nor its Subsidiaries has received any
             notice of proceedings relating to the revocation or modification of
             any such license, registration, permit, consent or qualification
             which, if the subject of an unfavourable decision, ruling or
             finding, would materially adversely affect the conduct of the
             business, operations, condition (financial or otherwise) or income
             of the Company or its Subsidiaries;

     (o)     no order ceasing or suspending trading in securities of the
             Company or prohibiting the sale of securities by the Company has
             been issued and to the knowledge of the Company, no proceedings for
             this purpose have been instituted, are pending, contemplated or
             threatened;

     (p)     the Company has not, directly or indirectly, declared or paid any
             dividend or declared or made any other distribution on any of its
             common shares or securities of any class, or, directly or
             indirectly, redeemed, purchased or otherwise acquired any of its
             common shares or securities or agreed to do any of the foregoing;

     (q)     there is not, in the constating documents or by-laws of the
             Company or in any agreement, mortgage, note, debenture, indenture
             or other instrument or document to which the Company is a party,
             any restriction upon or impediment to the declaration or payment of
             dividends by the directors of the Company or the payment of
             dividends by the Company to the holders of its common shares;

     (r)     the issued and outstanding common shares of the Company are listed
             and posted for trading on the Exchange and on the American Stock
             Exchange ("AMEX");

     (s)     Computershare Trust Company of Canada has been duly appointed as
             the transfer agent and registrar for all of the outstanding common
             shares of the Company;

     (t)     the Company has taken or will take all steps as may be necessary
             for it to comply with the requirements of the applicable securities
             laws of the Reporting Provinces and the United States of America,
             and such other jurisdictions in which the Units and Debentures are
             sold, and the Company is entitled to avail itself of the applicable
             prospectus and registration exemptions available under the
             applicable securities laws of the Reporting Provinces and the
             United States in respect of the distribution of Units to the Agent;

     (u)     the Subscription Agreements to be entered into between the
             Company and the Purchasers and any other written or oral
             representations made by the Company to a Purchaser or potential
             Purchaser in connection with the Unit Offering and the Debenture
             Offering will be accurate in all material respects and will omit no
             fact, the omission of which will make such representation
             misleading;

     (v)     all filings made by the Company under which it has received or
             is entitled to government loans or incentives, have been made in
             accordance, in all material respects, with applicable legislation
             and contain no misrepresentations of a material fact or omit to
             state any material

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                                         - 7 -

             fact which could cause any amount previously paid to the Company or
             previously accrued on the accounts thereof to be recovered or
             disallowed;

     (w)     the minute books of the Company and its Subsidiaries are true and
             correct and contain the minutes of all meetings and all resolutions
             of the directors and shareholders thereof;

     (x)     the Company has taken or will take all reasonable steps necessary
             to obtain the consent of the Exchange and AMEX and has complied or
             will comply with, all other regulatory requirements applicable to
             it with respect to the offering and sale of the Units and the
             Debentures on a "private placement" basis as contemplated by the
             Unit Offering and the Debenture Offering;

     (y)     the shares of the Subsidiaries held directly or indirectly by the
             Company are all owned free and clear of all mortgages, liens,
             charges, pledges, security interests, encumbrances, claims and
             demands whatsoever;

     (z)     the auditors of the Company who audited the consolidated
             financial statements of the Company most recently delivered to the
             security holders of the Company and delivered their report with
             respect thereto, are independent public accountants;

     (aa)    the Company and each of the  Subsidiaries  has established on its
             books and records reserves that are adequate for the payment of all
             taxes not yet due and payable and there are no liens for taxes on
             the assets of the Company or the Subsidiaries; and to the knowledge
             of the Company, there are no audits pending of the tax returns of
             the Company or the Subsidiaries (whether federal, provincial, local
             or foreign) and there are no claims which have been or may be
             asserted relating to any such tax returns, which audits and claims,
             if determined adversely, would result in the assertion by any
             government agency of any deficiency that would have a material
             adverse effect on the assets, properties, business, results of
             operations, prospects or condition (financial or otherwise) of the
             Company or the Subsidiaries;

     (bb)    neither Canada Customs and Revenue Agency, the Internal Revenue
             Service of the United States or any other taxation authority has
             asserted or, to the Company's knowledge, threatened to assert any
             assessment, claim or liability for taxes due or to become due in
             connection with any review or examination of the tax returns of the
             Company or the Subsidiaries filed for any year which would have a
             material adverse effect on the assets, properties, business,
             results of operations, prospects or condition (financial or
             otherwise) of the Company or the Subsidiaries;

     (cc)    each of the material contracts referred to in the Public Record to
             which the Company or its Subsidiaries is a party has been duly
             authorized, executed and delivered by the parties thereto and is a
             legal, valid and binding obligation of the parties thereto
             enforceable in accordance with their respective terms;

     (dd)    the Company is a "Qualifying Issuer", as defined in Multilateral
             Instrument 45-102 and will be a Qualifying Issuer on each of the
             Unit Closing Date and the Debenture Closing Date; and

     (ee)    the Company has filed all documents that it is required to file
             under the continuous disclosure provisions of applicable securities
             laws in Canada and the United States, including annual and interim
             financial information and annual reports, press releases disclosing
             material changes and material change reports and all series 10
             reporting and filing requirements with the SEC.

<PAGE>

                                     - 8 -

4.           REPRESENTATIONS AND WARRANTIES OF THE AGENT

4.1          The Agent represents and warrants to the Company and acknowledges
that the Company will be relying upon such representations and warranties in
entering into this Agreement, that:

     (a)     it holds all licenses and permits that are required for carrying
             on its business in the manner in which such business has been
             carried on;

     (b)     it has good and sufficient right and authority to enter into this
             Agreement and complete its transactions contemplated under this
             Agreement on the terms and conditions set forth herein; and

     (c)     it is appropriately registered or exempt from registration under
             the applicable securities laws of the Reporting Provinces and the
             United States so as to permit it to lawfully fulfil its obligations
             hereunder.

4.2          The  representations  and warranties of the Agent  contained in
this Agreement shall be true at the Time of Closing as though they were made at
the Time of Closing.

5.           COVENANTS OF THE COMPANY

5.1          The Company hereby covenants to and with the Agent that it will:

     (a)     not take any actions to prevent the Shares to be issued at the
             Unit Closing from being voted in respect of the Shareholder
             Approval unless an applicable regulatory authority explicitly
             states that such shares cannot be voted in respect of such
             resolution;

     (b)     use its best efforts to obtain the Shareholder Approval at its next
             Annual Meeting of shareholders to be held in April 2002;

     (c)     use its best efforts to prepare, file and have accepted a
             Registration Statement with the SEC as soon as possible after the
             Closing Date so that the Securities will not be subject to any
             restricted period in the United States, after acceptance of the
             Registration Statement;

     (d)     cause the principal amount of the Debentures to be held in escrow,
             as set out in section 2.6;

     (e)     allow the Agent and its counsel to conduct all due diligence in
             connection with the Unit Offering and the Debenture Offering
             (together, the "Offerings") which the Agent may reasonably require;

     (f)     use its best efforts to obtain any necessary regulatory consents to
             the Offerings on such terms as are mutually acceptable to the Agent
             and the Company, acting reasonably;

     (g)     duly, punctually and faithfully fulfil all legal requirements
             applicable to it to permit the creation, issuance, offering and
             sale of the Shares, Warrants, Debentures, Debenture Shares,
             Debenture Warrants and all Shares to be issued on exercise of any
             Warrants or Debenture Warrants (collectively, the "Securities")
             including, without limitation, compliance with all applicable
             securities legislation to enable the Securities to be distributed
             in accordance with this Agreement;

     (h)     ensure that the offer, sale and distribution of the Securities
             will fully comply with the requirements of applicable securities
             legislation;

<PAGE>

                                     - 9 -

     (i)     use commercially reasonable efforts to maintain the listing of
             its common shares on the Exchange and the AMEX until the expiry
             date of the Warrants and the Debenture Warrants and for a period of
             twelve (12) months thereafter;

     (j)     maintain its status as reporting issuer under the securities
             legislation in the Reporting Provinces and as a registrant with the
             SEC from the date hereof until the expiry date of the Warrants and
             the Debenture Warrants and for a period of twelve (12) months
             thereafter;

     (k)     duly and punctually perform all the obligations to be performed by
             it under this Agreement and the Subscription Agreements;

     (l)     during the period commencing on the date hereof and ending on the
             conclusion of the distribution of the Units and the Debentures,
             will give the Agent prompt written notice of any material change
             (actual, proposed, anticipated, or threatened) in or affecting the
             business, affairs, operations, assets, liabilities (contingent or
             otherwise), capital or control of the Company, provided that if the
             Company is uncertain as to whether a material change, change,
             occurrence or event of the nature referred to in this subparagraph
             has occurred, the Company shall promptly inform the Agent of the
             full particulars of the occurrence giving rise to the uncertainty
             and shall consult with the Agent as to whether the occurrence is of
             such nature.

     (m)     during the period commencing with the date hereof and ending on the
             conclusion of the distribution of the Units and the Debentures
             promptly inform the Agent of:

             (i)   any request of any securities commission, stock exchange, or
                   similar regulatory authority for any information relating to
                   the Company or its directors, officers or insiders;

             (ii)  the issuance by a securities commission, stock exchange or
                   similar regulatory authority or by any other competent
                   authority of any order to cease or suspend trading of any
                   securities of the Company or of the institution or threat or
                   institution of any proceedings for that purpose; and

             (iii) the receipt by the Company of any communication from any
                   securities commission, stock exchange, or similar regulatory
                   authority relating to the Offering Memorandum, any other part
                   of the Public Record or the distribution of the Units;

     (n)     enter into Subscription Agreements with each Purchaser
             substantially in the form mutually acceptable to the Company and
             its counsel and the Agent and its counsel;

     (o)     unless it would be unlawful to do so, accept each duly executed
             Subscription Agreement within one (1) business day of the Agreement
             being submitted to it by the Agent; and

     (p)     take all steps necessary to obtain the consent of the Exchange and
             the AMEX and to comply with all other regulatory requirements
             applicable to the offering and sale of the Units and the Debentures
             on a "private placement" basis as contemplated by the Offerings
             prior to the Closing Date.

6.           COVENANTS OF THE AGENT

6.1          The Agent covenants with the Company that:

     (a)     unless otherwise agreed by the Company, it will not offer or sell
             Units or Debentures in any jurisdictions other than in the
             Reporting Provinces and the United States;

<PAGE>

                                     - 10 -

     (b)     it will comply with all applicable securities and other laws in
             connection with the Offerings;

     (c)     it has not and will not conduct any "general solicitation" or
             "general advertising" (as these terms are defined in applicable
             Canadian securities legislation and in Rule 502(c) of Regulation D
             to the 1933 Act) in connection with the offer and sale of the Units
             and Debentures, including advertisements, articles, notices or
             other communications published in any newspaper, magazine or
             similar media or broadcast over radio or television other than a
             tombstone advertisement announcing the completion of the Offerings;
             and

     (d)     it will obtain from each Subscriber a duly completed and executed
             Subscription Agreement.

7.           CONDITIONS OF CLOSING

7.1          In the event that the purchase and sale of the Units has not
completed on or before February 1, 2002, the Company shall have the right to
terminate this Agreement in respect of the Unit Offering by giving notice in
writing to the Agent.

7.2          The purchase and sale of the Units and the Closing of the Unit
Offering shall be subject to the following conditions:

     (a)     the Company having obtained all requisite regulatory and
             shareholder approvals required to be obtained by the Company in
             respect of the Unit Offering on terms mutually acceptable to the
             Company and the Agent acting reasonably;

     (b)     the Company having complied fully with all relevant statutory and
             regulatory requirements required to be complied with by it prior to
             the Time of Closing in connection with the Unit Offering; and

     (c)     the Company having taken all necessary corporate action to
             authorize and approve this Agreement and the Subscription
             Agreements, the issuance of the Shares, Warrants and Agent's Units
             and all other matters relating thereto.

7.3          In the event that the purchase and sale of the Debentures has not
completed on or before March 20, 2002, the Company shall have the right to
terminate this Agreement in respect of the Debenture Offering by giving notice
in writing to the Agent.

7.4          The purchase and sale of the Debentures and the Closing of the
Debenture Offering shall be subject to the following conditions:

     (a)     the Company having obtained all requisite regulatory and
             shareholder approvals required to be obtained by the Company in
             respect of the Debenture Offering on terms mutually acceptable to
             the Company and the Agent acting reasonably;

     (b)     the Company having complied fully with all relevant statutory and
             regulatory requirements required to be complied with by it prior to
             the Time of Closing in connection with the Debenture Offering;

     (c)     the Company having taken all necessary corporate action to
             authorize and approve this Agreement and the Subscription
             Agreements, the issuance of the Debenture Shares, the Debenture
             Warrants and the Agent's Units and all other matters relating
             thereto; and

     (d)     the Agent having received at Closing a favourable legal opinion of
             counsel to the Company (or such other law firm or firms reasonably
             acceptable to the Agent), addressed to the Agent,

<PAGE>

                                     - 11 -

             the Agent's counsel and each of the Purchasers of Debentures,
             acceptable in all reasonable respects to counsel to the Agent to
             the following effect:

             (i)     the Company and its Subsidiaries are corporations validly
                     existing and in good standing under the laws of their
                     respective jurisdictions of incorporation, amalgamation or
                     continuance and are qualified to carry on business and own
                     their assets under the laws of each jurisdiction in which
                     they carry on business and owns assets;

             (ii)    the Company and the Subsidiaries have all requisite
                     corporate capacity, power and authority to carry on their
                     respective businesses as now conducted by them and own
                     their assets and the Company has all requisite corporate
                     capacity, power and authority to execute and deliver this
                     Agreement and the Subscription Agreements and perform all
                     transactions contemplated hereby and thereby;

             (iii)   the authorized and issued capital of the Company consists
                     of an unlimited number of common shares without par value
                     and an unlimited number of preferred shares, and as to the
                     number of common shares which are validly issued and
                     outstanding as fully paid and non-assessable;

             (iv)    each of this Agreement and the Subscription Agreements to
                     be entered into by the Company has been duly authorized,
                     executed and delivered by the Company and constitutes a
                     legal, valid and binding obligation of the Company
                     enforceable in accordance with its terms; and the
                     certificates representing the Debentures, the Debenture
                     Warrants and the Warrants to be issued to the Agent as
                     part of the Agent's Units (the "Agent's Warrants") have
                     been duly authorized and will, when executed and delivered
                     by the Company, constitute legal, valid and binding
                     obligations of the Company enforceable in accordance with
                     their terms;

             (v)     all necessary corporate action has been taken by the
                     Company to authorize the creation and issuance of the
                     Debentures, the Debenture Warrants and the Agent's
                     Warrants subject to the terms of the respective
                     certificates;

             (vi)    the Shares issued to the Agent as part of the Agent's
                     Units (the "Agent's Shares") have been duly and validly
                     issued and are outstanding as fully paid and
                     non-assessable;

             (vii)   the Debenture Shares and the Warrant Shares to be issued
                     upon the conversion of the Debentures and upon exercise of
                     the Warrants have been allotted for issuance to the
                     holders, from time to time, of the Debentures and the
                     Warrants and Debenture Warrants, and the Debenture Shares
                     and the Warrant Shares will, when issued upon the exercise
                     and in accordance with the terms of the respective
                     certificates, be validly issued to the holders thereof as
                     fully paid and non-assessable;

             (viii)  the issue and sale of the Debentures and the issuance of
                     Units to the Agent have been effected in such a manner as
                     to be exempt, either by statute or regulation or order,
                     from the prospectus and registration requirements of the
                     securities legislation of the Reporting Provinces and of
                     the United States and the applicable state laws, subject
                     to the filing of all necessary reports, certificates or
                     undertakings required to be filed under applicable
                     securities legislation;

             (ix)    the issuance of the Debenture Shares and Debenture
                     Warrants on conversion of the Debentures and the issuances
                     of the Warrant Shares on exercise of the Debenture

<PAGE>

                                     - 12 -

                     Warrants and the Agent's Warrants will be exempt from the
                     registration and prospectus requirements of the applicable
                     securities laws of the Reporting Provinces and the Unites
                     States;

             (x)     the Securities shall be generally subject to a statutory
                     hold period in the Reporting Jurisdictions of no more than
                     a specified period from the Closing Date, subject to
                     certain statutory qualifications including qualification
                     with respect to the sale of the Securities by a control
                     person;

             (xi)    the execution and delivery of this Agreement and the
                     Subscription Agreements, and the performance of the
                     transactions contemplated thereby do not and will not
                     result in a breach of, and do not create a state of facts
                     which, after notice or lapse of time or both, will result
                     in a breach of, and do not and will not conflict with, any
                     of the terms, conditions or provisions of the constating
                     documents or by-laws of the Company or to counsels'
                     knowledge any law, order or regulation applicable to the
                     Company;

             (xii)   the form of certificate representing the Shares, the
                     Warrants and the Debentures have been approved and adopted
                     by the directors of the Company and conform with all
                     applicable corporate legislation and requirements;

             (xiii)  the Company is a "reporting issuer" within the meaning of
                     applicable securities laws in the Reporting Provinces and
                     is not included on the list of defaulting reporting
                     issuers maintained by the British Columbia Securities
                     Commission, the Alberta Securities Commission or the
                     Ontario Securities Commission, and has filed all forms
                     10-K as required by the 1934 Act;

             (xiv)   to counsel's knowledge, except for the matters disclosed
                     in the Public Record, there is no pending or threatened
                     action or proceeding against the Company or its
                     Subsidiaries before any court, governmental agency or
                     arbitrator;

             (xv)    according to the minute books of the Subsidiaries, the
                     Company owns 100% of the issued and outstanding shares of
                     the Subsidiaries and, to the best of counsels knowledge,
                     the shares of the Subsidiaries held directly or indirectly
                     by the Company are all owned free and clear of all
                     mortgages, liens, charges, pledges, security interests,
                     encumbrances, claims and demands whatsoever; and

             (xvi)   any additional matters requested by counsel to the Agent,
                     acting reasonably.

             In giving the opinions contemplated above, counsel to the Company
             shall be entitled to rely, where appropriate, upon such opinions of
             local counsel and shall be entitled, as to matters of fact, to rely
             upon the representations and warranties of Purchasers contained in
             the executed Subscription Agreements, certificates of fact of the
             Company signed by officers in a position to have knowledge of such
             facts and their accuracy and certificates of such public officials
             and other persons as are necessary or desirable; and

     (e)     the Agent and each of the Purchasers of Debentures having received
             a certificate of the Company dated the Closing Date signed by the
             President and the Chief Financial Officer of the Company or by such
             other officers acceptable to the Agent certifying as to certain
             matters reasonably requested by the Agent including certification
             that:

             (i)   the Company has complied with all covenants and satisfied all
                   terms and conditions of this Agreement on its part to be
                   complied with and satisfied up to the Time of Closing;

<PAGE>

                                     - 13 -

             (ii)  all of the representations and warranties contained in this
                   Agreement are true and correct as of the Closing Date with
                   the same force and effect as if made at and as of the Closing
                   Date, after giving effect to the transactions contemplated
                   hereby;

             (iii) since the date hereof, there has been no material adverse
                   change (actual, proposed or prospective, whether financial or
                   otherwise) in the business, affairs, operations, assets,
                   liabilities (contingent or otherwise) or capital of the
                   Company, other than as disclosed in the Public Record;

             (iv)  no order, ruling or determination having the effect of
                   ceasing or suspending trading in any securities of the
                   Company (including the Securities) has been issued and no
                   proceedings for such purposes are pending, or, to the
                   knowledge of such officers, contemplated or threatened;

             (v)   the Company is a "reporting issuer" not in default under the
                   securities laws of the Reporting Provinces and no material
                   change relating to the Company has occurred with respect to
                   which the requisite material change statement has not been
                   filed unless the Offerings contemplated hereby constitute a
                   material change and no disclosure of any material change has
                   been made on a confidential basis;

             (vi)  the Public Record does not contain a "misrepresentation" as
                   defined in the applicable securities legislation of the
                   Reporting Jurisdictions as at the date of such filing;

             (vii) the execution and delivery of this Agreement and the
                   Subscription Agreements, and the performance of the
                   transactions contemplated thereby do not and will not result
                   in a breach of, and do not create a state of facts which,
                   after notice, or lapse of time or both, will result in a
                   breach of, and do not and will not conflict with, any of the
                   terms, conditions or provisions of the constating documents
                   or by-laws of the Company or any trust indenture, agreement,
                   or instrument to which the Company is contractually bound on
                   the Closing Date; and

             (viii)any additional matters requested by counsel to the Agent,
                   acting reasonably.

8.           RIGHT OF FIRST REFUSAL

8.1          The Company shall notify the Agent of the terms of any further
equity financings that it requires or proposes to obtain during the twelve (12)
months following the Debenture Closing Date and the Agent shall have the right
of first refusal to provide any such financing on the terms set out in the
notice delivered to the Agent. The Agent may exercise the right of first refusal
within fifteen (15) days following the receipt of the notice by notifying the
Company that it will provide such financing on the terms set out in the notice.
If the Agent fails to give notice within the fifteen (15) days that it will
provide such financing upon the terms set out in the notice, the Company may
then make other arrangements to obtain such financing from another source on the
same terms or on terms no less favourable to the Company. The right of first
refusal does not terminate if, after receipt of any notice from the Company
under this section, the Agent fails to exercise or waives the right. For
purposes of this section, "equity financing" includes a debt financing where
such debt is capable of being converted into equity securities of the Company.

9.           CLOSING

9.1          The purchase and sale of the Units (the "Unit Closing") and the
Debentures (the "Debenture Closing") shall be completed at the offices of Borden
Ladner Gervais, 1200 Waterfront Centre, 200 Burrard Street, Vancouver, British
Columbia at 10:00 a.m. (the "Time of Closing") on February 1, 2002 (the "Unit

<PAGE>

                                     - 14 -

Closing Date") and March 20, 2002 (the "Debenture Closing Date") respectively,
or at such other time or on such other date or dates as the Company and the
Agent may agree upon.

9.2          At the Unit Closing:

     (a)     the Agent, on behalf of the Purchasers, will deliver to the
             Company a bank draft or certified cheque or evidence of wire
             transfer satisfactory to the Company representing the aggregate
             subscription price for the Units subscribed for (less the Agent's
             expenses and any other amounts owing to the Agent);

     (b)     the Company shall deliver to the Agent:

             (i)   the certificates representing the number of Shares and
                   Warrants subscribed for under the Subscription Agreements;

             (ii)  the certificates representing the Shares and Warrants to be
                   issued to the Agent in payment of the Agent's Commission;

             (iii) copies of approvals and other documents as may have been
                   reasonably requested by the Agent on behalf of the Purchasers
                   in connection with the Offerings;

             (iv)  photocopies of the Subscription Agreements confirming the
                   execution thereof by the Company; and

             (v)   such further documentation as may be contemplated herein or
                   as counsel to the Agent or the applicable regulatory
                   authorities may reasonably require.

9.3          At the Debenture Closing

     (a)     the Agent, on behalf of the Purchasers, will deliver to the Company
             a bank draft or certified cheque or evidence of wire transfer
             satisfactory to the Company representing the aggregate subscription
             price for the Debentures subscribed for (less the Agent's expenses
             and any other amounts owing to the Agent);

     (b)     the Company shall deliver to the Agent:

             (i)   the certificates representing the number of Debentures
                   subscribed for under the Subscription Agreements;

             (ii)  the certificates representing the Units to be issued to the
                   Agent in payment of the Agent's Commission;

             (iii) the requisite legal opinions and certificate as contemplated
                   in section 7.4 hereof;

             (iv)  copies of approvals and other documents as may have been
                   reasonably requested by the Agent on behalf of the Purchasers
                   in connection with the Offerings;

             (v)   photocopies of the Subscription Agreements confirming the
                   execution thereof by the Company; and

             (vi)  such further documentation as may be contemplated herein or
                   as counsel to the Agent or the applicable regulatory
                   authorities may reasonably require.

<PAGE>

                                     - 15 -

10.          EXPENSES

10.1         Whether or not the Closings occur, the Company shall pay all
reasonable costs, fees and expenses of or incidental to the performance of the
obligations under this Agreement including, without limitation:

     (a)     the cost of preparing and printing this Agreement and the
             Subscription Agreement, such costs to be included in the cap in (e)
             in so far as they relate to Agent's counsel;

     (b)     the cost of printing the certificates for the Securities;

     (c)     the cost of registration, countersignature and delivery of the
             Securities;

     (d)     the cost of preparing, printing and filing all securities filings
             required in connection with the Offerings;

     (e)     the fees and expenses of the Company's auditors, counsel and any
             local counsel;

     (f)     the reasonable fees of the Agent's counsel not to exceed Cdn$50,000
            (not including disbursements or taxes); and

     (g)     the Agent's reasonable out-of-pocket expenses (including marketing
             expenses).

10.2         Any amounts payable to the Agent pursuant to the provisions of
section 10 hereof shall be paid by the Company from time to time upon receiving
an invoice therefor from the Agent.

11.          INDEMNITIES

11.1         The Company hereby covenants and agrees to protect, indemnify and
hold harmless the Agent and its directors, officers, employees, solicitors and
agents (the Agent and its directors, officers, employees, solicitors and agents
being individually, an "Indemnified Party" and, collectively, the "Indemnified
Parties") from and against all losses, claims, costs, damages or liabilities
which they may suffer or incur caused by or arising directly or indirectly by
reason of:

     (a)     any information or statement (except any information or statement
             relating solely to and supplied by the Agent) contained in the
             Public Record being or being alleged to be a misrepresentation;

     (b)     the omission or alleged omission to state in the Public Record a
             material fact required to be stated therein or necessary to make
             the statements therein not misleading in light of the circumstances
             under which it was made (except the omission to state a material
             fact relating solely to the Agent);

     (c)     the Company not complying with any requirement of any securities
             legislation or regulatory requirements in connection with the
             Offerings;

     (d)     any order made or any inquiry, investigation or proceeding
             commenced or threatened by any regulatory authority based upon an
             allegation that any untrue statement or alleged omission or any
             misrepresentation or alleged misrepresentation in the Public Record
             exists (except information and statements relating solely to the
             Agent) which prevents or restricts the trading in or distribution
             of the Securities;

<PAGE>

                                     - 16 -

     (e)     the Company's failure to comply with any of its obligations
             hereunder including any breach of or default under any
             representation, warranty, covenant or agreement of the Company in
             any of this Agreement or the Subscription Agreement or any other
             document to be delivered pursuant thereto; or

     (f)     any untrue statements in or omissions from any public disclosure
             documentation supplied by the Company and relied upon by the Agent
             in the performance of its duties.

11.2         If any action or claim shall be asserted against an Indemnified
Party in respect of which indemnity may be sought from the Company pursuant to
the provisions hereof, or if any potential claim contemplated by this section
shall come to the knowledge of an Indemnified Party, the Indemnified Party shall
promptly notify the Company in writing of the nature of such action or claim
(provided that any failure to so notify shall not affect the Company's liability
under this paragraph unless such delay has prejudiced the defense to such
claim). The Company shall assume the defense thereof at its expense, provided,
however that the defense shall be through legal counsel acceptable to the
Indemnified Party, acting reasonably. In addition, the Indemnified Party shall
also have the right to employ separate counsel in any such action and
participate in the defense thereof, and the fees and expense of such counsel
shall be borne by the Company if:

     (a)     the Indemnified Party has been advised by counsel, acting
             reasonably, that representation of the Company and the Indemnified
             Party by the same counsel would be inappropriate due to actual or
             potential differing interests between them; or

     (b)     the Company has failed within a reasonable time after receipt of
             such written notice to assume the defense of such action or claim.

11.3         It is understood and agreed that neither party shall effect any
settlement of any such action or claim or make any admission of liability
without the written consent of the other party, such consent not to be
unreasonably withheld or delayed. The indemnity hereby provided for shall remain
in full force and effect and shall not be limited to or affected by any other
indemnity in respect of any matters specified in this section obtained by the
Indemnified Party from any other person.

11.4         To the extent that any Indemnified Party is not a party to this
Agreement, the Agent shall obtain and hold the right and benefit of this section
in trust for and on behalf of such Indemnified Party.

The Company hereby consents to personal jurisdiction and service and venue in
any court in which any claim which is subject to indemnification hereunder is
brought against the Agent or any Indemnified Party and to the assignment of the
benefit of this section to any Indemnified Party for the purpose of enforcement.

12.          CONTRIBUTION

12.1         In the event that, for any reason, the indemnity provided for in
section 11 hereof is illegal or unenforceable, the Agent and the Company shall
contribute to the aggregate of all losses, claims, costs, damages, expenses or
liabilities of the nature provided for in section 11 such that the Agent shall
be responsible for that portion represented by the percentage that the Agent's
Commission bears to the gross proceeds from the Offering and the Company shall
be responsible for the balance. Notwithstanding the foregoing, a person guilty
of fraudulent misrepresentation shall not be entitled to contribution from any
other party. Any party entitled to contribution will, promptly after receiving
notice of commencement of any claim, action, suit or proceeding against such
party in respect of which a claim for contribution may be made against another
party or parties under this section, notify such party or parties from whom
contribution may be sought. In no case shall such party from whom contribution
may be sought be liable under this contribution agreement unless such notice
shall have been provided, but the omission to so notify such party shall not
relieve the party from whom contribution may be sought from any other obligation
it may have otherwise

<PAGE>

                                     - 17 -

than under this section. The right to contribution provided in this section
shall be in addition to, and not in derogation of, any other right to
contribution which the Agent may have by statute or otherwise by law.

13.          TERMINATION RIGHTS

13.1         The Agent shall be entitled, at its option, to terminate all of its
obligations under this Agreement, and the obligations of any person from whom
the Agent has solicited an order to purchase the Units or Debentures that has
executed a Subscription Agreement, by notice to that effect delivered to the
Company at any time prior to the Time of Closing in the event that:

     (a)     there shall occur or come into effect any event, condition or
             circumstance which constitutes a material change financial or
             otherwise (actual, proposed or prospective) in the business,
             affairs, operations, assets, liabilities (contingent or otherwise),
             prospects, condition or capital of the Company which would
             reasonably be expected to have a significant adverse effect on the
             business of the Company or the market price or value of the Units
             or the Debentures;

     (b)     the Agent is of the sole opinion that the Units or the Debentures
             cannot be profitably marketed;

     (c)     there is an enquiry or investigation (whether formal or informal)
             by any securities regulatory authority in relation to the Company
             or any one of the Company's directors or officers which in the
             opinion of the Agent seriously affects or may seriously affect the
             Offerings;

     (d)     any order to cease trading in the securities of the Company is
             made by a securities regulatory authority and that order is still
             in effect;

     (e)     the Agent determines that any of the representations or warranties
             made by the Company herein, is or has become false in any material
             respect;

     (f)     there should develop, occur or come into effect any catastrophe of
             national or international consequence or any action, governmental
             law or regulation, inquiry or other occurrence of any nature
             whatsoever which, in the opinion of the Agent, seriously affects or
             may seriously affect the financial markets or the business of the
             Company; or

     (g)     the Agent is not satisfied with the results of its due diligence
             investigations.

13.2         If the Agent terminates this Agreement pursuant to this section 13,
there shall be no further liability on the part of the Agent or the Purchasers.
The right of the Agent to terminate its obligations under this Agreement is in
addition to such other remedies as it may have or have in respect of any
default, act or failure to act of the Company in respect of any of the matters
contemplated by this Agreement.

14.          BREACH OF AGREEMENT

14.1         Any breach of, or failure by the Company to comply with, any term
or condition of this Agreement shall entitle the Agent, on behalf of the
Purchasers of the Units or the Debentures, to terminate their obligations to
purchase the Units by notice to that effect given to the Company prior to the
Time of Closing. If the Agent terminates this Agreement pursuant to this
section 14, there shall be no further liability on the part of the Agent or
the Purchasers. The Agent may waive, in whole or in part, or extend the time
for compliance with, any terms and conditions without prejudice to its rights
in respect of any other terms and conditions or any other or subsequent
breach or non-compliance provided, however, that any waiver or extension must
be in writing and signed by the Agent in order to be binding upon it.

<PAGE>

                                     - 18 -

15.          GARNISHING ORDERS

15.1         If at any time, up to and including the Time of Closing, the Agent
receives a garnishing order or other form of attachment purporting to attach or
garnish a part or all of the subscription price of the Units, the Agent may pay
the amount purportedly attached or garnished into court.

15.2         Any payment by the Agent into court contemplated in this Agreement
is deemed to have been received by the Company as payment by the Agent against
the subscription price of the Units or Debentures to the extent of the amount
paid, and the Company is bound to issue and deliver the Units or Debentures
proportionately to the amount paid by the Agent.

15.3         The Agent is not bound to ascertain the validity of any garnishing
order or attachment, or whether in fact it attaches any monies held by the
Agent, and the Agent may act with impunity in replying to any garnishing order
or attachment.

15.4         The Company will release, indemnify and save harmless the Agent in
respect of all damages, costs, expenses or liability arising from any acts of
the Agent under this section.

16.          NOTICES

16.1         Any notice under this Agreement shall be given in writing and
either delivered or telecopied to the party to receive such notice at the
address or telecopy numbers indicated below:

             to the Company:

             Vista Gold Corp.
             Suite 5, 7961 Shaffer Parkway
             Littleton, Colorado, USA 80127

             Attention:  Ronald J. McGregor
             Telefax:    (720) 981-1186

             with a copy to the Company's counsel:

             Borden Ladner Gervais
             1200 Waterfront Centre
             200 Burrard Street
             P.O. Box 48600
             Vancouver, B.C. V7X 1T2

             Attention:  William F. Sirett
             Telefax:    (604) 640-4213

             to the Agent:

             Global Resource Investments Ltd.
             7770 El Camino Real.
             Carlsbad, California
             92009

             Attention:  Keith Presnell
             Telefax:    (760) 943-3935

<PAGE>

                                     - 19 -

             with a copy to the Agent's counsel:

             Anfield Sujir Kennedy & Durno
             Suite 1600 - 609 Granville Street
             Vancouver, British Columbia
             V7Y 1C3

             Attention:  Jay Sujir
             Telefax:    (604) 669-3877

or such other address or telecopy number as such party may hereafter designate
by notice in writing to the other party. If a notice is delivered, it shall be
effective from the date of delivery; if such notice is telecopied (with receipt
confirmed), it shall be effective on the business day following the date such
notice is telecopied.

17.          SURVIVAL

17.1         All representations, warranties, and agreements of the Company
contained herein or contained in any document submitted pursuant to this
Agreement or in connection with the purchase of the Units or Debentures shall
survive the purchase of the Units or Debentures by the Purchasers and shall
continue in full force and effect unaffected by any subsequent disposition of
the Shares or Warrant Shares or the exercise of the Warrants or Debenture
Warrants for a period of five (5) years from the Closing Date.

18.          TIME OF THE ESSENCE

18.1         Time shall, in all respects, be of the essence hereof.

19.          HEADINGS

19.1         The headings contained herein are for convenience only and shall
not affect the meaning or interpretation hereof.

20.          SINGULAR AND PLURAL, ETC.

20.1         Where the context so requires, words importing the singular number
include plural and vice versa, and words importing gender shall include the
masculine, feminine and neuter genders.

21.          SEVERABILITY

21.1         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 this Agreement.

22.          GOVERNING LAW

22.1         This Agreement shall be governed by and construed in accordance
with the laws of British Columbia.

23.          SUCCESSORS AND ASSIGNS

23.1         The terms and provisions of this Agreement shall be binding upon
and enure to the benefit of the Company, the Agent and its respective successors
and permitted assigns, provided that, except as herein provided, this Agreement
shall not be assignable by any party without the written consent of the others.

<PAGE>

                                     - 20 -

24.          FURTHER ASSURANCES

24.1         Each of the parties hereto shall do or cause to be done all such
acts and things and shall execute or cause to be executed all such documents,
agreements and other instruments as may reasonably be necessary or desirable for
the purpose of carrying out the provisions and intent of this Agreement.

25.          ENTIRE AGREEMENT

25.1         The provisions herein contained constitute the entire agreement
between the parties hereto and supersede all previous communications,
representations, understandings and agreements between the parties with respect
to the subject matter hereof, whether verbal or written.

26.          COUNTERPARTS

26.1         This Agreement may be executed in any number of counterparts all of
which when taken together shall be deemed to be one and the same document and
not withstanding their actual date of execution shall be deemed to be dated as
of the date first above written.

27.          EFFECTIVE DATE

27.1         This Agreement is intended to and shall take effect as of the date
first set forth above, notwithstanding its actual date of execution or delivery.

If the above is in accordance with your understanding, please sign and return to
the Agent a copy of this letter, whereupon this letter and your acceptance shall
constitute a binding agreement between the Company and the Agent.

GLOBAL RESOURCE INVESTMENTS LTD.

Per:  /s/ KEITH PRESNELL          (CHIEF FINANCIAL OFFICER)
    --------------------------------------------------------

     Authorized Signatory

The above offer is hereby accepted and agreed to as of the date first above
written.

VISTA GOLD CORP.

Per: /s/ RONALD J. MCGREGOR        (PRESIDENT AND CHIEF EXECUTIVE OFFICER)
     ----------------------------------------------------------------------

     Authorized Signatory

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