Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - Uranium Energy Corp. - Exhibit 10.23

THE SECURITIES OFFERED HEREBY HAVE NOT BEEN REGISTERED UNDER
THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“1933 ACT”), OR ANY STATE SECURITIES LAWS, AND ARE PROPOSED TO BE ISSUED IN
RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE 1933 ACT.
SUCH SECURITIES MAY NOT BE REOFFERED FOR SALE OR RESOLD OR OTHERWISE TRANSFERRED
EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S, PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT AND IN ACCORDANCE WITH
APPLICABLE STATE SECURITIES LAWS, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM
REGISTRATION UNDER THE 1933 ACT AND IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS. HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE
CONDUCTED UNLESS IN COMPLIANCE WITH THE 1933 ACT.

URANIUM ENERGY CORP.

 

SUBSCRIPTION AGREEMENT 
for 
UNITS

THE UNITS BEING OFFERED FOR SALE MAY ONLY BE PURCHASED 
BY
SUBSCRIBERS IN THE UNITED STATES OF AMERICA, 
BY SUBSCRIBERS IN CANADA, AND

BY SUBSCRIBERS IN EUROPE

INSTRUCTIONS

	A. 	
      All Subscribers:

	 	 
		
      Complete and sign the Execution Page of the Subscription
      Agreement.

	 	 
		
      Complete and sign Schedule “B” attached to the
      Subscription Agreement and Appendix 1 attached thereto (Schedule “B”
      must be completed by all subscribers, including U.S.
    subscribers).

	 	 
	B. 	
      U.S. Subscribers only:

	 	 
		
      Persons in the United States and U.S. Persons (as such
      terms are defined in Regulation S under the 1933 Act) should also complete
      and sign Schedule “C” attached to the Subscription
  Agreement.

A completed and originally executed copy of, and the other
documents required to be delivered with, this Subscription Agreement must be
delivered, by no later than 1:00 p.m. (Vancouver time) on December 10, 2007, to
the Canadian Placement Agents or the U.S. Placement Agents, as applicable, c/o
National Bank Financial Inc., at Suite 3200, 130 King Street West,
Toronto, Ontario, M5X 1J9, Attention: Gail Broten, Vice President (Tel: (416)
869-6667; Fax: (416) 869-1010), or as otherwise directed by the Agents.

__________

SUBSCRIPTION AGREEMENT FOR UNITS

	TO: 	Uranium Energy Corp. 	AND TO: 	National Banc Financial Inc. 
	AND TO: 	National Bank Financial Inc. 	AND TO: 	RBC Capital Markets Corporation 
	AND TO: 	RBC Capital Markets Inc. 	AND TO: 	Canaccord Adams Inc. 
	AND TO: 	Canaccord Capital Corporation 	  	  

The undersigned (the “Subscriber”) hereby irrevocably
subscribes for and agrees to purchase the number of Units (as hereinafter
defined, each of which consists of one share of common stock and one share
purchase warrant) of Uranium Energy Corp. (the “Corporation”) set forth below
for the aggregate purchase price set forth below, representing a purchase price
of US$3.75 per Unit, upon and subject to the terms and conditions set forth in
the following pages of this subscription agreement (together with the attached
Terms and Conditions of Subscription for Units and the Schedules, collectively,
referred to herein as the “Subscription Agreement” or the “Agreement”). In
addition to this Execution Page, the Subscriber must also complete all
applicable Schedules which form part of this Subscription Agreement.

	 	  	  	 	 		 
	 
	 	 	 	 	 	 Number of Units:
    	 	 
	 	(Name of Subscriber - please print)
    	 
    	 	 	 
    	 
    	 
	 	 	 	 	 	 	 	 
	 	By: 	 	 
    	 	 	  	  	 
	 		 (Authorized Signature) 	 
    	 	 	Aggregate Purchase Price:
    	 
    	 
	 	 
    	  	 	 	  	  	 
	 	(Official Capacity or Title - please
      print) 	 
    	 	 	 
    	 
    	 
	 	  	 
    	 		
      If the Subscriber is signing as agent for a
      principal (beneficial purchaser) and is not purchasing as a
      trust company or a portfolio manager, or, in any case,
      purchasing as trustee or agent for accounts fully managed by it,
      complete the following and ensure that Schedule “B” and, if
      applicable, Schedule “C”, is completed in respect of such
      principal: 
	
	 	(Please print name of individual
      whose signature appears above if 	 	 
	 	different than the name of the
      subscriber printed above.) 	 	 
	 	  	 
    	 
	 	  	 
    	 
	 	(Subscriber’s Address) 	 
    	 
	 	  	 
    	 
	 	  	  	 	 	  	  	 
	 	  	 
    	 	 	(Name of Principal) 	  	 
	 	(Telephone
      Number)                                    (E-Mail
      Address)	 	 	 	 
    	 
    	 
	 	  	 
    	 	 	(Principal’s Address) 	  	 
	 	  	  	 	 	  	  	 
	 	 
    	  	 	 	  	  	 
	 	 	 
    	 	 	(Principal’s Telephone
      Number)                                  
      (Principal’s E-Mail Address) 	 
	 	  	  	 	 	  	  	 
	 	Register the Common Shares and
      Warrants that form the 	 	 	 		 
	 	Units as set forth
      below: 	 
    	 	 	Deliver the Common Shares and Warrants that form
      the Units as set forth below: 	 
	 	  	  	 	 	  	  	 
	 	 	 	 	 	 	 	 
	 	(Name) 	 
    	 	 	(Name) 	  	 
	 	 	 	 	 	 	 	 
	 	(Account reference, if applicable)
	 
    	 	 	(Account reference, if applicable)
	 
	 	 	 	 	 	 	 	 
	 	(Address) 	 
    	 	 	(Contact Name) 	  	 
	 	 	 	 	 	 	 	 
	 	  	 
    	 	 	(Address) 	  	 
	 	 	 	 	 	 	 	 
	 	  	  	 	 	(Telephone Number) 	(E-Mail Address) 	 

ACCEPTANCE: The Corporation hereby accepts the
subscription as set forth above on the terms and conditions contained in this
Subscription Agreement and the Corporation represents and warrants to the
Subscriber that the representations and warranties made by the Corporation to
the Agents (as hereinafter defined) in the Agency Agreement (as hereinafter
defined) are true and correct in all material respects as of the Closing Date
(as hereinafter defined) (save and except as waived in whole or in part by the
Agents) and that the Subscriber is entitled to rely thereon. The Corporation
acknowledges and agrees that the Subscriber shall be entitled to the benefits of
the Registration Rights Agreement (as hereinafter
defined).
________________________, 2007

	URANIUM ENERGY CORP. 	 	     Subscription No: 
	 	 	 
	By: 	 	 	  

Execution Page

TERMS AND CONDITIONS OF SUBSCRIPTION FOR UNITS

	1. 	
      Definitions

	 	 
	 	
      In this Agreement, unless the context otherwise
      requires:

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

	 	 	 	 
	 		(ii) 	
      “Agency Agreement” means the agency agreement to be dated
      on or before the Closing Date between the Corporation and the
    Agents;

	 	 	 	 
	 		(iii) 	
      “Agents” means the Canadian Placement Agents and the U.S.
      Placement Agents;

	 	 	 	 
	 		(iv) 	
      “Agreement” or “Subscription Agreement” means this
      subscription agreement, including all Schedules hereto, as the same may be
      amended, supplemented or restated from time to time;

	 	 	 	 
	 		(v) 	
      “Business Day” means a day on which Canadian chartered
      banks are open for the transaction of regular business in the City of
      Vancouver, British Columbia;

	 	 	 	 
	 		(vi) 	
      “Canadian Placement Agents” means National Bank Financial
      Inc., RBC Capital Markets Inc. and Canaccord Capital
Corporation;

	 	 	 	 
	 		(vii) 	
      “Closing” means the closing of the purchase and sale of
      the Offered Securities;

	 	 	 	 
	 		(viii) 	
      “Closing Date” means December 12, 2007 or such other date
      as the Corporation and the Agents may mutually agree;

	 	 	 	 
	 		(ix) 	
      “Common Shares” means the shares of common stock of the
      Corporation, par value US$0.001 per share, as constituted on the date
      hereof;

	 	 	 	 
	 		(x) 	
      “Corporation” means Uranium Energy Corp., a corporation
      incorporated under the laws of the State of Nevada and includes any
      successor corporation thereto;

	 	 	 	 
	 		(xi) 	
      “Liquidated Damages Warrants” means transferable share
      purchase warrants to acquire Warrant Shares, which Liquidated Damages
      Warrants are issuable to the Subscriber as liquidated damages in the event
      of a registration default as described in Section 2.B. hereof;

	 	 	 	 
	 		(xii) 	
      “NI 45-106” means National Instrument 45-106 –
      Prospectus and Registration Exemptions of the Canadian Securities
      Administrators;

	 	 	 	 
	 		(xiii) 	
      “Offered Securities” means the Units of the Corporation
      offered for sale by the Agents;

	 	 	 	 
	 		(xiv) 	
      “Person” means an individual, a firm, a corporation, a
      syndicate, a partnership, a trust, an association, an unincorporated
      organization, a joint venture, an investment club, a government or an
      agency or political subdivision thereof and every other form of legal or
      business entity of whatsoever nature or kind;

	 	 	 	 
	 		(xv) 	
      “Public Record” means the Corporation’s annual report on
      Form 10-KSB for the year ended July 31, 2007 and any quarterly reports
      filed on Form 10-QSB and current reports filed on Form 8-K since July 31,
      2007 to the Closing Date;

	 	 	 	 
	 		(xvi) 	
      “Purchase Price” means US$3.75 per Unit;

	 	 	 	 
	 		(xvii) 	
      “Purchased Securities” means the Offered Securities
      purchased by the Subscriber pursuant to this Subscription
  Agreement;

	 	 	 	 
	 		(xviii) 	
      “Registerable Securities” means the Common Shares issued
      as part of the Units and the Warrant Shares issuable upon exercise of the
      Warrants and the Liquidated Damages Warrants;

	 	 	 	 
	 		(xix) 	
      “Registration Deadline” means 5:00 p.m. (Vancouver time)
      on the first Business Day which is not less than four (4) months after the
      Closing Date;

- 2 -

	 	(xx) 	
      “Registration Rights Agreement” means the registration
      rights agreement to be dated on or before the Closing Date between the
      Corporation and the Subscribers;

	 	 	 
	 	(xxi) 	
      “Registration Statement” means the registration statement
      of the Corporation to be filed with the SEC, as amended and supplemented,
      in order to register resales of the Registerable Securities, from time to
      time, by the Subscribers or their transferees or assigns;

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

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

	 	 	 
	 	(xxiv) 	
      “SEC” means the United States Securities and Exchange
      Commission;

	 	 	 
	 	(xxv) 	
      “Securities Laws” means the securities legislation and
      regulations of, and the instruments, policies, rules, orders, codes,
      notices and published interpretation notes of the applicable securities
      regulatory authority or applicable securities regulatory authorities of,
      the applicable jurisdiction or jurisdictions;

	 	 	 
	 	(xxvi) 	
      “Subscriber” or “you” means the Person purchasing the
      Purchased Securities and whose name appears on the Execution Page
      hereof;

	 	 	 
	 	(xxvii) 	
      “United States” means the “United States” as that term is
      defined in Regulation S;

	 	 	 
	 	(xxviii) 	
      “U.S. Accredited Investor” means an institutional
      “accredited investor” as that term is defined in Rule 501(a)(1),(2),(3) or
      (7) of Regulation D;

	 	 	 
	 	(xxix) 	
      “U.S. Person” means a “U.S. person” as that term is
      defined in Regulation S;

	 	 	 
	 	(xxx) 	
      “U.S. Placement Agents” means National Banc Financial
      Inc., RBC Capital Markets Corporation and Canaccord Adams Inc.

	 	 	 
	 	(xxxi) 	
      “U.S. Subscriber” means (a) any Person purchasing the
      Offered Securities in the United States, (b) any U.S. Person, (c) any
      Person purchasing the Offered Securities on behalf of any Person in the
      United States or any U.S. Person, (d) any Person that receives or received
      an offer for the Offered Securities while in the United States, or (e) any
      Person that is in the United States at the time the buy order was made or
      the Subscription Agreement was executed;

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

	 	 	 
	 	(xxxiii) 	
      “Warrant Shares” means the Common Shares issuable upon
      exercise of the Warrants or the Liquidated Damages
  Warrants.

	2. 	The Offering 
	 	 
	A. 	The Purchased Securities:

This Subscription Agreement confirms your agreement to purchase
from the Corporation, subject to the terms and conditions set forth herein, that
number of Units, at the price of US$3.75 per Unit (the “Purchase Price”), set
out beside your name on the Execution Page hereof (the “Purchased Securities”).
Each Unit consists of one share of common stock (each, a “Common Share”) of the
Corporation and one transferable share purchase warrant (each, a “Warrant”).
Each Warrant is immediately exercisable by the holder thereof to purchase one
Common Share (each, a “Warrant Share”) at a price of US$4.25 per Warrant Share,
expiring at 5:00 p.m. (Vancouver time) on the date that is one year from the
date of Closing. You acknowledge (on your own behalf and, if applicable, on
behalf of each beneficial purchaser for whom you are contracting hereunder) that
the Purchased Securities form part of a larger offering of Units (each an
“Offered Security” and collectively, the “Offered Securities”) up to
approximately US$7.0 million, pursuant to the Agency Agreement, which Offered
Securities are being offered on a private placement basis to Persons resident in
the Provinces of Canada, in the United States and in Europe. A term sheet with
respect to the offering of the Offered Securities is attached hereto as Schedule
“A”.

- 3 -

	B. 	Registration Statement:

In the Registration Rights Agreement, the Corporation will
covenant and agree to use reasonable best efforts to prepare and file the
Registration Statement with the SEC within 30 days following the Closing Date
and to use its reasonable best efforts to cause the Registration Statement to be
declared effective by the SEC on or before the Registration Deadline.

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

Each whole Liquidated Damages Warrant shall entitle the holder
thereof to purchase one (1) additional Common Share of the Corporation (each, a
“Warrant Share”) at an exercise price of US$4.25 per Warrant Share, and shall
expire at 5:00 p.m. (Vancouver time) on the date that is two (2) years from the
date the Liquidated Damages Warrant is issued.

	3. 	Conditions of Purchase
  

In connection with your purchase of the Purchased Securities,
the following documents are enclosed herewith which you are requested to
complete, sign as indicated and return together with an executed copy of this
Agreement (see “Execution Page”) as soon as possible and in any event no later
than 1:00 p.m. (Vancouver time) on December 10, 2007:

	 	(a) 	
      Schedule “B”, being the Certificate of Accredited
      Investor Status under NI 45-106; and

	 	 	 
	 	(b) 	
      if you are or, if applicable, the beneficial person for
      whom you are contracting hereunder is, a U.S. Subscriber, Schedule “C”,
      being the Certificate for U.S. Accredited
Investors.

The obligation of the Corporation to sell the Purchased
Securities to you is subject to, among other things, the conditions that: 

	 	(a) 	
      you execute and return all documents required by
      applicable Securities Laws for delivery on your behalf, including the
      forms set out in Schedules “B” and “C” attached hereto, as applicable, to
      the Agents, as the offer and sale of the Purchased Securities by the
      Corporation to you will not be qualified or registered under applicable
      Securities Laws;

	 	 	 
	 	(b) 	
      the representations and warranties made by you herein are
      true and correct when made and are true and correct on the Closing Date
      with the same force and effect as if they had been made on and as of such
      date;

	 	 	 
	 	(c) 	
      all covenants, agreements and conditions contained in
      this Agreement to be performed by you on or prior to the Closing Date
      shall have been performed or complied with; and

	 	 	 
	 	(d) 	
      all necessary regulatory approvals being obtained prior
      to the Closing Date.

By returning this Agreement you consent to the filing by the
Corporation of all documents required by applicable Securities Laws.

If you are not subscribing for the Purchased Securities for
your own account and you are not a portfolio manager purchasing as agent for
accounts which are fully managed by you, each beneficial purchaser for whom you
are contracting hereunder must be purchasing the Purchased Securities as
principal for its own account and (unless you are an authorized agent with power
to sign on behalf of the beneficial purchaser) must execute all documents
required by applicable Securities Laws with respect to the Purchased Securities
being acquired by each such purchaser as principal. If you are signing as agent
or pursuant to a power of attorney for the Subscriber, you have authority to
bind the Subscriber.

- 4 -

You agree, and you agree to cause any beneficial purchaser for
whom you are contracting hereunder, to comply with all applicable Securities
Laws concerning the purchase of, the holding of, and the resale restrictions
applicable to, the Purchased Securities, the Liquidated Damages Warrants and the
Warrant Shares. 

You acknowledge that the Corporation has the right to close the
subscription books at any time without notice and to accept or reject any
subscription in its sole discretion. If this subscription is rejected, in whole
or in part, you acknowledge that the unused portion of the aggregate Purchase
Price will be returned to you without interest.

	4. 	The Closing 

The Closing will be completed at the offices of Lang Michener
LLP, Suite 1500, 1055 West Georgia Street, Vancouver, British Columbia, V6E 4N7
at 5:00 a.m. (Vancouver time) on December 12, 2007, or such other time as the
Corporation and the Agents may agree. If, at the Closing, the terms and
conditions contained in the Agency Agreement have been complied with to the
satisfaction of the Agents or waived by the Agents, the Agents will deliver to
the Corporation the aggregate gross subscription proceeds and all completed
subscription agreements, including this Agreement, against delivery by the
Corporation of certificates representing the Purchased Securities and such other
documentation as may be reasonably requested by the Agents.

Certificates representing the Common Shares and Warrants issued
as part of the Purchased Securities will be available for delivery to you at
Closing against payment to the Agent through which you subscribed for the
Purchased Securities of the aggregate amount of the Purchase Price for the
Purchased Securities in freely transferable United States funds. Such payment is
to be made no later than 1:00 p.m. (Vancouver time) on December 10, 2007, by
bank draft, certified cheque or other form of immediately available funds
payable in favour of the Agent through which you subscribed for the Purchased
Securities or such other Person as such Agent shall advise you. You hereby
irrevocably appoint the Agents to act as your agent for the purpose of acting as
your representative at the Closing and hereby appoint the Agents, with full
power of substitution, as your true and lawful attorney in your place or stead
to execute in your name and on your behalf all closing receipts and documents
required, to complete or correct any errors or omissions in any form or document
provided by you, including this Subscription Agreement, to approve any opinion,
certificate or other document addressed to you, to waive, in whole or in part,
any representation, warranty, covenant or condition for your benefit and
contained in the Agency Agreement, in the Registration Rights Agreement or in
this Agreement, to exercise any right of termination contained in the Agency
Agreement, to terminate or not deliver this Agreement if any condition is not
satisfied, in such manner and on such terms and conditions as the Agents in the
sole discretion thereof may determine and to accept delivery of the certificate
representing the Purchased Securities on the Closing Date.

	5. 	Prospectus Exemptions
  

The offer and sale of the Purchased Securities (and, if
applicable, the issuance of any Liquidated Damages Warrants and the offer and
sale of any Warrant Shares) by the Corporation to you is conditional upon such
offer, sale or issuance being exempt from the requirements as to the filing of a
prospectus or registration statement, and as to the preparation of an offering
memorandum or similar document contained in any statute, regulation, instrument,
rule or policy applicable to the offer and sale of the Purchased Securities
(and, if applicable, the issuance of any Liquidated Damages Warrants or the
offer and sale of any Warrant Shares) or upon the issue of such orders, consents
or approvals as may be required to permit such sale or issuance without the
requirement of filing a prospectus or registration statement, or delivering an
offering memorandum or similar document. 

You acknowledge and agree that: 

	 	(a) 	
      you have, or any beneficial purchaser for whom you are
      contracting hereunder has, been independently advised as to or are aware
      of the restrictions with respect to trading in, and the restricted period
      or statutory hold period applicable to, the Purchased Securities, the
      Liquidated Damages Warrants and the Warrant Shares imposed by the
      Securities Laws of the jurisdiction in which you reside or to which you or
      such securities are subject, and that a suitable legend or legends will be
      placed on the certificates representing the Purchased Securities, the
      Liquidated Damages Warrants and the Warrant Shares to reflect the
      applicable restricted period and hold period to which the Purchased
      Securities, the Liquidated Damages Warrants and the Warrant Shares are
      subject;

	 	 	 
	 	(b) 	
      you have, or any beneficial purchaser for whom you are
      contracting hereunder has, not received or been provided with a
      prospectus, registration statement, offering memorandum (within
  the

- 5 -

	 		
      meaning of the Securities Laws) or similar document and
      that your decision, or the decision of any beneficial purchaser for whom
      you are contracting hereunder, to enter into this Agreement and to
      purchase the Purchased Securities from the Corporation has not been based
      upon any verbal or written representation as to fact or otherwise made by
      or on behalf of the Corporation or the Agents (other than those contained
      in this Agreement, the Agency Agreement and the Registration Rights
      Agreement, in each case which will survive the Closing) and that your
      decision, or the decision of any beneficial purchaser for whom you are
      contracting hereunder, is based entirely upon such documents and publicly
      available information concerning the Corporation and, the offer and sale
      of the Purchased Securities was not accompanied by any advertisement in
      printed media of general and regular paid circulation including printed
      public media, radio, television or telecommunications, including
      electronic display and the Internet;

	 	 	 	 
	 	(c) 	
      as a consequence of the sale being exempt from the
      prospectus and registration requirements of the Securities Laws:

	 	 	 	 
	 		(i) 	
      certain protections, rights and remedies provided by the
      Securities Laws, including certain statutory rights of rescission or
      damages, will not be available to you, or any beneficial purchaser for
      whom you are contracting hereunder,

	 	 	 	 
	 		(ii) 	
      you, or any beneficial purchaser for whom you are
      contracting hereunder, may not receive information that would otherwise be
      required to be given under the Securities Laws, and

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

	 	 	 	 
	 	(d) 	
      no Person has made any written or oral
    representation:

	 	 	 	 
	 		(i) 	
      that any Person will resell or repurchase the Purchased
      Securities, the Liquidated Damages Warrants or the Warrant
  Shares,

	 	 	 	 
	 		(ii) 	
      that any Person will refund the Purchase Price,

	 	 	 	 
	 		(iii) 	
      as to the future price or value of the Common Shares, the
      Warrants or the Liquidated Damages Warrants; or

	 	 	 	 
	 		(iv) 	
      that the Common Shares will be or remain listed or
      otherwise qualified for trading on any stock exchange or any quotation or
      stock reporting system.

You and any others for whom you are contracting hereunder
further acknowledge and agree that the Agents assume no responsibility or
liability of any nature whatsoever for the accuracy or adequacy of any such
publicly available information or other information relating to the Corporation
or as to whether all information concerning the Corporation required to be
disclosed by it has been generally disclosed. 

By your acceptance of this Agreement, you and any others for
whom you are contracting hereunder represent, warrant, covenant, agree and
acknowledge, as applicable, to and with the Agents and to and with the
Corporation (which representations, warranties, covenants, agreements and
acknowledgements shall survive the Closing), and acknowledge that the Agents and
the Corporation are relying on such representations and warranties in connection
with the transactions contemplated hereby, that:

	A. 	
      General:

	 	 	 
		(a) 	
      You are and any beneficial purchaser for whom you are
      contracting hereunder is resident in the jurisdiction set out under the
      heading “address” above your signature set forth on the Execution Page of
      this Agreement.

	 	 	 
		(b) 	
      If you are an individual, you have attained the age of
      majority in the jurisdiction in which you are subscribing and have the
      legal capacity and competence to enter into and be bound by this Agreement
      and to perform the covenants and obligations herein.

	 	 	 
		(c) 	
      If you are not an individual (i) you have the legal
      capacity to authorize, execute and deliver this Agreement, and (ii) the
      individual signing this Agreement has been duly authorized to execute and
      deliver this Agreement.

- 6 -

	 	(d) 	
      None of the funds being used to purchase the Purchased
      Securities are (or in connection with your purchase of the Warrant Shares,
      if applicable, will be) to your knowledge proceeds obtained or derived
      directly or indirectly as a result of illegal activities.

	 	 	 
	 	(e) 	
      You are and any beneficial purchaser for whom you are
      contracting hereunder is at arm’s-length, within the meaning of the
      Securities Laws of British Columbia, with the Corporation.

	 	 	 
	 	(f) 	
      You are not and any beneficial purchaser for whom you are
      contracting hereunder is not a “promoter” of the Corporation within the
      meaning of the Securities Laws of British Columbia.

	 	 	 
	 	(g) 	
      You are not, with respect to the Corporation or any of
      its affiliates, a “control person” as defined under the Securities Laws of
      British Columbia or an “affiliate” as defined under the 1933 Act, and the
      purchase of the Purchased Securities (or, if applicable, acquisition of
      Liquidated Damages Warrants or purchase of Warrant Shares) hereunder will
      not result in you becoming a control person or an affiliate.

	 	 	 
	 	(h) 	
      If required by applicable Securities Laws or the
      Corporation, you will execute, deliver and file, or assist the Corporation
      in filing, such reports, undertakings and other documents with respect to
      the issue, offer and/or sale of the Purchased Securities (or, if
      applicable, the issue , offer and/or sale of the Liquidated Damages
      Warrants or Warrant Shares) as may be required by any securities
      commission, stock exchange or other regulatory authority.

	 	 	 
	 	(i) 	
      Other than the Agents, there is no person acting or
      purporting to act in connection with the transactions contemplated herein
      who is entitled to any brokerage or finder’s fee. If any person
      establishes a claim that any fee or other compensation is payable in
      connection with this subscription for the Purchased Securities, you
      covenant to indemnify and hold harmless the Corporation and the Agents
      with respect thereto and with respect to all costs reasonably incurred in
      the defence thereof.

	 	 	 
	 	(j) 	
      Legal counsel retained by the Corporation and legal
      counsel retained by the Agents are acting as counsel to the Corporation
      and the Agents, respectively, and not as counsel to you.

	 	 	 
	 	(k) 	
      If you are, or any beneficial purchaser for whom you are
      contracting hereunder is, a resident, or otherwise subject to the
      Securities Laws, of a jurisdiction other than a jurisdiction in Canada or
      of the United States, you and any beneficial purchaser for whom you are
      contracting hereunder (i) have knowledge of or have been independently
      advised as to and will comply with the requirements of the Securities Laws
      of the jurisdiction of your residence or to which you are otherwise
      subject, or the jurisdiction of residence of any beneficial purchaser for
      whom you are contracting hereunder or to which such beneficial purchaser
      is otherwise subject, as the case may be, (ii) confirm that the
      requirements of the Securities Laws of the jurisdiction of your residence
      or to which you are otherwise subject, the jurisdiction of residence of
      any beneficial purchaser for whom you are contracting hereunder or to
      which such beneficial purchaser is otherwise subject, as the case may be,
      does not (A) require the Corporation to make any filings or seek any
      approvals of any kind whatsoever from any regulatory authority of any kind
      or nature whatsoever, (B) except as contemplated herein, require the
      Corporation to prepare and file a prospectus, registration statement or
      similar document or (C) impose any additional registration or other
      requirements on the Agents, and (iii) will provide such evidence of
      compliance with all such matters as the Corporation or the Agents may
      request.

	 	 	 
	 	(l) 	
      You are and any beneficial purchaser for whom you are
      contracting hereunder is capable of assessing the proposed investment in
      the Purchased Securities (or, if applicable, the Liquidated Damages
      Warrants or the Warrant Shares) as a result of your financial or
      investment experience or as a result of advice received from a registered
      person other than the Corporation or an affiliate thereof and you are or
      any beneficial purchaser for whom you are contracting hereunder is, as the
      case may be, able to bear the economic loss of the investment in the
      Purchased Securities (or, if applicable, the Liquidated Damages Warrants
      or the Warrant Shares).

	 	 	 
	 	(m) 	
      You have had access to such information, if any,
      concerning the Corporation as you considered necessary in connection with
      your investment decision to invest in the Purchased Securities,
  the

- 7 -

	 		
      Liquidated Damages Warrants and the Warrants Shares,
      including receiving satisfactory answers to any questions you have asked
      any of the officers of the Corporation.

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

	 	 	 	 
	 	(o) 	
      You acknowledge that there may be material tax
      consequences to you of an acquisition, holding or disposition of the
      Purchased Securities (or, if applicable, the Liquidated Damages Warrants
      or the Warrant Shares). The Corporation gives no opinion and makes no
      representation with respect to the tax consequences to you under United
      States, Canadian, state, provincial, local or foreign tax law of your
      acquisition, holding or disposition of such securities, and you
      acknowledge that you are solely responsible for determining the tax
      consequences of your investment. You are not relying on the Corporation,
      the Agents or their affiliates or counsel in this regard.

	 	 	 	 
	 	(p) 	
      You are an “accredited investor” within the meaning of NI
      45-106 and:

	 	 	 	 
	 		(i) 	
      you are either purchasing the Purchased Securities (A) as
      principal and not for the benefit of any other Person, or you are deemed
      under NI 45-106 to be purchasing the Purchased Securities as principal, or
      (B) as agent for a beneficial purchaser disclosed on the Execution Page of
      this Agreement, and you are an agent or trustee with proper authority to
      execute all documents required in connection with the purchase of the
      Purchased Securities on behalf of such disclosed beneficial purchaser and
      such disclosed beneficial purchaser for whom you are contracting hereunder
      is purchasing as principal and not for the benefit of any other Person, or
      is deemed under NI 45-106 to be purchasing the Purchased Securities as
      principal, and such disclosed beneficial purchaser is an “accredited
      investor” within the meaning of NI 45-106;

	 	 	 	 
	 		(ii) 	
      if you are, or the beneficial purchaser for whom you are
      contracting hereunder is, as the case may be, a Person, other than an
      individual or investment fund, that has net assets of at least
      CDN$5,000,000, you were not, or the beneficial purchaser for whom you are
      contracting hereunder was not, as the case may be, created or used solely
      to purchase or hold securities as an accredited investor; and

	 	 	 	 
	 		(iii) 	
      you have concurrently executed and delivered a
      certificate in the form attached as Schedule “B” hereto and have completed
      Appendix 1 thereto.

	 	 	 	 
	 	(q) 	
      Unless you have made the representations set forth below
      in Section 5.B hereof (United States) and have completed Schedule “C”
      attached hereto:

	 	 	 	 
	 		(i) 	
      you are not a Person in the United States or a U.S.
      Person and you are not acquiring the Purchased Securities (and will not
      acquire any Liquidated Damages Warrants or Warrant Shares) for the account
      or benefit of any Person in the United States or U.S. Person;

	 	 	 	 
	 		(ii) 	
      you were not offered the Offered Securities in the United
      States; and

	 	 	 	 
	 		(iii) 	
      at the time the buy order for the Purchased Securities
      was originated, you were outside the United States and this Agreement was
      not executed or delivered in the United States.

	 	 	 	 
	 	(r) 	
      If you are not a U.S. Subscriber:

	 	 	 	 
	 		(i) 	
      you understand that if you decide to offer, sell, pledge
      or otherwise transfer the Common Shares or the Warrant Shares, such
      securities may be offered, sold or otherwise transferred only: (A) to the
      Corporation; (B) pursuant to an effective registration statement under the
      1933 Act, (C) in accordance with Rule 144 under the 1933 Act, if
      available, and in compliance with applicable state Securities Laws, (D) in
      accordance with the provisions of Regulation S, if available, or (E) in a
      transaction that does not otherwise require registration under the 1933
      Act or any applicable state Securities Laws if an opinion of counsel, of
      recognized standing reasonably

- 8 -

	 			
      satisfactory to the Corporation, has been provided to the
      Corporation to that effect, and further agree that hedging transactions
      involving such securities may not be conducted unless in compliance with
      the 1933 Act and other applicable Securities Laws;

	 	 	 	 
	 		(ii) 	
      you understand that if you decide to offer, sell, pledge
      or otherwise transfer the Warrants or the Liquidated Damages Warrants,
      such securities may be offered, sold or otherwise transferred only: (A)
      pursuant to an effective registration statement under the 1933 Act, or (B)
      in a transaction that does not otherwise require registration under the
      1933 Act or any applicable state Securities Laws if an opinion of counsel,
      of recognized standing reasonably satisfactory to the Corporation, has
      been provided to the Corporation to that effect, and further agree that
      hedging transactions involving such securities may not be conducted unless
      in compliance with the 1933 Act and other applicable Securities
    Laws;

	 	 	 	 
	 		(iii) 	
      you acknowledge and agree that the Purchased Securities,
      the Liquidated Damages Warrants and the Warrant Shares, upon issuance,
      will be “restricted securities” within the meaning of Rule 144(a)(3) of
      the 1933 Act and will remain “restricted securities” notwithstanding any
      resale within or outside the United States unless the sale is completed
      pursuant to an effective registration statement under the 1933
  Act;

	 	 	 	 
	 		(iv) 	
      you understand that the Corporation is the seller of the
      Purchased Securities, the Liquidated Damages Warrants and the Warrant
      Shares and that, for purposes of Regulation S, a “distributor” is any
      underwriter, dealer or other person who participates, pursuant to a
      contractual arrangement, in the distribution of securities offered or sold
      in reliance on Regulation S and that an “affiliate” is any partner,
      officer, director or any person directly or indirectly controlling,
      controlled by or under common control with any person in question; except
      as otherwise permitted by Regulation S, you agree that you will not,
      during a one-year distribution compliance period, act as a distributor,
      either directly or through any affiliate, or sell, transfer, hypothecate
      or otherwise convey the Purchased Securities or the Warrant Shares other
      than to or for the account or benefit of a non-U.S. Person; and

	 	 	 	 
	 		(v) 	
      you will not offer, sell or otherwise dispose of the
      Purchased Securities, Liquidated Damages Warrants or Warrant Shares except
      in accordance with the transfer restrictions described herein in the
      United States or to a U.S. Person unless (A) such offer, sale or
      disposition is made in accordance with an exemption from the registration
      requirements under the 1933 Act and the Securities Laws of applicable
      states of the United States, or (B) the SEC has declared effective a
      registration statement in respect of such securities. In the case of (A),
      the Corporation may require, as a condition of granting its consent, a
      legal opinion of a firm reasonably acceptable to the Corporation
      confirming that the sale is not subject to the registration requirement of
      the 1933 Act.

	 	 	 	 
	 	(s) 	
      You and any beneficial purchaser for whom you are
      contracting hereunder acknowledge that no agency, governmental authority,
      securities commission or similar regulatory body, stock exchange or other
      entity has reviewed, passed on or made any finding or determination as to
      the merit of the investment in the Offered Securities, the Liquidated
      Damages Warrants or the Warrant Shares, nor have any such agencies or
      governmental authorities made any recommendation or endorsement with
      respect to such securities.

	 	 	 	 
	 	(t) 	
      You consent to the Corporation making a notation on its
      records or giving instructions to any transfer agent of the Corporation in
      order to implement the restrictions on transfer set forth
herein.

	 	 	 	 
	 	(u) 	
      You are not relying upon the Agents to conduct any due
      diligence investigation on your behalf concerning the business, financial
      position, condition or prospects of the Corporation and agree that the
      Agents assume no responsibility or liability of any nature whatsoever for
      the accuracy, adequacy or completeness of the Public Record or as to
      whether all information concerning the Corporation required to be
      disclosed by the Corporation has been publicly
disclosed.

- 9 -

	 	(v) 	
      This Agreement has been duly executed and delivered by
      you and, when accepted by the Corporation, will constitute your legal,
      valid and binding obligation enforceable against you in accordance with
      the terms hereof or, if you are acting as agent for a beneficial
      purchaser, will constitute a legal, valid and binding obligation of such
      beneficial purchaser in accordance with the terms hereof.

	 	 	 	 
	 	(w) 	
      If you are contracting hereunder as trustee or agent
      (including, for greater certainty, a portfolio manager or comparable
      adviser) for one or more beneficial purchasers, you are authorized to
      execute and deliver this Agreement and all other necessary documentation
      in connection with the subscription made on behalf of such beneficial
      purchaser or beneficial purchasers and this Agreement has been authorized,
      executed and delivered on behalf of such beneficial purchaser or
      beneficial purchasers, and you acknowledge that either or both the
      Corporation and the Agents may be required by law to disclose the identity
      of each beneficial purchaser for whom you are contracting
  hereunder.

	 	 	 	 
	 	(x) 	
      The execution and delivery of this Agreement, the
      performance and compliance with the terms hereof, the purchase of the
      Purchased Securities and the completion of the transactions described
      herein by you will not result in any material breach of, or be in conflict
      with or constitute a material default under, or create a state of facts
      which, after notice or lapse of time, or both, would, if you are not or
      any beneficial purchaser for whom you are contracting hereunder is not an
      individual, constitute a material default under any term or provision of
      your constating documents, by-laws or resolutions or the constating
      documents, by-laws or resolutions of any beneficial purchaser for whom you
      are contracting hereunder, as the case may be, the Securities Laws or any
      other laws applicable to you or any beneficial purchaser for whom you are
      contracting hereunder, any agreement to which you are or any beneficial
      purchaser for whom you are contracting hereunder is a party, or any
      judgment, decree, order, statute, rule or regulation applicable to you or
      any beneficial purchaser for whom you are contracting hereunder.

	 	 	 	 
	 	(y) 	
      You represent and warrant to the Corporation that the
      funds representing the Purchase Price in respect of the Purchased
      Securities (and, if applicable, the Warrants Shares) which will be
      advanced by you to the Corporation hereunder will not represent proceeds
      of crime for the purposes of the Proceeds of Crime (Money Laundering)
      and Terrorist Financing Act (Canada) (the “PCMLTFA”) or similar
      legislation and you acknowledge that the Corporation may in the future be
      required by law to disclose your name and other information relating to
      this Subscription Agreement and your subscription hereunder, on a
      confidential basis, pursuant to the PCMLTFA or similar legislation. To the
      best of your knowledge (a) none of the subscription funds provided by you
      (i) have been or will be derived from or related to any activity that is
      deemed criminal under the laws of Canada, the United States of America, or
      any other jurisdiction, or (ii) are being tendered on behalf of a person
      or entity who has not been identified to you, and (b) you will promptly
      notify the Corporation if you discover that any of such representations
      cease to be true, and to provide the Corporation with appropriate
      information in connection therewith.

	 	 	 	 
	 	(z) 	
      If you are, or the beneficial purchaser for whom you are
      contracting hereunder is, a resident of the Province of Ontario, you
      authorize the indirect collection of personal information (as defined in
      the Securities Laws of the Province of Ontario) by the Ontario Securities
      Commission and confirm that you have been notified by the
    Corporation:

	 	 	 	 
	 		(i) 	
      that the Corporation will be delivering such personal
      information to the Ontario Securities Commission;

	 	 	 	 
	 		(ii) 	
      that such personal information is being collected
      indirectly by the Ontario Securities Commission under the authority
      granted to it in the Securities Laws of the Province of Ontario;

	 	 	 	 
	 		(iii) 	
      that such personal information is being collected for the
      purpose of the administration and enforcement of the Securities Laws of
      the Province of Ontario; and

- 10 -

	 	(iv) 	
      that the title, business address and business telephone
      number of the public official in the Province of Ontario who can answer
      questions about the Ontario Securities Commission’s indirect collection of
      personal information is as follows:

	 	Administrative Assistant to the Director of Corporate
      Finance 
	 	Ontario Securities Commission 
	 	Suite 1903, Box 55, 20 Queen Street West 
	 	Toronto, Ontario M5H 3S8 
	 	Telephone: 416-593-8086 

	 	(aa) 	
      You, on your own behalf and, if applicable, on behalf of
      each beneficial purchaser for whom you are contracting hereunder,
      acknowledge and consent to the fact that the Corporation and the Agents
      are collecting your personal information (as that term is defined under
      applicable privacy legislation, including, without limitation, the
      Personal Information Protection and Electronic Documents Act
      (Canada) and any other applicable similar, replacement or supplemental
      provincial or federal legislation or laws in effect from time to time), or
      that of each beneficial purchaser for whom you are contracting hereunder,
      for the purpose of completing this Agreement. You, on your own behalf and,
      if applicable, on behalf of each beneficial purchaser for whom you are
      contracting hereunder, acknowledge and consent to the Corporation and the
      Agents retaining such personal information for as long as permitted or
      required by law or business practices. You, on your own behalf and, if
      applicable, on behalf of each beneficial purchaser for whom you are
      contracting hereunder, further acknowledge and consent to the fact that
      the Corporation or the Agents may be required by the Securities Laws, the
      rules and policies of any stock exchange or the rules of the Investment
      Dealers Association of Canada to provide regulatory authorities with any
      personal information provided by you in this Agreement. You represent and
      warrant that you have the authority to provide the consents and
      acknowledgements set out in this paragraph on behalf of each beneficial
      purchaser for whom you are contracting hereunder. In addition to the
      foregoing, you agree and acknowledge that the Corporation or the Agents,
      as the case may be, may use and disclose your personal information, or
      that of each beneficial purchaser for whom you are contracting hereunder,
      as follows:

	 	 	 	 
	 		(i) 	
      for internal use with respect to managing the
      relationships between and contractual obligations of the Corporation, the
      Agents and you or any beneficial purchaser for whom you are contracting
      hereunder;

	 	 	 	 
	 		(ii) 	
      for use and disclosure for income tax related purposes,
      including without limitation, where required by law, disclosure to Canada
      Revenue Agency;

	 	 	 	 
	 		(iii) 	
      disclosure to stock exchanges, securities regulatory
      authorities and other regulatory bodies with jurisdiction with respect to
      listing applications, prospectus filings, reports of trade and similar
      regulatory filings;

	 	 	 	 
	 		(iv) 	
      disclosure to a governmental or other authority to which
      the disclosure is required by court order or subpoena compelling such
      disclosure and where there is no reasonable alternative to such
      disclosure;

	 	 	 	 
	 		(v) 	
      disclosure to professional advisers of the Corporation or
      the Agents in connection with the performance of their professional
      services;

	 	 	 	 
	 		(vi) 	
      disclosure to any person where such disclosure is
      necessary for legitimate business reasons and is made with your prior
      written consent;

	 	 	 	 
	 		(vii) 	
      by including it in closing books relating to the offering
      contemplated hereby;

	 	 	 	 
	 		(viii) 	
      disclosure to a court determining the rights of the
      parties under this Agreement; or

	 	 	 	 
	 		(ix) 	
      for use and disclosure as otherwise required or permitted
      by law.

	 	 	 	 
	 		
      The contact information for the officer of the
      Corporation who can answer questions about the collection of information
      by the Corporation is as follows:

	 	 	 	 
	 			
      Name and Title: 
	 Amir Adnani, President and Chief Executive
    Officer

- 11 -

	 	Issuer Name: 	Uranium Energy Corp. 
	 	Address: 	9801 Anderson Mill Road, Suite 230, Austin, Texas, 
	 	  	78750 
	 	Phone No.: 	(512) 828-6980 
	 	Fax No.: 	(512) 233-2531 
	 	e-mail: 	aadnabi@uraniumenergy.com 

		(bb) 	
      You agree that your representations, warranties and
      covenants herein will be true and correct both as of the execution of this
      Subscription Agreement and as of the time of Closing and will survive the
      completion of the issue of the Purchased Securities. Your representations,
      warranties and covenants herein are made with the intent that they be
      relied upon by the Corporation and the Agents and their respective counsel
      in determining your eligibility to subscribe for the Purchased Securities,
      and you agree to indemnify and hold harmless the Corporation and the
      Agents and their respective affiliates, shareholders, directors, officers,
      partners, employees, advisors and agents, from and against all losses,
      claims, costs, expenses and damages or liabilities whatsoever which any of
      them may suffer or incur which are caused or arise from a breach thereof.
      You undertake to immediately notify the Corporation at Uranium Energy
      Corp., 9801 Anderson Mill Road, Suite 230, Austin, Texas, 78750,
      Attention: Amir Adnani (Fax Number: (512) 233-2531) and the Agents c/o
      National Bank Financial Inc., Suite 3300, Park Place, 666 Burrard Street,
      Vancouver, British Columbia, V6C 2X8, Attention: Daniel W. Wilton,
      Managing Director, Co-Head, Global Mining and Metals (Fax Number: (604)
      682-2123), of any change in any statement or other information relating to
      you set forth herein which takes place prior to the time of the
      Closing.

	 	 	 
	B. 	
      United States: If you are a U.S. Subscriber,
      then:

	 	 	 
		(a) 	
      You understand and acknowledge that the Purchased
      Securities, the Liquidated Damages Warrants and the Warrant Shares have
      not been registered under the 1933 Act or any state securities laws and
      that the sale of the Purchased Securities contemplated hereby is being
      made to a limited number of U.S. Accredited Investors in transactions not
      requiring registration under the 1933 Act; accordingly the Purchased
      Securities are, and the Liquidated Damages Warrants and the Warrant
      Shares, upon issuance prior to the Registration Statement becoming
      effective, will be, “restricted securities” within the meaning Rule
      144(a)(3) of the 1933 Act.

	 	 	 
		(b) 	
      You have no contract, undertaking, agreement or
      arrangement with any Person to sell, transfer or pledge to such Person, or
      anyone else, the Purchased Securities, Liquidated Damages Warrants or
      Warrant Shares, or any part thereof, or any interest therein, and you have
      no present plans to enter into any such contract, undertaking, agreement
      or arrangement.

	 	 	 
		(c) 	
      You acknowledge that the Corporation has not yet filed a
      registration statement under the 1933 Act in respect of the Registerable
      Securities, and you have not been supplied with any of the information
      that would be found in a registration statement if the Registerable
      Securities were registered under the 1933 Act and, if the Registration
      Statement does not become effective, you acknowledge that there will be
      substantial restrictions on the transferability of, and that it may not be
      possible to liquidate your investment readily in, the Registerable
      Securities.

	 	 	 
		(d) 	
      You are a U.S. Accredited Investor and acknowledge that
      you are acquiring the Purchased Securities as an investment for your own
      account or for the account of a U.S. Accredited Investor as to which you
      exercise sole investment discretion and not with a view to any resale,
      distribution or other disposition of the Purchased Securities in violation
      of the federal or state securities laws of the United States and you have
      concurrently executed and delivered a certificate in the form attached as
      Schedule “C” hereto. You acknowledge that you will be required to confirm
      your status as a U.S. Accredited Investor and make similar representations
      to those contained in this Section 5.B. at the time of exercise of any
      Warrants or Liquidated Damages Warrants.

	 	 	 
		(e) 	
      You have concurrently executed and delivered a
      certificate in the form attached as Schedule “B” hereto and have completed
      Appendix 1 thereto.

	 	 	 
		(f) 	
      You understand and agree that there may be material tax
      consequences to you of an acquisition, holding or disposition of the
      Purchased Securities, the Liquidated Damages Warrants or
  the

- 12 -

	 		
      Warrant Shares. The Corporation gives no opinion and
      makes no representation with respect to the tax consequences to you under
      United States, state, local or foreign tax law of your acquisition,
      holding or disposition of such securities, and you acknowledge that you
      are solely responsible for determining the tax consequences of your
      investment.

	 	 	 
	 	(g) 	
      You understand that the Purchased Securities, the
      Liquidated Damages Warrants and the Warrant Shares may not be sold or
      transferred in the United States or to a U.S. Person prior to the
      Registration Statement becoming effective unless an exemption is available
      from the registration requirements of the 1933 Act and applicable state
      Securities Laws;

	 	 	 
	 	(h) 	
      You understand that if you decide to offer, sell, pledge
      or otherwise transfer the Common Shares or the Warrant Shares, such
      securities may be offered, sold or otherwise transferred only: (A) to the
      Corporation; (B) pursuant to an effective registration statement under the
      1933 Act, (C) in accordance with Rule 144 under the 1933 Act, if
      available, and in compliance with applicable state Securities Laws, (D) in
      accordance with the provisions of Regulation S, if available, or (E) in a
      transaction that does not otherwise require registration under the 1933
      Act or any applicable state Securities Laws if an opinion of counsel, of
      recognized standing reasonably satisfactory to the Corporation, has been
      provided to the Corporation to that effect, and further agree that hedging
      transactions involving such securities may not be conducted unless in
      compliance with the 1933 Act and other applicable Securities
  Laws;

	 	 	 
	 	(i) 	
      You understand that if you decide to offer, sell, pledge
      or otherwise transfer the Warrants or the Liquidated Damages Warrants,
      such securities may be offered, sold or otherwise transferred only: (A)
      pursuant to an effective registration statement under the 1933 Act, or (B)
      in a transaction that does not otherwise require registration under the
      1933 Act or any applicable state Securities Laws if an opinion of counsel,
      of recognized standing reasonably satisfactory to the Corporation, has
      been provided to the Corporation to that effect, and further agree that
      hedging transactions involving such securities may not be conducted unless
      in compliance with the 1933 Act and other applicable Securities Laws;
      and

	 	 	 
	 	(j) 	
      You have not purchased the Purchased Securities as a
      result of any form of general solicitation or general advertising (as
      those terms are used in Regulation D), including advertisements, articles,
      notices or other communications published in any newspaper, magazine or
      similar media or broadcast over radio, or television, or any seminar or
      meeting whose attendees have been invited by general solicitation or
      general advertising.

	6. 	Legends 
	 	 
	A. 	Common Shares Issued as Part of Units:
    

You acknowledge that, in addition to the other legends that may
be required by this Agreement, the certificates representing the Common Shares
issued as part of the Units will bear the following legend:

	 	
      “UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE
      HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE APRIL 13,
      2008”; 
	 

provided that subsequent to April 13, 2008 (that is, the date
that is four months and one day after the Closing Date), the certificate
representing such securities may be exchanged for a certificate not bearing this
legend.

In addition, the certificates representing the Common Shares
issued as part of the Units will bear the following legend:

	 	
      “THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN
      REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
      “1933 ACT”) OR APPLICABLE STATE SECURITIES LAWS. THESE SECURITIES MAY NOT
      BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) PURSUANT TO
      AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT, (B) TO THE
      CORPORATION, (C) IN ACCORDANCE WITH RULE 144 UNDER THE 1933 ACT, IF
      AVAILABLE, AND IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS, (D) IN
      ACCORDANCE WITH THE PROVISIONS OF REGULATION S, IF AVAILABLE, OR (E) IN A
      
	 

- 13 -

	 	
      TRANSACTION THAT DOES NOT OTHERWISE REQUIRE REGISTRATION
      UNDER THE 1933 ACT OR ANY APPLICABLE STATE SECURITIES LAWS IF AN OPINION
      OF COUNSEL, OF RECOGNIZED STANDING REASONABLY SATISFACTORY TO THE
      CORPORATION, HAS BEEN PROVIDED TO THE CORPORATION TO THAT EFFECT. THE
      SECURITIES REPRESENTED BY THE CERTIFICATE CANNOT BE THE SUBJECT OF HEDGING
      TRANSACTIONS UNLESS SUCH TRANSACTIONS ARE CONDUCTED IN COMPLIANCE WITH THE
      1933 ACT AND OTHER APPLICABLE SECURITIES LAWS.” 
	 

	B. 	Warrants Issued as Part of Units
  

You acknowledge that, in addition to the other legends that may
be required by this Agreement, the certificates representing the Warrants issued
as part of the Units will bear the following legend:

	 	
      “UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE
      HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE APRIL 13,
      2008”; 
	 

provided that subsequent to April 13, 2008 (that is, the date
that is four months and one day after the Closing Date), the certificate
representing such securities may be exchanged for a certificate not bearing this
legend. 

In addition, the certificates representing the Warrants issued
as part of the Units will bear the following legend:

	 	
      “THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE
      HEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF
      1933, AS AMENDED (THE “1933 ACT”), OR THE SECURITIES LAWS OF ANY STATE OF
      THE UNITED STATES. THESE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED OR
      OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
      STATEMENT UNDER THE 1933 ACT, OR UNLESS THE CORPORATION RECEIVES AN
      OPINION OF COUNSEL ACCEPTABLE TO THE CORPORATION STATING THAT SUCH OFFER,
      SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM THE REGISTRATION AND
      PROSPECTUS DELIVERY REQUIREMENTS OF THE 1933 ACT. THE SECURITIES
      REPRESENTED BY THIS CERTIFICATE CANNOT BE THE SUBJECT OF HEDGING
      TRANSACTIONS UNLESS SUCH TRANSACTIONS ARE CONDUCTED IN COMPLIANCE WITH THE
      1933 ACT AND OTHER APPLICABLE SECURITIES LAWS.” 
	 
	 	
       
	 
	 	
      “THIS WARRANT MAY NOT BE EXERCISED BY OR ON BEHALF OF A
      U.S. PERSON OR PERSON IN THE UNITED STATES UNLESS THE SECURITIES ISSUABLE
      UPON EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE 1933 ACT AND
      THE APPLICABLE SECURITIES LEGISLATION OF ANY SUCH STATE OR AN EXEMPTION
      FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE. “UNITED STATES” AND
      “U.S. PERSON” ARE AS DEFINED BY REGULATION S UNDER THE 1933 ACT.” 
	 

	C. 	Warrant Shares Issued upon Exercise of
      Warrants 

You acknowledge that, in addition to the other legends that may
be required by this Agreement, the certificates representing any Warrant Shares
issued upon exercise of Warrants on or before the date that is four months and
one day from the date of Closing, will bear the following legend:

	
       
	
      “UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE
      HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE APRIL 13,
      2008”; 
	
       

provided that subsequent to April 13, 2008 (that is, the date
that is four months and one day after the Closing Date), the certificate
representing such securities may be exchanged for a certificate not bearing this
legend. 

In addition, the certificates representing any Warrants Shares
issued upon exercise of the Warrants before the Registration Statement is
declared effective will bear the following legend:

- 14 -

	 	
      “THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN
      REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
      “1933 ACT”) OR APPLICABLE STATE SECURITIES LAWS. THESE SECURITIES MAY NOT
      BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) PURSUANT TO
      AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT, (B) TO THE
      CORPORATION, (C) IN ACCORDANCE WITH RULE 144 UNDER THE 1933 ACT, IF
      AVAILABLE, AND IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS, (D) IN
      ACCORDANCE WITH THE PROVISIONS OF REGULATION S, IF AVAILABLE, OR (E) IN A
      TRANSACTION THAT DOES NOT OTHERWISE REQUIRE REGISTRATION UNDER THE 1933
      ACT OR ANY APPLICABLE STATE SECURITIES LAWS IF AN OPINION OF COUNSEL, OF
      RECOGNIZED STANDING REASONABLY SATISFACTORY TO THE CORPORATION, HAS BEEN
      PROVIDED TO THE CORPORATION TO THAT EFFECT. THE SECURITIES REPRESENTED BY
      THE CERTIFICATE CANNOT BE THE SUBJECT OF HEDGING TRANSACTIONS UNLESS SUCH
      TRANSACTIONS ARE CONDUCTED IN COMPLIANCE WITH THE 1933 ACT AND OTHER
      APPLICABLE SECURITIES LAWS.” 
	 

	D. 	Liquidated Damages Warrants
  

You acknowledge that, in addition to the other legends that may
be required by this Agreement, the certificates representing the Liquidated
Damages Warrants issued pursuant to the terms of this Agreement will bear the
following legend: 

	 	
      “THIS WARRANT [HAS] [AND IF THE REGISTRATION STATEMENT
      HAS NOT BECOME EFFECTIVE AT THE TIME OF ISSUANCE OF THE WARRANTS, ADD THE
      FOLLOWING: AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE] NOT BEEN
      REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
      “1933 ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES.
      THESE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
      TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER
      THE 1933 ACT, OR UNLESS THE CORPORATION RECEIVES AN OPINION OF COUNSEL
      ACCEPTABLE TO THE CORPORATION STATING THAT SUCH OFFER, SALE, PLEDGE OR
      OTHER TRANSFER IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY
      REQUIREMENTS OF THE 1933 ACT. THE SECURITIES REPRESENTED BY THIS
      CERTIFICATE CANNOT BE THE SUBJECT OF HEDGING TRANSACTIONS UNLESS SUCH
      TRANSACTIONS ARE CONDUCTED IN COMPLIANCE WITH THE 1933 ACT AND OTHER
      APPLICABLE SECURITIES LAWS.” 
	 
	 	
       
	 
	 	
      “THIS WARRANT MAY NOT BE EXERCISED BY OR ON BEHALF OF A
      U.S. PERSON OR PERSON IN THE UNITED STATES UNLESS THE SECURITIES ISSUABLE
      UPON EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE 1933 ACT AND
      THE APPLICABLE SECURITIES LEGISLATION OF ANY SUCH STATE OR AN EXEMPTION
      FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE. “UNITED STATES” AND
      “U.S. PERSON” ARE AS DEFINED BY REGULATION S UNDER THE 1933 ACT.” 
	 

	E. 	Warrant Shares Issued upon Exercise of
      Liquidated Damages Warrants 

You acknowledge that, in addition to the other legends that may
be required by this Agreement, the certificates representing any Warrant Shares
issued upon exercise of Liquidated Damages Warrants before the Registration
Statement is declared effective will bear the following legend:

	 	
      “THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN
      REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
      “1933 ACT”) OR APPLICABLE STATE SECURITIES LAWS. THESE SECURITIES MAY NOT
      BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED 
	 

- 15 -

	 	
      EXCEPT (A) PURSUANT TO AN EFFECTIVE REGISTRATION
      STATEMENT UNDER THE 1933 ACT, (B) TO THE CORPORATION, (C) IN ACCORDANCE
      WITH RULE 144 UNDER THE 1933 ACT, IF AVAILABLE, AND IN COMPLIANCE WITH
      APPLICABLE STATE SECURITIES LAWS, (D) IN ACCORDANCE WITH THE PROVISIONS OF
      REGULATION S, IF AVAILABLE, OR (E) IN A TRANSACTION THAT DOES NOT
      OTHERWISE REQUIRE REGISTRATION UNDER THE 1933 ACT OR ANY APPLICABLE STATE
      SECURITIES LAWS IF AN OPINION OF COUNSEL, OF RECOGNIZED STANDING
      REASONABLY SATISFACTORY TO THE CORPORATION, HAS BEEN PROVIDED TO THE
      CORPORATION TO THAT EFFECT. THE SECURITIES REPRESENTED BY THE CERTIFICATE
      CANNOT BE THE SUBJECT OF HEDGING TRANSACTIONS UNLESS SUCH TRANSACTIONS ARE
      CONDUCTED IN COMPLIANCE WITH THE 1933 ACT AND OTHER APPLICABLE SECURITIES
      LAWS.” 
	 

	7. 	Representations and Warranties of the
      Corporation 

The Corporation hereby agrees with you that the representations
and warranties made by the Corporation to the Agents in the Agency Agreement
shall be true and correct as of the Closing Date (save and except as waived by
the Agents). You shall be entitled to rely on, and benefit from, the
representations, warranties and covenants made by the Corporation to the Agents
in the Agency Agreement to the extent that they have not been varied, amended,
altered or waived, in whole or in part, by the Agents and shall survive the
Closing and shall continue in full force and effect for your the benefit in
accordance with the terms of the Agency Agreement. The representations,
warranties and covenants made by the Corporation to the Agents in the Agency
Agreement are hereby incorporated by reference such that they form an integral
part of this Agreement. The Corporation acknowledges and agrees that you shall
be entitled to the benefits of the Registration Rights Agreement.

	8. 	Covenants of the Corporation
  

The Corporation hereby covenants and agrees with you as
follows:

	 	(a) 	
      Corporate Status: For a period of a least three
      (3) years after the Closing Date, the Corporation shall remain a
      corporation validly subsisting under the laws of its jurisdiction of
      incorporation, licensed, registered or qualified as an extra-provincial or
      foreign corporation in all jurisdictions where the character of its
      properties owned or leased or the nature of the activities conducted by it
      make such licensing, registration or qualification necessary and shall
      carry on its business in the ordinary course and in compliance in all
      material respects with all applicable laws, rules and regulations of each
      such jurisdiction.

	 	 	 
	 	(b) 	
      Securities Filings: Forthwith after the Closing
      the Corporation shall file such forms and documents as may be required
      under the Securities Laws of the Provinces of Canada and the United States
      and any state thereof relating to the offering of the Purchased
      Securities, the Liquidated Damages Warrants and the Warrant Shares (if
      any) which, without limiting the generality of the foregoing, shall
      include (i) a Form 45-106-F1 as prescribed by NI 45-106, and (ii) a Form D
      as prescribed under the 1933 Act and any filings required under applicable
      state laws.

	 	 	 
	 	(c) 	
      Performance of Acts: The Corporation shall perform
      and carry out all of the acts and things to be completed by it as provided
      in this Agreement, the Agency Agreement and the Registration Rights
      Agreement.

	 	 	 
	 	(d) 	
      Use of Proceeds Amount: The Corporation shall
      apply the proceeds of the Offered Securities to conduct further
      confirmation drilling at the Corporations Goliad project, to advance the
      project through the permitting and development process, and for general
      corporate purposes.

	9. 	
      Fee to Agents

	 	 	 
		(a) 	
      Fee: You acknowledge that the Agents are offering
      the Offered Securities on a private placement basis and, in connection
      therewith, the Corporation and the Agents will, as of the Closing Date,
      have entered into the Agency Agreement pursuant to which the Agents will
      receive a cash fee. No other fee or commission is payable by the
      Corporation in connection with the sale of the Offered
  Securities.

- 16 -

		(b) 	
      Acknowledgement: You acknowledge that the Agents
      have been appointed by the Corporation to act as agents of the Corporation
      to offer the Offered Securities on a private placement basis and
      acknowledges that the Agents assume no responsibility or liability of any
      nature whatsoever for the accuracy or adequacy of the information
      regarding the Corporation, that the Agents have not engaged in or
      conducted an independent investigation with respect to the Corporation and
      that the Agents and the representatives and agents thereof are not liable
      for any information given or statement made to you by the Corporation in
      connection with the Corporation or the transaction contemplated by this
      Agreement and you hereby release the Agents and the representatives and
      agents thereof from any claim that may arise in respect of this Agreement
      or the transaction contemplated hereby.

	 	 	 
	10. 	
      Expenses

	 	 	 
		(a) 	
      You acknowledge and agree that, except as set forth in
      the Registration Rights Agreement, all costs incurred by you (including
      any fees and disbursements and any special counsel retained by you)
      relating to the issue and sale to you of the Purchased Securities and if
      applicable, the Liquidated Damages Warrants and Warrant Shares, shall be
      borne by you.

	 	 	 
	11. 	
      General

	 	 	 
		(a) 	
      Headings: The division of this Agreement into
      articles and sections and the insertion of headings are for convenience of
      reference only and shall not affect the construction or interpretation of
      this Agreement. The terms “this Agreement”, “this Subscription Agreement”,
      “hereof”, “hereunder”, “herein” and similar expressions refer to this
      Agreement and not to any particular article, section or other portion
      hereof and include any agreement supplemental thereto and any exhibits
      attached hereto. Unless something in the subject matter or context is
      inconsistent therewith, reference herein to articles, sections and
      paragraphs are to articles, sections, subsections and paragraphs of this
      Agreement.

	 	 	 
		(b) 	
      Number and Gender: Words importing the singular
      number only shall include the plural and vice versa, words
      importing the masculine gender shall include the feminine gender and
      neuter and vice versa.

	 	 	 
		(c) 	
      Severability: If one or more of the provisions
      contained in this Agreement shall be invalid, illegal or unenforceable in
      any respect under any applicable law, the validity, legality or
      enforceability of the remaining provisions hereof shall not be affected or
      impaired thereby. Each of the provisions of this Agreement is hereby
      declared to be separate and distinct.

	 	 	 
		(d) 	
      Notices: All notices or other communications to be
      given hereunder shall be delivered by hand or by fax, and if delivered by
      hand, shall be deemed to have been given on the date of delivery or, if
      sent by fax, on the date of transmission if sent before 5:00 p.m. and such
      day is a Business Day or, if not, on the first Business Day following the
      date of transmission.

	 	 	 
		(e) 	
      Notices to the Corporation shall be addressed
  to:

	 	 	 
				Uranium Energy Corp.
9801 Anderson Mill Road, Suite
      230, Austin, Texas, 78750 
Attention: Amir Adnani, President and Chief
      Executive Officer 
Fax No.:(512) 233-2531
	 	 	 
			
      Notices to you shall be addressed to the address of the
      Subscriber set out on the Execution Page hereof.

	 	 	 
			
      Either the Corporation or you may change the address for
      service thereof aforesaid by notice in writing to the other party hereto
      specifying the new address for service hereunder.

	 	 	 
		(f) 	
      Further Assurances: Each party hereto shall from
      time to time at the request of the other party hereto do such further acts
      and execute and deliver such further instruments, deeds and documents as
      shall be reasonably required in order to fully perform and carry out the
      provisions of this Agreement. The parties hereto agree to act honestly and
      in good faith in the performance of their respective obligations
      hereunder.

- 17 -

	 	(g) 	
      Successors and Assigns: Except as otherwise
      provided, this Agreement shall inure to the benefit of and shall be
      binding upon the parties hereto and their respective successors and
      permitted assigns.

	 	 	 
	 	(h) 	
      Entire Agreement: The terms of this Agreement
      express and constitute the entire agreement between the parties hereto
      with respect to the subject matter hereof and no implied term or liability
      of any kind is created or shall arise by reason of anything in this
      Agreement.

	 	 	 
	 	(i) 	
      Time of Essence: Time is of the essence of this
      Agreement.

	 	 	 
	 	(j) 	
      Amendments: The provisions of this Agreement may
      only be amended with the written consent of all of the parties
    hereto.

	 	 	 
	 	(k) 	
      Survival: Notwithstanding any other provision of
      this Agreement, the representations, warranties, covenants and indemnities
      of or by you or the Corporation contained herein or in any certificate,
      document or instrument delivered pursuant hereto shall survive the
      completion of the transactions contemplated by this Agreement.

	 	 	 
	 	(l) 	
      Governing Law: This Agreement shall be governed by
      and construed in accordance with the laws of the Province of British
      Columbia and the laws of Canada applicable therein and the parties hereto
      irrevocably attorn to the jurisdiction of the courts of the Province of
      British Columbia.

	 	 	 
	 	(m) 	
      Counterparts: This Agreement may be executed in
      two or more counterparts which when taken together shall constitute one
      and the same agreement. Delivery of counterparts may be effected by
      facsimile transmission thereof.

	 	 	 
	 	(n) 	
      Facsimile Copies: The Corporation and the Agents
      shall be entitled to rely on a facsimile copy of an executed subscription
      agreement and acceptance by the Corporation of such facsimile subscription
      shall be legally effective to create a valid and binding agreement between
      you and the Corporation in accordance with the terms thereof.

	 	 	 
	 	(o) 	
      Currency: All references to dollars or “$” shall
      refer to United States dollars unless otherwise
provided.

If the foregoing is in accordance with your understanding,
please sign and return this Agreement together with the other required documents
signifying your agreement to purchase the Purchased Securities. You hereby
authorize the Agent through which you subscribe for the Purchased Securities to
deliver a copy of this Agreement on your behalf to the Corporation.

__________

	Schedule “A” 
	TERM SHEET 
	Uranium Energy Corp. 
	Private Placement Offering of Securities
  

	Issuer: 	
      Uranium Energy Corp. (the “Corporation”). 

	  	
      

	Issue: 	
      1,866,667 units (“Units”) of the Corporation. Each Unit
      shall consist of one share of common stock of the Company (a “Common
      Share”) and one transferable share purchase warrant (each, a “Warrant”) to
      purchase one additional Common Share (each, a “Warrant Share”) at an
      exercise price of US$4.25 per Warrant Share, expiring at 5:00 p.m.
      (Vancouver time) on the date that is one year from the Closing Date.
    

	  	
      

	Issue Price: 	
      US$3.75 per Unit. 

	  	
      

	Issue Size: 	
      Up to approximately US$7.0 million. 

	  	
      

	Currency: 	
      United States dollars, unless otherwise indicated.
  

	  	
      

	Use of Proceeds: 	
      The net proceeds of the offering will be used to conduct
      further confirmation drilling at the Corporation’s Goliad project, to
      advance the project through the permitting and development process, and
      for general corporate purposes. 

	  	
      

	Offering Procedure: 	
      The Units will be offered by private placement on an agency
        basis pursuant to subscription agreements. The Units may be offered in
        each of the provinces of Canada, in the United States and in Europe under
        applicable private placement exemptions. 

      A Registration Statement on Form S-1 (the “Registration
        Statement”) will be filed by the Corporation with the U.S. Securities
        and Exchange Commission (the “SEC”) in accordance with the requirements
        described below to register under the United States Securities Act of
        1933, as amended, (the “1933 Act”) resales of the Common Shares
        (including the Warrant Shares), from time to time, by the initial purchasers
        and their permitted ensigns and transferees (on a secondary basis and
        not as a primary offering by the Corporation). 

	  	
      

	Resale Restrictions Under U.S. Securities
      Laws: 	
      The Common Shares (including the Warrant Shares) will be
      under resale restrictions until such time as the Registration Statement
      has been declared effective by the SEC. 

	  	
      

	Resale Restrictions Under Canadian Securities
      Laws: 	
      The Common Shares (including the Warrant Shares) will be
      under resale restrictions until four months and one day from the closing
      of the offering. 

	  	
      

	Registration Rights: 	
      The Corporation agrees to file the Registration Statement
      within 30 days following the closing of the offering and to use its
      reasonable best efforts to have the Registration Statement declared
      effective by the SEC within four months from the closing of the offering
      and, in the event that the Registration Statement is not declared
      effective by that date, or if the effectiveness of the Registration
      Statement is not maintained by the Corporation, to issue common stock
      share purchase warrants of the Corporation, as liquidated damages,
      entitling each subscriber to acquire shares of common stock (each, a
      “Warrant Share”) in the capital of the Corporation equal to one
      one-hundredth of a warrant (the “Liquidated Damages Warrants”) for each
      US$1.00 in aggregate funds paid by each subscriber of the Offering for
      each 30 calendar day period (or partial period thereof) during which the
      Registration Statement is not effective, after the expiry of the four
      month period until the registration default is cured; provided that the
      maximum number of common shares issuable in connection with the Offering
      (including Warrant Shares issuable upon exercise of the Warrants and the
      Liquidated Damages Warrants) shall not exceed 19.9% of the Corporation’s
      issued and outstanding share capital unless shareholder approval has been
      obtained. The Registration Rights Agreement shall contain such other terms
      as are customary in transactions of this nature. 

	  	
      

	Stock Exchange Listings: 	
      American Stock Exchange (“AMEX”). 

	  	
      

	Agents: 	
      National Bank Financial Inc. (50%). 

	  	
      RBC Capital Markets Inc. (40%). 

	  	
      Canaccord Capital Corporation (10%). 

	  	
      

	Agents’ Commission: 	
      The Corporation shall pay to the Agents a commission
      equal to 6.0% of the gross proceeds of the offering. 

	  	
      

	Closing Date: 	
      On or about December 12, 2007.

Schedule “B”

CERTIFICATE OF ACCREDITED INVESTOR STATUS UNDER NI
45-106

	TO: 	URANIUM ENERGY CORP. 
	AND TO: 	NATIONAL BANK FINANCIAL INC. 
	AND TO: 	RBC CAPITAL MARKETS INC. 
	AND TO: 	CANACCORD CAPITAL CORPORATION

In connection with the purchase of units (each unit consisting
of one common share and one transferable share purchase warrant, which units are
hereinafter referred to as the “Purchased Securities”) of Uranium Energy Corp.
(the “Corporation”), the undersigned hereby represents, warrants and certifies
that:

	(a) 	
      the Subscriber (the undersigned or, if the undersigned is
      purchasing the Purchased Securities as agent on behalf of a disclosed
      beneficial purchaser, such beneficial purchaser being referred to herein
      as the “Subscriber”) is resident in a province of Canada or a jurisdiction
      other than the United States or is subject to the securities laws of a
      province of Canada;

	 	 
	(b) 	
      the Subscriber is purchasing the Purchased Securities as
      principal or is deemed under National Instrument 45-106 - Prospectus
      and Registration Exemptions of the Canadian Securities Administrators
      (“NI 45- 106”) to be purchasing the Purchased Securities as principal;
      and

	 	 
	(c) 	
      the Subscriber is an “accredited investor” within the
      meaning of NI 45-106, by virtue of satisfying the indicated criterion as
      set out in Appendix 1 to this certificate (YOU MUST ALSO INITIAL OR
      PLACE A CHECK-MARK ON THE APPROPRIATE LINE IN APPENDIX 1 ATTACHED TO THIS
      CERTIFICATE);

The above representations and warranties will be true and
correct both as of the execution of this certificate and as of the closing time
of the purchase and sale of the Purchased Securities and acknowledges that they
will survive the completion of the issue of the Purchased Securities.

The undersigned acknowledges that the foregoing representations
and warranties are made by the undersigned with the intent that they be relied
upon in determining the suitability of the Subscriber as a purchaser of the
Purchased Securities and that this certificate is incorporated into and forms
part of the Subscription Agreement and the undersigned undertakes to immediately
notify the Corporation of any change in any statement or other information
relating to the Subscriber set forth herein which takes place prior to the
closing time of the purchase and sale of the Purchased Securities.

	 Dated: ________________________ , 2007. 	 	
	 	 	  
	 	Print name of Subscriber (or person
      signing as agent) 
	 	 
	 	By: 	
	 	 	Signature 
	 	 	  
	 	 	Title 
	 	 	 
    
	 	 	(please print name of individual whose
      signature appears 
	 	 	above, if different from name of Subscriber or
      agent 
	 	 	printed above) 

Appendix 1 to Schedule “B”

NOTE: THE SUBSCRIBER MUST INITIAL BESIDE THE APPLICABLE
PORTION OF THE DEFINITION BELOW.

Accredited Investor - (defined in NI 45-106) means:

	_____	
      (a) 
	
      a Canadian financial institution or an authorized
      foreign bank named 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) 
	
      a subsidiary of any person referred to in
      paragraph (a) or (b), if the person owns all of the voting securities of
      the subsidiary, except the voting securities required by law to be owned
      by directors of that subsidiary, 

	 	
      
	
      
	
      

	_____	
      (d) 
	
      a person registered under the securities legislation of a
      jurisdiction of Canada as an adviser or dealer, other than a person
      registered solely as a limited market dealer under one or both of the
      Securities Act (Ontario) or the Securities Act (Newfoundland
      and Labrador), 

	 	
      
	
      
	
      

	_____	
      (e) 
	
      an individual registered or formerly registered under the
      securities legislation of a jurisdiction of Canada as a representative of
      a person referred to in paragraph (d), 

	 	
      
	
      
	
      

	_____	
      (f) 
	
      the Government of Canada or a jurisdiction of Canada, or
      any crown corporation, agency or wholly-owned entity of the Government of
      Canada or a jurisdiction of Canada, 

	 	
      
	
      
	
      

	_____	
      (g) 
	
      a municipality, public board or commission in Canada and
      a metropolitan community, school board, the Comité de gestion de la taxe
      scolaire de l’île de Montréal or an intermunicipal management board in
      Quebec, 

	 	
      
	
      
	
      

	_____	
      (h) 
	
      any national, federal, state, provincial, territorial or
      municipal government of or in any foreign jurisdiction, or any agency of
      that government, 

	 	
      
	
      
	
      

	_____	
      (i) 
	
      a pension fund that is regulated by either the Office of
      the Superintendent of Financial Institutions (Canada) or a pension
      commission or similar regulatory authority of a jurisdiction of Canada,
      

	 	
      
	
      
	
      

	_____	
      (j) 
	
      an individual who, either alone or 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, 

	 	
      
	
      
	
      

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

	 	
      
	
      
	
      

	_____	
      (l) 
	
      an individual who, either alone or with a spouse, has net
      assets of at least CDN$5,000,000, 

	 	
      
	
      
	
      

	_____	
      (m) 
	
      a person, other than an individual or investment
      fund, that has net assets of at least CDN$5,000,000 as shown on its
      most recently prepared financial statements, 

	 	
      
	
      
	
      

	_____	
      (n) 
	
      an investment fund that distributes or has distributed
      its securities only to 

	 	
      
	
      
	
      

	 	
      
	
      (i) 
	
      a person that is or was an accredited investor at the
      time of the distribution, 

	 	
      
	
      
	
      

	 		
      (ii) 
	
      a person that acquires or acquired securities in the
      circumstances referred to in sections 2.10 [Minimum amount investment]
      and 2.19 [Additional investment in 

- 2 -

	 	
       
	
       
	
      investment funds] of NI 45-106, or 

	 	
       
	
       
	
       

			
      (iii) 
	
      a person described in paragraph (i) or (ii) immediately
      above that acquires or acquired securities under section 2.18
      [Investment fund reinvestment] of NI 45- 106, 

	 	
       
	
       
	
       

	_____	
      (o) 
	
      an investment fund that distributes or has distributed
      securities under a prospectus in a jurisdiction of Canada for which the
      regulator or, in Quebec, the securities regulatory authority, has issued a
      receipt, 

	 	
       
	
       
	
       

	_____	
      (p) 
	
      a trust company or trust corporation registered or
      authorized to carry on business under the Trust and Loan Companies Act
      (Canada) or under comparable legislation in a jurisdiction of Canada
      or a foreign jurisdiction, acting on behalf of a fully managed
      account managed by the trust company or trust corporation, as the
      case may be, 

	 	
       
	
       
	
       

	_____	
      (q) 
	
      a person acting on behalf of a fully managed account
      managed by that person, if that person 

	 	
       
	
       
	
       

			
      (i) 
	
      is registered or authorized to carry on business as an
      adviser or the equivalent under the securities legislation of a
      jurisdiction of Canada or a foreign jurisdiction, and 

	 	
       
	
       
	
       

	 	
       
	
      (ii) 
	
      in Ontario, is purchasing a security that is not a
      security of an investment fund, 

	 	
       
	
       
	
       

	_____	
      (r) 
	
      a registered charity under the Income Tax Act
      (Canada) that, in regard to the trade, has obtained advice from an
      eligibility adviser or an adviser registered under the securities
      legislation of the jurisdiction of the registered charity to give advice
      on the securities being traded, 

	 	
       
	
       
	
       

	_____	
      (s) 
	
      an entity organized in a foreign jurisdiction that is
      analogous to any of the entities referred to in paragraphs (a) to (d) or
      paragraph (i) in form and function, 

	 	
       
	
       
	
       

	_____	
      (t) 
	
      a person in respect of which all of the owners of
      interests, direct, indirect or beneficial, except the voting securities
      required by law to be owned by directors, are persons that are accredited
      investors, 

	 	
       
	
       
	
       

	_____	
      (u) 
	
      an investment fund that is advised by a person registered
      as an adviser or a person that is exempt from registration as an adviser,
      or 

	 	
       
	
       
	
       

	_____	
      (v) 
	
      a person that is recognized or designated by the
      securities regulatory authority or, except in Ontario and Quebec, the
      regulator as: 

	 	
       
	
       
	
       

	 	
       
	
       (i) 
	
      an accredited investor, or 

	 	
       
	
       
	
       

	 	
       
	
       (ii) 
	
      an exempt purchaser in British Columbia or Alberta.
    

For the purposes hereof:

	(a) 	
      “Canadian financial institution”
    means

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

	 	 	 
			
      Cooperative Credit Associations Act (Canada),
      or

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

	 	 	 
	(b) 	
      “control person” has the meaning ascribed
      to that term in securities legislation except in Manitoba, Ontario,
      Quebec, Nova Scotia, Newfoundland and Labrador, Prince Edward Island, the
      Northwest Territories and Nunavut where “control person” means any person
      that holds or is one of a combination of persons that
  hold

- 3 -

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

	 	 	 	 
		(ii) 	
      more than 20% of the outstanding voting securities of an
      issuer except where there is evidence showing that the holding of those
      securities does not affect materially the control of that
issuer;

	 	 	 	 
	(c) 	
      “eligibility adviser” means

	 	 	 	 
		(i) 	
      a person that is registered as an investment dealer or in
      an equivalent category of registration under the securities legislation of
      the jurisdiction of a Subscriber and authorized to give advice with
      respect to the type of security being distributed, and

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

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

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

	 	 	 	 
	(d) 	
      “executive officer” means, for an issuer,
      an individual who is

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

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

	 	 	 	 
		(iii) 	
      an officer of the issuer or any of its subsidiaries and
      who performs a policy-making function in respect of the issuer,
  or

	 	 	 	 
		(iv) 	
      performing a policy-making function in respect of the
      issuer;

	 	 	 	 
	(e) 	
      “financial assets” means (i) cash, (ii)
      securities or (iii) a contract of insurance, a deposit or an evidence of a
      deposit that is not a security for the purposes of securities
      legislation;

	 	 	 	 
	(f) 	
      “founder” means, in respect of an
      issuer, a person who,

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

	 	 	 	 
		(ii) 	
      at the time of the trade is actively involved in the
      business of the issuer;

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

	 	 	 	 
	(h) 	
      “investment fund” has the meaning ascribed
      thereto in National Instrument 81-106 - Investment Fund Continuous
      Disclosure;

	 	 	 	 
	(i) 	
      “person” includes

	 	 	 	 
		(i) 	
      an individual,

	 	 	 	 
		(ii) 	
      a corporation,

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

	 	 	 	 
		(iv) 	
      an individual or other person in that person’s capacity
      as a trustee, executor, administrator or

- 4 -

	  	  	
      personal or other legal representative; 

	 	 	
       

	(j) 	“related liabilities”
      means 
	 	 
		(i) 	
      liabilities incurred or assumed for the purpose of
      financing the acquisition or ownership of financial assets, or 

	 	 	
       

	  	(ii) 	
      liabilities that are secured by financial assets.
  

	 	 	
       

	(k) 	“spouse” means, an
      individual who, 
	 	 
		(i) 	
      is married to another individual and is not living
      separate and apart within the meaning of the Divorce Act (Canada),
      from the other individual, 

	 	 	
       

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

	 	 	
       

		(iii) 	
      in Alberta, is an individual referred to in paragraph (i)
      or (ii) immediately above or is an adult interdependent partner within the
      meaning of the Adult Interdependent Relationships Act (Alberta);
      and 

	 	 	
       

	(l) 	“subsidiary” means an
      issuer that is controlled directly or indirectly by another issuer and
      includes a subsidiary of that subsidiary. 
	 	 
	Affiliated Entities and Control
  
	 
	1. 	An issuer is considered to be an
      affiliate of another issuer if one of them is the subsidiary of the other,
      or if each of them is controlled by the same person. 
	 	 
	2. 	A person (first person) is considered
      to control another person (second person) if 
	 	 
		(a) 	
      the first person, directly or indirectly, beneficially
      owns or exercises control or direction over securities of the second
      person carrying votes which, if exercised, would entitle the first person
      to elect a majority of the directors of the second person, unless the
      first person holds the voting securities only to secure an obligation,
    

	 	 	
       

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

	 	 	
       

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

Schedule “C”

CERTIFICATE FOR U.S. ACCREDITED INVESTORS

	TO: 	URANIUM ENERGY CORP. 	AND TO: 	NATIONAL BANC FINANCIAL INC. 
	AND TO: 	NATIONAL BANK FINANCIAL INC. 	AND TO: 	RBC CAPITAL MARKETS CORPORATION 
	AND TO: 	RBC CAPITAL MARKETS INC. 	AND TO: 	CANACCORD ADAMS INC. 
	AND TO: 	CANACCORD CAPITAL CORPORATION 	  	  

In connection with the purchase by the undersigned subscriber
(the “Subscriber”) of units (each unit consisting of one common share and one
transferable share purchase warrant, which units are hereinafter referred to as
the “Purchased Securities”) of Uranium Energy Corp. (the “Corporation”), the
Subscriber hereby represents, warrants, covenants and certifies that the
undersigned (or any beneficial purchaser on whose behalf it is acting) is a U.S.
Subscriber (as such term is defined in the Subscription Agreement to which this
Certificate is attached) and satisfies one or more of the categories indicated
below (please initial the appropriate line below):

	_____	501(a)(1) 	
      a bank as defined in Section 3(a)(2) of the United States
      Securities Act of 1933 (the “1933 Act”), or a savings and loan
      association or other institution as defined in Section 3(a)(5)(A) of the
      1933 Act whether acting in its individual or fiduciary capacity; a broker
      or dealer registered pursuant to Section 15 of the United States
      Securities Exchange Act of 1934, as amended; any insurance company
      as defined in Section 2(a)(13) of the 1933 Act; any investment company
      registered under the United States Investment Company Act of 1940
      or a business development company as defined in Section 2(a)(48) of
      that Act; any Small Business Investment Company licensed by the United
      States Small Business Administration under Section 301(c) or (d) of the
      United States Small Business Investment Act of 1958; any
      plan established and maintained by a state, its political subdivisions, or
      any agency or instrumentality of a state or its political subdivisions,
      for the benefit of its employees, if such plan has total assets in excess
      of US$5,000,000; any employee benefit plan within the meaning of the
      United States Employee Retirement Income Security Act of 1974 if
      the investment decision is made by a plan fiduciary, as defined in Section
      3(21) of such Act, which is either a bank, savings and loan association,
      insurance company, or registered investment adviser, or if the employee
      benefit plan has total assets in excess of US$5,000,000 or, if a
      self-directed plan, with investment decisions made solely by persons that
      are U.S. Accredited Investors; 

	 	  	
       

	_____	501(a)(2) 	
      any private business development company as defined in
      Section 202(a)(22) of the United States Investment Advisers Act of
      1940; 

	 	  	
       

	_____	501(a)(3) 	
      an organization described in section 501(c)(3) of the
      United States Internal Revenue Code, corporation, Massachusetts or
      similar business trust, or partnership, not formed for the specific
      purpose of acquiring the Purchased Securities, with total assets in excess
      of US$5,000,000; 

	 	  	
       

	_____	501(a)(7) 	
      a trust that (a) has total assets in excess of
      US$5,000,000, (b) was not formed for the specific purpose of acquiring the
      Purchased Securities, and (c) is directed in its purchase of securities by
      a sophisticated person, being defined as a person who has such knowledge
      and experience in financial and business matters that he or she is capable
      of evaluating the merits and risks of the prospective investment;
  

	 	Dated:
      ___________________________, 2007. 	 	
	 	 	 	  
	 	 	Print name of
      Subscriber 
	 	 	 
	 	 	By: 	                                                                                                   
	 	 	 	Signature 
	 	 	 	  
	 	 	 	Title 
	 	 	 	  
	 	 	 	(please print name of individual whose
      signature appears 
	 	 	 	above, if different from name of Subscriber
      printed aboveFiled by Automated Filing Services Inc. (604) 609-0244 - Uranium Energy Corp. - Exhibit 10.24

URANIUM ENERGY CORP.

WARRANT CERTIFICATE

	No. <> 	<> Warrants 

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF
THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE APRIL 13, 2008.

THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF
HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED (THE “1933 ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED
STATES. THESE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
1933 ACT, OR UNLESS THE CORPORATION RECEIVES AN OPINION OF COUNSEL ACCEPTABLE TO
THE CORPORATION STATING THAT SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS
EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF THE 1933
ACT. THE SECURITIES REPRESENTED BY THIS CERTIFICATE CANNOT BE THE SUBJECT OF
HEDGING TRANSACTIONS UNLESS SUCH TRANSACTIONS ARE CONDUCTED IN COMPLIANCE WITH
THE 1933 ACT AND OTHER APPLICABLE SECURITIES LAWS.

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

ISSUE DATE December 12, 2007 
VOID AFTER December 11,
2008

WARRANTS FOR THE 
PURCHASE OF COMMON STOCK

THIS CERTIFIES THAT, FOR VALUE RECEIVED,
_____________________________, a corporation or adult individual residing in
________________________________, is the owner of
______________________________________(__________) warrants (the
“Warrants”) for the purchase of up to an aggregate of
_______________________________________(_________) shares of common stock of
Uranium Energy Corp., a corporation organized and existing under the laws of the
State of Nevada (the “Corporation”). Such purchase may be made at any
time, and from time to time, prior to 5:00 p.m. (Vancouver, British Columbia,
Canada time) on the Expiration Date (as hereinafter defined), upon the
presentation and surrender of this Warrant Certificate (as hereinafter defined)
with a written notice signed by the Holder (as hereinafter defined) stating the
number of shares of Common Stock (as hereinafter defined) with respect to which
such exercise is being made, at the principal corporate address of the
Corporation, accompanied by payment of US$4.25 (the “Purchase Price”).
The Purchase Price and the number of shares of Common Stock subject to purchase
upon exercise of the Warrants are subject to modification or adjustment as set
forth herein.

- 2 -

SECTION 1 
INTERPRETATION

As used herein, the following terms shall have the following
meanings, unless the context shall otherwise require:

	 	(a) 	
      “Common Stock” shall mean the common stock of the
      Corporation, which has the right to participate in the distribution of
      earnings and assets of the Corporation without limit as to amount or
      percentage;

	 	 	 
	 	(b) 	
      “Corporate Office” shall mean the office of the
      Corporation at which, at any particular time, its principal business shall
      be administered, which office is currently located at 9801 Anderson Mill
      Road, Suite 230, Austin, Texas, 78750;

	 	 	 
	 	(c) 	
      “Exercise Date” shall mean, as to any Warrant, the
      date on which the Corporation shall have received both (a) this Warrant
      Certificate, together with a written Notice of Exercise in accordance
      herewith, duly executed by the Holder hereof, or his attorney duly
      authorized in writing, and indicating that the Holder is thereby
      exercising such Warrant(s), and (b) payment by bank draft, certified check
      or money order made payable to the Corporation, of an amount in lawful
      money of the United States of America equal to the applicable Purchase
      Price for such Warrant(s);

	 	 	 
	 	(d) 	
      “Expiration Date” shall mean December 11, 2008. If
      such date shall be a holiday or a day on which banks are authorized to be
      closed in the Province of British Columbia, Canada, then the Expiration
      Date shall mean the next consecutive day which does not fall on a holiday
      or a day on which banks are authorized to be closed in the Province of
      British Columbia, Canada;

	 	 	 
	 	(e) 	
      “Holder” shall mean, as to any Warrant and as of
      any particular date, the person in whose name the Warrant Certificate
      representing such Warrant is registered as of that date on the Warrant
      Registry maintained by the Corporation;

	 	 	 
	 	(f) 	
      “Purchase Price” shall mean the purchase price to
      be paid upon exercise of each Warrant hereunder in accordance with the
      terms hereof, which price shall be US$4.25.

	 	 	 
	 	(g) 	
      “Securities Act” shall mean the United States
      Securities Act of 1933, and any amendments or modifications, or
      successor legislation, thereto adopted, and all regulations, rules or
      other laws enacted or adopted pursuant thereto;

	 	 	 
	 	(h) 	
      “Warrants” shall mean the Warrants represented by
      this Warrant Certificate;

	 	 	 
	 	(i) 	
      “Warrant Certificate” shall mean any certificate
      representing Warrants, and “this Certificate” shall mean the
      warrant certificate issued to the Holder identified on the first page
      hereof;

	 	 	 
	 	(j) 	
      “Warrant Registry” means any official record that
      may be maintained by the Corporation in which are recorded, with respect
      to each Warrant Certificate issued by the Corporation, the date of
      issuance, the name and address of the original Holder and the number
      identifying such Warrant Certificate; and

- 3 -

	 	(k) 	
      “Warrant Shares” means the restricted common stock
      of the Corporation deliverable upon exercise of a
  Warrant.

All references to currency herein are to the lawful currency of
the United States of America.

SECTION 2 
EXERCISE OF WARRANTS

	 	(a) 	
      Each Warrant evidenced hereby may be exercised by the
      Holder at any time on the Exercise Date, upon the terms and subject to the
      conditions set forth herein, by delivery to the Corporation of a completed
      Notice of Exercise in the form attached as Schedule A hereto, along with
      payment of the Purchase Price. A Warrant shall be deemed to have been
      exercised immediately prior to the close of business on the Exercise Date
      and the person entitled to receive shares of restricted common stock of
      the Corporation deliverable upon such exercise shall be treated for all
      purposes as the Holder of a Warrant Share upon the exercise of the
      applicable Warrant as of the close of business on the Exercise Date.
      Promptly following, and in any event within ten (10) business days after,
      the date on which the Corporation first receives clearance of all funds
      received in payment of the Purchase Price pursuant to this Warrant
      Certificate, the Corporation shall cause to be issued and delivered to the
      person or persons entitled to receive the same, a certificate or
      certificates evidencing the issuance to such Holder of the applicable
      number of Warrant Shares (plus a Warrant Certificate for any remaining
      issued but unexercised Warrants of the Holder). Notwithstanding the
      foregoing sentence, in the event that any registration or qualification
      (or filing for exemption from any such requirements) is required prior to
      the issuance of such Warrant Shares by the Corporation in accordance with
      Section 3(b) below, then the obligation to deliver any such certificates
      shall arise only upon completion of such requirements and at such time as
      the Corporation may lawfully do so.

	 	 	 
	 	(b) 	
      Upon the exercise of the Warrants represented hereby, if
      the Corporation so requests, the Holder shall certify to the Corporation
      that it is not exercising such Warrants with a view to distribute the
      Warrant Shares in violation of the Securities Act, and shall provide such
      other investor representations as the Corporation may require to confirm
      the ability of the Corporation to rely upon the exemption from
      registration under the Securities Act which applies to the distribution of
      Warrant Shares at the time of such distribution.

SECTION 3
RESERVATION OF SHARES; TAXES;
ETC.

	 	(a) 	
      The Corporation covenants that it will at all times
      reserve and keep available out of its authorized Common Stock, solely for
      the purpose of issue upon the valid exercise of Warrants, such number of
      Warrant Shares as shall then be issuable upon the exercise of all Warrants
      then outstanding. The Corporation covenants that all Warrant Shares which
      shall be issuable upon exercise of the Warrants shall, at the time of
      delivery, be duly and validly issued, fully-paid, non-assessable and free
      from all taxes, liens and charges with respect to the issuance thereof
      (other than those which the Corporation shall promptly pay or discharge,
      or any liens created thereon by the Holder thereof and/or any predecessor
      of such Holder).

	 	 	 
	 	(b) 	
      The Corporation shall not be obligated to deliver any
      Warrant Shares pursuant to the exercise of the Warrants represented hereby
      unless and until a registration statement

- 4 -

	 		
      under the Securities Act and/or under any applicable
      state securities laws and regulations, with respect to such securities is
      effective, or an exemption from such registration is available to the
      Corporation at the time of such exercise. The Warrants represented hereby
      may not be exercised by, nor Warrant Shares issued to, the Holder hereof
      in any jurisdiction in which such exercise and issuance would be
      unlawful.

	 	 	 
	 	(c) 	
      The Corporation shall pay all documentary, stamp or
      similar taxes and other governmental charges that may be imposed with
      respect to the issuance of the Warrants, or the issuance or delivery of
      any Warrant Shares upon exercise of the Warrants.

SECTION 4 
LOSS OR MUTILATION

Upon receipt by the Corporation of evidence satisfactory to it
of the ownership of, and loss, theft, destruction or mutilation of, this Warrant
Certificate and (in case of loss, theft or destruction) of indemnity
satisfactory to the Corporation, and (in the case of mutilation) upon surrender
and cancellation thereof, the Corporation shall execute and deliver to the
Holder in lieu thereof a new Warrant Certificate of like tenor representing an
equal aggregate number of Warrants as was indicated to be outstanding on the
prior lost or mutilated Warrant Certificate (provided, however, that to the
extent that any discrepancy may exist between the number of Warrants purported
to be outstanding in respect of any Holder as evidenced by a Warrant Certificate
that has been lost or mutilated and the number attributable to such Holder in a
Warrant Registry that may be maintained by the Corporation, then the Warrant
Registry shall control for all purposes, absent a showing of manifest error.
Each Holder requesting a substitute Warrant Certificate due to loss, theft or
destruction shall, prior to receiving such substitute certificate, provide an
affidavit to the Corporation in the form prescribed thereby and signed by (and
notarized on behalf of) such Holder. Applicants for a substitute Warrant
Certificate shall comply with such other reasonable regulations and pay such
other reasonable charges as the Corporation may prescribe.

SECTION 5
ADJUSTMENT OF PURCHASE PRICE AND NUMBER
OF WARRANT SHARES OR WARRANTS

	 	(a) 	
      Stock Splits, etc. The number and kind of
      securities purchasable upon the exercise of this Warrant and the Purchase
      Price shall be subject to adjustment from time to time upon the happening
      of any of the following. In case the Corporation shall (i) pay a dividend
      in shares of Common Stock, or securities convertible or exchangeable into
      Common Stock, or make a distribution in shares of Common Stock, or
      securities convertible or exchangeable into Common Stock, to all holders
      of its outstanding Common Stock, (ii) subdivide its outstanding shares of
      Common Stock into a greater number of shares, (iii) combine its
      outstanding shares of Common Stock into a smaller number of shares of
      Common Stock, or (iv) issue any shares of its capital stock in a
      reclassification of the Common Stock, then the number of Warrant Shares
      purchasable upon exercise of this Warrant immediately prior thereto shall
      be adjusted so that the Holder shall be entitled to receive the kind and
      number of Warrant Shares or other securities of the Corporation which it
      would have owned or have been entitled to receive had such Warrant been
      exercised in advance thereof. Upon each such adjustment of the kind and
      number of Warrant Shares or other securities of the Corporation which are
      purchasable hereunder, the Holder shall thereafter be entitled to purchase
      the number of Warrant Shares or other securities resulting from such
      adjustment at a Purchase Price per Warrant Share or other security
      obtained by multiplying the Purchase Price in effect immediately prior to
      such adjustment by the number of Warrant Shares purchasable pursuant
      hereto immediately

- 5 -

	 		
      prior to such adjustment and dividing by the number of
      Warrant Shares or other securities of the Corporation resulting from such
      adjustment. An adjustment made pursuant to this paragraph shall become
      effective immediately after the effective date of such event retroactive
      to the record date, if any, for such event.

	 	 	 
	 	(b) 	
      Reorganization, Reclassification, Merger,
      Consolidation or Disposition of Assets. In case the Corporation shall
      reorganize its capital, reclassify its capital stock, consolidate or merge
      with or into another corporation (where the Corporation is not the
      surviving corporation or where there is a change in or distribution with
      respect to the Common Stock of the Corporation), or sell, transfer or
      otherwise dispose of all or substantially all its property, assets or
      business to another corporation and, pursuant to the terms of such
      reorganization, reclassification, merger, consolidation or disposition of
      assets, shares of common stock of the successor or acquiring corporation,
      or any cash, shares of stock or other securities or property of any nature
      whatsoever (including warrants or other subscription or purchase rights)
      in addition to or in lieu of common stock of the successor or acquiring
      corporation (“Other Property”), are to be received by or
      distributed to the holders of Common Stock of the Corporation, then the
      Holder shall have the right thereafter to receive upon exercise of this
      Warrant, the number of shares of Common Stock of the successor or
      acquiring corporation or of the Corporation, if it is the surviving
      corporation, and Other Property receivable upon or as a result of such
      reorganization, reclassification, merger, consolidation or disposition of
      assets by a Holder of the number of shares of Common Stock for which this
      Warrant is exercisable immediately prior to such event. In case of any
      such reorganization, reclassification, merger, consolidation or
      disposition of assets, the successor or acquiring corporation (if other
      than the Corporation) shall expressly assume the due and punctual
      observance and performance of each and every covenant and condition of
      this Warrant to be performed and observed by the Corporation and all the
      obligations and liabilities hereunder, subject to such modifications as
      may be deemed appropriate (as determined in good faith by resolution of
      the Board of Directors of the Corporation) in order to provide for
      adjustments of Warrant Shares for which this Warrant is exercisable which
      shall be as nearly equivalent as practicable to the adjustments provided
      for in this Section. For purposes of this Section, “common stock of the
      successor or acquiring corporation” shall include stock of such
      corporation of any class which is not preferred as to dividends or assets
      over any other class of stock of such corporation and which is not subject
      to redemption and shall also include any evidences of indebtedness, shares
      of stock or other securities which are convertible into or exchangeable
      for any such stock, either immediately or upon the arrival of a specified
      date or the happening of a specified event and any warrants or other
      rights to subscribe for or purchase any such stock. The foregoing
      provisions of this Section shall similarly apply to successive
      reorganizations, reclassifications, mergers, consolidations or disposition
      of assets.

	 	 	 
	 	(c) 	
      Voluntary Adjustment by the Corporation. If and
      whenever at any time after the date hereof and prior to the Expiration
      Date, the Corporation takes any action affecting its Common Stock to which
      the foregoing provisions of this Section, in the opinion of the Board of
      Directors of the Corporation, acting reasonably and in good faith, are not
      strictly applicable, or if strictly applicable would not fairly adjust the
      rights of the Holder against dilution in accordance with the intent and
      purposes thereof, or would otherwise materially affect the rights of the
      Holder hereunder, then the Corporation shall execute and deliver to the
      Holder an amendment hereto providing for an adjustment in the application
      of such provisions so as to adjust such rights as aforesaid in such a
      manner as the Board of Directors of the Corporation may determine to be
      equitable in the

- 6 -

	 		
      circumstances, acting reasonably and in good faith.
      Without limiting the generality of the foregoing, the Corporation may at
      any time during the term of this Warrant reduce the then current Purchase
      Price to any amount and for any period of time deemed appropriate by the
      Board of Directors of the Corporation.

	 	 	 	 
	 	(d) 	
      Notice of Adjustment. Whenever the number of
      Warrant Shares or number or kind of securities or other property
      purchasable upon the exercise of this Warrant or the Purchase Price is
      adjusted, as herein provided, the Corporation shall give notice thereof to
      the Holder, which notice shall state the number of Warrant Shares (and
      other securities or property) purchasable upon the exercise of this
      Warrant and the Purchase Price of such Warrant Shares (and other
      securities or property) after such adjustment, setting forth a brief
      statement of the facts requiring such adjustment and setting forth the
      computation by which such adjustment was made.

	 	 	 	 
	 	(e) 	
      Notice of Corporate Action. If at any
  time:

	 	 	 	 
	 		(i) 	
      the Corporation shall take a record of the holders of its
      Common Stock for the purpose of entitling them to receive a dividend or
      other distribution, or

	 	 	 	 
	 		(ii) 	
      there shall be any capital reorganization of the
      Corporation, any reclassification or recapitalization of the capital stock
      of the Corporation or any consolidation or merger of the Corporation with,
      or any sale, transfer or other disposition of all or substantially all the
      property, assets or business of the Corporation to, another corporation,
      or

	 	 	 	 
	 		(iii) 	
      there shall be a voluntary or involuntary dissolution,
      liquidation or winding up of the Corporation;

	 	 	 	 
	 		
      then, in any one or more of such cases, the Corporation
      shall give to Holder (i) at least 20 days’ prior written notice of the
      date on which a record date shall be selected for such dividend or
      distribution, or for determining rights to vote in respect of any such
      reorganization, reclassification, merger, consolidation, sale, transfer,
      disposition, liquidation or winding up, and (ii) in the case of any such
      reorganization, reclassification, merger, consolidation, sale, transfer,
      disposition, dissolution, liquidation or winding up, at least 20 days’
      prior written notice of the date when the same shall take place. Such
      notice in accordance with the foregoing clause also shall specify (i) the
      date on which any such record is to be taken for the purpose of such
      dividend or distribution, the date on which the holders of Common Stock
      shall be entitled to any such dividend or distribution, and the amount and
      character thereof, and (ii) the date on which any such reorganization,
      reclassification, merger, consolidation, sale, transfer, disposition,
      dissolution, liquidation or winding up is to take place and the time, if
      any such time is to be fixed, as of which the Holders of shall be entitled
      to exchange their Warrant Shares for securities or other property
      deliverable upon such disposition, dissolution, liquidation or winding up.
      Each such written notice shall be sufficiently given if addressed to
      Holder at the last address of Holder appearing on the books of the
      Corporation.

SECTION 6
RESTRICTIVE LEGEND

	 	(a) 	
      Neither the Warrants represented by this Certificate nor
      the Warrant Shares to be issued upon exercise of the Warrants have been
      registered under the Securities Act or any
state

- 7 -

securities laws. Accordingly, neither
the Warrants nor the Warrant Shares may be offered, sold or otherwise
transferred in the United States or to or for the account or benefit of a U.S.
Person or a person in the United States, unless registered under the Securities
Act and applicable state securities laws, or an exemption from registration is
available.

As such, except as otherwise provided
in Section 6(b) hereof, each Warrant Certificate issued to a Holder shall be
stamped or otherwise imprinted with a legend in substantially the following
form:

	 	
      THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE
      HEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF
      1933, AS AMENDED (THE “1933 ACT”), OR THE SECURITIES LAWS OF ANY STATE OF
      THE UNITED STATES. THESE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED OR
      OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
      STATEMENT UNDER THE 1933 ACT, OR UNLESS THE CORPORATION RECEIVES AN
      OPINION OF COUNSEL ACCEPTABLE TO THE CORPORATION STATING THAT SUCH OFFER,
      SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM THE REGISTRATION AND
      PROSPECTUS DELIVERY REQUIREMENTS OF THE 1933 ACT. THE SECURITIES
      REPRESENTED BY THIS CERTIFICATE CANNOT BE THE SUBJECT OF HEDGING
      TRANSACTIONS UNLESS SUCH TRANSACTIONS ARE CONDUCTED IN COMPLIANCE WITH THE
      1933 ACT AND OTHER APPLICABLE SECURITIES LAWS. 
	 
	 	
       
	 
	 	
      THIS WARRANT MAY NOT BE EXERCISED BY OR ON BEHALF OF A
      U.S. PERSON OR PERSON IN THE UNITED STATES UNLESS THE SECURITIES ISSUABLE
      UPON EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE 1933 ACT AND
      THE APPLICABLE SECURITIES LEGISLATION OF ANY SUCH STATE OR AN EXEMPTION
      FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE. “UNITED STATES” AND
      “U.S. PERSON” ARE AS DEFINED BY REGULATION S UNDER THE 1933 ACT.
      
	 

In addition, except as otherwise
provided in Section 6(b) hereof, any certificates representing any Warrant
Shares issued upon exercise of the Warrants shall be stamped or otherwise
imprinted with a legend in substantially the following form:

	
       
	
      THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN
      REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
      “1933 ACT”) OR APPLICABLE STATE SECURITIES LAWS. THESE SECURITIES MAY NOT
      BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) PURSUANT TO
      AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT, (B) TO THE
      CORPORATION, (C) IN ACCORDANCE WITH RULE 144 UNDER THE 1933 ACT, IF
      AVAILABLE, AND IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS, (D) IN
      ACCORDANCE WITH THE PROVISIONS OF REGULATION S, IF AVAILABLE, OR (E) IN A
      TRANSACTION THAT DOES NOT OTHERWISE REQUIRE REGISTRATION UNDER THE 1933
      ACT OR ANY APPLICABLE STATE SECURITIES LAWS IF AN OPINION OF COUNSEL, OF
      RECOGNIZED STANDING REASONABLY SATISFACTORY TO THE CORPORATION, HAS BEEN
      PROVIDED TO THE CORPORATION TO THAT EFFECT. THE SECURITIES REPRESENTED BY
      THE CERTIFICATE CANNOT BE THE 
	
       

- 8 -

	 	
      SUBJECT OF HEDGING TRANSACTIONS UNLESS SUCH TRANSACTIONS
      ARE CONDUCTED IN COMPLIANCE WITH THE 1933 ACT AND OTHER APPLICABLE
      SECURITIES LAWS. 
	 

	 	(b) 	
      The legend requirements of Section 6(a) shall terminate
      as to any particular Warrant or Warrant Share: (i) when and so long as
      such security shall have been effectively registered under the Securities
      Act and is disposed of pursuant thereto; or (ii) when the Corporation
      shall have received an opinion of counsel reasonably satisfactory to it
      that such shares may be sold to the public without registration thereof
      under the Securities Act.

	 	 	 
	 	(c) 	
      The certificates representing the Warrants, and the
      certificates representing any Warrant Shares that are issued on or before
      April 13, 2008, shall be stamped or otherwise imprinted with
      a legend in substantially the following form:

	 	
      “UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE
      HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE APRIL 13,
      2008.” 
	 

	 	(d) 	
      Whenever the legend requirements imposed by Section 6
      shall terminate as to any Warrant Share, as hereinabove provided, the
      Holder hereof shall be entitled to receive from the Corporation, at the
      Corporation’s expense, a new certificate representing such Warrant Shares
      and not bearing the restrictive legends set forth in Section 6(a) or
      Section 6(c) as appropriate.

SECTION 7 
RIGHTS OF ACTION

All rights of action with respect to the Warrants are vested in
the Holders of the Warrants, and any Holder of a Warrant, without consent of the
holder of any other Warrant, may, on such Holder’s own behalf and for his own
benefit, enforce against the Corporation his right to exercise his Warrants for
the purchase of Warrant Shares in the manner provided in this Warrant
Certificate.

SECTION 8
AGREEMENT OF WARRANT HOLDERS

Every holder of a Warrant, by his or her acceptance thereof,
consents and agrees with the Corporation and every other holder of a Warrant
that:

	 	(a) 	
      The Warrant Registry shall be maintained by the
      Corporation’s Secretary, and shall be the official register of all
      Warrants issued to any person in the Offering. The Warrant Registry shall
      be dispositive as to the issuance, ownership and other aspects of each
      Warrant issued by the Corporation which are recorded therein and, absent
      manifest error, such records shall control for all purposes; and

	 	 	 
	 	(b) 	
      The Corporation may deem and treat the person in whose
      name the Warrant Certificate is registered on the Warrant Registry as the
      holder and as the absolute, true and lawful owner of the Warrants
      represented thereby for all purposes, and the Corporation shall not be
      affected by any notice or knowledge to the contrary, except as otherwise
      expressly provided in this Certificate.

- 9 -

SECTION 9 
MODIFICATION OF WARRANTS

Other than with respect to any adjustment made by the
Corporation in accordance with the provisions of Section 5 hereof, this
Certificate may only be modified, supplemented or altered by the Corporation,
and only with the consent in writing of the Holders of Warrants representing
greater than fifty percent (50%) of the total Warrants then outstanding;
provided, that no change in the number or nature of the securities purchasable
upon the exercise of any Warrant, or the acceleration of the Exercise Date,
shall be made without the consent in writing of the Holder of the Warrant
Certificate representing such Warrant, other than such changes as are
specifically prescribed by this Certificate as originally executed or are made
in compliance with applicable law.

SECTION 10 
NOTICES

All notices, requests, consents and other communications
hereunder shall be in writing and shall be deemed to have been made when
delivered or mailed first class registered or certified mail, postage prepaid as
follows: if to the Holder of a Warrant Certificate, at the address of such
Holder as shown on the Warrant Registry maintained by the Corporation; and if to
the Corporation, at 9801 Anderson Mill Road, Suite 230, Austin, Texas, 78750, or
such other place as may be designated by the Corporation from time to time in
accordance with this Section 10. 

SECTION 11 
GOVERNING LAW

This Certificate shall be governed by and construed in
accordance with the laws of the State of Nevada, without giving effect to the
law of conflicts of laws applied thereby. In the event that any dispute shall
occur between the parties arising out of or resulting from the construction,
interpretation, enforcement or any other aspect of this Certificate, the parties
hereby agree to accept the exclusive jurisdiction of the Courts of the State of
Nevada. In the event either party shall be forced to bring any legal action to
protect or defend its rights hereunder, then the prevailing party in such
proceeding shall be entitled to reimbursement from the non-prevailing party of
all fees, costs and other expenses (including, without limitation, the
reasonable expenses of its attorneys) in bringing or defending against such
action.

SECTION 12
 ENTIRE UNDERSTANDING

This Certificate contains the entire understanding among the
Corporation and the Holder relating to the subject matter covered herein, and
merges all prior discussions, negotiations and agreements, if any between them.
Neither of the parties to this agreement shall be bound by any representations,
warranties, covenants or other understandings relating to such subject matter,
other than as expressly provided for or referred to herein.

[The remainder of this page has been intentionally left
blank.
The Corporation’s signature is contained on the immediately
following page.]

- 10 -

IN WITNESS WHEREOF, the Corporation has caused this
Warrant Certificate to be duly executed, manually or in facsimile, by two of its
officers thereunto duly authorized, as of the date set forth below.

URANIUM ENERGY CORP.

	 	By: 		 
	 	 	Amir Adnani 	 
	 	 	President and Chief Executive Officer 	 

Dated: December 12, 2007

EXERCISE FORM FOR WARRANTS 

	TO: 	URANIUM ENERGY CORP. (the “Corporation”)
  

1.          
The undersigned hereby irrevocably subscribes for and exercises the right to
acquire ________________ shares of Common Stock of the Corporation (or such
number of other securities or property to which such Warrants entitle the
undersigned in lieu thereof or in addition thereto under the provisions of the
accompanying Warrant Certificate) and encloses a bank draft, certified check or
money order in lawful money of the United States of America payable to the
Corporation for the aggregate Exercise Price.

	2. 	The shares of Common Stock (or other
      securities or property) are to be registered as follows: 
	  	  
	  	Name: 	 
	  	         
                         
               (print clearly) 
	 	 
	  	Address in full: 	 
	  	  
	  	Number of shares of
      Common Stock: 	 
	  	  
	3. 	Such securities should be sent by
      courier to: 
	  	  
	  	Name: 	 
	  	         
                         
               (print clearly) 
	 	 
	  	Address in full: 	 

If the number of Warrants exercised is less than the number of
Warrants represented hereby, the undersigned requests that the new Warrant
Certificate representing the balance of the Warrants be registered in the name
of the undersigned and should be sent by courier to:

	  	  
	  	Name: 	 
	  	         
                         
               (print clearly) 
	 	 
	  	Address in full: 	 

4.          
The undersigned represents, warrants and certifies as follows (one of the
following must be checked):

		(a) [ ] 	
      the undersigned holder at the time of exercise of the
      Warrants is not in the United States, is not a “U.S. person” as defined in
      Regulation S under the U.S. Securities Act of 1933, as amended (the
      “U.S. Securities Act”) and is not exercising the Warrants on behalf of, or
      for the account or benefit of a U.S. Person or a person in the United
      States and did not execute or deliver this exercise form in the United
      States; 

	 	  	
       

		(b) [ ] 	
      the undersigned holder is resident in the United States
      or is a U.S. Person who is a resident of the jurisdiction referred to in
      the address appearing below, and is a U.S. Accredited Investor and has
      completed the U.S. Accredited Investor Status Certificate in the
      form attached to this Warrant Certificate; or 

	 	  	
       

		(c) [ ] 	
      if the undersigned holder is resident in the United
      States or is a U.S. Person, the undersigned holder has delivered to the
      Corporation and the Corporation’s transfer agent an opinion of counsel
      (which will not be sufficient unless it is in form and substance
      satisfactory to the Corporation) or such other evidence satisfactory to
      the Corporation to the effect that with respect to the securities to be
      delivered upon exercise of this Warrant, the issuance of such securities
      has been registered under the U.S. Securities Act and

applicable state securities laws or an
exemption from the registration requirements of the U.S. Securities Act and
applicable state securities laws is available.

“United States” and “U.S. person” are as defined in Regulation
S under the U.S. Securities Act.

Note: Certificates representing shares of Common Stock will
not be registered or delivered to an address in the United States unless Box
4(b) or 4(c) above is checked.

If the undersigned has indicated that the undersigned is a U.S.
Accredited Investor by marking alternative (b) above, the undersigned represents
and warrants to the Corporation that:

	1. 	
      the undersigned has such knowledge and experience in
      financial and business matters as to be capable of evaluating the merits
      and risks of an investment in the Warrant Shares, and the undersigned is
      able to bear the economic risk of loss of his or her entire
    investment;

	 	 
	2. 	
      the undersigned is: (i) purchasing the Warrant Shares for
      his or her own account or for the account of one or more U.S. Accredited
      Investors with respect to which the undersigned is exercising sole
      investment discretion, and not on behalf of any other person; (ii) is
      purchasing the Warrant Shares for investment purposes only and not with a
      view to resale, distribution or other disposition in violation of United
      States federal or state securities laws; and (iii) in the case of the
      purchase by the undersigned of the Warrant Shares as agent or trustee for
      any other person or persons (each a “Beneficial Owner”), the undersigned
      holder has due and proper authority to act as agent or trustee for and on
      behalf of each such Beneficial Owner in connection with the transactions
      contemplated hereby; provided that: (x) if the undersigned holder,
      or any Beneficial Owner, is a corporation or a partnership, syndicate,
      trust or other form of unincorporated organization, the undersigned holder
      or each such Beneficial Owner was not incorporated or created solely, nor
      is it being used primarily to permit purchases without a prospectus or
      registration statement under applicable law; and (y) each Beneficial
      Owner, if any, is a U.S. Accredited Investor; and

	 	 
	3. 	
      the undersigned has not exercised the Warrants as a
      result of any form of general solicitation or general advertising,
      including advertisements, articles, notices or other communications
      published in any newspaper, magazine or similar media or broadcast over
      radio, television or other form of telecommunications, or any seminar or
      meeting whose attendees have been invited by general solicitation or
      general advertising.

If the undersigned has indicated that the undersigned is a U.S.
Accredited Investor by marking alternative (b) above, the undersigned also
acknowledges and agrees that:

	1. 	
      the Corporation has provided to the undersigned the
      opportunity to ask questions and receive answers concerning the terms and
      conditions of the offering, and the undersigned has had access to such
      information concerning the Corporation as he or she has considered
      necessary or appropriate in connection with his or her investment decision
      to acquire the Warrant Shares;

	 	 	 
	2. 	
      if the undersigned decides to offer, sell or otherwise
      transfer any of the Warrant Shares, the undersigned must not, and will
      not, offer, sell or otherwise transfer any of such Warrant Shares directly
      or indirectly, unless:

	 	 	 
		(a) 	
      the sale is pursuant to an effective registration
      statement under the U.S. Securities Act;

	 	 	 
		(b) 	
      the sale is to the
Corporation;

		 (c)
	 the sale is made outside the United States in a transaction
        meeting the requirements ofRule 904 of Regulation S under the U.S. Securities
        Act and in compliance with applicable local laws and regulations;

	 	  
	  

		 (d)
	 the sale is made pursuant to the exemption from the
        registration requirements under the U.S. Securities Act provided by Rule
        144 thereunder and in accordance with any applicable state securities
        or “blue sky” laws; or

	 	  
	  

		 (e) 
	 the Warrant Shares are sold in a transaction that does
        not require registration under the U.S. Securities Act or any applicable
        state laws and regulations governing the offer and sale of securities,
        and it has prior to such sale furnished to the Corporation an opinion
        of counsel reasonably satisfactory to the Corporation;

	 	  
	  

	3. 	 the Warrant Shares are “restricted securities”
        under applicable federal securities laws and that the U. S. Securities
        Act and the rules of the United States Securities and Exchange Commission
        provide in substance that the undersigned may dispose of the Warrant Shares
        only pursuant to an effective registration statement under the U.S. Securities
        Act or an exemption therefrom;

	 	  

	4. 	 other than as otherwise agreed to by the Corporation
        pursuant to the terms of each of a Subscription Agreement and a Registration
        Rights Agreement, in each case between the Corporation and the Holder,
        with respect to the issuance of Units (of which the Warrants form a part),
        the Corporation has no obligation to register any of the Warrant Shares
        or to take action so as to permit sales pursuant to the U.S. Securities
        Act (including Rule 144 thereunder);

	 	  
	  

	5. 	 the certificates representing the Warrant
        Shares (and any certificates issued in exchange or substitution for the
        Warrant Shares) will bear a legend, in the form required by the certificate
        representing the Warrants, stating that such securities have not been
        registered under the U.S. Securities Act or the securities laws of any
        state of the United States and may not be offered for sale or sold unless
        registered under the U.S. Securities Act and the securities laws of all
        applicable states of the United States or an exemption from such registration
        requirements is available; and

	 	  
	  

	6. 	 it consents to the Corporation making a notation
        on its records or giving instructions to any transfer agent of the Corporation
        in order to implement the restrictions on transfer set forth and described
        in this Warrant Exercise Form.

In the absence of instructions to the contrary, the securities
or other property will be issued in the name of or to the holder hereof and will
be sent by first class mail to the last address of the holder appearing on the
register maintained for the Warrants.

DATED the __________day of ________________, 200___.

	 	 
	 	(Signature of Warrantholder) 
	 	 
	 	 
	 	Print full name 

	 	 
	 	Print full address 

Instructions:

	1. 	
      The registered holder may exercise its right to receive
      Warrant Shares by completing this form and surrendering this form and the
      Warrant Certificate representing the Warrants being exercised together
      with payment of the aggregate Exercise Price, by certified check, bank
      draft or money order payable to the order of the Corporation, to the
      Corporation at its principal office at , 9801 Anderson Mill Road, Suite
      230, Austin, Texas, 78750, attention: The President, and such other
      documents as the Corporation may reasonably require. Certificates for
      Warrant Shares will be delivered or mailed within ten (10) business days
      after the exercise of the Warrants. The rights of the registered warrant
      holder hereof cease if the Warrants are not exercised prior to the Expiry
      Time.

	 	 
	2. 	
      If Box 4(c) is checked, any opinion tendered must be from
      counsel of recognized standing in form and substance reasonably
      satisfactory to the Corporation. Holders planning to deliver an opinion of
      counsel in connection with the exercise of the Warrants should contact the
      Corporation in advance to determine whether any opinions tendered will be
      acceptable to the Corporation.

__________

TRANSFER FORM FOR WARRANTS 

	TO: 	URANIUM ENERGY CORP. 

FOR value received I/we (the “Transferor”) hereby sell, assign,
and transfer unto:

	 	 
	(Name of Transferee) 	 
	  	 
	(Address of Transferee) 	 
	  	 
	  	 
	  	 
	                 
                           
                           
                           
                           
                           
                           
                           
                     (Social Insurance
      Number) 	 
	 	 
	     
                           
                           
                           
                           
                           
                           
                           
                           
                           
                           	  
             Warrants of 
	(Quantity) 	 

URANIUM ENERGY CORP. (the “Corporation”)

	represented by: 	 
	             
                         
                         
                         
                         
                         
           (List Certificate Numbers) 
	  
	and the undersigned hereby irrevocably
      constitutes and appoints: 
	 
	 

the attorney to transfer the said Warrants on the books of the
Corporation with full power of substitution in the premises.

DATED this ___________________ day of ___________________, 20_____.

Signature Guaranteed By:

	 	 
	 	(Signature of Warrantholder) 
	 	 
	 	(Name of Warrantholder - Please print) 
	 	 
	 	(Capacity of Authorized Representative)
  

Instructions:

	1. 	
      The signature on this assignment must correspond with the
      name as written upon the face of the certificate, in every particular,
      without alteration or change whatever.

	 	 
	2. 	
      The signature must be guaranteed by a Canadian schedule 1
      chartered bank, major Trust Corporation or by a member firm of an
      acceptable Medallion Signature Guarantee Program (STAMP, SEMP, MSP). The
      stamp must bear the words “Signature Medallion Guaranteed”.

	 	 
	3. 	
      In the United States of America, signature guarantees
      must be done by members of a Medallion Signature Guarantee Program only.
      Signature guarantees are not accepted from
Treasury

Branches, Credit Unions or Caisses
Populaires unless they are members of an acceptable Medallion Program.

TRANSFEREE ACKNOWLEDGMENT

The Transferee acknowledges and agrees that the Warrants may
not be offered, sold, pledged or otherwise transferred in the absence of (a) an
effective registration statement under the United States Securities Act of
1933, as amended (the “U.S. Securities Act”), relating thereto, or (b) an
exemption from the registration requirements of the U.S. Securities Act. Each
Warrant Certificate, and each certificate representing Common Stock issuable
upon exercise thereof, shall contain a legend on the face thereof, in the
appropriate form, setting forth the restrictions on transfer referred to in the
Warrant Certificate, unless in the opinion of counsel for the holder thereof
(which counsel shall be reasonably satisfactory to the Corporation), the
securities represented thereby are not, at such time, required by law to bear
such legend, or in the case of the Common Stock, are transferred pursuant to an
effective registration statement under the U.S. Securities Act. The holder
acknowledges and agrees that the Warrants represented by this Warrant
Certificate, and the Common Stock issuable upon exercise thereof, constitute
“restricted securities” under the U.S. Securities Act.

Any certificate issued at any time in exchange or substitution
for any certificate bearing a restrictive legend shall also bear such legend
unless in the opinion of counsel for the holder thereof (which counsel shall be
reasonably satisfactory to the Corporation), the securities represented thereby
are not, at such time, required by law to bear such legend.

In connection with this transfer the undersigned transferee
(the “Transferee”) certifies that the Transferor or Transferee is delivering a
written opinion of U.S. legal counsel acceptable to the Corporation to the
effect that this transfer of Warrants has been registered under the U.S.
Securities Act or is exempt from registration thereunder.

	DATED the _______ day of _____________, 200__ 		 
    
	In the presence of: 	 	(Signature of Transferee) 
	 	 	 
	(Witness) 	  	(Name of Transferee – Please print) 
	 	 	 
	(Name of Witness – Please print) 	 	(Capacity of Authorized Representative)
  

The Warrants and the Common Stock issuable upon exercise of
the Warrants shall only be transferable in accordance with applicable laws. The
Warrants may only be exercised in the manner required by the Warrant Certificate
and the Exercise Form attached thereto. Any securities acquired pursuant to this
exercise of Warrants shall be subject to applicable hold periods and any
certificate representing such securities may bear restrictive legends.

__________

U.S. ACCREDITED INVESTOR STATUS CERTIFICATE

In connection with the exercise of certain outstanding warrants
of URANIUM ENERGY CORP. (the “Corporation”) by the holder, the holder hereby
represents and warrants to the Corporation that the holder, and each beneficial
owner (each a “Beneficial Owner”), if any, on whose behalf the holder is
exercising such warrants, satisfies one or more of the following categories of
Accredited Investor (please write “W/H” for the undersigned holder, and “B/O”
for each beneficial owner, if any, on each line that applies):

	_____	(1) 	a bank as defined in Section 3(a)(2) of the
      United States Securities Act of 1933 (the “U.S. Securities Act”),
      or a savings and loan association or other institution as defined in
      Section 3(a)(5)(A) of the U.S. Securities Act whether acting in its
      individual or fiduciary capacity; a broker or dealer registered pursuant
      to Section 15 of the United States Securities Exchange Act of
      1934, as amended; any insurance company as defined in Section
      2(a)(13) of the U.S. Securities Act; any investment company registered
      under the United States Investment Company Act of 1940 or a
      business development company as defined in Section 2(a)(48) of that Act;
      any Small Business Investment Company licensed by the United States Small
      Business Administration under Section 301(c) or (d) of the United States
      Small Business Investment Act of 1958; any plan established and
      maintained by a state, its political subdivisions, or any agency or
      instrumentality of a state or its political subdivisions, for the benefit
      of its employees, if such plan has total assets in excess of US$5,000,000;
      any employee benefit plan within the meaning of the United States
      Employee Retirement Income Security Act of 1974 if the
      investment decision is made by a plan fiduciary, as defined in Section
      3(21) of such Act, which is either a bank, savings and loan association,
      insurance company, or registered investment adviser, or if the employee
      benefit plan has total assets in excess of US$5,000,000 or, if a
      self-directed plan, with investment decisions made solely by persons that
      are U.S. Accredited Investors; 
	 	  	  
	_____	(2) 	any private business development company as
      defined in Section 202(a)(22) of the United States Investment Advisers
      Act of 1940; 
	 	  	  
	_____	(3) 	an organization described in section 501(c)(3)
      of the United States Internal Revenue Code, corporation,
      Massachusetts or similar business trust, or partnership, not formed for
      the specific purpose of acquiring the securities, with total assets in
      excess of US$5,000,000; or 
	 	  	  
	_____	(4) 	a trust that (a) has total assets in excess of
      US$5,000,000, (b) was not formed for the specific purpose of acquiring the
      securities, and (c) is directed in its purchase of securities by a
      sophisticated person, being defined as a person who has such knowledge and
      experience in financial and business matters that he or she is capable of
      evaluating the merits and risks of the prospective investment.
  

DATED the _____day of _____________, 2007

	 	 
	 	Print name of holder
  
	 	 
	 	By: 	
	 	 	Signature 
	 	 	 
	 	 	Title 
	 	 	 
	 	 	(please print name of individual whose
      signature appears 
	 	 	above, if different from name of holder printed
      above

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