Document:

EFFECTIVE	 
	 	DATE OF	 
	 	ARTICLES     	August 16, 2005

 

The Company has as its articles the
following articles.

 

	Full name and signature of authorized signatory	 	Date of signing
	 	 	 
	Douglas
    W. Cannaday  /s/ Douglas W. Cannaday	 	August 16, 2005
	[Full name of director]	 	 

 

Incorporation number:
C732616                    

 

DEJOUR
ENTERPRISES LTD.

(the “Company”)

 

ARTICLES

 

	1.	Interpretation	2
	2.	Shares and Share Certificates	2
	3.	Issue of Shares	4
	4.	Share Registers	5
	5.	Share Transfers	5
	6.	Transmission of Shares	6
	7.	Purchase of Shares	7
	8.	Borrowing Powers	7
	9.	Alterations	8
	10.	Meetings of Shareholders	9
	11.	Proceedings at Meetings of Shareholders	11
	12.	Votes of Shareholders	14
	13.	Directors	18
	14.	Election and Removal of Directors	19
	15.	Alternate Directors	22
	16.	Powers and Duties of Directors	23
	17.	Disclosure of Interest of Directors	23
	18.	Proceedings of Directors	25
	19.	Executive and Other Committees	27
	20.	Officers	28
	21.	Indemnification	29
	22.	Dividends and Reserves	30
	23.	Documents, Records and Reports	32
	24.	Notices	32
	25.	Seal	33
	26.	Prohibitions	34

 

    	DuMoulin Black

    	 

    

 

		1.	Interpretation

 

		1.1	Definitions

 

In these Articles, unless the context
otherwise requires:

 

		(1)	“board of directors”, “directors” and “board” mean the directors
or sole director of the Company for the time being;

 

		(2)	“Business Corporations Act”
means the Business Corporations Act (British Columbia) from
time to time in force and all amendments thereto and includes all regulations and amendments thereto made pursuant to that Act;

 

		(3)	“Interpretation Act” means the Interpretation
Act (British Columbia) from time to time in force and all amendments thereto and includes all regulations and amendments
thereto made pursuant to that Act;

 

		(4)	“legal personal representative” means the personal or other legal representative of
the shareholder;

 

		(5)	“registered address” of a shareholder means the shareholder’s address as recorded
in the central securities register;

 

		(6)	“seal” means the seal of the Company, if any.

 

		1.2	Business Corporations Act and Interpretation Act Definitions Applicable

 

The definitions in the Business
Corporations Act and the definitions and rules of construction in the Interpretation
Act, with the necessary changes, so far as applicable, and unless the context requires otherwise, apply to these Articles
as if they were set out herein. If there is a conflict between a definition in the Business
Corporations Act and a definition or rule in the Interpretation
Act relating to a term used in these Articles, the definition in the Business
Corporations Act will prevail in relation to the use of the term in these Articles. If there is a conflict between these
Articles and the Business Corporations Act, the Business Corporations Act will prevail.

 

		2.	Shares and Share Certificates

 

		2.1	Authorized Share Structure

 

The authorized share structure of the
Company consists of shares of the class or classes and series, if any, described in the Notice of Articles of the Company.

 

		2.2	Form of Share Certificate

 

Each share certificate issued by the
Company must comply with, and be signed as required by, the Business Corporations Act.

 

		2.3	Shareholder Entitled to Certificate or Acknowledgment

 

Each shareholder is entitled, without
charge, to (a) one share certificate representing the shares of each class or series of shares registered in the shareholder’s
name or (b) a non-transferable written acknowledgment of the shareholder’s right to obtain such a share certificate, provided
that in respect of a share held jointly by several persons, the Company is not bound to issue more than one share certificate and
delivery of a share certificate to one of several joint shareholders or to one of the shareholders’ duly authorized agents
will be sufficient delivery to all.

 

    	DuMoulin Black

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		2.4	Delivery by Mail

 

Any share certificate or non-transferable
written acknowledgment of a shareholder’s right to obtain a share certificate may be sent to the shareholder by mail at the
shareholder’s registered address and neither the Company nor any director, officer or agent of the Company is liable for
any loss to the shareholder because the share certificate or acknowledgement is lost in the mail or stolen.

 

	 	2.5	Replacement
of Worn Out or Defaced Certificate or Acknowledgement

 

If the directors are satisfied that
a share certificate or a non-transferable written acknowledgment of the shareholder’s right to obtain a share certificate
is worn out or defaced, they must, on production to them of the share certificate or acknowledgment, as the case may be, and on
such other terms, if any, as they think fit:

 

		(1)	order the share certificate or acknowledgment, as the case may be, to be cancelled; and

 

		(2)	issue a replacement share certificate or acknowledgment, as the case may be.

 

		2.6	Replacement of Lost, Stolen or Destroyed Certificate or Acknowledgment

 

If a share certificate or a non-transferable
written acknowledgment of a shareholder’s right to obtain a share certificate is lost, stolen or destroyed, a replacement
share certificate or acknowledgment, as the case may be, must be issued to the person entitled to that share certificate or acknowledgment,
as the case may be, if the directors receive:

 

		(1)	proof satisfactory to them that the share certificate or acknowledgment is lost, stolen or destroyed;
and

 

		(2)	any indemnity the directors consider adequate.

 

		2.7	Splitting Share Certificates

 

If a shareholder surrenders a share
certificate to the Company with a written request that the Company issue in the shareholder’s name two or more share certificates,
each representing a specified number of shares and in the aggregate representing the same number of shares as the share certificate
so surrendered, the Company must cancel the surrendered share certificate and issue replacement share certificates in accordance
with that request.

 

		2.8	Certificate Fee

 

There must be paid as a fee to the Company
for issuance of any share certificate under Articles 2.5, 2.6 or 2.7, the amount, if any determined by the directors, which must
not exceed the amount prescribed under the Business Corporations Act.

 

		2.9	Recognition of Trusts

 

Except as required by law or statute
or these Articles, no person will be recognized by the Company as holding any share upon any trust, and the Company is not bound
by or compelled in any way to recognize (even when having notice thereof) any equitable, contingent, future or partial interest
in any share or fraction of a share or (except as by law or statute or these Articles provided or as ordered by a court of competent
jurisdiction) any other rights in respect of any share except an absolute right to the entirety thereof in the shareholder.

 

    	DuMoulin Black

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		3.	Issue of Shares

 

		3.1	Directors Authorized

 

Subject to the Business
Corporations Act and the rights of the holders of issued shares of the Company, the Company may issue, allot, sell or
otherwise dispose of the unissued shares, and issued shares held by the Company, at the times, to the persons, including directors,
in the manner, on the terms and conditions and for the issue prices (including any premium at which shares with par value may be
issued) that the directors may determine. The issue price for a share with par value must be equal to or greater than the par value
of the share.

 

		3.2	Commissions and Discounts

 

The Company may at any time, pay a reasonable
commission or allow a reasonable discount to any person in consideration of that person purchasing or agreeing to purchase shares
of the Company from the Company or any other person or procuring or agreeing to procure purchasers for shares of the Company.

 

		3.3	Brokerage

 

The Company may pay such brokerage fee
or other consideration as may be lawful for or in connection with the sale or placement of its securities.

 

		3.4	Conditions of Issue

 

Except as provided for by the Business
Corporations Act, no share may be issued until it is fully paid. A share is fully paid when:

 

		(1)	consideration is provided to the Company for the issue of the share by one or more of the following:

 

		(a)	past services performed for the Company;

 

		(b)	property;

 

		(c)	money; and

 

		(2)	the directors in their discretion have determined that the value of the consideration received
by the Company is equal to or greater than the issue price set for the share under Article 3.1.

 

		3.5	Share Purchase Warrants and Rights

 

Subject to the Business
Corporations Act, the Company may issue share purchase warrants, options and rights upon such terms and conditions as
the directors determine, which share purchase warrants, options and rights may be issued alone or in conjunction with debentures,
debenture stock, bonds, shares or any other securities issued or created by the Company from time to time.

 

    	DuMoulin Black

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		4.	Share Registers

 

		4.1	Central Securities Register and any Branch Securities Register

 

As required by and subject to the Business
Corporations Act, the Company must maintain a central securities register and may maintain a branch securities register.
The directors may, subject to the Business Corporations Act,
appoint an agent to maintain the central securities register or any branch securities register. The directors may also appoint
one or more agents, including the agent which keeps the central securities register, as transfer agent for its shares or any class
or series of its shares, as the case may be, and the same or another agent as registrar for its shares or such class or series
of its shares, as the case may be. The directors may terminate such appointment of any agent at any time and may appoint another
agent in its place.

 

		4.2	Closing Register

 

The Company must not at any time close
its central securities register.

 

		5.	Share Transfers

 

		5.1	Registering Transfers

 

A transfer of a share of the Company
must not be registered unless:

 

		(1)	a duly signed instrument of transfer in respect of the share has been received by the Company;

 

		(2)	if a share certificate has been issued by the Company in respect of the share to be transferred,
that share certificate has been surrendered to the Company; and

 

		(3)	if a non-transferable written acknowledgment of the shareholder’s right to obtain a share
certificate has been issued by the Company in respect of the share to be transferred, that acknowledgment has been surrendered
to the Company.

 

For the purpose of
this Article, delivery or surrender to the agent which maintains the Company's central securities register or a branch securities
register, if applicable, will constitute receipt by or surrender to the Company.

 

		5.2	Form of Instrument of Transfer

 

The instrument of transfer in respect
of any share of the Company must be either in the form, if any, on the back of the Company’s share certificates or in any
other form that may be approved by the directors from time to time.

 

		5.3	Transferor Remains Shareholder

 

Except to the extent that the Business
Corporations Act otherwise provides, the transferor of shares is deemed to remain the holder of the shares until the name of
the transferee is entered in a securities register or branch securities register, if applicable, of the Company in respect of the
transfer.

 

		5.4	Signing of Instrument of Transfer

 

If a shareholder, or his or her duly
authorized attorney, signs an authorized instrument of transfer in respect of shares registered in the name of the shareholder,
the signed instrument of transfer constitutes a complete and sufficient authority to the Company and its directors, officers and
agents to register the number of shares specified in the instrument of transfer or specified in any other manner, or, if no number
is specified, all the shares represented by the share certificates or set out in the written acknowledgments deposited with the
instrument of transfer:

 

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		(1)	in the name of the person named as transferee in that instrument of transfer; or

 

		(2)	if no person is named as transferee in that instrument of transfer, in the name of the person on
whose behalf the instrument is deposited for the purpose of having the transfer registered.

 

		5.5	Enquiry as to Title Not Required

 

Neither the Company nor any director,
officer or agent of the Company is bound to inquire into the title of the person named in the instrument of transfer as transferee
or, if no person is named as transferee in the instrument of transfer, of the person on whose behalf the instrument is deposited
for the purpose of having the transfer registered or is liable for any claim related to registering the transfer by the shareholder
or by any intermediate owner or holder of the shares, of any interest in the shares, of any share certificate representing such
shares or of any written acknowledgment of a right to obtain a share certificate for such shares.

 

		5.6	Transfer Fee

 

There must be paid as a fee to the Company,
registration of any transfer, the amount, if any, determined by the directors.

 

		6.	Transmission of Shares

 

		6.1	Legal Personal Representative Recognized on Death

 

In case of the death of a shareholder,
the legal personal representative, or if the shareholder was a joint holder, the surviving joint holder, will be the only person
recognized by the Company as having any title to the shareholder’s interest in the shares. Before recognizing a person as
a legal personal representative, the directors may require a declaration of transmission made by the legal personal representative
stating the particulars of the transmission, proof of appointment by a court of competent jurisdiction, a grant of letters probate,
letters of administration or such other evidence or documents as the directors consider appropriate.

 

		6.2	Trustee in Bankruptcy Recognized on Bankruptcy

 

In the case of bankruptcy of a shareholder,
the trustee in bankruptcy will be the only person recognized by the Company as having any title to the shareholder’s interest
in the shares. Before recognizing a person as a trustee in bankruptcy, the directors may require a declaration of transmission
made by the trustee in bankruptcy stating the particulars of the transmission, proof of appointment by a court of competent jurisdiction,
a copy of the court order or of the assignment in bankruptcy and a copy of the instrument appointing the trustee in bankruptcy
or such other evidence or documents as the directors consider appropriate.

 

		6.3	Rights of Legal Personal Representative or Trustee in Bankruptcy

 

The legal personal representative or
trustee in bankruptcy has the same rights, privileges and obligations with respect to the shares as were held by the shareholder,
including the right to transfer the shares in accordance with these Articles, provided the documents required by the Business
Corporations Act and the directors have been deposited with the Company.

 

    	DuMoulin Black

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		7.	Purchase of Shares

 

		7.1	Company Authorized to Purchase Shares

 

Subject to Article 7.2, the special
rights and restrictions attached to the shares of any class or series and the Business Corporations Act, the Company may,
if authorized by resolution of the directors, purchase, redeem or otherwise acquire any of its shares at the price and upon the
terms specified in such resolution.

 

		7.2	Purchase When Insolvent

 

The Company must not make a payment
or provide any other consideration to purchase, redeem or otherwise acquire any of its shares if there are reasonable grounds for
believing that:

 

		(1)	the Company is insolvent; or

 

		(2)	making the payment or providing the consideration would render the Company insolvent.

 

		7.3	Redemption of Shares

 

If the Company proposes
to redeem some but not all of the shares of any class, the Directors may, subject to any special rights and restrictions attached
to such class of shares, decide the manner in which the shares to be redeemed shall be selected.

 

		7.4	Sale and Voting of Purchased Shares

 

If the Company retains a share which
it has redeemed, purchased or otherwise acquired, the Company may sell, gift or otherwise dispose of the share, but, while such
share is held by the Company, it:

 

		(1)	is not entitled to vote the share at a meeting of its shareholders;

 

		(2)	must not pay a dividend in respect of the share; and

 

		(3)	must not make any other distribution in respect of the share.

 

		8.	Borrowing Powers

 

		8.1	The Company, if authorized by the directors, may:

 

		(1)	borrow money in the manner and amount, on the security, from the sources and on the terms and conditions
that the directors consider appropriate;

 

		(2)	issue bonds, debentures and other debt obligations either outright or as security for any liability
or obligation of the Company or any other person and on such other terms as they consider appropriate;

 

		(3)	guarantee the repayment of money by any other person or the performance of any obligation of any
other person; and

 

		(4)	mortgage, charge, whether by way of specific or floating charge, grant a security interest in,
or give other security on, the whole or any part of the present and future assets and undertaking of the Company.

 

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		8.2	Any bonds, debentures or other debt obligations of the Company may be issued at a discount, premium
or otherwise, or with special privileges as to redemption, surrender, drawing, allotment of or conversion into or exchange for
shares or other securities, attending and voting at general meetings of the Company, appointment of Directors or otherwise and
may, by their terms, be assignable free from any equities between the Company and the person to whom they were issued or any subsequent
holder thereof, all as the Directors may determine.

 

		9.	Alterations

 

		9.1	Alteration of Authorized Share Structure

 

Subject to Article 9.2 and the Business
Corporations Act, the Company may:

 

	 	(1)	by directors' resolution or
ordinary resolution, in each case determined by the directors, to:

 

		(a)	create one or more classes or series of shares or, if none of the shares of a class or series of
shares are allotted or issued, eliminate that class or series of shares;

 

		(b)	increase, reduce or eliminate the maximum number of shares that the Company is authorized to issue
of any class or series of shares or establish a maximum number of shares that the Company is authorized to issue out of any class
or series of shares for which no maximum is established;

 

		(c)	subdivide all or any of its unissued, or fully paid issued, shares;

 

		(d)	if the Company is authorized to issue shares of a class of shares with par value:

 

		(i)	decrease the par value of those shares; or

 

(ii)
if none of the shares of that class of shares are allotted or issued, increase the par value of those shares;

 

		(e)	change all or any of its unissued shares with par value into shares without par value or any of
its unissued shares without par value into shares with par value or change all or any of its fully paid issued shares with par
value into shares without par value; or

 

		(f)	alter the identifying name of any of its shares; and

 

		(2)	by ordinary resolution otherwise alter its shares or authorized share structure.

 

		9.2	Special Rights and Restrictions

 

Subject to the Business Corporations
Act, the Company may:

 

		(1)	by directors' resolution or by ordinary resolution, in each case as determined by the directors,
create special rights or restrictions for, and attach those special rights or restrictions to, the shares of any class or series
of shares, if none of those shares have been issued; or vary or delete any special rights or restrictions attached to the shares
of any class or series of shares, if none of those shares have been issued; and

 

		(2)	by special resolution of the shareholders of the class or series affected, do any of the acts in
(1) above if any of the shares of the class or series of shares have been issued.

 

    	DuMoulin Black

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		9.3	Change of Name

 

The Company may by resolution of its
directors or by ordinary resolution, in each case as determined by the directors, authorize an alteration of its Notice of Articles
in order to change its name.

 

		9.4	Other Alterations

 

The Company, save as otherwise provided
by these Articles and subject to the Business Corporations Act, may:

 

		(1)	by directors' resolution or by ordinary resolution, in each case as determined by the directors,
authorize alterations to the Articles that are procedural or administrative in nature or are matters that pursuant to these Articles
are solely within the directors' powers, control or authority; and

 

		(2)	if the Business Corporations Act does not specify the type of resolution and these Articles
do not specify another type of resolution, by ordinary resolution alter these Articles.

 

		10.	Meetings of Shareholders

 

		10.1	Annual General Meetings

 

Unless an annual general meeting is
deferred or waived in accordance with the Business Corporations Act, the Company shall hold its first annual general meeting
within 18 months after the date on which it was recognized, and after that shall hold an annual general meeting at least once in
each calendar year and not more than 15 months after the last annual reference date at such time and place as may be determined
by the directors.

 

		10.2	Resolution Instead of Annual General Meeting

 

If all the shareholders who are entitled
to vote at an annual general meeting consent by a unanimous resolution under the Business Corporations Act to all of the
business that is required to be transacted at that annual general meeting, the annual general meeting is deemed to have been held
on the date of the unanimous resolution. The shareholders must, in any unanimous resolution passed under this Article 10.2, select
as the Company’s annual reference date a date that would be appropriate for the holding of the applicable annual general
meeting.

 

		10.3	Calling of Meetings of Shareholders

 

The directors may, whenever they think
fit, call a meeting of shareholders.

 

		10.4	Location of Meetings of Shareholders and Meetings by Telephone or Other Electronic Means

 

A meeting
of the Company may be held:

 

		(1)	at a location outside British Columbia if that location is:

 

		(a)	approved by resolution of the directors before the meeting is held; or

 

		(b)	approved in writing by the Registrar of Companies before the meeting is held; and

 

(2)      entirely
or in part by means of a telephonic, electronic or other communication facility that permits
all participants to communicate adequately with each other during the meeting, if approved by directors’ resolution prior
to the meeting and subject to the Business Corporations Act

 

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		10.5	Notice for Meetings of Shareholders

 

Subject to Article 10.2, the Company
shall send notice of the date, time and location of any meeting of shareholders, in the manner provided in these Articles, or in
such other manner, if any, as may be prescribed by directors' resolution (whether previous notice of the resolution has been given
or not), to each shareholder entitled to attend the meeting, to each director and to the auditor of the Company, unless these Articles
otherwise provide, at least the following number of days before the meeting:

 

		(1)	if and for so long as the Company is a public company, 21 days;

 

		(2)	otherwise, 10 days.

 

		10.6	Record Date for Notice

 

The directors may set a date as the
record date for the purpose of determining shareholders entitled to notice of any meeting of shareholders. The record date must
not precede the date on which the meeting is to be held by more than two months or, in the case of a general meeting requisitioned
by shareholders under the Business Corporations Act, by more than four months. The record date must not precede the date
on which the meeting is held by fewer than:

 

		(1)	if and for so long as the Company is a public company, 21 days;

 

		(2)	otherwise, 10 days.

 

If no record date is set, the record
date is 5 p.m. on the day immediately preceding the first date on which the notice is sent or, if no notice is sent, the beginning
of the meeting.

 

		10.7	Record Date for Voting

 

The directors may set a date as the
record date for the purpose of determining shareholders entitled to vote at any meeting of shareholders. The record date must not
precede the date on which the meeting is to be held by more than two months or, in the case of a general meeting requisitioned
by shareholders under the Business Corporations Act, by more than four months. If no record date is set, the record date
is 5 p.m. on the day immediately preceding the first date on which the notice is sent or, if no notice is sent, the beginning of
the meeting.

 

		10.8	Failure to Give Notice and Waiver of Notice

 

The accidental omission to send notice
of any meeting to, or the non-receipt of any notice by, any of the persons entitled to notice does not invalidate any proceedings
at that meeting. Any person entitled to notice of a meeting of shareholders may, in writing or otherwise, waive or reduce the period
of notice of such meeting.

 

		10.9	Notice of Special Business at Meetings of Shareholders

 

If a meeting of shareholders is to consider
special business within the meaning of Article 11.1, the notice of meeting or a circular prepared in connection with the meeting
must:

 

		(1)	state the general nature of the special business; and

 

		(2)	if the special business includes considering, approving, ratifying, adopting or authorizing any
document or the signing of or giving of effect to any document, have attached to it a copy of the document or state that a copy
of the document:

 

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		(a)	will be available for inspection by shareholders at the Company’s records office, or at such
other reasonably accessible location in British Columbia as is specified in the notice during statutory business hours on any one
or more specified days before the day set for the holding of the meeting; and

 

		(b)	may provide that the document is available by request from the Company or accessible electronically
or on a website as determined by the directors.

 

		11.	Proceedings at Meetings of Shareholders

 

		11.1	Special Business

 

At a meeting of shareholders, the following
business is special business:

 

		(1)	at a meeting of shareholders that is not an annual general meeting, all business is special business
except business relating to the conduct of or voting at the meeting;

 

		(2)	at an annual general meeting, all business is special business except for the following:

 

		(a)	business relating to the conduct of or voting at the meeting;

 

		(b)	consideration of any financial statements of the Company presented to the meeting;

 

		(c)	consideration of any reports of the directors or auditor;

 

		(d)	the setting or changing of the number of directors;

 

		(e)	the election or appointment of directors;

 

		(f)	the appointment of an auditor;

 

		(g)	the setting of the remuneration of an auditor;

 

		(h)	business arising out of a report of the directors not requiring the passing of a special resolution
or an exceptional resolution;

 

		(i)	any other business which, under these Articles or the Business Corporations Act, may be
transacted at a meeting of shareholders without prior notice of the business being given to the shareholders.

 

		11.2	Special Majority

 

The majority of votes required for the
Company to pass a special resolution at a meeting of shareholders is two-thirds of the votes cast on the resolution.

 

		11.3	Quorum

 

Subject to the special rights and restrictions
attached to the shares of any class or series of shares, the quorum for the transaction of business at a meeting of shareholders
is one shareholder present in person or represented by proxy.

 

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		11.4	Other Persons May Attend

 

The directors, the president (if any),
the secretary (if any), the assistant secretary (if any), any lawyer for the Company, the auditor of the Company and any other
persons invited by the directors are entitled to attend any meeting of shareholders, but if any of those persons does attend a
meeting of shareholders, that person is not to be counted in the quorum and is not entitled to vote at the meeting unless that
person is a shareholder or proxy holder entitled to vote at the meeting.

 

		11.5	Requirement of Quorum

 

No business, other than the election
of a chair of the meeting and the adjournment of the meeting, may be transacted at any meeting of shareholders unless a quorum
of shareholders entitled to vote is present at the commencement of the meeting, but such quorum need not be present throughout
the meeting.

 

		11.6	Lack of Quorum

 

If, within one-half hour from the time
set for the holding of a meeting of shareholders, a quorum is not present:

 

		(1)	in the case of a general meeting requisitioned by shareholders, the meeting is dissolved, and

 

		(2)	in the case of any other meeting of shareholders, the meeting shall stand adjourned to the next
business day.

 

		11.7	Lack of Quorum at Succeeding Meeting

 

If, at the meeting to which the meeting
referred to in Article 11.6(2) was adjourned, a quorum is not present within one-half hour from the time set for the holding of
the meeting, the person or persons present and being, or representing by proxy, one or more shareholders entitled to attend and
vote at the meeting shall constitute a quorum.

 

		11.8	Chair

 

The following individual is entitled
to preside as chair at a meeting of shareholders:

 

		(1)	the chair of the board, if any; or

 

		(2)	if the chair of the board is absent or unwilling to act as chair of the meeting, the president,
if any.

 

		11.9	Selection of Alternate Chair

 

If, at any meeting of shareholders,
there is no chair of the board or president willing to act as chair of the meeting or present within 15 minutes after the
time set for holding the meeting, or if the chair of the board and the president have advised the secretary, if any, or any director
present at the meeting, that they will not be present at the meeting, the directors present shall choose a director, officer or
corporate counsel to be chair of the meeting or if none of the above persons are present or if they decline to take the chair,
the shareholders entitled to vote at the meeting who are present in person or by proxy may choose any person present at the meeting
to chair the meeting.

 

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		11.10	Adjournments

 

The chair of a meeting of shareholders
may, and if so directed by the meeting must, adjourn the meeting from time to time and from place to place, but no business may
be transacted at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment took place.

 

		11.11	Notice of Adjourned Meeting

 

It is not necessary to give any notice
of an adjourned meeting or of the business to be transacted at an adjourned meeting of shareholders except that, when a meeting
is adjourned for 30 days or more, notice of the adjourned meeting must be given as in the case of the original meeting.

 

		11.12	Decisions by Show of Hands or Poll

 

Subject to the Business
Corporations Act, every motion put to a vote at a meeting of shareholders will be decided on a show of hands unless
a poll, before or on the declaration of the result of the vote by show of hands, is directed by the chair or demanded by at least
one shareholder entitled to vote who is present in person or by proxy.

 

		11.13	Declaration of Result

 

The chair of a meeting of shareholders
shall declare to the meeting the decision on every question in accordance with the result of the show of hands or the poll, as
the case may be, and that decision must be entered in the minutes of the meeting. A declaration of the chair that a resolution
is carried by the necessary majority or is defeated is, unless a poll is directed by the chair or demanded under Article 11.12,
conclusive evidence without proof of the number or proportion of the votes recorded in favour of or against the resolution.

 

		11.14	Motion Need Not be Seconded

 

No motion proposed at a meeting of shareholders
need be seconded unless the chair of the meeting rules otherwise, and the chair of any meeting of shareholders is entitled to propose
or second a motion.

 

		11.15	Casting Vote

 

In case of an equality of votes, the
chair of a meeting of shareholders, either on a show of hands or on a poll, has a second or casting vote in addition to the vote
or votes to which the chair may be entitled as a shareholder or proxy holder and this provision shall apply not withstanding the
Chair is interested in the subject matter of the resolution.

 

		11.16	Manner of Taking Poll

 

Subject to Article 11.17, if a poll
is duly demanded at a meeting of shareholders:

 

		(1)	the poll must be taken:

 

		(a)	at the meeting, or within seven days after the date of the meeting, as the chair of the meeting
directs; and

 

		(b)	in the manner, at the time and at the place that the chair of the meeting directs;

 

		(2)	the result of the poll is deemed to be the decision of the meeting at which the poll is demanded;
and

 

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		(3)	the demand for the poll may be withdrawn by the person who demanded it.

 

		11.17	Demand for Poll on Adjournment

 

A poll demanded at a meeting of shareholders
on a question of adjournment must be taken immediately at the meeting.

 

		11.18	Chair Must Resolve Dispute

 

In the case of any dispute as to the
admission or rejection of a vote given on a poll, the chair of the meeting shall determine the dispute, and his or her determination
made in good faith is final and conclusive.

 

		11.19	Casting of Votes

 

On a poll, a shareholder entitled to
more than one vote need not cast all the votes in the same way.

 

		11.20	Demand for Poll

 

No poll may be demanded in respect of
the vote by which a chair of a meeting of shareholders is elected.

 

		11.21	Demand for Poll Not to Prevent Continuance of Meeting

 

The demand for a poll at a meeting of
shareholders does not, unless the chair of the meeting so rules, prevent the continuation of a meeting for the transaction of any
business other than the question on which a poll has been demanded.

 

		11.22	Retention of Ballots and Proxies

 

The Company must, for at least three
months after a meeting of shareholders, keep each ballot cast on a poll and each proxy voted at the meeting, and, during that period,
make them available for inspection during normal business hours by any shareholder or proxy holder entitled to vote at the meeting.
At the end of such three month period, the Company may destroy such ballots and proxies.

 

		12.	Votes of Shareholders

 

		12.1	Number of Votes by Shareholder or by Shares

 

Subject to any special rights or restrictions
attached to any shares and to the restrictions imposed on joint shareholders under Article 12.3:

 

		(1)	on a vote by show of hands, every person present who is a shareholder or proxy holder and entitled
to vote on the matter has one vote; and

 

		(2)	on a poll, every shareholder entitled to vote on the matter has one vote in respect of each share
entitled to be voted on the matter and held by that shareholder and may exercise that vote either in person or by proxy.

 

		12.2	Votes of Persons in Representative Capacity

 

A person who is not a shareholder may
vote at a meeting of shareholders, whether on a show of hands or on a poll, and may appoint a proxy holder to act at the meeting,
if, before doing so, the person satisfies the chair of the meeting, or the directors, that the person is a legal personal representative
or a trustee in bankruptcy for a shareholder who is entitled to vote at the meeting.

 

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		12.3	Votes by Joint Holders

 

If there are joint shareholders registered
in respect of any share:

 

		(1)	any one of the joint shareholders may vote at any meeting, either in person or by proxy, in respect
of the share as if that joint shareholder were solely entitled to it; or

 

		(2)	if more than one of the joint shareholders is present at any meeting, in person or by proxy, and
more than one of them votes in respect of that share, then only the vote of the joint shareholder present whose name stands first
on the central securities register in respect of the share will be counted.

 

		12.4	Legal Personal Representatives as Joint Shareholders

 

Two or more legal personal representatives
of a shareholder in whose sole name any share is registered are, for the purposes of Article 12.3, deemed to be joint shareholders.

 

		12.5	Representative of a Corporate Shareholder

 

If a corporation that is not a subsidiary
of the Company is a shareholder that corporation may appoint a person to act as its representative at any meeting of shareholders
of the Company, and:

 

		(1)	for that purpose, the instrument appointing a representative must:

 

		(a)	be received at the registered office of the Company or at any other place specified in the notice
calling the meeting for the receipt of proxies, at least the number of business days specified in the notice for the receipt of
proxies, or if no number of days is specified, two business days before the day set for the holding of the meeting; or

 

		(b)	at the discretion of the chair of the meeting, be provided at the meeting to the chair of the meeting
or to a person designated by the chair of the meeting;

 

		(2)	if a representative is appointed under this Article 12.5:

 

		(a)	the representative is entitled to exercise in respect of and at that meeting the same rights on
behalf of the corporation that the representative represents as that corporation could exercise if it were a shareholder who is
an individual, including, without limitation, the right to appoint a proxy holder; and

 

		(b)	the representative, if present at the meeting, is to be counted for the purpose of forming a quorum
and is deemed to be a shareholder present in person at the meeting.

 

Evidence of the appointment of any such
representative may be sent to the Company by written instrument, fax or any other method of transmitting legibly recorded messages.
Notwithstanding the foregoing, a corporation that is a shareholder may appoint a proxy holder.

 

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		12.6	Proxy Provisions Do Not Apply to All Companies

 

Articles 12.7 to 12.15 do not apply
to the Company if and for so long as it is a public company or a pre-existing reporting company which has the Statutory Reporting
Company Provisions as part of its Articles or to which the Statutory Reporting Company Provisions apply.

 

		12.7	Appointment of Proxy Holders

 

Every shareholder of the Company, including
a corporation that is a shareholder but not a subsidiary of the Company, entitled to vote at a meeting of shareholders of the Company
may, by proxy, appoint up to two proxy holders to attend and act at the meeting in the manner, to the extent and with the powers
conferred by the proxy.

 

		12.8	Alternate Proxy Holders

 

A shareholder may appoint one or more
alternate proxy holders to act in the place of an absent proxy holder.

 

		12.9	When Proxy Holder Need Not Be Shareholder

 

A person must not be appointed as a
proxy holder unless the person is a shareholder, although a person who is not a shareholder may be appointed as a proxy holder
if:

 

		(1)	the person appointing the proxy holder is a corporation or a representative of a corporation appointed
under Article 12.5;

 

		(2)	the Company has at the time of the meeting for which the proxy holder is to be appointed only one
shareholder entitled to vote at the meeting; or

 

		(3)	the shareholders present in person or by proxy at and entitled to vote at the meeting for which
the proxy holder is to be appointed, by a resolution on which the proxy holder is not entitled to vote but in respect of which
the proxy holder is to be counted in the quorum, permit the proxy holder to attend and vote at the meeting.

 

		12.10	Deposit of Proxy

 

A proxy for a meeting of shareholders
must:

 

		(1)	be received at the registered office of the Company or at any other place specified, in the notice
calling the meeting, for the receipt of proxies, at least the number of business days specified in the notice, or if no number
of days is specified, two business days before the day set for the holding of the meeting; or

 

		(2)	unless the notice provides otherwise, be provided, at the meeting, to the chair of the meeting
or to a person designated by the chair of the meeting.

 

A proxy may be sent to the Company by
written instrument, fax or any other method of transmitting legibly recorded messages.

 

		12.11	Validity of Proxy Vote

 

A vote given in accordance with the
terms of a proxy is valid notwithstanding the death or incapacity of the shareholder giving the proxy and despite the revocation
of the proxy or the revocation of the authority under which the proxy is given, unless notice in writing of that death, incapacity
or revocation is received:

 

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		(1)	at the registered office of the Company, at any time up to and including the last business day
before the day set for the holding of the meeting at which the proxy is to be used; or

 

		(2)	by the chair of the meeting, before the vote is taken.

 

		12.12	Form of Proxy

 

A proxy, whether for a specified meeting
or otherwise, must be either in the following form or in any other form approved by the directors or the chair of the meeting:

 

[name
of company]

(the “Company”)

 

The undersigned, being a shareholder
of the Company, hereby appoints [name] or, failing that person,
[name], as proxy holder for the undersigned to attend, act
and vote for and on behalf of the undersigned at the meeting of shareholders of the Company to be held on [month,
day, year] and at any adjournment of that meeting.

 

Number of shares in respect
of which this proxy is given (if no number is specified, then this proxy if given in respect of all shares registered in the name
of the shareholder): _____________________

 

	 	Signed [month, day, year]
	 	 
	 	 
	 	[Signature of shareholder]
	 	 
	 	 
	 	[Name of shareholder—printed]

 

		12.13	Revocation of Proxy

 

Subject to Article 12.14, every proxy
may be revoked by an instrument in writing that is:

 

		(1)	received at the registered office of the Company at any time up to and including the last business
day before the day set for the holding of the meeting at which the proxy is to be used; or

 

		(2)	provided, at the meeting, to the chair of the meeting.

 

		12.14	Revocation of Proxy Must Be Signed

 

An instrument referred to in Article
12.13 must be signed as follows:

 

		(1)	if the shareholder for whom the proxy holder is appointed is an individual, the instrument must
be signed by the shareholder or his or her legal personal representative or trustee in bankruptcy;

 

		(2)	if the shareholder for whom the proxy holder is appointed is a corporation, the instrument must
be signed by the corporation or by a representative appointed for the corporation under Article 12.5.

 

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		12.15	Production of Evidence of Authority to Vote

 

The chair of any meeting of shareholders
may, but need not, inquire into the authority of any person to vote at the meeting and may, but need not, demand from that person
production of evidence as to the existence of the authority to vote.

 

		12.16	Electronic Meetings and Voting

 

The directors may determine that a meeting
of shareholders shall be held entirely by means of a telephonic, electronic or other communication facility that permits all participants
to communicate with each other during the meeting, and any vote at that meeting of shareholders shall be held entirely by means
of that communication facility. A meeting of shareholders may also be held at which some, but not all, persons entitled to attend
may participate and vote by means of such a communication facility, if the directors determine to make one available. A person
participating in a meeting by such means is deemed to be present at the meeting. Any vote at a meeting of shareholders may be also
held entirely by means of a telephonic, electronic or other communication facility, if the directors determine to make one available,
even if none of the persons entitled to attend otherwise participates in the meeting by means of a communication facility. For
the purpose of voting, a communication facility that is made available by the Company must enable the votes to be gathered in a
manner that adequately discloses the intentions of the shareholders and permits a proper tally of the votes to be presented to
the Company. The instructing of proxy holders may be carried out by means of telephonic, electronic or other communication facility
in addition to or in substitution for instructing proxy holders by mail.

 

		13.	Directors

 

		13.1	Number of Directors

 

The number of directors, excluding additional
directors appointed under Article 14.8, is set at:

 

		(1)	subject to paragraphs (2) and (3), the number of directors that is equal to the number of the Company’s
first directors;

 

		(2)	if the Company is a public company, the greater of three and:

 

		(a)	the number of directors elected by ordinary resolution (whether or not previous notice of the resolution
was given); and

 

		(b)	the number of directors set under Article 14.4;

 

		(3)	if the Company is not a public company:

 

		(a)	the number of directors elected by ordinary resolution (whether or not previous notice of the resolution
was given); and

 

		(c)	the number of directors set under Article 14.4.

 

		13.2	Change in Number of Directors

 

If the number of directors is set under
Articles 13.1(2) or 13.1(3):

 

		(1)	the shareholders may elect or appoint the directors needed to fill any vacancies in the board of
directors up to that number;

 

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		(2)	if the shareholders do not elect or appoint the directors needed to fill any vacancies in the board
of directors up to that number contemporaneously with the setting of that number, then the directors may appoint, or the shareholders
may elect or appoint, directors to fill those vacancies.

 

		13.3	Directors’ Acts Valid Despite Vacancy

 

An act or proceeding of the directors
is not invalid merely because fewer than the number of directors set or otherwise required under these Articles is in office.

 

		13.4	Qualifications of Directors

 

A director is not required to hold a
share in the capital of the Company as qualification for his or her office but must be qualified as required by the Business
Corporations Act to become, act or continue to act as a director.

 

		13.3	Remuneration of Directors

 

The directors are entitled to the remuneration
for acting as directors, if any, as the directors may from time to time determine. If the directors so decide, the remuneration
of the directors, if any, will be determined by the shareholders. That remuneration may be in addition to any salary or other remuneration
paid to any officer or employee of the Company as such, who is also a director.

 

		13.4	Reimbursement of Expenses of Directors

 

The Company must reimburse each director
for the reasonable expenses that he or she may incur in and about the business of the Company.

 

		13.5	Special Remuneration for Directors

 

If any director performs any professional
or other services for the Company that in the opinion of the directors are outside the ordinary duties of a director, or if any
director is otherwise specially occupied in or about the Company’s business, he or she may be paid remuneration fixed by
the directors, or, at the option of that director, fixed by ordinary resolution, and such remuneration may be either in addition
to, or in substitution for, any other remuneration that he or she may be entitled to receive.

 

		13.6	Gratuity, Pension or Allowance on Retirement of Director

 

Unless otherwise determined by ordinary
resolution, the directors on behalf of the Company may pay a gratuity or pension or allowance on retirement to any director or
to his or her spouse or dependants and may make contributions to any fund and pay premiums for the purchase or provision of any
such gratuity, pension or allowance.

 

		14.	Election and Removal of Directors

 

		14.1	Election at Annual General Meeting

 

At every annual general meeting and
in every unanimous resolution contemplated by Article 10.2:

 

		(1)	the shareholders entitled to vote at the annual general meeting for the election of directors must
elect, or in the unanimous resolution appoint, a board of directors consisting of the number of directors for the time being set
under these Articles; and

 

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		(2)	those directors whose term of office expires at the annual general meeting cease to hold office
immediately before the election or appointment of directors under paragraph (1), but are eligible for re-election or re-appointment.

 

		14.2	Consent to be a Director

 

No election, appointment or designation
of an individual as a director is valid unless:

 

		(1)	that individual consents to be a director in the manner provided for in the Business Corporations
Act; or

 

		(2)	that individual is elected or appointed at a meeting at which the individual is present and the
individual does not refuse, at the meeting, to be a director.

 

		14.3	Failure to Elect or Appoint Directors

 

If:

 

		(1)	the Company fails to hold an annual general meeting, and all the shareholders who are entitled
to vote at an annual general meeting fail to pass the unanimous resolution contemplated by Article 10.2, on or before the date
by which the annual general meeting is required to be held under the Business Corporations Act; or

 

		(2)	the shareholders fail, at the annual general meeting or in the unanimous resolution contemplated
by Article 10.2, to elect or appoint any directors;

 

then each director then in office continues
to hold office until the earlier of:

 

		(3)	the date on which his or her successor is elected or appointed; and

 

		(4)	the date on which he or she otherwise ceases to hold office under the Business Corporations
Act or these Articles.

 

		14.4	Places of Retiring Directors Not Filled

 

If, at any meeting of shareholders at
which there should be an election of directors, the places of any of the retiring directors are not filled by that election, those
retiring directors who are not re-elected and who are asked by the newly elected directors to continue in office will, if willing
to do so, continue in office to complete the number of directors for the time being set pursuant to these Articles until further
new directors are elected at a meeting of shareholders convened for that purpose. If any such election or continuance of directors
does not result in the election or continuance of the number of directors for the time being set pursuant to these Articles, the
number of directors of the Company is deemed to be set at the number of directors actually elected or continued in office.

 

		14.5	Directors May Fill Casual Vacancies

 

Any casual vacancy occurring in the
board of directors may be filled by the directors.

 

		14.6	Remaining Directors Power to Act

 

The directors may act notwithstanding
any vacancy in the board of directors, but if the Company has fewer directors in office than the number set pursuant to these Articles
as the quorum of directors, the directors may only act for the purpose of appointing directors up to that number or of summoning
a meeting of shareholders for the purpose of filling any vacancies on the board of directors or, subject to the Business Corporations
Act, for any other purpose.

 

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		14.7	Shareholders May Fill Vacancies

 

If the Company has no directors or fewer
directors in office than the number set pursuant to these Articles as the quorum of directors, the shareholders may elect or appoint
directors to fill any vacancies on the board of directors.

 

		14.8	Additional Directors

 

Notwithstanding Articles 13.1 and 13.2,
between annual general meetings or unanimous resolutions contemplated by Article 10.2, the directors may appoint one or more additional
directors, but the number of additional directors appointed under this Article 14.8 must not at any time exceed one-third of the
number of the current directors who were elected or appointed as directors other than under this Article 14.8.

 

Any director so appointed ceases to
hold office upon the next election or appointment of directors under Article 14.1(1), but is eligible for re-election or re-appointment.

 

		14.9	Ceasing to be a Director

 

A director ceases to be a director when:

 

		(1)	the term of office of the director expires;

 

		(2)	the director dies;

 

		(3)	the director resigns as a director by notice in writing provided to the Company or a lawyer for
the Company; or

 

		(4)	the director is removed from office pursuant to Articles 14.10 or 14.11.

 

		14.10	Removal of Director by Shareholders

 

The Company may remove any director
before the expiration of his or her term of office by special resolution. In that event, the shareholders may elect, or appoint
by ordinary resolution, a director to fill the resulting vacancy. If the shareholders do not elect or appoint a director to fill
the resulting vacancy contemporaneously with the removal, then the directors may appoint or the shareholders may elect, or appoint
by ordinary resolution, a director to fill that vacancy.

 

		14.11	Removal of Director by Directors

 

The directors may remove any director
before the expiration of his or her term of office if the director is convicted of an indictable offence, or if the director ceases
to be qualified to act as a director of a company and does not promptly resign, and the directors may appoint a director to fill
the resulting vacancy.

 

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		15.	Alternate Directors

 

		15.1	Appointment of Alternate Director

 

Any director (an “appointor”)
may by notice in writing received by the Company appoint any person (an “appointee”) who is qualified to act as a director
to be his or her alternate to act in his or her place at meetings of the directors or committees of the directors at which the
appointor is not present unless (in the case of an appointee who is not a director) the directors have reasonably disapproved the
appointment of such person as an alternate director and have given notice to that effect to his or her appointor within a reasonable
time after the notice of appointment is received by the Company.

 

		15.2	Notice of Meetings

 

Every alternate director so appointed
is entitled to notice of meetings of the directors and of committees of the directors of which his or her appointor is a member
and to attend and vote as a director at any such meetings at which his or her appointor is not present.

 

		15.3	Alternate for More Than One Director Attending Meetings

 

A person may be appointed as an alternate
director by more than one director, and an alternate director:

 

		(1)	will be counted in determining the quorum for a meeting of directors once for each of his or her
appointors and, in the case of an appointee who is also a director, once more in that capacity;

 

		(2)	has a separate vote at a meeting of directors for each of his or her appointors and, in the case
of an appointee who is also a director, an additional vote in that capacity;

 

		(3)	will be counted in determining the quorum for a meeting of a committee of directors once for each
of his or her appointors who is a member of that committee and, in the case of an appointee who is also a member of that committee
as a director, once more in that capacity;

 

		(4)	has a separate vote at a meeting of a committee of directors for each of his or her appointors
who is a member of that committee and, in the case of an appointee who is also a member of that committee as a director, an additional
vote in that capacity.

 

		15.4	Consent Resolutions

 

Every alternate director, if authorized
by the notice appointing him or her, may sign in place of his or her appointor any resolutions to be consented to in writing.

 

		15.5	Alternate Director Not an Agent

 

Every alternate director is deemed not
to be the agent of his or her appointor.

 

		15.6	Revocation of Appointment of Alternate Director

 

An appointor may at any time, by notice
in writing received by the Company, revoke the appointment of an alternate director appointed by him or her.

 

		15.7	Ceasing to be an Alternate Director

 

The appointment of an alternate director
ceases when:

 

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		(1)	his or her appointor ceases to be a director and is not promptly re-elected or re-appointed;

 

		(2)	the alternate director dies;

 

		(3)	the alternate director resigns as an alternate director by notice in writing provided to the Company
or a lawyer for the Company;

 

		(4)	the alternate director ceases to be qualified to act as a director; or

 

		(5)	his or her appointor revokes the appointment of the alternate director.

 

		15.8	Remuneration and Expenses of Alternate Director

 

The Company may reimburse an alternate
director for the reasonable expenses that would be properly reimbursed if he or she were a director, and the alternate director
is entitled to receive from the Company such proportion, if any, of the remuneration otherwise payable to the appointor as the
appointor may from time to time direct.

 

		16.	Powers and Duties of Directors

 

		16.1	Powers of Management

 

The directors must, subject to the Business
Corporations Act and these Articles, manage or supervise the management of the business and affairs of the Company and have
the authority to exercise all such powers of the Company as are not, by the Business Corporations Act or by these Articles,
required to be exercised by the shareholders of the Company.

 

		16.2	Appointment of Attorney of Company

 

The directors may from time to time,
by power of attorney or other instrument, under seal if so required by law, appoint any person to be the attorney of the Company
for such purposes, and with such powers, authorities and discretions (not exceeding those vested in or exercisable by the directors
under these Articles and excepting the power to fill vacancies in the board of directors, to remove a director, to change the membership
of, or fill vacancies in, any committee of the directors, to appoint or remove officers appointed by the directors and to declare
dividends) and for such period, and with such remuneration and subject to such conditions as the directors may think fit. Any such
power of attorney may contain such provisions for the protection or convenience of persons dealing with such attorney as the directors
think fit. Any such attorney may be authorized by the directors to sub-delegate all or any of the powers, authorities and discretions
for the time being vested in him or her.

 

		17.	Disclosure of Interest of Directors

 

		17.1	Obligation to Account for Profits

 

A director or senior officer who holds
a disclosable interest (as that term is used in the Business Corporations Act) in a contract or transaction into which the
Company has entered or proposes to enter is liable to account to the Company for any profit that accrues to the director or senior
officer under or as a result of the contract or transaction only if and to the extent provided in the Business Corporations
Act.

 

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		17.2	Restrictions on Voting by Reason of Interest

 

A director who holds a disclosable interest
in a contract or transaction into which the Company has entered or proposes to enter is not entitled to vote on any directors’
resolution to approve that contract or transaction, unless all the directors have a disclosable interest in that contract or transaction,
in which case any or all of those directors may vote on such resolution.

 

		17.3	Interested Director Counted in Quorum

 

A director who holds a disclosable interest
in a contract or transaction into which the Company has entered or proposes to enter and who is present at the meeting of directors
at which the contract or transaction is considered for approval may be counted in the quorum at the meeting whether or not the
director votes on any or all of the resolutions considered at the meeting.

 

		17.4	Disclosure of Conflict of Interest or Property

 

A director or senior officer who holds
any office or possesses any property, right or interest that could result, directly or indirectly, in the creation of a duty or
interest that materially conflicts with that individual’s duty or interest as a director or senior officer, must disclose
the nature and extent of the conflict as required by the Business Corporations Act.

 

		17.5	Director Holding Other Office in the Company

 

A director may hold any office or place
of profit with the Company, other than the office of auditor of the Company, in addition to his or her office of director for the
period and on the terms (as to remuneration or otherwise) that the directors may determine.

 

		17.6	No Disqualification

 

No director or intended director is
disqualified by his or her office from contracting with the Company either with regard to the holding of any office or place of
profit the director holds with the Company or as vendor, purchaser or otherwise, and no contract or transaction entered into by
or on behalf of the Company is invalid merely because:

 

		(1)	a director or senior officer of the company has an interest, direct or indirect, in the contract
or transaction;

 

		(2)	a director of senior officer of the company has not disclosed an interest he or she has in the
contract or transaction; or

 

		(3)	the directors or shareholders of the company have not approved the contract or transaction in which
a director or senior officer of the company has an interest.

 

		17.7	Professional Services by Director or Officer

 

Subject to the Business Corporations
Act, a director or officer, or any person in which a director or officer has an interest, may act in a professional capacity
for the Company, except as auditor of the Company, and the director or officer or such person is entitled to remuneration for professional
services as if that director or officer were not a director or officer.

 

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		17.8	Director or Officer in Other Corporations

 

A director or officer may be or become
a director, officer or employee of, or otherwise interested in, any person in which the Company may be interested as a shareholder
or otherwise, and, subject to the Business Corporations Act, the director or officer is not accountable to the Company for
any remuneration or other benefits received by him or her as director, officer or employee of, or from his or her interest in,
such other person.

 

		18.	Proceedings of Directors

 

		18.1	Meetings of Directors

 

The directors may meet together for
the conduct of business, adjourn and otherwise regulate their meetings as they think fit, and meetings of the directors held at
regular intervals may be held at the place, at the time and on the notice, if any, as the directors may from time to time determine.

 

		18.2	Voting at Meetings

 

Questions arising at any meeting of
directors are to be decided by a majority of votes and, in the case of an equality of votes, the chair of the meeting has a second
or casting vote.

 

		18.3	Chair of Meetings

 

The following individual is entitled
to preside as chair at a meeting of directors:

 

		(1)	the chair of the board, if any;

 

		(2)	in the absence of the chair of the board or if designated by the chair, the president, a director
or other officer; or

 

		(3)	any other director or officer chosen by the directors if:

 

		(a)	neither the chair of the board nor the president is present at the meeting within 15 minutes after
the time set for holding the meeting;

 

		(b)	neither the chair of the board nor the president is willing to chair the meeting; or

 

		(c)	the chair of the board and the president have advised the secretary, if any, or any other director,
that they will not be present at the meeting.

 

		18.4	Meetings by Telephone or Other Communications Medium

 

A director may participate in a meeting
of the directors or of any committee of the directors in person or by telephone if all directors participating in the meeting,
whether in person or by telephone or other communications medium, are able to communicate with each other. A director may participate
in a meeting of the directors or of any committee of the directors by a communications medium other than telephone if all directors
participating in the meeting, whether in person or by telephone or other communications medium, are able to communicate with each
other and if all directors who wish to participate in the meeting agree to such participation. A director who participates in a
meeting in a manner contemplated by this Article 18.4 is deemed for all purposes of the Business Corporations Act and these
Articles to be present at the meeting and to have agreed to participate in that manner.

 

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		18.5	Calling of Meetings

 

A director may, and the secretary or
an assistant secretary of the Company, if any, on the request of a director shall, call a meeting of the directors at any time.

 

		18.6	Notice of Meetings

 

Other than for meetings held at regular
intervals as determined by the directors pursuant to Article 18.1, reasonable notice of each meeting of the directors, specifying
the place, day and time of that meeting must be given to each of the directors and the alternate directors by any method set out
in Article 24.1 or orally or by telephone.

 

		18.7	When Notice Not Required

 

It is not necessary to give notice of
a meeting of the directors to a director or an alternate director if:

 

		(1)	the meeting is to be held immediately following a meeting of shareholders at which that director
was elected or appointed, or is the meeting of the directors at which that director is appointed; or

 

		(2)	the director or alternate director, as the case may be, has waived notice of the meeting.

 

		18.8	Meeting Valid Despite Failure to Give Notice

 

The accidental omission to give notice
of any meeting of directors to, or the non-receipt of any notice by, any director or alternate director, does not invalidate any
proceedings at that meeting.

 

		18.9	Waiver of Notice of Meetings

 

Any director or alternate director may
send to the Company a document signed by him or her waiving notice of any past, present or future meeting or meetings of the directors
and may at any time withdraw that waiver with respect to meetings held after that withdrawal. After sending a waiver with respect
to all future meetings and until that waiver is withdrawn, no notice of any meeting of the directors need be given to that director
and, unless the director otherwise requires by notice in writing to the Company, to his or her alternate director, and all meetings
of the directors so held are deemed not to be improperly called or constituted by reason of notice not having been given to such
director or alternate director.

 

		18.10	Quorum

 

The quorum necessary for the transaction
of the business of the directors may be set by the directors and, if not so set, is deemed to be set at a majority of the directors
or, if the number of directors is set at one, is deemed to be set at one director, and that director may constitute a meeting.

 

		18.11	Validity of Acts Where Appointment Defective

 

Subject to the Business Corporations
Act, an act of a director or officer is not invalid merely because of an irregularity in the election or appointment or a defect
in the qualification of that director or officer.

 

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		18.12	Consent Resolutions in Writing

 

A resolution of the directors or of
any committee of the directors consented to in writing by all of the directors entitled to vote on it, whether by signed document,
fax, email or any other method of transmitting legibly recorded messages, is as valid and effective as if it had been passed at
a meeting of the directors or of the committee of the directors duly called and held. Such resolution may be in two or more counterparts
which together are deemed to constitute one resolution in writing. A resolution passed in that manner is effective on the date
stated in the resolution or on the latest date stated on any counterpart. A resolution of the directors or of any committee of
the directors passed in accordance with this Article 18.12 is deemed to be a proceeding at a meeting of directors or of the committee
of the directors and to be as valid and effective as if it had been passed at a meeting of the directors or of the committee of
the directors that satisfies all the requirements of the Business Corporations Act and all the requirements of these Articles
relating to meetings of the directors or of a committee of the directors.

 

		19.	Executive and Other Committees

 

		19.1	Appointment and Powers of Executive Committee

 

The directors may, by resolution, appoint
an executive committee consisting of the director or directors that they consider appropriate, and this committee has, during the
intervals between meetings of the board of directors, all of the directors’ powers, except:

 

		(1)	the power to fill vacancies in the board of directors;

 

		(2)	the power to remove a director;

 

		(3)	the power to change the membership of, or fill vacancies in, any committee of the directors; and

 

		(4)	such other powers, if any, as may be set out in the resolution or any subsequent directors’
resolution.

 

		19.2	Appointment and Powers of Other Committees

 

The directors may, by resolution:

 

		(1)	appoint one or more committees (other than the executive committee) consisting of the director
or directors that they consider appropriate;

 

		(2)	delegate to a committee appointed under paragraph (1) any of the directors’ powers, except:

 

		(a)	the power to fill vacancies in the board of directors;

 

		(b)	the power to remove a director;

 

		(c)	the power to change the membership of, or fill vacancies in, any committee of the directors; and

 

		(d)	the power to appoint or remove officers appointed by the directors; and

 

		(3)	make any delegation referred to in paragraph (2) subject to the conditions set out in the resolution
or any subsequent directors’ resolution.

 

		19.3	Obligations of Committees

 

Any committee appointed under Articles
19.1 or 19.2, in the exercise of the powers delegated to it, must:

 

		(1)	conform to any rules that may from time to time be imposed on it by the directors; and

 

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		(2)	report every act or thing done in exercise of those powers at such times and in such manner and
form as the directors may require.

 

		19.4	Powers of Board

 

The directors may, at any time, with
respect to a committee appointed under Articles 19.1 or 19.2:

 

		(1)	revoke or alter the authority given to the committee, or override a decision made by the committee,
except as to acts done before such revocation, alteration or overriding;

 

		(2)	terminate the appointment of, or change the membership of, the committee; and

 

		(3)	fill vacancies in the committee.

 

		19.5	Committee Meetings

 

Subject to Article 19.3(1) and unless
the directors otherwise provide in the resolution appointing the committee or in any subsequent resolution, with respect to a committee
appointed under Articles 19.1 or 19.2:

 

		(1)	the committee may meet and adjourn as it thinks proper;

 

		(2)	the committee may elect a chair of its meetings but, if no chair of a meeting is elected, or if
at a meeting the chair of the meeting is not present within 15 minutes after the time set for holding the meeting, the directors
present who are members of the committee may choose one of their number to chair the meeting;

 

		(3)	a majority of the members of the committee constitutes a quorum of the committee; and

 

		(4)	questions arising at any meeting of the committee are determined by a majority of votes of the
members present, and in case of an equality of votes, the chair of the meeting does not have a second or casting vote.

 

		20.	Officers

 

		20.1	Directors May Appoint Officers

 

The directors may, from time to time,
appoint such officers, if any, as the directors determine and the directors may, at any time, terminate any such appointment.

 

		20.2	Functions, Duties and Powers of Officers

 

The directors may, for each officer:

 

		(1)	determine the functions and duties of the officer;

 

		(2)	entrust to and confer on the officer any of the powers exercisable by the directors on such terms
and conditions and with such restrictions as the directors think fit; and

 

		(3)	revoke, withdraw, alter or vary all or any of the functions, duties and powers of the officer.

 

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		20.3	Qualifications

 

No officer may be appointed unless that
officer is qualified in accordance with the Business Corporations Act. One person may hold more than one position as an
officer of the Company. Any person appointed as the chair of the board or as the managing director must be a director. Any other
officer need not be a director.

 

		20.4	Remuneration and Terms of Appointment

 

All appointments of officers are to
be made on the terms and conditions and at the remuneration (whether by way of salary, fee, commission, participation in profits
or otherwise) that the directors thinks fit and are subject to termination at the pleasure of the directors, and an officer may
in addition to such remuneration be entitled to receive, after he or she ceases to hold such office or leaves the employment of
the Company, a pension or gratuity.

 

		21.	Indemnification

 

		21.1	Definitions

 

In this Article 21:

 

		(1)	“eligible penalty” means a judgment, penalty or fine awarded or imposed in, or an amount
paid in settlement of, an eligible proceeding;

 

		(2)	“eligible proceeding” means a legal proceeding or investigative action, whether current,
threatened, pending or completed, in which a director, former director or alternate director of the Company (an “eligible
party”) or any of the heirs and legal personal representatives of the eligible party, by reason of the eligible party being
or having been a director or alternate director of the Company:

 

		(a)	is or may be joined as a party; or

 

		(b)	is or may be liable for or in respect of a judgment, penalty or fine in, or expenses related to,
the proceeding;

 

		(3)	“expenses” has the meaning set out in the Business Corporations Act.

 

		21.2	Mandatory Indemnification of Directors and Former Directors

 

Subject to the Business Corporations
Act, the Company must indemnify a director, former director or alternate director of the Company and his or her heirs and legal
personal representatives against all eligible penalties to which such person is or may be liable, and the Company must, after the
final disposition of an eligible proceeding, pay the expenses actually and reasonably incurred by such person in respect of that
proceeding. Each director and alternate director is deemed to have contracted with the Company on the terms of the indemnity contained
in this Article 21.2.

 

		21.3	Indemnification of Other Persons

 

Subject to any restrictions in the Business
Corporations Act and these Articles, the Company may indemnify any person.

 

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		21.4	Non-Compliance with Business Corporations Act

 

The failure of a director, alternate
director or officer of the Company to comply with the Business Corporations Act or these Articles does not invalidate any
indemnity to which he or she is entitled under this Part.

 

		21.5	Company May Purchase Insurance

 

The Company may purchase and maintain
insurance for the benefit of any person (or his or her heirs or legal personal representatives) who:

 

		(1)	is or was a director, alternate director, officer, employee or agent of the Company;

 

		(2)	is or was a director, alternate director, officer, employee or agent of a corporation at a time
when the corporation is or was an affiliate of the Company;

 

		(3)	at the request of the Company, is or was a director, alternate director, officer, employee or agent
of a corporation or of a partnership, trust, joint venture or other unincorporated entity;

 

		(4)	at the request of the Company, holds or held a position equivalent to that of a director, alternate
director or officer of a partnership, trust, joint venture or other unincorporated entity;

 

against any liability incurred by him
or her as such director, alternate director, officer, employee or agent or person who holds or held such equivalent position.

 

		22.	Dividends

 

		22.1	Payment of Dividends Subject to Special Rights

 

The provisions of this Article 22 are
subject to the rights, if any, of shareholders holding shares with special rights as to dividends.

 

		22.2	Declaration of Dividends

 

Subject to the Business Corporations
Act, the directors may from time to time declare and authorize payment of such dividends as they may deem advisable.

 

		22.3	No Notice Required

 

The directors need not give notice to
any shareholder of any declaration under Article 22.2.

 

		22.4	Record Date

 

The directors may set a date as the
record date for the purpose of determining shareholders entitled to receive payment of a dividend. The record date must not precede
the date on which the dividend is to be paid by more than two months. If no record date is set, the record date is 5 p.m. on the
date on which the directors pass the resolution declaring the dividend.

 

		22.5	Manner of Paying Dividend

 

A resolution declaring a dividend may
direct payment of the dividend wholly or partly by the distribution of specific assets or of fully paid shares or of bonds, debentures
or other securities of the Company, or in any one or more of those ways.

 

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		22.6	Settlement of Difficulties

 

If any difficulty arises in regard to
a distribution under Article 22.5, the directors may settle the difficulty as they deem advisable, and, in particular, may:

 

		(1)	set the value for distribution of specific assets;

 

		(2)	determine that cash payments in substitution for all or any part of the specific assets to which
any shareholders are entitled may be made to any shareholders on the basis of the value so fixed in order to adjust the rights
of all parties; and

 

		(3)	vest any such specific assets in trustees for the persons entitled to the dividend.

 

		22.7	When Dividend Payable

 

Any dividend may be made payable on
such date as is fixed by the directors.

 

		22.8	Dividends to be Paid in Accordance with Number of Shares

 

All dividends on shares of any class
or series of shares must be declared and paid according to the number of such shares held.

 

		22.9	Receipt by Joint Shareholders

 

If several persons are joint shareholders
of any share, any one of them may give an effective receipt for any dividend, bonus or other money payable in respect of the share.

 

		22.10	Dividend Bears No Interest

 

No dividend bears interest against the
Company.

 

		22.11	Fractional Dividends

 

If a dividend to which a shareholder
is entitled includes a fraction of the smallest monetary unit of the currency of the dividend, that fraction may be disregarded
in making payment of the dividend and that payment represents full payment of the dividend.

 

		22.12	Payment of Dividends

 

Any dividend or other distribution payable
in cash in respect of shares may be paid by cheque, made payable to the order of the person to whom it is sent, and mailed to the
address of the shareholder, or in the case of joint shareholders, to the address of the joint shareholder who is first named on
the central securities register, or to the person and to the address the shareholder or joint shareholders may direct in writing.
The mailing of such cheque will, to the extent of the sum represented by the cheque (plus the amount of the tax required by law
to be deducted), discharge all liability for the dividend unless such cheque is not paid on presentation or the amount of tax so
deducted is not paid to the appropriate taxing authority.

 

		22.13	Capitalization of Surplus

 

Notwithstanding anything contained in
these Articles, the directors may from time to time capitalize any surplus of the Company and may from time to time issue, as fully
paid, shares or any bonds, debentures or other securities of the Company as a dividend representing the surplus or any part of
the surplus.

 

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		23.	Documents, Records and Reports

 

		23.1	Recording of Financial Affairs

 

The directors must cause adequate accounting
records to be kept to record properly the financial affairs and condition of the Company and to comply with the Business Corporations
Act.

 

		23.2	Inspection of Accounting Records

 

Unless the directors determine otherwise,
or unless otherwise determined by ordinary resolution, no shareholder of the Company is entitled to inspect or obtain a copy of
any accounting records of the Company.

 

		24.	Notices

 

		24.1	Method of Giving Notice

 

Unless the Business Corporations
Act or these Articles provides otherwise, a notice, statement, report or other record required or permitted by the Business
Corporations Act or these Articles to be sent by or to a person may be sent by any one of the following methods:

 

		(1)	mail addressed to the person at the applicable address for that person as follows:

 

		(a)	for a record mailed to a shareholder, the shareholder’s registered address;

 

		(b)	for a record mailed to a director or officer, the prescribed address for mailing shown for the
director or officer in the records kept by the Company or the mailing address provided by the recipient for the sending of that
record or records of that class;

 

		(c)	in any other case, the mailing address of the intended recipient;

 

		(2)	delivery at the applicable address for that person as follows, addressed to the person:

 

		(a)	for a record delivered to a shareholder, the shareholder’s registered address;

 

		(b)	for a record delivered to a director or officer, the prescribed address for delivery shown for
the director or officer in the records kept by the Company or the delivery address provided by the recipient for the sending of
that record or records of that class;

 

		(c)	in any other case, the delivery address of the intended recipient;

 

		(3)	sending the record by fax to the fax number provided by the intended recipient for the sending
of that record or records of that class;

 

		(4)	sending the record by email to the email address provided by the intended recipient for the sending
of that record or records of that class;

 

		(5)	physical delivery to the intended recipient.

 

		24.2	Deemed Receipt of Mailing

 

A record that is mailed to a person
by ordinary mail to the applicable address for that person referred to in Article 24.1 is deemed to be received by the person to
whom it was mailed on the day, Saturdays, Sundays and holidays excepted, following the date of mailing.

 

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		24.3	Certificate of Sending

 

A certificate signed by the secretary,
if any, or other officer of the Company or of any other corporation acting in that behalf for the Company stating that a notice,
statement, report or other record was addressed as required by Article 24.1, prepaid and mailed or otherwise sent as permitted
by Article 24.1 is conclusive evidence of that fact.

 

		24.4	Notice to Joint Shareholders

 

A notice, statement, report or other
record may be provided by the Company to the joint shareholders of a share by providing the notice to the joint shareholder first
named in the central securities register in respect of the share.

 

		24.5	Notice to Trustees

 

A notice, statement, report or other
record may be provided by the Company to the persons entitled to a share in consequence of the death, bankruptcy or incapacity
of a shareholder by:

 

		(1)	mailing the record, addressed to them:

 

		(a)	by name, by the title of the legal personal representative of the deceased or incapacitated shareholder,
by the title of trustee of the bankrupt shareholder or by any similar description; and

 

		(b)	at the address, if any, supplied to the Company for that purpose by the persons claiming to be
so entitled; or

 

		(2)	if an address referred to in paragraph (1)(b) has not been supplied to the Company, by giving the
notice in a manner in which it might have been given if the death, bankruptcy or incapacity had not occurred.

 

		25.	Seal

 

		25.1	Who May Attest Seal

 

Except as provided in Articles 25.2
and 25.3, the Company’s seal, if any, must not be impressed on any record except when that impression is attested by the
signatures of:

 

		(1)	any two directors;

 

		(2)	any officer, together with any director;

 

		(3)	if the Company only has one director, that director; or

 

		(4)	any one or more directors or officers or persons as may be determined by the directors.

 

		25.2	Sealing Copies

 

For the purpose of certifying under
seal a certificate of incumbency of the directors or officers of the Company or a true copy of any resolution or other document,
despite Article 25.1, the impression of the seal may be attested by the signature of any director or officer.

 

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		25.3	Mechanical Reproduction of Seal

 

The directors may authorize the seal
to be impressed by third parties on share certificates or bonds, debentures or other securities of the Company as they may determine
appropriate from time to time. To enable the seal to be impressed on any share certificates or bonds, debentures or other securities
of the Company, whether in definitive or interim form, on which facsimiles of any of the signatures of the directors or officers
of the Company are, in accordance with the Business Corporations Act or these Articles, printed or otherwise mechanically
reproduced, there may be delivered to the person employed to engrave, lithograph or print such definitive or interim share certificates
or bonds, debentures or other securities one or more unmounted dies reproducing the seal and the chair of the board or any senior
officer together with the secretary, treasurer, secretary-treasurer, an assistant secretary, an assistant treasurer or an assistant
secretary-treasurer may in writing authorize such person to cause the seal to be impressed on such definitive or interim share
certificates or bonds, debentures or other securities by the use of such dies. Share certificates or bonds, debentures or other
securities to which the seal has been so impressed are for all purposes deemed to be under and to bear the seal impressed on them.

 

		26.	Prohibitions

 

		26.1	Definitions

 

In this Article 26:

 

		(1)	“designated security” means:

 

		(a)	a voting security of the Company;

 

		(b)	a security of the Company that is not a debt security and that carries a residual right to participate
in the earnings of the Company or, on the liquidation or winding up of the Company, in its assets; or

 

		(c)	a security of the Company convertible, directly or indirectly, into a security described in paragraph
(a) or (b);

 

		(2)	“security” has the meaning assigned in the Securities Act (British Columbia);

 

		(3)	“voting security” means a security of the Company that:

 

		(a)	is not a debt security, and

 

		(b)	carries a voting right either under all circumstances or under some circumstances that have occurred
and are continuing.

 

		26.2	Application

 

Article 26.3 does not apply to the Company
if and for so long as it is a public company or a pre-existing reporting company which has the Statutory Reporting Company Provisions
as part of its Articles or to which the Statutory Reporting Company Provisions apply.

 

		26.3	Consent Required for Transfer of Shares or Designated Securities

 

No
share or designated security may be sold, transferred or otherwise disposed of without the consent of the directors and the directors
are not required to give any reason for refusing to consent to any such sale, transfer or other disposition.

 

    	DuMoulin Black

34SCHEDULE A

PART 27

SPECIAL RIGHTS AND RESTRICTIONS

 

27.1                       In
this Article, the following terms shall have the following meanings:

 

		(a)	Common shares without par value shall hereinafter be referred to as “Common Shares”.

 

		(b)	Preferred shares without par value shall hereinafter be referred to as “Preferred Shares”.

 

		(c)	Series 1 Preferred shares without par value shall hereinafter be referred to as “Series 1 Preferred Shares”.

 

27.2                       The
holders of the Common Shares shall be entitled to receive notice of, attend and be heard at any meeting of shareholders of the
Company, excepting a meeting of the holders of shares of another class, as such, and excepting a meeting of the holders of a particular
series, as such. Unless provided otherwise in any rights which may be attached to any series of the Preferred Shares, including
the Series 1 Preferred Shares, the holders of the Preferred Shares shall not be entitled to receive notice of, attend or vote at
any meeting of shareholders of the Company.

 

27.3                       With
respect to the declaration and payment of dividends, the holders of Preferred Shares, including the Series 1 Preferred Shares,
shall rank prior to the holders of the Common Shares, or any other shares of the Company ranking junior to the Preferred Shares.

 

27.4                       In
the event of the liquidation, dissolution or winding up of the Company, whether voluntary or involuntary, or other distribution
of the property or assets of the Company among its shareholders for the purpose of winding up its affairs:

 

		(a)	the holders of the Preferred Shares, including the Series 1 Preferred Shares, shall be entitled to receive, for each Preferred
Share held, from the property and assets of the Company, a sum equivalent to the amount paid up thereon together with the premium
(if any) thereon and any dividends declared thereon before any amount shall be paid or any property or asset of the Company is
distributed to the holders of the Common Shares or any other shares ranking junior to the Preferred Shares with respect to repayment
of capital. After payment to the holders of the Preferred Shares of the amount so payable to them, the holders of the Preferred
Shares shall not be entitled to share in any further distribution of the property or assets of the Company except as specifically
provided in special rights and restrictions attached to any particular series of Preferred Shares; and

 

		(b)	the holders of the Common Shares shall be entitled to receive the remaining property of the Company after payment to the holders
of the Preferred Shares or any other shares ranking senior to the Common Shares.

 

Preferred Shares

 

27.5                       Preferred
Shares may, at any time and from time to time, be issued in one or more series, and, subject to paragraph 27.6 below, the Company
may, by directors’ resolution or ordinary resolution, in each case as determined by the directors, do one or more of the
following:

 

		(a)	determine the maximum number of shares of any of those series of Preferred Shares that the Company is authorized to issue,
determine that there is no maximum number or alter any determination made, under this paragraph or otherwise, in relation to a
maximum number of those shares, and authorize the alteration of the Notice of Articles accordingly;

 

		(b)	alter these Articles, and authorize the alteration of the Notice of Articles, to create an identifying name by which the shares
of any of those series of Preferred Shares may be identified or to alter any identifying name created for those shares; and

 

		(c)	alter these Articles, and authorize the alteration of the Notice of Articles, to attach special rights or restrictions to the
shares of any of those series of Preferred Shares or to alter any special rights or restrictions attached to those shares, subject
to the special rights and restrictions attached to the Preferred Shares by this Article 27.

 

27.6                       If
the alterations, determinations or authorizations contemplated by paragraph 27.5 above are to be made in relation to a series of
shares of which there are issued shares, those alterations, determinations or authorizations may be made by ordinary resolution.

 

    	 

    	 

    

 

27.7                       The
special rights and restrictions that may be attached to a series of Preferred Shares pursuant to paragraph 27.5(c) above may include,
without in any way limiting or restricting the generality of such paragraph, rights and restrictions respecting the following:

 

		(a)	the rate or amount of dividends, whether cumulative, non-cumulative or partially cumulative, the dates, places and currencies
of payment thereof;

 

		(b)	the consideration for, and the terms and conditions of, any purchase for cancellation or redemption thereof, including redemption
after a fixed term or at a premium, conversion or exchange rights;

 

		(c)	the terms and conditions of any share purchase plan or sinking fund;

 

		(d)	the restrictions respecting the payment of dividends on, or the repayment of capital in respect of, any other shares of the
Company;

 

		(e)	voting; and

 

		(f)	the issuance of any shares of any other class or series of shares of the Company or any evidences of indebtedness or any other
securities convertible into or exchangeable for such shares.

 

27.8         No special
rights or restrictions attached to a series of Preferred Shares shall confer on the series of Preferred Shares priority over another
series of Preferred Shares respecting:

 

		(a)	dividends; or

 

		(b)	a return of capital:

 

		(i)	on the dissolution of the Company; or

 

		(ii)	on the occurrence of any other event that entitles the shareholders holding the shares of all series of the Preferred Shares
to a return of capital.

 

Series 1 Preferred Shares

 

27.9                       The
Company may, at any time and from time to time, issue Series 1 Preferred Shares. The Company may, by directors’ resolution
or ordinary resolution passed before the issue of any Series 1 Preferred Shares, in each case as determined by the directors or,
if there are issued Series 1 Preferred Shares, by ordinary resolution, do one or more of the following:

 

		(a)	determine the maximum number of the Series 1 Preferred Shares that the Company is authorized to issue, determine that there
is no maximum number or alter any determination made, under this paragraph or otherwise, in relation to a maximum number of those
shares, and authorize the alteration of the Notice of Articles accordingly;

 

		(b)	alter these Articles, and authorize the alteration of the Notice of Articles, to alter the name of the Series 1 Preferred Shares;
and

 

		(c)	alter these Articles, and authorize the alteration of the Notice of Articles, to attach special rights or restrictions to the
Series 1 Preferred Shares or to alter any special rights or restrictions attached to those shares, subject to the special rights
and restrictions attached to the Preferred Shares by this Article 27.

 

27.10                       The
special rights and restrictions that may be attached to the Series 1 Preferred Shares pursuant to paragraph 27.9(c) above may include,
without in any way limiting or restricting the generality of such paragraph, rights and restrictions respecting the following:

 

		(a)	the rate or amount of dividends, whether cumulative, non-cumulative or partially cumulative and the dates, places and currencies
of payment thereof;

 

		(b)	the consideration for, and the terms and conditions of, any purchase for cancellation or redemption thereof, including redemption
after a fixed term or at a premium, conversion or exchange rights;

 

		(c)	the terms and conditions of any share purchase plan or sinking fund;

 

    	- 2 -

    	 

    
 

		(d)	the restrictions respecting the payment of dividends on, or the repayment of capital in respect of, any other shares of the
Company;

 

		(e)	voting rights; and

 

		(f)	the issuance of any shares of any other class or series of shares of the Company or any evidences of indebtedness or any other
securities convertible into or exchangeable for such shares.

 

27.11                       No
special rights or restrictions attached to the Series 1 Preferred Shares shall confer on the Series 1 Preferred Shares priority
over another series of Preferred Shares respecting:

 

		(a)	dividends; or

 

		(b)	a return of capital:

 

	 	(i)	on the dissolution of the Company;
or

 

		(ii)	on the occurrence of any other event that entitles the shareholders holding the shares of all series of the Preferred Shares
to a return of capital.

 

    	- 3 -

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