Document:

PediatRx Inc.: Exhibit 10.1 - Filed by newsfilecorp.com

***Denotes certain parts that have not
been disclosed and have been filed separately with the Secretary, Securities and
Exchange Commission, and is subject to a confidential treatment request pursuant
to Rule 24b-2 of the Securities Exchange
Act of 1934, as amended.

CO-PROMOTION AGREEMENT

THIS CO-PROMOTION AGREEMENT (the
“Agreement”) is made as of September 12, 2011 (the “Effective
Date”), between:

BI-COASTAL PHARMACEUTICAL CORP.,
a New Jersey corporation (“Company”), with an office located at 30 Maple
Avenue, Red Bank, New Jersey 07701 USA; and

PEDIATRX, INC., a Nevada
corporation (“PediatRx”), with an office located at 405 Trimmer Road,
Suite 200, Califon, NJ 07830 USA.

BACKGROUND: Company is the owner
of the pharmaceutical product known as AQUORALTM, U.S. NDC No. NHRIC
8546.0001.40 (the “Product”) which has been approved for sale in the
United States of America (the “Territory”). PediatRx desires to Promote
(defined below) the Product on a non-exclusive basis in the Territory, in
accordance with the terms and conditions of this Agreement.

NOW, THEREFORE, the parties
hereto hereby agree as follows:

	1. 	
      CO-PROMOTION SERVICES

	 	 
	1.1 	
      Engagement of PediatRx. During the term of this
      Agreement (the “Term”), and subject to the terms and conditions of
      this Agreement, Company hereby grants to PediatRx the non-exclusive right
      to Promote the Product under the Company Trademark in the Territory. As
      used in this Agreement, “Promote” or “Promotion” shall mean
      promotion of the Product through PediatRx sales forces, including
      telemarketing efforts as carried out by contracted telemarketing groups
      when available, in the Territory with detailing activities in at least a
      secondary detail position, ordinarily and customarily undertaken by a
      sales representative during a face-to-face sales call on medical
      professionals, excluding dental care professionals, with prescribing
      authority to provide information on the use, safety, effectiveness,
      contraindications, side effects, warnings and other relevant
      characteristics of the Product and using, as necessary or desirable,
      Promotional Materials (defined below) provided by Company. PediatRx shall
      include such Product details in no less than 85% of the sales calls made
      by its sales and telemarketing forces. PediatRx shall include the Product
      in no less than 85% of appropriate trade presentations and meetings that
      it attends within the Territory.

	 	 
	1.2 	
      Non Exclusivity. No exclusive rights are provided
      to either party by this Agreement. Company may appoint other
      representatives for the Promotion of the Product in the Territory.
      PediatRx may market products similar to or competitive with the Product in
      the Territory. This Agreement does not provide for any minimum efforts or
      minimum sales obligations for PediatRx with the exception of the detailing
      of the Product in at least a secondary position in no less than 85% of the
      sales calls made by its sales and telemarketing
forces.

	
2. 		
PEDIATRX OBLIGATIONS

	
	 	 
	
2.1 		
General. PediatRx shall collaborate jointly with Company in order to train, deploy, supervise, motivate and direct the PediatRx sales force to Promote the Product using Promotional Materials supplied by Company in
accordance with this Agreement provided such Promotional Materials meet FDA and other regulatory and compliance standards.

	
	 	 
	
2.2 		
Not Company Employees. None of the PediatRx employees or contractors shall represent or hold themselves out as employees of the Company at any time.

	
	 	 
	
2.3 		
Approval of Promotional Materials. Except as required by law or regulation, any Promotional Materials or other material information mentioning the Product (i) by name, (ii) by describing the Product, or (iii) via an
internet link to the Product, which PediatRx intends to publish, disclose or otherwise distribute must be approved in advance by Company, which approval may or may not be granted at sole discretion of the Company and will not be unreasonably
withheld by the Company.

	
	 	 
	
2.4 		
Costs of Sales Force. Except as expressly provided herein, PediatRx shall pay all costs associated with managing the Promotion of the Product by its sales force.

	
	 	 
	
2.5 		
Records. PediatRx shall maintain records of all sales calls made by its sales force to Promote the Product that will accurately represent the number of calls made for the Product and the number of samples of the Product, if
any, left with medical professionals.

	
	 	 
	
3. 		
COMPANY OBLIGATIONS

	
	 	 
	
3.1 		
Promotional Materials. Company, at its cost shall develop, reproduce and deliver to PediatRx sufficient quantities of all Promotional Materials needed to Promote the Product. Company shall own all right, title and interest
in and to the Promotional Materials, including all copyrights therein, but excluding any rights in or to trademarks owned by PediatRx and all copyrighted material related to products marketed and sold by PediatRx other than the Product. Company
hereby grants to PediatRx a non-exclusive license to use the Promotional Materials and Company trademarks in connection with the Promotion of the Product under the terms of this Agreement in the Territory during the Term.

	
	 	 
	
3.2 		
Product Samples. Company at its cost shall source and deliver to PediatRx sufficient quantities of samples of the Product needed to Promote the Product, appropriately labeled as required by law, in accordance with a
mutually agreed sampling plan. However, if samples are used to demonstrate the use of the Product, then PediatRx will not need to maintain a record of demonstrations made to customers. Initially *** samples of the
Product will be allocated to each PediatRx representative supporting the Product per annum.

	
	 	 
	
3.3 		
Training. Company at its cost shall provide (i) a trainer and any other pertinent experts for the training of the PediatRx sales, including for the launch meeting and for additional training support reasonably requested by
PediatRx from time to time, and (ii) home study training materials for the PediatRx sales force. PediatRx shall pay for any travel and lodging costs associated with training of PediatRx employees as necessary.

	

	
3.4 		
Commercialization of the Product. Company shall offer the Product for sale throughout the Territory and shall ensure that there is a continuous supply of sufficient quantities of the Product in wholesale distribution so as
to fill all orders for the Product and otherwise fully supply the market. Company shall have the sole responsibility, at its sole cost and expense, with respect to the Product for (i) manufacture, packaging, labeling, shipping, distribution and
warehousing; (ii) trade relations and stocking at the retail level; (iii) pricing; (iv) booking sales, order processing, invoicing and collection of receivables; (v) customer support; (vi) medical inquiries; (vii) product and medical complaints;
(viii) returns; (ix) recalls and market withdrawals; (x) reporting adverse reactions as required by applicable law or regulation. PediatRx will be informed in a timely fashion of such activities. Negotiating agreements with managed care
organizations, payers, wholesalers, other distribution organizations and Group Purchasing Organizations will be done in collaboration with PediatRx.

	
	 	 
	
3.5 		
Regulatory Matters. To Company’s knowledge, there are no investigations, adverse third party allegations, claims or actions against Company, including any proceedings or any pending or threatened action against
Company by or before the U.S. Food and Drug Administration (“FDA”) or any other governmental authority, relating to the Product or Company’s intellectual property. Company at its cost shall have the sole right and
responsibility to handle all recalls and market withdrawals of the Product. Company shall notify PediatRx immediately of (i) any recall or market withdrawal of any lot of a Product, or (ii) any Warning Letter, Notice of Violation letter, or other
communication from FDA or any other governmental agency related to the marketing, advertising, promotion, sales or education efforts related to the Product. Company shall determine in its discretion any response to any communication from FDA or any
other governmental agency related to the Product; provided, however, that to the extent that any such matter involves or relates to PediatRx sales representatives or other PediatRx actions, the Company shall immediately alert PediatRx of such
matter and cooperate in good faith to agree on an appropriate response or other course of action.

	
	 	 
	
4. 		
MUTUAL OBLIGATIONS

	
	 	 
	
4.1 		
Compliance with Laws and Guidelines. Each party hereto shall in all material respects conform its practices and procedures relating to the marketing, detailing and Promotion of the Product in the Territory to all applicable
laws, regulations and guidelines, including, but not limited to, the Federal Food, Drug and Cosmetic Act, as amended, the Prescription Drug Marketing Act, as amended, The Medicare and Medicaid Patient Protection Act of 1987, as amended, 42 U.S.C.
§1320a-7b, State and Federal False Claims acts, the Generic Drug Enforcement Act of 1992 (the “Debarment Act”), as the same may be amended from time to time, and any regulations with respect to the accounting of samples of
the Product, and shall immediately notify the other party of and provide the other party with a copy of any correspondence or other reports with respect to the marketing, detailing and Promotion of the Product submitted to or received from the U.S.
Department of Health and Human Services or its components (including the FDA and the Office of the Inspector General), PhRMA or the AMA relating to such laws and regulations. Each party has not used and will not use, in any capacity associated with
or related to the Product, the services of any persons who have been, or are in the process of being, debarred under the Debarment Act.

	

	4.2 	
      Non-Solicitation. During the Term and for one (1)
      year after the Term, each party agrees that it will not, without the other
      party’s prior written consent, knowingly recruit, solicit or induce any
      employee or contractor of the other party or any of its affiliates to
      terminate his or her employment or contract and become employed by or
      consult for the other party or any of its affiliates. For purposes of the
      foregoing, “recruit,” “solicit” or “induce” shall not be deemed to mean
      general solicitations of employment. Notwithstanding the foregoing a party
      shall be free to recruit, solicit or induce an employee or contractor of
      the other party if such other party took action that terminated the
      employment or contract of such person.

	 	 
	5. 	
      COMPENSATION TO PEDIATRX

	 	 
	5.1 	
      Compensation. In consideration of the services
      provided by PediatRx hereunder, Company shall compensate PediatRx as
      specified in Exhibit A hereto.

	 	 
	5.2 	
      Audit Right. Company shall keep accurate books of
      account and records reasonably sufficient to determine the amounts payable
      to PediatRx pursuant to this Agreement until two (2) years following the
      relevant Contract Year (as such term is defined in Exhibit A
      hereto) to which such records pertain, which may be audited by
      PediatRx or its representative not more than once in any Contract Year
      with PediatRx to bear cost of audit if conducted.

	 	 
	6. 	
      ALLOCATION OF LIABILITIES

	 	 
	6.1 	
      Representation and Warranties. Each party
      represents and warrants to the other party as follows: (i) it is a
      corporation duly organized, validly existing and in good standing under
      the laws of the jurisdiction of its organization; (ii) it has the legal
      power and authority to enter into and be bound by the terms and conditions
      of this Agreement and to perform its obligations under this Agreement;
      (iii) it has taken all necessary action on its part to authorize the
      execution and delivery of this Agreement; (iv) this Agreement has been
      duly executed and delivered on behalf of such party; and (v) it is not
      subject to any legal, contractual or other restrictions, limitations or
      conditions which conflict with its rights and obligations under this
      Agreement or which might affect adversely its ability to perform under
      this Agreement.

	 	 
	6.2 	
      PediatRx Indemnification. PediatRx shall indemnify
      and defend Company and its affiliates and their directors, officers,
      employees and representatives against any third party claims, demands,
      suits or proceedings arising out of or related to: (i) breach of this
      Agreement by PediatRx; or (ii) the negligence or willful misconduct of
      PediatRx, provided that this Section 6.2 shall not cover any matter
      which is the subject of indemnification by Company under Section
    6.3.

	 	 
	6.3 	
      Company Indemnification. Company shall indemnify
      and defend PediatRx and its affiliates and its directors, officers,
      employees and representatives against any third party claims, demands,
      suits or proceedings arising out of or related to: (i) breach of this
      Agreement by Company; (ii) the negligence or willful misconduct of
      Company; or (iii) the research, development, manufacture, distribution,
      sale or use of the Product, including without limitation products
      liability claims and claims for infringement of third party intellectual
      property rights related to the Product.

	6.4 	
      Procedure. A party seeking indemnification under
      Sections 6.2 or 6.3 shall provide the indemnifying party with prompt
      written notice of any such claim. The indemnifying party shall have sole
      control and authority with respect to the defense and settlement of any
      such claim. The indemnified party shall cooperate fully with the
      indemnifying party, at the indemnifying party’s sole cost and expense, in
      the defense of any such claim. The indemnifying party shall not agree to
      any settlement of any such claim that does not include a complete release
      of the indemnified party from all liability with respect thereto or that
      imposes any liability, obligation or restriction on the indemnified party
      with the prior written consent of the indemnified party. The indemnified
      party may participate in the defense of any claim through its own counsel,
      and at its own expense.

	 	 
	6.5 	
      Insurance. Each party agrees to maintain: (i)
      workers’ compensation insurance for all of its employees, the limits of
      which shall be in statutory compliance with the applicable compensation
      laws, and employer’s liability of not less than $1,000,000 per accident;
      and (ii) commercial general liability, including product liability and
      automobile insurance with limits of not less than $5,000,000 per
      occurrence for bodily injury and property damage for commercial general
      liability, including product liability and $1,000,000 per occurrence,
      combined single limit for bodily injury and property damage for automobile
      insurance, coverage extends to owned, hired, and non-owned vehicles.
      Neither party’s liability under this Agreement shall be limited by the
      amount of insurance that it maintains. Each Party shall add the other
      Party as an additional insured on their respective insurance policies and
      shall provide the other Party with the relevant documentation of such
      coverage. For avoidance of doubt, PediatRx representatives are contractors
      and PediatRx will take reasonable measures to ensure representatives
      maintain adequate automobile insurance.

	 	 
	6.6 	
      Limitation of Remedies. IN NO EVENT SHALL EITHER
      PARTY BE LIABLE TO THE OTHER PARTY UNDER THIS AGREEMENT FOR INDIRECT,
      SPECIAL, INCIDENTAL, CONSEQUENTIAL OR PUNITIVE DAMAGES INCLUDING, WITHOUT
      LIMITATION, LOSS OF PROFITS, BUSINESS OPPORTUNITY OR ENTERPRISE, EVEN IF
      ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

	 	 
	6.7 	
      Force Majeure. Neither party shall be in default
      hereunder by reason of any failure or delay in the performance of any
      obligation under this Agreement where such failure or delay arises out of
      any cause beyond the reasonable control and without the fault or
      negligence of such party.

	 	 
	7. 	
      CONFIDENTIALITY AND PROPRIETARY
    RIGHTS

	 	 
	7.1 	
      Confidentiality. Each party shall not disclose and
      shall only use for purposes of this Agreement all information received
      from the other party and marked or identified as “confidential” during the
      Term. Notwithstanding the foregoing, information exchanged by the parties
      shall not be subject to the foregoing restriction on disclosure and use if
      such information: (i) is or becomes publicly available from a source other
      than the disclosing party; (ii) is obtained by the receiving party from a
      third party not subject to confidentiality; (iii) was known by the
      receiving party at the time of disclosure by the disclosing party, or (iv)
      is required to be disclosed under applicable laws. In addition, PediatRx
      shall request that the Securities and Exchange Commission (the "SEC")
      permit it to keep confidential, for a period of at least two years from
      the date of this Agreement, any information in this Agreement and in
      Exhibit A to this Agreement disclosing (i) the amount of the commission to
      be paid per unit of the Product sold, (ii) the number of samples that will
      be allocated to each PediatRx representative, and (iii) the home location
      and sales territory of sales representatives. In the event that the SEC
      grants this request, the Parties hereto agree to keep this information
      confidential for a period of two years.

	7.2 	
      Protection of Proprietary Rights. Each party
      agrees to cooperate with and assist the other party, at the other party’s
      expense, in the protection of trademarks, patents or copyrights owned by
      or licensed to the other party, and shall inform the other party promptly
      of any infringements or other improper action with respect to such
      trademarks, patents or copyrights that shall come to the attention of such
      party.

	 	 
	8. 	
      TERM AND TERMINATION

	 	 
	8.1 	
      Term. The Term shall be for an initial term of two
      (2) years, commencing on the Effective Date and ending on September 12
      2013. The Term shall automatically renew for an additional twelve (12)
      months unless either party provides notice of non-renewal at least six (6)
      months prior to the end of the initial term or then-current renewal
      term.

	 	 
	8.2 	
      Termination Without Cause. This Agreement may be
      terminated prior to expiration by either party, without cause and without
      liability, upon not less than six (6) months prior notice to the other
      party.

	 	 
	8.3 	
      Termination for Cause. This Agreement may be
      terminated prior to expiration by either party, if the other party (i)
      materially breaches any of its obligations or provisions of this
      Agreement; provided, however, that the defaulting party will be
      given not less than thirty (30) days prior written notice of such breach
      and the opportunity to cure the breach during such period; or (ii) is
      unable to pay its debts, becomes insolvent, makes an assignment for the
      benefit of creditors, or is the subject of proceedings in bankruptcy,
      reorganization or receivership.

	 	 
	8.4 	
      Further Diligence. The Agreement is subject to
      further diligence to be conducted on the market for the Product and other
      financial data to be received by PediatRx and supplied by the Company.
      Notwithstanding such diligence, PediatRx agrees to commence co-promotion
      no later than the Effective Date. Should said diligence indicate that the
      Product is unsuitable for co-promotion, PediatRx may immediately terminate
      the Agreement by giving notice to the Company.

	 	 
	8.5 	
      Effect of Termination. The rights and obligations
      of the parties pursuant to Sections 4.2 (Non- Solicitation), 5.2 (Audit
      Right), 6 (Allocation of Liabilities), 7 (Confidentiality and Proprietary
      Rights) and 9.2 (General Provisions) shall survive the expiration or
      termination of this Agreement for any reason.

	 	 
	9. 	
      MISCELLANEOUS

	 	 
	9.1 	
      Independent Contractors. Company and PediatRx are
      independent parties, and nothing contained herein shall be construed to
      create a joint venture, partnership or similar relationship. Neither party
      is authorized to, nor shall it, make any statements, claims,
      representations, warranties or otherwise act in any way so as to incur any
      liability whatsoever for which the other may become directly, indirectly
      or contingently liable.

	9.2 	
      General Provisions. This Agreement shall be
      governed by the laws of the State of New Jersey without regard to the
      choice-of-law principles thereof, and is the entire agreement of the
      parties related to the subject matter hereof. No amendment or waiver of
      any provision of this Agreement will be effective unless in writing signed
      by the parties. Neither party shall assign its rights or delegate its
      duties hereunder without the written consent of the other party. The
      illegality or unenforceability of any provision of this Agreement shall
      not affect the validity or enforceability of any legal and enforceable
      provisions hereof. All notices under this Agreement shall be in writing
      and given in person, first class registered mail or by reputable delivery
      service, delivery costs prepaid, addressed to the parties at the addresses
      specified above, or to such other address of which either party may notify
      the other pursuant to this sentence. Any headings used herein are for
      convenience of reference only and are not a part of this Agreement, nor
      shall they affect the interpretation hereof. This Agreement may be
      executed in multiple counterparts, each of which is an original, true and
      correct version hereof, and shall be binding upon and shall inure to the
      benefit of the parties hereto and their respective successors, and
      assigns.

IN WITNESS WHEREOF, the parties
have executed this Agreement.

	BI-COASTAL PHARMACEUTICAL
      CORP. 	 	PEDIATRX, INC 
		  	 	  	  
	  	  	 	  	  
	By: 	/s/ Ralph Massa, Jr. 	 	By: 	/s/ Cameron Durrant 
	Name: 	Ralph Massa, Jr. 	 	Name: 	Cameron Durrant 
	Title: 	President and COO 	 	Title: 	President and CEO 
	Date: 	September 12, 2011 	 	Date: 	September 12, 2011

EXHIBIT A: COMPENSATION

CONFIDENTIAL TO PEDIATRX, INC..

Commission Rates

In consideration of the services provided by PediatRx pursuant
to the Agreement, Company shall pay to PediatRx a commission for each unit of
the Product as follows:

	Product 

      sold by Company in
      the Territory 
in the relevant time frame 	Commission per unit of the
      Product 
	*** 	*** 
	*** 	*** 

“Contract Year” shall mean a twelve (12) month period
beginning on September 12 and ending on September 12 the subsequent calendar
year during the Term of the Agreement. For avoidance of doubt, unit sales reset
to zero at the completion of each Contract Year.

Each commission rate shall only apply to the number of units of
the Product sold which related to that rate per the above table. Such commission
rates are not cumulative for all units of the Product sold. 

Payment

On a monthly basis, within thirty (30) days after the close of
the first month of the Term and within fifteen (15) days after the close of each
month thereafter, Company shall provide PediatRx with a detailed report
calculating commissions due to PediatRx hereunder. Payments to PediatRx shall be
made with each such report (within fifteen (15) days after the close of each
month after the first month) during the Term for sales of the Product in such
month. Interest on late payments shall accrue at the rate of one percent (1%)
per month. Payments shall be made in U.S. dollars by check or wire transfer to a
bank and account designated in writing by PediatRx. 

Commissions shall accrue and shall be payable for all units
sold by PediatRx in areas covered by its representatives in the Territory during
the Term. Representatives and the areas covered will be submitted to Company on
a monthly basis or on a representative-by-representative basis upon contracting
such representatives. In addition, and subject to PediatRx ability to secure
contracts with distributors, Group Purchasing Organizations and other
organizations responsible for distribution of Product (referred to collectively
as ‘Distribution Entities’) and such Distribution Entities to be specified by
PediatRx to Company with copies of relevant contracts specifying Product,
PediatRx will be compensated for Product sales from the Company to those
Distribution Entities. 

As of Effective Date, representatives home location in:

***

TO ADD REP TERRITORY DETAILS ON ROLLING BASIS AS TAKEN ON BOARDCounterPath Corporation - Exhibit 10.22 - Filed by newsfilecorp.com

AGENCY AGREEMENT 

June 14, 2011 

CounterPath Corporation 
Suite 300, One Bentall Centre

505 Burrard Street 
Vancouver, BC 

  V7X 1M3

Attention:     Donovan Jones, President
and Chief Executive Officer 

Dear Sirs: 

The undersigned, National Bank Financial Inc. and Canaccord
Genuity Corp. (together the “Agents”), understand that CounterPath
Corporation (the “Company”) proposes to issue and sell up to 5,714,285
units of the Company (the “Units”) at a price of $1.75 (the
“Subscription Price”) per Unit for aggregate gross proceeds of up to
$10,000,000 (the “Offering”). Each Unit consists of one Common Share (as
hereinafter defined) (a “Unit Share”) and one-half of one Common Share
purchase warrant (each whole Common Share purchase warrant, a “Warrant”).
Each Warrant shall entitle the holder thereof to acquire one additional Common
Share (a “Warrant Share”) at a price of $2.25 per Warrant Share until the
Expiry Date (as hereinafter defined). 

Upon and subject to the terms and conditions set forth herein,
the Agents hereby agree to act, and upon acceptance hereof, the Company hereby
appoints the Agents, as the Company’s exclusive agents, to offer for sale by way
of private placement on a “best efforts” basis, without underwriter liability,
the Units to be issued and sold pursuant to the Offering and the Agents agree to
arrange for purchasers of the Units in the Selling Jurisdictions (as hereinafter
defined) to purchase the Units from the Company. 

In consideration of the services to be rendered by the Agents
in connection with the Offering, the Company shall pay to the Agents at the
Closing Time (as hereinafter defined) the Commission (as hereinafter defined)
and deliver the Broker Warrants (as hereinafter defined) as set out in Section
12 hereof. The obligation of the Company to pay the Commission and issue the
Broker Warrants shall arise at the Closing Time and the Commission and the
Broker Warrants shall be fully earned by the Agents upon the completion of the
Offering.

DEFINITIONS 

In this Agreement, in addition to the terms defined above, the
following terms shall have the following meanings: 

“Act” means the Business Corporations Act
(British Columbia); 

“Affiliates” means the affiliates of the Agents; 

“Aggregate Subscription Price” means the aggregate
subscription proceeds from the sale and issue of the Units; 

“Agreement” means this agreement, being the agreement
resulting from the acceptance by the Company of the offer made by the Agents
hereby; 

“Applicable Distribution Compliance Period” means a
Distribution Compliance Period of six months if the Company is an SEC Reporting
Issuer, or a Distribution Compliance Period of one year if the Company is not an
SEC Reporting Issuer, as specified by Category 3 in Rule 903(b)(3) of Regulation
S. 

“Applicable Securities Laws” means all applicable
  securities laws in each of the Selling Jurisdictions and the respective regulations
  made thereunder, together with applicable published fee schedules, prescribed
  forms, policy statements, notices, orders, blanket rulings and other regulatory
  instruments of the securities regulatory authorities in such provinces and all
  rules and policies of the TSX-V, and includes Canadian Securities Laws;

“Broker Securities” means collectively, the Broker
Warrants and Broker Shares; 

“Broker Shares” means the Common Shares issuable upon
exercise of the Broker Warrants; 

“Broker Warrant Certificate” means the certificates
representing the Broker Warrants and containing the terms thereof; 

“Broker Warrants” means the broker warrants to be issued
to the Agents at the Closing Time, which shall entitle the Agents to subscribe
for that number of Broker Shares as is equal to 7.0% of the number of Units sold
pursuant to the Offering and sold directly by the Company to certain other
subscribers, at an exercise price of $1.75 per Broker Share until December 14,
2012;

“Business Day” means any day other than a Saturday,
Sunday or statutory or civic holiday in the City of Vancouver, British Columbia;

“Canadian Securities Laws” means, collectively, all
applicable securities laws of each of the provinces of Canada and the respective
rules and regulations under such laws together with applicable published policy
statements, blanket orders, instruments, notices and rulings of the Securities
Commissions and all discretionary orders or rulings, if any, of the Securities
Commissions made in connection with the transactions contemplated by this
Agreement; 

“Closing” means the completion of the purchase and sale
of the Units as contemplated by this Agreement and the Subscription Agreements;

“Closing Date” means the day on which the Closing shall
occur, being June 14, 2011 or such other date as the Agents and the Company may
determine;

- 2 - 

“Closing Time” means 6:00 a.m. (Vancouver time) on the
Closing Date or such other time on the Closing Date as the Company and the
Agents may determine; 

“Common Shares” means the shares of common stock
in the capital of the Company; 

“Commission” means a cash fee equal to 7.0% of the
aggregate gross proceeds of the Offering and certain sales made directly by the
Company to certain other subscribers; 

“Contract” means, with respect to a Person, any
contract, instrument, permit, concession, licence, loan or credit agreement,
note, bond, mortgage, indenture, lease or other agreement, partnership or joint
venture agreement or other legally binding agreement, arrangement or
understanding, whether written or oral, to which the Person is a party or by
which, to the knowledge of such Person, the Person or its property and assets is
bound or affected; 

“Debt Instrument” means any note, loan, bond, debenture,
indenture, promissory note or other instrument evidencing indebtedness (demand
or otherwise) for borrowed money or other liability to which the Company is a
party or otherwise bound and which is material to the Company or the
Subsidiaries; 

“Directed Selling Efforts” means “directed selling
efforts” as that term is defined in Rule 902 of Regulation S; 

“Distribution Compliance Period” means “distribution
compliance period” as defined in Rule 902 of Regulation S; 

“Distributor” means “distributor” as defined in Rule 902
of Regulation S; 

“Employee” means a director, officer or employee of the
Company or any of the Subsidiaries or a Person providing services in the nature
of an employee to the Company or any of the Subsidiaries; 

“Environmental Laws” means, with respect to the Company
and the Subsidiaries, all applicable Laws aimed at abatement of pollution;
protection of the environment; protection of wildlife, including endangered
species; ensuring public safety from environmental hazards; management, storage
or control of hazardous materials and substances; releases or threatened
releases of pollutants, contaminants, chemicals or industrial, toxic or
hazardous substances as wastes into the environment, including ambient air,
surface water and groundwater; and all other applicable Laws relating to the
manufacturing, processing, distribution, use, treatment, storage, disposal,
handling or transport of pollutants, contaminants, chemicals or industrial,
toxic or hazardous substances or wastes; 

“Environmental Liabilities” means, with respect to the
Company and the Subsidiaries, any and all claims, actions, causes of action,
damages, losses, liabilities, obligations, penalties, judgments, amounts paid in
settlement, assessments, costs, disbursements or expenses (including attorney’s
fees and costs, experts’ fees and costs, and consultants’ fees and costs) of any
kind or of any nature whatsoever that are asserted by any entity (including any
Government Agency), alleging liability (including liability for studies, testing or investigatory costs, cleanup costs,
response costs, removal costs, remediation costs, containment costs, restoration
costs, corrective action costs, closure costs, reclamation costs, property
damages, business losses, personal injuries, penalties or fines) arising out of,
based on or resulting from (a) the presence, release, threatened release,
discharge or emission into the environment of any hazardous materials or
substances existing or arising on, beneath or above any property owned and/or
controlled by the Company and the Subsidiaries and/or emanating or migrating
and/or threatening to emanate or migrate from such property to off-site
properties, (b) physical disturbance of the environment, or (c) the violation or
alleged violation of any Environmental Laws; 

- 3 - 

“Expiry Date” means June 14, 2013; 

“Financial Statements” has the meaning ascribed to such
term in Section 4(a)(xxix) hereof; 

“GAAP” means generally accepted accounting principles in
the United States; 

“Government Agency” means any domestic or foreign court,
tribunal, federal, state, provincial or local government or governmental agency
or authority or other regulatory authority or administrative agency or
commission or any elected or appointed public official including the TSX-V; 

“including” means including without limitation; 

“Intellectual Property” means trade-marks and trade-mark
applications, trade names, certification marks, patents and patent applications,
copyrights, know-how, formulae, processes, inventions, technical expertise,
research data, trade secrets, industrial designs, customer lists and other
similar property, and all registrations and applications for registration
thereof; 

“Laws” means all laws, statutes, by-laws, rules,
regulations, orders, decrees, ordinances, protocols, codes, guidelines,
policies, notices, directions and judgments or other requirements of any
Government Agency applicable to the Company or the Subsidiaries; 

“Leased Premises” means the premises which are material
to the Company or the Subsidiaries and which the Company or the Subsidiaries
occupy as a tenant; 

“Lien” means any mortgage, charge, pledge,
hypothecation, security interest, assignment, lien (statutory or otherwise),
charge, title retention agreement or arrangement, restrictive covenant or other
encumbrance of any nature, or any other arrangement or condition which, in
substance, secures payment or performance of an obligation; 

“Material Subsidiary” means each of BridgePort Networks,
Inc. and CounterPath Technologies Inc.; 

- 4 - 

“Materially Adverse” when used in respect of a fact,
circumstance, change, effect, occurrence, event or term means a fact,
circumstance, change, effect, occurrence, event or term that (a) materially and
adversely affects, or could reasonably be expected to materially and adversely
affect, the financial condition, business, assets, capital or prospects of the
Company or the Subsidiaries, taken as a whole, or (b) prevents, or could
reasonably be expected to prevent, the Company from performing its obligations
under this Agreement or consummating the transactions contemplated herein;
provided, however, that it will not include: (i) any fact, circumstance, event,
change, effect, occurrence, event or term relating to the global economy or
securities markets in general; (ii) any fact, circumstance, event, change,
effect, occurrence or event affecting the industry in which the Company operates
in general and which, in each case, does not have a materially disproportionate
effect on the Company and the Subsidiaries, taken as a whole; 

“misrepresentation”, “material fact”,
“material change”, “affiliate”,
“associate”, and “distribution” have the respective
meanings ascribed thereto in the Securities Act (Ontario) in
effect on the date hereof; 

“NBF” means National Bank Financial Inc.; 

“NI 45-106” means National Instrument 45-106 –
Prospectus and Registration Exemptions; 

“Offering” has the meaning given to that term in the
first paragraph of this Agreement; 

“Options” means all options, warrants, puts, calls,
rights, commitments, agreements, arrangements or undertakings of any kind to
which either the Company or the Subsidiaries is a party or by which the Company
or the Subsidiaries is bound relating to the issued or unissued capital stock of
the Company or the Subsidiaries, or obligating the Company or the Subsidiaries
to issue, transfer, grant, sell or pay for or repurchase any shares of capital
stock or other equity interests in, or securities convertible or exchangeable
for any capital stock or other equity interests in, the Company or the
Subsidiaries or obligating the Company or the Subsidiaries to issue, grant,
extend or enter into any such options, warrants, puts, calls, rights,
commitments, agreements, arrangements or undertakings; 

“Permit” means all certificates, franchises, licences,
permits, grants, easements, covenants, certificates, orders, authorizations and
approvals issued or granted by Government Agencies or third parties to the
Company necessary for the Company and/or any of the Subsidiaries to conduct its
business as presently conducted; 

“Person” means and includes any individual, sole
proprietorship, partnership, joint venture, unlimited liability company,
unincorporated association, unincorporated syndicate, unincorporated
organization, trust, body corporate, a trustee, executor, administrator or other
legal representative and any Government Agency or instrumentality thereof; 

- 5 - 

“Purchasers” means the Persons who, as purchasers or
beneficial purchasers, acquire Units by duly completing, executing and
delivering a Subscription Agreement and any other required documentation, and
permitted assignees or transferees of such Persons from time to time; 

“Public Disclosure Documents” means, collectively, all
of the documents which have been filed by or on behalf of the Company prior to
the Closing Time with the relevant Securities Regulators pursuant to the
requirements of Applicable Securities Laws, including all documents filed on
SEDAR at www.sedar.com; 

“Registration Rights Agreement” means the registration
rights agreement that the Company will enter into at the Closing with the
Purchasers and the Agents, pursuant to which the Company will agree to file,
have declared effective and maintain the effectiveness of the Registration
Statement on the terms and conditions set forth in such agreement; 

“Registration Statement” means a registration statement
on Form S-1, or a successor form under the U.S. Securities Act, to register for
resale the Unit Shares, the Warrant Shares and the Broker Shares; 

“Regulation D” means Regulation D adopted by the SEC
under the U.S. Securities Act; 

“Regulation M” means Regulation M adopted by the SEC
under the U.S. Exchange Act; 

“Regulation S” means Regulation S adopted by the SEC
under the U.S. Securities Act; 

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

“SEC Reporting Issuer” means “reporting issuer” as
defined in Rule 902 of Regulation S; 

“Securities Commissions” means, collectively, the
applicable securities commission or securities regulatory authority in each
province or territory of Canada where the Offering is completed; 

“Securities Regulators” means, collectively, the
securities regulators or other securities regulatory authorities in the Selling
Jurisdictions; 

“Selling Jurisdictions” means the provinces of Canada
and the United States and such other jurisdictions outside of Canada and the
United States as agreed to by the Agents and the Company; 

“Subscription Agreements” means, collectively, the
subscription agreements for the Units, in the form agreed upon by the Agents and
the Company pursuant to which Purchasers agree to subscribe for and purchase the
Units pursuant to the Offering as herein contemplated and shall include, for
greater certainty, all schedules thereto; and “Subscription Agreement”
means any one of them, as the context requires; 

- 6 - 

“Subscription Price” has the meaning given to that term
in the first paragraph of this Agreement; 

“Subsidiary” means each of 6789722 Canada Inc.,
BridgePort Networks, Inc., CounterPath Technologies Inc., and BridgePort
Networks (Europe) Ltd.; 

“subsidiary” and “subsidiaries”
  shall have the meaning ascribed thereto in the Act;

“Taxes” means all income taxes (including any tax on or
based upon net income, gross income, income as specially defined, earnings
profits or selected items of income, earnings or profits) and all capital taxes,
gross receipts taxes, environmental taxes, sales taxes, use taxes, ad valorem
taxes, value added taxes, transfer taxes, franchise taxes, license taxes,
withholding taxes or other withholding obligations, payroll taxes, employment
taxes, pension plan premiums, excise, severance, social security premiums,
workers’ compensation premiums, unemployment insurance or compensation premiums,
stamp taxes, occupation taxes, premium taxes, property taxes, windfall profits
taxes, alternative or add on minimum taxes, goods and services tax, customs
duties or other taxes of any kind whatsoever, together with any interest and any
penalties or additional amounts imposed by any taxing authority (domestic or
foreign) on the Company or the Subsidiaries, as applicable, or for which the
Company or the Subsidiaries, as applicable, is responsible, and any interest,
penalties, additional taxes, additions to tax or other amounts imposed with
respect to the foregoing; 

“Transfer Agent” means Valiant Trust Company, in its
capacity as transfer agent and registrar of the Company at its principal office
in the City of Vancouver, British Columbia; 

“TSX-V” means the TSX Venture Exchange; 

“Unit” has the meaning given to that term in the first
paragraph of this Agreement; 

“Unit Shares” has the meaning given to that term
in the first paragraph of this Agreement; 

“United States” and “U.S.” means the United
States of America, its territories and possessions, any state of the United
States and the District of Columbia; 

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

“U.S. Affiliates” means NBF Securities (USA) Corp. and
Canaccord Genuity Inc.; 

“U.S. Exchange Act” means the United States Securities
Exchange Act of 1934, as amended; 

“U.S. Person” means a U.S. person as that term is
defined in Regulation S under the U.S. Securities Act; 

“U.S. Securities Act” means the United States Securities
Act of 1933, as amended; 

- 7 - 

“Warrant Indenture” means the warrant indenture to be
dated as of the Closing Date between the Company and Valiant Trust Company, as
warrant agent, with respect to the Warrants; 

“Warrant” has the meaning given to that term
  in the first paragraph of this Agreement; and

“Warrant Share” has the meaning given to that term in
the first paragraph of this Agreement. 

TERMS AND CONDITIONS 

	1.	(a) 	
      Sale on Exempt Basis. The Agents shall offer for
      sale and sell the Units pursuant to the Offering in the Selling
      Jurisdictions on a private placement basis in compliance with Applicable
      Securities Laws such that the offer and sale of the Units does not
      obligate the Company to file a prospectus, a registration statement or
      other offering document or deliver an offering memorandum or other
      offering document under Applicable Securities Laws. The Company
      acknowledges that it is obligated to register the Unit Shares, the Warrant
      Shares and the Broker Shares for resale under the U.S. Securities Act
      pursuant to Section 2(a)(i) of this Agreement and the Registration Rights
      Agreement.

	 	(b) 	
      Filings. The Company agrees to comply with
      Applicable Securities Laws on a timely basis in connection with the
      Offering and undertakes to file, or cause to be filed, within the periods
      stipulated under Applicable Securities Laws, all forms or undertakings
      required to be filed by the Company in connection with the issue and sale
      of the Units so that the distribution of the Units may lawfully occur
      without the necessity of filing a prospectus, a registration statement or
      an offering memorandum in Canada or the United States, and the Agents
      undertake to use their commercially reasonable best efforts to cause
      Purchasers to complete any forms required by Applicable Securities Laws.
      All fees payable in connection with such filings shall be at the expense
      of the Company.

	 	 	 
	 	
      (c) 
	
      No Offering Memorandum. Neither the Company nor
      the Agents shall (i) provide to prospective purchasers of the Units any
      document or other material that would constitute an offering memorandum or
      future oriented financial information within the meaning of Applicable
      Securities Laws; or (ii) engage in any form of general solicitation or
      general advertising in connection with the offer and sale of the Units,
      including but not limited to, causing the sale of the Units to be
      advertised in any newspaper, magazine, printed public media, printed media
      or similar medium of general and regular paid circulation, broadcast over
      radio, television or telecommunications, including electronic display, or
      conduct any seminar or meeting relating to the offer and sale of the Units
      whose attendees have been invited by general solicitation or
      advertising.

- 8 - 

	 2.	(a) 	
      Covenants. The Company hereby covenants to the
      Agents and to the Purchasers and their permitted assigns, and acknowledges
      that each of them is relying on such covenants in connection with the
      purchase of the Units, that the Company (including its successors and
      assigns if applicable) will:

	 	 	 	 
	 		(i) 	
      use best commercially reasonable efforts to file and have
      declared effective a Registration Statement within four months after the
      Closing Date and thereafter to keep the Registration Statement effective
      in accordance with the terms and conditions of the Registration Rights
      Agreement, such that, when the Registration Statement is effective and
      available for use, the Purchasers will be permitted to resell without
      further restriction under the U.S. Securities Act the Unit Shares and
      Warrant Shares acquired by the Purchasers in the Offering;

	 	 	 	 
	 		(ii) 	
      use its best efforts to maintain its status as a
      “reporting issuer” (or the equivalent thereof) not in default of the
      requirements of Applicable Securities Laws in each of the Provinces of
      British Columbia and Alberta until the date that is 30 months following
      the Closing Date, provided that this covenant shall not prevent the
      Company from completing any transaction which would result in the Company
      ceasing to be a “reporting issuer” so long as the holders of Common Shares
      receive securities of an entity which is listed on a stock exchange in
      Canada, or cash, or the holders of the Common Shares have approved the
      transaction in accordance with the requirements of applicable corporate
      laws and the policies of the TSX-V;

	 	 	 	 
	 		(iii) 	
      allow the Agents and their representatives the
      opportunity to conduct all due diligence which the Agents may reasonably
      require to be conducted prior to the Closing Date;

	 	 	 	 
	 		(iv) 	
      duly execute and deliver this Agreement, the Subscription
      Agreements, the Registration Rights Agreement, the Warrant Indenture and
      the Broker Warrant Certificates at the Closing Time, and comply with and
      satisfy all terms, conditions and covenants therein contained to be
      complied with or satisfied by the Company;

	 	 	 	 
	 		(v) 	
      fulfill or cause to be fulfilled, at or prior to the
      Closing Date, each of the conditions set out in Section 7;

	 	 	 	 
	 		(vi) 	
      ensure that the Unit Shares, upon issuance shall be duly
      issued as fully paid and non-assessable Common Shares, and shall have the
      attributes corresponding in all material respects to the description
      thereof set forth in this Agreement and the Subscription
  Agreements;

- 9 - 

	 	(vii) 	
      ensure that the Warrants, upon issuance, shall be duly
      and validly created, authorized and issued and shall have the attributes
      corresponding in all material respects to the description thereof set
      forth in this Agreement and the Warrant Indenture;

	 	 	 
	 	(viii) 	
      ensure that at all times prior to the Expiry Date
      sufficient Warrant Shares are reserved for issuance upon the due and
      proper exercise of the Warrants and the Warrant Shares, upon issuance in
      accordance with the terms of the Warrant Indenture, shall be duly issued
      as fully paid and non-assessable Common Shares and shall have the
      attributes corresponding in all material respects to the description
      thereof set forth in this Agreement and the Warrant Indenture;

	 	 	 
	 	(ix) 	
      ensure that the Broker Warrants shall be duly and validly
      created, authorized and issued and shall have the attributes corresponding
      in all material respects to the description thereof set forth in this
      Agreement and the Broker Warrant Certificates, as applicable;

	 	 	 
	 	(x) 	
      ensure that at all times prior to the Expiry Date,
      sufficient Broker Shares are reserved for issuance upon due and proper
      exercise of the Broker Warrants, and the Broker Shares, upon issuance in
      accordance with the terms of the Broker Warrant Certificates, as
      applicable, shall be duly issued as fully paid and non-assessable Common
      Shares and shall have the attributes corresponding in all material
      respects to the description thereof set forth in this Agreement and the
      Broker Warrant Certificates;

	 	 	 
	 	(xi) 	
      use its best efforts to ensure that the necessary
      regulatory consents from the TSX-V in respect of the Offering are obtained
      and that the Unit Shares, Warrant Shares, and Broker Shares are
      conditionally approved for listing and trading on the TSX-V on or prior to
      the Closing Date and remain listed for trading on the TSX-V for a period
      of two years following the Closing Date, provided that this covenant shall
      not prevent the Company from completing any transaction which would result
      in the Common Shares ceasing to be listed so long as the holders of Common
      Shares receive securities of an entity which is listed on a stock exchange
      in Canada, or cash, or the holders of the Common Shares have approved the
      transaction in accordance with the requirements of applicable corporate
      laws and the policies of the TSX-V;

	 	 	 
	 	(xii) 	
      execute and file with the Securities Regulators and the
      TSX-V all forms, notices and certificates required to be filed by the
      Company pursuant to Applicable Securities Laws and the policies of the
      TSX- V in the time required by Applicable Securities Laws and the policies
      of the TSX-V, including, for greater certainty, Form 45- 106F1 of NI
      45-106 and any other forms, notices and
certificates set forth in the opinions delivered to the Agents
      pursuant to the closing conditions set forth in Section 7 hereof, as are
  required to be filed by the Company; and

- 10 - 

	 	(xiii) 	
      use the net proceeds of the Offering to expand sales and
      marketing efforts, for working capital and for general corporate
      purposes.

	 	(b) 	
      The Agents hereby covenant and agree to conduct all
      activities in connection with the Offering in compliance with Applicable
      Securities Laws and all other laws applicable to the Agents and obtain
      from each Purchaser a completed and executed Subscription Agreement and
      Registration Rights Agreement (including all certifications, forms and
      other documentation contemplated thereby or as may be required by
      applicable securities regulatory authorities) in a form acceptable to the
      Company, its counsel and the Agents.

	 	 	 
	3.	(a) 	
      Material Changes During Distribution. During the
      period from the date hereof to the Closing Date, the Company shall
      promptly notify the Agents (and, if requested by the Agents, confirm such
      notification in writing) of any material change or change in a material
      fact (in either case, whether actual, anticipated, contemplated or
      threatened, financial or otherwise) or any event or development involving
      a prospective material change or a change in a material fact or any other
      material change in the business, affairs, operations, assets (including
      information or data relating to the estimated value or book value of
      assets), liabilities (contingent or otherwise), capital, ownership,
      control or management of the Company and the Subsidiaries, taken as a
      whole, which would constitute a material change to, or a change in a
      material fact concerning the Company and the Subsidiaries, taken as a
      whole, or any other change which is of such a nature.

	 	 	 
	 		
      During the period from the date hereof to the Closing
      Date, the Company shall promptly, and in any event, within any applicable
      time limitation, comply with all applicable filings and other requirements
      under Applicable Securities Laws as a result of such change. During such
      period, the Company shall in good faith discuss with the Agents any fact
      or change in circumstances (actual, anticipated, contemplated or
      threatened, financial or otherwise) which is of such a nature that there
      is reasonable doubt as to whether notice in writing needs be given to the
      Agents pursuant to this Section 3.

	 	 	 
	 	(b) 	
      Press Releases. The Company agrees that it shall
      obtain prior approval of the Agents as to the content and form of any
      press release to be issued in respect of the Offering, such approval not
      to be unreasonably withheld. In addition, if required by the Applicable
      Securities Laws, any press release announcing or otherwise referring to
      the Offering shall include an appropriate notation on each page as
      follows: “Not for distribution to U.S. news wire services, or
      dissemination in the United States.”

- 11 - 

	4.	(a) 	 Representations and Warranties of the Company.
        The Company represents and warrants to the Agents and to the Purchasers,
        and acknowledges that each of them is relying upon such representations
        and warranties in purchasing the Units, that:

	 	 	 	 	 
			(i) 	 each of the Company and the Material Subsidiaries:

	 	 	 	 	 
				(A) 	 is a company or corporation existing and in good standing
        under the laws of the jurisdiction in which it is organized and has the
        requisite power and authority to own and operate its assets and conduct
        its business as currently owned and conducted, except (other than with
        respect to the organization and existence) as would not, individually
        or in the aggregate, reasonably be expected to have an effect that would
        be Materially Adverse;

	 	 	 	 	 
				(B) 	 is duly qualified or licensed to do business and is
        in good standing (where such concept is recognized under applicable law)
        in each jurisdiction in which the nature of its business or the ownership
        or leasing of its property and assets makes such qualification or licensing
        necessary, except for failures to be duly qualified or licensed that would
        not, individually or in the aggregate, reasonably be expected to have
        an effect that would be Materially Adverse;

	 	 	 	 	 
				(C) 	 has made available for review by the Agent complete
        and correct copies of its constating documents, together with amendments
        (if any) up to the date of this Agreement; and

	 	 	 	 	 
				(D) 	 is not in violation of any provision of its constating
        documents;

	 	 	 	 	 
			(ii) 	 the Material Subsidiaries are the only subsidiaries
        that are material to the Company;

	 	 	 	 	 
			(iii) 	 all of the outstanding shares in the capital
        of the Subsidiaries have been validly issued and are fully paid and non-assessable
        and are directly or indirectly owned by the Company free and clear of
        all Liens and no person has any option or right to acquire any of them;

	 	 	 	 	 
			(iv) 	 except for the shares of the Subsidiaries,
        the Company does not own, directly or indirectly, any capital stock or
        other ownership interest in any Person;

	 	 	 	 	 
			(v) 	 the authorized capital of the Company consists
        of 83,076,900 shares of common stock and 100,000,000 shares of preferred
        stock, of which, as of the close of business on June 13, 2011, 33,439,906 shares of common stock and 1 share of
      preferred stock were outstanding as fully paid and
  non-assessable;

- 12 - 

	 	(vi) 	
      as at the date hereof, the number of Options of the
      Company and the terms thereof are set forth in Schedule “A” attached
      hereto;

	 	 	 
	 	(vii) 	
      except as set forth in Schedule “A”, the Company has no
      bonds, debentures, notes or other indebtedness having the right to vote
      (or convertible into, or exchangeable for, securities having the right to
      vote) on any matters on which shareholders are entitled to vote;

	 	 	 
	 	(viii) 	
      except as referred to in Schedule “A” hereto, no person
      now has any agreement or option or right or privilege (whether at law,
      pre- emptive or contractual) capable of becoming an agreement for the
      purchase, subscription or issuance of, or conversion into, any unissued
      shares, securities, warrants or convertible obligations of any nature of
      the Company;

	 	 	 
	 	(ix) 	
      the Company has the requisite corporate power and
      capacity to enter into and perform its obligations under this Agreement,
      the Subscription Agreements, the Registration Rights Agreement, the
      Warrant Indenture and the Broker Warrant Certificates, and to carry out
      the transactions contemplated hereby, including to issue and/or sell the
      Unit Shares, the Warrants, the Warrant Shares and the Broker
      Securities;

	 	 	 
	 	(x) 	
      the Company has taken all necessary corporate action to
      authorize the entering into of, and performance by it under, this
      Agreement, the Subscription Agreements, the Registration Rights Agreement,
      the Warrant Indenture and the Broker Warrant Certificates, and such
      documents have been duly authorized, executed and delivered by the
      Company;

	 	 	 
	 	(xi) 	
      the Company has taken all necessary corporate action to
      authorize the issuance and sale of the Unit Shares, the Warrants, the
      Warrant Shares and the Broker Securities;

	 	 	 
	 	(xii) 	
      the Unit Shares to be issued and sold as hereinbefore
      described have been, or prior to the Closing Time will be, validly
      authorized for issuance and when certificates representing the Unit Shares
      have been countersigned by the Transfer Agent, issued, delivered and paid
      for, the Unit Shares will be validly issued and fully paid and
      non-assessable;

	 	 	 
	 	(xiii) 	
      the Warrants and Broker Warrants to be issued as
      hereinbefore described have been, or prior to the Closing Time will be,
      validly authorized for issuance and when the Warrant Indenture, Warrants
      and Broker Warrant Certificates have been executed, issued
  and delivered by the Company, the Warrants and the Broker
  Warrants will be validly issued;

- 13 - 

	 	(xiv) 	
      the Warrant Shares and the Broker Shares to be issued and
      sold upon exercise of the Warrants and the Broker Warrants, respectively,
      have been, or prior to the Closing Time will be, duly and validly
      authorized and reserved for issuance and, upon exercise of the Warrant and
      the Broker Warrants, in accordance with their respective terms and when
      certificates representing the Warrant Shares and the Broker Shares have
      been countersigned by the Transfer Agent, issued, delivered and paid for,
      the Warrant Shares and Broker Shares will be validly issued as fully paid
      and non-assessable Common Shares;

	 	 	 	 
	 	(xv) 	
      this Agreement, the Subscription Agreements, the
      Registration Rights Agreement, the Warrant Indenture and the Broker
      Warrant Certificates, when executed and delivered by the Company and the
      other parties thereto, will constitute legal, valid and binding
      obligations of, and will be enforceable against, the Company, in
      accordance with their respective terms (subject to bankruptcy, insolvency,
      liquidation, reorganization, moratorium or other Laws affecting the rights
      of creditors generally, general equitable principles including the
      availability of equitable remedies and subject to such other standard
      assumptions and qualifications including the qualification that no opinion
      need be expressed as to rights to indemnity, contribution and waiver and
      the ability to sever unenforceable terms);

	 	 	 	 
	 	(xvi) 	
      the authorization, execution and delivery by the Company
      of, and the performance by the Company of its obligations under, this
      Agreement, the Subscription Agreements, the Registration Rights Agreement,
      the Warrant Indenture and the Broker Warrant Certificates, do not, as of
      the Closing Date, conflict with, or result in any breach of, or constitute
      (with or without notice or lapse of time or both) a default under, any of
      the provisions of:

	 	 	 	 
	 		(A) 	
      the constating documents of the Company;

	 	 	 	 
	 		(B) 	
      any resolution of the directors or the shareholders of
      the Company;

	 	 	 	 
	 		(C) 	
      any Contracts of the Company or the Subsidiaries;
    or

	 	 	 	 
	 		(D) 	
      any Law applicable to the Company, the Subsidiaries or
      their respective property and assets,

- 14 - 

	 		
      except for breaches and defaults that would not,
      individually or in the aggregate, reasonably be expected to have an effect
      that would be Materially Adverse;

	 	 	 
	 	(xvii) 	
      all necessary regulatory consents for the Offering have
      been obtained by the Company;

	 	 	 
	 	(xviii) 	
      to the knowledge of the Company, all filings and fees
      required to be made and paid by the Company pursuant to Applicable
      Securities Laws and general corporate law have been made and paid in
      accordance with such Laws, except for failures to file or to pay that
      would not reasonably be expected to have an effect that would be
      Materially Adverse;

	 	 	 
	 	(xix) 	
      Schedule “B” includes complete and accurate particulars
      of all registrations and applications for registration of patents, owned
      by or licensed to the Company and the Material Subsidiaries;

	 	 	 
	 	(xx) 	
      all of the Company’s and the Material Subsidiaries’ owned
      Intellectual Property which has been registered or applied for has been
      properly maintained and renewed in accordance with all applicable Laws and
      the Company’s business objectives; the Company or the Material
      Subsidiaries own and possess all right, title and interest in and to, or
      has a valid and enforceable license to use all Intellectual Property used
      by the Company or the Subsidiaries in, and necessary for, the conduct of
      the Company’s or the Material Subsidiaries’ business as now conducted and
      proposed to be conducted free and clear of all encumbrances, except where
      such failure to own or possess the valid right to use such Intellectual
      Property would not, individually or in the aggregate be Materially
      Adverse. There is no material unauthorized use, disclosure, infringement
      or misappropriation by third parties of any of the Company’s or the
      Material Subsidiaries’ Intellectual Property and there are no legal or
      governmental actions, suits, proceedings or claims pending or, to the
      knowledge of the Company, threatened, against the Company or the Material
      Subsidiaries (i) challenging the Company’s or the Material Subsidiaries’
      right in or to any Intellectual Property, (ii) challenging the validity or
      scope of any Intellectual Property owned by the Company or the Material
      Subsidiaries, or (iii) alleging that the operation of the Company’s or the
      Material Subsidiaries’ business as now conducted infringes or otherwise
      violates any Intellectual Property right, or other proprietary right(s) of
      a third party and which infringement, invalidity, inadequacy or violation
      would, individually or in the aggregate, be Materially Adverse, and the
      Company is unaware of any facts which would form a valid basis for any
      such claim. Neither the Company nor any of the Material Subsidiaries have
      brought or threatened any action, suit or proceeding for unauthorized
      use, disclosure, infringement or misappropriation of such
      Intellectual Property or breach of any license or agreement involving such
      Intellectual Property against any third party, which in either case,
  would, individually or in the aggregate, be Materially Adverse;

- 15 - 

	 	(xxi) 	
      the Company’s products being used by third parties carry
      appropriate copyright notices indicating copyright ownership by the
      Company or one of the Subsidiaries;

	 	 	 
	 	(xxii) 	
      the Company has entered into agreements: (i) that protect
      the Company’s confidential information (including Intellectual Property)
      where the Company is engaged in discussions with third parties pursuant to
      which material, sensitive Company information may be disclosed; and (ii)
      that require assignment to the Company of all Intellectual Property
      developed as a result of work being performed by a third party on behalf
      of the Company in the instances where the Company has engaged a third
      party with respect to the creation of software or other material services
      relating to Company products or other important Company
  materials;

	 	 	 
	 	(xxiii) 	
      all of the Company’s present and past employees have
      signed an agreement transferring all intellectual property rights created
      during the course of their employment to the Company;

	 	 	 
	 	(xxiv) 	
      to the knowledge of the Company, the Company and the
      Material Subsidiaries are and have been in material compliance with all
      applicable Environmental Laws, except for instances of non- compliance
      that would not, individually or in the aggregate, reasonably be expected
      to be Materially Adverse;

	 	 	 
	 	(xxv) 	
      the Company has not received inquiry from or notice of a
      pending investigation from any Government Agency or of any administrative
      or judicial proceeding concerning the violation of any applicable Laws or
      any Environmental Liabilities;

	 	 	 
	 	(xxvi) 	
      neither the Company nor the Subsidiaries is aware of any
      legislation, or proposed legislation published by a legislative body,
      which it anticipates will be Materially Adverse;

	 	 	 
	 	(xxvii) 	
      the currently issued and outstanding Common Shares are
      listed and posted for trading on the TSX-V and no order ceasing or
      suspending trading in any securities of the Company or prohibiting the
      sale of the Units or the issuance of the Broker Warrants or the trading of
      any of the Company’s issued securities has been issued and no proceedings
      for such purpose has been threatened or, to the best knowledge of the
      Company, are pending;

- 16 - 

	 	(xxviii) 	
      neither the Company nor the Subsidiaries has taken any
      action which would be reasonably expected to result in the delisting or
      suspension of the Common Shares on or from the TSX-V and the Company is
      currently in compliance with the rules and regulations of the
  TSX-V;

	 	 	 	 
	 	(xxix) 	
      the audited consolidated financial statements of the
      Company for the fiscal year ended April 30, 2010 and the unaudited interim
      financial statements for the nine-month period ended January 31, 2011 (the
      “Financial Statements”), contain no misrepresentations, present
      fairly, in all material respects, the financial condition of the Company,
      on a consolidated basis, for the periods then ended and have been prepared
      in accordance with GAAP;

	 	 	 	 
	 	(xxx) 	
      since January 31, 2011, except as disclosed in the Public
      Disclosure Documents:

	 	 	 	 
	 		(A) 	
      there has not been any material change in the assets,
      liabilities, obligations (absolute, accrued, contingent or otherwise),
      business, condition (financial or otherwise) or results of operations of
      the Company and the Subsidiaries on a consolidated basis;

	 	 	 	 
	 		(B) 	
      there has not been any material change in the capital
      stock or long-term debt of the Company and the Subsidiaries on a
      consolidated basis; and

	 	 	 	 
	 		(C) 	
      the Company and the Subsidiaries have carried on their
      businesses in the ordinary course;

	 	 	 	 
	 	(xxxi) 	
      there are no material off-balance sheet transactions,
      arrangements or obligations (including contingent obligations) of the
      Company or the Subsidiaries or other persons that could reasonably be
      expected to be Materially Adverse;

	 	 	 	 
	 	(xxxii) 	
      the Company and the Subsidiaries maintain a system of
      internal accounting controls sufficient to provide reasonable assurance
      that: (i) transactions are executed in accordance with management’s
      general or specific authorizations; (ii) transactions are recorded as
      necessary to permit preparation of financial statements in conformity with
      GAAP and to maintain asset accountability; (iii) access to assets is
      permitted only in accordance with management’s general or specific
      authorization; and (iv) the recorded accountability for assets is compared
      with the existing assets at reasonable intervals and appropriate action is
      taken with respect to any differences;

- 17 - 

	 	(xxxiii) 	
      there are no material actions, proceedings or
      investigations (whether or not purportedly by or on behalf of the Company
      or the Subsidiaries) threatened against or affecting or to the best
      knowledge of the Company pending against the Company or the Subsidiaries
      at law or in equity (whether in any court, arbitration or similar
      tribunal) or before or by any federal, provincial, state, municipal or
      other governmental department, commission, board or agency, domestic or
      foreign;

	 	 	 
	 	(xxxiv) 	
      the Company is, and will at the Closing Time be, a
      “reporting issuer”, not included in a list of defaulting reporting issuers
      maintained by the Securities Regulators in the Provinces of British
      Columbia and Alberta and in particular, without limiting the foregoing,
      the Company has at all times complied with its obligations to make timely
      disclosure of all material changes and material facts relating to it and
      there is no material change or material fact relating to the Company or
      the Subsidiaries which has occurred and with respect to which the
      requisite news release has not been disseminated or material change report
      has not been filed with the Securities Regulators in the Provinces of
      British Columbia and Alberta;

	 	 	 
	 	(xxxv) 	
      all filings and fees required to be made and paid by the
      Company pursuant to Applicable Securities Laws and general corporate law
      have been made and paid and the information and statements set forth in
      the Public Disclosure Documents were accurate in all material respects and
      did not contain any misrepresentation as of the date of such information
      or statement, and the Company has not filed any confidential material
      change report with any of the Securities Regulators that is still
      maintained on a confidential basis;

	 	 	 
	 	(xxxvi) 	
      the auditors of the Company are independent public
      accountants as required by Applicable Securities Laws and are a registered
      public accounting firm with the Public Company Accounting Oversight Board
      (United States);

	 	 	 
	 	(xxxvii) 	
      there has not been any “reportable event” (within the
      meaning of National Instrument 51-102 of the Canadian Securities
      Administrators) with respect to the present or any former auditor of the
      Company;

	 	 	 
	 	(xxxviii) 	
      there is not, in the constating documents, by-laws or in
      any Debt Instrument, material Contract, or other instrument or document to
      which the Company is a party, any restriction upon or impediment to, the
      declaration of dividends by the directors of the Company or the payment of
      dividends by the Company to the holders of the Common
  Shares;

- 18 - 

	 	(xxxix) 	
      neither the Company nor the Subsidiaries is party to or
      bound or affected by any commitment, Contract or document containing any
      covenant which expressly limits the freedom of the Company or the
      Subsidiaries to compete in any line of business, transfer or move any of
      their assets or operations or which would be Materially Adverse;

	 	 	 
	 	(xl) 	
      other than the Company, there is no person that is or
      will be entitled to the proceeds of the Offering under the terms of any
      Debt Instrument, material Contract, or other instrument or document
      (written or unwritten);

	 	 	 
	 	(xli) 	
      neither the Company nor the Subsidiaries is party to any
      agreement, nor is the Company aware of any Contract, which in any manner
      affects the voting control of any of the securities of the Company or the
      Subsidiaries;

	 	 	 
	 	(xlii) 	
      all Taxes due and payable by the Company and the
      Subsidiaries have been paid. All Tax returns, declarations, remittances
      and filings required to be filed by the Company and the Subsidiaries have
      been filed with all appropriate Government Agencies and all such returns,
      declarations, remittances and filings are complete and accurate and no
      material fact or facts have been omitted therefrom which would make any of
      them misleading. To the best of the knowledge of the Company, no
      examination of any Tax return of the Company or the Subsidiaries is
      currently in progress and there are no issues or disputes outstanding with
      any Government Agencies respecting any taxes that have been paid, or may
      be payable, by the Company or the Subsidiaries;

	 	 	 
	 	(xliii) 	
      neither the Company nor the Subsidiaries, nor to the best
      of the Company’s knowledge, any other person, is in default in any
      material respect in the observance or performance of any term, covenant or
      obligation to be performed by the Company or the Subsidiaries or such
      other person under any Debt Instrument or material Contract and all such
      Contracts are in good standing, and no event has occurred which with
      notice or lapse of time or both would constitute such a default by the
      Company or the Subsidiaries or, to the best of the Company’s knowledge,
      any other party;

	 	 	 
	 	(xliv) 	
      the Transfer Agent at its principal office in the City of
      Vancouver, British Columbia has been duly appointed as the registrar and
      transfer agent in respect of the Common Shares;

	 	 	 
	 	(xlv) 	
      none of the directors, officers or employees of the
      Company, any known holder of more than ten per cent of any class of shares
      of the Company, or any known associate or affiliate of any of the
      foregoing persons or companies (as such terms are defined in
  the Securities Act (Ontario)), has had any material interest,
      direct or indirect, in any material transaction within the previous two
      years or any proposed material transaction with the Company which, as the
      case may be, materially affected, is material to or will materially affect
  the Company and the Subsidiaries on a consolidated basis;

- 19 - 

	 	(xlvi) 	
      other than the Agents (or any members of its selling
      group) pursuant to this Agreement, there is no person acting or purporting
      to act at the request of the Company who is entitled to any brokerage,
      agency or other fiscal advisory or similar fee in connection with the
      Offering or transactions contemplated herein;

	 	 	 	 
	 	(xlvii) 	
      neither the Company nor the Subsidiaries is a party to
      any Debt Instrument or has any material loans or other indebtedness
      outstanding which has been made to any of its shareholders, officers,
      directors or employees, past or present, or any person not dealing at
      arm’s length with the Company;

	 	 	 	 
	 	(xlviii) 	
      the assets of the Company and the Subsidiaries and their
      businesses and operations are insured against loss or damage with
      responsible insurers on a basis consistent with insurance obtained by
      reasonably prudent participants in comparable businesses, and such
      coverage is in full force and effect, and neither the Company nor the
      Subsidiaries has failed to promptly give any notice or present any
      material claim thereunder;

	 	 	 	 
	 	(xlix) 	
      with respect to each of the Leased Premises, the Company
      or the Subsidiaries occupy the Leased Premises and have the exclusive
      right to occupy and use the Leased Premises and each of the leases
      pursuant to which the Company or the Subsidiaries occupy the Leased
      Premises is in good standing and in full force and effect;

	 	 	 	 
	 	(l) 	
      to the knowledge of the Company, other than the
      transactions contemplated herein, the Company has conducted its business
      in the ordinary course since March 31, 2011 and:

	 	 	 	 
	 		(A) 	
      there has not been any event, change, effect or
      development (including any decision to implement such a change made by the
      board of directors of the Company, in respect of which senior management
      believes that confirmation of the board of directors is probable), which,
      individually or in the aggregate, is Materially Adverse;

	 	 	 	 
	 		(B) 	
      there has not been any declaration, setting aside or
      payment of any dividend or other distribution (whether in cash, stock or
      property) with respect to any of the Common Shares;
and

- 20 - 

	 	(C) 	
      no liability or obligation of any nature (whether
      absolute, accrued, contingent or otherwise) that is Materially Adverse has
      been incurred other than in the ordinary course of business consistent
      with past practice;

	 	(li) 	
      to the knowledge of the Company, the Company has not
      failed to disclose to the Agent or otherwise any information known to the
      Company regarding any event or circumstance or any action taken or failed
      to be taken that is Materially Adverse and within the control of the
      Company;

	 	 	 	 
	 	(lii) 	
      to the knowledge of the Company, except for any
      conflicts, defaults or violations that are not, individually or in the
      aggregate (taking into account the impact of any cross-defaults),
      Materially Adverse, each of the Company and the Subsidiaries has complied
      with, and is not in conflict with, or in default (including cross
      defaults) under or in violation of:

	 	 	 	 
	 		(A) 	
      its constating documents;

	 	 	 	 
	 		(B) 	
      any Law or Permit applicable to it, its business or
      operations or by which any of its property and assets is bound or
      affected; or

	 	 	 	 
	 		(C) 	
      any Contract to which it or its business or operations,
      or by which any of its property and assets, is bound or
affected;

	 	 	 	 
	 	(liii) 	
      as of the date hereof, no holder of outstanding
      securities of the Company is entitled to any pre-emptive or any similar
      rights to subscribe for securities of the Company;

	 	 	 	 
	 	(liv) 	
      the Company has no knowledge of any pending change to any
      applicable Law that could reasonably be expected to have an effect that
      would be Materially Adverse;

	 	 	 	 
	 	(lv) 	
      neither the Company nor the Subsidiaries had or has any
      collective bargaining agreements with respect to its Employees. There is
      no labour strike, dispute or stoppage pending or, to the knowledge of the
      Company after due inquiry, threatened against the Company or the
      Subsidiaries, and neither the Company nor the Subsidiaries has experienced
      any labour strike, dispute, slowdown or stoppage or other labour
      difficulty involving its Employees;

	 	 	 	 
	 	(lvi) 	
      neither the Company nor the Subsidiaries are subject to
      any litigation (actual or, to the knowledge of the Company, threatened)
      relating to employment or termination of employment of its Employees,
      other than those claims or litigation that are not, individually or in the
      aggregate, Materially Adverse;

- 21 - 

	 	(lvii) 	
      there is no suit, action or proceeding pending or, to the
      knowledge of the Company, threatened against the Company or the
      Subsidiaries that, individually or in the aggregate has, or that could
      reasonably be expected to have, an effect that is Materially Adverse or
      that could delay or prevent the Offering, and there is no judgment,
      decree, injunction, rule or order of any Government Agency or arbitrator
      outstanding against the Company or the Subsidiaries that is Materially
      Adverse or that could prevent or delay the Offering;

	 	 	 
	 	(lviii) 	
      the Company and the Subsidiaries have operated in
      accordance with all applicable Laws with respect to employment and labour,
      including employment and labour standards, occupational health and safety,
      employment equity, pay equity, workers’ compensation, human rights and
      labour relations and there are no current, pending or, to the knowledge of
      the Company or the Subsidiaries, threatened proceedings before any
      Government Agency with respect thereto, other than those breaches or
      proceedings that are not, individually or in the aggregate, Materially
      Adverse;

	 	 	 
	 	(lix) 	
      the corporate minute books of the Company and the
      Subsidiaries contain minutes of all meetings and resolutions of the
      directors and shareholders held, and full access thereto has been provided
      to the Agents and their respective counsel;

	 	 	 
	 	(lx) 	
      other than employment agreements or other agreements
      pursuant to which employees may receive compensation between the Company
      and its employees, and other than as disclosed in the Financial
      Statements, there are no Contracts or other transactions currently in
      place between the Company or the Subsidiaries and (i) any officer or
      director of the Company or the Subsidiaries; (ii) any holder of the
      Company’s Common Shares or other securities of the Company; or (iii) any
      associate of the foregoing; and

	 	 	 
	 	(lxi) 	
      to the knowledge of the Company, no payments or
      inducements were made or given, directly or indirectly, to any officials
      (foreign or domestic) by the Company or the Subsidiaries, or by any of
      their officers, directors, employees or agents, or any associates of any
      of the foregoing, in connection with any opportunity, agreement, licence,
      permit, certificate, consent, order, approval, waiver or other
      authorization related to the business of the Company or the Subsidiaries,
      except for such payments or inducements that were lawful under the laws,
      rules and regulations of the country in which they were made. Neither the
      Company nor any of the Subsidiaries has used any corporate funds for any
      unlawful contribution, gift, entertainment or other unlawful expense
      relating to political activity, made any direct or indirect unlawful
      payment to any foreign or domestic government official or
employee from corporate funds, or made any other unlawful payment. 

- 22 - 

 

	 	(b) 	
      Representations and Warranties of the Agents. Each
      of the Agents hereby severally represent and warrant to the Company and
      acknowledge that the Company is relying upon such representations and
      warranties, that:

	 	 	 	 
	 		(i) 	
      the Agents will conduct all activities in connection with
      the Offering in compliance with Applicable Securities Laws and the
      provisions of this Agreement;

	 	 	 	 
	 		(ii) 	
      the Agents and their Affiliates and representatives have
      not engaged in or authorized, and will not engage in or authorize, any
      form of general solicitation or general advertising in connection with or
      in respect of the Units in any newspaper, magazine, printed media of
      general and regular paid circulation or any similar medium, or broadcast
      over radio or television or otherwise or conducted any seminar or meeting
      concerning the offer or sale of the Units whose attendees have been
      invited by any general solicitation or general advertising;

	 	 	 	 
	 		(iii) 	
      the Agents have not and will not solicit offers to
      purchase or sell the Units so as to require the filing of a prospectus,
      registration statement or offering memorandum with respect thereto or the
      provision of a contractual right of action under the laws of any
      jurisdiction;

	 	 	 	 
	 		(iv) 	
      each of the Agents (or an affiliate thereof) is duly
      registered pursuant to the provisions of Applicable Securities Laws and
      registered or licensed as an investment dealer in those jurisdictions in
      which it is required to be so registered or licensed in order to perform
      the services contemplated by this Agreement, or if or where not so
      registered or licensed, the Agents will act only through members of a
      selling group who are so registered or licensed;

	 	 	 	 
	 		(v) 	
      each of the Agents are an “accredited investor” within
      the meaning of National Instrument 45-106 by virtue of being registered
      under the securities legislation of a jurisdiction of Canada as an adviser
      or dealer;

	 	 	 	 
	 		(vi) 	
      the Agents will only offer, sell or otherwise transfer
      the Broker Shares pursuant to an effective registration statement under
      the U.S. Securities Act or pursuant to an exemption from the registration
      requirements imposed by the U.S. Securities Act and in compliance with
      applicable state securities laws (and, in each case where there is no
      effective registration statement, only if an opinion of counsel of
      recognized standing reasonably satisfactory to the Corporation has been provided to the Corporation to that
  effect, if applicable);

- 23 - 

	 	(vii) 	
      the Agents are not persons in the United States or U.S.
      Persons and are not acquiring the Broker Securities for the account or
      benefit of any person in the United States or any U.S. Person;

	 	 	 
	 	(viii) 	
      the Agents did not receive an offer to acquire the Broker
      Securities in the United States;

	 	 	 
	 	(ix) 	
      at the time of the execution of this Agreement, the
      Agents were outside the United States and this Agreement was not executed
      or delivered in the United States;

	 	 	 
	 	(x) 	
      neither of the Agents has acquired the Broker Securities
      as a result of, and will not itself engage in, any Directed Selling
      Efforts in the United States in respect of any of the Broker Securities,
      which would include any activities undertaken for the purpose of, or that
      could reasonably be expected to have the effect of, conditioning the
      market in the United States for the resale of any of the Broker
      Securities; provided, however, that the Agents may sell or otherwise
      dispose of any of the Broker Shares pursuant to registration of any of the
      Broker Shares pursuant to the U.S. Securities Act and any applicable
      securities laws or under an exemption from such registration requirements
      and as otherwise provided herein;

	 	 	 
	 	
      (xi) 
	
      the Agents understand and agree that offers and sales of
      any of the Broker Securities prior to the Distribution Compliance Period
      shall only be made in compliance with the safe harbor provisions set forth
      in Regulation S, pursuant to the registration provisions of the U. S.
      Securities Act or pursuant to an exemption therefrom, and that all offers
      and sales after the Distribution Compliance Period shall be made only in
      compliance with the registration provisions of the U. S. Securities Act or
      an exemption therefrom and in each case only in accordance with Applicable
      Securities Laws and in the case of an offer or sale pursuant to an
      exemption from the registration provisions of the U.S. Securities Act, the
      Corporation may require, as a condition of granting its consent, a legal
      opinion of a firm reasonably acceptable to the Corporation confirming that
      the sale is not subject to the registration requirements of the U.S.
      Securities Act;

	 	 	 
	 	(xii) 	
      the Agents understand and agree not to engage in any
      hedging transactions involving any of the Broker Securities unless such
      transactions are in compliance with the provisions of the U.S. Securities
      Act and in each case only in accordance with Applicable Securities Laws;
      and

- 24 - 

	 	(xiii) 	
      except as otherwise permitted by Regulation S, the Agents
      agree that they will not, during the Distribution Compliance Period, act
      as a distributor (as such term is defined in Regulation S), either
      directly or through any affiliate, or sell, transfer, hypothecate or
      otherwise convey the Broker Securities other than to or for the account or
      benefit of a non-U.S. Person.

		
      Notwithstanding the foregoing provisions of this Section
      4(b), an Agent will not be liable to the Company under this Section 4(b)
      with respect to a default under this Section 4(b) by another Agent. No
      Agent will be liable for any act or omission of any other Agent.

	 	 	 
	5. 	
      Compliance with U.S. Securities Laws.

	 	 	 
		(a) 	
      Representations, Warranties and Covenants of the
      Company Regarding Compliance with U.S. Securities Laws. The Company
      represents, warrants, covenants and agrees
that:

	 	(i) 	
      the Company’s class of Common Shares is, and at the
      Closing Time will be, registered under Section 12(g) of the U.S. Exchange
      Act;

	 	 	 
	 	(ii) 	
      the Company will use its best efforts to maintain the
      registration of its class of Common Shares pursuant to Section 12(g) of
      the U.S. Exchange Act until the date that is 30 months following the
      Closing Date, provided that this covenant shall not prevent the Company
      from completing any transaction which would result in the class of Common
      Shares ceasing to be under Section 12(g) of the U.S. Exchange Act so long
      as the holders of Common Shares receive securities of an entity that is
      listed on a stock exchange or cash or the holders of the Common Shares
      have approved the transaction in accordance with the requirements of
      applicable corporate laws and the policies of the TSX-V;

	 	 	 
	 	(iii) 	
      the Company is, and at the Closing Time will be, current
      in all of its filing and disclosure obligations under Section 13(a) and
      Section 15(d) of the U.S. Exchange Act;

	 	 	 
	 	(iv) 	
      the Company is not, and as a result of the sale of the
      Units will not become, an “investment company” registered or required to
      be registered under the United States Investment Company Act of 1940, as
      amended;

	 	 	 
	 	(v) 	
      neither the Company nor any of its affiliates, nor any
      person acting on its or their behalf has made or will make any Directed
      Selling Efforts in the United States with respect to the Units, the Unit
      Shares, the Warrants or the Warrant Shares;

- 25 - 

	 	(vi) 	
      neither the Company nor any of its affiliates, nor any
      person acting on its or their behalf, has taken or will take any action in
      violation of Regulation M;

	 	 	 
	 	(vii) 	
      neither the Company nor any of its affiliates, nor any
      person acting on its or their behalf, has taken or will take any action
      that would cause the exemption from registration under Rule 506 of
      Regulation D or the exclusion from registration under Rule 903 of
      Regulation S to be unavailable for offers and sales of the Units pursuant
      to this Agreement;

	 	 	 
	 	(viii) 	
      neither the Company nor any of its affiliates, nor any
      person acting on its or their behalf (other than the Agents, the U.S.
      Affiliates, their respective affiliates or any person acting on any of
      their behalf, in respect of which no representation, warranty, covenant or
      agreement is made) has offered or will offer to sell, or has solicited or
      will solicit offers to buy, any of the Units in the United States or to or
      for the account or benefit of a U.S. Person or person in the United States
      by means of any form of general solicitation or general advertising (as
      those terms are defined in Rule 502(c) of Regulation D), which includes
      any advertisement, article, notice, or other communication published in
      any newspaper, magazine, electronic medium or similar media or broadcast
      over radio, television or the Internet, or any seminar or meeting whose
      attendees have been invited by general solicitation or general
      advertising, or in any manner involving a public offering within the
      meaning of Section 4(2) of the U.S. Securities Act;

	 	 	 
	 	(ix) 	
      the Company has not, during the period beginning six
      months prior to the commencement of the Offering, sold, offered for sale
      or solicited any offer to buy any of its securities and will not, during
      the period ending six months following completion of the Offering, sell,
      offer for sale or solicit any offer to buy any of its securities in a
      manner that would be integrated with the offer and sale of the Units and
      would cause the exemption from registration under Rule 506 of Regulation D
      or the exclusion from registration under Rule 903 of Regulation S to
      become unavailable with respect to the offer and sale of the
  Units;

	 	 	 
	 	(x) 	
      neither the Company nor any of its predecessors has been
      subject to any order, judgment or decree of any court of competent
      jurisdiction temporarily, preliminarily or permanently enjoining them for
      failure to comply with Rule 503 of Regulation D;

	 	 	 
	 	(xi) 	
      within 15 days after the first sale of Units in the
      United States, the Company will prepare and file with the SEC a notice on
      Form D under Regulation D and will also prepare and file within
      prescribed time periods any notices required to be filed under
  applicable state securities laws; and

- 26 - 

	 	(xii) 	
      except with respect to offers or sales of Units to U.S.
      Accredited Investors introduced to the Company by the Agents and the U.S.
      Affiliates pursuant to Section 5(c) in reliance upon the exemption from
      registration provided by Rule 506 of Regulation D, all offers and sales of
      the Units have been made in accordance with Rule 903 of Regulation S, and
      accordingly neither the Company nor any of its affiliates, nor any person
      acting on its or their behalf (other than the Agents, the U.S. Affiliates,
      their respective affiliates or any person acting on any of their behalf,
      in respect of which no representation, warranty, covenant or agreement is
      made) has made or will make:

	 	(A) 	
      any offer to sell, or any solicitation of an offer to
      buy, any Units to or for the benefit or account of a U.S. Person or a
      person in the United States;

	 	 	 
	 	(B) 	
      any sale of Units unless the offer is not made to or for
      the account or benefit of a U.S. Person or a person in the United States
      and, at the time the buy order is originated, the Purchaser (i) is not, or
      the Company, its affiliates, and any person acting on its or their behalf
      reasonably believe that the Purchaser is not, a U.S. Person and is not
      purchasing the Units for the account or benefit of a U.S. Person, and (ii)
      is outside the United States, or the Company, its affiliates, and any
      person acting on its or their behalf reasonably believe that the Purchaser
      is outside the United States; or

	 	 	 
	 	(C) 	
      any Directed Selling Efforts in the United States with
      respect to any of the Units.

	 	(b) 	
      Undertakings of the Agents to Comply with Regulation
      S. Except as otherwise provided in Section 5(c), the Agents agree with
      the Company that they and the U.S. Affiliates will offer and sell the
      Units only in accordance with Rule 903 of Regulation S, and accordingly,
      except as permitted by Section 5(c), the Agents, the U.S. Affiliates,
      their respective affiliates, and any person acting on any of their
      behalf:

	 	 	 	 
	 		(i) 	
      have not made and will not make any offer to sell, or any
      solicitation of an offer to buy, Units to or for the account or benefit of
      any U.S. Person or any person in the United States;

	 	 	 	 
	 		(ii) 	
      have not made and will not make any sale of Units unless,
      at the time the buy order is originated, the
Purchaser:

- 27 - 

	 	(A) 	
      is not, or the Agents, the U.S. Affiliates, their
      respective affiliates and any person acting on any of their behalf
      reasonably believe that the Purchaser is not a U.S. Person and is not
      purchasing for the account or benefit of a U.S. Person or a person in the
      United States; and

	 	 	 
	 	(B) 	
      is outside the United States, or the Agents, the U.S.
      Affiliates, their respective affiliates and any person acting on any of
      their behalf reasonably believe that the Purchaser is outside the United
      States;

	 	(iii) 	
      have not made and will not make any Directed Selling
      Efforts in the United States with respect to the Units, the Unit Shares,
      the Warrants, the Warrant Shares, the Broker Warrants or the Broker
      Shares;

	 	 	 
	 	(iv) 	
      will make any offers and sales of the Units, the Unit
      Shares, the Warrants, the Warrant Shares, the Broker Warrants and the
      Broker Shares prior to the expiration of the Applicable Distribution
      Compliance Period only in accordance with the provisions of Rule 903 or
      Rule 904 of Regulation S, pursuant to registration under the U.S.
      Securities Act, or pursuant to an available exemption from the
      registration requirements of the U.S. Securities Act;

	 	 	 
	 	(v) 	
      will not engage in hedging transactions with regard to
      equity securities of the Company prior to the expiration of the Applicable
      Distribution Compliance Period unless in compliance with the U.S.
      Securities Act; and

	 	 	 
	 	(vi) 	
      will not sell Units, Unit Shares, Warrants, Warrant
      Shares, Broker Warrants or Broker Shares to a Distributor, a dealer (as
      defined in Section 2(a)(12) of the U.S. Securities Act), or a person
      receiving a selling concession, fee or other remuneration, prior to the
      expiration of the Applicable Distribution Compliance Period, without
      sending a confirmation or other notice to the purchaser stating that the
      purchaser is subject to the same restrictions on offers and sales that
      apply to a Distributor.

	 	(c) 	
      Offering by the Agents in the United States. The
      Agents acknowledge that the Units, the Unit Shares, the Warrants and the
      Warrant Shares have not been registered under the U.S. Securities Act or
      any state securities laws and may be offered or sold only in transactions
      exempt from or not subject to the registration requirements of the U.S.
      Securities Act and applicable state securities laws. Accordingly, the
      Agents, on their own behalf and on behalf of the U.S. Affiliates,
      represent, warrant and covenant to and with the Company that, with respect
      to each offer or sale of Units in the United States or to or for the
      account or benefit of a U.S. Person or person in the United States,
it has offered and sold, and will offer and sell, Units only in the following
manner:  

- 28 - 

	 	(i) 	
      the Agents will offer and sell the Units in the United
      States or to or for the account or benefit of U.S. Persons or persons in
      the United States only through the U.S. Affiliates, each of which is
      registered pursuant to Section 15(b) of the U.S. Exchange Act and a member
      of and in good standing with the Financial Industry Regulatory Authority,
      Inc., and the Agents will offer and sell the Units through the U.S.
      Affiliates only in those states of the United States where the U.S.
      Affiliates are registered or otherwise exempt from registration;

	 	 	 
	 	(ii) 	
      no offers or sales of Units in the United States or to or
      for the account or benefit of U.S. Persons have been or will be made by
      any form of general solicitation or general advertising (as those terms
      are defined in Rule 502(c) of Regulation D), including any advertisement,
      article, notice or other communication published in any newspaper,
      magazine, electronic display or similar media or broadcast over radio,
      television or the Internet or any seminar or meeting whose attendees have
      been invited by general solicitation or general advertising, or in any
      manner involving a public offering within the meaning of Section 4(2) of
      the U.S. Securities Act;

	 	 	 
	 	(iii) 	
      any offer, sale or solicitation of an offer to buy Units
      that has been made or will be made in the United States or to or for the
      account or benefit of U.S. Persons or persons in the United States was or
      will be made only to U.S. Accredited Investors in compliance with Rule 506
      of Regulation D and in transactions that are exempt from registration
      under applicable state securities laws;

	 	 	 
	 	(iv) 	
      all offers and sales of the Units in the United States
      and to or for the account or benefit of U.S. Persons or persons in the
      United States shall be made through the U.S. Affiliates in compliance with
      all applicable United States federal and state broker-dealer
      requirements;

	 	 	 
	 	(v) 	
      the Agents shall require the U.S. Affiliates to agree to
      comply with the same provisions of this Section 5(c) as apply to the
      Agents;

	 	 	 
	 	(vi) 	
      all offers and sales of Units in the United States or to
      or for the account or benefit of U.S. Persons or persons in the United
      States will be made only in compliance with Rule 506 of Regulation D to
      U.S. Accredited Investors who will purchase the Units directly from the
      Company;

	 	 	 
	 	(vii) 	
      immediately prior to soliciting any offeree that is in
      the United States or is a U.S. Person or is purchasing for the account
      or benefit of a U.S. Person or person in the United States,
      the Agents, the U.S. Affiliates, any of their respective affiliates and
      any person acting on any of their behalf, had reasonable grounds to
      believe and did believe that each such offeree was a U.S. Accredited
      Investor, and at the time of completion of each sale to or for the account
      or benefit of a U.S. Person or person in the United States, the Agents,
      the U.S. Affiliates, their respective affiliates and any person acting on
      any of their behalf will have reasonable grounds to believe, and will
      believe, that each Purchaser designated by the U. S. Affiliates to
  purchase Units from the Company is a U.S. Accredited Investor;

- 29 - 

	 	(viii) 	
      at the Closing, the Agents, together with the U.S.
      Affiliates, will provide a certificate, substantially in the form of
      Appendix “A”, relating to the manner of the offer and sale of the Units in
      the United States and to or for the account or benefit of U.S. Persons or
      persons in the United States, or be deemed to represent and warrant that
      they did not offer or sell any Units in the United States or to or for the
      account or benefit of U.S. Persons or persons in the United States or
      arrange for any Purchasers that are in the United States or are, or are
      purchasing Units for the account or benefit of, U. S. Persons or persons
      in the United States;

	 	 	
       

	 	(ix) 	
      neither the Agents, the U.S. Affiliates, their respective
      affiliates nor any person acting on any of their behalf has taken or will
      take, directly or indirectly, any action in violation of Regulation M in
      connection with the offer and sale of the Units;

	 	 	
       

	 	(x) 	
      prior to completion of any sale of Units to a person in
      the United States or to or for the account or benefit of a U.S. Person or
      person in the United States, the Agents and the U.S. Affiliates shall
      cause each such Purchaser of Units to execute a Subscription Agreement in
      the form agreed upon by the Agents and the Company; and

	 	 	
       

	 	(xi) 	
      the representations, warranties and covenants of the
      Agents contained in this Section 5(c) shall be true and correct as of the
      Closing, with the same force and effect as if then made by the
    Agents.

	6. 	
      Closing Deliveries. The purchase and sale of the
      Units shall be completed at the Closing Time at the offices of Clark
      Wilson LLP, in Vancouver, British Columbia and Cassels Brock &
      Blackwell LLP, in Toronto, Ontario or at such other place as the Agents
      and the Company may agree upon in writing. At the Closing Time, the
      Company shall duly and validly deliver to the Agents: (a) certificates in
      definitive form representing the Unit Shares and Warrants registered as
      directed by the Agents, against payment to the Company of the Aggregate
      Subscription Price therefor, in lawful money of Canada by certified cheque
      or bank draft payable at par in the City of Vancouver, or by wire
      transfer; and (b) the Broker Warrant Certificates. The Agents and
      the Company may discharge their payment obligations under this section by
      delivery of certified cheques or bank drafts from the Agents to the
      Company, or by electronic money transfer equal to the Aggregate
      Subscription Price for the Units issued under the Offering, less (i) the
      Commission; and (ii) the reasonable out-of-pocket costs and expenses of
      the Agents (including the fees, disbursements and applicable taxes of
      counsel to the Agents) as set out in Section 9 herein. 

      

- 30 - 

	7. 	
      Closing Conditions. The Agents’ obligations
      hereunder and each Purchaser’s obligation to purchase the Units shall be
      conditional upon the fulfilment at or before the Closing Time of the
      following conditions:

	 	(a) 	
      the Agents shall have received a certificate, dated as of
      the Closing Date, signed by the President and Chief Executive Officer and
      the Chief Financial Officer of the Company, or such other officers of the
      Company as the Agents may agree, certifying for and on behalf of the
      Company, to the best of their knowledge, information and belief,
    that:

	 	 	 	 
	 		(i) 	
      no order, ruling or determination having the effect of
      suspending the sale or ceasing the trading in any securities of the
      Company (including the Common Shares) has been issued by any regulatory
      authority and is continuing in effect and no proceedings for that purpose
      have been instituted or are pending or, to the knowledge of such officers,
      contemplated or threatened by any regulatory authority;

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

	 	 	 	 
	 		(iii) 	
      the representations and warranties of the Company
      contained in this Agreement are true and correct as of the Closing Time
      with the same force and effect as if made at and as of the Closing Time
      after giving effect to the transactions contemplated by this
    Agreement;

	 	(b) 	
      the Agents shall have received at the Closing Time
      certificates dated the Closing Date, signed by appropriate officers of the
      Company addressed to the Agents and their counsel, with respect to the
      articles and by-laws of the Company, all resolutions of the Company’s
      board of directors relating to this Agreement and the transactions
      contemplated hereby and thereby, the incumbency and specimen signatures of
      signing officers in the form of a certificate of incumbency and such other
      matters as the Agents may reasonably request;

	 	 	 
	 	(c) 	
      the Agents shall have received certificates of status or
      similar certificate with respect to the jurisdiction in which the Company
      and the Material Subsidiaries are incorporated;

- 31 - 

	 	(d) 	
      the Company shall cause the Transfer Agent to deliver a
      certificate as to the issued and outstanding Common Shares as at the close
      of business on the day prior to the Closing Date;

	 	 	 	 
	 	(e) 	
      the Agents shall have received favourable legal opinions
      addressed to the Agents and the Purchasers, in form and substance
      satisfactory to the Agents’ counsel acting reasonably, dated the Closing
      Date, from Clark Wilson LLP, counsel to the Company and where appropriate,
      counsel in the other Selling Jurisdictions, which counsel in turn may
      rely, as to matters of fact, on certificates of auditors, public officials
      and officers of the Company, with respect to the following
  matters:

	 	 	 	 
	 		(i) 	
      as to the existence of the Company under the laws of the
      State of Nevada and as to the corporate power and capacity of the Company
      under the laws of the State of Nevada to carry on its business as
      presently carried on and to own its properties and assets;

	 	 	 	 
	 		(ii) 	
      as to the existence of the Material Subsidiaries under
      the laws of their governing jurisdiction and as to the corporate power and
      capacity of the Material Subsidiaries to carry on its business as
      presently carried on and to own its properties and assets;

	 	 	 	 
	 		(iii) 	
      as to the authorized and issued capital of the Company
      and Material Subsidiaries;

	 	 	 	 
	 		(iv) 	
      as to the corporate power and authority of the Company to
      carry out its obligations under this Agreement, the Subscription
      Agreements, the Registration Rights Agreement, the Warrant Indenture, the
      Broker Warrant Certificates and to issue the Unit Shares, the Warrants,
      the Warrant Shares and the Broker Securities;

	 	 	 	 
	 		(v) 	
      neither the execution and delivery of this Agreement, the
      Subscription Agreements, the Registration Rights Agreement, the Warrant
      Indenture and the Broker Warrant Certificates nor the performance by the
      Company of its obligations hereunder and thereunder, nor the sale or
      issuance of the Unit Shares, the Warrants, the Warrant Shares and the
      Broker Securities will conflict with any applicable law or result in any
      breach of the constating documents or by-laws of the Company;

	 	 	 	 
	 		(vi) 	
      each of this Agreement, the Subscription Agreements, the
      Registration Rights Agreement, the Warrant Indenture and the Broker
      Warrant Certificates have been duly authorized, executed and delivered by
      the Company and, the Broker Warrant Certificates when issued will,
      constitute a valid and legally binding obligation
of the Company enforceable against it in accordance with
  their respective terms, subject to typical qualifications;

- 32 - 

	 	(vii) 	
      the Unit Shares have been issued as fully paid and
      non-assessable shares in the capital of the Company;

	 	 	 
	 	(viii) 	
      the Warrants have been duly and validly created and
      issued and the Warrant Shares have been reserved and authorized and
      allotted for issuance to the holders thereof and, upon the due exercise of
      the Warrants in accordance with the provisions of the Warrant Certificate,
      the Warrant Shares will be validly issued as fully paid and non-assessable
      shares in the capital of the Company;

	 	 	 
	 	(ix) 	
      the Broker Warrants have been duly and validly created
      and issued and the Broker Shares have been reserved and authorized and
      allotted for issuance to the Agents and, upon the due exercise of the
      Broker Warrants in accordance with the provisions of the Broker Warrant
      Certificates, the Broker Shares will be validly issued as fully paid and
      non-assessable shares in the capital of the Company;

	 	 	 
	 	(x) 	
      the issuance and sale by the Company of the Unit Shares
      and Warrants to the Purchasers and the issuance of the Broker Warrants to
      the Agents in accordance with the terms of this Agreement are exempt from
      the prospectus and registration requirements of Applicable Securities Laws
      in the Selling Jurisdictions and no documents are required to be filed
      (other than specified forms accompanied by requisite filing fees),
      proceedings taken or approvals, permits, consents or authorizations
      obtained under Applicable Securities Laws to permit such issuance and
      sale; it being noted, however, that the Company is required to file or
      cause to be filed with the applicable Securities Regulators, a report on
      Form 45-106F1 prepared and executed pursuant to NI 45-106, together with
      the prescribed filing fee, within 10 days following the Closing Date and
      may be required to file a Form D pursuant to Regulation D and any state
      securities filings;

	 	 	 
	 	(xi) 	
      the issuance of the Warrant Shares upon due exercise of
      the Warrants, and the issuance of the Broker Shares upon the due exercise
      of the Broker Warrants, will be exempt from the prospectus and
      registration requirements of Applicable Securities Laws in the Selling
      Jurisdictions (provided that each holder of Warrants or Broker Warrants is
      eligible to receive the Warrant Shares or Broker Shares pursuant to an
      exemption from the registration requirements of the U.S. Securities Act
      and any applicable state securities laws) and no documents are required to
      be filed (other than specified forms accompanied by requisite filing
      fees), proceedings taken or approvals, permits, consents
  or authorizations obtained under Applicable Securities Laws
  to permit such issuance and delivery;

- 33 - 

	 	(xii) 	
      no other documents will be required to be filed,
      proceedings, taken or approvals, permits, consents or authorizations
      obtained under Canadian Securities Laws in connection with the first trade
      of the Unit Shares, the Warrants, the Warrant Shares or the Broker
      Securities by the holders thereof, as the case may be, provided that a
      period of four (4) months and one (1) day has lapsed from the date of
      distribution of the securities;

	 	 	 
	 	(xiii) 	
      the offer and sale of the Units, the Unit Shares and the
      Warrants being exempt from registration under the U.S. Securities Act, and
      the issuance of the Warrant Shares upon exercise of the Warrants being
      exempt from registration under the U.S. Securities Act; and

	 	 	 
	 	(xiv) 	
      such other matters as the Agents or its counsel may
      reasonably request;

	 	(f) 	
      the Registration Rights Agreement shall have been
      executed and delivered by the Company in form and substance satisfactory
      to the Agents and their counsel, acting reasonably;

	 	 	 
	 	(g) 	
      the holders of the warrants set out in Schedule “C” shall
      have agreed in writing to exercise such warrants on or before July 30,
      2011 and the convertible debentures set out in Schedule “C” shall have
      been converted, for the proceeds and the number of Common Shares as set
      out in Schedule “C”;

	 	 	 
	 	(h) 	
      the Agents shall have received at the Closing Time,
      evidence that all requisite approvals, consents and acceptances of the
      appropriate regulatory authorities and the TSX-V required to be made or
      obtained by the Company in order to complete the Offering have been made
      or obtained;

	 	 	 
	 	(i) 	
      the issuance (and listing, as applicable) of the Unit
      Shares, the Warrants, the Warrant Shares and the Broker Securities shall
      have been conditionally accepted by the TSX-V;

	 	 	 
	 	(j) 	
      the Subscription Agreements shall have been executed and
      delivered by the parties thereto in form and substance satisfactory to the
      Agents and its counsel, acting reasonably; and

	 	 	 
	 	(k) 	
      the Agents shall, in their sole discretion, and acting
      reasonably, be satisfied with their due diligence review with respect to
      the business, assets, financial condition, affairs and prospects of the
      Company.

- 34 - 

	8. 	
      Rights of Termination

	 	 	 
		(a) 	
      Due Diligence Out. In the event that the due
      diligence investigations performed by the Agents and/or their respective
      representatives reveal any material information or fact not generally
      known to the public which might, in the Agents’ sole opinion (or any one
      of them), acting reasonably, adversely affect the market price of the
      Common Shares, quality of the investment or marketability of the Offering,
      the Agents (or any of them) shall be entitled, at their sole option and in
      accordance with Section 8(h) of this Agreement, to terminate their
      obligations under this Agreement (and the obligations of the Purchasers
      arranged by them to purchase the Units) by notice to that effect given to
      the Company any time prior to the Closing Time.

	 	 	 
		(b) 	
      Litigation. If any inquiry, action, suit,
      investigation or proceeding, whether formal or informal, (including
      matters of regulatory transgression or unlawful conduct and including any
      inquiry or investigation by any securities commission or the TSX-V) is
      commenced, announced or threatened in relation to the Company or any of
      the officers or directors of the Company or any of its principal
      securityholders, which, in the sole opinion of the Agents (or any one of
      them), materially adversely affects or may materially adversely affect the
      Company and/or its business, operations or affairs, the Agents (or any one
      of them) shall be entitled, at their sole option and in accordance with
      Section 8(h) of this Agreement, to terminate their obligations under this
      Agreement (and the obligations of the Purchasers arranged by them to
      purchase the Units) by notice to that effect given to the Company any time
      prior to the Closing Time.

	 	 	 
		(c) 	
      Disaster Out. In the event that prior to the
      Closing Time, there should develop, occur or come into effect or existence
      any event, action, state or condition of any nature, including without
      limitation, terrorism, accident, a new or change in any governmental law
      or regulation, or other condition or major financial occurrence of
      national or international consequence, which, in the sole opinion of the
      Agents (or any one of them), acting reasonably, materially adversely
      affects, or may materially adversely affect, the financial markets
      generally or the business, affairs or operations of the Company, or the
      market price, value or marketability of the Common Shares, the Agents (or
      any one of them) shall be entitled at their sole option, in accordance
      with Section 8(h) of this Agreement, to terminate their obligations under
      this Agreement (and the obligations of the Purchasers arranged by them to
      purchase the Units) by written notice to that effect given to the Company
      prior to the Closing Time.

	 	 	 
		(d) 	
      Change in Material Fact. In the event that prior
      to the Closing Time, the Agents or the Agents’ representatives, through
      their due diligence investigations, or otherwise discover or there should
      occur a material change or a change in any material fact or a new or
      undisclosed material fact shall arise or be discovered, which, in the sole
      opinion of the Agents (or any one of them), acting reasonably, has or could be
      expected to have a material adverse change or material adverse effect on
      the business or affairs of the Company or on the market price, value or
      marketability of the Common Shares, the Agents (or any one of them) shall
      be entitled, at their sole option, in accordance with Section 8(h), to
      terminate its obligations under this Agreement (and the obligations of the
      Purchasers arranged by them to purchase the Units) by written notice to
  that effect given to the Company prior to the Closing Time.

- 35 - 

	 	(e) 	
      Profitably Marketed. In the event that prior to
      the Closing Time, the state of the financial markets is such that, in the
      sole opinion of the Agents (or any one of them), the Units cannot be
      profitably marketed, the Agents (or any one of them) shall be entitled at
      their sole option, acting reasonably, in accordance with Section 8(h) of
      this Agreement, to terminate their obligations under this Agreement (and
      the obligations of the Purchasers arranged by them to purchase the Units)
      by written notice to that effect given to the Company prior to the Closing
      Time.

	 	 	 
	 	(f) 	
      Non-Compliance With Conditions. The Company agrees
      that all terms, conditions and covenants in this Agreement shall be
      construed as conditions and complied with so far as the same relate to
      acts to be performed or caused to be performed by the Company that it will
      use its best efforts (or all reasonable efforts, as applicable) to cause
      such conditions to be complied with, and any breach or failure by the
      Company to comply with any of such material conditions or in the event
      that any representation or warranty given by the Company becomes false and
      is not rectified as at the Closing Time, shall entitle the Agents (or any
      one of them), at their sole option, acting reasonably, in accordance with
      Section 8(h), to terminate their obligations under this Agreement (and the
      obligations of the Purchasers arranged by them to purchase the Units) by
      notice to that effect given to the Company at or prior to the Closing
      Time. The Agents may waive, in whole or in part, or extend the time for
      compliance with, any terms and conditions without prejudice to their
      respective rights in respect of any other of such terms and conditions or
      any other or subsequent breach or non-compliance, provided that any such
      waiver or extension shall be binding upon the Agents only if the same is
      in writing and signed by it.

	 	 	 
	 	(g) 	
      Cease Trade Order. In the event that any order to
      cease trading in securities of the Company is made or threatened by a
      Securities Regulator, which, in the sole opinion of the Agents (or any one
      of them), acting reasonably, operates or could operate to prevent or
      restrict trading in or distribution of the Units in any of the Selling
      Jurisdictions, the Agents (or any one of them) shall be entitled, at their
      option, in accordance with Section 8(h) of this Agreement, to terminate
      their obligations under this Agreement (and the obligations of the
      Purchasers arranged by them to purchase the Units) by written notice to
      that effect given to the Company prior to the Closing
  Time.

- 36 - 

	 	(h) 	
      Exercise of Termination Rights. The rights of
      termination contained in Sections 8(a), (b), (c), (d), (e), (f) and (g)
      above may be exercised by the Agents and are in addition to any other
      rights or remedies the Agents may have in respect of any default, act or
      failure to act or non-compliance by the Company in respect of any of the
      matters contemplated by this Agreement or otherwise. In the event of any
      such termination by the Agents, there shall be no further liability on the
      part of the Agents to the Company or on the part of the Company to the
      Agents except in respect of any liability which may have arisen or may
      arise after such termination in respect of acts or omissions prior to such
      termination.

9.         
Expenses 

Whether or not the sale of the Units shall be completed, the
Company will pay all reasonable expenses and fees and all applicable taxes in
connection with the Offering, including, without limitation, all expenses of or
incidental to the issue, sale or distribution of the Units, including roadshow
and marketing expenses, all fees and expenses of its legal counsel, the
reasonable fees (subject to a maximum of $100,000) and expenses of legal counsel
to the Agents, the out-of-pocket expenses of the Agents (subject to a maximum of
$25,000) and all costs incurred in connection with the preparation of documents
relating to the Offering. All reasonable fees and expenses of the
Offering (including all applicable taxes) payable under this Section 9 shall be
payable by the Company on the Closing Date and may be deducted from the gross
proceeds of the Offering. 

10.        Survival of
Representations and Warranties 

All representations, warranties, covenants and agreements of
  the Company herein contained or contained in any documents submitted pursuant
  to this Agreement and in connection with the transactions herein contemplated
  shall survive the Closing and, notwithstanding such Closing or any investigation
  made by or on behalf of the Agents or the Purchasers with respect thereto, shall
  continue in full force and effect for the benefit of the Agents and the Purchasers,
  as applicable for a period of 30 months following the Closing Date. The representations,
  warranties, covenants and agreements of the Agents herein contained and in connection
  with the transactions herein contemplated shall survive the Closing and, notwithstanding
  such Closing or any investigation made by or on behalf of the Company with respect
  thereto, shall continue in full force and effect for the benefit of the Company
  for a period of 30 months following the Closing Date.

11.        Indemnity

	 	(a) 	
      The Company hereby agrees to indemnify and hold the
      Agents and/or their Affiliates and each of the directors, officers,
      employees and partners of the Agents and/or Affiliates (hereinafter
      collectively referred to as the “Personnel”) harmless from and
      against any and all expenses, losses (other than loss of profits), claims,
      actions, damages or liabilities, whether joint or several (including the
      aggregate amount paid in reasonable settlement of any actions, suits,
proceedings or claims), and the reasonable fees and expenses of their counsel
that may be incurred in advising with respect to and/or defending any claim that
may be made against the Agents and/or Affiliates and/or the Personnel or to
which the Agents and/or Affiliates and/or the Personnel may become subject or
otherwise involved in any capacity under any statute or common law or otherwise
insofar as such expenses, losses, claims, damages, liabilities or actions arise
out of or are based, directly or indirectly, upon the performance of
professional services rendered to the Company by the Agents and/or Affiliates
and the Personnel hereunder or otherwise in connection with the matters referred
to in this Agreement, provided, however, that this indemnity shall not apply to
the extent that a court of competent jurisdiction in a final judgment that has
become non-appealable shall determine that:  

- 37 - 

	 	(i) 	
      the Agents and/or Affiliates or the Personnel have been
      grossly negligent or dishonest or have committed any fraudulent act in the
      course of such performance; and

	 	 	 
	 	(ii) 	
      the expenses, losses, claims, damages or liabilities, as
      to which indemnification is claimed, were directly caused by the gross
      negligence, dishonesty or fraud referred to in
(i).

	 	(b) 	
      If for any reason (other than the occurrence of any
      events itemized in (i) and (ii) above) the foregoing indemnification is
      unavailable to the Agents and/or Affiliates and/or the Personnel or
      insufficient to hold them harmless, then the Company and the Agents shall
      contribute to the aggregate of such losses, claims, costs, damages,
      expenses or liabilities (except loss of profit or consequential damage) of
      the nature provided for above in such proportion as is appropriate to
      reflect not only the relative benefits received by the Company on one hand
      and the Agents and/or Affiliates and/or Personnel on the other, but also
      the relative fault of the Company and the Agents and/or Affiliates and/or
      Personnel as well as any equitable considerations. The Agents and/or
      Affiliates shall be responsible for that portion represented by the
      percentage that the portion of the Commission received bear to the gross
      proceeds realized by the sale of the Units and the Company shall be
      responsible for the balance, provided that, in no event, shall the Agents
      and/or Affiliates be responsible for any amount in excess of the amount of
      the Commission actually received by it. In the event that the Company may
      be entitled to contribution from the Agents and/or Affiliates under the
      provisions of any statute or law, the Company shall be limited to
      contribution in any amount not exceeding the lesser of the portion of the
      amount of losses, claims, costs, damages, expenses and liabilities giving
      rise to such contribution for which the Agents and/or Affiliates are
      responsible and the amount of the Commission actually received by the
      Agents and/or Affiliates.

- 38 - 

	 	(c) 	
      Notwithstanding the foregoing, a party guilty of
      fraudulent representation shall not be entitled to contribution from the
      other party. Any party entitled to contribution will, promptly after
      receiving notice of commencement of any claim, action, suit or proceeding
      against the other party under this provision, notify such party from whom
      contribution may be sought. In no case shall such party, from whom
      contribution may be sought, be liable under this Agreement unless such
      notice has been provided, but the omission to so notify such party shall
      not relieve the party from whom contribution may be sought from any other
      obligation it may have otherwise than under this provision. The right of
      contribution provided herein shall be in addition and not in derogation of
      any other right to contribution which the Agents may have by statute or
      otherwise by law.

	 	 	 	 
	 	(d) 	
      The Company agrees that in case any legal proceeding
      shall be brought against the Company and/or the Agents and/or Affiliates
      and/or the Personnel by any governmental commission or regulatory
      authority or any stock exchange or other entity having regulatory
      authority, either domestic or foreign, or any such authority shall
      investigate the Company and/or the Agents and/or Affiliates and any
      Personnel shall be required to testify in connection therewith or shall be
      required to respond to procedures designed to discover information
      regarding, in connection with, or by reason of the performance of
      professional services rendered to the Company by the Agents and/or
      Affiliates under this Agreement, the Company shall be entitled but not
      obligated to participate in or assume the defence thereof; provided
      however, that the defence shall be through legal counsel acceptable to the
      Agents, acting reasonably. In addition, the Agents and/or Affiliates
      and/or Personnel shall have the right to employ their own counsel in
      connection therewith and participate in the defence thereof and the fees
      of such counsel shall be borne by the Agents unless:

	 	 	 	 
	 		(i) 	
      the employment of separate counsel has been specifically
      authorized in writing by the Company;

	 	 	 	 
	 		(ii) 	
      the Agents and/or Affiliates and/or the Personnel have
      been advised by counsel that representation of both parties by the same
      counsel would be inappropriate due to actual or potential differing
      interests; or

	 	 	 	 
	 		(iii) 	
      the Company has failed, within a reasonable period of
      time after receipt of notice, to assume the defence of such action or
      claim;

provided that the Company shall not be
required to assume the fees and expenses of more than one additional counsel.
Neither party shall effect any settlement of any such action or claim or make
any admission of liability without the written consent of the other party, such
consent to be properly considered and not to be unreasonably withheld. None of
the Agents or any Affiliates or Personnel shall be liable for any settlement of
any legal proceeding, action or claim unless it has
      consented in writing to such settlement, such consent to not be
unreasonably withheld.

- 39 - 

	 	(e) 	
      Promptly after receipt of notice of the commencement of
      any legal proceeding against the Agents and/or Affiliates or any of the
      Personnel or after receipt of notice of the commencement of any
      investigation, which is based, directly or indirectly, upon any matter in
      respect of which indemnification may be sought from the Company, the
      Agents and/or Affiliates (or any one of them) will notify the Company in
      writing of the commencement thereof and, throughout the course thereof,
      will provide copies of all relevant documentation to the Company, will
      keep the Company advised of the progress thereof and will discuss with the
      Company all significant actions proposed.

	 	 	 
	 	(f) 	
      The indemnity and contribution obligations of the Company
      shall be in addition to any liability which the Company may otherwise
      have, shall extend upon the same terms and conditions to those of the
      Agents and/or Affiliates and the Personnel who are not signatories hereto
      and shall be binding upon and enure to the benefit of any successors,
      assigns, heirs and personal representatives of the Company, the Agents
      and/or Affiliates and any of the Personnel of the Agents and/or
      Affiliates. The foregoing provisions shall survive the completion of
      professional services rendered under this Agreement.

	 	 	 
	 	(g) 	
      With respect to any person who may be indemnified by
      Section 11(a) above and is not a party to this Agreement, the Agents shall
      obtain and hold the rights and benefits of this Section 11 in trust for
      and on behalf of such person.

12.       
Advertisements 

The Company acknowledges that the Agents shall have the right,
subject always to Sections 1(a) and 1(c) and 3(b) of this Agreement, at their
own expense, to place such advertisement or advertisements relating to the sale
of the Units contemplated herein as the Agents may consider desirable or
appropriate and as may be permitted by applicable law, including Applicable
Securities Laws. The Company and the Agents each agree that they will not make
or publish any advertisement in any media whatsoever relating to, or otherwise
publicize, the transaction provided for herein so as to result in any exemption
from the prospectus and registration requirements of Applicable Securities Laws
in any of the Selling Jurisdictions in Canada in which the Units shall be
offered or sold not being available. 

13.        Agents’
Compensation 

In consideration of the services to be rendered by the Agents
in connection with the Offering, the Company shall pay the Commission and issue
the Broker Warrants to the Agents. The obligation of the Company to pay the
Commission and execute and deliver the Broker Warrant Certificates shall arise
at the Closing Time.

- 40 - 

14.        Syndication of
the Agents 

The sale of the Units in connection with the Offering shall be
as to the following percentages:

	Name of Agent 	Syndicate Position 
	National Bank Financial Inc. 	50% 
	Canaccord Genuity Corp. 	50% 

If either Agent shall not complete the purchase and sale of its
applicable percentage of the aggregate amount of the Units at the Closing Time
for any reason whatsoever, including by reason of Section 7 hereof, the other
Agent shall have the right, but shall not be obligated, to purchase the Units
which would otherwise have been purchased by the Agent which fails to
purchase.

15.        Action by
Agents

All steps which must or may be taken by the Agents in
connection with the Closing, with the exception of the matters relating to (i)
termination of purchase obligations; (ii) waiver and extension; and (iii)
indemnification, contribution and settlement, may be taken by NBF, on behalf of
itself and the other Agent. The execution of this Agreement by the other Agent
and by the Company shall constitute the Company’s authority and obligation for
accepting notification of any such steps from, and for delivering the
certificates representing the Unit Shares and Warrants comprising the Units, to
or to the order of, NBF. NBF shall fully consult with the other Agent with
respect to all notices, waivers, extensions or other communications to or with
the Company. The rights and obligations of the Agents under this Agreement shall
be several and not joint nor joint and several. 

16.        Notices

Unless otherwise expressly provided in this Agreement, any
notice or other communication to be given under this Agreement (a
“notice”) shall be in writing addressed as follows: 

	 	(a) 	
      If to the Company, to it at:

	 	 	 
	 		
      CounterPath Corporation 
Suite 300, One Bentall Centre
      
505 Burrard Street 
Vancouver, BC

	 		
      V7X 1M3

	 	 	 
	 		
      Attention:                  
      Donovan Jones, President and CEO 
Facsimile
      Number:     (604) 320-3399

with a copy to (which shall not constitute notice):

- 41 - 

Clark Wilson LLP 
800-885 West
Georgia Street 
Vancouver, BC V6C 3H1 

Attention:                  
Virgil Hlus 
Facsimile Number:     (604) 891-7707 

or if to the Agents (on behalf of the
Agents):

c/o National Bank Financial 
The
Exchange Tower 
130 King Street West 
Suite 3200, P.O. Box 21 
Toronto
ON M5X 1J9 

Attention:                  
Rob Sainsbury 
Facsimile Number:     (416) 869-6411 

with a copy to (which shall not
constitute notice):

Cassels Brock & Blackwell LLP

2100 Scotia Plaza
40 King Street West 
Toronto, Ontario M5H 3C2 

Attention:                  
Greg Hogan 
Facsimile Number:     (416) 860-6554 

		
      or to such other address as any of the parties may
      designate by notice given to the others.

	 	 
		
      Each notice shall be personally delivered to the
      addressee or sent by facsimile transmission to the addressee and (i) a
      notice which is personally delivered shall, if delivered on a Business
      Day, be deemed to be given and received on that day and, in any other
      case, be deemed to be given and received on the first Business Day
      following the day on which it is delivered; and (ii) a notice which is
      sent by facsimile transmission shall be deemed to be given and received on
      the first Business Day following the day on which it is confirmed to have
      been sent.

	 	 
	17. 	
      Time of the Essence. Time shall, in all respects,
      be of the essence hereof.

	 	 
	18. 	
      Canadian Dollars. All references herein to dollar
      amounts are to lawful money of Canada, unless otherwise
  indicated.

	 	 
	19. 	
      Headings. The headings contained herein are for
      convenience only and shall not affect the meaning or interpretation
      hereof.

- 42 - 

	20. 	
      Singular and Plural, etc. Where the context so
      requires, words importing the singular number include the plural and vice
      versa, and words importing gender shall include the masculine, feminine
      and neuter genders.

	 	 
	21. 	
      Entire Agreement. This Agreement constitutes the
      only agreement between the parties with respect to the subject matter
      hereof and shall supersede any and all prior negotiations and
      understandings including, without limitation, the engagement letter dated
      as of April 28, 2011 between the Company and the Agents, in respect of the
      Offering. This Agreement may be amended or modified in any respect by
      written instrument only.

	 	 
	22. 	
      Severability. The invalidity or unenforceability
      of any particular provision of this Agreement shall not affect or limit
      the validity or enforceability of the remaining provisions of this
      Agreement.

	 	 
	23. 	
      Governing Law. This Agreement shall be governed by
      and construed in accordance with the laws of the Province of British
      Columbia and the laws of Canada applicable therein.

	 	 
	24. 	
      Successors and Assigns. The terms and provisions
      of this Agreement shall be binding upon and enure to the benefit of the
      Company, the Agents and the Purchasers and their respective executors,
      heirs, successors and permitted assigns; provided that, except as provided
      herein or in the Subscription Agreements, this Agreement shall not be
      assignable by any party without the written consent of the
  others.

	 	 
	25. 	
      Further Assurances. Each of the parties hereto
      shall do or cause to be done all such acts and things and shall execute or
      cause to be executed all such documents, agreements and other instruments
      as may reasonably be necessary or desirable for the purpose of carrying
      out the provisions and intent of this Agreement.

	 	 
	26. 	
      Effective Date. This Agreement is intended to and
      shall take effect as of the date first set forth above, notwithstanding
      its actual date of execution or delivery.

	 	 
	27. 	
      Counterparts and Facsimile. This Agreement may be
      executed in any number of counterparts and by facsimile or e-mail
      transmission, each of which so executed shall constitute an original and
      all of which taken together shall form one and the same
  agreement.

[Remainder of Page Intentionally Left Blank] 

- 43 - 

If the Company is in agreement with the foregoing terms and
conditions, please so indicate by executing a copy of this Agreement where
indicated below and delivering the same to the Agents. 

Yours very truly,

	 	NATIONAL BANK FINANCIAL INC. 
	 	  
	 	Per:
  ________________________________________
	 	           
             Name: 
	 	           
             Title: 
	 	  
	 	  
	 	CANNACORD GENUITY CORP. 
	 	  
	 	Per:
  ________________________________________
	 	           
             Name: 
	 	           
             Title: 

The foregoing is hereby accepted on the terms and conditions
therein set forth. 

DATED as of this 14th day of June, 2011. 

	 	COUNTERPATH CORPORATION 
	 	  
	 	Per:
  ________________________________________
	 	           
             Name: 
	 	           
             Title: 

- 44 - 

APPENDIX “A” 

AGENT CERTIFICATE 

In connection with the Offering in the United States and to
U.S. Persons of Units of CounterPath Corporation (the “Company”) pursuant
to the Agency Agreement dated for reference June 14, 2011 among the Company and
the Agents named therein (the “Agency Agreement”), the undersigned Agents and
the U.S. Affiliates do hereby certify as follows: 

	 	(a) 	
      all offers and sales of Units in the United States and to
      or for the account or benefit of U.S. Persons or persons in the United
      States have been effected through the U.S. Affiliates in accordance with
      all applicable federal and state laws and regulations governing the
      registration and conduct of securities brokers and dealers;

	 	 	 
	 	(b) 	
      each offeree that was in the United States or was
      purchasing for the account or benefit of a U.S. Person or a person in the
      United States was provided with a copy of a Subscription Agreement in the
      form agreed to by the Agents and the Company, including the U.S.
      Accredited Investors Status Certificate attached as Schedule “B”
      thereto;

	 	 	 
	 	(c) 	
      immediately prior to transmitting the Subscription
      agreement to such offeree, we had reasonable grounds to believe and did
      believe that each such offeree was a U.S. Accredited Investor and, on the
      date hereof, we have reasonable grounds to believe and do believe that
      each person in the United States and each U.S. Person that we have
      arranged to purchase Units from the Company is a U.S. Accredited
      Investor;

	 	 	 
	 	(d) 	
      no form of “general solicitation or general advertising”
      (as those terms are defined in Rule 502(c) of Regulation D) was used by
      us, including, but not limited to, any advertisement, article, notice or
      other communication published in any newspaper, magazine, electronic
      display or similar media or broadcast over radio, television or the
      Internet or any seminar or meeting whose attendees have been invited by
      general solicitation or general advertising, in connection with the offer
      or sale of the Units in the United States and to or for the account or
      benefit of U.S. Persons and persons in the United States; and

	 	 	 
	 	(e) 	
      the offering of the Units has been conducted in
      accordance with the terms of the Agency
Agreement.

Terms used in this Agent Certificate have the meanings ascribed
to them in the Agency Agreement unless otherwise defined herein. 

Dated this 14th day of June, 2011. 

	“Agent” 	“Agent” 
	 	 
	NATIONAL BANK FINANCIAL 	CANACCORD GENUITY CORP. 
	 	 
	By: ________________________________________	By:
  ________________________________________
	               
         Name: 	           
             Name: 
	               
         Title: 	           
             Title: 
	  	  
	 	 
	“U.S. Affiliate” 	“U.S. Affiliate” 
	 	 
	NBF SECURITIES (USA) CORP. 	CANACCORD GENUITY INC. 
	 	 
	By: ________________________________________	By:
  ________________________________________
	               
         Name: 	           
             Name: 
	               
         Title: 	           
             Title: 

- 2 - 

SCHEDULE “A” 

This is Schedule “A” to the agency agreement dated as of
June 14, 2011 between CounterPath Corporation, National Bank Financial Inc. and
Canaccord Genuity Corp.,

DETAILS OF OUTSTANDING CONVERTIBLE SECURITIES

AND RIGHTS TO ACQUIRE SECURITIES 

SCHEDULE “B” 

This is Schedule “B” to the agency agreement dated as of
June 14, 2011 between CounterPath Corporation, National Bank Financial Inc. and
Canaccord Genuity Corp.,

PATENTS 

SCHEDULE “C” 

This is Schedule “C” to the agency agreement dated as of
June 14, 2011 between CounterPath Corporation, National Bank Financial Inc. and
Canaccord Genuity Corp.,

CONVERTIBLE SECURITIES TO BE CONVERTED

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