Document:

Filed by sedaredgar.com - Pantera Petroleum Inc. - Exhibit 10.9

AMENDED AND RESTATED SHARE PURCHASE AGREEMENT 

THIS AGREEMENT is made effective as of the 9th day of
September, 2008 (the “Effective Date”). 

BETWEEN: 

  
    
      
        PANTERA PETROLEUM INC., a Nevada corporation,
          of 111 Congress Avenue, Suite 400, Austin, Texas, USA 78701 

        (“Pubco”) 

      

    

  

AND: 

  
    
      
        ARTEMIS ENERGY PLC (formerly Pantera Oil and Gas
          PLC), a company registered in England, of 15 Poland Street, London,
          England, W1F 8QE 

        (“Artemis”) 

      

    

  

AND: 

  
    
      
        AURORA PETROLEOS SA, a company registered in
          Paraguay, of 1430 Charles de Gaulle, Villa Mora 1885 Asuncion, Paraguay
        

        (“Aurora”) 

      

    

  

AND: 

  
    
      
        BOREAL PETROLEOS SA, a company registered in
          Paraguay, of 390 R1 4 Curupayty, Mariscal Estigaribia 1864 Asuncion,
          Paraguay 

        (“Boreal”) 

      

    

  

WHEREAS: 

A.           
On November 21, 2007, as amended March 17, 2008 and July 30, 2008,
Pubco, Artemis, Aurora and Boreal entered into a Share Purchase Agreement (the
“Purchase Agreement”), whereby Pubco agreed to issue 4,000,000 common
shares of Pubco to Artemis and to pay $25,000 to each of Aurora and Boreal, for
an aggregate payment of $50,000, as consideration for the right to purchase up
to 85% of the outstanding shares of each of Aurora and Boreal; 

B.           
The Purchase Agreement provides for, among other things, the payment by
Pubco to each of Aurora and Boreal of certain amounts on or before specified
dates in order for Pubco to acquire shares of each Aurora and Boreal; and 

1 

C.           
Pubco, Artemis, Aurora and Boreal have agreed to amend and restate the
terms of the Purchase Agreement on the terms and conditions of this Agreement.

THEREFORE, in consideration of the covenants and
agreements herein contained and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
covenant and agree as follows: 

1.           
DEFINITIONS AND INTERPRETATION 

1.1          Restatement

This Agreement hereby amends and restates the Purchase
Agreement such that the Purchase Agreement is replaced in its entirety by this
Agreement. 

1.2          Definitions

The following terms have the following meanings, unless context
indicates otherwise: 

	 	(a) 	
      “Agreement” means this agreement and any amendment
      or variation hereto made in accordance with the provisions hereof,
      including all schedules, appendices and any instruments or agreement
      supplementary or ancillary hereto;

	 	 	 
	 	(b) 	
      “Business Day” means a day, other than a Saturday
      or Sunday, on which banking institutions are open for business in New
      York, New York, United States of America;

	 	 	 
	 	(c) 	
      “Escrow Agent” means Clark Wilson LLP;

	 	 	 
	 	(d) 	
      “Escrow Agreement” means the Escrow Agreement
      dated November 21, 2007 among Pubco, Artemis and Clark Wilson LLP, as
      Escrow Agent;

	 	 	 
	 	(e) 	
      “Pubco Warrants” means common share purchase
      warrants to purchase an aggregate of 2,600,000 common shares of Pubco at
      an exercise price of $0.27 per share, for a period of 5 years, and in
      accordance with Section 6.1B of this Agreement, in the form of Schedule 7
      attached hereto;

	 	 	 
	 	(f) 	
      “Regulation S” means Regulation S under the
      Securities Act;

	 	 	 
	 	(g) 	
      “SEC” means the Securities and Exchange
      Commission;

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

	 	 	 
	 	(i) 	
      “U.S. Person” has the meaning set forth in
      Regulation S.

1.3         Interpretation

In this Agreement, unless otherwise expressly stated or the
context otherwise requires: 

2 

	 	(a) 	
      the division of this Agreement into articles and sections
      and the further division thereof and the insertion of headings are for
      convenience of reference only and shall not affect the construction or
      interpretation of this Agreement. Unless otherwise indicated, any
      reference in this Agreement to an article, section, or schedule refers to
      the specified article or section of or schedule to this
  Agreement;

	 	 	 
	 	(b) 	
      the terms “this Agreement”, “hereof”, “herein”,
      “hereunder” and similar expressions refer to this Agreement and not to any
      particular section or other portion hereof and include any agreement or
      instrument supplementary or ancillary hereto and, unless otherwise
      indicated, a reference herein to a section is to the appropriate section
      of this Agreement;

	 	 	 
	 	(c) 	
      words importing the singular number include the plural
      and vice versa, words importing the use of any gender include all genders,
      and words importing persons include firms and corporations and vice
      versa;

	 	 	 
	 	(d) 	
      the word “including” means “including, without limiting
      the generality of the foregoing”; and

	 	 	 
	 	(e) 	
      a reference to a statute is to that statute as now
      enacted or as the statute may from time to time be amended, re-enacted or
      replaced and includes any regulation, rule or policy made
    thereunder.

1.4         
Schedules 

The following schedules are attached to and form part of the
Agreement: 

  	 	Schedule 1 	– 	Certificate of Non U.S. Shareholder 
	 	Schedule 2 	– 	Wiring Instructions for Aurora and Boreal 
	 	Schedule 3 	– 	Aurora Leases, Subleases, Claims, Capital Expenditures, 
	 	 	  	Taxes of other Property Interests 
	 	Schedule 4 	– 	Boreal Leases, Subleases, Claims, Capital Expenditures, 
	 	 	  	Taxes of other Property Interests 
	 	Schedule 5 	– 	Aurora Material Contracts 
	 	Schedule 6 	– 	Boreal Material Contracts 
	 	Schedule 7 	– 	Form of Pubco Warrant 

1.5          Currency

Unless otherwise indicated, references to “$” or dollars in
this Agreement are to United States dollars. 

2.           
PAYMENTS BY PUBCO 

2.1          Payments
by Pubco to Artemis, Aurora and Boreal 

Each of Pubco, Artemis, Aurora and Boreal acknowledge and agree
that: 

3 

	 	(a) 	
      on November 21, 2007, Pubco issued 4,000,000 common
      shares of Pubco to Artemis, subject to the terms and conditions of the
      Escrow Agreement;

	 	 	 
	 	(b) 	
      on or about July 26, 2007, Pubco paid $25,000 to each of
      Aurora and Boreal, for an aggregate payment of $50,000;

	 	 	 
	 	(c) 	
      on or about November 30, 2007, Pubco paid $75,000 to each
      of Aurora and Boreal, for an aggregate payment of $150,000; and

	 	 	 
	 	(d) 	
      on or about July 31, 2008, Pubco paid $225,000 to each of
      Aurora and Boreal, for an aggregate payment of
$450,000.

3.           
TRANSACTIONS BY ARTEMIS 

3.1         
Transactions by Artemis 

	 	(a) 	
      Artemis acknowledges and agrees that Pubco issued
      4,000,000 common shares of Pubco to Artemis pursuant to an exemption from
      the prospectus and registration requirements of the Securities Act, that
      the share certificates representing the 4,000,000 common shares of Pubco
      are endorsed with a restrictive legend, and that such shares may not be
      sold, transferred or otherwise disposed, except pursuant to an effective
      registration statement under the Securities Act, or pursuant to an
      exemption from the registration requirements of the Securities Act and in
      each case in compliance with all applicable securities laws;

	 	 	 	 
	 	(b) 	
      Artemis acknowledges and agrees that of the 4,000,000
      common shares of Pubco issued to Artemis, 1,400,000 common shares of Pubco
      have been released from, and 2,600,000 common shares of Pubco are held in,
      escrow pursuant to the Escrow Agreement;

	 	 	 	 
	 	(c) 	
      Artemis agrees to cancel the 2,600,000 common shares of
      Pubco held in escrow pursuant to the Escrow Agreement and shall provide
      Pubco and the Escrow Agent with all required documents and authorizations
      necessary to effect the cancellation of such shares;

	 	 	 	 
	 	(d) 	
      Artemis represents and warrants that it owns 99.9% of the
      issued and outstanding shares of each of Aurora and Boreal free and clear
      of any and all encumbrances;

	 	 	 	 
	 	(e) 	
      Artemis agrees to issue to Pubco warrants, or options, or
      such other instrument in accordance with applicable securities laws to
      enable Pubco, on terms and conditions to be mutually agreed upon by each
      of Pubco and Artemis, to purchase:

	 	 	 	 
	 		(i) 	
      27% of the issued and outstanding shares of Aurora for
      amounts previously advanced by Pubco to Aurora (the “First Aurora
      Warrant”);

	 	 	 	 
	 		(ii) 	
      30% of the issued and outstanding shares of Boreal for
      amounts previously advanced by Pubco to Boreal (the “First Boreal
      Warrant”);

4 

	 	(iii) 	
      additional shares of Aurora in accordance with Section 6
      hereof (the “ Additional Aurora Warrants ”); and

	 	 	 
	 	(iv) 	
      additional shares of Boreal in accordance with Section 6
      hereof (the “ Additional Boreal Warrants ”);
and

	 	(f) 	 except as contemplated by this Agreement,
        Artemis agrees not to:

	 	 	 	 	 
	 		(i) 	 effect any transfer, sale, assignment, exchange,
        gift, donation or other disposition of the shares of each of Aurora and
        Boreal owned by Artemis where possession, legal title, beneficial ownership
        or the economic risk or return associated with such shares passes directly
        or indirectly from one person to another or to the same person in a different
        legal capacity, whether or not for value, whether or not voluntary and
        however occurring (collectively referred to as a “Transfer”);

	 	 	 	 	 
	 		(ii) 	 enter into any agreement, undertaking or commitment
        to effect a Transfer; or

	 	 	 	 	 
	 		(iii) 	 grant:

	 	 	 	 	 
	 			A. 	 any mortgage, charge, pledge, hypothecation, security
        interest, assignment by way of security, encumbrance, lien (statutory
        or otherwise), hire purchase agreement, conditional sale agreement, deposit
        arrangement, title retention agreement or arrangement;

	 	 	 	 	 
	 			B. 	 any trust arrangement;

	 	 	 	 	 
	 			C. 	 any arrangement which creates a right of set-off out
        of the ordinary course of business;

	 	 	 	 	 
	 			D. 	 any option, warrant, right or privilege capable of becoming
        a Transfer; or

	 	 	 	 	 
	 			E. 	 any agreement to grant any such rights or interests,

	 	 	 	 	 
	 			 in respect of any of the shares of each
        of Aurora and Boreal owned by Artemis without the prior written consent
        of Pubco.

4.           
ACKNOWLEDGEMENT AND REPAYMENT OF LOAN AMOUNTS 

4.1         
Aurora Loan Amounts 

	 	(a) 	
      Aurora acknowledges and agrees that each of Pubco and
      Artemis have lent to Aurora and Aurora is indebted to each of Pubco and
      Artemis in the following amounts:

5 

	 	(i) 	
      Aurora is indebted to Pubco, as of the date of this
      Agreement, in the amount of $335,000; and

	 	 	 
	 	(ii) 	
      Aurora is indebted to Artemis, as of the date of this
      Agreement, in the amount of $221,126;

	 	(b) 	
      Aurora agrees to issue a five year note bearing 5% simple
      interest, in a form to be mutually agreed upon by Pubco and Aurora, to
      Pubco in the amount of $335,000 representing all previous payments made by
      Pubco to Aurora up to the date of this Agreement;

	 	 	 	 
	 	(c) 	
      Aurora further agrees to issue a five year note bearing
      5% simple interest, in a form to be mutually agreed upon by Pubco and
      Aurora, upon and as a condition to any payment by Pubco to Aurora, to
      Pubco in an amount equal to any payment made by Pubco to Aurora pursuant
      to this Agreement; and

	 	 	 	 
	 	(d) 	
      If at any time after the date of this Agreement there
      occurs:

	 	 	 	 
	 		(i) 	
      a sale, consolidation, amalgamation or merger of Aurora
      with or into any other body corporate, or plan of arrangement involving
      Aurora; or

	 	 	 	 
	 		(ii) 	
      the transfer of the undertaking or assets of Aurora as an
      entirety or substantially as an entirety to another corporation or
      entity,

which results in Aurora receiving cash
proceeds, then Aurora agrees to repay Pubco and Artemis for all outstanding
amounts owing at such time as follows: 

	 	A. 	
      Aurora will repay each of Pubco and Artemis equal
      payments until Pubco and Artemis each receive $221,126, plus accumulated
      interest; and

	 	 	 
	 	B. 	
      upon repayment of the $221,126 plus accumulated interest
      to each of Pubco and Artemis, Aurora will repay to Pubco any amounts that
      Pubco has advanced to Aurora pursuant to this
Agreement.

4.2         
Boreal Loan Amounts 

	 	(a) 	
      Boreal acknowledges and agrees that each of Pubco and
      Artemis have lent to Boreal and Boreal is indebted to each of Pubco and
      Artemis in the following amounts:

	 	 	 	 
	 		(i) 	
      Boreal is indebted to Pubco, as of the date of this
      Agreement, in the amount of $335,000; and

	 	 	 	 
	 		(ii) 	
      Boreal is indebted to Artemis, as of the date of this
      Agreement, in the amount of $193,041;

6 

	 	(b) 	
      Boreal agrees to issue a five year note bearing 5% simple
      interest, in a form to be mutually agreed upon by Pubco and Boreal, to
      Pubco in the amount of $335,000 representing all previous payments made by
      Pubco to Boreal up to the date of this Agreement;

	 	 	 	 
	 	(c) 	
      Boreal further agrees to issue a five year note bearing
      5% simple interest, in a form to be mutually agreed upon by Pubco and
      Boreal, upon and as a condition to any payment by Pubco to Boreal, to
      Pubco in an amount equal to any payment made by Pubco to Boreal pursuant
      to this Agreement; and

	 	 	 	 
	 	(d) 	
      If at any time after the date of this Agreement there
      occurs:

	 	 	 	 
	 		(i) 	
      a sale, consolidation, amalgamation or merger of Boreal
      with or into any other body corporate, or plan of arrangement involving
      Boreal; or

	 	 	 	 
	 		(ii) 	
      the transfer of the undertaking or assets of Boreal as an
      entirety or substantially as an entirety to another corporation or
      entity,

which results in Boreal receiving cash
proceeds, then Boreal agrees to repay Pubco and Artemis for all outstanding
amounts owing at such time as follows: 

	 	A. 	
      Boreal will repay each of Pubco and Artemis equal
      payments until Pubco and Artemis each receive $193,041, plus accumulated
      interest; and

	 	 	 
	 	B. 	
      upon repayment of the $193,041 plus accumulated interest
      to each of Pubco and Artemis, Boreal will repay to Pubco any amounts that
      Pubco has advanced to Boreal pursuant to this
Agreement.

5.           
OFFER, RIGHT TO PURCHASE AND ISSUANCE OF SHARES 

5.1         
Offer and Right to Purchase 

Subject to the terms and conditions of this Agreement, Artemis
hereby covenants and agrees to issue to Pubco the First Aurora Warrants, the
First Boreal Warrants, the Additional Aurora Warrants and the Additional Boreal
Warrants (collectively, the “Warrants”). 

5.2          Consideration

As consideration for the right to receive the Warrants from
Artemis, Pubco has agreed to issue the Pubco Warrants, in the form attached
hereto as Schedule 7. Artemis acknowledges and agrees that the Pubco Warrants
will be issued, pursuant to an exemption from the prospectus and registration
requirements of the Securities Act. As required by applicable securities law,
Artemis agrees to abide by all applicable resale restrictions and hold periods
imposed by all applicable securities legislation. All certificates representing
the Pubco Warrants issued to Artemis will be endorsed with the following legend
pursuant to the Securities Act in order to reflect the fact that 

7 

the Pubco Warrants will be issued to Artemis pursuant to an
exemption from the registration requirements of the Securities Act: 

  
    
      
        “THE SECURITIES REPRESENTED HEREBY HAVE BEEN OFFERED
          IN AN OFFSHORE TRANSACTION TO A PERSON WHO IS NOT A U.S. PERSON (AS
          DEFINED HEREIN) PURSUANT TO REGULATION S UNDER THE UNITED STATES SECURITIES
          ACT OF 1933, AS AMENDED (THE “1933 ACT”). 

        NONE OF THE SECURITIES REPRESENTED HEREBY HAVE BEEN
          REGISTERED UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES LAWS, AND,
          UNLESS SO REGISTERED, MAY NOT BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY,
          IN THE UNITED STATES (AS DEFINED HEREIN) OR TO U.S. PERSONS EXCEPT IN
          ACCORDANCE WITH THE PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT
          TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT
          TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO,
          THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY
          IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. IN ADDITION, HEDGING
          TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN
          COMPLIANCE WITH THE 1933 ACT. “UNITED STATES” AND “U.S.
          PERSON” ARE AS DEFINED BY REGULATION S UNDER THE 1933 ACT.”
        

      

    

  

5.3         
Documents Required from Pantera 

In connection with and as a condition to the issuance of the
Pubco Warrants, Artemis must complete and provide Pubco a Certificate of
Non-U.S. Shareholder (the “Certificate”), a copy of which is set out in
Schedule 1. 

5.4         
Restricted Securities 

Artemis acknowledges that the Pubco Warrants will have such
hold periods as are required under applicable securities laws and as a result
may not be sold, transferred or otherwise disposed, except pursuant to an
effective registration statement under the Securities Act, or pursuant to an
exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act and in each case only in accordance with all
applicable securities laws. 

6.     
      RIGHT TO PURCHASE 

6.1         
Right to Purchase 

Artemis shall issue to Pubco the Additional Aurora Warrants and
the Additional Boreal Warrants, as applicable, as follows: 

	 	(a) 	
      Artemis shall issue to Pubco:

8 

	 	(i) 	
      Additional Aurora Warrants, which shall entitle Pubco to
      purchase 38% of the issued and outstanding shares of Aurora upon Pubco
      making a payment of $500,000 to Aurora on or before April 30, 2009
      (“Aurora Investment Three”), and

	 	 	 
	 	(ii) 	
      Additional Boreal Warrants, which shall entitle Pubco to
      purchase 35% of the issued and outstanding shares of Boreal upon Pubco
      making a payment of $500,000 to Boreal, on or before April 30, 2009
      (“Boreal Investment Three”); and

	 	(b) 	
      Subject to the completion of:

	 	 	 	 
	 		(i) 	
      Aurora Investment Three, Artemis shall issue to Pubco
      Additional Aurora Warrants, which shall entitle Pubco to purchase an
      additional 20% of the issued and outstanding shares of Aurora upon Pubco
      making a payment of $1,500,000 to Aurora, on or before January 10, 2010
      (“Aurora Investment Four”), and

	 	 	 	 
	 		(ii) 	
      Boreal Investment Three, Artemis shall issue to Pubco
      Additional Boreal Warrants, which shall entitle Pubco to purchase an
      additional 20% of the issued and outstanding shares of Boreal upon Pubco
      making a payment of $1,500,000 to Boreal, on or before January 10, 2010
      (“Boreal Investment Four”).

6.1A      Adjustment to Purchase

	 	(a) 	
      Subject to Section 3.1, in the event that Pubco makes
      less than the stated investment amount to complete any of Aurora
      Investment Three or Aurora Investment Four, the percentage of the issued
      and outstanding shares of Aurora to be purchased by the Additional Aurora
      Warrants will be adjusted as follows:

A = (B/C) x D 

where: 

	 	A 	
      the percentage of the issued and outstanding shares of
      Aurora to be purchased by the Additional Aurora Warrants;

	 	 	 
	 	B 	
      amount of payment made by Pubco to Aurora;

	 	 	 
	 	C 	
      stated investment amount as specified in each of Sections
      6.1(a)(i) and (b)(i), as applicable; and

	 	 	 
	 	D 	
      the percentage of the issued and outstanding shares of
      Aurora to be purchased by the Additional Aurora Warrants that Pubco would
      be entitled to purchase if Pubco paid the entire investment amount as
      specified in each of Sections 6.1(a)(i) and (b)(i), as
  applicable.

9 

	 	(b) 	
      Subject to Section 6.1, in the event that Pubco makes
      less than the stated investment amount to complete any of Boreal
      Investment Three or Boreal Investment Four, the percentage of the issued
      and outstanding shares of Boreal to be purchased by the Additional Boreal
      Warrants will be adjusted as follows:

A = (B/C) x D 

where: 

	 	A 	
      the percentage of the issued and outstanding shares of
      Boreal to be purchased by the Additional Boreal Warrants;

	 	 	 
	 	B 	
      amount of payment made by Pubco to Boreal;

	 	 	 
	 	C 	
      stated investment amount as specified in each of Sections
      6.1(a)(ii) and (b)(ii), as applicable; and

	 	 	 
	 	D 	
      the percentage of the issued and outstanding shares of
      Boreal to be purchased by the Additional Boreal Warrants; that Pubco would
      be entitled to receive had Pubco paid the entire investment amount as
      specified in each of Sections 6.1(a)(ii) and (b)(ii), as
  applicable.

6.1B      Warrants Issued to
Artemis 

	 	(a) 	
      Upon completion of Aurora Investment Three and Boreal
      Investment Three, Pubco agrees to issue to Artemis Pubco Warrants to
      purchase 1,200,000 common shares of Pubco, which Pubco Warrants will be
      exercisable for a period of 5 years at a price of $0.27 per share;
    and

	 	 	 
	 	(b) 	
      Upon completion of Aurora Investment Four and Boreal
      Investment Four, Pubco agrees to issue to Artemis Pubco Warrants to
      purchase 1,400,000 common shares of Pubco, which Pubco Warrants will be
      exercisable for a period of 5 years at a price of $0.27 per
  share.

7.          
NO ISSUANCE OF SECURITIES BY AURORA OR BOREAL 

7.1         No
Issuance of Securities by Aurora and Boreal 

Each of Artemis, Aurora and Boreal agree that, until this
Agreement is terminated, neither Aurora nor Boreal will issue, sell, offer to
issue or sell, or enter into any agreements to issue or sell any of their
respective capital stock (including any warrants, options or other rights to
purchase shares of Aurora or Boreal, as applicable). 

8.          
USE OF FUNDS BY AURORA AND BOREAL 

Each of Artemis, Aurora and Boreal covenant and agree that
Aurora and Boreal will use any and all funds paid by Pubco to each of Aurora and
Boreal, respectively, previously or in connection with this Agreement
exclusively towards the exploration and development of the concessions 

10 

held by each of Aurora and Boreal as set forth on Schedule 5
and Schedule 6, respectively, and that Aurora and Boreal will not use or
otherwise transfer such funds for any other purpose, including the payment of
existing debt, management fees, intercompany loans, dividends or any other
distributions to the shareholders of each of Aurora or Boreal, respectively.

In addition, each of Pubco, Artemis, Aurora and Boreal covenant
and agree that: 

	 	(a) 	
      Aurora will:

	 	 	 	 
	 		(i) 	
      consult and work together with Pubco to plan and execute
      any exploration and development activities conducted by Aurora,

	 	 	 	 
	 		(ii) 	
      provide Pubco with annualized budgets, which annualized
      budgets will provide cost projections on a monthly basis, and

	 	 	 	 
	 		(iii) 	
      not incur costs in excess of $5,000 for any transaction,
      or series of transactions, to any particular party, or parties, acting
      jointly or in concert with one another, without the prior written consent
      of either Pubco or Artemis; and

	 	 	 	 
	 	(b) 	
      Boreal will:

	 	 	 	 
	 		(i) 	
      consult and work together with Pubco to plan and execute
      any exploration and development activities conducted by Boreal;

	 	 	 	 
	 		(ii) 	
      provide Pubco with annualized budgets, which annualized
      budgets will provide cost projections on a monthly basis, and

	 	 	 	 
	 		(iii) 	
      not incur costs in excess of $5,000 for any transaction,
      or series of transactions, to any particular party, or parties, acting
      jointly or in concert with one another, without the prior written consent
      of either Pubco or Artemis.

9.     
     reserved. 

10.        
REPRESENTATIONS AND WARRANTIES OF ARTEMIS, AURORA AND BOREAL 

10.1      
Representations and Warranties of Artemis 

Artemis represents and warrants to Pubco, and acknowledges that
Pubco is relying upon such representations and warranties, in connection with
the execution, delivery and performance of this Agreement, notwithstanding any
investigation made by or on behalf of Pubco, as follows: 

	 	(a) 	
      Artemis is a corporation duly organized, validly existing
      and in good standing under the laws of England;

11 

	 	(b) 	
      Artemis has all requisite corporate power and authority
      to execute and deliver this Agreement and any other document(s)
      contemplated by this Agreement (collectively, the “Artemis
      Documents”) to be signed by Artemis and to perform its obligations
      hereunder and to consummate the transactions contemplated hereby. The
      execution and delivery of each of the Artemis Documents by Artemis and the
      consummation of the transactions contemplated hereby have been duly
      authorized by Artemis’ board of directors. No other corporate or
      shareholder proceedings on the part of Artemis is necessary to authorize
      such documents or to consummate the transactions contemplated hereby. This
      Agreement has been, and the other Artemis Documents when executed and
      delivered by Artemis as contemplated by this Agreement will be, duly
      executed and delivered by Artemis and this Agreement is, and the other
      Artemis Documents when executed and delivered by Artemis as contemplated
      hereby will be, valid and binding obligations of Artemis enforceable in
      accordance with their respective terms except:

	 	 	 	 
	 		(i) 	
      as limited by applicable bankruptcy, insolvency,
      reorganization, moratorium, and other laws of general application
      affecting enforcement of creditors’ rights generally,

	 	 	 	 
	 		(ii) 	
      as limited by laws relating to the availability of
      specific performance, injunctive relief, or other equitable remedies,
      and

	 	 	 	 
	 		(iii) 	
      as limited by public policy;

	 	 	 	 
	 	(c) 	
      neither the execution, delivery and performance of this
      Agreement, nor the consummation of the transactions contemplated hereby,
      will:

	 	 	 	 
	 		(i) 	
      violate any agreement, written or oral, to which Artemis
      or any of its subsidiaries may be a party or by which Artemis or any of
      its subsidiaries may be bound,

	 	 	 	 
	 		(ii) 	
      violate any provision of the Constitution, Articles of
      Association or any other constating documents of Artemis, any of its
      subsidiaries or any applicable laws, or

	 	 	 	 
	 		(iii) 	
      violate any order, writ, injunction, decree, statute,
      rule, or regulation of any court or governmental or regulatory authority
      applicable to Artemis, any of its subsidiaries or any of their respective
      material property or assets;

	 	 	 	 
	 	(d) 	
      Artemis is the registered and beneficial owner, free and
      clear of all liens, charges and encumbrances of any kind whatsoever, of
      99.9% of the issued and outstanding securities of each of Aurora and
      Boreal;

	 	 	 	 
	 	(e) 	
      there are no written instruments, buy-sell agreements,
      registration rights or agreements, voting agreements or other agreements
      by and between or among Artemis or any other person, imposing any
      restrictions upon the transfer,

12 

	 		
      prohibiting the transfer of or otherwise pertaining to
      the shares of each of Aurora and Boreal;

	 	 	 
	 	(f) 	
      Artemis has the power and capacity and good and
      sufficient right and authority to transfer the legal and beneficial title
      and ownership of the shares of each of Aurora and Boreal to the Purchaser;
      and

	 	 	 
	 	(g) 	
      no person, firm, corporation or entity of any kind has or
      will have any agreement, right or option of any kind whatsoever to acquire
      any of the shares of each of Aurora and Boreal.

10.2      
Representations and Warranties of Artemis and Aurora 

Artemis and Aurora, jointly and severally, represent and
warrant to Pubco, and acknowledge that Pubco is relying upon such
representations and warranties, in connection with the execution, delivery and
performance of this Agreement, notwithstanding any investigation made by or on
behalf of Pubco, as follows: 

	 	(a) 	
      Aurora is a corporation duly organized, validly existing
      and in good standing under the laws of Paraguay and has the requisite
      corporate power and authority to own, lease and to carry on its business
      as now being conducted. Aurora is duly qualified to do business and is in
      good standing as a corporation in each of the jurisdictions in which
      Aurora owns property, leases property, does business, or is otherwise
      required to do so, where the failure to be so qualified would have a
      material adverse effect on the business of Aurora taken as a
  whole;

	 	 	 	 
	 	(b) 	
      Aurora has all requisite corporate power and authority to
      execute and deliver this Agreement and any other document contemplated by
      this Agreement (collectively, the “Aurora Documents”) to be signed
      by Aurora and to perform its obligations hereunder and to consummate the
      transactions contemplated hereby. The execution and delivery of each of
      the Aurora Documents by Aurora and the consummation of the transactions
      contemplated hereby have been duly authorized by Aurora’s board of
      directors. No other corporate or shareholder proceedings on the part of
      Aurora is necessary to authorize such documents or to consummate the
      transactions contemplated hereby. This Agreement has been, and the other
      Aurora Documents when executed and delivered by Aurora as contemplated by
      this Agreement will be, duly executed and delivered by Aurora and this
      Agreement is, and the other Aurora Documents when executed and delivered
      by Aurora as contemplated hereby will be, valid and binding obligations of
      Aurora enforceable in accordance with their respective terms
  except:

	 	 	 	 
	 		(i) 	
      as limited by applicable bankruptcy, insolvency,
      reorganization, moratorium, and other laws of general application
      affecting enforcement of creditors’ rights generally,

	 	 	 	 
	 		(ii) 	
      as limited by laws relating to the availability of
      specific performance, injunctive relief, or other equitable remedies,
      and

13 

	 	(iii) 	
      as limited by public policy;

	 	(c) 	
      the entire authorized capital stock and other equity
      securities of Aurora consists of 200,000,000 shares (the “Aurora
      Stock”). As of the date of this Agreement, there are 25,100,020 shares
      of Aurora Stock issued and outstanding. All of the issued and outstanding
      shares of Aurora Stock have been duly authorized, are validly issued, were
      not issued in violation of any pre-emptive rights and are fully paid and
      non-assessable, are not subject to pre-emptive rights and were issued in
      full compliance with the laws of Paraguay and its Constitution and
      Articles of Association. There are no outstanding options, warrants,
      subscriptions, conversion rights, or other rights, agreements, or
      commitments obligating Aurora to issue any additional shares of Aurora
      Stock, or any other securities convertible into, exchangeable for, or
      evidencing the right to subscribe for or acquire from Aurora any common
      shares of Aurora Stock. There are no agreements purporting to restrict the
      transfer of the Aurora Stock, no voting agreements, shareholders’
      agreements, voting trusts, or other arrangements restricting or affecting
      the voting of the Aurora Stock;

	 	 	 	 
	 	(d) 	
      as of the Effective Date, Artemis owns 99.9% of the
      issued and outstanding shares of Aurora Stock;

	 	 	 	 
	 	(e) 	
      the corporate records of Aurora, as required to be
      maintained by it pursuant to all applicable laws, are accurate, complete
      and current in all material respects, and the minute book of Aurora is, in
      all material respects, correct and contains all records required by all
      applicable laws, as applicable, in regards to all proceedings, consents,
      actions and meetings of the shareholders and the board of directors of
      Aurora;

	 	 	 	 
	 	(f) 	
      neither the execution, delivery and performance of this
      Agreement, nor the consummation of the transactions contemplated hereby,
      will:

	 	 	 	 
	 		(i) 	
      conflict with, result in a violation of, cause a default
      under (with or without notice, lapse of time or both) or give rise to a
      right of termination, amendment, cancellation or acceleration of any
      obligation contained in or the loss of any material benefit under, or
      result in the creation of any lien, security interest, charge or
      encumbrance upon any of the material properties or assets of Aurora or any
      of its subsidiaries under any term, condition or provision of any loan or
      credit agreement, note, debenture, bond, mortgage, indenture, lease or
      other agreement, instrument, permit, license, judgment, order, decree,
      statute, law, ordinance, rule or regulation applicable to Aurora or any of
      its subsidiaries, or any of their respective material property or
      assets,

	 	 	 	 
	 		(ii) 	
      violate any provision of the Constitution, Articles of
      Association or any other constating documents of Aurora, any of its
      subsidiaries or any applicable laws, or

14 

	 	(iii) 	
      violate any order, writ, injunction, decree, statute,
      rule, or regulation of any court or governmental or regulatory authority
      applicable to Aurora, any of its subsidiaries or any of their respective
      material property or assets;

	 	(g) 	
      to the best knowledge of Aurora, there is no basis for
      and there is no action, suit, judgment, claim, demand or proceeding
      outstanding or pending, or threatened against or affecting Aurora, or
      which involves any of the business, or the properties or assets of Aurora
      that, if adversely resolved or determined, would have a material adverse
      effect on the business, operations, assets, properties, prospects, or
      conditions of Aurora taken as a whole (a “Aurora Material Adverse
      Effect”). There is no reasonable basis for any claim or action that,
      based upon the likelihood of its being asserted and its success if
      asserted, would have such a Aurora Material Adverse Effect;

	 	 	 	 
	 	(h) 	
      compliance:

	 	 	 	 
	 		(i) 	
      to the best knowledge of Aurora, Aurora is in compliance
      with, is not in default or violation in any material respect under, and
      has not been charged with or received any notice at any time of any
      material violation of any statute, law, ordinance, regulation, rule,
      decree or other applicable regulation to the business or operations of
      Aurora,

	 	 	 	 
	 		(ii) 	
      to the best knowledge of Aurora, Aurora is not subject to
      any judgment, order or decree entered in any lawsuit or proceeding
      applicable to its business and operations that would constitute a Aurora
      Material Adverse Effect,

	 	 	 	 
	 		(iii) 	
      each of Aurora has duly filed all reports and returns
      required to be filed by it with governmental authorities and has obtained
      all governmental permits and other governmental consents, except as may be
      required after the execution of this Agreement. All of such permits and
      consents are in full force and effect, and no proceedings for the
      suspension or cancellation of any of them, and no investigation relating
      to any of them, is pending or to the best knowledge of Aurora, threatened,
      and none of them will be adversely affected by the consummation of the
      transactions contemplated hereby, and

	 	 	 	 
	 		(iv) 	
      each of Aurora has operated in material compliance with
      all laws, rules, statutes, ordinances, orders and regulations applicable
      to its business. Aurora has not received any notice of any violation
      thereof, nor is Aurora aware of any valid basis therefore;

	 	 	 	 
	 	(i) 	
      no filing or registration with, no notice to and no
      permit, authorization, consent, or approval of any public or governmental
      body or authority or other person or entity is necessary for the
      consummation by Aurora of the transactions contemplated by this Agreement
      or to enable Aurora to continue to conduct its

15 

	 		
      business in a manner which is consistent with that in
      which the business is presently conducted;

	 	 	 
	 	(j) 	
      Aurora does not have any subsidiaries or agreements of
      any nature to acquire any subsidiary or to acquire or lease any other
      business operations;

	 	 	 
	 	(k) 	
      Aurora possesses, and has good and marketable title of
      all property necessary for the continued operation of the business of
      Aurora as presently conducted and as represented to Pubco. All such
      property is used in the business of Aurora. All such property is in
      reasonably good operating condition (normal wear and tear excepted), and
      is reasonably fit for the purposes for which such property is presently
      used. All material equipment, furniture, fixtures and other tangible
      personal property and assets owned or leased by Aurora is owned by Aurora
      free and clear of all liens, security interests, charges, encumbrances,
      and other adverse claims, except as disclosed in Schedule 3;

	 	 	 
	 	(l) 	
      the assets owned by Aurora are insured under various
      policies consistent with prudent business practices. All such policies are
      in full force and effect in accordance with their terms, no notice of
      cancellation has been received, and there is no existing default by
      Aurora, or any event which, with the giving of notice, the lapse of time
      or both, would constitute a default thereunder. All premiums to date have
      been paid in full;

	 	 	 
	 	(m) 	
      each of the leases, subleases, claims or other real
      property interests (collectively, the “Leases”) to which Aurora is
      a party or is bound, as set out in Schedule 3, is legal, valid, binding,
      enforceable and in full force and effect in all material respects. All
      rental and other payments required to be paid by Aurora pursuant to any
      such Leases have been duly paid and no event has occurred which, upon the
      passing of time, the giving of notice, or both, would constitute a breach
      or default by any party under any of the Leases. The Leases will continue
      to be legal, valid, binding, enforceable and in full force and effect on
      identical terms following the Effective Date. Aurora has not assigned,
      transferred, conveyed, mortgaged, deeded in trust, or encumbered any
      interest in the Leases or the leasehold property pursuant
  thereto;

	 	 	 
	 	(n) 	
      Schedule 5 attached hereto lists each material contract,
      agreement, license, permit, arrangement, commitment, instrument or
      contract to which Aurora is a party (each, a “Contract”). Each
      Contract is in full force and effect, and there exists no material breach
      or violation of or default by Aurora under any Contract, or any event that
      with notice or the lapse of time, or both, will create a material breach
      or violation thereof or default under any Contract by Aurora. The
      continuation, validity, and effectiveness of each Contract will in no way
      be affected by the consummation of the transactions contemplated by this
      Agreement. There exists no actual or threatened termination, cancellation,
      or limitation of, or any amendment, modification, or change to any
      Contract;

16 

	 	(o) 	
      Aurora is not a guarantor or indemnitor of any
      indebtedness of any third party, including any person, firm or
      corporation; and

	 	 	 
	 	(p) 	
      No representation or warranty by Aurora in this Agreement
      nor any certificate, schedule, statement, document or instrument furnished
      or to be furnished to Pubco pursuant hereto contains or will contain any
      untrue statement of a material fact or omits or will omit to state a
      material fact required to be stated herein or therein or necessary to make
      any statement herein or therein not materially
  misleading.

10.3      
Representations and Warranties of Artemis and Boreal 

Artemis and Boreal, jointly and severally, represent and
warrant to Pubco, and acknowledge that Pubco is relying upon such
representations and warranties, in connection with the execution, delivery and
performance of this Agreement, notwithstanding any investigation made by or on
behalf of Pubco, as follows: 

	 	(a) 	
      Boreal is a corporation duly organized, validly existing
      and in good standing under the laws of Paraguay and has the requisite
      corporate power and authority to own, lease and to carry on its business
      as now being conducted. Boreal is duly qualified to do business and is in
      good standing as a corporation in each of the jurisdictions in which
      Boreal owns property, leases property, does business, or is otherwise
      required to do so, where the failure to be so qualified would have a
      material adverse effect on the business of Boreal taken as a
  whole;

	 	 	 	 
	 	(b) 	
      Boreal has all requisite corporate power and authority to
      execute and deliver this Agreement and any other document contemplated by
      this Agreement (collectively, the “Boreal Documents”) to be signed
      by Boreal and to perform its obligations hereunder and to consummate the
      transactions contemplated hereby. The execution and delivery of each of
      the Boreal Documents by Boreal and the consummation of the transactions
      contemplated hereby have been duly authorized by Boreal’s board of
      directors. No other corporate or shareholder proceedings on the part of
      Boreal is necessary to authorize such documents or to consummate the
      transactions contemplated hereby. This Agreement has been, and the other
      Boreal Documents when executed and delivered by Boreal as contemplated by
      this Agreement will be, duly executed and delivered by Boreal and this
      Agreement is, and the other Boreal Documents when executed and delivered
      by Boreal as contemplated hereby will be, valid and binding obligations of
      Boreal enforceable in accordance with their respective terms
  except:

	 	 	 	 
	 		(i) 	
      as limited by applicable bankruptcy, insolvency,
      reorganization, moratorium, and other laws of general application
      affecting enforcement of creditors’ rights generally,

	 	 	 	 
	 		(ii) 	
      as limited by laws relating to the availability of
      specific performance, injunctive relief, or other equitable remedies,
      and

	 	 	 	 
	 		(iii) 	
      as limited by public policy;

17 

	 	(c) 	
      the entire authorized capital stock and other equity
      securities of Boreal consists of 200,000,000 shares (the “Boreal
      Stock”). As of the date of this Agreement, there are 25,100,020 shares
      of Boreal Stock issued and outstanding. All of the issued and outstanding
      shares of Boreal Stock have been duly authorized, are validly issued, were
      not issued in violation of any pre-emptive rights and are fully paid and
      non-assessable, are not subject to pre-emptive rights and were issued in
      full compliance with the laws of Paraguay and its Constitution and
      Articles of Association. There are no outstanding options, warrants,
      subscriptions, conversion rights, or other rights, agreements, or
      commitments obligating Boreal to issue any additional shares of Boreal
      Stock, or any other securities convertible into, exchangeable for, or
      evidencing the right to subscribe for or acquire from Boreal any common
      shares of Boreal Stock. There are no agreements purporting to restrict the
      transfer of the Boreal Stock, no voting agreements, shareholders’
      agreements, voting trusts, or other arrangements restricting or affecting
      the voting of the Boreal Stock;

	 	 	 	 
	 	(d) 	
      as of the Effective Date, Artemis owns 99.9% of the
      issued and outstanding shares of Boreal Stock;

	 	 	 	 
	 	(e) 	
      the corporate records of Boreal, as required to be
      maintained by it pursuant to all applicable laws, are accurate, complete
      and current in all material respects, and the minute book of Boreal is, in
      all material respects, correct and contains all records required by all
      applicable laws, as applicable, in regards to all proceedings, consents,
      actions and meetings of the shareholders and the board of directors of
      Boreal;

	 	 	 	 
	 	(f) 	
      neither the execution, delivery and performance of this
      Agreement, nor the consummation of the transactions contemplated hereby,
      will:

	 	 	 	 
	 		(i) 	
      conflict with, result in a violation of, cause a default
      under (with or without notice, lapse of time or both) or give rise to a
      right of termination, amendment, cancellation or acceleration of any
      obligation contained in or the loss of any material benefit under, or
      result in the creation of any lien, security interest, charge or
      encumbrance upon any of the material properties or assets of Boreal or any
      of its subsidiaries under any term, condition or provision of any loan or
      credit agreement, note, debenture, bond, mortgage, indenture, lease or
      other agreement, instrument, permit, license, judgment, order, decree,
      statute, law, ordinance, rule or regulation applicable to Boreal or any of
      its subsidiaries, or any of their respective material property or
      assets,

	 	 	 	 
	 		(ii) 	
      violate any provision of the Constitution, Articles of
      Association or any other constating documents of Boreal, any of its
      subsidiaries or any applicable laws, or

	 	 	 	 
	 		(iii) 	
      violate any order, writ, injunction, decree, statute,
      rule, or regulation of any court or governmental or regulatory authority
      applicable to Boreal,

18 

any of its subsidiaries or any of
their respective material property or assets; 

	 	(g) 	
      to the best knowledge of Boreal, there is no basis for
      and there is no action, suit, judgment, claim, demand or proceeding
      outstanding or pending, or threatened against or affecting Boreal, or
      which involves any of the business, or the properties or assets of Boreal
      that, if adversely resolved or determined, would have a material adverse
      effect on the business, operations, assets, properties, prospects, or
      conditions of Boreal taken as a whole (a “Boreal Material Adverse
      Effect”). There is no reasonable basis for any claim or action that,
      based upon the likelihood of its being asserted and its success if
      asserted, would have such a Boreal Material Adverse Effect;

	 	 	 	 
	 	(h) 	
      compliance:

	 	 	 	 
	 		(i) 	
      to the best knowledge of Boreal, Boreal is in compliance
      with, is not in default or violation in any material respect under, and
      has not been charged with or received any notice at any time of any
      material violation of any statute, law, ordinance, regulation, rule,
      decree or other applicable regulation to the business or operations of
      Boreal,

	 	 	 	 
	 		(ii) 	
      to the best knowledge of Boreal, Boreal is not subject to
      any judgment, order or decree entered in any lawsuit or proceeding
      applicable to its business and operations that would constitute a Boreal
      Material Adverse Effect,

	 	 	 	 
	 		(iii) 	
      each of Boreal has duly filed all reports and returns
      required to be filed by it with governmental authorities and has obtained
      all governmental permits and other governmental consents, except as may be
      required after the execution of this Agreement. All of such permits and
      consents are in full force and effect, and no proceedings for the
      suspension or cancellation of any of them, and no investigation relating
      to any of them, is pending or to the best knowledge of Boreal, threatened,
      and none of them will be adversely affected by the consummation of the
      transactions contemplated hereby, and

	 	 	 	 
	 		(iv) 	
      each of Boreal has operated in material compliance with
      all laws, rules, statutes, ordinances, orders and regulations applicable
      to its business. Boreal has not received any notice of any violation
      thereof, nor is Boreal aware of any valid basis therefore;

	 	 	 	 
	 	(i) 	
      no filing or registration with, no notice to and no
      permit, authorization, consent, or approval of any public or governmental
      body or authority or other person or entity is necessary for the
      consummation by Boreal of the transactions contemplated by this Agreement
      or to enable Boreal to continue to conduct its business in a manner which
      is consistent with that in which the business is presently
    conducted;

19 

	 	(j) 	
      Boreal does not have any subsidiaries or agreements of
      any nature to acquire any subsidiary or to acquire or lease any other
      business operations;

	 	 	 
	 	(k) 	
      Boreal possesses, and has good and marketable title of
      all property necessary for the continued operation of the business of
      Boreal as presently conducted and as represented to Pubco. All such
      property is used in the business of Boreal. All such property is in
      reasonably good operating condition (normal wear and tear excepted), and
      is reasonably fit for the purposes for which such property is presently
      used. All material equipment, furniture, fixtures and other tangible
      personal property and assets owned or leased by Boreal is owned by Boreal
      free and clear of all liens, security interests, charges, encumbrances,
      and other adverse claims, except as disclosed in Schedule 4;

	 	 	 
	 	(l) 	
      the assets owned by Boreal are insured under various
      policies consistent with prudent business practices. All such policies are
      in full force and effect in accordance with their terms, no notice of
      cancellation has been received, and there is no existing default by
      Boreal, or any event which, with the giving of notice, the lapse of time
      or both, would constitute a default thereunder. All premiums to date have
      been paid in full;

	 	 	 
	 	(m) 	
      each of the leases, subleases, claims or other real
      property interests (collectively, the “Leases”) to which Boreal is
      a party or is bound, as set out in Schedule 4, is legal, valid, binding,
      enforceable and in full force and effect in all material respects. All
      rental and other payments required to be paid by Boreal pursuant to any
      such Leases have been duly paid and no event has occurred which, upon the
      passing of time, the giving of notice, or both, would constitute a breach
      or default by any party under any of the Leases. The Leases will continue
      to be legal, valid, binding, enforceable and in full force and effect on
      identical terms following the Effective Date. Boreal has not assigned,
      transferred, conveyed, mortgaged, deeded in trust, or encumbered any
      interest in the Leases or the leasehold property pursuant
  thereto;

	 	 	 
	 	(n) 	
      Schedule 6 attached hereto lists each material contract,
      agreement, license, permit, arrangement, commitment, instrument or
      contract to which Boreal is a party (each, a “Contract”). Each
      Contract is in full force and effect, and there exists no material breach
      or violation of or default by Boreal under any Contract, or any event that
      with notice or the lapse of time, or both, will create a material breach
      or violation thereof or default under any Contract by Boreal. The
      continuation, validity, and effectiveness of each Contract will in no way
      be affected by the consummation of the transactions contemplated by this
      Agreement. There exists no actual or threatened termination, cancellation,
      or limitation of, or any amendment, modification, or change to any
      Contract;

	 	 	 
	 	(o) 	
      Boreal is not a guarantor or indemnitor of any
      indebtedness of any third party, including any person, firm or
      corporation; and

20 

	 	(p) 	
      no representation or warranty by Boreal in this Agreement
      nor any certificate, schedule, statement, document or instrument furnished
      or to be furnished to Pubco pursuant hereto contains or will contain any
      untrue statement of a material fact or omits or will omit to state a
      material fact required to be stated herein or therein or necessary to make
      any statement herein or therein not materially
  misleading.

11.        
REPRESENTATION AND WARRANTIES OF PUBCO 

11.1      
Representation and Warranties of Pubco 

Pubco represents and warrants to Artemis and acknowledges that
Artemis is relying upon such representations and warranties in connection with
the execution, delivery and performance of this Agreement, notwithstanding any
investigation made by or on behalf of Artemis, as follows: 

	 	(a) 	
      Pubco is duly incorporated, organized, validly existing
      and in good standing under the laws of the State of Nevada;

	 	 	 	 
	 	(b) 	
      Pubco has all requisite corporate power and authority to
      execute and deliver this Agreement and any other document contemplated by
      this Agreement (collectively, the “Pubco Documents”) to be signed
      by Pubco and to perform its obligations hereunder and to consummate the
      transactions contemplated hereby. The execution and delivery of each of
      the Pubco Documents by Pubco and the consummation by Pubco of the
      transactions contemplated hereby have been duly authorized by its board of
      directors and no other corporate or shareholder proceedings on the part of
      Pubco is necessary to authorize such documents or to consummate the
      transactions contemplated hereby. This Agreement has been, and the other
      Pubco Documents when executed and delivered by Pubco as contemplated by
      this Agreement will be, duly executed and delivered by Pubco and this
      Agreement is, and the other Pubco Documents when executed and delivered by
      Pubco, as contemplated hereby will be, valid and binding obligations of
      Pubco enforceable in accordance with their respective terms,
  except:

	 	 	 	 
	 		(i) 	
      as limited by applicable bankruptcy, insolvency,
      reorganization, moratorium, and other laws of general application
      affecting enforcement of creditors’ rights generally,

	 	 	 	 
	 		(ii) 	
      as limited by laws relating to the availability of
      specific performance, injunctive relief, or other equitable remedies,
      and

	 	 	 	 
	 		(iii) 	
      as limited by public policy;

	 	 	 	 
	 	(c) 	
      the entire authorized capital stock and other equity
      securities of Pubco consists of 1,200,000,000 shares of common stock with
      a par value of $0.001 (the “Pubco Common Stock”). As of the date of
      this Agreement, there are 94,045,655 shares of Pubco Common Stock issued
      and outstanding;

21 

	 	(d) 	
      neither the execution, delivery and performance of this
      Agreement, nor the consummation of the transactions contemplated hereby,
      will:

	 	 	 	 
	 		(i) 	
      violate any agreement, written or oral, to which Pubco or
      any of its subsidiaries may be a party or by which Pubco or any of its
      subsidiaries may be bound,

	 	 	 	 
	 		(ii) 	
      violate any provision of the applicable incorporation or
      charter documents of Pubco, or

	 	 	 	 
	 		(iii) 	
      violate any order, writ, injunction, decree, statute,
      rule, or regulation of any court or governmental or regulatory authority
      applicable to Pubco or any of its material property or assets;
  and

	 	 	 	 
	 	(e) 	
      No filing or registration with, no notice to and no
      permit, authorization, consent, or approval of any public or governmental
      body or authority or other person or entity is necessary for the
      consummation by Pubco of the transactions contemplated by this
      Agreement.

12.        
CONFIDENTIALITY 

12.1      
Confidentiality Obligations 

Each party hereto (the “Disclosing Party”) agrees to
provide such information as each may reasonably request (“Information”)
of any other party to this Agreement (the “Receiving Party”), subject to
the following terms and conditions: 

	 	(a) 	
      hold such Information, and ensure that it is held by its
      affiliates, in strictest confidence and will, and will ensure that its
      affiliates will, take all reasonable precautions to protect such
      Information from unauthorised access by third parties;

	 	 	 
	 	(b) 	
      ensure that such Information will not be duplicated
      (except as absolutely necessary for the purposes of the transactions
      contemplated hereby) and will operate procedures to prevent any
      unauthorised copying or distribution of such Information;

	 	 	 
	 	(c) 	
      ensure that disclosure of such Information is restricted
      solely to those affiliates of the Receiving Party who need to know the
      Information for the purposes hereof;

	 	 	 
	 	(d) 	
      ensure that prior to the disclosure of such Information
      to any of its affiliates they are informed of the confidential nature of
      such Information;

	 	 	 
	 	(e) 	
      ensure that its affiliates comply with the terms of this
      Agreement with respect to such Information as if they were individually
      named in this agreement as the Receiving Party; and

	 	 	 
	 	(f) 	
      use such Information, and ensure that it is used by its
      affiliates, only for the purposes of consummating the transactions
      contemplated hereby and in particular

22 

will ensure that the Information is
not used in any way that is directly or indirectly detrimental to the Disclosing
Party or any of its affiliates or so as to compete with or procure any
commercial advantage over the Disclosing Party or any of its affiliates; 

Notwithstanding the foregoing, nothing herein shall prevent the
copying of Information held on a computer system, word processor or other device
capable of containing Information where such copying occurs in the usual course
of back-ups or archiving of that computer system, word processor or other device
capable of containing Information or which is otherwise not readily and
reasonably retrievable (the “Irretrievable Computer Copies”); provided,
that, all such Information and copies of it shall remain the sole property of
the Disclosing Party or its Related Party which disclosed it or on whose behalf
it was disclosed. 

12.2      
Exclusions to Confidentiality Obligations 

The Information shall not include any information which: 

	 	(a) 	
      was previously known to the Receiving Party or any of its
      affiliates (without, to its knowledge, the breach by any person of any
      obligation of confidentiality);

	 	 	 
	 	(b) 	
      is or becomes publicly available (other than as a result
      of a breach of the terms of this Agreement);

	 	 	 
	 	(c) 	
      is independently developed or acquired by the Receiving
      Party or any of its affiliates (without, to its knowledge, the breach by
      any person of any obligation of confidentiality);

	 	 	 
	 	(d) 	
      is trivial or obvious or otherwise clearly of a
      non-confidential nature (but, for the avoidance of doubt, no Information
      shall be deemed to fall within this paragraph (d) if it is marked as
      confidential by the Disclosing Party or any of its affiliates or if it
      shall be clearly identified at the time of disclosure as
    confidential);

	 	 	 
	 	(e) 	
      the Receiving Party may make a particular disclosure of
      Information if that disclosure is approved by the Disclosing Party in
      writing prior to its disclosure; and

	 	 	 
	 	(f) 	
      the Receiving Party shall not be liable for disclosure of
      Information to the extent it is required by law or by any regulatory
      authority or the rules of any stock exchange to which the Receiving Party
      or any of its affiliates is subject, provided however that the Receiving
      Party shall, if it is reasonably able to do so, give notice first to the
      Disclosing Party and co-operate with the Disclosing Party, so far as it is
      reasonably able to do so, so that an order protecting or safeguarding such
      Information, if appropriate or possible, may be sought by the Disclosing
      Party or any of its affiliates.

Neither anything contained in this Agreement nor the disclosure
of Information shall be construed as: 

23 

	 	(g) 	
      granting or conferring any rights, express or implied by
      licence or otherwise, in or under any Information or other rights owned or
      controlled by a party or any of its affiliates;

	 	 	 
	 	(h) 	
      creating any requirement to provide any particular
      Information;

	 	 	 
	 	(i) 	
      constituting a waiver of privilege or any other rights
      that the Disclosing Party or its affiliates may have in the
      Information;

	 	 	 
	 	(j) 	
      creating warranties or representations of any kind in
      respect of the Information;

	 	 	 
	 	(k) 	
      creating obligations of any kind not expressly set out in
      this agreement; or

	 	 	 
	 	(l) 	
      restricting a party or its affiliates from using,
      disclosing, or disseminating its own proprietary or confidential
      information in any way.

12.3      
Documents 

	 	(a) 	
      Upon the Disclosing Party’s written request, the
      Receiving Party shall, and shall ensure that its affiliates shall,
      immediately cease all use of the Information and shall, within 14 days
      after such request, return to the Disclosing Party or destroy or
      permanently erase all the Information (including all copies) in the
      possession or under the control of the Receiving Party or any of its
      affiliates and the Receiving Party shall no later than the expiry of such
      period of 14 days certify to the Disclosing Party (such certificate to be
      signed by a director of the Receiving Party) that all such Information has
      been so returned, destroyed or permanently erased.

	 	 	 
	 	(b) 	
      Section 11.3 shall not apply to Irretrievable Computer
      Copies or to the extent that the Receiving Party or any of its affiliates
      to whom the Information has been provided is required to retain any such
      Information by any applicable law, rule or regulation or by any competent
      judicial, governmental, supervisory or regulatory
body.

13.        
GENERAL 

13.1      
Entire Agreement 

This Agreement supersedes any prior oral or written
understandings and agreements, and constitutes the entire agreement between the
parties, with respect to its subject matter. 

13.2      
Amendment 

No modification, amendment or waiver of any provision of this
Agreement shall be effective unless recorded in writing and signed by each of
the affected parties hereto. 

24 

13.3      
Governing Law 

This Agreement shall in all respects be governed by and
construed in accordance with the laws of the State of Texas. The parties hereby
attorn to the exclusive jurisdiction of the Courts in the State of Texas. 

13.4       No
Waiver 

Any failure by any party in exercising any right, power or
privilege under this Agreement shall not constitute a waiver, nor shall any
single or partial exercise preclude any further exercise of any such right,
power or privilege. 

13.5      
Rights and Remedies 

The express rights and remedies provided in this Agreement do
not exclude any other rights or remedies provided by law, except to the extent
that the rights and remedies of a party are expressly excluded or restricted by
the terms of this Agreement. 

13.6      
Severability 

If any undertaking or other provision in this Agreement shall
be held to be illegal or unenforceable in whole or in part, such undertaking or
other provision or part shall to that extent be deemed not to form part of this
agreement but the enforceability of the remainder of this agreement shall not be
affected. 

13.7       No
Assignment 

This Agreement may not be assigned by any party without the
prior written consent of each of the other parties. 

13.8      Notices

Any notice, consent, waiver, direction or other communication
required or permitted to be given under this Agreement by a party to any other
party hereto shall be in writing and may be given by delivering same or sending
same by facsimile transmission or by delivery addressed to the party to which
the notice is to be given at its address for service herein. Any notice,
consent, waiver, direction or other communication aforesaid will, if delivered,
be deemed to have been given and received on the date on which it was delivered
to the address provided herein (if a Business Day, if not, the next succeeding
Business Day) and if sent by facsimile transmission be deemed to have been given
and received at the time of receipt unless actually received after 5:00 p.m.
(PST) at the point of delivery, in which case it shall be deemed to have been
given and received on the next Business Day. 

25 

The address for service of each of the parties hereto shall be
as follows:

	 	(a) 	
      if to Pubco:

	 	 	 
	 		
      Pantera Petroleum Inc.

	 		111 Congress Avenue, Suite 400
	 		
      Austin, Texas 78701

	 		
      Attention: Chris Metcalf, President 
Fax No.: (512)
      391-3869

	 	 	 
	 		
      with a copy to:

	 	 	 
	 		
      Clark Wilson LLP

	 		800 – 885 West Georgia Street
	 		
      Vancouver, BC V6C 3H1 
Attention: Virgil Hlus 
Fax
      No.: (604) 687-6314

	 	 	 
	 	(b) 	
      if to Artemis:

	 	 	 
	 		15 Poland Street
	 		
      London, England 
W1F 8QE

	 	 	 
	 		
      Attention: Max Patel, Director 
Fax No.: 44 20 7440
      1821

	 	 	 
	 	(c) 	
      if to Aurora and Boreal, with a copy to
Artemis:

	 	 	 
	 		
      1430 Charles de Gaulle 
Villa Mora 1885 Asuncion
      
Paraguay 
Attention: George Botha 
Fax No.: 595 21 605
  718

13.9      Execution
in Counterparts 

This Agreement may be executed in identical counterparts, each
of which is and is hereby conclusively deemed to be an original and the
counterparts collectively are to be conclusively deemed to be one instrument and
receipt of a facsimile or electronic mail version of an executed signature page
by a party shall constitute satisfactory evidence of execution of this Agreement
by such party. 

26 

13.10 Schedules and Exhibits 

The schedules and exhibits are attached to this Agreement and
are incorporated herein. 

IN WITNESS WHEREOF the parties hereto have executed this
Agreement as of the date above first written. 

	PANTERA PETROLEUM INC. 		ARTEMIS ENERGY PLC 
	  	  	 	  	  
	  	  	 	  	  
	Per: 	/s/
      Chris Metcalf 	 	Per: 	/s/
      Rohan Courtney 
	  	Name: Chris Metcalf 	 	  	Name: Rohan Courtney 
	  	Title: President and Director 	 	  	Title: Chairman 
	  	  	 	  	  
	  	  	 	  	  
	  	  	 	  	  
	AURORA PETROLEOS SA 		BOREAL PETROLEOS SA 
	  	  	 	  	  
	  	  	 	  	  
	Per: 	/s/
      J. Botha 	 	 Per: 	/s/
      J. Botha 
	  	Name: Jacob Jan Hendrik Botha 	 	  	Name: Jacob Jan Hendrik Botha 
	  	Title: Director 	 	  	Title: Director 

27 

SCHEDULE 1 

TO THE SHARE PURCHASE AGREEMENT (THE “AGREEMENT”) 
AMONG
PANTERA PETROLEUM INC., ARTEMIS ENERGY PLC, AURORA 
PETROLEOS SA AND BOREAL
PETROLEOS SA 

CERTIFICATE OF NON-U.S. SHAREHOLDER 

In connection with the issuance of the common share purchase
warrants (the "Pubco Warrants") to purchase common shares of Pantera Petroleum
Inc. ("Pubco"), a Nevada corporation, to Artemis Energy PLC pursuant to that
certain Amended and Restated Share Purchase Agreement dated ___________________,
2008 (the "Agreement"), among Pubco, Artemis, Aurora Petroleos SA and Boreal
Petroleos SA, Artemis hereby agrees, acknowledges, represents and warrants that:

          1.     
Artemis is not a “U.S. Person” as such term is defined by Rule 902 of Regulation
S under the United States Securities Act of 1933, as amended (“U.S. Securities
Act”) (the definition of which includes, but is not limited to, an individual
resident in the U.S. and an estate or trust of which any executor or
administrator or trust, respectively is a U.S. Person and any partnership or
corporation organized or incorporated under the laws of the U.S.); 

          2.     
none of the Pubco Warrants or the common shares of Pubco underlying the Pubco
Warrants have been or will be registered under the U.S. Securities Act, or under
any state securities or "blue sky" laws of any state of the United States, and
may not be offered or sold in the United States or, directly or indirectly, to
U.S. Persons, as that term is defined in Regulation S, except in accordance with
the provisions of Regulation S or pursuant to an exemption from, or in a
transaction not subject to, the registration requirements of the U.S. Securities
Act; 

          3.     
Artemis understands and agrees that offers and sales of any of the Pubco
Warrants prior to the expiration of the period specified under Regulation S
after the date of original issuance of the Pubco Warrants (such period
hereinafter referred to as the Distribution Compliance Period) shall only be
made in compliance with the safe harbor provisions set forth in Regulation 5,
pursuant to the registration provisions of the U.S. Securities Act or 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 state and provincial securities laws; 

          4.      Artemis
understands and agrees not to engage in any hedging transactions involving any
of the Pubco 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 state and provincial securities laws; 

          5.      Artemis
is acquiring the Pubco Warrants for investment only and not with a view to
resale or distribution and, in particular, it has no intention to distribute
either directly or indirectly any of the Pubco Warrants in the United States or
to U.S. Persons; 

          6.      Artemis
has not acquired the Pubco Warrants as a result of, and will not itself engage
in, any directed selling efforts (as defined in Regulation S under the U.S.
Securities Act) 

in the United States in respect of the Pubco Warrants 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 Pubco Warrants; provided, however,
that Artemis may sell or otherwise dispose of the Pubco Warrants pursuant to
registration thereof under the U.S. Securities Act and any applicable state and
provincial securities laws or under an exemption from such registration
requirements; 

          7.      the
statutory and regulatory basis for the exemption claimed for the issuance of the
Pubco Warrants, although in technical compliance with Regulation S, would not be
available if the offering is part of a plan or scheme to evade the registration
provisions of the U.S. Securities Act or any applicable state and provincial
securities laws; 

          8.      Artemis
has not undertaken, and will have no obligation, to register any of the Pubco
Warrants or the common shares of Pubco underlying the Pubco Warrants under the
U.S. Securities Act; 

          9.      Pubco
is entitled to rely on the acknowledgements, agreements, representations and
warranties and the statements and answers of Artemis contained in the Agreement
and this Certificate, and Artemis will hold harmless Pubco from any loss or
damage either one may suffer as a result of any such acknowledgements,
agreements, representations and/or warranties made by Artemis not being true and
correct; 

          10.      Artemis
has been advised to consult its own respective legal, tax and other advisors
with respect to the merits and risks of an investment in the Pubco Warrants and,
with respect to applicable resale restrictions, is solely responsible (and Pubco
is not in any way responsible) for compliance with applicable resale
restrictions; 

          11.      none
of the Pubco Warrants is listed on any stock exchange or automated dealer
quotation system and no representation has been made to the undersigned that any
of the Pubco Warrants will become listed on any stock exchange or automated
dealer quotation system, except that currently certain market makers make market
in the common shares of Pubco on the OTC Bulletin Board; 

          12.      Artemis
is outside the United States when receiving and executing this Agreement and is
acquiring the Pubco Warrants as principal for their own account, for investment
purposes only, and not with a view to, or for, resale, distribution or
fractionalization thereof, in whole or in part, and no other person has a direct
or indirect beneficial interest in the Pubco Warrants;

          13.      neither
the SEC nor any other securities commission or similar regulatory authority has
reviewed or passed on the merits of the Pubco Warrants; 

          14.      the
Pubco Warrants are not being acquired, directly or indirectly, for the account
or benefit of a U.S. Person or a person in the United States; 

          15.     
Artemis acknowledges and agrees that Pubco shall refuse to register any transfer
of Pubco Warrants not made in accordance with the provisions of Regulation S,
pursuant to registration under the U.S. Securities Act, or pursuant to an
available exemption from registration under the U.S. Securities Act; 

          16.      Artemis
understands and agrees that the Pubco Warrants will bear the following legend:

  
    
      
        “THE SECURITIES REPRESENTED HEREBY HAVE BEEN OFFERED
          IN AN OFFSHORE TRANSACTION TO A PERSON WHO IS NOT A U.S. PERSON (AS
          DEFINED HEREIN) PURSUANT TO REGULATION S UNDER THE UNITED STATES SECURITIES
          ACT OF 1933, AS AMENDED (THE “1933 ACT”). 

        NONE OF THE SHARES OF COMMON STOCK HAVE BEEN REGISTERED
          UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO
          REGISTERED, NONE MAY BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN
          THE UNITED STATES OR TO U.S. PERSONS (AS DEFINED HEREIN) EXCEPT IN ACCORDANCE
          WITH THE PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT TO
          AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT
          TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO,
          THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY
          IN ACCORDANCE WITH APPLICABLE STATE AND PROVINCIAL SECURITIES LAWS.
          HEDGING TRANSACTIONS INVOLVING THE SECURITIES REPRESENTED HEREBY MAY
          NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE 1933 ACT.” 

      

    

  

          17.     
the address of Artemis included herein is the sole address of Artemis as of the
date of this certificate. 

IN WITNESS WHEREOF, Artemis has executed this Certificate of
Non-U.S. Shareholder. 

ARTEMIS ENERGY PLC 

 

	Per: 	 	             
      Date: ________________________________________, 2008 
	Name: 	Rohan Courtney 	 
	Title: 	Chairman 	 

SCHEDULE 2 

TO THE SHARE PURCHASE AGREEMENT (THE “AGREEMENT”) 
AMONG
PANTERA PETROLEUM INC., ARTEMIS ENERGY PLC, AURORA 
PETROLEOS SA AND BOREAL
PETROLEOS SA 

WIRING INSTRUCTIONS FOR AURORA AND BOREAL 

	Via: 	Wachovia National Bank, NY 
	  	56A - PNBPUS3NNYC 
	Account: 	57A-//2000192000712 
	To: 	Interbanco S.A. Paraguay 
	Swift 	UBBRPYPX 
	Account: 	59 Aurora Petroleos SA 
	Account No: 	5000691/5 
	  	  
	  	  
	  	  
	Via: 	Wachovia National Bank, NY 
	  	56A - PNBPUS3NNYC 
	Account: 	57A-//2000192000712 
	To: 	Interbanco S.A. Paraguay 
	Swift 	UBBRPYPX 
	Account: 	59 Boreal Petroleos SA 
	Account No: 	5000692/2

SCHEDULE 3 

TO THE SHARE PURCHASE AGREEMENT (THE “AGREEMENT”) 
AMONG
PANTERA PETROLEUM INC., ARTEMIS ENERGY PLC, AURORA 
PETROLEOS SA AND BOREAL
PETROLEOS SA 

AURORA LEASES, SUBLEASES, CLAIMS, CAPITAL EXPENDITURES,

TAXES AND OTHER PROPERTY INTERESTS 

Concession Contract between Government of the Republic of
Paraguay and Aurora Petroleum S.A., for the exploration and exploitation of
hydrocarbons in the area located in the Western Region of the Republic,
identified as Tora, Tagua and Cerro Cabrera blocks 

Aurora Concession Law No 3551 

The Hydrocarbon Law 779/95 

Decree No 6597/05 

SCHEDULE 4 

TO THE SHARE PURCHASE AGREEMENT (THE “AGREEMENT”) 
AMONG
PANTERA PETROLEUM INC., ARTEMIS ENERGY PLC, AURORA 
PETROLEOS SA AND BOREAL
PETROLEOS SA 

BOREAL LEASES, SUBLEASES, CLAIMS, CAPITAL EXPENDITURES,

TAXES AND OTHER PROPERTY INTERESTS 

Concession Contract between Government of the Republic of
Paraguay and Boreal Petroleos S.A. for the exploration and exploitation of
hydrocarbons in an area, located in the Western Region of the Republic,
identified as Pantera and Bahia Negra blocks 

Boreal Concession Law No 3478 

The Hydrocarbon Law 779/95 

Decree No 6597/05 

SCHEDULE 5 

TO THE SHARE PURCHASE AGREEMENT (THE “AGREEMENT”) 
AMONG
PANTERA PETROLEUM INC., ARTEMIS ENERGY PLC, AURORA 
PETROLEOS SA AND BOREAL
PETROLEOS SA 

AURORA MATERIAL CONTRACTS 

Concession Contract between Government of the Republic of
Paraguay and Aurora Petroleum S.A., for the exploration and exploitation of
hydrocarbons in the area located in the Western Region of the Republic,
identified as Tora, Tagua and Cerro Cabrera blocks 

Consulting Agreement between Aurora Petroleos S.A. and Angel
Javier Facetti for the application of an Environment Management Plan. 

SCHEDULE 6 

TO THE SHARE PURCHASE AGREEMENT (THE “AGREEMENT”) 
AMONG
PANTERA PETROLEUM INC., ARTEMIS ENERGY PLC, AURORA 
PETROLEOS SA AND BOREAL
PETROLEOS SA 

BOREAL MATERIAL CONTRACTS 

Concession Contract between Government of the Republic of
Paraguay and Boreal Petroleos S.A. for the exploration and exploitation of
hydrocarbons in an area, located in the Western Region of the Republic,
identified as Pantera and Bahia Negra blocks 

Consulting Agreement between Aurora Petroleos S.A. and Angel
Javier Facetti for the application of an Environment Management Plan. 

SCHEDULE 7 

TO THE SHARE PURCHASE AGREEMENT (THE “AGREEMENT”) 
AMONG
PANTERA PETROLEUM INC., ARTEMIS ENERGY PLC, AURORA 
PETROLEOS SA AND BOREAL
PETROLEOS SA 

FORM OF PUBCO WARRANTFiled by sedaredgar.com - Counterpath Corporation - Exhibit 10.28

THIS PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT (THE
“SUBSCRIPTION AGREEMENT”) RELATES TO AN OFFERING OF SECURITIES IN AN OFFSHORE
TRANSACTION TO PERSONS WHO ARE NOT U.S. PERSONS (AS DEFINED HEREIN) PURSUANT TO
REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“1933 ACT”). 

NONE OF THE SECURITIES TO WHICH THIS SUBSCRIPTION AGREEMENT
RELATES HAVE BEEN REGISTERED UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES
LAWS, AND, UNLESS SO REGISTERED, NONE MAY BE OFFERED OR SOLD, DIRECTLY OR
INDIRECTLY, IN THE UNITED STATES OR TO U.S. PERSONS (AS DEFINED HEREIN) EXCEPT
IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN
AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE
STATE SECURITIES LAWS. IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE
SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE 1933 ACT.

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF
THE SECURITIES SHALL NOT TRADE THE SECURITIES BEFORE <> [insert
date that is four months and 1 day from closing], 2008.

WITHOUT PRIOR WRITTEN APPROVAL OF THE TSX VENTURE EXCHANGE
AND COMPLIANCE WITH ALL APPLICABLE SECURITIES LEGISLATION, THE SECURITIES
REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR
OTHERWISE TRADED ON OR THROUGH THE FACILITIES OF THE TSX VENTURE EXCHANGE OR
OTHERWISE IN CANADA OR TO OR FOR THE BENEFIT OF A CANADIAN RESIDENT UNTIL
<> [insert date that is four months and 1 day from closing],
2008.

CONFIDENTIAL
PRIVATE PLACEMENT SUBSCRIPTION
AGREEMENT

	TO: 	CounterPath Corporation (the “Company”)
    
	  	Suite 300, One Bentall Centre, 505 Burrard
      Street 
	  	Vancouver, British Columbia, Canada V7X 1M3
  

PURCHASE OF UNITS

	1. 	Subscription 

1.1                     On
  the basis of the representations and warranties and subject to the terms and
  conditions set forth herein, the undersigned (the “Subscriber”) hereby
  irrevocably subscribes for and agrees to purchase units (the “Units”)
  at a price of CDN$1.54 per Unit (such subscription and agreement to purchase
  being the “Subscription”), for an aggregate purchase price of CDN$_____________
  (the “Subscription Proceeds”) which is tendered herewith, on the basis
  of the representations and warranties and subject to the terms and conditions
  set forth herein.

1.2                     Each
  Unit will consist of one common share in the capital of the Company (each, a
  “Share”) and one-half ( 1 / 2 ) of one common
  share purchase warrant (each, a “Warrant”) subject to adjustment.
  Each whole Warrant shall be non-transferable. Each Warrant shall entitle the
  holder thereof to purchase one common share in the capital of the Company (each,
  a “Warrant Share”), as presently constituted, for a period of two
  years commencing from the Closing Date (defined herein) at an exercise price
  of $2.25 per Warrant Share. The Shares, Warrants and Warrant Shares are referred
  to herein as the “Securities”.

- 2 -

1.3                     The
  Company hereby agrees to sell, on the basis of the representations and warranties
  and subject to the terms and conditions set forth herein, to the Subscriber
  the Units. Subject to the terms hereof, the Subscription Agreement will be effective
  upon its acceptance by the Company.

1.4                     Unless
  otherwise provided, all dollar amounts referred to in this Subscription Agreement
  are in lawful money of the United States of America.

2.                    
  Payment

2.1                     The
  Subscription Proceeds must accompany this Subscription and shall be paid by
  certified cheque or bank draft drawn on a Canadian chartered bank, and made
  payable and delivered to the Company. Alternatively, the Subscription Proceeds
  may be wired to the Company or its lawyers pursuant to wiring instructions that
  will be provided to the Subscriber upon request. If the funds are wired to the
  Company’s lawyers, the Subscriber authorizes such lawyers to immediately
  deliver the funds to the Company upon receipt of the funds from the Subscriber.

2.2          
             The Subscriber
  acknowledges and agrees that this Subscription Agreement, the Subscription Proceeds
  and any other documents delivered in connection herewith will be held on behalf
  of the Company. In the event that this Subscription Agreement is not accepted
  by the Company for whatever reason, which the Company expressly reserves the
  right to do, at any time before August 31, 2008, this Subscription Agreement,
  the Subscription Proceeds (without interest thereon) and any other documents
  delivered in connection herewith will be returned to the Subscriber at the address
  of the Subscriber as set forth in this Subscription Agreement.

	3. 	
      Documents Required from
Subscriber

	 	 
	3.1 	
      The Subscriber must complete, sign and return to the
      Company the following documents:

	 	(a) 	
      two (2) executed copies of this Subscription
      Agreement;

	 	 	 
	 	(b) 	
      if the Subscriber is investing less than CDN$150,000, an
      Investor Questionnaire (the “Questionnaire”) attached as Exhibit A hereto;
      and

	 	 	 
	 	(c) 	
      if the Subscriber is not an individual and does not have
      a current Corporate Placee Registration Form on file with the TSX Venture
      Exchange (the “TSX-V”), the Corporate Placee Registration Form attached as
      Exhibit B hereto.

3.2                    
  The Subscriber shall complete, sign and return to the Company as soon as possible,
  on request by the Company, any additional documents, questionnaires, notices
  and undertakings as may be required by any regulatory authorities and applicable
  law.

4.                     Conditions
  and Closing

4.1                   Closing
  of the offering of the Units (the “Closing”) shall occur on or before
  August 31, 2008, or on such other date as may be determined by the Company (the
  “Closing Date”). The Company may, at its discretion, elect to close
  the offering in one or more closings, in which event the Company may agree with
  one or more subscribers (including the Subscriber hereunder) to complete delivery
  of the Shares and the Warrants to such subscriber(s) against payment therefor
  at any time on or prior to the Closing Date.

4.2                   The
  Subscriber acknowledges that the certificates representing the Shares and the
  Warrants will be available for delivery upon Closing provided that the Subscriber
  has satisfied the requirements of Section 3 hereof and the Company has accepted
  this Subscription Agreement.

5.          
            Acknowledgements
  and Agreements of Subscriber

5.1          
           The Subscriber acknowledges
  and agrees that:

- 3 -

	 	(a) 	
      none of the Securities have been or will be registered
      under the 1933 Act, or under any state securities or “blue sky” laws of
      any state of the United States, and, unless so registered, may not be
      offered or sold in the United States or, directly or indirectly, to U.S.
      Persons, as that term is defined in Regulation S under the 1933 Act
      (“Regulation S”), except in accordance with the provisions of Regulation
      S, pursuant to an effective registration statement under the 1933 Act, or
      pursuant to an exemption from, or in a transaction not subject to, the
      registration requirements of the 1933 Act and in each case only in
      accordance with applicable state and provincial securities laws;

	 	 	 
	 	(b) 	
      the Subscriber acknowledges that the Company has not
      undertaken, and will have no obligation, to register any of the Securities
      under the 1933 Act or any other securities legislation;

	 	 	 
	 	(c) 	
      by completing the Questionnaire, if applicable, the
      Subscriber is representing and warranting that the Subscriber satisfies
      one of the categories of registration and prospectus exemptions provided
      in National Instrument 45-106 (“NI 45-106”) adopted by the British
      Columbia Securities Commission (the “BCSC”);

	 	 	 
	 	(d) 	
      the decision to execute this Subscription Agreement and
      acquire the Securities agreed to be purchased hereunder has not been based
      upon any oral or written representation as to fact or otherwise made by or
      on behalf of the Company and such decision is based entirely upon a review
      of any public information which has been filed by the Company with the
      Securities and Exchange Commission (“SEC”) in compliance, or intended
      compliance, with applicable securities legislation;

	 	 	 
	 	(e) 	
      the Subscriber and the Subscriber’s advisor(s) have had a
      reasonable opportunity to ask questions of and receive answers from the
      Company in connection with the distribution of the Securities hereunder,
      and to obtain additional information, to the extent possessed or
      obtainable without unreasonable effort or expense, necessary to verify the
      accuracy of the information about the Company;

	 	 	 
	 	(f) 	
      the books and records of the Company were available upon
      reasonable notice for inspection, subject to certain confidentiality
      restrictions, by the Subscriber during reasonable business hours at its
      principal place of business, and all documents, records and books in
      connection with the distribution of the Securities hereunder have been
      made available for inspection by the Subscriber, the Subscriber’s lawyer
      and/or advisor(s);

	 	 	 
	 	(g) 	
      all of the information which the Subscriber has provided
      to the Company is correct and complete as of the date the Subscription
      Agreement is signed, and if there should be any change in such information
      prior to this Subscription Agreement being executed by the Company, the
      Subscriber will immediately provide the Company with such
    information;

	 	 	 
	 	(h) 	
      the Company is entitled to rely on the representations
      and warranties of the Subscriber contained in this Subscription Agreement
      and the Questionnaire and the Subscriber will hold harmless the Company
      from any loss or damage it or they may suffer as a result of the
      Subscriber’s failure to correctly complete this Subscription Agreement or
      the Questionnaire;

	 	 	 
	 	(i) 	
      the Subscriber will indemnify and hold harmless the
      Company and, where applicable, its directors, officers, employees, agents,
      advisors and shareholders, from and against any and all loss, liability,
      claim, damage and expense whatsoever (including, but not limited to, any
      and all fees, costs and expenses whatsoever reasonably incurred in
      investigating, preparing or defending against any claim, lawsuit,
      administrative proceeding or investigation whether commenced or
      threatened) arising out of or based upon any representation or warranty of
      the Subscriber contained in this Subscription Agreement, the Questionnaire
      or in any document furnished by the Subscriber to the Company in
      connection herewith being untrue in any material respect or any breach or
      failure by the Subscriber to comply with any covenant or agreement made by
      the Subscriber to the Company in connection
therewith;

- 4 -

	 	(j) 	
      the Company will refuse to register any transfer of the
      Securities not made in accordance with the provisions of Regulation S,
      pursuant to an effective registration statement under the 1933 Act or
      pursuant to an available exemption from the registration requirements of
      the 1933 Act and in accordance with any other applicable securities
      laws;

	 	 	 	 
	 	(k) 	
      the Subscriber has been advised to consult the
      Subscriber’s own legal, tax and other advisors with respect to the merits
      and risks of an investment in the Securities and with respect to
      applicable resale restrictions, and it is solely responsible (and the
      Company is not in any way responsible) for compliance with:

	 	 	 	 
	 		(i) 	
      any applicable laws of the jurisdiction in which the
      Subscriber is resident in connection with the distribution of the
      Securities hereunder, and

	 	 	 	 
	 		(ii) 	
      applicable resale restrictions;

	 	 	 	 
	 	(l) 	
      in addition to resale restrictions imposed under U.S.
      securities laws, there are additional restrictions on the Subscriber’s
      ability to resell in Canada any of the Securities under the Securities Act
      (British Columbia) (the “B.C. Act”) and Multilateral Instrument 45-102
      adopted by the BCSC;

	 	 	 	 
	 	(m) 	
      the Subscriber consents to the placement of a legend on
      any certificate or other document evidencing any of the Securities to the
      effect that such securities have not been registered under the US
      Securities Act or any state securities or “blue sky” laws and setting
      forth or referring to the restrictions on transferability and sale thereof
      contained in this Subscription Agreement such legend to be substantially
      as follows:

	 	
      “THIS PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT (THE
      "SUBSCRIPTION AGREEMENT") RELATES TO AN OFFERING OF SECURITIES IN AN
      OFFSHORE TRANSACTION TO PERSONS WHO ARE NOT U.S. PERSONS (AS DEFINED
      HEREIN) PURSUANT TO REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF
      1933, AS AMENDED (THE "1933 ACT"). 
	 
	 	
       
	 
		
      NONE OF THE SECURITIES TO WHICH THIS SUBSCRIPTION
      AGREEMENT RELATES HAVE BEEN REGISTERED UNDER THE 1933 ACT, OR ANY U.S.
      STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED, NONE MAY BE OFFERED OR
      SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OR TO U.S. PERSONS (AS
      DEFINED HEREIN) EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S
      UNDER THE 1933 ACT, PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER
      THE 1933 ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A
      TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE 1933 ACT
      AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.
      IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE
      CONDUCTED UNLESS IN COMPLIANCE WITH THE 1933 ACT. 
	
	 	
       
	 
		
      UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER
      OF THE SECURITIES SHALL NOT TRADE THE SECURITIES BEFORE <> [insert
      date that is four months and 1 day from closing], 2008. 
	
	 	
       
	 
		
      WITHOUT PRIOR WRITTEN APPROVAL OF THE TSX VENTURE
      EXCHANGE AND COMPLIANCE WITH ALL APPLICABLE SECURITIES 
	

- 5 -

	 	
      LEGISLATION, THE SECURITIES REPRESENTED BY THIS
      CERTIFICATE MAY NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE TRADED
      ON OR THROUGH THE FACILITIES OF THE TSX VENTURE EXCHANGE OR OTHERWISE IN
      CANADA OR TO OR FOR THE BENEFIT OF A CANADIAN RESIDENT UNTIL <>
      [insert date that is four months and 1 day from closing], 2008.” 
	 

	 	(n) 	
      the Company has advised the Subscriber that the Company
      is relying on an exemption from the requirements to provide the Subscriber
      with a prospectus to issue the Units and, as a consequence of acquiring
      the Units pursuant to such exemption certain protections, rights and
      remedies provided by the applicable securities legislation of British
      Columbia including statutory rights of rescission or damages, will not be
      available to the Subscriber;

	 	 	 
	 	(o) 	
      neither the SEC nor any other securities commission or
      similar regulatory authority has reviewed or passed on the merits of any
      of the Securities and no documents in connection with the sale of the
      Securities hereunder have been reviewed by the SEC or any state securities
      administrators;

	 	 	 
	 	(p) 	
      there is no government or other insurance covering any of
      the Securities;

	 	 	 
	 	(q) 	
      the Company will refuse to register the transfer any of
      the Securities not made in accordance with the provisions of Regulation S,
      pursuant to an effective registration statement under the 1933 Act or
      pursuant to an available exemption from the registration requirements of
      the 1933 Act and in each case in accordance with applicable securities
      laws;

	 	 	 
	 	(r) 	
      the Subscriber has not acquired the Securities as a
      result of, and will not itself engage in, any “directed selling efforts”
      (as defined in Regulation S under the 1933 Act) in the United States in
      respect of any of the Shares 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 Shares; provided, however, that the Subscriber may sell or
      otherwise dispose of any of the Shares pursuant to registration of any of
      the Shares pursuant to the 1933 Act and any applicable securities laws or
      under an exemption from such registration requirements and as otherwise
      provided herein;

	 	 	 
	 	(s) 	
      the statutory and regulatory basis for the exemption
      claimed for the offer and sale of the Securities, although in technical
      compliance with Regulation S, would not be available if the offering is
      part of a plan or scheme to evade the registration provisions of the 1933
      Act; and

	 	 	 
	 	(t) 	
      this Subscription Agreement is not enforceable by the
      Subscriber unless it has been accepted by the Company, and the Subscriber
      acknowledges and agrees that the Company reserves the right to reject any
      Subscription for any reason whatsoever.

6.                    
  Representations, Warranties and Covenants of the Subscriber

6.1                   The
  Subscriber hereby represents and warrants to and covenants with the Company
  (which representations, warranties and covenants shall survive the Closing)
  that:

	 	(a) 	
      the Subscriber is not a U.S. Person and the Subscriber is
      not acquiring the Securities for the account or benefit of, directly or
      indirectly, any U.S. Person;

	 	 	 
	 	(b) 	
      the Subscriber is resident in the jurisdiction set out
      under the heading “Name and Address of Subscriber” on the signature page
      of this Subscription Agreement;

- 6 -

	 	(c) 	
      the Subscriber:

	 	 	 	 	 
	 		(i) 	
      is knowledgeable of, or has been independently advised as
      to, the applicable securities laws of the securities regulators having
      application in the jurisdiction in which the Subscriber is resident (the
      “International Jurisdiction”) which would apply to the acquisition of the
      Securities;

	 	 	 	 	 
	 		(ii) 	
      the Subscriber is purchasing the Securities pursuant to
      exemptions from prospectus or equivalent requirements under applicable
      securities laws or, if such is not applicable, the Subscriber is permitted
      to purchase the Securities under the applicable securities laws of the
      securities regulators in the International Jurisdiction without the need
      to rely on any exemptions;

	 	 	 	 	 
	 		(iii) 	
      the applicable securities laws of the authorities in the
      International Jurisdiction do not require the Company to make any filings
      or seek any approvals of any kind whatsoever from any securities regulator
      of any kind whatsoever in the International Jurisdiction in connection
      with the issue and sale or resale of any of the Securities;

	 	 	 	 	 
	 		(iv) 	
      the purchase of the Securities by the Subscriber does not
      trigger:

	 	 	 	 	 
	 			A. 	
      any obligation to prepare and file a prospectus or
      similar document, or any other report with respect to such purchase in the
      International Jurisdiction; or

	 	 	 	 	 
	 			B. 	
      any continuous disclosure reporting obligation of the
      Company in the International Jurisdiction; and

	 	 	 	 	 
	 		(v) 	
      the Subscriber will, if requested by the Company, deliver
      to the Company and the Agent a certificate or opinion of local counsel
      from the International Jurisdiction which will confirm the matters
      referred to in subparagraphs (ii), (iii) and (iv) above to the
      satisfaction of the Company, acting reasonably;

	 	 	 	 	 
	 	(d) 	
      it has the legal capacity and competence to enter into
      and execute this Subscription Agreement and to take all actions required
      pursuant hereto and, if the Subscriber is a corporate entity, it is duly
      incorporated and validly subsisting under the laws of its jurisdiction of
      incorporation and all necessary approvals by its directors, shareholders
      and others have been obtained to authorize execution and performance of
      this Subscription Agreement on behalf of the Subscriber;

	 	 	 	 	 
	 	(e) 	
      the entering into of this Subscription Agreement and the
      transactions contemplated hereby do not result in the violation of any of
      the terms and provisions of any law applicable to, or the constating
      documents of, the Subscriber or of any agreement, written or oral, to
      which the Subscriber may be a party or by which the Subscriber is or may
      be bound;

	 	 	 	 	 
	 	(f) 	
      the Subscriber has duly executed and delivered this
      Subscription Agreement and it constitutes a valid and binding agreement of
      the Subscriber enforceable against the Subscriber;

	 	 	 	 	 
	 	(g) 	
      the Subscriber has received and carefully read this
      Subscription Agreement;

	 	 	 	 	 
	 	(h) 	
      the Subscriber is aware that an investment in the Company
      is speculative and involves certain risks, including the possible loss of
      the entire investment;

	 	 	 	 	 
	 	(i) 	
      the Subscriber has made an independent examination and
      investigation of an investment in the Securities and the Company and has
      depended on the advice of its legal and financial advisors and agrees that
      the Company will not be responsible in any way whatsoever for the
      Subscriber’s decision to invest in the Securities and the
  Company;

- 7 -

	 	(j) 	
      the Subscriber (i) has adequate net worth and means of
      providing for its current financial needs and possible personal
      contingencies, (ii) has no need for liquidity in this investment, and
      (iii) is able to bear the economic risks of an investment in the
      Securities for an indefinite period of time;

	 	 	 
	 	(k) 	
      the Subscriber (i) is able to fend for him/her/itself in
      the Subscription; (ii) has such knowledge and experience in business
      matters as to be capable of evaluating the merits and risks of its
      prospective investment in the Securities; and (iii) has the ability to
      bear the economic risks of its prospective investment and can afford the
      complete loss of such investment;

	 	 	 
	 	(l) 	
      the Subscriber understands and agrees that the Company
      and others will rely upon the truth and accuracy of the acknowledgements,
      representations and agreements contained in this Subscription Agreement
      and the Questionnaire and agrees that if any of such acknowledgements,
      representations and agreements are no longer accurate or have been
      breached, the Subscriber shall promptly notify the Company;

	 	 	 
	 	(m) 	
      the Subscriber is purchasing the Securities as principal
      for investment only and not with a view to, or for, resale, distribution
      or fractionalization thereof, in whole or in part, and, in particular, it
      has no intention to distribute either directly or indirectly any of the
      Securities in the United States or to U.S. Persons;

	 	 	 
	 	(n) 	
      the Subscriber is outside the United States when
      receiving and executing this Subscription Agreement;

	 	 	 
	 	(o) 	
      the Subscriber understands and agrees that offers and
      sales of any of the Securities prior to the expiration of the period
      specified in Regulation S (such period hereinafter referred to as 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 1933 Act or 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 1933
      Act or an exemption therefrom and in each case only in accordance with
      applicable state and provincial securities laws;

	 	 	 
	 	(p) 	
      the Subscriber understands and agrees not to engage in
      any hedging transactions involving any of the Securities unless such
      transactions are in compliance with the provisions of the 1933 Act and in
      each case only in accordance with applicable state and provincial
      securities laws;

	 	 	 
	 	(q) 	
      the Subscriber acknowledges that it has not acquired the
      Securities as a result of, and will not itself engage in, any “directed
      selling efforts” (as defined in Regulation S under the 1933 Act) in the
      United States in respect of any of the 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 Securities; provided, however, that
      the Subscriber may sell or otherwise dispose of any of the Securities
      pursuant to registration of any of the Securities pursuant to the 1933 Act
      and any applicable securities laws or under an exemption from such
      registration requirements and as otherwise provided herein;

	 	 	 
	 	(r) 	
      the Subscriber is not an underwriter of, or dealer in,
      the common shares of the Company, nor is the Subscriber participating,
      pursuant to a contractual agreement or otherwise, in the distribution of
      the Securities;

	 	 	 
	 	(s) 	
      the Subscriber is not aware of any advertisement of any
      of the Securities and is not acquiring the Securities as a result of any
      form of general solicitation or general advertising including
      advertisements, articles, notices or other communications published in any
      newspaper, magazine or similar media or broadcast over radio or
      television, or any seminar or meeting whose attendees have been invited by
      general solicitation or general advertising;

	 	 	 
	 	(t) 	
      no person has made to the Subscriber any written or oral
      representations:

- 8 -

	 		(i) 	
      that any person will resell or repurchase any of the
      Securities;

	 	 	 	 
	 		(ii) 	
      that any person will refund the purchase price of any of
      the Securities;

	 	 	 	 
	 		(iii) 	
      as to the future price or value of any of the Securities;
      or

	 	 	 	 
	 		(iv) 	
      that any of the Securities will be listed and posted for
      trading on any stock exchange or automated dealer quotation system or that
      application has been made to list and post any of the Securities of the
      Company on any stock exchange or automated dealer quotation system;
    and

	 	 	 	 
	 	(u) 	
      the Subscriber acknowledges and agrees that the Company
      shall not consider the Subscriber’s Subscription for acceptance unless the
      undersigned provides to the Company, along with an executed copy of this
      Subscription Agreement:

	 	 	 	 
	 		(i) 	
      a fully completed and executed Questionnaire in the form
      attached hereto as Exhibit A, and

	 	 	 	 
	 		(ii) 	
      such other supporting documentation that the Company or
      its legal counsel may request to establish the Subscriber’s qualification
      as a qualified investor.

6.2                 
    In this Subscription Agreement, the term “U.S. Person” shall
  have the meaning ascribed thereto in Regulation S promulgated under the 1933
  Act and for the purpose of the Subscription Agreement includes any person in
  the United States.

7.                    
  Present Ownership of Securities

7.1          
           The Subscriber either [check
  appropriate box]:

		[ ] 	
      does not own directly or indirectly, or exercise control
      or direction over, any common shares of the Company (“Common
      Shares”) or securities convertible into Common Shares; or 

	 	  	
       

		[ ] 	
      owns directly or indirectly, or exercises control or
      direction over, Common Shares and convertible securities entitling the
      holder thereof to acquire an additional Common Shares.

	8. 	
      Insider Status

	 	 
	8.1 	
      The Subscriber either [check appropriate
      box]:

	 	[ ] 	
      is an “Insider” of the Company as defined in the
      Securities Act (British Columbia), namely: “Insider”
  means:

	 	 	 	 	 
	 		(i) 	
      a director or senior officer of the Company;

	 	 	 	 	 
	 		(ii) 	
      a director or senior officer of a person that is itself
      an insider or subsidiary of the Company;

	 	 	 	 	 
	 		(iii) 	
      a person that has:

	 	 	 	 	 
	 			A. 	
      direct or indirect beneficial ownership of;

	 	 	 	 	 
	 			B. 	
      control or direction over; or

- 9 -

	 			C. 	a combination of direct or indirect beneficial ownership
      of and of control or direction over
	 	 	 	 
	 			
      securities of the Company carrying more than 10% of the
      voting rights attached to all the Company’s outstanding voting securities,
      excluding, for the purpose of the calculation of the percentage held, any
      securities held by the person as underwriter in the course of a
      distribution; or

	 	 	 	 
	 		(iv) 	
      the Company itself, if it has purchased, redeemed or
      otherwise acquired any securities of its own issue, for so long as it
      continues to hold those securities; or

	 	 	 	 
	 	[ ] 	
      is not an Insider of the
Company.

	9. 	
      Member of “Pro Group”

	 	 
	9.1 	
      The Subscriber either [check appropriate
      box]:

	 	[ ] 	
      is a Member of the “Pro Group” as defined in the Rules of
      the TSX-V, namely: “Pro Group” means:

	 	 	 	 	 
	 		(i) 	
      Subject to subparagraphs (ii), (iii) and (iv) below, “Pro
      Group” shall include, either individually or as a group:

	 	 	 	 	 
	 			A. 	
      the member (i.e. a member of the TSX-V under the TSX-V
      requirements);

	 	 	 	 	 
	 			B. 	
      employees of the member;

	 	 	 	 	 
	 			C. 	
      partners, officers and directors of the member;

	 	 	 	 	 
	 			D. 	
      affiliates of the member; and

	 	 	 	 	 
	 			E. 	
      associates of any parties referred to in subparagraphs
      (i) through (iv).

	 	 	 	 	 
	 		(ii) 	
      The TSX-V may, in its discretion, include a person or
      party in the Pro Group for the purposes of a particular calculation where
      the TSX-V determines that the person is not acting at arm’s length of the
      member.

	 	 	 	 	 
	 		(iii) 	
      The TSX-V may, in its discretion, exclude a person from
      the Pro Group for the purposes of a particular calculation where the TSX-V
      determines that the person is acting at arm’s length of the
  member.

	 	 	 	 	 
	 		(iv) 	
      The member may deem a person who would otherwise be
      included in the Pro Group pursuant to subparagraph (i) to be excluded from
      the Pro Group where the member determines that:

	 	 	 	 	 
	 			A. 	
      the person is an affiliate or associate of the member
      acting at arm’s length of the member;

	 	 	 	 	 
	 			B. 	
      the associate or affiliate has a separate corporate and
      reporting structure;

	 	 	 	 	 
	 			C. 	
      there are sufficient controls on information flowing
      between the member and the associate or affiliate; and

	 	 	 	 	 
	 			D. 	
      the member maintains a list of such excluded persons;
      or

- 10 -

	 	[ ] 	is not a member of the Pro Group.

10.                    
  Conditional upon TSX-V Acceptance.

10.1          
           Without limitation, this subscription
  and the transactions contemplated hereby are conditional upon and subject to
  the Company receiving acceptance from the TSX-V of the offering and the transactions
  contemplated hereby.

11.                    
  Representations and Warranties will be Relied Upon by the Company

11.1                    The
  Subscriber acknowledges that the representations and warranties contained herein
  are made by it with the intention that such representations and warranties may
  be relied upon by the Company and its legal counsel in determining the Subscriber’s
  eligibility to purchase the Securities under applicable securities legislation,
  or (if applicable) the eligibility of others on whose behalf it is contracting
  hereunder to purchase the Shares under applicable securities legislation. The
  Subscriber further agrees that by accepting delivery of the certificates representing
  the Shares and the Warrants on the Closing Date, it will be representing and
  warranting that the representations and warranties contained herein are true
  and correct as at the Closing Date with the same force and effect as if they
  had been made by the Subscriber on the Closing Date and that they will survive
  the purchase by the Subscriber of the Securities and will continue in full force
  and effect notwithstanding any subsequent disposition by the Subscriber of such
  Securities.

12.                    
  Piggyback Registration Rights

12.1                   
  If the Company determines to proceed with the preparation and filing with the
  SEC of a registration statement (the "Registration Statement") relating to an
  offering for its own account or the account of others under the 1933 Act of
  any of its common shares, other than on Form S-4 or Form S-8 (each as promulgated
  under the 1933 Act) or its then equivalents relating to equity securities issuable
  in connection with stock option or other employee benefit plans, the Company
  shall send to the Subscriber written notice of such determination and, if within
  thirty (30) days after receipt of such notice, the Subscriber shall so request
  in writing, the Company will cause the registration under the 1933 Act of the
  Shares and the Warrant Shares and (the "Registrable Securities"), provided that
  if at any time after giving written notice of its intention to register any
  of its common shares and prior to the effective date of the registration statement
  filed in connection with such registration, the Company shall determine for
  any reason not to register or to delay registration of such common shares, the
  Company may, at its election, give written notice of such determination to the
  Subscriber and, thereupon, (i) in the case of a determination not to register,
  shall be relieved of its obligation to register the Registrable Securities in
  connection with such registration, and (ii) in the case of a determination to
  delay registering, shall be permitted to delay registering the Registrable Securities
  for the same period as the delay in registering such other common shares. The
  Company shall include in such registration statement all or any part of the
  Registrable Securities provided however that the Company shall not be required
  to register any Shares that are eligible for sale pursuant to Rule 144(k) of
  the 1933 Act. Notwithstanding any other provision in this Section 12, if the
  Company receives a comment from the SEC which effectively results in the Company
  having to reduce the number of Registrable Securities included on such Registration
  Statement, then the Company may, in its sole discretion, reduce on a pro rata
  basis the number of Registrable Securities to be included in such Registration
  Statement.

12.2                    In
  connection with each Registration Statement, the Subscriber will furnish to
  the Company in writing such information and representation letters with respect
  to itself and the proposed distribution by it as reasonably shall be necessary
  in order to assure compliance with federal and applicable state securities laws.
  The Company may require the Subscriber to furnish to the Company a certified
  statement as to the number of shares of common stock beneficially owned by the
  Subscriber and the name of the natural person thereof that has voting and dispositive
  control over the Registrable Securities.

12.3                    All
  fees and expenses incident to the performance of or compliance with the filing
  of the Registration Statement shall be borne by the Company whether or not any
  Registrable Securities are sold pursuant to the Registration Statement. The
  fees and expenses referred to in the foregoing sentence shall include, without
  limitation, (i) all registration and filing fees (including, without limitation,
  fees and expenses (A) with respect to filings required to be made with the OTC
  Bulletin Board or other exchange or quotation service on which the 

- 11 -

common stock of the Company is then listed for trading, and (B)
in compliance with applicable state securities or Blue Sky laws), (ii) printing
expenses (including, without limitation, expenses of printing certificates for
Registrable Securities and of printing prospectuses if the printing of
prospectuses is reasonably requested by the holders of a majority of the
Registrable Securities included in the Registration Statement), (iii) messenger,
telephone and delivery expenses, (iv) fees and disbursements of counsel for the
Company, (v) 1933 Act liability insurance, if the Company so desires such
insurance, and (vi) fees and expenses of all other persons retained by the
Company in connection with the filing of the Registration Statement. In
addition, the Company shall be responsible for all of its internal expenses
incurred in connection with the filing of the Registration Statement (including,
without limitation, all salaries and expenses of its officers and employees
performing legal or accounting duties), the expense of any annual audit and the
fees and expenses incurred in connection with the listing of the Registrable
Securities on any securities exchange, if applicable. In no event shall the
Company be responsible for any broker or similar commissions or, except to the
extent provided for hereunder, any legal fees or other costs of the
Subscriber.

12.4                     The
  Company shall, notwithstanding any termination of this Subscription Agreement,
  indemnify and hold harmless the Subscriber, its officers, directors, agents
  and employees, and each person who controls the Subscriber (within the meaning
  of Section 15 of the 1933 Act or Section 20 of the 1934 Act) and the officers,
  directors, agents and employees of each such controlling person, to the fullest
  extent permitted by applicable law, from and against any and all losses, claims,
  damages, liabilities, costs (including, without limitation, reasonable attorneys'
  fees) and expenses (collectively, "Losses"), as incurred, arising out of or
  relating to any untrue or alleged untrue statement of a material fact contained
  in the Registration Statement, or in any amendment or supplement thereto or
  in any preliminary prospectus, or arising out of or relating to any omission
  or alleged omission of a material fact required to be stated therein or necessary
  to make the statements therein not misleading, except to the extent, but only
  to the extent, that (i) such untrue statements or omissions are based solely
  upon information regarding the Subscriber furnished in writing to the Company
  by the Subscriber expressly for use therein, or to the extent that such information
  relates to the Subscriber or the Subscriber's proposed method of distribution
  of Registrable Securities and was reviewed and expressly approved in writing
  by the Subscriber expressly for use in the Registration Statement, or in any
  amendment or supplement thereto or (ii) the use by the Subscriber of an outdated
  or defective Registration Statement after the Company has notified the Subscriber
  in writing that the Registration Statement is outdated or defective.

12.5                     The
  Subscriber shall indemnify and hold harmless the Company, its directors, officers,
  agents and employees, each person who controls the Company (within the meaning
  of Section 15 of the 1933 Act and Section 20 of the 1934 Act), and the directors,
  officers, agents or employees of such controlling persons, to the fullest extent
  permitted by applicable law, from and against all Losses, as incurred, to the
  extent arising out of or based solely upon: (x) the Subscriber's failure to
  comply with the prospectus delivery requirements of the 1933 Act or (y) any
  untrue or alleged untrue statement of a material fact contained in any Registration
  Statement, or in any amendment or supplement thereto or in any preliminary prospectus,
  or arising out of or relating to any omission or alleged omission of a material
  fact required to be stated therein or necessary to make the statements therein
  not misleading (i) to the extent, but only to the extent, that such untrue statement
  or omission is contained in any information so furnished in writing by the Subscriber
  to the Company specifically for inclusion in the Registration Statement or (ii)
  to the extent that such untrue statements or omissions are based solely upon
  information regarding the Subscriber furnished in writing to the Company by
  the Subscriber expressly for use therein, or (iii) to the extent that such information
  relates to the Subscriber or the Subscriber's proposed method of distribution
  of Registrable Securities and was reviewed and expressly approved in writing
  by the Subscriber expressly for use in the Registration Statement or in any
  amendment or supplement thereto or (z) the use by the Subscriber of an outdated
  or defective Registration Statement after the Company has notified the Subscriber
  in writing that the Registration Statement is outdated or defective. In no event
  shall the liability of the Subscriber hereunder be greater in amount than the
  dollar amount of the net proceeds received by the Subscriber upon the sale of
  the Registrable Securities giving rise to such indemnification obligation.

12.6                    
  If a claim for indemnification hereunder is unavailable to either the Company
  or the Subscriber (in each case, an "Indemnified Party or Indemnified Parties",
  as applicable) (by reason of public policy or otherwise), then each Indemnifying
  Party, in lieu of indemnifying such Indemnified Party, shall contribute to the
  amount paid or payable by such Indemnified Party as a result of such Losses,
  in such proportion as is appropriate to reflect the relative fault of the Indemnifying
  Party and Indemnified Party in connection with the actions, statements or omissions
  that resulted in such Losses as well as any other relevant equitable considerations.
  The relative fault of 

- 12 -

such Indemnifying Party and Indemnified Party shall be
determined by reference to, among other things, whether any action in question,
including any untrue or alleged untrue statement of a material fact or omission
or alleged omission of a material fact, has been taken or made by, or relates to
information supplied by, such Indemnifying Party or Indemnified Party, and the
parties' relative intent, knowledge, access to information and opportunity to
correct or prevent such action, statement or omission. The amount paid or
payable by a party as a result of any Losses shall be deemed to include, subject
to the limitations set forth in this Subscription, any reasonable attorneys' or
other reasonable fees or expenses incurred by such party in connection with any
proceeding to the extent such party would have been indemnified for such fees or
expenses if the indemnification provided for in this section was available to
such party in accordance with its terms. The parties hereto agree that it would
not be just and equitable if contribution pursuant to this section were
determined by pro rata allocation or by any other method of allocation that does
not take into account the equitable considerations referred to in the
immediately preceding paragraph. Notwithstanding the provisions of this section,
no Subscriber shall be required to contribute, in the aggregate, any amount in
excess of the amount by which the proceeds actually received by the Subscriber
from the sale of the Registrable Securities subject to the proceeding exceeds
the amount of any damages that the Subscriber has otherwise been required to pay
by reason of such untrue or alleged untrue statement or omission or alleged
omission, except in the case of fraud by the Subscriber.

13.                    
  Acknowledgement and Waiver

13.1                   The
  Subscriber has acknowledged that the decision to acquire the Securities was
  solely made on the basis of publicly available information. The Subscriber hereby
  waives, to the fullest extent permitted by law, any rights of withdrawal, rescission
  or compensation for damages to which the Subscriber might be entitled in connection
  with the distribution of any of the Securities.

14.                    
  Legending and Registration of Subject Securities

14.1                    The
  Subscriber hereby acknowledges that a legend may be placed on the certificates
  representing the Shares and the Warrants to the effect that the Securities represented
  by such certificates are subject to a hold period and may not be traded until
  the expiry of such hold period except as permitted by applicable securities
  legislation.

14.2                    The
  Subscriber hereby acknowledges and agrees to the Company making a notation on
  its records or giving instructions to the registrar and transfer agent of the
  Company in order to implement the restrictions on transfer set forth and described
  in this Subscription Agreement.

15.                    
  Collection of Personal Information

15.1                   
  The Subscriber acknowledges and consents to the fact that the Company is collecting
  the Subscriber’s personal information for the purpose of fulfilling this
  Subscription Agreement and completing the Offering. The Subscriber’s personal
  information (and, if applicable, the personal information of those on whose
  behalf the Subscriber is contracting hereunder) may be disclosed by the Company
  to (a) stock exchanges or securities regulatory authorities, (b) the Company’s
  registrar and transfer agent, (c) Canadian tax authorities, (d) authorities
  pursuant to the Proceeds of Crime (Money Laundering) and Terrorist Financing
  Act (Canada) and (e) any of the other parties involved in the Offering,
  including legal counsel, and may be included in record books in connection with
  the Offering. By executing this Subscription Agreement, the Subscriber is deemed
  to be consenting to the foregoing collection, use and disclosure of the Subscriber’s
  personal information (and, if applicable, the personal information of those
  on whose behalf the Subscriber is contracting hereunder) and to the retention
  of such personal information for as long as permitted or required by law or
  business practice. Notwithstanding that the Subscriber may be purchasing Securities
  as agent on behalf of an undisclosed principal, the Subscriber agrees to provide,
  on request, particulars as to the identity of such undisclosed principal as
  may be required by the Company in order to comply with the foregoing.

- 13 -

16.                    
  Consent

16.1                  
  By executing this Subscription Agreement, the Subscriber (on its own behalf
  and, if applicable, on behalf of each beneficial purchaser on whose behalf the
  Subscriber is acting) acknowledges and expressly consents to:

	 	(a) 	
      the disclosure of Personal Information by the Company to
      the TSX-V (as described in TSX-V Appendix 6A, a copy of which is attached
      as Exhibit C hereto) pursuant to Form 4B; and

	 	 	 
	 	(b) 	
      the collection, use and disclosure of personal
      information by the TSX-V for the purposes described in Appendix 6A or as
      otherwise identified by the TSX-V, from time to
time.

For the purposes of this Section 16, “Personal Information”
means any information about the Subscriber, and includes information contained
in Part II Items 8, 9, 10 and Part IV Item 3(a), as applicable, of Form 4B, and
“Form 4B” means TSX-V Form 4B entitled Private Placement Notice Form.

17.                    
  Costs

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

18.                    
  Governing Law

18.1                   
  This Subscription Agreement is governed by the laws of the Province of British
  Columbia.

19.                    
  Currency

19.1                    Any
  reference to currency is to the currency of the United States of America unless
  otherwise indicated.

20.                     Survival

20.1                    This
  Subscription Agreement, including without limitation the representations, warranties
  and covenants contained herein, shall survive and continue in full force and
  effect and be binding upon the parties hereto notwithstanding the completion
  of the purchase of the Securities by the Subscriber pursuant hereto.

21.                    
  Assignment

21.1                    This
  Subscription Agreement is not transferable or assignable.

22.                    
  Severability

22.1                   
  The invalidity or unenforceability of any particular provision of this Subscription
  Agreement shall not affect or limit the validity or enforceability of the remaining
  provisions of this Subscription Agreement.

23.                    
  Entire Agreement

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

- 14 -

24.                    
  Notices

24.1                   All
  notices and other communications hereunder shall be in writing and shall be
  deemed to have been duly given if mailed or transmitted by any standard form
  of telecommunication. Notices to the Subscriber shall be directed to the address
  on the signature page of this Subscription Agreement and notices to the Company
  shall be directed to it at Suite 300 One Bentall Centre, 505 Burrard Street,
  Vancouver, British Columbia, Canada V7X 1M3.

25.                    
  Counterparts and Electronic Means

25.1                  
  This Subscription Agreement may be executed in any number of counterparts, each
  of which, when so executed and delivered, shall constitute an original and all
  of which together shall constitute one instrument. Delivery of an executed copy
  of this Agreement by electronic facsimile transmission or other means of electronic
  communication capable of producing a printed copy will be deemed to be execution
  and delivery of this Agreement as of the date hereinafter set forth.

IN WITNESS WHEREOF the Subscriber has duly executed this
Subscription Agreement as of the date of acceptance by the Company.

	 	 
	 	(Name of Subscriber – Please type or print)
  
	 	 
	 	 
	 	(Signature and, if applicable, Office) 
	 	 
	 	 
	 	(Address of Subscriber) 
	 	 
	 	 
	 	(City, State or Province, Postal Code of
      Subscriber) 
	 	 
	 	 
	 	(Country of Subscriber)

- 15 -

A C C E P T A N C E

The above-mentioned Subscription Agreement in respect of the
Shares are hereby accepted by CounterPath Corporation.

DATED at Vancouver, British Columbia, the _______day of
____________________, 2008.

COUNTERPATH CORPORATION

	Per: 		 
	 	Authorized Signatory 	 

EXHIBIT A

BRITISH COLUMBIA QUESTIONNAIRE

All capitalized terms herein, unless otherwise defined, have
the meanings ascribed thereto in the Subscription Agreement.

The purpose of this Questionnaire is to assure the Company that
the Subscriber will meet certain requirements of National Instrument 45-106 (“NI
45-106”). The Company will rely on the information contained in this
Questionnaire for the purposes of such determination.

The Subscriber covenants, represents and warrants to the
Company that:

	 	1. 	
      the Subscriber is (tick one or more of the following
      boxes):
	 
	 	 	 	 	 
	 		(A) 	
      a director, executive officer, employee or control person
      of the Company or an affiliate of the Company
	 [     ]
	 	 	 	 	 
	 		(B) 	
      a spouse, parent, grandparent, brother, sister or child
      of a director, executive officer, founder or control person of the Company
      or an affiliate of the Company
	 [     ]
	 	 	 	 	 
	 		(C) 	
      a parent, grandparent, brother, sister or child of the
      spouse of a director, executive officer, founder or control person of the
      Company or an affiliate of the Company
	 [     ]
	 	 	 	 	 
	 		(D) 	
      a close personal friend of a director, executive officer,
      founder or control person of the Company
	 [     ]
	 	 	 	 	 
	 		(E) 	
      a close business associate of a director, executive
      officer, founder or control person of the Company or an affiliate of the
      Company
	 [     ]
	 	 	 	 	 
	 		(F) 	
      an accredited investor
	 [     ]
	 	 	 	 	 
	 		(G) 	
      a company, partnership or other entity of which a
      majority of the voting securities are beneficially owned by, or a majority
      of the directors are, persons described in paragraphs A to F
	 [     ]
	 	 	 	 	 
	 		(H) 	
      a trust or estate of which all of the beneficiaries or a
      majority of the trustees or executors are persons described in paragraphs
      A to F
	 [     ]
	 	 	 	 	 
	 	2. 	
      if the Subscriber has checked box B, C, D, E, G or H in
      paragraph 1 above, the director, executive officer, founder or control
      person of the Company with whom the undersigned has the relationship
      is:

	 	 	 
	 		
      

	 	 	 
	 		
      (Instructions to Subscriber: fill in the name of each
      director, executive officer, founder and control person which you have the
      above-mentioned relationship with. If you have checked box G or H, also
      indicate which of A to F describes the securityholders, directors,
      trustees or beneficiaries which qualify you as box G or H and provide the
      names of those individuals. Please attach a separate page if
      necessary).

- 17 -

	 	3. 	
      if the Subscriber has ticked box F in Section 1 above,
      the Subscriber satisfies one or more of the categories of “accredited
      investor” (as that term is defined in NI 45-106) indicated below (please
      check the appropriate box):

	 	 	 	 
	 		[ ] 	
      (a) an individual who either alone or with a spouse
      beneficially owns, directly or indirectly, financial assets (as defined in
      NI 45-106) having an aggregate realizable value that, before taxes but net
      of any related liabilities, exceeds CDN$1,000,000;

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

	 	 	 	 
	 		[ ] 	
      (c) an individual who, either alone or with a spouse, has
      net assets of at least CDN $5,000,000;

	 	 	 	 
	 		[ ] 	
      (d) a person, other than an individual or investment
      fund, that had net assets of at least CDN$5,000,000 as reflected on its
      most recently prepared financial statements.

	 	 	 	 
	 		[ ] 	
      (e) an individual registered or formerly registered under
      securities legislation in a jurisdiction of Canada, as a representative of
      a person or company registered under securities legislation in a
      jurisdiction of Canada, as an adviser or dealer, other than a limited
      market dealer registered under the Securities Act (Ontario) or the
      Securities Act (Newfoundland);

	 	 	 	 
	 		[ ] 	
      (f) an individual registered or formerly registered under
      the securities legislation of a jurisdiction of Canada as a representative
      of a person referred to in paragraph (e);

	 	 	 	 
	 		[ ] 	
      (g) an investment fund that distributes it securities
      only to persons that are accredited investors at the time of distribution,
      a person that acquires or acquired a minimum of CDN$150,000 of value in
      securities, or a person that acquires or acquired securities under
      Sections 2.18 or 2.19 of NI 45-106;

	 	 	 	 
	 		[ ] 	
      (h) an investment fund that distributes or has
      distributed securities under a prospectus in a jurisdiction of Canada for
      which the regulator or, in Québec, the securities regulatory authority,
      has issued a receipt;

	 	 	 	 
	 		[ ] 	
      (i) a person acting on behalf of a fully managed account
      managed by that person, if that person (i) is registered or authorized to
      carry on business as an adviser or the equivalent under the securities
      legislation of a jurisdiction of Canada or a foreign jurisdiction, and
      (ii) in Ontario, is purchasing a security that is not a security of an
      investment fund;

	 	 	 	 
	 		[ ] 	
      (j) a person in respect of which all of the owners of
      interests, direct, indirect or beneficial, except the voting securities
      required by law are persons or companies that are accredited investors;
      or

	 	 	 	 
	 		[ ] 	
      (k) an investment funds that is advised by a person
      registered as an advisor or a person that is exempt from registration as
      an advisor.

- 18 -

The Subscriber acknowledges and agrees that the Subscriber may
be required by the Company to provide such additional documentation as may be
reasonably required by the Company and its legal counsel in determining the
Subscriber’s eligibility to acquire the Shares under relevant legislation.

     IN WITNESS WHEREOF, the
undersigned has executed this Questionnaire as of the ________day of
______________________, 2008.

	If an Individual: 	 	If a Corporation, Partnership or Other 
	  	 	Entity: 
	 	 	 
	 	 	 
	Signature 	 	Print or Type Name of Entity 
	 	 	 
	 	 	 
	Print or Type Name 	 	Signature of Authorized Signatory 
	 	 	 
	 	 	 
	  	 	Type of Entity 

EXHIBIT B

 

FORM 4C
CORPORATE PLACEE REGISTRATION FORM

Where subscribers to a Private Placement are not individuals,
the following information about the placee must be provided. This Form will
remain on file with the Exchange. The corporation, trust, portfolio manager or
other entity (the “Placee”) need only file it on one time basis, and it will be
referenced for all subsequent Private Placements in which it participates. If
any of the information provided in this Form changes, the Placee must notify the
Exchange prior to participating in further placements with Exchange listed
companies. If as a result of the Private Placement, the Placee becomes an
Insider of the Corporation, Insiders of the Placee are reminded that they must
file a Personal Information Form (2A) or, if applicable, Declarations, with the
Exchange. 

	1. 	
      Placee Information:

	 	 	 
		
      Name:
      __________________________________________________________________________________

	 	 	 
		
      Complete Address:
      ________________________________________________________________________

	 	 	 
		
      Jurisdiction of Incorporation or Creation:
      _______________________________________________________

	 	 	 
	2. 	
      (a) Is the Placee purchasing securities as a portfolio
      manager (Yes/No)? ________________________________

	 	 	 
		(b) 	
      Is the Placee carrying on business as a portfolio manager
      outside of Canada (Yes/No)? ______________

	 	 	 
	3. 	
      If the answer to 2(b) above was “Yes”, the undersigned
      certifies that:

	 	 	 
		(a) 	
      It is purchasing securities of an Issuer on behalf of
      managed accounts for which it is making the investment decision to
      purchase the securities and has full discretion to purchase or sell
      securities for such accounts without requiring the client’s express
      consent to a transaction;

	 	 	 
		(b) 	
      it carries on the business of managing the investment
      portfolios of clients through discretionary authority granted by those
      clients (a “portfolio manager” business) in ____________________
      [jurisdiction], and it is permitted by law to carry on a portfolio manager
      business in that jurisdiction;

	 	 	 
		(c) 	
      it was not created solely or primarily for the purpose of
      purchasing securities of the Issuer;

	 	 	 
		(d) 	
      the total asset value of the investment portfolios it
      manages on behalf of clients is not less than $20,000,000; and

	 	 	 
		(e) 	
      it has no reasonable grounds to believe, that any of the
      directors, senior officers and other insiders of the Issuer, and the
      persons that carry on investor relations activities for the Issuer has a
      beneficial interest in any of the managed accounts for which it is
      purchasing.

- 20 -

	4. 	If the answer to 2(a). above was “No”, please
      provide the names and addresses of control persons of the Placee:
  

	Name 	City 	Province or State 	Country 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

The undersigned acknowledges that it is bound by the provisions
of applicable Securities Law, including provisions concerning the filing of
insider reports and reports of acquisitions (See for example, sections 87 and
111 of the Securities Act (British Columbia) and sections 176 and 182 of
the Securities Act (Alberta)).

Acknowledgement - Personal Information

“Personal Information” means any information about an
identifiable individual, and includes information contained in sections 1, 2 and
4, as applicable, of this Form.

The undersigned hereby acknowledges and agrees that it has
obtained the express written consent of each individual to:

	(a) 	
      the disclosure of Personal Information by the undersigned
      to the Exchange (as defined in Appendix 6B) pursuant to this Form;
    and

	 	 
	(b) 	
      the collection, use and disclosure of Personal
      Information by the Exchange for the purposes described in Appendix 6B or
      as otherwise identified by the Exchange, from time to
  time.

Dated at on .

	 	 
	 	(Name of Subscriber - please print) 
	 	 
	 	 
	 	(Authorized Signature) 
	 	 
	 	 
	 	(Official Capacity - please print) 
	 	 
	 	 
	 	(please print name of individual whose
      signature 
	 	appears above) 

THIS IS NOT A PUBLIC DOCUMENT

EXHIBIT C

 

	APPENDIX 6A 
	ACKNOWLEDGEMENT – PERSONAL INFORMATION
  

TSX Venture Exchange Inc. and its affiliates, authorized
agents, subsidiaries and divisions, including the TSX Venture Exchange
(collectively referred to as “the Exchange”) collect Personal Information in
certain Forms that are submitted by the individual and/or by an Issuer or
Applicant and use it for the following purposes:

	to conduct background checks,
  
	to verify the Personal Information that has been provided about each
  individual,
  
	to consider the suitability of the individual to act as an officer,
  director, insider, promoter, investor relations provider or, as applicable, an
  employee or consultant, of the Issuer or Applicant,
  
	to consider the eligibility of the Issuer or Applicant to list on the
  Exchange,
  
	to provide disclosure to market participants as to the security holdings
  of directors, officers, other insiders and promoters of the Issuer, or its
  associates or affiliates,
  
	to conduct enforcement proceedings, and
  
	to perform other investigations as required by and to ensure compliance
  with all applicable rules, policies, rulings and regulations of the Exchange,
  securities legislation and other legal and regulatory requirements governing
  the conduct and protection of the public markets in Canada. 

As part of this process, the Exchange also collects additional
Personal Information from other sources, including but not limited to,
securities regulatory authorities in Canada or elsewhere, investigative, law
enforcement or self-regulatory organizations, regulations services providers and
each of their subsidiaries, affiliates, regulators and authorized agents, to
ensure that the purposes set out above can be accomplished.

The Personal Information the Exchange collects may also be
disclosed:

	(a) 	
      to the agencies and organizations in the preceding
      paragraph, or as otherwise permitted or required by law, and they may use
      it in their own investigations for the purposes described above;
  and

	 	 
	(b) 	
      on the Exchange’s website or through printed materials
      published by or pursuant to the directions of the
  Exchange.

The Exchange may from time to time use third parties to process
information and/or provide other administrative services. In this regard, the
Exchange may share the information with such third party service providers.

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