Document:

Form of Subscription Agreement for Equity Private Placements

    
      	
              EXHIBIT
                4.20

            

    

     

    
      
        	
                TO
                  SUBSCRIBE, EACH SUBSCRIBER MUST RETURN TO THE
                  FOLLOWING:

              
	 	 
	
                a.

              	
                Duly
                  completed and executed Subscription Agreement (complete cover
                  page):

              
	
                b.

              	
                Subscription
                  Funds by certified cheque, bank draft, money order or wire transfer;
                  and

              
	
                c.

              	
                Duly
                  completed and executed Accredited Investor Certificate (attached
                  as
                  schedule "D").

              

      

    

     

    

    
      	
              SUBSCRIPTION
                AGREEMENT - ONTARIO SUBSCRIBERS

            
	
               

              TO:
                ADB Systems International Ltd. (the "Corporation")

               

              The
                undersigned (hereinafter referred to as the "Subscriber") hereby
                confirms
                its agreement to subscribe for the number of units ("Units") of the
                Corporation set out below, each Unit consisting of one common share
                (each
                a "Common Share") and one half of one non-transferable common share
                purchase warrant (each a "Warrant"), at a price of $0.23 per Unit,
                in the
                aggregate amount as set out below opposite the headings "Number of
                Units"
                and "Purchase Price". Each whole Warrant will entitle the holder
                to
                acquire one Common Share at an exercise price of $0.40 at any time
                prior
                to the fourth anniversary of the Closing Date. This subscription
                is made
                upon and subject to the terms and conditions set forth in Schedule
                "A"
                attached hereto and is subject to the formal terms and conditions
                of the
                certificates representing the Common Shares and the Warrants, as
                the case
                may be. The particulars of this offering (together with certain other
                material covenants and acknowledgements) are set out in Schedules
                "A" and
                "B" to this subscription agreement and certain representations and
                warranties to be made by the Subscriber so that the Corporation can
                ensure
                compliance with applicable securities laws are set out in Schedule
                "C" to
                this subscription agreement, all of which forms part of and is hereby
                incorporated as part of this subscription
                agreement.

            

    

     

    
      
        	 	 	 
	
                Name
                  of Subscriber - please print

              	 	
                Number
                  of Units: 

              
	 	 	 
	
                By:
                  

              	 	
                Purchase
                  Price: $

              
	 	 	 
	
                Authorized
                  signature

              	 	 
	 	 	 
	 	 	 
	 	 	 
	
                Please
                  print name of individual whose signature appears above if different
                  than
                  the name of the Subscriber printed above.

              	 	
                Please
                  complete if
                  purchasing as agent or trustee for a disclosed
                  principal.

              
	 	 	 
	 	 	 
	
                Subscriber's
                  address

              	 	
                Name
                  of disclosed principal

              
	 	 	 
	 	 	 
	
                Telephone
                  number

              	 	 
	 	 	
                Address
                  of disclosed principal

              
	 	 	 
	
                Fax
                  number

              	 	 
	 	 	
                Telephone
                  Number of disclosed principal

              
	 	 	 
	
                Email
                  address

              	 	
                Deliver
                  the Units as set forth below:

              
	 	 	 
	
                Register
                  the Common Shares and Warrants subscribed for 

              	 	 
	
                hereunder
                  as set forth below:

              	 	
                Name

              
	 	 	 
	
                Name

              	 	 
	 	 	
                Account
                  reference, if applicable

              
	 	 	 
	
                Account
                  reference, if applicable

              	 	 
	 	 	
                Address

              
	 	 	 
	
                Address

              	 	
                Contact
                  Name

              

      

    

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	
              ACCEPTANCE:
                The Corporation hereby accepts the above subscription on the terms
                and
                conditions contained in this Subscription Agreement.

               

              ADB
                SYSTEMS INTERNATIONAL LTD. ________________________, 2005.

               

              Per:
                _______________________________________

               

              Name:

               

              Title:

            

    

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      
        	
                SCHEDULE
                  "A"

              
	 
	
                This
                  is Schedule "A" to the subscription agreement relating to the purchase
                  of
                  Units of ADB Systems International Ltd.

              
	 
	
                TERMS
                  OF THE OFFERING

              
	 

      

       

        
          	1.  	
                  Offering.
                    The Units subscribed for hereunder form the total sale by the
                    Corporation
                    of 2,500,000 Units (the "Offering").

                

        

         

        
          	2.  	
                  Definitions.
                    In this subscription agreement and the schedules to this subscription
                    agreement the defined terms set out in the first page of this
                    subscription
                    agreement or as set out in Section 1 above shall apply and, unless
                    the
                    context otherwise requires:

                

        

        
          	o  	
                  "Applicable
                    Securities Laws"
                    means the applicable securities laws of the Province of Ontario
                    and the
                    regulations and rules made and forms prescribed thereunder, together
                    with
                    all applicable instruments, published policy statements, blanket
                    orders,
                    notices, rulings and rules of the Ontario Securities
                    Commission;

                

        

        
          	o  	
                  "Business
                    Day"
                    means a day other than a Saturday, Sunday or statutory or banking
                    holiday
                    in Toronto, Ontario;

                

        

        
          	o  	
                  "Closing
                    Date"
                    means on or about February 23, 2005, or such other date or dates
                    as the
                    Corporation may designate;

                

        

        
          	o  	
                  "Closing
                    Time"
                    means 10:00 a.m. (Toronto time) on the Closing Date, or such
                    other time on
                    the Closing Date as the Corporation may
                    designate;

                

        

        
          	o  	
                  "Common
                    Share"
                    means one common share in the capital of the
                    Corporation;

                

        

        
          	o  	
                  "Corporation's
                    Information Record"
                    means any statement contained in any press release, material
                    change
                    report, financial statements or other document of the Corporation
                    which
                    has been or is publicly disseminated, whether pursuant to any
                    Applicable
                    Securities Laws or otherwise, prior to the Closing
                    Time;

                

        

        
          	o  	
                  "including"
                    means including without limitation;

                

        

        
          	o  	
                  "material"
                    means material in relation to the
                    Corporation;

                

        

        
          	o  	
                  "material
                    change"
                    means any change in the business, operations, assets, liabilities,
                    ownership or capital of the Corporation, on a consolidated basis,
                    that
                    would reasonably be expected to have a significant effect on
                    the market
                    price or value of the Common Shares and includes a decision to
                    implement
                    such a change made by the board of directors of the Corporation
                    or by
                    senior management of the Corporation who believe that confirmation
                    of the
                    decision by the board of directors is
                    probable;

                

        

        
          	o  	
                  "material
                    fact"
                    means any fact that significantly affects or would reasonably
                    be expected
                    to have a significant effect on the market price or value of
                    the Common
                    Shares;

                

        

        
          	o  	
                  "Material
                    Subsidiaries"
                    means the material direct or indirect subsidiaries of the Corporation,
                    being, ADB Systemer ASA (Norway), ADB Systems USA, Inc. (Delaware)
                    and ADB
                    Systems International Limited
                    (Ireland);

                

        

        
          	o  	
                  "misrepresentation"
                    means an untrue statement of material fact, or an omission to
                    state a
                    material fact that is required to be stated or that is necessary
                    to make a
                    statement not misleading in the light of the circumstances in
                    which it was
                    made;

                

        

        
          	o  	
                  "Regulation
                    S"
                    means Regulation S under the U.S. Securities
                    Act;

                

        

        
          	o  	
                  "TSX"
                    means the Toronto Stock Exchange;

                

        

        
          	o  	
                  "Units"
                    means the 2,500,000 units being offered by the Corporation at
                    a price of
                    $0.23 per unit, each unit consisting of one Common Share and
                    one half of
                    one Warrant;

                

        

        
          	o  	
                  "Unit
                    Price"
                    means $0.23 per Unit;

                

        

        
          	o  	
                  "United
                    States"
                    means the United States as that term is defined in Regulation
                    S;

                

        

        
          	o  	
                  "U.S.
                    Person"
                    means a U.S. Person as that term is defined in Regulation
                    S;

                

        

        
          	o  	
                  "U.S.
                    Securities Act
                    means the Securities Act of 1933, as amended, of the United States
                    of
                    America;

                

        

        
          	o  	
                  "Warrant"
                    means a non-transferrable Common Share purchase warrant comprising
                    part of
                    the Units being offered by the Corporation pursuant to this subscription
                    agreement, each whole warrant entitling the holder to purchase
                    one Common
                    Share at a price of $0.40 at any time prior to the fourth anniversary
                    of
                    the Closing Date; and

                

        

        
          	o  	
                  "Warrants
                    Shares"
                    means the Common Shares issuable upon exercise of the
                    Warrants.

                

        

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
          	3.  	
                  Currency
                    All dollar amounts referred to in this subscription agreement
                    and the
                    schedules thereto are expressed in Canadian
                    funds.

                

        

         

        
          	4.  	
                  Representations
                    and Warranties of the Corporation. The Corporation hereby represents
                    and
                    warrants for the benefit of the Subscriber as
                    follows:

                

        

         

        
          	a.  	
                  the
                    Corporation is (and will be at the Closing Time) a reporting
                    issuer in the
                    Provinces of Ontario, Alberta and British Columbia, and is in
                    compliance
                    with all material obligations under applicable securities legislation
                    of
                    such jurisdictions;

                

        

         

        
          
            	b.  	
                    the
                      Corporation has been duly incorporated and organized and is
                      validly
                      subsisting under the laws of the Province of Ontario and has
                      all requisite
                      corporate power and authority to own its assets and to carry
                      on its
                      business as currently conducted;

                  

          

          
            	 	 

          

        

        
          	c.  	
                  each
                    of the Material Subsidiaries has been duly incorporated and organized
                    and
                    is validly subsisting under the laws of its jurisdiction of incorporation
                    and has all requisite corporate power and authority to carry
                    on its
                    business as now conducted and to own, lease and operate its properties
                    and
                    assets;

                

        

         

        
          	d.  	
                  the
                    Corporation and each of the Material Subsidiaries is conducting
                    its
                    business in material compliance with all applicable laws, rules
                    and
                    regulations of each jurisdiction in which its business is carried
                    on and
                    is duly licensed, registered or qualified in all jurisdictions
                    in which it
                    carries on business to enable its business to be carried on as
                    now
                    conducted and all such licences, registrations and qualifications
                    are and
                    will at the Closing Time be valid, subsisting and in good standing,
                    except
                    in respect of matters which do not and will not result in any
                    adverse
                    material change in respect of the Corporation, and except for
                    the failure
                    to be so qualified or the absence of any such license, registration
                    or
                    qualification which does not and will not have a material adverse
                    effect
                    on the business, results of operations, prospects or condition
                    (financial
                    or otherwise) of the Corporation and its subsidiaries, on a consolidated
                    basis;

                

        

         

        
          	e.  	
                  the
                    Corporation has all required corporate power and authority to
                    enter into
                    and carry out the provisions of this subscription agreement and
                    the
                    transactions contemplated hereby and all necessary corporate
                    action has
                    been taken or will have been taken prior to the Closing Time
                    by the
                    Corporation to duly authorize the execution and delivery of this
                    subscription agreement and such other agreements and instruments
                    and the
                    consummation of the transactions contemplated thereby and so
                    as to validly
                    create, issue and deliver the Common Shares and Warrants subscribed
                    thereby and to validly create and allot for issuance the Common
                    Shares and
                    Warrant Shares;

                

        

         

        
          	f.  	
                  the
                    Corporation is not in default or in breach in any material respect
                    of, and
                    the execution and delivery of this subscription agreement by
                    the
                    Corporation, the performance and compliance with the terms of
                    this
                    subscription agreement, the issue and sale of the Common Shares
                    and
                    Warrant Shares will not result in any breach of, or be in conflict
                    with or
                    constitute a default under, or create a state of facts which,
                    after notice
                    or lapse of time, or both, would constitute a default either
                    directly or
                    indirectly under any term or provision of the constating documents,
                    by-laws or resolutions of the Corporation or any material mortgage,
                    note,
                    indenture, contract, agreement, instrument, lease or other document
                    to
                    which any of them is a party or by which any of them is
                    bound;

                

        

         

        
          	g.  	
                  the
                    Common Shares and the Common Shares issuable upon exercise of
                    the
                    Warrants, if and when issued in accordance with the terms of
                    the Warrant
                    certificates, as applicable, will be validly issued and outstanding
                    as
                    fully paid and non-assessable;

                

        

         

        
          	h.  	
                  no
                    approval, authorization, consent or other order of, and no filing,
                    registration or recording with, any governmental authority is
                    required by
                    the Corporation in connection with the execution and delivery
                    or with the
                    performance by the Corporation of this subscription agreement
                    except in
                    compliance with and the rules of the
                    TSX;

                

        

         

        
          	i.  	
                  this
                    subscription agreement and all other agreements required in connection
                    with the issue and sale of the Units have been or will be, at
                    or prior to
                    the Closing Time, duly authorized, executed and delivered by
                    the
                    Corporation and will be valid and binding obligations of the
                    Corporation
                    enforceable in accordance with their respective terms (except
                    as the
                    enforceability thereof may be limited by (i) bankruptcy, insolvency
                    or
                    similar laws affecting creditors' rights generally, (ii) general
                    equitable
                    principles or (iii) limitations under applicable law in respect
                    of rights
                    of indemnity, contribution and waiver of contribution);
                    and

                

        

         

        
          	j.  	
                  the
                    Corporation intends that the net proceeds of the Offering will
                    be used
                    substantially in the manner specified in Schedule "B"
                    hereto.

                

        

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
          	5.  	
                  Reliance
                    upon Representations, Warranties and Covenants of the
                    Corporation.
                    The Corporation further agrees that, by delivering the Common
                    Shares and
                    Warrants to the Subscriber, the Corporation will be representing
                    and
                    warranting that the representations, warranties and covenants
                    contained in
                    this subscription agreement are true as at the Closing Time with
                    the same
                    force and effect as if they had been made by the Corporation
                    at the
                    Closing Time.

                

        

         

        
          	6.  	
                  Closing
                    of Purchase.
                    The Subscriber acknowledges and agrees that delivery of and payment
                    for
                    the Units will be completed at the offices of the Corporation
                    or its legal
                    counsel at 10:00 a.m. (Toronto time) on the Closing Date which
                    will be on
                    or about February 23, 2005, or such earlier or later date or
                    time as may
                    be determined by the Corporation.

                

        

         

        
          	7.  	
                  Payment
                    and Delivery.
                    The Subscriber agrees to deliver to the Corporation at Valhalla
                    Executive
                    Centre, 302 The East Mall, Suite 300, Etobicoke, ON, M9B 6C7
                    (Attention:
                    Michael Robb), (fax number: (416) 640-0412), prior to the Closing
                    Time:

                

        

         

        
          	a.  	
                  his
                    or her duly completed and executed subscription agreement (including
                    Schedule "D");

                

        

         

        
          	b.  	
                  a
                    certified cheque or bank draft payable to "ADB Systems International
                    Ltd.", or wire transfer in Canadian funds to the Corporation
                    for the
                    principal amount of the Units subscribed for under this subscription
                    agreement or payment of the same amount in such other manner
                    as is
                    acceptable to the Corporation; and

                

        

         

        
          	c.  	
                  such
                    other documents as may be required pursuant to the terms of this
                    subscription agreement.

                

        

         

        
          	8.  	
                  Conditions
                    of Closing.
                    If, by the Closing Time, the terms and conditions contained in
                    this
                    subscription agreement have been complied with to the satisfaction
                    of the
                    Corporation or waived by the Corporation, the Subscriber shall
                    deliver to
                    the Corporation a certified cheque or bank draft representing
                    subscription
                    funds payable against delivery by the Corporation of the Common
                    Share and
                    Warrant certificates and such other documentation as may be required.
                    This
                    subscription is subject to acceptance by the Corporation (as
                    described
                    below). Certificates endorsed by the Corporation representing
                    the Common
                    Shares and Warrants will be available for delivery to the Subscriber
                    in
                    Toronto, Ontario at the Closing Time against payment of the purchase
                    price
                    for the Units. The Corporation will deliver such certificates
                    to the
                    address set out for delivery on page 2 of this subscription agreement
                    promptly after the closing of its
                    Offering.

                

        

         

        
          	9.  	
                  Acceptance
                    or Rejection.
                    The Corporation will have the right to accept or reject (in whole
                    or in
                    part) this subscription at any time at or prior to the Closing
                    Time, and
                    the right is reserved to the Corporation to allot to any subscriber
                    less
                    than the number of Units subscribed for. The Subscriber acknowledges
                    and
                    agrees that the acceptance of this subscription agreement will
                    be
                    conditional upon the sale of the Units to the Subscriber being
                    exempt from
                    any prospectus and registration requirements of Applicable Securities
                    Laws. The Corporation will be deemed to have accepted this subscription
                    agreement upon the delivery at closing of the Common Share and
                    Warrant
                    certificates referred to in Section 8 above in accordance with
                    the
                    provisions hereof.

                

        

         

        
          	10.  	
                  Resale
                    Restrictions.
                    The Subscriber understands and acknowledges that the Common Shares
                    and
                    Warrant Shares will be subject to certain resale restrictions
                    under
                    applicable securities legislation and the Subscriber agrees that
                    the
                    Subscriber will not resell the Common Shares, Warrants or Warrant
                    Shares
                    except in accordance with the provisions of applicable securities
                    legislation, regulatory policy and stock exchange rules. Subscribers
                    are
                    advised to consult their own legal advisors in this regard. The
                    Subscriber
                    also acknowledges that it has been advised to consult its own
                    legal
                    advisors with respect to applicable resale restrictions and that
                    it is
                    solely responsible for complying with such restrictions (and
                    the
                    Corporation is not in any manner responsible for ensuring compliance
                    by
                    the Subscriber with such
                    restrictions).

                

        

         

        
          	11.  	
                  Legend.
                    The Subscriber acknowledges that the following legend is to be
                    placed on
                    the Common Shares and the Warrant certificates (and the certificates
                    evidencing the Warrants Shares, if issued during the four month
                    period
                    referred to in such legend) being
                    acquired:

                

        

         

        
          	o  	
                  "UNLESS
                    PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY
                    MUST
                    NOT TRADE THE SECURITY BEFORE ______________"(four months and
                    one day from
                    the Closing Date.)

                

        

         

        
          	12.  	
                  No
                    Revocation.
                    The Subscriber agrees that this offer is made for valuable consideration
                    and may not be withdrawn, cancelled, terminated or revoked by
                    the
                    Subscriber.

                

        

         

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
          	13.  	
                  Indemnity.
                    The Subscriber agrees to indemnify and hold harmless the Corporation
                    and
                    its respective directors, officers, employees, agents, advisers
                    and
                    shareholders from and against any and all loss, liability, claim,
                    damage
                    and expense whatsoever (including, 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, warranty or covenant of the Subscriber contained
                    herein or
                    in any document furnished by the Subscriber to the Corporation
                    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 herein or in any document furnished by the Subscriber
                    to
                    the Corporation in connection
                    herewith.

                

        

         

        
          	14.  	
                  Modification.
                    Neither this subscription agreement nor any provision hereof
                    shall be
                    modified, changed, discharged or terminated except by an instrument
                    in
                    writing signed by the party against whom any waiver, change,
                    discharge or
                    termination is sought.

                

        

         

        
          	15.  	
                  Miscellaneous.

                

        

         

        
          	a.  	
                  The
                    agreement resulting from the acceptance of this subscription
                    agreement by
                    the Corporation contains the whole agreement between the parties
                    hereto in
                    respect of the subject matter hereof and there are no warranties,
                    representations, terms, conditions or collateral agreements,
                    express,
                    implied or statutory, other than as expressly set forth herein
                    and in any
                    amendments hereto.

                

        

         

        
          	b.  	
                  All
                    representations, warranties, agreements and covenants made or
                    deemed to be
                    made by the Subscriber in this subscription agreement will survive
                    the
                    execution and delivery, and acceptance, of this subscription
                    agreement and
                    the closing of the Offering.

                

        

         

        
          	c.  	
                  Time
                    shall be of the essence of this subscription agreement. This
                    subscription
                    agreement and the rights and obligations of the parties hereunder
                    will be
                    governed by and construed according to the laws of the Province
                    of Ontario
                    and the laws of Canada applicable
                    therein.

                

        

         

        
          	d.  	
                  This
                    subscription agreement may be executed in any number of counterparts,
                    each
                    of which when delivered, either in original or facsimile form,
                    shall be
                    deemed to be an original and all of which together shall constitute
                    one
                    and the same document.

                

        

         

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        SCHEDULE
          "B"

      

       

      
        This
          is Schedule "B" to the subscription agreement relating to the purchase
          of Units
          of ADB Systems International Ltd. (the
"Corporation"). Capitalized terms used but
          not defined in this schedule are intended to have the meanings ascribed
          thereto,
          as applicable, on the first page of this subscription agreement and sections
          1
          and 2 of Schedule "A" to this subscription agreement

      

       

      
        ADB
          SYSTEMS INTERNATIONAL LTD.

        Summary
          of Proposed Terms Offering of Units

        by
          way of Private Placement

      

    

    

    
      	
              Issuer:

            	
              ADB
                Systems International Ltd.

            
	
               

            
	
              Offering:

            	
              2,500,000
                Units to be issued by way of private placement exemptions from prospectus
                and registration requirements in the Province of Ontario, subject
                to the
                receipt of any applicable regulatory and stock exchange
                approvals.

            
	
               

            
	
              Issue
                Price:

            	
              $0.23
                per Unit.

            
	
               

            
	
              Units:

            	
              Each
                Unit will consist of one common share (a "Common Share") and one
                half of
                one Common Share purchase warrant (a "Common Share Warrant"). Each
                whole
                Common Share Warrant will entitle the holder to acquire one common
                share
                at an exercise price of $0.40 at any time prior to the fourth anniversary
                of the Closing Date.

            
	
               

            
	
              Use
                of Proceeds:

            	
              For
                working capital and general corporate purposes.

            
	
               

            
	
              Minimum
                Subscription:

            	
              $575,000
                or such other amount determined at the sole discretion of the Corporation.
                

            
	
               

            
	
              Hold
                Period:

            	
              The
                Corporation will be a "reporting issuer" on the Closing Date, such
                that it
                is expected that the securities comprising the Units will have a
                restricted period of four months from the Closing Date.

            
	
               

            
	
              Commission:

            	
              None.

            

    

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

      SCHEDULE
        "C"

       

      This
        is Schedule "C" to the subscription agreement relating to the purchase of
        Units
        of ADB Systems International Ltd. (the "Corporation").
        Capitalized terms used but not defined in this schedule are intended to have
        the
        meanings ascribed thereto, as applicable, on the first page of this subscription
        agreement and Schedule "A" to this subscription agreement.

       

      By
        executing this subscription agreement, the Subscriber represents and warrants
        to
        the Corporation which representations and warranties are true as of the date
        of
        this subscription agreement and will be true as of the Closing Date,
        that:

       

      
        	1.  	
                Representations
                  and Warranties

              

      

       

      
        	a.  	
                Authorization
                  and Effectiveness.
                  If the Subscriber is a corporation, the Subscriber is a valid and
                  subsisting corporation, has the necessary corporate capacity and
                  authority
                  to execute and deliver this subscription agreement and to observe
                  and
                  perform its covenants and obligations hereunder and has taken all
                  necessary corporate action in respect thereof. If the Subscriber
                  is a
                  partnership, syndicate or other form of unincorporated organization,
                  the
                  Subscriber has the necessary legal capacity and authority to execute
                  and
                  deliver this subscription agreement and to observe and perform
                  its
                  covenants and obligations hereunder and has obtained all necessary
                  approvals in respect thereof. If the Subscriber is a natural person,
                  he or
                  she has obtained the age of majority and is legally competent to
                  execute
                  this subscription agreement and to take all actions required pursuant
                  thereto.

              

      

       

      Whether
        the Subscriber is a natural person or a corporation, partnership or other
        entity, upon acceptance by the Corporation, this subscription agreement will
        constitute a legal, valid and binding contract of the Subscriber, and any
        beneficial purchaser for whom it is purchasing, enforceable against the
        Subscriber and any such beneficial purchaser in accordance with its
        terms.

       

      
        	b.  	
                Residence.
                  The Subscriber is a resident of, or otherwise subject to, the jurisdiction
                  referred to under ÒName and Address of SubscriberÓ on the first page of
                  this subscription agreement, which address is the residence or
                  place of
                  business of the Subscriber not created or used solely for the purpose
                  of
                  acquiring Units, and:

              

      

       

      
        	i.  	
                is
                  not (and is not purchasing Units for the account or benefit of)
                  a U.S.
                  Person;

              

      

       

      
        	ii.  	
                was
                  not offered the Units in the United States;
                  and

              

      

       

      
        	iii.  	
                did
                  not execute or deliver this agreement in the United
                  States.

              

      

       

      
        	c.  	
                Investment
                  Intent. The Subscriber is acquiring Common Shares and Warrants
                  to be held
                  for investment only and not with a view to resale or
                  distribution.

              

      

       

      
        	d.  	
                Prospectus
                  Exemptions.
                  The Subscriber acknowledges and agrees
                  that:

              

      

       

      
        	i.  	
                no
                  securities commission or similar regulatory authority has reviewed
                  or
                  passed on the merits of the Common Shares or the
                  Warrants;

              

      

       

      
        	ii.  	
                there
                  is no government or other insurance covering the Common Shares
                  or
                  Warrants;

              

      

       

      
        	iii.  	
                there
                  are risks associated with the purchase of the Common Shares and
                  Warrants
                  and in owning the Common Shares and
                  Warrants;

              

      

       

      
        	iv.  	
                the
                  sale and delivery of the Common Shares and Warrants to the Subscriber
                  is
                  conditional upon such sale being exempt from the requirements under
                  Applicable Securities Laws requiring the filing of a prospectus
                  in
                  connection with the distribution of the Common Shares and Warrants.
                  The
                  Subscriber acknowledges that it is aware that it is purchasing
                  the Units
                  pursuant to an exemption from the prospectus requirement under
                  applicable
                  securities legislation and, as a consequence, (i) it is restricted
                  from
                  using most of the civil remedies available under securities legislation;
                  (ii) it may not receive information that would otherwise be required
                  to be
                  provided to it under securities legislation; and (iii) the Corporation
                  is
                  relieved from certain obligations that would otherwise apply under
                  securities legislation.

              

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        	e.  	
                Offering
                  Documents.
                  The Subscriber has not received, nor does the Subscriber need to
                  receive,
                  any document purporting to describe the business and affairs of
                  the
                  Corporation that has been prepared for delivery to and review by
                  prospective investors so as to assist those investors to make an
                  investment decision in respect of securities being sold in a distribution
                  of securities of the Corporation.

              

      

       

      
        	f.  	
                No
                  Solicitation or Advertising.
                  The Subscriber acknowledges that it has not purchased the Units
                  as a
                  result of any 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
                  any general solicitation or general
                  advertising.

              

      

       

      
        	g.  	
                No
                  Undisclosed Information.
                  The Units are not being purchased by the Subscriber as a result
                  of any
                  material information concerning the Corporation that has not been
                  publicly
                  disclosed and the Subscriber's decision to tender this offer and
                  acquire
                  Units has not been made as a result of any verbal or written
                  representation as to fact or otherwise made by or on behalf of
                  the
                  Corporation, or any other person and is based entirely upon the
                  currently
                  available public information concerning the
                  Corporation.

              

      

       

      
        	h.  	
                Investment
                  Suitability.
                  The Subscriber has such knowledge and experience in financial and
                  business
                  affairs as to be capable of evaluating the merits and risks of
                  the
                  investment hereunder in the Common Shares and Warrants and is able
                  to bear
                  the economic risk of loss of such investment. The Subscriber acknowledges
                  and agrees that the Subscriber is responsible for obtaining such
                  legal
                  advice as the Subscriber considers appropriate in connection with
                  the
                  execution, delivery and performance by the Subscriber of this agreement
                  and the transactions contemplated
                  hereunder.

              

      

       

      
        	i.  	
                Subscription
                  Agreement.
                  The Subscriber has read and understands the contents of this agreement
                  and
                  agrees to be legally bound hereby.

              

      

       

      
        	j.  	
                No
                  Repurchase.
                  The Subscriber acknowledges that no person has made to the Subscriber
                  any
                  written or oral representations:

              

      

       

      
        	i.  	
                that
                  any person will resell or repurchase the Common Shares, Warrants
                  or
                  Warrant Shares;

              

      

       

      
        	ii.  	
                that
                  any person will refund the purchase price of the Common Shares,
                  Warrants
                  or Warrant Shares; or

              

      

       

      
        	iii.  	
                as
                  to the future price or value of the Common Shares, Warrants or
                  Warrant
                  Shares;

              

      

       

      
        	k.  	
                Subject
                  to Acceptance.
                  The Subscriber acknowledges that this subscription agreement is
                  subject to
                  acceptance and allotment by the
                  Corporation.

              

      

       

      
        	l.  	
                No
                  Transfer of Common Shares or Warrant Shares in U.S.
                  The Subscriber acknowledges that the Common Shares and Warrant
                  Shares may
                  not be offered, sold or otherwise transferred to persons in the
                  United
                  States or to U.S. Persons and may not be exercised in the United
                  States or
                  by or on behalf of a U.S. Person and the Subscriber understands
                  that
                  certificates representing the Common Shares and Warrant Shares
                  issued to
                  it will so indicate.

              

      

       

      
        	m.  	
                Ontario
                  Subscriber.
                  The Subscriber is a resident of Ontario and the Subscriber or its
                  disclosed principal is an "accredited investor" within the meaning
                  of
                  Ontario Securities Commission Rule 45-501 - Exempt Distributions
                  and falls
                  within one or more of the sub-paragraphs of the definition of "Accredited
                  Investor" set out in Appendix I to Schedule "D" hereto or is purchasing
                  pursuant to paragraph (b) of Schedule "D", and the Subscriber has
                  concurrently executed and delivered to the Corporation a certificate
                  in
                  the form attached as Appendix I to Schedule "D" (the Subscriber
                  having
                  checked the applicable
                  subparagraph(s)).

              

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        	n.  	
                No
                  Reliance.
                  The Subscriber acknowledges that it has relied solely on publicly
                  available information relating to the Corporation and not upon
                  any verbal
                  or written representation as to fact or otherwise made by or on
                  behalf of
                  the Corporation.

              

      

       

      
        	o.  	
                Independent
                  Advice.
                  The Subscriber acknowledges that it has been encouraged to and
                  should
                  obtain independent legal, income tax and investment advice with
                  respect to
                  its subscription for these Common Shares and Warrants and accordingly,
                  has
                  been independently advised as to the meanings of all terms contained
                  herein relevant to the Subscriber for purposes of giving representations,
                  warranties and covenants under this Subscription
                  Agreement.

              

      

       

      
        	2.  	
                Reliance
                  Upon Representations, Warranties and Covenants.
                  The Subscriber acknowledges that the representations and warranties
                  contained herein are made by the Subscriber with the intention
                  that they
                  may be relied upon by the Corporation in determining the Subscriber's
                  eligibility to purchase the Units under Applicable Securities Laws.
                  The
                  Subscriber agrees that by accepting delivery of the Common Shares
                  and
                  Warrants on the Closing Date, the Subscriber will be representing
                  and
                  warranting that the foregoing representations and warranties are
                  true and
                  correct as at the Closing Time with the same force and effect as
                  if they
                  had been made by the Subscriber at the Closing
                  Time.

              

      

       

       

      
        	3.  	
                Personal
                  Information.
                  The Subscriber acknowledges and consents to the fact that the Corporation
                  is collecting the Subscriber's personal information for the purpose
                  of
                  fulfilling this subscription agreement. The subscriber further
                  acknowledges and consents to the fact that the Corporation may
                  be required
                  by Applicable Securities Laws to provide the applicable regulatory
                  authorities with any personal information provided by the Subscriber
                  in
                  accordance with and for the purposes required under Applicable
                  Securities
                  Laws.

              

      

       

       

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    
      	
              SCHEDULE
                "D"

            
	 
	
              ONTARIO
                RESIDENT EXEMPTION CERTIFICATE

               

              The
                Subscriber (on its own behalf and, if applicable, on behalf of each
                person
                on whose behalf the Subscriber is acting hereunder) represents, warrants
                and covenants to the Corporation and acknowledges that the Corporation,
                and its counsel, are relying thereon that: [Initial
                or place a checkmark in the box to the left of each applicable item;
                choose only one of item (a) or (b) below and choose only one sub
                item in
                (a) or (b)]:

            

    

    

    
      	o	
              (a)

            	
              the
                Subscriber is resident in Ontario and falls within one or more of
                the
                categories described in the sub-paragraphs of the definition of
                "accredited investor" as such term is defined in Ontario Securities
                Commission Rule 45-501 ("Rule 45-501") and has completed the Ontario
                Accredited Investor Certificate attached hereto as Appendix I,
                and:

            
	 	 	 
	
               

            	o 	
              (i)

            	
              if
                purchasing the securities as principal, the Subscriber is an "accredited
                investor" (as such term is defined in Rule 45-501), is purchasing
                the
                securities as principal for its own account and not for the benefit
                of any
                other person, it is purchasing for investment only and not with a
                view to
                resale or distribution and no other person, corporation, firm or
                other
                organization has a beneficial interest in the said securities being
                purchased; or

            
	 	 	 	 
	
               

            	o	
              (ii)

            	
              if
                purchasing the securities as agent for a principal disclosed on the
                cover
                page of this subscription agreement, the Subscriber is an agent or
                trustee
                of such disclosed principal and such disclosed principal for whom
                the
                Subscriber is acting is an "accredited investor", is purchasing the
                securities as principal for its own account and not for the benefit
                of any
                other person, and is purchasing for investment only and not with
                a view to
                resale or distribution and no other person, corporation, firm or
                other
                organization has a beneficial interest in the said securities being
                purchased; OR

            
	 	 	 	 
	o	
              (b)

            	
              the
                Subscriber is resident in Ontario and is purchasing the securities
                for a
                principal or principals which is or are undisclosed or identified
                by
                account number only and the Subscriber is:

            
	 	 	 
	
               

            	o	
              (i)

            	
              a
                portfolio adviser (as such term is defined in Rule 45-501) and is
                purchasing the securities for one or more managed accounts (as defined
                in
                Rule 45-501); or

            
	 	 	 	 
	
               

            	o	
              (ii)

            	
              a
                trust corporation registered under the Loan and Trust Corporations
                Act
                (Ontario) or under the Trust and Loan Companies Act (Canada) or under
                comparable legislation in any jurisdiction and is purchasing the
                securities for an account that is fully managed by such trust
                company.

            

    

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	
              EXECUTED
                by the Subscriber at _________________ this _____________ day of
                _____________, 2005.

            

    

    

    
      	
              If
                a corporation, partnership or other entity:

            	
               

            	
              If
                an individual:

            
	 	 	 
	 	 	 
	
              (Print
                Name of Subscriber)

            	
               

            	
              (Print
                Name of Subscriber)

            
	 	 	 
	 	 	 
	
              (Signature
                of Authorized Signatory)

            	
               

            	
              (Signature)

            
	 	 	 
	 	 	 
	
              (Name
                and Position of Authorized Signatory)

            	
               

            	
              (Jurisdiction
                of Residence)

            
	 	 	 
	 	 	 
	
              (Jurisdiction
                of Residence)

            	
               

            	
              (Print
                Name of Witness)

            
	 	 	 
	 	 	 
	
               

            	
               

            	
              (Signature
                of Witness)

            

    

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	
              APPENDIX
                I

               

              ONTARIO
                ACCREDITED INVESTOR CERTIFICATE

            
	 
	
              The
                Subscriber hereby represents, warrants and certifies to Corporation
                that
                the Subscriber (or its disclosed principal) is an "accredited investor"
                as
                defined in Rule 45-501 by virtue of being: [check
                appropriate boxes]

               

              Accredited
                Investors

            

    

    

    
      
        	o	
                (a)

              	
                a
                  bank listed in Schedule I or II of the Bank Act (Canada), or an
                  authorized
                  foreign bank listed in Schedule III of the Bank Act (Canada);

                 

              
	o	
                (b)

              	
                the
                  Business Development Bank incorporated under the Business Development
                  Bank
                  Act (Canada);

                 

              
	o 	
                (c)

              	
                a
                  loan corporation or trust corporation registered under the Loan
                  and Trust
                  Corporations Act (Ontario) or under the Trust and Loan Corporations
                  Act
                  (Canada), or under comparable legislation in any other
                  jurisdiction;

                 

              
	o	
                (d)

              	
                a
                  co-operative credit society, credit union central, federation of
                  caisses
                  populaires, credit union or league, or regional caisse populaire,
                  or an
                  association under the Cooperative Credit Associations Act (Canada),
                  in
                  each case, located in Canada;

                 

              
	o	
                (e)

              	
                a
                  company licensed to do business as an insurance company in any
                  jurisdiction of Canada;

                 

              
	o	
                (f)

              	
                a
                  subsidiary of any company referred to in paragraph (a), (b), (c),
                  (d) or
                  (e), where the company owns all of the voting shares of the
                  subsidiary;

                 

              
	o	
                (g)

              	
                a
                  person or company registered under the Securities Act (Ontario)
                  or
                  securities legislation in another jurisdiction of Canada as an
                  adviser or
                  dealer, other than a limited market dealer;

                 

              
	o	
                (h)

              	
                the
                  government of Canada or of any jurisdiction, or any crown corporation,
                  instrumentality or agency of a Canadian federal, provincial or
                  territorial
                  government;

                 

              
	o	
                (i)

              	
                any
                  Canadian municipality or any Canadian provincial or territorial
                  capital
                  city;

                 

              
	o	
                (j)

              	
                any
                  national, federal, state, provincial, territorial or municipal
                  government
                  of or in any foreign jurisdiction, or any instrumentality or agency
                  thereof;

                 

              
	o	
                (k)

              	
                a
                  pension fund that is regulated by either the Office of the Superintendent
                  of Financial Institutions (Canada) or a provincial pension commission
                  or
                  similar regulatory authority;

                 

              
	o	
                (l)

              	
                a
                  registered charity under the Income Tax Act (Canada);

                 

              
	o	
                (m)

              	
                an
                  individual who beneficially owns, or who together with a spouse
                  beneficially own, financial assets having an aggregate realizable
                  value
                  that, before taxes but net of any related liabilities, exceeds
                  $1,000,000;

                 

              
	o	
                (n)

              	
                an
                  individual whose net income before taxes exceeded $200,000 in each
                  of the
                  two most recent 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, has a reasonable expectation of exceeding the same net income
                  level
                  in the current year;

                 

              

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	o	
                (o)

              	
                an
                  individual who has been granted registration under the Securities
                  Act
                  (Ontario) or securities legislation in another jurisdiction of
                  Canada as a
                  representative of a person or company referred to in paragraph
                  (g),
                  whether or not the individual's registration is still in
                  effect;

                 

              
	o	
                (p)

              	
                a
                  promoter of the Corporation or an affiliated entity of a promoter
                  of the
                  Corporation;

                 

              
	o	
                (q)

              	
                a
                  spouse, parent, brother, sister, grandparent or child of an officer,
                  director or promoter of the Corporation;

                 

              
	o	
                (r)

              	
                a
                  person or company that, in relation to the Corporation, is an affiliated
                  entity or a person or company referred to in clause (c) of the
                  definition
                  of distribution in subsection 1(1) of the Securities Act
                  (Ontario);

                 

              
	o	
                (s)

              	
                a
                  company, limited partnership, limited liability partnership, trust
                  or
                  estate, other than a mutual fund or non-redeemable investment fund,
                  that
                  had net assets of at least $5,000,000 as reflected in its most
                  recently
                  prepared financial statements;

                 

              
	o	
                (t)

              	
                a
                  person or company that is recognized by the Ontario Securities
                  Commission
                  as an accredited investor, pursuant to a discretionary order of
                  the
                  Ontario Securities Commission;

                 

              
	o	
                (u)

              	
                a
                  mutual fund or non-redeemable investment fund that, in Ontario,
                  distributes its securities only to persons or companies that are
                  accredited investors;

                 

              
	o	
                (v)

              	
                a
                  mutual fund or non-redeemable investment fund that, in Ontario,
                  distributes its securities under a prospectus for which a receipt
                  has been
                  granted by the Director as defined in the Securities Act (Ontario)
                  or, if
                  it has ceased distribution of its securities, has previously distributed
                  securities in this manner;

                 

              
	o	
                (w)

              	
                a
                  fully managed account if it is acquiring a security that is not
                  a security
                  of a mutual fund or non-redeemable investment fund;

                 

              
	o	
                (x)

              	
                an
                  account that is fully managed by a trust corporation registered
                  under the
                  Loan and Trust Corporations Act (Ontario) or under the Loan and
                  Trust
                  Companies Act (Canada) or under comparable legislation in any other
                  jurisdiction;

                 

              
	o	
                (y)

              	
                an
                  entity organized outside of Canada that is analogous to any of
                  the
                  entities referred to in paragraphs (a) through (g) and paragraph
                  (k) in
                  form and function; or

                 

              
	o	
                (z)

              	
                a
                  person or company in respect of which all of the owners of interests,
                  direct or indirect, legal or beneficial, are persons or companies
                  that are
                  accredited investors.

                 

              

      

    

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
       

      
        For
          the purposes hereof, the following terms shall have the following
          meanings:

         

        
          	·  	
                  "company"
                    means any corporation, incorporated association, incorporated
                    syndicate or
                    other incorporated organization.

                

        

         

        
          	·  	
                  "control
                    person"
                    means any person, company or combination of persons or companies
                    holding a
                    sufficient number of any securities of the Corporation to affect
                    materially the control of the Corporation, but any holding of
                    any persons,
                    company or combination of persons or companies holding more than
                    20 per
                    cent of the outstanding voting securities of the Corporation,
                    in the
                    absence of evidence to the contrary, shall be deemed to affect
                    materially
                    the control of the Corporation.

                

        

         

        
          	·  	
                  "director"
                    where used in relation to a person, includes a person acting
                    in a capacity
                    similar to that of a director of a
                    company.

                

        

         

        
          	·  	
                  "entity"
                    means a company, syndicate, partnership, trust or unincorporated
                    organization.

                

        

         

        
          	·  	
                  "financial
                    assets"
                    means cash, securities, or any contract of insurance or deposit
                    or
                    evidence thereof that is not a security for the purposes of the
                    Securities
                    Act (Ontario).

                

        

         

        
          	·  	
                  "fully
                    managed account"
                    means an investment portfolio account of a client established
                    in writing
                    with a portfolio adviser who makes investment decisions for the
                    account
                    and has full discretion to trade in securities of the account
                    without
                    requiring the clientÕs express consent to a
                    transaction.

                

        

         

        
          	·  	
                  "individual"
                    means a natural person, but does not include a partnership, unincorporated
                    association, unincorporated organization, trust or a natural
                    person in his
                    or her capacity as trustee, executor, administrator or other
                    legal
                    personal representative.

                

        

         

        
          	·  	
                  "mutual
                    fund"
                    includes an issuer whose primary purpose is to invest money provided
                    by
                    its security holders and whose securities entitle the holder
                    to receive on
                    demand, or within a specified period after demand, an amount
                    computed by
                    reference to the value of a proportionate interest in the whole
                    or in a
                    part of the net assets, including a separate fund or trust account,
                    of the
                    issuer of the securities.

                

        

         

        
          	·  	
                  "non-redeemable
                    investment fund"
                    means an issuer

                

        

         

        
          	1.  	
                  whose
                    primary purpose is to invest money provided by its
                    securityholders;

                

        

         

        
          	2.  	
                  that
                    does not invest for the purpose of exercising effective control,
                    seeking
                    to exercise effective control, or being actively involved in
                    the
                    management of the issuers in which it invests, other than other
                    mutual
                    funds or non-redeemable investment funds;
                    and

                

        

         

        
          	3.  	
                  is
                    not a mutual fund.

                

        

         

        
          	·  	
                  "officer"
                    means the chair, any vice-chair of the board of directors, the
                    president,
                    any vice-president, the secretary, the assistant secretary, the
                    treasurer,
                    the assistant treasurer, and the general manager of a company,
                    and any
                    other person designated an officer or a company by by-law or
                    similar
                    authority, or any individual acting in a similar capacity on
                    behalf of the
                    Corporation.

                

        

         

        
          	·  	
                  "portfolio
                    adviser"
                    means (a) a portfolio manager; or (b) a broker or investment
                    dealer
                    exempted from registration as an adviser under subsection 148(1)
                    of the
                    Regulation to the Securities Act (Ontario) if that broker or
                    investment
                    dealer is not exempt from the by-laws or regulations of the Toronto
                    Stock
                    Exchange or the Investment Dealers' Association of Canada referred
                    to in
                    that subsection.

                

        

         

        
          	·  	
                  "promoter"
                    means (a) a person or company who, acting alone or in conjunction
                    with one
                    or more other persons, companies or a combination thereof, directly
                    or
                    indirectly, has taken the initiative in founding, organizing
                    or
                    substantially reorganizing the business of the Corporation, or
                    (b) a
                    person or company who, in connection with the founding, organizing
                    or
                    substantial reorganizing of the business of the Corporation,
                    directly or
                    indirectly, received in consideration of services or property,
                    or both
                    services and property, 10 per cent or more of any class of securities
                    of
                    the Corporation or 10 percent or more of the proceeds from the
                    sale of any
                    class of securities of a particular issue, but a person or company
                    who
                    receives such securities or proceeds either solely as underwriting
                    commissions or solely in consideration of property shall not
                    be deemed a
                    promoter within the meaning of this definition if such person
                    or company
                    does not otherwise take part in founding, organizing, or substantially
                    reorganizing the business.

                

        

         

        
          	·  	
                  "related
                    liabilities"
                    means liabilities incurred or assumed for the purpose of financing
                    the
                    acquisition or ownership of financial assets and liabilities
                    that are
                    secured by financial assets.

                

        

         

        
          	·  	
                  "spouse",
                    in relation to an individual, means another individual to whom
                    that
                    individual is married, or another individual of the opposite
                    sex or the
                    same sex with whom that individual is living in a conjugal relationship
                    outside marriage.

                

        

         

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

        For
          the purposes of the foregoing:

         

        
          	a.  	
                  a
                    person or company is considered to be an affiliated entity of
                    another
                    person or company if one is a subsidiary entity of the other,
                    or if both
                    are subsidiary entities of the same person or company, or if
                    each of them
                    is controlled by the same person or
                    company.

                

        

         

        
          	b.  	
                  a
                    person or company is considered to be controlled by a person
                    or company
                    if

                

        

         

        
          	i.  	
                  in
                    the case of a person or company,

                

        

         

        
          	A.  	
                  voting
                    securities of the first mentioned person or company carrying
                    more than 50
                    percent of the votes for the election of directors are held,
                    otherwise
                    than by way of security only, by or for the benefit of the other
                    person or
                    company, and

                

        

         

        
          	B.  	
                  the
                    votes carried by the securities are entitled, if exercised, to
                    elect a
                    majority of the directors of the first-mentioned person or
                    company;

                

        

         

        
          	ii.  	
                  in
                    the case of a partnership that does not have directors, other
                    than a
                    limited partnership, the second-mentioned person or company holds
                    more
                    than 50 percent of the interests in the partnership;
                    or

                

        

         

        
          	iii.  	
                  in
                    the case of a limited partnership, the general partner is the
                    second-mentioned person or company;
                    and

                

        

         

        
          	c.  	
                  a
                    person or company is considered to be a subsidiary entity of
                    another
                    person or company if

                

        

         

        
          	i.  	
                  it
                    is controlled by,

                

        

         

        
          	A.  	
                  that
                    other, or

                

        

         

        
          	B.  	
                  that
                    other and one or more persons or companies each of which is controlled
                    by
                    that other, or

                

        

         

        
          	C.  	
                  two
                    or more persons or companies, each of which is controlled by
                    that other;
                    or

                

        

         

        
          	d.  	
                  it
                    is a subsidiary entity of a person or company that is the other's
                    subsidiary entity.

                

        

         

        The
          foregoing representations contained in this certificate are true and accurate
          as
          of the date hereof and will be true and accurate as of the Closing Date.
          If any
          such representations shall not be true and accurate prior to the Closing
          Date,
          the Subscriber shall give immediate notice to the
          Corporation.Certification pursuant to 18 U.S.C. Section 1350

    
      	
              EXHIBIT
                10.1

            
	 
	
              Certification
                Pursuant to

              18
                U.S.C. Section 1350,

              As
                Adopted Pursuant to

              Section
                906 of the Sarbanes-Oxley Act of 2002

               

            
	
              The
                undersigned, being the Chief Executive Officer and Chief Financial
                Officer, respectively, of ADB Systems International Ltd. (the "Company")
                do each hereby certify that:

               

              (1)
                The Annual Report on Form 20-F of the Company for the fiscal year
                ended
                December 31, 2004 (the "Report") which this certification accompanies,
                fully complies with the requirements of Section 13(a) of the Securities
                Exchange Act of 1934, as amended.

               

              (2)
                The information contained in the Report fairly presents, in all material
                respects, the financial condition and results of operations of the
                Company
                as at, and for the fiscal year ended on, December 31, 2004.

               

              A
                signed original of this written statement required by Section 906
                has been
                provided to the Company and will be retained by the Company and furnished
                to the Securities and Exchange Commission or its staff upon
                request.

            

    

    

    
      	
              Dated:
                June
                24, 2005

            	
              /s/
                Jeffrey Lymburner

              Jeffrey
                Lymburner

              Chief
                Executive Officer

            
	
               

            
	
              Dated:
                June
                24, 2005

            	
              /s/
                Michael Robb

              Michael
                Robb

              Chief
                Financial Officer

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