Document:

Enertopia Corporation - Exhibit -10.2 - Filed by newsfilecorp.com

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.

SUBSCRIPTION AGREEMENT 

UNITS 
(Common Share and One Warrant) 

	To: 	Enertopia Corporation (the "Issuer")
  
	 	 
	Re: 	Purchase and Sale of Units of the Issuer
  

	Dated For
      Reference: 	July
      16, 2012 

The undersigned (the "Purchaser") hereby irrevocably
subscribes for and agrees to purchase from the Issuer, subject to the terms and
conditions set forth in Schedule "A" to this subscription (which, together with
all appendices (the "Appendices") attached hereto, shall be deemed to
form a part of this subscription), that number of units (the "Units") of
the Issuer set out on page 3 hereof at a price of US$0.05 per Unit. 

Each Unit is comprised of: 

	
  one (1) common share of the Issuer (the "Shares"); and 

  
	
  one share purchase warrant, each warrant (a "Warrant") entitling the
  holder thereof to acquire one (1) common share (a "Warrant Share") of
  the Issuer for a period of thirty-six (36) months after the date of issuance.
  The Warrants are exercisable at a price of US$0.10 per Warrant Share if
  exercised at any time up to twelve (12) months after the date of issuance and
  at a price of US$0.20 per Warrant Share if exercised anytime after
  twelve (12) months from the date of issuance until thirty-six (36) months
  after the date of issuance. 

The offering of Units is subject to a maximum overall
subscription of 20,000,000 Units for gross proceeds of US$1,000,000 (the
“Maximum Subscription”). 

A currency conversion rate of CDN$1.00 x US$1.00 is used and
the Issuer will accept both CDN and US funds at par. 

The Purchaser and the Issuer hereby agree that the Units, and
the subsequent offering thereof, shall have and be conducted on the terms and
conditions specified in Schedule "A" hereto. The Purchaser hereby makes, on its own behalf and, if applicable, on behalf of
others for whom it is contracting hereunder, the acknowledgments,
representations and warranties set out in Schedule "A" hereto, and agrees that
the Issuer can rely on such acknowledgments, representations and warranties
should this subscription offer be accepted. 

2

	Note: 	The Purchaser must either be:

	 	(a) 	
      purchasing the securities offered hereunder as principal
      or;

	 	 	 	 
	 	(b) 	
      deemed to be purchasing such securities as principal, by
      virtue of being:

	 	 	 	 
	 		(i) 	
      a trust company or trust corporation described in
      paragraph (p) of the definition of "accredited investor" in Appendix I
      (other than a trust company or trust corporation registered under the laws
      of Prince Edward Island that is not registered or authorized under the
      Trust and Loan Companies Act (Canada) or under comparable legislation in
      another jurisdiction of Canada); or

	 	 	 	 
	 		(ii) 	
      a person described in paragraph (q) of the definition of
      "accredited investor" in Appendix I.

  	 
         INSTRUCTIONS FOR COMPLETING THIS SUBSCRIPTION PRIOR
        TO DELIVERY TO 
	   THE ISSUER 
	  	 	 
	1.
        	All
          Purchasers must complete (i) the information required on page 3
          with respect to subscription amounts and registration and delivery particulars;
          (ii) the information required on page 5 with respect to information
          regarding the Purchaser; and (iii) Appendix III – "Acknowledgement
          and Direction". 

	  	 
	 

	2.
        	 Complete
          the applicable Appendices at the end of Schedule "A": 

	  	 
	 

	 
        	(a)
	Appendix I –
          "Certificate of Purchasers". 

	  	 
	 

		(b)
          
	All Purchasers that complete
          “Category 4 – Offering Memorandum” in Appendix I and
          are relying on the "Offering Memorandum" exemption contained in Part
          2 of National Instrument 45-106, must complete Appendix IIA –
          “Risk Acknowledgement”. Appendix III Acknowledgement and
          Direction 

Return this subscription and all Appendices to the Issuer's
solicitors, Macdonald Tuskey, Corporate and Securities Lawyers at 4th Floor -
570 Granville Street, Vancouver BC V6C 3P1. Purchasers can submit subscription
funds by certified cheque, money order or bank draft drawn on a Canadian
chartered bank and made payable to Macdonald Tuskey in Trust, Corporate and
Securities Lawyers in Trust for Enertopia Corporation. in same day
freely transferable United States or Canadian funds in Vancouver in the amount
of the subscription funds hereby subscribed for. 

3

SUBSCRIPTION AMOUNTS 

No. of Units to be purchased at US$0.05 each:  
  ___________________________________________

Total Subscription Funds for Units:    
US$                                                                                           
 

Dated this _______day of ______________________________, 2012

PURCHASER INFORMATION 

	 	 	 
	(Name of Purchaser – please print) 	 	Purchaser's Address 
	  	 	  
	By: 
    _________________________________________________	 	 
    
	           (Official Capacity
      or Title – please print) 	 	  
	  	 	  
	  	 	(Telephone Number) 
	Authorized Signature
____________________________________	 	  
	  	 	  
	  	 	(Facsimile Number) 
	Please print name of individual whose signature appears 	 	  
	above if different than the name of the Purchaser printed
    	 	  
	above 	 	  

Details of Beneficial Purchaser If Not Same as Subscriber

	 	 	 
	(Name – please print) 	 	Beneficial Purchaser's Address 
	  	 	 
	  	 	 
	(if space is inadequate, please attach a schedule	 	 
	containing the necessary information. 	 	 

	Registration Instructions 	 	Delivery Instructions 
	 	 	 
	 	 	 
	(Name 	 	Name 
	 	 	 
	 	 	 
	Account Reference, if applicable 	 	Account Reference, if applicable 
	 	 	 
	 	 	 
	Address 	 	Contact Name 
	 	 	 
	 	 	 
	  	 	Address 
	 	 	 
	 	 	 
	  	 	(Telephone Number) 

4

Execution by the Purchaser above shall constitute an
irrevocable offer and agreement by the Purchaser to subscribe for the securities
described herein on the terms and conditions herein. The Issuer shall be
entitled to rely on the delivery of a facsimile copy of this subscription, and
acceptance by the Issuer of such facsimile subscription shall be legally
effective to create a valid and binding agreement between the Purchaser and the
Issuer in accordance with the terms and conditions hereof. 

ACCEPTANCE

	This subscription is accepted and agreed to by the 	)	ENERTOPIA CORPORATION 
	Issuer as of the day of _____________, 2012. 	)	
	 	)	
	 	)	
	 	)	
	 	)	
	 		Per:        
      __________________________________________
	 		                Authorized
      Signatory 

5

INFORMATION REGARDING THE PURCHASER 

Please check the appropriate box (and complete the required
information, if applicable) in each section: 

	1. 	
      Security Holdings. The Purchaser and all persons
      acting jointly and in concert with the Purchaser own, directly or
      indirectly, or exercises control or direction over (provide additional
      detail as applicable):

	 	[  ]	_______________________common
      shares of the Issuer and/or the following other kinds of shares and
      convertible securities (including but not limited to convertible debt,
      warrants and options) entitling the Purchaser to acquire additional common
      shares or other kinds of shares of the Issuer: 
	 	 	  
	 	 	  
	 	 	  
	 	 	 
	 	 	  
	 	[  ]	No shares of the Issuer or
      securities convertible into shares of the Issuer. 

	2. 	
      Insider Status. The Purchaser
  either:

	 	[  ]	Is an "Insider" of the Issuer as
      defined in the BC Act, by virtue of being: 

	 	(a) 	
      a director or senior officer of the Issuer;

	 	 	 
	 	(b) 	
      a director or senior officer of a company that is an
      Insider or subsidiary of the Issuer;

	 	 	 
	 	(c) 	
      a person that beneficially owns or controls, directly or
      indirectly, voting shares of the Issuer carrying more than 10% of the
      voting rights attached to all the Issuer's outstanding voting
    shares;

	 	 	 
	 	(d) 	
      the Issuer itself if it holds any of its own
      securities.

	 	[  ]	Is not an Insider of the Issuer.
    

SCHEDULE "A" 

1.                    
DEFINITIONS 

1.2                  
In this Agreement, the following words have the following meanings unless
otherwise indicated: 

	 	(a) 	
      "1933 Act" means the United States Securities Act
      of 1933 , as amended;

	 	 	 
	 	(b) 	
      "Acts" means, collectively, the BC Act and the
      Alberta Act;

	 	 	 
	 	(c) 	
      "Agreement" means this Agreement, including
      Schedule "A" and all Appendices;

	 	 	 
	 	(d) 	
      "Alberta Act" means the Securities Act
      (Alberta), as amended, the regulations and rules made thereunder and
      all administrative policy statements, rules, instruments, blanket orders,
      notices, directions, and orders issued by the Alberta Securities
      Commission;

	 	 	 
	 	(e) 	
      "BC Act" means the Securities Act (British
      Columbia), as amended, the regulations and rules made thereunder and all
      administrative policy statements, rules, instruments, blanket orders,
      notices, directions, and orders issued by the BC Securities
    Commission;

	 	 	 
	 	(f) 	
      "Business Day" means any day except Saturday,
      Sunday, or a statutory holiday in Vancouver, British Columbia;

	 	 	 
	 	(g) 	
      "Closing" means the closing on the Closing Date of
      the transaction of purchase and sale in respect of the Units as
      contemplated by this Subscription Agreement;

	 	 	 
	 	(h) 	
      "Closing Date" means the day on which the Issuer
      issues the Units to the Purchaser;

	 	 	 
	 	(i) 	
      "Commissions" means the United States Securities
      Commission, the British Columbia Securities Commission and the Alberta
      Securities Commissions;

	 	 	 
	 	(j) 	
      "Disclosure Record" means, without limitation, the
      prospectuses, annual information forms, material change reports, press
      releases and other documents or reports filed by the Issuer with any
      applicable securities regulatory authority in Canada during the 12 months
      preceding the date hereof;

	 	 	 
	 	(k) 	
      "NI 45-102" means the National Instrument 45-102
      entitled "Resale of Securities" published by the Canadian Securities
      Administrators;

	 	 	 
	 	(l) 	
      "NI 45-106" means the National Instrument 45-106
      entitled "Prospectus and Registration Exemptions" published by the
      Canadian Securities Administrators;

	 	 	 
	 	(m) 	
      "Offering" means the offering of the Units by way
      of private placement;

	 	 	 
	 	(n) 	
      "Regulation S" means Regulation S promulgated
      under the 1933 Act;

	 	 	 
	 	(o) 	
      "Regulatory Authorities" means the
    Commissions;

	 	 	 
	 	(p) 	
      "Securities" means the Shares, Warrants and
      Warrant Shares;

	 	 	 
	 	(q) 	
      "Shares" means the previously unissued common
      shares of the Issuer comprising part of the
Units;

2

	 	(r) 	
      "Unit" means a unit of the Issuer consisting of
      one Share and one Warrant to be offered under the Private
  Placement;

	 	 	 
	 	(s) 	
      "United States" means the United States of
      America, its territories and possessions and any State of the United
      States and the District of Columbia;

	 	 	 
	 	(t) 	
      "U.S. Person" means a U.S. Person as that term is
      defined in Rule 902(o) of Regulation S, and includes (i) any natural
      person resident in the United States and (ii) any partnership or
      corporation organized or incorporated under the laws of United States,
      among other persons specified in such Rule;

	 	 	 
	 	(u) 	
      "Warrant Shares" means the previously unissued
      common shares of the Issuer, which will be issued on the exercise of the
      Warrants; and

	 	 	 
	 	(v) 	
      "Warrants" means the share purchase warrants
      comprising part of the Units.

2.                   
 PURCHASE AND SALE OF SHARES 

2.1                  
The Issuer is offering up to 20,000,000 Units at US$0.05 per Unit. Each Unit is
comprised of one Share and one Warrant entitling the holder thereof to acquire
one (1) Warrant Share of the Issuer for a period of twenty-four (24) months
after the date of issuance. The Warrants are exercisable at a price of US$0.10
per Warrant Share if exercised at any time up to twelve (12) months after the
date of issuance and at a price of US$0.20 per Warrant Share if exercised
anytime after twelve (12) months from the date of issuance until thirty-six (36)
months after the date of issuance. The offering price of the Units was
determined by the Issuer with regard to the market for our stock, as listed for
trading on the Canadian National Securities Exchange ("CNSX"). 

2.2                  
The Purchaser agrees to deliver to the Issuer as soon as possible and, in any
event, not later than 12:00 noon (Vancouver time) on the date which is two days
prior to the Closing Date, the following: 

	 	(a) 	
      a completed and duly executed copy of this
    Agreement;

	 	 	 
	 	(b) 	
      a completed and duly executed Appendix I Certificate of
      Purchasers;

	 	 	 
	 	(a) 	
      a completed and duly executive Appendix II –
      “Acknowledgement and Direction”; and

	 	 	 
	 	(b) 	
      all other documents as may be
required.

2.3                  
On the Closing Date, the Purchaser will deliver to the Issuer a certified
cheque, money order, bank draft or wire transfer drawn on a Canadian chartered
bank and made payable to the Issuer's solicitors Macdonald Tuskey in Trust,
Corporate and Securities Lawyers in Trust for Enertopia Corporation in the same
day freely transferable United States or Canadian funds in Vancouver
representing the total purchase price of the Units subscribed for by the
Purchaser under this Agreement. The Issuer will then issue and sell the
Purchaser’s Units and cause definitive certificates representing the number of
Purchaser’s Shares and Warrants so issued and registered in accordance with this
Subscription Agreement to be delivered in accordance with this Subscription
Agreement. 

3.                    
CONDITIONS OF PURCHASE 

3.1                  
The Purchaser acknowledges that the Issuer’s obligation to sell the Securities
to the Purchaser is subject to, among other things, the conditions that: 

	 	(a) 	
      the Purchaser duly completes, signs, and delivers to the
      Issuer a copy of this Agreement, together with all documents required by
      applicable securities legislation for delivery
on the Purchaser’s behalf, including without limitation the
      documents described in section 2.2 hereof;

3

	 	(b) 	
      the Issuer has received all necessary regulatory
      approvals to the Offering;

	 	 	 
	 	(c) 	
      the Issuer accepts this subscription;

	 	 	 
	 	(d) 	
      the sale of the Securities is exempt from prospectus
      requirements under the BC Act and any other applicable securities
      legislation relating to the sale of the Securities or all appropriate
      securities regulators issue all orders, consents, or approvals required to
      permit the sale without the Issuer having to register or file a
      prospectus;

	 	 	 
	 	(e) 	
      the Purchaser’s representations and warranties remain
      true and correct as at the Closing Date; and

	 	 	 
	 	(f) 	
      the Issuer being a "reporting issuer" as that term is
      defined in NI 45-102 at the Closing Date and for the four months preceding
      the date thereof in a jurisdiction of Canada.

4.                    
OFFERING DOCUMENTS

4.1                  
The offering is being made pursuant to exemptions (the "Exemptions") from
the registration and prospectus requirements of the applicable Acts. The use of
a particular Exemption may or may not require the delivery of an offering
memorandum to a Purchaser. Purchasers hereby acknowledge and agree that unless a
Purchaser is only able to purchase the Securities offered hereby pursuant to an
Exemption which requires the delivery of an offering memorandum (the "OM
Exemption") and they have completed and returned Appendix IIA, they will not
be entitled to a copy of the Offering Memorandum (as defined below) in
connection with their subscription and, notwithstanding any delivery or other
receipt of the Offering Memorandum, they are not entitled to the contractual
rights of the action provided therein or under any securities laws with respect
to any potential misrepresentations in the Offering Memorandum. 

4.2                  
  Purchasers purchasing the securities described herein pursuant to the OM Exemption
  acknowledge the receipt of the Issuer's offering memorandum dated July 16, 2012
  (the "Offering Memorandum"). Such Purchasers may cancel their subscription
  to purchase the Securities offered hereby and have their subscription funds
  returned without interest or deduction by sending a written notice to the Issuer
  by midnight of the second (2nd) business day after executing their subscription
  agreement. Once this period has elapsed, subscriptions are irrevocable. The
  Offering Memorandum contains statutory rights of rescission available only to
  those Subscribers who are purchasing the Units pursuant to an OM Exemption.
  See the Offering Memorandum for further de

5.                    
PURCHASER’S REPRESENTATIONS AND WARRANTIES 

5.1                  
The Purchaser acknowledges, represents, warrants and covenants to and with (on
its own behalf and, if applicable, on behalf of those for whom the Purchaser is
contracting hereunder) the Issuer that, as at the date of this Agreement and at
the Closing Date: 

	 	(a) 	
      The Issuer has not filed a prospectus with any of the
      Commissions or any other securities commission or similar authority in
      connection with the offering of the Securities and that:

	 	 	 	 
	 		(i) 	
      the Purchaser is restricted from using most of the civil
      remedies available under the Acts;

	 	 	 	 
	 		(ii) 	
      the Purchaser may not receive information that would
      otherwise be required to be provided to him under the
  Acts;

4

	 	(iii) 	
      the Issuer is relieved from certain obligations that it
      would otherwise be required to give if it provided a prospectus under the
      Acts; and

	 	 	 
	 	(iv) 	
      the issuance and sale of the Securities to the Purchaser
      is subject to the sale being exempt from the prospectus requirements of
      the Acts.

	 	(b) 	
      If the Purchaser is a resident of British Columbia or
      Alberta, then the Purchaser is purchasing the Securities as principal and
      is either:

	 	 	 	 
	 		(i) 	
      an "accredited investor" as defined in NI 45-106 and was
      not created or used solely to purchase or hold securities as an accredited
      investor as described in paragraph (m) of the definition of "accredited
      investor" in NI 45-106

	 	 	 	 
	 	(c) 	
      The Purchaser, if not a resident of British Columbia,
      certifies that it is not resident in British Columbia and acknowledges
      that:

	 	 	 	 
	 		(i) 	
      no securities commission or similar regulatory authority
      has reviewed or passed on the merits of the Securities;

	 	 	 	 
	 		(ii) 	
      there is no government or other insurance covering the
      Securities;

	 	 	 	 
	 		(iii) 	
      there are risks associated with the purchase of the
      Securities;

	 	 	 	 
	 		(iv) 	
      there are restrictions on the Purchaser’s ability to
      resell the Securities and it is the responsibility of the Purchaser to
      find out what those restrictions are and to comply with them before
      selling the Securities; and

	 	 	 	 
	 		(v) 	
      the Issuer has advised the Purchaser that the Issuer is
      relying on an exemption from the requirements to provide the Purchaser
      with a prospectus and to sell securities through a person registered to
      sell securities under the Acts and, as a consequence of acquiring
      Securities pursuant to this exemption, certain protections, rights and
      remedies provided by the Acts, including statutory rights of rescission or
      damages, will not be available to the Purchaser.

	 	 	 	 
	 	(d) 	
      If the Purchaser is resident outside of Canada but not in
      the United States, the Purchaser:

	 	 	 	 
	 		(i) 	
      is knowledgeable of, or has been independently advised as
      to the applicable securities laws of the securities regulatory authorities
      (the "Authorities") having application in the jurisdiction in which
      the Purchaser is resident (the "International Jurisdiction") which
      would apply to the acquisition of the Securities, if any;

	 	 	 	 
	 		(ii) 	
      is purchasing the Securities pursuant to exemptions from
      the prospectus and registration requirements under the applicable
      securities laws of the Authorities in the International Jurisdiction or,
      if such is not applicable the Purchaser is permitted to purchase the
      Securities under the applicable securities laws of the Authorities in the
      International Jurisdiction without the need to reply on any
    exemption;

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

	 	 	 	 
	 		(iv) 	
      the purchase of the Purchaser's Securities by the
      Purchaser does not trigger:

5

	 	(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
      Issuer in the International Jurisdiction; and

the Purchaser will, if requested by
the Issuer, deliver to the Issuer 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 Issuer,
acting reasonably; 

	 	(e) 	
      The Issuer is entitled to rely on the representations and
      warranties and the statements and answers of the Purchaser contained in
      this Agreement and the Appendices and the Purchaser will hold harmless the
      Issuer from any loss or damage it may suffer as a result of the
      Purchaser's failure to correctly complete this Agreement and the
      Appendices;

	 	 	 	 
	 	(f) 	
      The purchase of the Securities has not been made through
      or as a result of, and the distribution of the Securities has not been
      accompanied by, an advertisement in printed media of general and regular
      paid subscription, radio, or television.

	 	 	 	 
	 	(g) 	
      No person has made to the Purchaser any written or oral
      representations:

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

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

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

	 	 	 	 
	 		(iv) 	
      that the Securities will be listed and posted for trading
      on a stock exchange or that an application has been made to list and post
      the Securities for trading on a stock exchange.

	 	 	 	 
	 	(h) 	
      The Purchaser is not a "control person" of the Issuer as
      defined in the BC Act, will not become a "control person" by virtue of the
      purchase of any of the Securities, and does not intend to act in concert
      with any other person to form a control group of the Issuer.

	 	 	 	 
	 	(i) 	
      The Purchaser, on its own behalf and on behalf of any
      disclosed principal, represents, warrants and agrees that:

	 	 	 	 
	 		(i) 	
      none of the Subscription Funds are being tendered on
      behalf of a person or entity who has not been identified as the Subscriber
      or the disclosed principal;

	 	 	 	 
	 		(ii) 	
      to the best of its knowledge, none of the Subscription
      Funds have been or will be derived from or related to any activity that is
      deemed criminal under the laws of Canada, the United States or any other
      jurisdiction;

	 	 	 	 
	 		(iii) 	
      without limiting the foregoing, none of the Subscription
      Funds will represent proceeds of crime for the purposes of the Proceeds of
      Crime (Money Laundering) and Terrorism Financing Act (Canada) (the
      "PCMLA"); and

	 	 	 	 
	 		(iv) 	
      it shall promptly notify the Issuer if the Subscriber
      discovers that any of such representations and warranties are or cease to
      be true, and shall promptly thereafter provide the Issuer with the
      appropriate information in connection
therewith.

6

	 	(j) 	
      The Subscriber acknowledges and agrees that the
      Securities have not been registered under the United States Securities Act
      of 1933 (the "1933 Act"), as amended, or any applicable State
      securities laws, and that the Securities will be deemed "Restricted
      Securities" as that term is defined under Rule 144 of the 1933 Act, and
      that the Securities may not be offered and sold, directly or indirectly,
      in the United States or by or to U.S. Persons (as defined in Regulation S
      promulgated under the 1933 Act) without registration under the 1933 Act
      and any applicable State securities laws, unless an exemption from
      registration is available. The Issuer is not obligated under any
      circumstances to register the Securities or to take any other actions to
      facilitate or permit any proposed resale or transfer thereof in the United
      States or otherwise by or to a U.S. Person, unless the transferee provides
      the Issuer with a legal opinion stating that the sale of the Securities is
      being made in compliance with (i) Rule 904 of Regulation S under the 1933
      Act and all applicable State securities laws, (ii) Rule 144 of the 1933
      Act and all applicable State securities laws, or (iii) another applicable
      exemption from the registration requirements of the 1933 Act and all
      applicable State securities laws. The Purchaser further acknowledges that
      the certificates representing the Securities will contain a legend
      prohibiting transfer of the Securities in the United States or by or to
      U.S. Persons (as defined in Regulation S promulgated under the 1933 Act),
      except in accordance with Regulation S.

	 	 	 	 
	 	(k) 	
      The Subscriber acknowledges and agrees that the Warrants
      may not be exercised in the United States or otherwise by or to or for the
      account or benefit of a U.S. Person without registration under the 1933
      Act and any applicable State securities laws, unless an exemption from
      registration is available and the holder of such Warrant furnishes the
      Issuer with a legal opinion of counsel satisfactory to the Issuer to that
      effect.

	 	 	 	 
	 	(l) 	
      With respect to compliance with the 1933 Act:

	 	 	 	 
	 		(i) 	
      the Purchaser is not a U.S. Person and the Securities are
      not being acquired by it for or on behalf of a U.S. Person;

	 	 	 	 
	 		(ii) 	
      no offers to sell the Securities were made by any person
      to the Purchaser while the Purchaser was in the United States, and the
      Subscriber was outside the United States at the time of execution and
      delivery of this subscription;

	 	 	 	 
	 		(iii) 	
      any person who acquires Securities will be required to
      provide the Issuer with written certification that it is not a U.S. Person
      or person in the United States and that the Securities are not being
      acquired by it for or on behalf of a U.S. Person or person in the United
      States; The Purchaser is not an underwriter and is acquiring the
      Securities solely for investment purposes for his or her own account and
      not with a view to, or for, resale in connection with any distribution
      within the United States or by or to U.S. Persons (as defined in
      Regulation S promulgated under the 1933 Act);

	 	 	 	 
	 		(iv) 	
      the Purchaser acknowledges that it has not acquired the
      Units 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 Shares or the
      Warrant Shares pursuant to registration of any of the Shares or the
      Warrant Shares pursuant to the 1933 Act and any applicable state
      securities laws or under an exemption from such registration requirements and as
      otherwise provided herein; and

7

	 	(v) 	
      The Purchaser understands the speculative nature and
      risks of investment in the Securities and confirms that the Securities
      would be suitable and consistent with his or her investment program and
      that his or her financial position enable him or her to bear the risks of
      such investment.

	 	(m) 	
      The Purchaser has no knowledge of a "material fact" or
      "material change" (as those terms are defined in the Acts) in the Issuer’s
      affairs that has not been generally disclosed to the public, save
      knowledge of this particular transaction.

	 	 	 
	 	(n) 	
      If the Purchaser is an individual, the Purchaser has
      attained the age of majority and is legally competent to enter into and
      sign this Agreement and to take all actions required pursuant hereto, and
      if the Purchaser is a corporation, the Purchaser is duly incorporated and
      validly subsisting under the laws of its jurisdiction of incorporation,
      and its directors, shareholders, and others have given all necessary
      approvals to authorize the signing of this Agreement on the Purchaser’s
      behalf.

	 	 	 
	 	(o) 	
      The entering into of this Agreement and the transactions
      contemplated hereby will not result in the violation of any of the terms
      and provisions of any law applicable to, or the constating documents of,
      the Purchaser or of any agreement, written or oral, to which the Purchaser
      may be a part or by which it is or may be bound.

	 	 	 
	 	(p) 	
      The Purchaser has duly signed and delivered this
      Agreement and this Agreement constitutes a legal, valid, and binding
      agreement of the Purchaser enforceable against the Purchaser in accordance
      with its terms.

	 	 	 
	 	(q) 	
      The Purchaser has obtained independent advice as to the
      applicable hold period imposed on the Securities by NI 45-102 and the 1933
      Act, and other securities legislation, and confirms that the Issuer has
      made no representations regarding the applicable hold periods for the
      Securities, and the Purchaser is aware of the risks and other
      characteristics of the Securities and of the fact that the Purchaser may
      not be able to resell the Securities except in accordance with NI 45-102,
      the 1933 Act, and other applicable securities legislation.

	 	 	 
	 	(r) 	
      If required by applicable securities legislation, policy,
      or order or by any securities commission, stock exchange or other
      regulatory authority, the Purchaser will sign, deliver, file, and
      otherwise assist the Issuer in filing all reports, undertakings, and other
      documents required with respect to the issue of the Securities.

	 	 	 
	 	(s) 	
      the Purchaser is capable of assessing and evaluating the
      risks and merits of this investment as a result of the Purchaser’s
      financial, investment or business experience or as a result of advice
      received from a registered person other than the Issuer or an affiliate
      thereof, and the Purchaser or, where it is not purchasing as principal,
      each beneficial purchaser is able to bear the economic loss of its
      investment.

	 	 	 
	 	(t) 	
      the Purchaser (or, if applicable, others for whom it is
      contracting hereunder) has been advised to consult its own legal and tax
      advisors with respect to applicable resale restrictions and tax
      considerations, and it (or, if applicable, others for whom it is
      contracting hereunder) is solely responsible for compliance with
      applicable resale restrictions and applicable tax
  legislation.

8

	 	(u) 	
      The Purchaser makes the representations, warranties,
      covenants, and acknowledgements contained in this Agreement and in any
      other Appendices, documents, or materials signed and delivered by the
      Purchaser hereunder, with the intent that the Issuer and its professional
      advisors may rely on them in determining the Purchaser’s eligibility or,
      if applicable, the eligibility of others on whose behalf the Purchaser is
      contracting to purchase the Securities, and the Purchaser agrees to
      indemnify the Issuer against all losses, claims, costs, expenses, and
      damages or liabilities which the Issuer may suffer or incur caused by or
      arising from its reliance thereon.

	 	 	 
	 	(v) 	
      The Purchaser agrees that the above representations,
      warranties, covenants, and acknowledgements will be true and correct both
      as of the signing date of this Agreement and as of the Closing Date and
      that they will survive the Purchaser’s purchase of the Securities and will
      continue in full force and effect even if the Purchaser subsequently
      disposes of any of the Securities. The Purchaser undertakes to notify the
      Issuer immediately of any change in any representation, warranty, or other
      information relating to the Purchaser set forth herein which takes place
      before the Closing Date.

	 	 	 
	 	(w) 	
      it has no intention to distribute, either directly or
      indirectly, any of the Securities in the United States or to U.S.
      Persons.

	 	 	 
	 	(x) 	
      the current structure of this transaction and all
      transactions and activities contemplated hereunder, and the Purchaser's
      participation therein, is not a scheme to avoid the registration
      requirements of the 1933 Act.

6.         
           ISSUER’S
COVENANTS 

6.1                  
The Issuer covenants and agrees with the Purchaser as follows: 

	 	(a) 	
      on the Closing Date, the Issuer will have taken all
      necessary steps to duly and validly create and issue the Securities as
      fully paid and non-assessable;

	 	 	 
	 	(b) 	
      the Issuer has been duly incorporated and organized and
      is a valid and subsisting company under the laws of the State of
      Nevada;

	 	 	 
	 	(c) 	
      the Issuer has the full corporate right, power and
      authority to execute this Subscription Agreement, and to issue the
      Securities to the Purchaser pursuant to the terms of this Subscription
      Agreement; and

	 	 	 
	 	(d) 	
      this Subscription Agreement constitutes a binding and
      enforceable obligation of the Issuer, enforceable in accordance with its
      terms.

7.                    
RESALE RESTRICTIONS AND LEGENDING OF SECURITIES 

7.1                  
The Purchaser acknowledges that any resale of the Securities will be subject to
resale restrictions contained in the securities legislation applicable to the
Subscriber or proposed transferee. The Subscriber acknowledges that none of the
Securities have been registered under the 1933 Act or the securities laws of any
state of the United States. None of the Securities may be offered or sold in the
United States unless registered in accordance with federal securities laws and
all applicable state securities laws or exemptions from such registration
requirements are available 

7.2                  
The Purchaser further acknowledges that the Securities will be subject to
restrictions on resale imposed by NI 45-102, which in Canada will be four months
and one day from the Closing Date. 

7.3                  
The Purchaser agrees to consult his own legal advisors regarding the statutory
resale restrictions applicable to the Securities before the resale of any of the
Securities. 

9

7.4                  
The certificates representing the Securities will bear a legend denoting the
resale restrictions imposed by NI 45-102, the 1933 Act and other applicable
securities legislation. The Purchaser agrees to sell, assign, or transfer the
Securities only in accordance with these legends. 

7.5                  
The Purchaser acknowledges and agrees that: 

	 	(a) 	
      the Securities have not been and will not be registered
      under the United States Securities Act of 1933, as amended (the "1933
      Act"), or any State securities laws, and may not be offered and sold,
      directly or indirectly, in the United States or by or to or for the
      account or benefit of a U.S. Person (as defined in Regulation S
      ("Regulation S") promulgated under the 1933 Act) without registration
      under the 1933 Act and any applicable State securities laws, unless an
      exemption from registration is available;

	 	 	 
	 	(b) 	
      the Issuer has no present intention and is not obligated
      under any circumstances to register the Securities, or to take any other
      actions to facilitate or permit any proposed resale or transfer thereof in
      the United States or otherwise by or to or for the account or benefit of a
      U.S. Person, and in particular, the Subscriber and the Issuer further
      acknowledge and agree that the Issuer is hereby required to refuse to
      register any transfer of the Securities not made in accordance with the
      provisions of Regulation S, pursuant to registration under the 1933 Act,
      or pursuant to an available exemption from registration; and

	 	 	 
	 	(c) 	
      the Warrants may not be exercised in the United States or
      otherwise by or to or for the account or benefit of a U.S. Person without
      registration under the 1933 Act and any applicable State securities laws,
      unless an exemption from registration is available and the holder of such
      Warrant furnishes the Issuer with a legal opinion of counsel satisfactory
      to the Issuer to that effect.

7.6                  
The foregoing discussion on hold periods and resale restrictions is a general
summary only and is not intended to be comprehensive or exhaustive, or to apply
in all circumstances. Purchasers are advised to consult with their own
advisors concerning their particular circumstances and the particular nature of
the restrictions on transfer, the extent of the applicable hold period and the
possibilities of utilizing any further exemptions or the obtaining of a
discretionary order to transfer any Securities. Subscribers are further advised
against attempting to resell or transfer any Securities until they have
determined that any such resale or transfer is in compliance with the
requirements of all applicable securities laws, including but not limited to
compliance with restrictions on certain pre-trade activities and the filing with
the appropriate regulatory authority of reports required upon any resale of the
Securities. 

7.7                  
The Purchaser hereby acknowledges that upon the issuance thereof, and until such
time as the same is no longer required under the applicable securities laws and
regulations, the certificates representing any of the Shares, the Warrants or
the Warrant Shares will bear a legend in substantially the following form: 

  
    
      
        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. 

      

    

  

10

  
    
      
        UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE
          HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE [THE DATE
          THAT IS 4 MONTHS AND A DAY AFTER THE DISTRIBUTION DATE]. 

      

    

  

8.                    
FINDERS FEE 

8.1                  
The Purchaser acknowledges that the Issuer may pay finder's fees to certain
arm's length parties (the "Finders") in connection with the completion of
the Private Placement equal to 10% of the aggregate subscription proceeds
realized from the sale of the Units by the respective Finder, payable in cash or
shares, and broker’s warrants ("Broker Warrants") equal to 10% of the
aggregate subscription proceeds. The Broker Warrants shall have the same terms
as the Warrants. 

9.                    
SUBSCRIPTION 

9.1                  
This subscription is irrevocable, subject to section Error! Reference source
not found. and to acceptance hereof by the Issuer.

9.2                  
The Purchaser hereby authorizes and directs the Issuer to deliver certificates
representing the Shares and Warrants to be issued to such Purchaser pursuant to
this Subscription Agreement to the residential or business address indicated in
this subscription. 

9.3                  
 This subscription may be accepted in whole or in part by the Issuer at its
sole discretion and the right is reserved to the Issuer at its sole discretion
to allot to any Purchaser less than the amount of Units subscribed for.
Confirmation of acceptance or rejection of this subscription will be forwarded
to the Purchaser promptly after the acceptance or rejection of the subscription
by the Issuer.

10.                   
CLOSING DATE 

10.1                 
The Closing Date will take place on a date to be determined by the Issuer.

10.2                 
On the Closing Date, subject to section 3.1, the Issuer will issue and deliver
to the Purchaser the certificates representing the Shares and Warrants purchased
by the Purchaser registered as instructed on page 2 of this Agreement. 

11.                  
 COLLECTION OF PERSONAL INFORMATION 

11.1                 
The Purchaser (on its own behalf and, if applicable, on behalf of any person for
whose benefit the Purchaser is subscribing) acknowledges and consents to the
collection by the Issuer of the Purchaser's (and any beneficial purchaser’s)
personal information for the purpose of completing the Purchaser’s subscription. The Purchaser (on its own behalf and,
if applicable, on behalf of any person for whose benefit the Purchaser is
subscribing) acknowledges and consents to the Issuer retaining the personal
information for as long as permitted or required by applicable law or business
practices. The Purchaser (on its own behalf and, if applicable, on behalf of any
person for whose benefit the Purchaser is subscribing) further acknowledges and
consents to the Issuer disclosing as required by applicable securities laws,
stock exchange rules, and IDA rules to regulatory authorities, or to other
authorities pursuant to the Proceeds of Crime (Money Laundering) and Terrorism
Financing Act (Canada), any personal information provided by the Purchaser
respecting itself (and any beneficial purchaser). The Purchaser represents and
warrants that it has the authority to provide the consents and acknowledgements
set out in this paragraph on behalf of all beneficial purchasers. 

11

11.2                 
Furthermore, the Purchaser is hereby notified that: 

	 	(i) 	
      the Issuer may deliver to the Ontario Securities
      Commission certain personal information pertaining to the Purchaser,
      including such Purchaser’s full name, residential address and telephone
      number, the number of Securities purchased by the Purchaser and the total
      purchase price paid for such Securities, the prospectus exemption relied
      on by the Issuer and the date of distribution of the Securities,

	 	 	 
	 	(ii) 	
      such information is being collected indirectly by the
      Ontario Securities Commission under the authority granted to it in
      securities legislation,

	 	 	 
	 	(iii) 	
      such information is being collected for the purposes of
      the administration and enforcement of the securities legislation of
      Ontario, and

	 	 	 
	 	(iv) 	
      the Purchaser may contact the following public official
      in Ontario with respect to questions about the Ontario Securities
      Commission’s indirect collection of such information at the following
      address and telephone number:

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

12.                   
NOTICE 

12.1        
         Any notice under this Agreement
will be given in writing and must be delivered, sent by facsimile transmission,
or mailed by prepaid post and addressed to the party to which notice is to be
given at the address indicated above, or at another address designated by the
party in writing. 

12.2                 
If notice is sent by facsimile transmission or is delivered, it will be deemed
to have been given at the time of transmission or delivery. 

12.3                 
If notice is mailed, it will be deemed to have been received 48 hours following
the date of mailing of the notice. 

12.4                 
If there is an interruption in normal mail service due to strike, labour unrest,
or other cause at or prior to the time a notice is mailed, the notice will be
sent by facsimile transmission or will be delivered. 

12

13.                   
MISCELLANEOUS 

13.1                 
A party may not assign this Agreement without the other party’s written consent.

13.2                 
All references to currency refer to United States dollars. 

13.3                 
Time is of the essence of this Agreement and will be calculated in accordance
with the provisions of the Interpretation Act (British Columbia). 

13.4                 
Except as expressly provided in this Agreement and in the agreements,
instruments, and other documents contemplated or provided for herein, this
Agreement contains the entire agreement between the parties regarding the
Securities and there are no other terms, conditions, representations, or
warranties, whether expressed, implied, oral, or written, by statute, by common
law, by the Issuer, or by anyone else. 

13.5                 
The parties to this Agreement may amend this Agreement only in writing. 

13.6                 
This Agreement enures to the benefit of and is binding on the parties to this
Agreement and their successors and permitted assigns. 

13.7                 
This Agreement is to be read with all changes in gender or number required by
the context. 

13.8                 
This Agreement will be governed by and construed in accordance with the laws of
British Columbia and the parties irrevocably attorn and submit to the
jurisdiction of the court of British Columbia with respect to any dispute
related to this Agreement. 

13.9                 
The parties may sign this Agreement in any number of counterparts and may
deliver this Agreement by facsimile, all of which, when taken together, will be
deemed to be one and the same document. 

13.10               
All costs and expenses incurred by the Purchaser (including any fees and
disbursements of any special counsel obtained by the Purchaser) relating to the
sale of the Units to the Purchaser shall be borne by the Purchaser. 

APPENDIX I 

CERTIFICATE OF 
PURCHASERS 

All Purchasers need to complete this Certificate. 

TO:    ENERTOPIA CORPORATION

In addition to the covenants, representations and warranties
contained in the Subscription Agreement, to which this Appendix II – Certificate
of Purchasers is attached, the undersigned Purchaser (or the Purchaser on behalf
of one or more beneficial purchasers for whom the Purchaser is purchasing as
principal) covenants, represents and warrants to the Issuer that the Purchaser
(or one or more beneficial purchasers for whom the Purchaser is purchasing as
principal) either (i) qualifies under Category 1 – Accredited Investor as an
"accredited investor" as defined in NI 45-106 and has checked the appropriate
box below.

CATEGORY 1 – Accredited Investor 

	 	 _____	(a) 	
      a Canadian financial institution, or a Schedule III
      bank;

	 	 	 	 
	 	 _____	(b) 	
      the Business Development Bank of Canada incorporated
      under the Business Development Bank of Canada Act
  (Canada);

	 	 	 	 
	 	 _____	(c) 	
      a subsidiary of any person referred to in paragraphs (a)
      or (b), if the person owns all of the voting securities of the subsidiary,
      except the voting securities required by law to be owned by directors of
      that subsidiary;

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

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

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

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

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

- 2 – 

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

	 	 	 	 
	 	 _____	(j) 	
      an individual who, either alone or with a spouse,
      beneficially owns financial assets having an aggregate realizable value
      that before taxes, but net of any related liabilities, exceeds
      $1,000,000;

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

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

	 	 	 	 
	 	 _____	(m) 	
      a person, other than an individual or investment fund,
      that has net assets of at least $5,000,000 as shown on its most recently
      prepared financial statements and that was not created or used solely to
      purchase or hold securities as an accredited investor under this paragraph
      (m);

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

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

	 	 	 
	 	(ii) 	
      a person that acquires or acquired securities in the
      circumstances referred to in sections 2.10 of NI 45-106 [Minimum amount
      investment], or 2.19 of NI 45-106 [Additional investment in
      investment funds], or

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

	 	 _____	(o) 	
      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;

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

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

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

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

- 3 – 

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

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

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

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

	 	 	 	 
	 	 _____	(v) 	
      a person that is recognized or designated by the
      securities regulatory authority or, except in Ontario and Québec, the
      regulator as an accredited investor.

CATEGORY 2 – NOT APPLICABLE 

CATEGORY 3 – NOT APPLICABLE 

CATEGORY 4 – Offering Memorandum 

	 	 _____	(a) 	
      The Purchaser does not meet any of the criteria set out
      in Category 1, and the Purchaser is purchasing the Units as principal and
      has received a copy of the Offering Memorandum of the Issuer prior to its
      execution of the Subscription Agreement for the Units. Please turn to
      and complete Appendix IIA attached hereto; AND

	 	 	 	 
	 	 _____	(b) 	
      If the Subscriber is resident in Alberta, Manitoba,
      Northwest Territories, Nunavut, Prince Edward Island, Quebec, Saskatchewan
      or Yukon, the aggregate acquisition cost to the Subscriber does not exceed
      $10,000 or the Subscriber falls within one of the categories of “ eligible
      investor” below:

	 	 _____	(a) 	
      a person whose

	 	(ii) 	
      net assets, alone or with a spouse, in the case of an
      individual, exceed $400 000,

	 	 	 
	 	(ii) 	
      net income before taxes exceeded $75 000 in each of the 2
      most recent calendar years and who reasonably expects to exceed that
      income level in the current calendar year, or

	 	 	 
	 	(iii) 	
      net income before taxes, alone or with a spouse, in the
      case of an individual, exceeded $125 000 in each of the 2 most recent
      calendar years and who reasonably expects to exceed that income level in
      the current calendar year,

- 4 – 

	 	 _____	(b) 	
      a person of which a majority of the voting securities are
      beneficially owned by eligible investors or a majority of the directors
      are eligible investors,

	 	 	 	 
	 	 _____	(c) 	
      a general partnership of which all of the partners are
      eligible investors,

	 	 	 	 
	 	 _____	(d) 	
      a limited partnership of which the majority of the
      general partners are eligible investors,

	 	 	 	 
	 	 _____	(e) 	
      a trust or estate in which all of the beneficiaries or a
      majority of the trustees or executors are eligible investors,

	 	 	 	 
	 	 _____	(f) 	
      an accredited investor,

	 	 	 	 
	 	 _____	(g) 	
      a person described in section 2.5 Family, friends and
      business associates of National Instrument 45-106, or

	 	 	 	 
	 	 _____	(h) 	
      a person that has obtained advice regarding the
      suitability of the investment and, if the person is resident in a
      jurisdiction of Canada, that advice has been obtained from an eligibility
      adviser;

"financial assets" means

	 	(a) 	
      cash,

	 	(b) 	
      securities, or

	 	(c) 	
      a contract of insurance, a deposit or an evidence of a
      deposit that is not a security for the purposes of securities
      legislation

"fully managed account" means an account of a client for
which a person makes the investment decisions if that person has full discretion
to trade in securities for the account without requiring the client's express
consent to a transaction; 

"person" includes 

	 	(a) 	
      an individual,

	 	(b) 	
      a corporation,

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

	 	(d) 	
      an individual or other person in that person's capacity
      as a trustee, executor, administrator or personal or other legal
      representative;

"related liabilities" means 

	 	(a) 	
      liabilities incurred or assumed for the purpose of
      financing the acquisition or ownership of financial assets, or

	 	(b) 	
      liabilities that are secured by financial
  assets;

"spouse" means, an individual who, 

	 	(a) 	
      is married to another individual and is not living
      separate and apart within the meaning of the Divorce Act (Canada),
      from the other individual, or

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

	 	(c) 	
      in Alberta, is an individual referred to in paragraph (a)
      or (b), or is an adult interdependent partner within the meaning of the
      Adult Interdependent Relationships Act
(Alberta);

- 5 -

The representations, warranties, statements and certification
made in this Certificate are true and accurate as of the date of this
Certificate and will be true and accurate as of the Closing. If any such
representation, warranty, statement or certification becomes untrue or
inaccurate prior to the Closing, the undersigned Purchaser shall give the Issuer
immediate written notice thereof. 

The Purchaser acknowledges that the Issuer will be relying on
this Certificate in connection with the Subscription Agreement. 

The statements made on this certificate are true. 

EXECUTED by the Purchaser at
___________________________this _____day of ___________________, 2012. 

	If a corporation, partnership or other entity: 	 	If an individual: 
	 	 	 
	 	 	 
	Signature of Authorized Signatory 	 	Signature 
	 	 	 
	 	 	 
	Name and Position of Signatory 	 	Print Name 
	 	 	 
	 	 	 
	Name of Purchasing Entity 	 	Jurisdiction of Residence 
	 	 	 
	 	 	 
	Jurisdiction of Residence 	 	  

You are buying Exempt Market Securities

They are called exempt market securities because two
parts of securities law do not apply to them. If an issuer wants to sell
exempt market securities to you: 

	
  the issuer does not have to give you a prospectus (a document that
  describes the investment in detail and gives you some legal protections), and
  

  
	
  the securities do not have to be sold by an investment dealer registered
  with a securities regulatory authority. 

There are restrictions on your ability to resell exempt
market securities. Exempt market securities are more risky than other
securities. 

You will not receive advice

You will not get professional advice about whether the
investment is suitable for you. But you can still seek that advice from a
registered adviser or registered dealer. In Alberta, Manitoba, Northwest
Territories, Nunavut, Prince Edward Island, Québec, Saskatchewan and Yukon to
qualify as an eligible investor, you may be required to obtain that advice. 

* * * * * * * 

For more information on the exempt market, call your local
  securities regulatory authority

	Alberta Securities Commission 	British Columbia Securities Commission
    
	Telephone: (403) 297-6454 	Telephone: (604) 899-6500 
	Facsimile: (403) 297-6156 	Facsimile: (604) 899-6506 
	Website: www.albertasecurities.com 	Website: www.bcsc.bc.ca 

Instruction: 

The purchaser must sign 2 copies of this form. The
purchaser and the issuer must each receive a signed copy. 

APPENDIX II 

ACKNOWLEDGMENT AND DIRECTION 

	TO: 	Macdonald Tuskey, Corporate and Securities
      Lawyers 
	  	  
	RE: 	Enertopia Corporation (the
      "Issuer") 
	  	Private Placement of Units at a price of
      US$0.05 per Unit (the "Offering"). 
	 	 
	 	 

The undersigned (the "Subscriber") hereby confirms that
it shall, on the Closing Date, deposit $ __________________(the
"Deposited Funds") in trust with Macdonald Tuskey, Corporate and
Securities Lawyers ("MT") as deposit against the purchase of securities
of the Issuer under the Offering. 

The Subscriber hereby expressly acknowledges and agrees that it
shall be required to enter into a subscription agreement (the "Subscription
Agreement") with the Issuer which subscription agreement shall set forth the
terms upon which the Issuer will offer to sell securities to the Subscriber,
which terms shall be irrevocable and binding on the Subscriber upon acceptance
of the Subscriber's executed Subscription Agreement by the Issuer. 

The Subscriber acknowledges and agrees that MT in no way
represents the interests of the Subscriber in any manner or for any purpose
whatsoever. The Subscriber confirms that it has had the opportunity to consult
with its own legal counsel with respect to the purchase any potential resale of
the Securities. 

The Subscriber hereby expressly and irrevocably authorizes and
directs MT, to release and deliver the Deposited Funds to the Issuer against the
issuance of certificates representing the Shares and Warrants subscribed for by
the Subscriber under the Subscription Agreement. 

EXECUTED by the undersigned at ___________________________this
_____day of ___________________, 2012. 

	If a corporation, partnership or other entity: 	 	If an individual: 
	 	 	 
	 	 	 
	Signature of Authorized Signatory 	 	Signature 
	 	 	 
	 	 	 
	Name of Entity 	 	Print or Type Name 
	 	 	 
	 	 	 
	Type of Entity 	 	  
	 	 	 
	 	 	 
	Name and Position of Signatory 	 	  

APPENDIX IIA 

Each Subscriber relying on the "Offering Memorandum"
exemption contained in Part 2 of National Instrument 45-106 is required to
complete and execute the following acknowledgment 

FORM 45-106F4 

RISK ACKNOWLEDGMENT 

 

You have 2 business days to cancel your purchase. 

To do so, send a notice to Enertopia Corporation stating that
you want to cancel your purchase. You must send the notice before midnight on
the 2nd business day after you sign the agreement to purchase the securities.
You can send the notice by fax or email or deliver it in person to Enertopia
Corporation at its business address. Keep a copy of the notice for your records.

	Issuer and Address: 	Enertopia Corporation 
	  	950 – 1130 West Pender Street 
	  	Vancouver, British Columbia 
	  	Canada, V6E 4A4 
	  	  
	  	  
	Facsimile Number: 	(604) 685-1602 
	Email: 	bossbunka@gmail.com 

PLEASE REVIEW THE INFORMATION ON PAGE 2 OF THIS RISK
ACKNOWLEDGMENT 

FORM OF CLEARANCE LETTER 

TO:        Olympia Trust
Company, for the Shares of Enertopia Corporation (the “Company”). 

The undersigned (A) acknowledges that the sale of the common
shares represented by certificate number ________________, to which this
declaration relates, is being made in reliance on Rule 904 of Regulation S under
the United States Securities Act of 1933, as amended (the “1933 Act”), and (B)
certifies that (1) the undersigned is not an “affiliate” (as defined in Rule 405
under the 1933 Act) of the Company; (2) the offer of such securities was not
made to a person in the United States and either (a) at the time the buy order
was originated, the buyer was outside the United States, or the seller and any
person acting on its behalf reasonably believe that the buyer was outside the
United States, or (b) the transaction was executed on or through the facilities
of a designated offshore securities market within the meaning of Rule 902(b)
under the 1933 Act, and neither the seller nor any person acting on its behalf
knows that the transaction has been prearranged with a buyer in the United
States; (3) neither the seller nor any person acting on its behalf engaged in
any directed selling efforts in connection with the offer and sale of such
securities; and (4) the sale is bona fide and not for the purpose of “washing
off” the resale restrictions imposed because the securities are “restricted
securities” (as that term is defined in Rule 144(a)(3) under the 1933 Act); (5)
the seller does not intend to replace such securities with fungible unrestricted
securities; and (6) the contemplated sale is not a transaction, or part of a
series of transactions, which, although in technical compliance with Regulation
S, is part of a plan or scheme to evade the registration provisions of the 1933
Act. Terms used herein have the meanings given to them by Regulation S under the
1933 Act. 

By: __________________________________  Dated:
____________________________
             
Signature 

______________________________________
Name (please print)

Affirmation by Seller’s Broker-Dealer 

We have read the foregoing representations of our customer,
_________________________(the “Seller”) dated _______________________, with
regard to the sale, for such Seller’s account, of the common shares represented
by certificate number_______ of the Company described therein, and we hereby
affirm that, to the best of our knowledge and belief, the facts set forth
therein are full, true and correct. 

__________________________________________
Name of Firm 

By: _______________________________________
                Authorized
officer 

Date: _____________________________________Enertopia Corporation - Exhibit -10.3 - Filed by newsfilecorp.com

THESE WARRANTS AND THE SECURITIES ISSUABLE UPON EXERCISE OF
THESE WARRANTS WERE ISSUED 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”). ACCORDINGLY, NONE OF
THE SECURITIES TO WHICH THIS CERTIFICATE 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 IN THE UNITED STATES OR, DIRECTLY OR INDIRECTLY, TO U.S.
PERSONS (AS DEFINED HEREIN) EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT 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 SECURITIES LAWS. IN ADDITION, HEDGING
TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN ACCORDANCE
WITH THE 1933 ACT.” 

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF
THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE NOVEMBER 28, 2012 

WARRANTS TO PURCHASE COMMON SHARES 

OF 

ENERTOPIA CORPORATION.
(incorporated under the laws of
the State of Nevada) 

	Warrant Number: 2012- • • •	Number of Warrants represented by this certificate:
      •

THIS CERTIFIES THAT, for value received, z of z (the “Holder”),
  being the registered holder of these non-transferable warrants (the “Warrants”)
  is entitled, at any time prior to 4:30 p.m. (Vancouver time) on August 24, 2015
  (the “Expiry Day”), to subscribe for and purchase the number
  of common shares (the “Warrant Shares”) of Enertopia Corporation
  (the “Company”) set forth above on the basis of one Warrant
  Share at a price of US$0.10 in the first year and at a price of US$0.20
  in the second and third year (the “Exercise Price”) for each
  Warrant exercised, subject to adjustment as set out herein and only in accordance
  with the provisions hereof, by surrendering to the Company at its principal
  office, 950 – 1130 West Pender Street, Vancouver, British Columbia V6E
  4A4, Canada, this Warrant certificate (the “Warrant Certificate”),
  with a completed and executed subscription form attached hereto, and payment
  in full for the Warrant Shares being purchased.

	1. 	
      Definitions: In this Warrant
      Certificate, unless there is something in the subject matter or context
      inconsistent therewith, the following expressions shall have the following
      meanings namely:

	 	 	 
		(a) 	
      “Adjustment Period” means the period commencing on
      the date hereof and ending at the Expiry Time;

	 	 	 
		(b) 	
      “Business Day” means any day other than a
      Saturday, Sunday, legal holiday or a day on which banking institutions are
      closed in Toronto, Ontario or Vancouver, British Columbia;

	 	 	 
		(c) 	
      “CNSX” means the Canadian National Stock
      Exchange;

	 	 	 
		(d) 	
      “Common Shares” means the common shares of the
      Company as such shares are constituted on the date hereof, as the same may
      be reorganized, reclassified or otherwise changed pursuant to any of the
      events set out in Section 11 hereof;

	 	 	 
		(e) 	
      “Company” means Enertopia Corporation, a company
      incorporated under the laws of the State of Nevada and its successors and
      assigns;

	 	 	 
		(f) 	
      “Exercise Price” means US$0.10 per Warrant Share
      in the first year and US$0.20 per Warrant Share
in the second and third year, subject to adjustment in
      accordance with Section 11 hereof;

	 	(g) 	
      “Expiry Day” means August 24, 2015;

	 	 	 
	 	(h) 	
      “Expiry Time” means 4:30 p.m. (Vancouver time), on
      the Expiry Day;

	 	 	 
	 	(i) 	
      “Holder” shall have the meaning ascribed thereto
      on the face page hereof;

	 	 	 
	 	(j) 	
      “person” means an individual, corporation,
      partnership, unincorporated syndicate, unincorporated organization, trust,
      trustee, executor, administrator, or other legal representative, or any
      group or combination thereof or any other entity whatsoever;

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

	 	 	 
	 	(l) 	
      “Trading Day” with respect to a stock exchange,
      market or over-the-counter market means a day on which such stock exchange
      or over-the-counter market is open for business;

	 	 	 
	 	(m) 	
      “United States” means the United States of
      America, its territories and possessions, any State of the United States
      and the District of Columbia;

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

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

	 	 	 
	 	(p) 	
      “Warrant” means a warrant exercisable to purchase
      one Warrant Share at the Exercise Price until the Expiry Time;
  and

	 	 	 
	 	(q) 	
      “Warrant Share” means the Common Share issuable
      upon the exercise of the Warrant.

	2. 	
      Expiry Time: At the Expiry Time, all
      rights under the Warrants evidenced hereby, in respect of which the right
      of subscription and purchase herein provided for shall not theretofore
      have been exercised, shall expire and be of no further force and
      effect.

	 	 	 
	3. 	
      Exercise Procedure:

	 	 	 
		(a) 	
      The Holder may exercise the right to subscribe and
      purchase the number of Warrant Shares herein provided, by delivering to
      the Company prior to the Expiry Time at its principal office this Warrant
      Certificate, with the subscription form attached hereto duly completed and
      executed by the Holder or its legal representative or attorney, duly
      appointed by an instrument in writing in form and manner satisfactory to
      the Company, together with a certified cheque or bank draft payable to or
      to the order of the Company in an amount equal to the aggregate Exercise
      Price in respect of the Warrants so exercised. Any Warrant Certificate so
      surrendered shall be deemed to be surrendered only upon delivery thereof
      to the Company at its principal office set forth herein (or to such other
      address as the Company may notify the Holder).

	 	 	 
		(b) 	
      Upon such delivery as aforesaid, the Company shall cause
      to be issued to the Holder hereof the Warrant Shares subscribed for not
      exceeding those which such Holder is entitled to purchase pursuant to this
      Warrant Certificate and the Holder hereof shall become a shareholder of
      the Company in respect of the Warrant Shares subscribed for with effect
      from the date of such delivery and shall be entitled to delivery of a
      certificate evidencing the Warrant Shares and the Company shall cause such
      certificates to be mailed to the Holder hereof at the address or addresses
      specified in such subscription as soon as practicable, and in any event
      within ten (10) Business Days of such delivery.

	 	 	 
		(c) 	
      The certificate or certificates representing Warrant
      Shares issued before December 25, 2012 upon exercise of the Warrants
      represented hereby shall be impressed with a legend substantially in the
      following form (and any other legends as required by the Canadian
      regulatory authorities or the Canadian stock exchanges):

	 	(d) 	
      For Non-U.S. Persons, the certificate or certificates
      representing Warrant Shares issued upon exercise of the Warrants
      represented hereby shall be impressed with a legend substantially in the
      following form:

  
    
      
        
          “UNLESS PERMITTED UNDER SECURITIES LEGISLATION,
            THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE DECEMBER
            25, 2012. 

          THESE SECURITIES WERE ISSUED 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”). ACCORDINGLY, NONE OF THE SECURITIES TO
            WHICH THIS CERTIFICATE 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 IN THE UNITED STATES OR, DIRECTLY OR INDIRECTLY,
            TO U.S. PERSONS (AS DEFINED HEREIN) EXCEPT PURSUANT TO AN EFFECTIVE
            REGISTRATION STATEMENT 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 SECURITIES LAWS.
            IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT
            BE CONDUCTED UNLESS IN ACCORDANCE WITH THE 1933 ACT.” 

        

      

    

  

	 	(d) 	
      For U.S. Persons, the certificate or certificates
      representing Warrant Shares issued upon exercise of the Warrants
      represented hereby shall be impressed with a legend substantially in the
      following form:

	 	 	 
	 		
      U.S. LEGEND:

  
    
      
        
          “UNLESS PERMITTED UNDER SECURITIES LEGISLATION,
            THE HOLDER OF THE SECURITIES SHALL NOT TRADE THE SECURITIES BEFORE
            FABRUARY 25, 2013. 

          THESE SECURITIES HAVE NOT BEEN REGISTERED WITH
            THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION
            OF ANY STATE AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM
            REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “1933
            ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT 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 ACCORDANCE WITH APPLICABLE STATE SECURITIES
            LAWS.” 

        

      

    

  

	 	 	
       
	 	(e) 	
      (A) These Warrants may not be exercised in the United
      States or by, or on behalf of, a U.S. Person and (B) no Warrant Shares
      issued upon exercise of these Warrants may be delivered to any address in
      the United States unless an exemption is available from the registration
      requirements of the U.S. Securities Act and applicable state securities
      laws and (i) the Holder has delivered to the Company a completed and duly
      executed copy of the U.S. Accredited Investor Status Certificate attached
      to the subscription form as Schedule “A” or (ii) if the Holder cannot
      satisfy clause (i) hereof, the Holder has contacted the Company, and if
      requested by the Company, the Holder has delivered to the Company, in a
      form acceptable to the Company and its counsel acting reasonably, an
      opinion of counsel to the effect that an exemption from the registration
      requirements of the U.S. Securities Act for the exercise of the Warrants
      and the issuance of the Warrant Shares is available. For clarity, it will
      be reasonable, if deemed necessary by the Company, for the Company to
      obtain an independent legal opinion from its own counsel, at its own
      expense, to this effect.

	4. 	
      Partial Exercise: The Holder may
      subscribe for and purchase a number of Warrant Shares less than the
      maximum number the Holder is entitled to purchase pursuant to the full
      exercise of this Warrant Certificate. In the event of any such
      subscription prior to the Expiry Time, the Holder shall be entitled to
      receive, without charge, a new Warrant Certificate (with or without
      legends as may be appropriate) in respect of the balance of the Warrant
      Shares which the Holder was entitled to subscribe for pursuant to this
      Warrant Certificate and which were then not purchased.

	 	 	 
	5. 	
      No Fractional Shares:
      Notwithstanding any adjustments provided for in Section 11 hereof or
      otherwise, the Company shall not be required upon the exercise of any
      Warrants to issue fractional Warrant Shares in satisfaction of its
      obligations hereunder and, in any such case, the number of Warrant Shares
      issuable upon the exercise of any Warrants shall be rounded down to the
      nearest whole number, without any payment or consideration
  therefor.

	 	 	 
	6. 	
      Exchange of Warrant Certificates:
      This Warrant Certificate may be exchanged for Warrant Certificates
      representing in the aggregate the same number of Warrants and entitling
      the Holder thereof to subscribe for and purchase an equal aggregate number
      of Warrant Shares at the same Exercise Price and on the same terms as this
      Warrant Certificate (with or without legends as may be
  appropriate).

	 	 	 
	7. 	
      Transfer of Warrants: These Warrants
      are NOT transferable.

	 	 	 
	8. 	
      Not a Shareholder: Nothing in this
      Warrant Certificate or in the holding of a Warrant evidenced hereby shall
      be construed as conferring upon the Holder any right or interest
      whatsoever as a shareholder of the Company.

	 	 	 
	9. 	
      No Obligation to Purchase: Nothing
      herein contained or done pursuant hereto shall obligate the Holder to
      subscribe for or the Company to issue any shares except those shares in
      respect of which the Holder shall have exercised its right to purchase
      hereunder in the manner provided herein.

	 	 	 
	10. 	
      Covenants:

	 	 	 
		(a) 	
      The Company covenants and agrees that so long as any
      Warrants evidenced hereby remain outstanding, it shall reserve and there
      shall remain unissued out of its authorized capital a sufficient number of
      Warrant Shares to satisfy the right of purchase herein provided for, it
      will cause the Warrant Shares subscribed for and purchased in the manner
      herein provided to be issued and delivered as directed and such Warrant
      Shares shall be issued as fully paid and non-assessable Common Shares and
      the holders thereof shall not be liable to the Company or to its creditors
      in respect thereof.

	 	 	 
		(b) 	
      The Company covenants and agrees that until the Expiry
      Time, while the Warrants (or remaining portion thereof) shall be
      outstanding, the Company shall use its commercially reasonable efforts to
      preserve and maintain its corporate existence, to remain a reporting
      issuer not in default of the requirements of the applicable securities laws in the
      Canadian jurisdictions in which the Company is currently a reporting
      issuer and to ensure that the Company shall make all requisite filings
      necessary to remain a reporting issuer not in default of the requirements
      of the applicable securities laws in the Canadian jurisdictions in which
      the Company is currently a reporting issuer.

	 	 	 
	 	(c) 	
      The Company will do, execute, acknowledge and deliver or
      cause to be done, executed, acknowledged and delivered, all other acts,
      deeds and assurances in law as may be reasonably required for the better
      accomplishing and effecting of the intentions and provisions of this
      Warrant Certificate.

	11. 	
      Adjustments:

	 	 	 	 
		(a) 	
      In the event of any alteration of the Shares, including
      any subdivision, consolidation or reclassification, or in the event of any
      form of reorganization of the Company, including any amalgamation, merger
      or arrangement (collectively, a “Reorganization”), an adjustment will be
      made to the terms of the Warrants such that the Holder, upon exercise of
      any Warrants following the completion of the Reorganization, will be
      entitled to receive the same number and kind of securities that it would
      have been entitled to receive as a result of the Reorganization had it
      exercised its Warrants immediately prior to the Reorganization.

	 	 	 	 
		(b) 	
      The Company will not effect any Reorganization which
      could result in a successor to the Company unless prior to or
      simultaneously with the consummation thereof, the entity succeeding the
      Company acknowledges in writing that it is bound by and will comply with
      the provisions set forth in this Warrant Certificate.

	 	 	 	 
		(c) 	
      If, in case at any time:

	 	 	 	 
			(a) 	
      the Company pays any dividend payable in stock upon the
      Shares or makes any distribution to the holders of the Shares;

	 	 	 	 
			(b) 	
      the Company offers for subscription pro rata to the
      holders of its Shares any additional shares of stock of any class or other
      rights;

	 	 	 	 
			(c) 	
      there is a voluntary or involuntary dissolution,
      liquidation or winding-up of the Company; or

	 	 	 	 
			(d) 	
      in case of any Reorganization;

then, and in any one or more of such
cases, the Company will give to the Holder at least 20 days’ prior written
notice of the date on which the books of the Company will close or a record will
be taken for such dividend, distribution or offer of subscription rights, or for
determining rights to vote with respect to such dissolution, liquidation or
winding-up or Reorganization and, in the case of such dissolution, liquidation
or winding-up or Reorganization, at least 20 days’ prior written notice of the
date when the same will take place. Such notice in accordance with the foregoing
clause will also specify, in the case of any such dividend, distribution or
offer of subscriptions rights, the date on which the holders of the Shares will
be entitled thereto, and such notice in accordance with the foregoing will also
specify the date on which the holders of the Shares will be entitled to exchange
the Shares for securities or other property deliverable upon such dissolution,
liquidation or winding-up or Reorganization, as the case may be. Each such
written notice will be given by first class registered mail, postage prepaid,
addressed to the Holder at the address of such Holder, as shown on the books of
the Company.

	 	(d) 	
      In accordance with this certificate, the Company will
      make adjustments as it considers necessary and equitable acting in good
      faith, subject to any approvals required by the CNSX (or such other
      Canadian stock exchange where the Company is then listed). If at any time
      a dispute arises with respect to adjustments provide for herein, such
      dispute will be conclusively determined by the auditors of the Company or
      if they are unable or unwilling to act, by such other firm of independent
      chartered accountants as may be selected by the directors of the Company
      and any such determination, absent manifest error, will be binding upon
the Company, the Holder and shareholders of the Company. The Company will
provide such auditors or accountants with access to all necessary records of the
Company and fees payable to such accountants or auditors will be paid by the
Company. 

	 	
       
	12. 	
      Limitation on Exercise of Warrants:
      Notwithstanding anything contained herein to the contrary, the
      rights represented by these Warrants shall not be exercisable by the
      Holder, in whole or in part, and the Company shall not give effect to any
      such exercise, if, after giving effect to such exercise, the Holder,
      together with any person or company acting jointly or in concert with the
      Holder (the “Joint Actors”) would in the aggregate beneficially
      own, or exercise control or direction over, that number of voting
      securities of the Company which is twenty percent (20%) or greater of the
      total issued and outstanding voting securities of the Company, immediately
      after giving effect to such exercise. For greater certainty, the rights
      represented by these Warrants shall not be exercisable by the Holder, in
      whole or in part, and the Company shall not give effect to any such
      exercise, if, after giving effect to such exercise, the Holder, together
      with its Joint Actors, would be deemed to hold a number of voting
      securities sufficient to materially affect the control of the Company. In
      connection with the exercise of these Warrants, the Holder shall provide
      the Company with a duly completed and executed subscription form attached
      hereto in which the Holder represents, warrants and certifies that the
      exercise of these Warrants shall not result in the Holder or its Joint
      Actors holding more than 20% of the issued and outstanding voting
      securities or holding a number of voting securities sufficient to
      materially affect the control of the Company, and the Company shall be
      entitled to rely thereon

	 	 
	13. 	
      Representation and Warranty: The
      Company hereby represents and warrants with and to the Holder that the
      Company is duly authorized and has all corporate and lawful power and
      authority to create and issue these Warrants and the Warrant Shares
      issuable upon the exercise hereof and perform its obligations hereunder
      and that this Warrant Certificate represents a valid, legal and binding
      obligation of the Company enforceable in accordance with its
  terms.

	 	 
	14. 	
      If Share Transfer Books Closed: The
      Company shall not be required to deliver certificates for Warrant Shares
      while the share transfer books of the Company are properly closed, prior
      to any meeting of shareholders or for the payment of dividends or for any
      other purpose and in the event of the surrender of any Warrant in
      accordance with the provisions hereof and the making of any subscription
      and payment for the Warrant Shares called for thereby during any such
      period delivery of certificates for Warrant Shares may be postponed for a
      period not exceeding three (3) Business Days after the date of the
      re-opening of said share transfer books provided that any such
      postponement of delivery of certificates shall be without prejudice to the
      right of the Holder, if the Holder has surrendered the same and made
      payment during such period, to receive such certificates for the Warrant
      Shares called for after the share transfer books shall have been
      re-opened.

	 	 
	15. 	
      Lost Certificate: If the Warrant
      Certificate evidencing the Warrants issued hereby becomes stolen, lost,
      mutilated or destroyed the Company shall issue and countersign a new
      Warrant Certificate of like denomination, tenor and date as the Warrant
      Certificate so stolen, lost mutilated or destroyed provided that the
      Holder shall bear the reasonable cost of the issue thereof and in case of
      loss, destruction or theft, shall, as a condition precedent to the issue
      thereof, furnish to the Company such evidence of ownership and of the
      loss, destruction or theft of the Warrant Certificate as shall be
      satisfactory to the Company, in its sole discretion acting reasonably, and
      the Holder may also be required to furnish an indemnity in form
      satisfactory to the Company, in its sole discretion acting reasonably, and
      shall pay the reasonable charges of the Company in connection
      therewith.

	 	 
	16. 	
      Governing Law: This Warrant
      Certificate shall be governed by, and construed in accordance with, the
      laws of the Province of British Columbia and the laws of Canada applicable
      therein but the reference to such laws shall not, by conflict of laws,
      rules or otherwise, require the application of the law of any jurisdiction
      other than the Province of British Columbia.

	 	 
	17. 	
      Severability: If any one or more of
      the provisions or parts thereof contained in this Warrant Certificate
      should be or become invalid, illegal or unenforceable in any respect in
      any jurisdiction, the remaining provisions or parts thereof contained
      herein shall be and shall be conclusively deemed to be, as to such
      jurisdiction, severable therefrom.

	18. 	
      Amendments: Subject to the approval of the
      CNSX (or such other Canadian stock exchange where the Company is then
      listed), the provisions of these Warrants may from time to time be
      amended, modified or waived, if such amendment, modification or waiver is
      in writing and consented to in writing by the Company and the Holder,
      provided that, in the event that any amendment, modification or waiver
      results in terms that are more favourable to the Holder hereof, the
      Company shall offer to make such amendment, modification or waiver
      applicable to all Holders under the Warrants issued on the date
    hereof.

	 	 	 
	19. 	
      Modification of Provisions for Certain Purposes:
      Notwithstanding Section 18 hereof, the Company may from time to
      time modify the provisions of this Warrant Certificate to the extent that
      such modifications do not alter any material terms of this Warrant
      Certificate and are not prejudicial to the rights of the Holder hereof,
      including for the following purposes:

	 	 	 
		(a) 	
      making such provisions not inconsistent herewith as may
      be necessary or desirable with respect to matters or questions arising
      hereunder or for any other purpose not inconsistent with the terms hereof,
      including the correction or rectification of any ambiguities, defective
      provisions, errors or omissions herein;

	 	 	 
		(b) 	
      making any modification in the form of the Warrants which
      does not affect the substance thereof; and

	 	 	 
		(c) 	
      to evidence any successions of any corporation and the
      assumption of any successor of the covenants of the Company herein and in
      the Warrants contained as provided herein.

	 	 	 
	20. 	
      Headings: The headings of the
      articles, sections, subsections and clauses of this Warrant Certificate
      have been inserted for convenience and reference only and do not define,
      limit, alter or enlarge the meaning of any provision of this Warrant
      Certificate.

	 	 	 
	21. 	
      Numbering of Articles, etc.: Unless
      otherwise stated, a reference herein to a numbered or lettered article,
      section, subsection, clause, subclause or schedule refers to the article,
      section, subsection, clause, subclause or schedule bearing that number or
      letter in this Warrant Certificate.

	 	 	 
	22. 	
      Gender: Whenever used in this
      Warrant Certificate, words importing the singular number only shall
      include the plural, and vice versa, and words importing the masculine
      gender shall include the feminine gender.

	 	 	 
	23. 	
      Day not a Business Day: In the event
      that any day on or before which any action is required to be taken
      hereunder is not a Business Day, then such action shall be required to be
      taken on or before the requisite time on the next succeeding day that is a
      Business Day.

	 	 	 
	24. 	
      Binding Effect: This Warrant
      Certificate and all of its provisions shall enure to the benefit of the
      Holder, its successors, assigns and legal personal representatives and
      shall be binding upon the Company and its successors.

	 	 	 
	25. 	
      Notice: Unless herein otherwise
      expressly provided, a notice to be given hereunder will be deemed to be
      validly given if the notice is sent by facsimile or prepaid same day
      courier addressed as follows:

	 	 	 
		(a) 	
      If to the Holder at the latest address of the Holder as
      recorded on the books of the Company; and

	 	 	 
		(b) 	
      If to the Company at:

	 	 	 
			
      Enertopia Corporation 
950 – 1130 West Pender Street
      
Vancouver, British Columbia V6E 4A4

Canada

Attention:                
Ms. Bal Bhullar, Chief Financial Officer 

  Facsimile No.:          (604) 685-1602

	28. 	
      Time of Essence: Time shall be of
      the essence hereof.

         
   IN WITNESS WHEREOF the Company has caused this Warrant
Certificate to be signed by its duly authorized officer as of this
27th day of July, 2012.

ENERTOPIA CORPORATION

	 	Per:	
	 	 	Chris Bunka, CEO 
	 	 	Authorized Signing Officer
  

SUBSCRIPTION FORM

	TO: 	Enertopia Corporation 
	  	950 – 1130 West Pender Street 
	  	Vancouver, British Columbia V6E 4A4 
	  	Canada 

The undersigned holder of the within Warrant Certificate hereby
irrevocably subscribes for __________________Warrant Shares of Enertopia
Corporation (the “Company”) pursuant to the within Warrant Certificate and
tenders herewith a certified cheque or bank draft for US$
_____________________(US$0.10 per Warrant Share in the first year and US$0.20
per Warrant Share in the second and third year) in full payment therefor.

The undersigned holder hereby represents, warrants and
certifies as follows: (Please check the ONE box applicable):

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

	  	  	
      

	[   ] 	B. 	
      The undersigned holder has delivered to the Company a
      completed and duly executed copy of the U.S. Accredited Investor Status
      Certificate attached hereto as Schedule “A”. 

	  	  	
      

	[   ] 	C. 	
      If the holder cannot check box (A) or box (B), the holder
      must contact the Company. If requested by the Company, the undersigned
      holder will deliver to the Company, in a form acceptable to the Company
      and its counsel acting reasonably, an opinion of counsel to the effect
      that an exemption from the registration requirements of the U.S.
      Securities Act for the exercise of the Warrants and the issuance of the
      Warrant Shares is available. For clarity, it will be reasonable, if deemed
      necessary by the Company, for the Company to obtain an independent legal
      opinion from its own counsel, at its own expense, to this effect.
  

The undersigned holder hereby further represents, warrants and
certifies that the exercise of these Warrants and the issuance of the Warrant
Shares hereunder will not result in the holder, together with any person or
company acting jointly or in concert with the holder, in the aggregate (i)
beneficially owning or exercising control or direction over 20% or more of the
total issued and outstanding voting securities of the Company, immediately after
giving effect to such exercise, or (ii) being deemed to hold a sufficient number
of voting securities to materially affect the control of the Company.

The undersigned holder hereby directs that the Warrant Shares
be issued as follows: 

	
NAME(S) IN FULL 	
ADDRESS(ES) 	NUMBER OF 
WARRANT SHARES
  
	 	  

	 
	 	 	 

	 	 	 

DATED this ______________day of
_________________________________, 20_____.

	 	NAME: 	
	 	 	  
	 	 	  
	 	Signature: 	 
	 	 	Print name of individual whose signature 
	 	 	appears above if different than the name 
	 	 	printed above: 

________Please check if the certificates representing the
Warrant Shares are to be delivered at the Company’s principal office where this
Warrant Certificate is surrendered, failing which the certificates representing
the Warrant Shares will be mailed to the address in the registration
instructions set out above.

If any Warrants represented by this Warrant Certificate are not
being exercised, a new Warrant Certificate representing the unexercised Warrants
will be issued and delivered with the certificate representing the Warrant
Shares.

Notes: 

Certificates will not be registered or delivered to an address
in the United States unless Box B or Box C above is checked.

If Box C is to be checked, holders are encouraged to consult
with the Company in advance to determine that the legal opinion tendered in
connection with exercise will be reasonably satisfactory in form and substance
to the Company and its counsel.

SCHEDULE “A” 

U.S. ACCREDITED INVESTOR STATUS CERTIFICATE 

If the undersigned is a U.S. Person or a person in the United
States or is exercising the Warrants on behalf of a U.S. Person or a person in
the United States, the undersigned hereby represents, warrants and certifies to
the Company that, at the time of the exercise of the Warrants, the undersigned
or the person for whom it is acting satisfies one or more of the categories of
“Accredited Investors”, as defined by Regulation D promulgated under the U.S.
Securities Act, indicated below: (Please initial in the space provide those
categories, if any, of an “Accredited Investor” which the undersigned
satisfies.)

	_________	
      An organization described in Section 501(c)(3) of the
      United States Internal Revenue Code, a corporation, a Massachusetts or
      similar business trust or partnership, not formed for the specific purpose
      of acquiring the Warrant Shares, with total assets in excess of
      US$5,000,000. 

	 	
       

	_________	
      A natural person whose individual net worth, or joint net
      worth with that person’s spouse, at the time of purchase exceeds
      US$1,000,000. 

	 	
       

	_________	
      A natural person who had an individual income in excess
      of US$200,000 in each of the two most recent years or joint income with
      that person’s spouse in excess of US$300,000 in each of those years and
      has a reasonable expectation of reaching the same income level in the
      current year. 

	 	
       

	_________	
      A “bank” as defined under Section (3)(a)(2) of the U.S.
      Securities Act or savings and loan association or other institution as
      defined in Section 3(a)(5)(A) of the U.S. Securities Act acting in its
      individual or fiduciary capacity; a broker dealer registered pursuant to
      Section 15 of the Securities Exchange Act of 1934 (United
      States); an insurance corporation as defined in Section 2(13) of the U.S.
      Securities Act; an investment corporation registered under the
      Investment Corporation Act of 1940 (United States) or a
      business development corporation as defined in Section 2(a)(48) of such
      Act; a Small Business Investment Corporation licensed by the U.S. Small
      Business Administration under Section 301(c) or (d) of the Small
      Business Investment Act of 1958 (United States); a plan with total
      assets in excess of US$5,000,000 established and maintained by a state, a
      political subdivision thereof, or an agency or instrumentality of a state
      or a political subdivision thereof, for the benefit of its employees; an
      employee benefit plan within the meaning of the Employee Retirement
      Income Security Act of 1974 (United States) whose investment decisions
      are made by a plan fiduciary, as defined in Section 3(21) of such Act,
      which is either a bank, savings and loan association, insurance
      corporation or registered investment adviser, or if the employee benefit
      plan has total assets in excess of US$5,000,000, or, if a self-directed
      plan, whose investment decisions are made solely by persons that are
      accredited investors. A private business development corporation as
      defined in Section 202(a)(22) of the Investment Advisers Act of
      1940 (United States). 

	 	
       

	_________	
      A trust with total assets in excess of US$5,000,000, not
      formed for the specific purpose of acquiring the Warrant Shares, whose
      purchase is directed by a sophisticated person as described in Rule
      506(b)(2)(ii) under the U.S. Securities Act. 

	 	
       

	_________	
      An entity in which all of the equity owners satisfy the
      requirements of one or more of the foregoing categories.

 

Note that the undersigned claiming to satisfy one of the above
categories of Accredited Investor may be required to supply the Company with a
balance sheet, prior years’ federal income tax returns or other appropriate
documentation to verify and substantiate the undersigned’s status as an
Accredited Investor.

If the undersigned is an entity which initialled the last
category in reliance upon the Accredited Investor categories above, state the
name, address, total personal income from all sources for the previous calendar
year, and the net worth (exclusive of home, home furnishings and personal
automobiles) for each equity owner of the said entity: 

____________________________________________________________________________________

The undersigned hereby certifies that the information contained
in this U.S. Accredited Investor Status Certificate is complete and accurate and
the undersigned will notify the Company promptly of any change in any such
information. If this U.S. Accredited Investor Status Certificate is being
completed on behalf of a corporation, partnership, trust or estate, the person
executing on behalf of the undersigned represents that it has the authority to
execute and deliver this U.S. Accredited Investor Status Certificate on behalf
of such entity.

IN WITNESS WHEREOF, the undersigned has executed this U.S.
Accredited Investor Status Certificate as of _______________________,
20____.

	If a Corporation, Partnership or Other Entity: 	 	If an Individual: 
	 	 	 
	 	 	 
	Print of Type Name of Entity 	 	Signature 
	 	 	 
	 	 	 
	Signature of Authorized Signatory 	 	Print or Type Name 
	 	 	 
	 	 	 
	Type of Entity 	 	Social Security/Tax I.D. No. (if applicable)

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