Document:

EXHIBIT 10.1

 

ELEVENTH EXTENSION
AGREEMENT

 

This AGREEMENT (this
“Agreement”) is dated as of June 1, 2015 and made between:

 

		(1)	FAR EAST ENERGY (BERMUDA), LTD., a company incorporated in Bermuda with its registered
office at Clarendon House, 2 Church Street, Hamilton HM II, Bermuda with registration number 36700 (the “Borrower”);

 

		(2)	FAR EAST ENERGY CORPORATION, a company incorporated in the State of Nevada, United States
of America, with its registered office at 711 S. Carson Street, Suite 4, Carson City, Nevada with registration number NV20001201882
(the “Guarantor”); and

 

		(3)	STANDARD CHARTERED BANK as lender (the “Lender”).

 

PRELIMINARY STATEMENTS:

 

		(A)	The Borrower, the Guarantor and the Lender are parties to that certain Facility Agreement dated
as of November 28, 2011 as amended by an Amendment Letter Agreement dated as of May 21, 2012, as further amended by a Second Amendment
to Facility Agreement dated as of November 28, 2012, as further amended by a Third Amendment to Facility Agreement dated as of
December 18, 2012, as further amended by a Fourth Amendment to Facility Agreement dated as of January 8, 2013, as further amended
by a Fifth Amendment to Facility Agreement dated as of January 15, 2013, and as further amended as of December 31, 2013 and extended
by Extension Agreement dated as of March 31, 2014, Second Extension Agreement dated as of July 9, 2014, Third Extension Agreement
dated as of September 12, 2014, Fourth Extension Agreement dated as of October 31, 2014, Fifth Extension Agreement dated
as of November 28, 2014, Sixth Extension Agreement dated as of December 31, 2014, Seventh Extension Agreement dated as of January
15, 2015, Eighth Extension Agreement dated as of February 18, 2015, Ninth Extension Agreement dated as of March 31, 2015 and Tenth
Extension Agreement dated as of April 30, 2015 (the “Tenth Extension Agreement”), providing for a secured term
loan facility for the purposes described therein (collectively, the “Facility Agreement”).

 

		(B)	The Facility is fully drawn in the amount of U.S $21,000,000.00.

 

		(C)	The Loans made under the Facility are due to be repaid on the Termination Date of June 1, 2015.

 

		(D)	Accrued interest on each Loan is due on June 1, 2015 (the “June Interest Payment”).

 

		(E)	A payment of $175,000 (the “Additional Payment”) is due the Lender on June 1,
2015 pursuant to Clause 4.2 of the Tenth Extension Agreement.

 

		(F)	The Borrower has requested that the Termination Date under the Facility Agreement be extended to
July 3, 2015, and that the June Interest Payment and the Additional Payment be deferred to the same date.

 

NOW, THEREFORE, in consideration
of the premises and the mutual covenants and agreements contained herein, it is agreed as follows:

 

		1.	interpretation

 

		1.1	Definitions

 

In this Agreement:

“Effective
Date” means the date on which the Lender confirms to the Borrower that it has received all of the documents and other
evidence required under Clause 2 (Conditions Precedent and Effectiveness)
of this Agreement in form and substance satisfactory to the Lender.

 

    	1

    	 

    

 

		1.2	Interpretation

 

		(a)	Capitalized terms used and not defined in this Agreement have the meaning ascribed to them in the
Facility Agreement.

 

		(b)	The provisions of clause 1.2 (Construction) of the Facility Agreement apply to this Agreement as
if they were set out in full in this Agreement, except that references therein to ‘this Agreement’ are to be construed
as references to this Agreement.

 

		2.	Conditions Precedent and effectiveness

 

It shall be
a condition precedent to the effectiveness of this Agreement that the Lender has received all of the following documents and other
evidence in form and substance satisfactory to the Lender:

 

		2.1	The following documents in respect of the Obligors:

 

		(a)	A copy of the constitutional documents of each Obligor.

 

		(b)	A copy of a resolution of the board of directors of each Obligor:

 

		(i)	approving the terms of, and the transactions contemplated by, this Agreement and resolving that
it execute this Agreement;

 

		(ii)	authorizing a specified person or persons to execute this Agreement on its behalf;

 

		(iii)	authorizing a specified person or persons, on its behalf, to sign and/or dispatch all documents
and notices to be signed and/or dispatched by it under or in connection with this Agreement; and

 

		(iv)	in the case of a Guarantor, resolving that it is in the best interests of the relevant guarantor
to enter into the transactions contemplated by this Agreement.

 

		(c)	A specimen of the signature of each person authorized by the resolution referred to in paragraph
(b) above.

 

		(d)	A certificate of an authorized signatory
of the relevant Obligor certifying that each copy document relating to it specified in this Clause 2
(Conditions Precedent and Effectiveness) is correct, complete and in full force and effect as at a date no earlier than
the Effective Date.

 

		2.2	A duly executed original of this Agreement.

 

		2.3	Evidence that any interest payable by the Borrower under the Facility Agreement (other than the
June Interest Payment) has been paid.

 

		2.4	A copy of any other Authorization or other document, opinion or assurance which the Lender considers
to be necessary in connection with the entry into and performance of the transactions contemplated by any Finance Document.

 

    	2

    	 

    

 

		2.5	Evidence that all costs and expenses of the Lender (including professional fees) incurred prior
to the Effective Date in connection with the Group, the Finance Documents and this Agreement have been paid by the Borrowers.

 

		3.	representations and warranties

 

Each Obligor
jointly and severally represents and warrants to the Lender on the date of this Agreement and on the Effective Date that:

 

		(a)	The obligations expressed to be assumed by it in this Agreement are (subject to applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting the enforceability of creditors rights generally) legal, valid,
binding and enforceable obligations.

 

		(b)	All of the representations and warranties contained in clauses 18.1 – 18.29 (Representations)
of the Facility Agreement are true and correct.

 

		4.	EXTENSION OF MATURITY OF THE LOANS

 

		4.1	Subject to the conditions set forth in Clause 2 hereof, effective
as of the Effective Date the Lender hereby agrees to extend the Termination Date under the Facility Agreement to July 3, 2015 (except
that, if the Termination Date would otherwise fall on a day which is not a Business Day, it will instead be the immediately preceding
Business Day).

 

		4.2	It is further agreed that the Additional Payment due pursuant
to Clause 4.2 of the Tenth Extension Agreement and the June Interest Payment shall be due on the Termination Date and if not made
when due shall constitute an Unpaid Sum (as defined in the Facility Agreement) accruing default interest at the rate set forth
in Clause 3.8 and shall be subject to the provisions set forth therein. 

 

		5.	Release of lender and related parties

 

		5.1	Each Obligor voluntarily and knowingly releases, holds harmless,
and forever discharges the Lender and each of the Lender’s predecessors, agents, shareholders, partners, directors, officers,
employees, representatives, professionals and their respective successors and assigns (the “Released Parties”) from
all possible claims, demands, actions, causes of action, damages, costs or expenses, and liabilities whatsoever, known or unknown,
anticipated or unanticipated, suspected or unsuspected, fixed, contingent, or conditional, at law or in equity, originating in
whole or in part on or before the Effective Date which any Obligor may now or hereafter have against any of the Released Parties
and irrespective of whether any such claims arise out of contract, tort, violation of law or regulations, or otherwise, including,
without limitation, the exercise of any rights and remedies under, and all other matters relating to, the Finance Documents, and
the negotiation and execution of this Agreement.

 

		6.	MISCELLANEOUS

 

		6.1	Limited Waiver

 

Without limiting
the generality of the provisions of Clause 33 (Amendments and Waivers) of the Facility Agreement, the consent set forth
herein shall be limited precisely as written and is provided solely for the purpose of extending the maturity of the Loans, and
this Agreement does not constitute, nor should it be construed as, a waiver of compliance by the Obligors of any other term, provision
or condition of the Facility Agreement or any other instrument or agreement referred to therein.

 

    	3

    	 

    

 

		6.2	Finance Document

 

This Agreement
is a Finance Document.

 

		6.3	Costs and expenses

 

The Borrower
agrees that the provisions of clause 16 (Costs and Expenses) of the Facility Agreement shall apply to this Agreement.

 

		6.4	Counterparts

 

This Agreement
may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a
single copy of this Agreement.

 

		6.5	Reservation of rights

 

The Parties
reserve all rights with respect to any continuing or future Default.

 

		6.6	Confirmations

 

		(a)	The Guarantor hereby acknowledges that it has read this Agreement and consents to its terms, and
hereby confirms and agrees that, notwithstanding the effectiveness of this Agreement, its guarantee of the Borrower’s obligations
under the Finance Documents (the “Guaranteed Obligations”) shall not be impaired or affected and such
guarantee is, and shall continue to be, in full force and effect and is hereby confirmed and ratified in all respects.

 

		(b)	The Obligors acknowledge and agree that (i) all liens evidenced by the Facility Agreement and the
Security Documents are hereby ratified, confirmed and continued, (ii) the extension of maturity of the Loans pursuant to this Agreement,
the other agreements set forth herein and the execution of this Agreement shall not constitute a re-grant of any existing Security
granted in connection with the Facility Agreement (the “Existing Security”), (iii) the Existing Security shall
remain in full force and effect after giving effect to this Agreement, and (iv) the Existing Security extends to the Guaranteed
Obligations as amended pursuant to this Agreement.

 

		6.7	Governing law

 

THIS AGREEMENT
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS APPLICABLE IN THE STATE OF NEW YORK (WITHOUT REGARD TO CONFLICTS
OF LAW PRINCIPLES).

 

[Signature page follows]

 

 

    	4

    	 

    

 

This Agreement has been
entered into as of the date stated at the beginning hereof.

 

SIGNATORIES

 

	BORROWER:	 
	 	 	 
	FAR EAST ENERGY (BERMUDA), LTD.	 
	 	 	 
	By: 	/s/ Michael R. McElwrath	 
	Name:    	Michael R. McElwrath	 
	Title: 	Chairman	 
	 	 	 
	GUARANTOR:	 
	 	 
	FAR EAST ENERGY CORPORATION	 
	 	 	 
	By: 	/s/ Michael R. McElwrath	 
	Name:	Michael R. McElwrath	 
	Title:	CEO and President	 
	 	 	 
	LENDER:	 
	 	 
	STANDARD CHARTERED BANK	 
	 	 	 
	By: 	/s/ Marc Chait	 
	Name: 	Marc Chait	 
	Title: 	Director	 
	 	 	 
	By: 	/s/ P.A. Johnson	 
	Name:	 P.A. Johnson	 
	Title: 	Regional Head	 

 

 

 

Signature page to Eleventh Extension AgreementWolverine Exploration Inc.: Exhibit 10.1 - 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.

PRIVATE PLACEMENT SUBSCRIPTION 
FOR NON U.S. SUBSCRIBERS

WOLVERINE EXPLORATION INC. 

PRIVATE PLACEMENT 

INSTRUCTIONS TO SUBSCRIBER: 

	1. 	
      COMPLETE the information on page 2 of this
      Subscription Agreement.

	 	 
	2. 	
      IF RESIDENT IN CANADA COMPLETE the Questionnaire
      attached as Schedule A to this Subscription Agreement (the
      "Questionnaire").

	 	 
	3. 	
      FAX a copy of page 2 of this Subscription
      Agreement, and all pages of the Questionnaire to PubCo Services Inc. at
      (403) 275-4462.

2

WOLVERINE EXPLORATION INC. 
PRIVATE PLACEMENT 

The Subscriber hereby irrevocably subscribes for, and on
Closing will purchase from the Company, the following securities at a price of
CDN$0.0075 per Share 

	                                                                        
    Shares 

     

The Subscriber directs the Company to issue, register and
deliver the certificates representing the Shares as follows: 

	 	REGISTRATION INSTRUCTIONS: 	 	DELIVERY INSTRUCTIONS: 	 
	 	 	 	 	 
	 	 	 	 	 
	 	Name to appear on certificate 	 	Name and account reference, if applicable 	 
	 	 	 	 	 
	 	SIN/Tax ID No. 	 	Contact name 	 
	 	 	 	 	 
	 	Address 	 	Address 	 
	 	 	 	 	 
	 	 
    	 	Telephone number 	 

	
      EXECUTED by the Subscriber this _____ day of
      __________, _____. By executing this Agreement, the Subscriber certifies
      that the Subscriber and any beneficial purchaser for whom the
      Subscriber is acting is resident in the jurisdiction shown as the “Address
      of the Subscriber”. The address of the Subscriber will be accepted
      by the Company as a representative as to the address of residency for the
      Subscriber. 

	 	WITNESS: 	 	EXECUTION BY SUBSCRIBER: 	 
	 	 	 	 	 
	 	 
    	 	X
      	 
	 	Signature of witness 	 	Signature of individual (if Subscriber is
      an individual) 	 
	 	 	 	 	 
	 	 
    	 	X
      	 
	 	Name of witness 	 	Authorized signatory (if Subscriber is not
      an individual) 	 
	 	 	 	 	 
	 	Address of witness 	 	Name of Subscriber (please print) 	 
	 	 	 	 	 
	 	 
    	 	Name of authorized signatory (please
      print) 	 
	 	ACCEPTED this day of ___________, _____.
    	 	  	 
	 	 	 	 	 
	 	WOLVERINE EXPLORATION INC. 	 	Address of Subscriber (residence) 	 
	 	Per: 	 	  	 
	 	 	 	 	 
	 	Authorized signatory 	 	Telephone number and e-mail address 	 
	 	 	 	 	 

By signing this acceptance, the Company agrees to be bound by
all representations, warranties, covenants and agreements on pages 3-11 hereof.

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

3

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.

PRIVATE PLACEMENT SUBSCRIPTION 
(Non U.S. Subscribers
Only) 

	TO: 	Wolverine Exploration Inc. (the “Company”)
  
	  	4055 McLean Road, Quesnel, 
	  	British Columbia, Canada V2J 6V5

Purchase of Shares 

	1. 	
      SUBSCRIPTION

1.1          
The undersigned (the "Subscriber") hereby irrevocably subscribes for and agrees
to purchase the number of shares of the Company's common stock (the "Shares") as
set out on page 2 of this Subscription Agreement at a price of CDN$0.0075 per
Share (such subscription and agreement to purchase being the "Subscription"),
for the total subscription price as set out on page 2 of this Subscription
Agreement (the "Subscription Proceeds"), which Subscription Proceeds are
tendered herewith, on the basis of the representations and warranties and
subject to the terms and conditions set forth herein. The Shares are referred to
as the “Securities”. 

1.2          
The Company hereby agrees to sell, on the basis of the representations and
warranties and subject to the terms and conditions set forth herein, to the
Subscriber the Shares. Subject to the terms hereof, the Subscription Agreement
will be effective upon its acceptance by the Company.

1.3          
Unless otherwise provided, all dollar amounts referred to in this Subscription
Agreement are in lawful money of the United States of America. 

	2. 	
      PAYMENT

2.1          
The Subscription Proceeds must accompany this Subscription Agreement. The
Subscriber authorizes the Company's lawyers to deliver the Subscription Proceeds
to the Company if the Subscription Proceeds are delivered to the Company’s
lawyers, without further instructions required. 

2.2          
The Subscriber acknowledges and agrees that this Subscription Agreement and any
other documents delivered in connection herewith will be held by the Company's
lawyers on behalf of the Company. In the event that this Subscription Agreement
is not accepted by the Company for whatever reason within 90 days of the
delivery of an executed Subscription Agreement by the Subscriber, or the minimum
offering amount is not achieved by that time, this Subscription Agreement, the
Subscription Proceeds and any other documents delivered in connection herewith will be returned to the Subscriber at the
address of the Subscriber as set forth in this Subscription Agreement without
interest or deduction. 

4

2.3          
Where the Subscription Proceeds are paid to the Company, the Company may treat
the Subscription Proceeds as a non-interest bearing loan and may use the
Subscription Proceeds prior to this Subscription Agreement being accepted by the
Company. 

2.4          
  If resident in Canada, the Subscriber must complete, sign and return to the
  Company an executed copy of this Subscription Agreement, the Questionnaire
  attached hereto as Schedule A (the “Questionnaire”) and any other schedules
attached hereto. 

2.5          
The Subscriber shall complete, sign and return to the Company as soon as
possible, on request by the Company, any documents, questionnaires, notices and
undertakings as may be required by regulatory authorities, stock exchanges and
applicable law. 

	3. 	
      CLOSING

3.1          
Closing of the purchase and sale of the Shares shall occur on or before
_____________, 2015, or on such other date as may be determined by the Company
in its sole discretion (the "Closing Date"). The Subscriber acknowledges that
Shares may be issued to other subscribers under this offering (the "Offering")
before or after the Closing Date. The Company, may, at its discretion, elect to
close the Offering in one or more closings, in which event the Company may agree
with one or more subscribers (including the Subscriber hereunder) to complete
delivery of the Shares to such subscriber(s) against payment therefore at any
time on or prior to the Closing Date. 

	4. 	
      ACKNOWLEDGEMENTS OF
  SUBSCRIBER

4.1          
The Subscriber acknowledges and agrees that: 

	 	(a) 	
      none of the Securities have been registered under the
      Securities Act of 1933, as amended (the "1933 Act"), or under any state
      securities or "blue sky" laws of any state of the United States, and are
      being offered only in a transaction not involving any public offering
      within the meaning of the 1933 Act, and, unless so registered, may not be
      offered or sold in the United States or to U.S. Persons (as defined
      herein), except pursuant to an effective registration statement under the
      1933 Act, or pursuant to an exemption from, or in a transaction not
      subject to, the registration requirements of the 1933 Act, and in each
      case only in accordance with applicable state and provincial securities
      laws;

	 	 	 
	 	(b) 	
      the Company will refuse to register any transfer of any
      of the Securities not made in accordance with the provisions of Regulation
      S, pursuant to an effective registration statement under the 1933 Act or
      pursuant to an available exemption from, or in a transaction not subject
      to, the registration requirements of the 1933 Act;

	 	 	 
	 	(c) 	
      by completing the Questionnaire, the Subscriber is
      representing and warranting that the Subscriber satisfies one of the
      categories of registration and prospectus exemptions provided for in
      National Instrument 45-106 ("NI 45-106") adopted by the Canadian
      Securities Administrators (the "CSA");

	 	 	 
	 	(d) 	
      the decision to execute this Subscription Agreement and
      purchase the Shares agreed to be purchased hereunder has not been based
      upon any oral or written representation as to fact or otherwise made by or
      on behalf of the Company and such decision is based solely upon a review
      of publicly available information regarding the Company available on the
      website of the United States Securities and Exchange Commission (the
      "SEC") available at www.sec.gov (the "Company Information");

	 	 	 
	 	(e) 	
      the Subscriber and the Subscriber's advisor(s) have had a
      reasonable opportunity to review the Company Information and to ask
      questions of and receive answers from the Company
  regarding the Offering, and to obtain additional information, to the
extent possessed or obtainable without unreasonable effort or expense, necessary
to verify the accuracy of the information contained in the Company Information,
or any other document provided to the Subscriber; 

5

	 	(f) 	
      the books and records of the Company were available upon
      reasonable notice for inspection, subject to certain confidentiality
      restrictions, by the Subscriber during reasonable business hours at its
      principal place of business and that all documents, records and books
      pertaining to this Offering have been made available for inspection by the
      Subscriber, the Subscriber's attorney and/or advisor(s);

	 	 	 
	 	(g) 	
      by execution hereof the Subscriber has waived the need
      for the Company to communicate its acceptance of the purchase of the
      Shares pursuant to this Subscription Agreement;

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

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

	 	 	 
	 	(j) 	
      the issuance and sale of the Shares to the Subscriber
      will not be completed if it would be unlawful or if, in the discretion of
      the Company acting reasonably, it is not in the best interests of the
      Company;

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

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

	 	 	 
	 	(ii) 	
      applicable resale
restrictions;

	 	(l) 	
      the Subscriber has not acquired the Shares 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 pursuant to
      registration of any of the 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;

	 	 	 
	 	(m) 	
      the Subscriber is outside the United States when
      receiving and executing this Subscription Agreement and is acquiring the
      Shares as principal for its own account, for investment
  purposes only, and not with a view to, or for, resale, distribution or
fractionalization thereof, in whole or in part, and no other person has a direct
or indirect beneficial interest in such Shares; 

6

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

	 	 	 
	 	(o) 	
      the Company has advised the Subscriber that, if the
      Subscriber is a Canadian resident, the Company is relying on an exemption
      from the requirements to provide the Subscriber with a prospectus and to
      sell the Shares through a person registered to sell securities and, as a
      consequence of acquiring the Shares pursuant to this exemption, certain
      protections, rights and remedies provided, including statutory rights of
      rescission or damages, will not be available to the Subscriber;

	 	 	 
	 	(p) 	
      neither the SEC nor any other securities commission or
      similar regulatory authority has reviewed or passed on the merits of any
      of the Securities;

	 	 	 
	 	(q) 	
      no documents in connection with this Offering have been
      reviewed by the SEC or any state securities administrators;

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

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

	5. 	
      REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE
      SUBSCRIBER

5.1          
The Subscriber hereby represents and warrants to and covenants with the Company
(which representations, warranties and covenants shall survive the Closing Date)
that: 

	 	(a) 	
      the Subscriber is not a U.S. Person (as defined
      herein);

	 	 	 
	 	(b) 	
      the Subscriber is not acquiring the Shares for the
      account or benefit of, directly or indirectly, any U.S. Person (as defined
      herein);

	 	 	 
	 	(c) 	
      the Subscriber is resident in the jurisdiction set out on
      page 2 of this Subscription Agreement;

	 	 	 
	 	(d) 	
      the Subscriber:

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

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

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

7

	 	(iv) 	
      represents and warrants that the acquisition of the
      Shares by the Subscriber does not trigger:

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

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

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

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

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

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

	 	 	 
	 	(h) 	
      the Subscriber acknowledges that it has not acquired the
      Shares 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 pursuant
      to registration of any of the 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;

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

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

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

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

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

8

	 	(n) 	
      the Subscriber has the requisite knowledge and experience
      in financial and business matters as to be capable of evaluating the
      merits and risks of the investment in the Securities and the Company, and
      the Subscriber is providing evidence of knowledge and experience in these
      matters through the information requested in the Questionnaire;

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

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

	 	 	 
	 	(q) 	
      the Subscriber is purchasing the Shares for its own
      account for investment purposes only and not for the account of any other
      person and not for distribution, assignment or resale to others, and no
      other person has a direct or indirect beneficial interest is such Shares,
      and the Subscriber has not subdivided his interest in the Shares with any
      other person;

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

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

	 	 	 
	 	(t) 	
      if the Subscriber is acquiring the Shares as a fiduciary
      or agent for one or more investor accounts, the Subscriber has sole
      investment discretion with respect to each such account, and the
      Subscriber has full power to make the foregoing acknowledgements,
      representations and agreements on behalf of such account;

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

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

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

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

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

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

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

9

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

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

5.2          
In this Subscription Agreement, the term "U.S. Person" shall have the meaning
ascribed thereto in Regulation S promulgated under the 1933 Act and for the
purpose of the Subscription Agreement includes any person in the United States.

	6. 	
      ACKNOWLEDGEMENT AND
WAIVER

6.1          
The Subscriber has acknowledged that the decision to purchase the Shares was
solely made on the Company Information. The Subscriber hereby waives, to the
fullest extent permitted by law, any rights of withdrawal, rescission or
compensation for damages to which the Subscriber might be entitled in connection
with the distribution of any of the Shares. 

	7. 	
      REPRESENTATIONS AND WARRANTIES WILL BE RELIED UPON
      BY THE COMPANY

7.1          
The Subscriber acknowledges that the acknowledgements, representations and
warranties contained herein and in the Questionnaire are made by it with the
intention that they may be relied upon by the Company and its legal counsel in
determining the Subscriber's eligibility to purchase the Shares under applicable
securities legislation, or (if applicable) the eligibility of others on whose
behalf it is contracting hereunder to purchase the Shares under applicable
securities legislation. The Subscriber further agrees that by accepting delivery
of the certificates representing the Shares, it will be representing and
warranting that the acknowledgements representations and warranties contained
herein and in the Questionnaire are true and correct as of the date hereof and
will continue in full force and effect notwithstanding any subsequent
disposition by the Subscriber of such Shares. 

	8. 	
      RESALE RESTRICTIONS

8.1          
The Subscriber 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. 

	9. 	
      LEGENDING AND REGISTRATION OF SUBJECT
      SECURITIES

9.1          
The Subscriber 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 the 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

9.2          
The Subscriber hereby acknowledges and agrees to the Company making a notation
on its records or giving instructions to the registrar and transfer agent of the
Company in order to implement the restrictions on transfer set forth and
described in this Subscription Agreement. 

	10. 	
      COLLECTION OF PERSONAL
  INFORMATION

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

	11. 	
      COSTS

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

	12. 	
      GOVERNING LAW

12.1          This
Subscription Agreement is governed by the laws of the State of Nevada. The
Subscriber, in its personal or corporate capacity and, if applicable, on behalf
of each beneficial purchaser for whom it is acting, irrevocably attorns to the
exclusive jurisdiction of the Courts of the State of Nevada. 

	13. 	
      SURVIVAL

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

	14. 	
      ASSIGNMENT

14.1          This
Subscription Agreement is not transferable or assignable. 

11

	15. 	
      SEVERABILITY

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

	16. 	
      ENTIRE AGREEMENT

16.1         
Except as expressly provided in this Subscription Agreement and in the
agreements, instruments and other documents contemplated or provided for herein,
this Subscription Agreement contains the entire agreement between the parties
with respect to the sale of the Shares and there are no other terms, conditions,
representations or warranties, whether expressed, implied, oral or written, by
statute or common law, by the Company or by anyone else. 

	17. 	
      NOTICES

17.1          All
notices and other communications hereunder shall be in writing and shall be
deemed to have been duly given if mailed or transmitted by any standard form of
telecommunication. Notices to the Subscriber shall be directed to the address on
page 2 and notices to the Company shall be directed to it at the first page of
this Subscription Agreement. 

	18. 	
      COUNTERPARTS AND ELECTRONIC
  MEANS

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

SCHEDULE A 

CANADIAN QUESTIONNAIRE 

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

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

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

	 	1. 	
      the Subscriber has such knowledge and experience in
      financial and business matters as to be capable of evaluating the merits
      and risks of the transactions detailed in the Subscription Agreement and
      the Subscriber is able to bear the economic risk of loss arising from such
      transactions;

	 	 	 
	 	2. 	
      the Subscriber is (tick one or more of the following
      boxes):

	 	(A) 	
      a director, executive officer, employee or control person
      of the Company or an affiliate of the Company 
	[   ]
	 	  	
      
	 
	 	(B) 	
      a spouse, parent, grandparent, brother, sister or child
      of a director, executive officer, founder or control person of the Company
      or an affiliate of the Company 
	[   ]
	 	  	
      
	 
	 	(C) 	
      a parent, grandparent, brother, sister or child of the
      spouse of a director, executive officer, founder or control person of the
      Company or an affiliate of the Company 
	[   ]
	 	  	
      
	 
	 	(D) 	
      a close personal friend of a director, executive officer,
      founder or control person of the Company 
	[   ]
	 	  	
      
	 
	 	(E) 	
      a close business associate of a director, executive
      officer, founder or control person of the Company or an affiliate of the
      Company 
	[   ]
	 	  	
      
	 
	 	(F) 	
      an accredited investor 
	[   ]
	 	  	
      
	 
	 	(G) 	
      a company, partnership or other entity of which a
      majority of the voting securities are beneficially owned by, or a majority
      of the directors are, persons described in paragraphs A to F 
	[   ]
	 	  	
      
	 
	 	(H) 	
      a trust or estate of which all of the beneficiaries or a
      majority of the trustees or executors are persons described in paragraphs
      A to F 
	[   ]
	 	  	
      
	 
	 	(I) 	
      purchasing as principal Securities with an aggregate
      acquisition cost of not less than CDN$150,000 
	[   ]

- 2 - 

	 	3. 	
      if the Subscriber has checked box B, C, D, E, G or H in
      Section 2 above, the director, executive officer, founder or control
      person of the Company with whom the undersigned has the relationship
      is:

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

	 	4. 	
      if the Subscriber is resident in Ontario, the Subscriber
      is (tick one or more of the following
boxes):

	 	(A) 	a founder of the Company 	[   ]
	 	 	 	 
	 	(B) 	an affiliate of a founder of the Company 	[   ]
	 	 	 	 
		(C) 	a spouse, parent, brother, sister, grandparent
      or child of a director, executive officer or founder of the Company 	[   ]
	 	 	 	 
	 	(D) 	a person that is a control person of the
      Company 	[   ]
	 	 	 	 
	 	(E) 	an accredited investor 	[   ]
	 	 	 	 
		(F) 	purchasing as principal Securities with an
      aggregate acquisition cost of not less than CDN$150,000 	[   ]

	 	5. 	
      if the Subscriber has checked box A, B, C or D in Section
      4 above, the director, executive officer, founder or control person of the
      Company with whom the undersigned has the relationship is:

	 	 	 
	 	 	 
	 		
      (Instructions to Subscriber: fill in the name of each
      director, executive officer, founder, affiliate and control person which
      you have the above-mentioned relationship
with.)

	 	6. 	
      if the Subscriber has ticked box F in Section 2 or box E
      in Section 4 above, the Subscriber satisfies one or more of the categories
      of "accredited investor" (as that term is defined in NI 45-106) indicated
      below (please check the appropriate box):

	 	[   ]	
      (a) a Canadian financial institution as defined in
      National Instrument 14-101, or an authorized foreign bank listed in
      Schedule III of the Bank Act (Canada);

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

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

- 3 - 

	 	[   ]	
      (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 province, or any crown
      corporation or agency of the government of Canada or a province;

	 	 	 
	 	[   ]	
      (g) a municipality, public board or commission in Canada
      and a metropolitan community, school board, the Comite de gestion de la
      taxe scholaire de l'ile de Montreal or an intermunicipal management board
      in Québec;

	 	 	 
	 	[   ]	
      (h) a national, federal, state, provincial, territorial
      or municipal government of or in any foreign jurisdiction, or any agency
      thereof;

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

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

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

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

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

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

	 	 	 
	 	[   ]	
      (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;

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

- 4 - 

	 	[   ]	
      (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 are persons or companies that are accredited
    investors;

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

	 	 	 
	 	[   ]	
      (v) a person that is recognized or designated by the
      securities regulatory authority or, except in Ontario and Québec, the
      regulator as (i) an accredited investor, or (ii) an exempt purchaser in
      Alberta or British Columbia after this instrument comes into
  force;

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

IN WITNESS WHEREOF, the undersigned has executed this
Questionnaire as of the ________ day of __________________, ________. 

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

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