Document:

Northern Dynasty Minerals Ltd.: Exhibit 4.1 - Filed by newsfilecorp.com

NOBILIS HEALTH CORP. 

as the Corporation 

and 

CST TRUST COMPANY 

as the Warrant Agent 

	 
	WARRANT INDENTURE 
	Providing for the Issue of Warrants 
	  
	Dated as of May 13, 2015 
	 

TABLE OF CONTENTS 

	 
     	 
    	Page
      No. 
	  	  	  
	  ARTICLE
      1  
	  INTERPRETATION  
	  	  	  
	Section
      1.1 	Definitions.
      	1
      
	Section
      1.2 	Gender
      and Number. 	5
      
	Section
      1.3 	Headings,
      Etc. 	5
      
	Section
      1.4 	Day
      not a Business Day. 	6
      
	Section
      1.5 	Time
      of the Essence. 	6
      
	Section
      1.6 	Monetary
      References. 	6
      
	Section
      1.7 	Applicable
      Law. 	6
      
	  	  	  
	  ARTICLE 2  
	  ISSUE OF
      WARRANTS  
	  	  	  
	Section
      2.1 	Creation
      and Issue of Warrants. 	6
      
	Section
      2.2 	Acceleration
      of Expiry Date 	6
      
	Section
      2.3 	Terms
      of Warrants. 	7
      
	Section
      2.4 	Warrantholder
      not a Shareholder 	7
      
	Section
      2.5 	Warrants
      to Rank Pari Passu. 	7
      
	Section
      2.6 	Form
      of Warrants, Certificated Warrants. 	7
      
	Section
      2.7 	Book
      Entry Only Warrants. 	8
      
	Section
      2.8 	Warrant
      Certificate 	10
      
	Section
      2.9 	Legends.
      	11
      
	Section
      2.10 	Register
      of Warrants 	13
      
	Section
      2.11 	Issue
      in Substitution for Warrant Certificates Lost, etc. 	14
      
	Section
      2.12 	Exchange
      of Warrant Certificates 	15
      
	Section
      2.13 	Transfer
      and Ownership of Warrants. 	15
      
	Section
      2.14 	Cancellation
      of Surrendered Warrants. 	16
      
	  	  	  
	  ARTICLE 3  
	  EXERCISE OF
      WARRANTS  
	  	  	  
	Section
      3.1 	Right
      of Exercise. 	16
      
	Section
      3.2 	Warrant
      Exercise. 	16
      
	Section
      3.3 	Prohibition
      on Exercise by U.S. Persons; Legended Certificates 	18
      
	Section
      3.4 	Transfer
      Fees and Taxes. 	20
      
	Section
      3.5 	Warrant
      Agency. 	20
      
	Section
      3.6 	Effect
      of Exercise of Warrant Certificates. 	21
      
	Section
      3.7 	Partial
      Exercise of Warrants; Fractions. 	21
      
	Section
      3.8 	Expiration
      of Warrants. 	21
      
	Section
      3.9 	Accounting
      and Recording. 	22
      
	Section
      3.10 	Securities
      Restrictions. 	22
      
	  	  	  
	  ARTICLE 4  
	  ADJUSTMENT OF NUMBER
      OF COMMON SHARES  
	  AND
      EXERCISE PRICE  
	  	  	  
	Section
      4.1 	Adjustment
      of Number of Common Shares and Exercise Price. 	22
      
	Section
      4.2 	Entitlement
      to Common Shares on Exercise of Warrant. 	26
      
	Section
      4.3 	No
      Adjustment for Certain Transactions. 	27
      
	Section
      4.4 	Determination
      by Independent Firm. 	27
      

TABLE OF CONTENTS
(continued)

	 	 	
 Page
      No. 
	 	  	 
	Section
      4.5 	Proceedings
      Prior to any Action Requiring Adjustment. 	27
      
	Section
      4.6 	Certificate
      of Adjustment. 	27
      
	Section
      4.7 	Notice
      of Special Matters. 	27
      
	Section
      4.8 	No
      Action after Notice. 	28
      
	Section
      4.9 	Other
      Action. 	28
      
	Section
      4.10 	Protection
      of Warrant Agent. 	28
      
	Section
      4.11 	Participation
      by Warrantholder. 	29
      
	  	  	  
	  ARTICLE 5  
	  RIGHTS OF THE
      CORPORATION AND COVENANTS  
	  	  	  
	Section
      5.1 	Optional
      Purchases by the Corporation. 	29
      
	Section
      5.2 	General
      Covenants. 	29
      
	Section
      5.3 	Warrant
      Agent’s Remuneration and Expenses. 	30
      
	Section
      5.4 	Performance
      of Covenants by Warrant Agent. 	30
      
	Section
      5.5 	Enforceability
      of Warrants. 	31
      
	  	  	  
	  ARTICLE 6 
    
	  ENFORCEMENT  
	  	  	  
	Section
      6.1 	Suits
      by Warrantholders. 	31
      
	Section
      6.2 	Suits
      by the Corporation. 	31
      
	Section
      6.3 	Immunity
      of Shareholders, etc. 	31
      
	Section
      6.4 	Waiver
      of Default. 	31
      
	  	  	  
	  ARTICLE 7 
    
	  MEETINGS OF REGISTERED WARRANTHOLDERS 
    
	  	  	  
	Section
      7.1 	Right
      to Convene Meetings. 	32
      
	Section
      7.2 	Notice.
      	32
      
	Section
      7.3 	Chairman.
      	33
      
	Section
      7.4 	Quorum.
      	33
      
	Section
      7.5 	Power
      to Adjourn. 	33
      
	Section
      7.6 	Show
      of Hands. 	33
      
	Section
      7.7 	Poll
      and Voting. 	33
      
	Section
      7.8 	Regulations.
      	34
      
	Section
      7.9 	Corporation
      and Warrant Agent May be Represented. 	34
      
	Section
      7.10 	Powers
      Exercisable by Extraordinary Resolution. 	34
      
	Section
      7.11 	Meaning
      of Extraordinary Resolution. 	36
      
	Section
      7.12 	Powers
      Cumulative. 	36
      
	Section
      7.13 	Minutes.
      	36
      
	Section
      7.14 	Instruments
      in Writing. 	37
      
	Section
      7.15 	Binding
      Effect of Resolutions. 	37
      
	Section
      7.16 	Holdings
      by Corporation Disregarded. 	37
      
	  	  	  
	  ARTICLE 8 
    
	  SUPPLEMENTAL INDENTURES  
	  	  	  
	Section
      8.1 	Provision
      for Supplemental Indentures for Certain Purposes. 	37
      
	Section
      8.2 	Successor
      Entities. 	39
      

- ii - 

TABLE OF CONTENTS 
(continued) 

	 
      	 
      	
      Page
      No. 
	  	  	  
	  ARTICLE 9  
	  CONCERNING THE WARRANT AGENT  
	  	  	  
	Section
      9.1 	Trust
      Indenture Legislation. 	39
      
	Section
      9.2 	Rights
      and Duties of Warrant Agent. 	39
      
	Section
      9.3 	Evidence,
      Experts and Advisers. 	40
      
	Section
      9.4 	Documents,
      Monies, etc. Held by Warrant Agent. 	41
      
	Section
      9.5 	Actions
      by Warrant Agent to Protect Interest. 	41
      
	Section
      9.6 	Warrant
      Agent Not Required to Give Security. 	41
      
	Section
      9.7 	Protection
      of Warrant Agent. 	41
      
	Section
      9.8 	Replacement
      of Warrant Agent; Successor by Merger. 	42
      
	Section
      9.9 	Conflict
      of Interest. 	43
      
	Section
      9.10 	Acceptance
      of Agency 	44
      
	Section
      9.11 	Warrant
      Agent Not to be Appointed Receiver. 	44
      
	Section
      9.12 	Warrant
      Agent Not Required to Give Notice of Default. 	44
      
	Section
      9.13 	Anti-Money
      Laundering. 	44
      
	  	  	  
	  ARTICLE 10  
	  GENERAL  
	  	  	  
	Section
      10.1 	Notice
      to the Corporation and the Warrant Agent. 	45
      
	Section
      10.2 	Notice
      to Registered Warrantholders. 	46
      
	Section
      10.3 	Ownership
      of Warrants. 	46
      
	Section
      10.4 	Counterparts.
      	46
      
	Section
      10.5 	Satisfaction
      and Discharge of Indenture. 	47
      
	Section
      10.6 	Provisions
      of Indenture and Warrants for the Sole Benefit of Parties and
      Warrantholders. 	47
      
	Section
      10.7 	Common
      Shares or Warrants Owned by the Corporation or its Subsidiaries -
      Certificate to be Provided. 	47
      
	Section
      10.8 	Severability
      	48
      
	Section
      10.9 	Force
      Majeure 	48
      
	Section
      10.10 	Assignment,
      Successors and Assigns 	48
      
	Section
      10.11 	Language
      	48
      

SCHEDULES 

Schedule A – Form of Warrant 
Schedule
B – Exercise Form 
Schedule C – Form of
U.S. Purchaser Certification Upon Exercise of Warrants 

- iii - 

WARRANT INDENTURE 

THIS WARRANT INDENTURE is dated as of May 13, 2015.

BETWEEN:

NOBILIS HEALTH CORP., a corporation incorporated under
the laws of the Province of British Columbia (the “Corporation”), 

- and -

CST TRSUT COMPANY, a trust company existing under the
laws of Canada and authorized to carry on business in all provinces of Canada
(the “Warrant Agent”) 

WHEREAS the Corporation is proposing to issue up to
4,209,000 Warrants pursuant to this Indenture; 

AND WHEREAS pursuant to this Indenture, each Warrant
shall, subject to adjustment, entitle the holder thereof to acquire one (1)
Common Share upon payment of the Exercise Price upon the terms and conditions
herein set forth; 

AND WHEREAS all acts and deeds necessary have been done
and performed to make the Warrants, when created and issued as provided in this
Indenture, legal, valid and binding upon the Corporation with the benefits and
subject to the terms of this Indenture; 

AND WHEREAS the foregoing recitals are made as
representations and statements of fact by the Corporation and not by the Warrant
Agent; and 

NOW THEREFORE, in consideration of the premises and
mutual covenants hereinafter contained and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the
Corporation hereby appoints the Warrant Agent as warrant agent to hold the
rights, interests and benefits contained herein for and on behalf of those
persons who from time to time become the holders of Warrants issued pursuant to
this Indenture and the parties hereto agree as follows: 

ARTICLE 1 
INTERPRETATION 

	Section 1.1 	Definitions. 

In this Indenture, including the recitals and schedules
hereto, and in all indentures supplemental hereto: 

“Accelerated Expiry Date” has the meaning set forth in
Section 2.2;

“Accelerated Expiry Time” means 5:00 p.m. (Toronto time)
on the Accelerated Expiry Date; 

- 1 - 

“Acceleration Press Release” has the meaning set forth
in Section 2.2;

“Acceleration Triggering Event” has the meaning set
forth in Section 2.2;

“Adjustment Period” means the period from the Effective
Date up to and including the Expiry Time; 

“Applicable Legislation” means any statute of Canada or
a province thereof, and the regulations under any such named or other statute,
relating to warrant indentures or to the rights, duties and obligations of
warrant agents under warrant indentures, to the extent that such provisions are
at the time in force and applicable to this Indenture, the U.S. Securities Act,
the U.S. Exchange Act and applicable state securities laws; 

“Auditors” means such firm of chartered accountants duly
appointed as auditors of the Corporation, from time to time; 

“Authenticated” means (a) with respect to the issuance
of a Warrant Certificate, one which has been duly signed by the Corporation and
authenticated by manual signature of an authorized officer of the Warrant Agent,
and(b) with respect to the issuance of an Uncertificated Warrant, one in respect
of which the Warrant Agent has completed all Internal Procedures such that the
particulars of such Uncertificated Warrant as required by Section 2.7 are entered in the register of holders of
Warrants, “Authenticate”, “Authenticating” and
“Authentication” have the appropriate correlative meanings; 

“Book Entry Only Participants” means institutions that
participate directly or indirectly in the Depository’s book entry registration
system for the Warrants; 

“Book Entry Only Warrants” means Warrants that are to be
held only by or on behalf of the Depository; 

“Business Day” means any day other than Saturday, Sunday
or a statutory or civic holiday, or any other day on which the principal
chartered banks are not open for business in the City of Vancouver, Province of
British Columbia or the City of Toronto, Province of Ontario; 

“CDS Global Warrants” means Warrants representing all or
a portion of the aggregate number of Warrants issued in the name of the
Depository represented by an Uncertificated Warrant, or if requested by the
Depository or the Corporation, by a Warrant Certificate; 

“Certificated Warrant” means a Warrant evidenced by a
writing or writings substantially in the form of Schedule A, attached hereto;

“Closing Date” means the date of closing of the
Offering;

“Common Shares” means, subject to Article 4, fully paid
and non-assessable common shares of the Corporation as presently constituted;

- 2 - 

“Counsel” means a barrister and/or solicitor or a firm
of barristers and/or solicitors retained by the Warrant Agent or retained by the
Corporation and acceptable to the Warrant Agent, which may or may not be counsel
for the Corporation; 

“Current Market Price” of the Common Shares at any date
means the weighted average of the trading price per Common Share for such Common
Shares for each day there was a closing price for the twenty (20) consecutive
Trading Days ending five (5) days prior to such date on the TSX or if on such
date the Common Shares are not listed on the TSX, on such stock exchange upon
which such Common Shares are listed and as selected by the directors, or, if
such Common Shares are not listed on any stock exchange then on such
over-the-counter market as may be selected for such purpose by the directors of
the Corporation; 

“Depository” means CDS Clearing and Depository Services
Inc. or such other person as is designated in writing by the Corporation to act
as depository in respect of the Warrants; 

“Dividends” means any dividends paid by the Corporation;

“Effective Date” means the date of this Indenture; 

“Exchange Rate” means the number of Common Shares
subject to the right of purchase under each Warrant; 

“Exercise Date” means, in relation to a Warrant, the
Business Day on which such Warrant is validly exercised or deemed to be validly
exercised in accordance with Article 3 hereof; 

“Exercise Notice” has the meaning set forth in Section
3.2(1);

“Exercise Price” means &#36;11.50 for each Common
Share, subject to adjustment in accordance with the provisions of Section
4.1;

“Expiry Date” means May 13, 2017; 

“Expiry Time” means 5:00 p.m. (Toronto time) on the
Expiry Date; 

“Extraordinary Resolution” has the meaning set forth in
Section 7.11;

“Internal Procedures” means in respect of the making of
any one or more entries to, changes in or deletions of any one or more entries
in the register at any time (including without limitation, original issuance or
registration of transfer of ownership) the minimum number of the Warrant Agent’s
internal procedures customary at such time for the entry, change or deletion
made to be complete under the operating procedures followed at the time by the
Warrant Agent, it being understood that neither preparation and issuance shall
constitute part of such procedures for any purpose of this definition;

“Issue Date” means May 13, 2015; 

“NYSE MKT” means the NYSE MKT LLC; 

“Offering” means the offering of Treasury Units by the
Corporation by way of a private placement;

 - 3 - 

“person” means an individual, body corporate,
partnership, trust, warrant agent, executor, administrator, legal representative
or any unincorporated organization; 

“register” means the one set of records and accounts
maintained by the Warrant Agent pursuant to Section 2.10:

“Registered Warrantholders” means the persons who are
registered owners of Warrants as such names appear on the register, and for
greater certainty, shall include the Depository as well as the holders of
Uncertificated Warrants appearing on the register of the Warrant Agent; 

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

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

“Restrictive Period” means the period commencing on the
Closing Date until the date which is 12 months from the issuances of the
Warrants;

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

“Shareholders” means holders of Common Shares; 

“Tax Act” means the Income Tax Act (Canada) and
the regulations thereunder;

“this Warrant Indenture”, “this Indenture”,
“this Agreement”, “hereto”, “herein”, “hereby”,
“hereof” and similar expressions mean and refer to this Indenture and any
indenture, deed or instrument supplemental hereto; and the expressions
“Article”, “Section”, “subsection” and “paragraph”
followed by a number, letter or both mean and refer to the specified article,
section, subsection or paragraph of this Indenture; 

“Trading Day” means, with respect to the TSX, a day on
which such exchange is open for the transaction of business and with respect to
another exchange or an over-the-counter market means a day on which such
exchange or market is open for the transaction of business; 

“Treasury Unit” means a unit of security of the
Corporation comprised of one-half of one Common Share and one-half of one
Warrant;

“TSX” means the Toronto Stock Exchange; 

“Uncertificated Warrant” means any Warrant which is not
a Certificated Warrant; 

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

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

“U.S. Person” has the meaning set forth in Rule 902(k)
of Regulation S; 

“U.S. Purchaser Certification” means the U.S. purchaser
certification in substantially the form attached hereto as Schedule C; 

- 4 - 

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

“U.S. Warrantholder” means any Warrantholder who is a
U.S. Person, or who acquired Warrants (a) in the United States or (b) for the
account or benefit of any U.S. Person or any Person in the United States; 

“Warrants” means the Common Share purchase warrants
created and authorized by, and issuable under, this Indenture, to be issued and
countersigned hereunder as a Certificated Warrant and/or Uncertificated Warrant
held through the book entry registration system on a no-certificate-issued
basis, entitling the holder or holders thereof to purchase up to 4,209,000
Common Shares (subject to adjustment as herein provided) at the Exercise Price
prior to the Expiry Time and, where the context so requires, also means the
warrants issued and Authenticated hereunder, whether by way of Warrant
Certificate or Uncertificated Warrant; 

“Warrant Agency” means the principal office of the
Warrant Agent in the City of Toronto or such other place as may be designated in
accordance with Section 3.5;

“Warrant Agent” means CST Trust Company, in its capacity
as warrant agent of the Warrants, or its successors from time to time; 

“Warrant Certificate” means a certificate, substantially
in the form set forth in Schedule A hereto, to evidence those Warrants that will
be evidenced by a certificate; 

“Warrantholders”, or “holders” without reference
to Warrants, means the warrantholders as and in respect of Warrants registered
in the name of the Depository and includes owners of Warrants who beneficially
hold securities entitlements in respect of the Warrants through a Book Entry
Only Participant or means, at a particular time, the persons entered in the
register hereinafter mentioned as holders of Warrants outstanding at such time;
and 

“Warrantholders’ Request” means an instrument signed in
one or more counterparts by Warrantholders entitled to acquire in the aggregate
not less than 50% of the aggregate number of Common Shares which could be
acquired pursuant to all Warrants then unexercised and outstanding, requesting
the Warrant Agent to take some action or proceeding specified therein; and
“written order of the Corporation”, “written request of the
Corporation”, “written consent of the “Corporation” and
“certificate of the Corporation” mean, respectively, a written order,
request, consent and certificate signed in the name of the Corporation by any
one duly authorized signatory of the Corporation and may consist of one or more
instruments so executed. 

	Section 1.2 	Gender and Number. 

Words importing the singular number or masculine gender shall
include the plural number or the feminine or neuter genders, and vice versa.

	Section 1.3 	Headings, Etc. 

The division of this Indenture into Articles and Sections, the
provision of a Table of Contents and the insertion of headings are for
convenience of reference only and shall not affect the construction or
interpretation of this Indenture or of the Warrants. 

- 5 - 

	Section 1.4 	Day not a Business Day.

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

	Section 1.5 	Time of the Essence.

Time shall be of the essence of this Indenture. 

	Section 1.6 	Monetary References.

Whenever any amounts of money are referred to herein, such
amounts shall be deemed to be in lawful money of Canada unless otherwise
expressed. 

	Section 1.7 	Applicable Law. 

This Indenture, the Warrants, the Warrant Certificates
(including all documents relating thereto, which by common accord have been and
will be drafted in English) shall be construed in accordance with the laws of
the Province of British Columbia and the federal laws applicable therein and
shall be treated in all respects as British Columbia contracts. Each of the
parties hereto, which shall include the Warrantholders, irrevocably attorns to
the exclusive jurisdiction of the courts of the Province of British Columbia
with respect to all matters arising out of this Indenture and the transactions
contemplated herein. 

ARTICLE 2 
ISSUE OF WARRANTS 

	Section 2.1 	Creation and Issue of Warrants.
  

A maximum of 4,209,000 Warrants (subject to adjustment as
herein provided) are hereby created and authorized to be issued in accordance
with the terms and conditions hereof. By written order of the Corporation, the
Warrant Agent shall deliver Warrant Certificates to Registered Warrantholders
and record the name of the Registered Warrantholders on the Warrant register.
Registration of interests in Warrants held by the Depository may be evidenced by
a position appearing on the register for Warrants of the Warrant Agent for an
amount representing the aggregate number of such Warrants outstanding from time
to time. 

	Section 2.2 	Acceleration of Expiry Date
  

Subject to adjustment in accordance with Article 4, the expiry
date of the Warrants may be accelerated by the Corporation at any time following
the nine month anniversary of the Closing Date and prior to the expiry date of
the Warrants if the volume-weighted average trading price of the Corporation's
common shares on the principal market on which such shares trade is equal to or
greater than &#36;13.50 for any 20 consecutive trading days (the
“Acceleration Triggering Event”), at which time the Company may
accelerate the expiry date by issuing a press release (the “Acceleration
Press Release”) announcing the reduced warrant term whereupon the Warrants
will expire on the 20th calendar day after the date of such press release (the “Accelerated Expiry Date”). In the event that the
Corporation fails to file a registration statement on or before August 31, 2015
per Section 3(g) of the Underwriting Agreement dated May 13, 2015 entered into
by the Corporation in respect of the Offering, the expiry of the Warrants may
not be accelerated until the 15 month anniversary following the Closing Date.
All Warrants that remain unexercised following the Accelerated Expiry Time shall
immediately expire and all rights of holders of such Warrants shall be
terminated without any compensation to such holder.

- 6 - 

	Section 2.3 	Terms of Warrants.

	(1) 	
      Subject to the applicable conditions for exercise set out
      in Article 3 having been satisfied, subject to adjustment in accordance
      with Section 4.1, and subject to acceleration of the Expiry Date in
      accordance with Section 2.2, each Warrant shall entitle each Warrantholder
      thereof, upon exercise at any time after the Issue Date and prior to the
      Expiry Time, to acquire one (1) Common Share upon payment of the Exercise
      Price.

	 	 
	(2) 	
      No fractional Warrants shall be issued or otherwise
      provided for hereunder and Warrants may only be exercised in a sufficient
      number to acquire whole numbers of Common Shares.

	 	 
	(3) 	
      Each Warrant shall entitle the holder thereof to such
      other rights and privileges as are set forth in this Indenture.

	 	 
	(4) 	
      The number of Common Shares which may be purchased
      pursuant to the Warrants and the Exercise Price therefor shall be adjusted
      upon the events and in the manner specified in Section
  4.1.

	Section 2.4 	Warrantholder not a Shareholder.
  

Except as may be specifically provided herein, nothing in this
Indenture or in the holding of a Warrant Certificate, entitlement to a Warrant
or otherwise, shall, in itself, confer or be construed as conferring upon a
Warrantholder any right or interest whatsoever as a Shareholder, including, but
not limited to, the right to vote at, to receive notice of, or to attend,
meetings of Shareholders or any other proceedings of the Corporation, or the
right to Dividends and other allocations. 

	Section 2.5 	Warrants to Rank Pari Passu.
  

All Warrants shall rank equally and without preference over
each other, whatever may be the actual date of issue thereof. 

	Section 2.6 	Form of Warrants, Certificated Warrants.
    

The Warrants may be issued in both certificated and
uncertificated form provided however that each Warrant originally issued on the
Closing Date will be evidenced in certificated form only and bear the applicable
legends as set forth in Schedule A hereto and shall remain in certificated form
until the earlier of (a) resale of the Warrants pursuant to (i) an effective
registration statement with the United States Securities and Exchange Commission
or (ii) Rule 144 of the U.S. Securities Act or (b) termination of the
Restrictive Period. All Warrants issued in certificated form shall be evidenced by a Warrant Certificate
(including all replacements issued in accordance with this Indenture),
substantially in the form set out in Schedule A hereto, which shall be dated as
of the Issue Date, shall bear such distinguishing letters and numbers as the
Corporation may, with the approval of the Warrant Agent, prescribe, and shall be
issuable in any denomination excluding fractions. All Warrants issued to the
Depository in uncertificated form, shall be evidenced by a book position on the
register of Warrantholders to be maintained by the Warrant Agent in accordance
with Section 2.10.

- 7 - 

	Section 2.7 	Book Entry Only Warrants.

	(1) 	
      After the Restrictive Period, reregistration of
      beneficial interests in and transfers of Warrants held by the Depository
      may be made through the book entry registration system. Except as provided
      in this Section 2.7, owners of beneficial interests in any CDS Global
      Warrants shall not be entitled to have Warrants registered in their names
      and shall not receive or be entitled to receive Warrants in definitive
      form or to have their names appear in the register referred to in Section
      2.10 herein. Notwithstanding any terms set out herein, Warrants having any
      legend set forth in Section 2.9 herein and held in the name of the
      Depository may only be held in the form of Uncertificated Warrants with
      the prior consent of the Warrant Agent and in accordance with the internal
      procedures of the Warrant Agent.

	 	 
	(2) 	
      Notwithstanding any other provision in this Indenture, no
      CDS Global Warrants may be exchanged in whole or in part for Warrants
      registered, and no transfer of any CDS Global Warrants in whole or in part
      may be registered, in the name of any person other than the Depository for
      such CDS Global Warrants or a nominee thereof
unless:

	 	(a) 	
      the Depository notifies the Corporation that it is
      unwilling or unable to continue to act as depository in connection with
      the Book Entry Only Warrants and the Corporation is unable to locate a
      qualified successor;

	 	 	 
	 	(b) 	
      the Corporation determines that the Depository is no
      longer willing, able or qualified to discharge properly its
      responsibilities as holder of the CDS Global Warrants and the Corporation
      is unable to locate a qualified successor;

	 	 	 
	 	(c) 	
      the Depository ceases to be a clearing agency or
      otherwise ceases to be eligible to be a depository and the Corporation is
      unable to locate a qualified successor;

	 	 	 
	 	(d) 	
      the Corporation determines that the Warrants shall no
      longer be held as Book Entry Only Warrants through the
  Depository;

	 	 	 
	 	(e) 	
      such right is required by applicable law, as determined
      by the Corporation and the

	 	 	 
	 		
      Corporation’s Counsel;

	 	 	 
	 	(f) 	
      the Warrant is to be Authenticated to or for the account
      or benefit of a person in the United States or a U.S. Person; or

	 	 	 
	 	(g) 	
      such registration is effected in accordance with the
      internal procedures of the Depository and the Warrant
  Agent, following which, Warrants for those holders requesting the same
shall be registered and issued to the beneficial owners of such Warrants or
their nominees as directed by the holder. The Corporation
shall provide an officer’s certificate giving notice to the Warrant Agent of the
occurrence of any event outlined in this Section 2.7(2)(a) to (f).

- 8 - 

	(3) 	
      Subject to the provisions of this Section 2.7, any
      exchange of CDS Global Warrants for Warrants which are not CDS Global
      Warrants may be made in whole or in part in accordance with the provisions
      of Section 2.12, mutatis mutandis. All such Warrants issued in exchange
      for a CDS Global Warrant or any portion thereof shall be registered in
      such names as the Depository for such CDS Global Warrants shall direct and
      shall be entitled to the same benefits and subject to the same terms and
      conditions (except insofar as they relate specifically to CDS Global
      Warrants) as the CDS Global Warrants or portion thereof surrendered upon
      such exchange.

	 	 
	(4) 	
      Every Warrant that is Authenticated upon registration or
      transfer of a CDS Global Warrant, or in exchange for or in lieu of a CDS
      Global Warrant or any portion thereof, whether pursuant to this Section
      2.7, or otherwise, shall be Authenticated in the form of, and shall be, a
      CDS Global Warrant, unless such Warrant is registered in the name of a
      person other than the Depository for such CDS Global Warrant or a nominee
      thereof.

	 	 
	(5) 	
      Notwithstanding anything to the contrary in this
      Indenture, subject to applicable law, the CDS Global Warrant will be
      issued as an Uncertificated Warrant, unless otherwise requested in writing
      by the Depository or the Corporation.

	 	 
	(6) 	
      The rights of beneficial owners of Warrants who hold
      securities entitlements in respect of the Warrants through the book entry
      registration system shall be limited to those established by applicable
      law and agreements between the Depository and the Book Entry Only
      Participants and between such Book Entry Only Participants and the
      beneficial owners of Warrants who hold securities entitlements in respect
      of the Warrants through the book entry registration system, and such
      rights must be exercised through a Book Entry Only Participant in
      accordance with the rules and procedures of the Depository.

	 	 
	(7) 	
      Notwithstanding anything herein to the contrary, neither
      the Corporation nor the Warrant Agent nor any agent thereof shall have any
      responsibility or liability for:

	 	(a) 	
      the electronic records maintained by the Depository
      relating to any ownership interests or any other interests in the Warrants
      or the depository system maintained by the Depository, or payments made on
      account of any ownership interest or any other interest of any person in
      any Warrant represented by an electronic position in the book entry
      registration system (other than the Depository or its nominee);

	 	 	 
	 	(b) 	
      maintaining, supervising or reviewing any records of the
      Depository or any Book Entry Only Participant relating to any such
      interest; or

	 	 	 
	 	(c) 	
      any advice or representation made or given by the
      Depository or those contained herein that relate to the rules and
      regulations of the Depository or any action to be taken by the Depository on its own direction or at the
direction of any Book Entry Only Participant. 

- 9 - 

	(8) 	
      The Corporation may terminate the application of this
      Section 2.7 in its sole discretion in which case all Warrants shall be
      evidenced by Warrant Certificates registered in the name of a person other
      than the Depository.

	Section 2.8 	Warrant Certificate.

	(1) 	
      For Warrants issued in certificated form, the form of
      certificate representing Warrants shall be substantially as set out in
      Schedule A hereto or such other form as is authorized from time to time by
      the Warrant Agent. Each Warrant Certificate shall be Authenticated
      manually on behalf of the Warrant Agent. Each Warrant Certificate shall be
      signed by any one duly authorized signatory of the Corporation; whose
      signature shall appear on the Warrant Certificate and may be printed,
      lithographed or otherwise mechanically reproduced thereon and, in such
      event, certificates so signed are as valid and binding upon the
      Corporation as if it had been signed manually. Any Warrant Certificate
      which has one signature as hereinbefore provided shall be valid
      notwithstanding that the person whose signature is printed, lithographed
      or mechanically reproduced no longer holds office at the date of issuance
      of such certificate. The Warrant Certificates may be engraved, printed or
      lithographed, or partly in one form and partly in another, as the Warrant
      Agent may determine.

	 	 
	(2) 	
      After the Restricted Period, the Warrant Agent shall
      Authenticate Uncertificated Warrants (whether upon issuance, exchange,
      registration of transfer, partial payment, or otherwise) by completing its
      Internal Procedures and the Corporation shall, and hereby acknowledges
      that it shall, thereupon be deemed to have duly and validly issued such
      Uncertificated Warrants under this Indenture. Such Authentication shall be
      conclusive evidence that such Uncertificated Warrant has been duly issued
      hereunder and that the holder or holders are entitled to the benefits of
      this Indenture. The register shall be final and conclusive evidence as to
      all matters relating to Uncertificated Warrants with respect to which this
      Indenture requires the Warrant Agent to maintain records or accounts. In
      case of differences between the register at any time and any other time,
      the register at the later time shall be controlling, absent manifest error
      and such Uncertificated Warrants are binding on the Corporation.

	 	 
	(3) 	
      Any Warrant Certificate validly issued in accordance with
      the terms of this Indenture in effect at the time of issue of such Warrant
      Certificate shall, subject to the terms of this Indenture and applicable
      law, validly entitle the holder to acquire Common Shares, notwithstanding
      that the form of such Warrant Certificate may not be in the form currently
      required by this Indenture.

	 	 
	(4) 	
      No Warrant shall be considered issued and shall be valid
      or obligatory or shall entitle the holder thereof to the benefits of this
      Indenture, until it has been Authenticated by the Warrant Agent.
      Authentication by the Warrant Agent, including by way of entry on the
      register, shall not be construed as a representation or warranty by the
      Warrant Agent as to the validity of this Indenture or of such Warrant
      Certificates or Uncertificated Warrants (except the due Authentication
      thereof) or as to the performance by the Corporation of
  its obligations under this Indenture and the Warrant Agent shall in
no respect be liable or answerable for the use made of the Warrants or any of
them or of the consideration thereof. Authentication by the Warrant Agent shall
be conclusive evidence as against the Corporation that the Warrants so
Authenticated have been duly issued hereunder and that the holder thereof is
entitled to the benefits of this Indenture. 

- 10 - 

	(5) 	
      No Certificated Warrant shall be considered issued and
      Authenticated or shall be obligatory or shall entitle the holder thereof
      to the benefits of this Indenture, until it has been Authenticated by
      manual signature by or on behalf of the Warrant Agent substantially in the
      form of the Warrant set out in Schedule A hereto. Such Authentication on
      any such Certificated Warrant shall be conclusive evidence that such
      Certificated Warrant is duly Authenticated and is valid and a binding
      obligation of the Corporation and that the holder is entitled to the
      benefits of this Indenture.

	 	 
	(6) 	
      No Uncertificated Warrant shall be considered issued and
      shall be obligatory or shall entitle the holder thereof to the benefits of
      this Indenture, until it has been Authenticated by entry on the register
      of the particulars of the Uncertificated Warrant. Such entry on the
      register of the particulars of an Uncertificated Warrant shall be
      conclusive evidence that such Uncertificated Warrant is a valid and
      binding obligation of the Corporation and that the holder is entitled to
      the benefits of this Indenture.

	Section 2.9 	Legends. 

	(1) 	
      Notwithstanding anything herein contained, Warrants and
      Common Shares will only be issued pursuant to the transfer or exercise of
      any Warrant in compliance with Applicable Legislation of any applicable
      jurisdiction and, without limiting the generality of the foregoing, in
      respect of any Warrants transferred or exercised for Common Shares the
      certificates representing the issued Warrants or Common Shares, as the
      case may be, will bear such legends as may, in the opinion of Counsel to
      the Corporation, be necessary in order to avoid a violation of Applicable
      Legislation of such jurisdiction or to comply with the requirements of any
      stock exchange on which the Common Shares are listed, provided that if, at
      any time, in the opinion of Counsel to the Corporation, such legends are
      no longer necessary in order to avoid a violation of any such laws, or the
      holder of any such legended certificate, at the holder’s expense, provides
      the Corporation with evidence satisfactory in form and substance to the
      Corporation (which may include an opinion of counsel satisfactory to the
      Corporation) to the effect that such holder is entitled to sell or
      otherwise transfer such Warrants or Common Shares, as the case may be, in
      a transaction in which such legends are not required, such legended
      certificate may thereafter be surrendered to the Special Warrant Agent in
      exchange for a certificate which does not bear such
  legend.

Each Warrant Certificate originally
issued for the benefit or account of a Warrantholder and each Warrant
Certificate issued in exchange therefor or in substitution thereof prior to the
date that is four months and a day following the Issue Date of the Warrants,
shall bear or be deemed to bear the following legends or such variations thereof
as the Corporation may prescribe from time to time: 

- 11 - 

“UNLESS PERMITTED UNDER SECURITIES
LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE
[INSERT THE DATE THAT IS FOUR MONTHS AND ONE DAY AFTER THE CLOSING DATE.]” 

“THE SECURITIES REPRESENTED BY THIS
CERTIFICATE ARE LISTED ON THE TORONTO STOCK EXCHANGE (“TSX”); HOWEVER, THE SAID
SECURITIES CANNOT BE TRADED THROUGH THE FACILITIES OF TSX SINCE THEY ARE NOT
FREELY TRANSFERABLE, AND CONSEQUENTLY ANY CERTIFICATE REPRESENTING SUCH
SECURITIES IS NOT “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON TSX.” 

Each Warrant Certificate originally
issued for the benefit or account of a Warrantholder and each Warrant
Certificate issued in exchange therefor or in substitution thereof, shall bear
or be deemed to bear the following legends or such variations thereof as the
Corporation may prescribe from time to time 

“THE SECURITIES REPRESENTED HEREBY AND
SECURITIES ISSUABLE UPON THE EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE
UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”) OR
STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES
FOR THE BENEFIT OF THE ISSUER THAT SUCH SECURITIES MAY BE OFFERED, SOLD OR
OTHERWISE TRANSFERRED ONLY (A) TO THE ISSUER, (B) OUTSIDE THE UNITED STATES IN
ACCORDANCE WITH REGULATION S UNDER THE U.S. SECURITIES ACT, (C) INSIDE THE
UNITED STATES IN ACCORDANCE WITH RULE 144A UNDER THE U.S. SECURITIES ACT, (D)
PURSUANT TO THE EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT
PROVIDED BY RULE 144 THEREUNDER AFTER PROVIDING A LEGAL OPINION SATISFACTORY TO
THE ISSUER, (E) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT THAT REGISTERS
THE RESALE OF SUCH SECURITIES OR (F) PURSUANT TO ANOTHER EXEMPTION FROM
REGISTRATION AFTER PROVIDING A LEGAL OPINION SATISFACTORY TO THE ISSUER. HEDGING
TRANSACTIONS INVOLVING THE SECURITIES REPRESENTED HEREBY MAY NOT BE CONDUCTED
UNLESS IN COMPLIANCE WITH U.S. SECURITIES LAWS.” 

“THIS WARRANT MAY NOT BE EXERCISED BY
OR FOR THE ACCOUNT OR BENEFIT OF A PERSON IN THE UNITED STATES OR A U.S. PERSON
UNLESS SUCH EXERCISE HAS BEEN REGISTERED UNDER THE SECURITIES ACT AND APPLICABLE
STATE SECURITIES LAWS OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS
AVAILABLE. “UNITED STATES” AND “U.S. PERSON” ARE USED HEREIN AS SUCH TERMS ARE
DEFINED BY REGULATION S UNDER THE U.S. SECURITIES ACT” 

- 12 - 

	(2) 	
      After the Restrictive Period, each CDS Global Warrant
      originally issued in Canada pursuant to the Offering and held by the
      Depository, and each such CDS Global Warrant, as the case may be, issued
      in exchange therefor or in substitution thereof shall bear the following
      legend or such variations thereof as the Corporation may prescribe from
      time to time:

"UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF CDS CLEARING AND DEPOSITORY SERVICES INC.
(“CDS”) TO NOBILIS HEALTH CORP. (THE “ISSUER”) OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN
RESPECT THEREOF IS REGISTERED IN THE NAME OF CDS (AND ANY PAYMENT IS MADE TO CDS
& CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF CDS), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED HOLDER HEREOF,
CDS & CO., HAS A PROPERTY INTEREST IN THE SECURITIES REPRESENTED BY THIS
CERTIFICATE HEREIN AND IT IS A VIOLATION OF ITS RIGHTS FOR ANOTHER PERSON TO
HOLD, TRANSFER OR DEAL WITH THIS CERTIFICATE." 

	(3) 	
      Notwithstanding any other provisions of this Indenture,
      in processing and registering transfers of Warrants, no duty or
      responsibility whatsoever shall rest upon the Warrant Agent to determine
      the compliance by any transferor or transferee with the terms of the
      legend contained in Section 2.9(1), or with the
      relevant securities laws or regulations, including, without limitation,
      Regulation S, and the Warrant Agent shall be entitled to assume that all
      transfers are legal and proper.

	Section 2.10 	Register of Warrants

	(1) 	
      The Warrant Agent shall maintain records and accounts
      concerning the Warrants, whether certificated or uncertificated, which
      shall contain the information called for below with respect to each
      Warrant, together with such other information as may be required by law or
      as the Warrant Agent may elect to record. All such information shall be
      kept in one set of accounts and records which the Warrant Agent shall
      designate (in such manner as shall permit it to be so identified as such
      by an unaffiliated party) as the register of the holders of Warrants. The
      information to be entered for each account in the register of Warrants at
      any time shall include (without limitation):

	 	(a) 	
      the name and address of the holder of the Warrants, the
      date of Authentication thereof and the number
Warrants;

- 13 - 

	 	(b) 	
      whether such Warrant is a Certificated Warrant or an
      Uncertificated Warrant and, if a Certificated Warrant, the unique number
      or code assigned to and imprinted thereupon and, if an Uncertificated
      Warrant, the unique number or code assigned thereto if any;

	 	 	 
	 	(c) 	
      whether such Warrant has been cancelled; and

	 	 	 
	 	(d) 	
      a register of transfers in which all transfers of
      Warrants and the date and other particulars of each transfer shall be
      entered.

The register shall be available for
inspection by the Corporation and or any Warrantholder during the Warrant
Agent’s regular business hours on a Business Day and upon payment to the Warrant
Agent of its reasonable fees. Any Warrantholder exercising such right of
inspection shall first provide an affidavit in form satisfactory to the
Corporation and the Warrant Agent stating the name and address of the
Warrantholder and agreeing not to use the information therein except in
connection with an effort to call a meeting of Warrantholders or to influence
the voting of Warrantholders at any meeting of Warrantholders. 

	(2) 	
      Once an Uncertificated Warrant has been Authenticated,
      the information set forth in the register with respect thereto at the time
      of Authentication may be altered, modified, amended, supplemented or
      otherwise changed only to reflect exercise or proper instructions to the
      Warrant Agent from the holder as provided herein, except that the Warrant
      Agent may act unilaterally to make purely administrative changes internal
      to the Warrant Agent and changes to correct errors. Each person who
      becomes a holder of an Uncertificated Warrant, by his, her or its
      acquisition thereof shall be deemed to have irrevocably consented to the
      foregoing authority of the Warrant Agent to make such error
      corrections.

	Section 2.11	Issue in Substitution for Warrant
      Certificates Lost, etc. 

	(1) 	
      If any Warrant Certificate becomes mutilated or is lost,
      destroyed or stolen, the Corporation, subject to applicable law, shall
      issue and thereupon the Warrant Agent shall certify and deliver, a new
      Warrant Certificate of like tenor, and bearing the same legend, if
      applicable, as the one mutilated, lost, destroyed or stolen in exchange
      for and in place of and upon cancellation of such mutilated Warrant
      Certificate, or in lieu of and in substitution for such lost, destroyed or
      stolen Warrant Certificate, and the substituted Warrant Certificate shall
      be in a form approved by the Warrant Agent and the Warrants evidenced
      thereby shall be entitled to the benefits hereof and shall rank equally in
      accordance with its terms with all other Warrants issued or to be issued
      hereunder.

	 	 
	(2) 	
      The applicant for the issue of a new Warrant Certificate
      pursuant to this Section 2.11 shall bear the cost of the issue thereof and
      in case of loss, destruction or theft shall, as a condition precedent to
      the issuance thereof, furnish to the Corporation and to the Warrant Agent
      such evidence of ownership and of the loss, destruction or theft of the
      Warrant Certificate so lost, destroyed or stolen as shall be satisfactory
      to the Corporation and to the Warrant Agent, in their sole discretion, and
      such applicant shall also be required to furnish an indemnity and surety
      bond in amount and form satisfactory to the
Corporation and the Warrant Agent, in their sole discretion, and shall pay
the reasonable charges of the Corporation and the Warrant Agent in connection
therewith. 

- 14 - 

	Section 2.12 	Exchange of Warrant Certificates.
  

	(1) 	
      Any one or more Warrant Certificates representing any
      number of Warrants may, upon compliance with the reasonable requirements
      of the Warrant Agent (including compliance with Applicable Legislation),
      be exchanged for one or more other Warrant Certificates representing the
      same aggregate number of Warrants, and bearing the same legend, if
      applicable, as represented by the Warrant Certificate or Warrant
      Certificates so exchanged.

	 	 
	(2) 	
      Warrant Certificates may be exchanged only at the Warrant
      Agency or at any other place that is designated by the Corporation with
      the approval of the Warrant Agent. Any Warrant Certificate from the holder
      (or such other instructions, in form satisfactory to the Warrant Agent),
      tendered for exchange shall be surrendered to the Warrant Agency and
      cancelled by the Warrant Agent.

	 	 
	(3) 	
      Warrant Certificates exchanged for Warrant Certificates
      that bear the legends set forth in Section 2.9(1) shall bear the same
      legends.

	Section 2.13 	Transfer and Ownership of Warrants.
  

	(1) 	
      The Warrants may only be transferred on the register kept
      by the Warrant Agent at the Warrant Agency by the holder or its legal
      representatives or its attorney duly appointed by an instrument in writing
      in form and execution satisfactory to the Warrant Agent only upon (a) in
      the case of a Warrant Certificate, surrendering to the Warrant Agent at
      the Warrant Agency the Warrant Certificate representing the Warrants to be
      transferred together with a duly executed transfer form as set forth in
      Schedule A and (b) in the case of Book Entry Only Warrants, in accordance
      with procedures prescribed by the Depository under the book entry
      registration system, and (c) upon compliance
with:

	 	(i) 	
      the conditions herein;

	 	 	 
	 	(ii) 	
      such reasonable requirements as the Warrant Agent may
      prescribe; and

	 	 	 
	 	(iii) 	
      all Applicable Legislation and requirements of regulatory
      authorities;

and such transfer shall be duly noted
in such register by the Warrant Agent. Upon compliance with such requirements,
the Warrant Agent shall issue to the transferee of a Warrant Certificate, or the
Warrant Agent shall Authenticate and deliver a Warrant Certificate upon request
that part of the CDS Global Warrant be certificated, and Warrants that are held
as Book Entry Only Warrants shall be transferred and recorded through the
relevant Book Entry Only Participant in accordance with the book entry
registration system as the entitlement holder in respect of such Warrants. 

	(2) 	If a Warrant Certificate tendered for transfer
      bears a legend set forth in Section 2.9(1), the Warrant Agent shall not
      register such transfer unless the transferor has provided the Warrant
      Agent with the Warrant Certificate and (a) the transfer is made to the
  Corporation or (b) the transfer is made pursuant to an
effective registration statement filed with the SEC, or (c) the transferor
provides an opinion of counsel of recognized standing, reasonably satisfactory
to the Corporation and the Warrant Agent that the transfer is in compliance with
applicable state laws and the U.S. Securities Act. 

- 15 - 

	(3) 	
      Subject to the provisions of this Indenture, Applicable
      Legislation and applicable law, the Warrantholder shall be entitled to the
      rights and privileges attaching to the Warrants, and the issue of Common
      Shares by the Corporation upon the exercise of Warrants in accordance with
      the terms and conditions herein contained shall discharge all
      responsibilities of the Corporation and the Warrant Agent with respect to
      such Warrants and neither the Corporation nor the Warrant Agent shall be
      bound to inquire into the title of any such
holder.

	Section 2.14 	Cancellation of Surrendered Warrants.
  

All Warrant Certificates surrendered pursuant to Section 3.1,
Section 3.2 or Section 3.3 shall be cancelled by the Warrant Agent and upon such
circumstances all such Uncertificated Warrants shall be deemed cancelled and so
noted on the register by the Warrant Agent. Upon request by the Corporation, the
Warrant Agent shall furnish to the Corporation a cancellation certificate
identifying the Warrant Certificates so cancelled, the number of Warrants
evidenced thereby, the number of Common Shares, if any, issued pursuant to such
Warrants and the details of any Warrant Certificates issued in substitution or
exchange for such Warrant Certificates cancelled. 

ARTICLE 3 
EXERCISE OF WARRANTS 

	Section 3.1 	Right of Exercise. 

Subject to the provisions hereof, each Registered Warrantholder
may exercise the right conferred on such holder to subscribe for and purchase
one (1) Common Share for each Warrant after the Issue Date and prior to the
Expiry Time and in accordance with the conditions herein. 

	Section 3.2 	Warrant Exercise.

	(1) 	
      Registered Warrantholders of Warrant Certificates who
      wish to exercise the Warrants held by them in order to acquire Common
      Shares must complete the exercise form (the “Exercise Notice”)
      attached to the Warrant Certificate(s), which may be amended by the
      Corporation with the consent of the Warrant Agent, if such amendment does
      not, in the reasonable opinion of the Corporation and the Warrant Agent,
      which may be based on the advice of Counsel, materially and adversely
      affect the rights, entitlements and interests of the Warrantholders, and
      deliver such certificate(s), the executed Exercise Notice and a certified
      cheque, bank draft or money order payable to or to the order of the
      Warrant Agent for the aggregate Exercise Price to the Warrant Agent at the
      Warrant Agency. The Warrants represented by a Warrant Certificate shall be
      deemed to be surrendered upon personal delivery of such certificate,
      Exercise Notice and aggregate Exercise Price or,
if such documents are sent by mail or other means of transmission,
upon actual receipt thereof by the Warrant Agent at the Warrant Agency. 

- 16 - 

	(2) 	
      In addition to completing the Exercise Notice attached to
      the Warrant Certificate(s), a Warrantholder who is a person in the United
      States, a U.S. Person, a person exercising for the account or benefit of a
      U.S. Person or a person in the United States, or person requesting
      delivery of the Common Shares issuable upon exercise of the Warrants in
      the United States must provide (a) a completed and executed U.S. Purchaser
      Certification or (b) an opinion of counsel of recognised standing in form
      and substance reasonably satisfactory to the Corporation and the Warrant
      Agent that the exercise is exempt from the registration requirements of
      applicable securities laws of any state of the United States and the U.S.
      Securities Act; provided however that in the case of a
      Warrantholder that is the original purchaser of Warrants and who delivered
      the U.S. accredited investor certificate attached to the subscription
      agreement of the Corporation in connection with its purchase of Treasury
      Units pursuant to the private placement under which the Warrants were
      issued, such Warrantholder will not be required to deliver a U.S.
      Purchaser Certification or an opinion of counsel in connection with the
      due exercise of the Warrants at a time when the representations,
      warranties and covenants made by the Warrantholder in the U.S. accredited
      investor certificate remain true and correct and the Warrantholder
      represents to the Corporation as such.

	 	 
	(3) 	
      A beneficial holder of Uncertificated Warrants evidenced
      by a security entitlement in respect of Warrants in the book entry
      registration system who desires to exercise his or her Warrants must do so
      by causing a Book Entry Only Participant to deliver to the Depository on
      behalf of the entitlement holder, notice of the owner’s intention to
      exercise Warrants in a manner acceptable to the Depository. Forthwith upon
      receipt by the Depository of such notice, as well as payment for the
      aggregate Exercise Price, the Depository shall deliver to the Warrant
      Agent confirmation of its intention to exercise Warrants
      (“Confirmation”) in a manner acceptable to the Warrant Agent,
      including by electronic means through the book entry registration system,
      and shall electronically confirm that the beneficial holder (a) at the
      time of exercise of the Warrants is not in the United States; (b) is not a
      U.S. Person and is not exercising the Warrants for the account or benefit
      of a U.S. Person or a person in the United States; and (c) did not execute
      or deliver the Confirmation in the United States.

	 	 
	(4) 	
      Payment representing the aggregate Exercise Price must be
      provided to the appropriate office of the Book Entry Only Participant in a
      manner acceptable to it. A notice in form acceptable to the Book Entry
      Only Participant and payment from such beneficial holder should be
      provided to the Book Entry Only Participant sufficiently in advance so as
      to permit the Book Entry Only Participant to deliver notice and payment to
      the Depository and for the Depository in turn to deliver notice and
      payment to the Warrant Agent prior to Expiry Time. The Depository will
      initiate the exercise by way of the Confirmation and forward the aggregate
      Exercise Price electronically to the Warrant Agent and the Warrant Agent
      will execute the exercise by issuing to the Depository through the book
      entry registration system the Common Shares to which the exercising
      Warrantholder is entitled pursuant to the exercise. Any expense associated
      with the exercise process will be for the account of the entitlement holder exercising the Warrants
and/or the Book Entry Only Participant exercising the Warrants on its behalf.

- 17 - 

	(5) 	
      By causing a Book Entry Only Participant to deliver
      notice to the Depository, a Warrantholder shall be deemed to have
      irrevocably surrendered his or her Warrants so exercised and appointed
      such Book Entry Only Participant to act as his or her exclusive settlement
      agent with respect to the exercise and the receipt of Common Shares in
      connection with the obligations arising from such exercise.

	 	 
	(6) 	
      Any notice which the Depository determines to be
      incomplete, not in proper form or not duly executed shall for all purposes
      be void and of no effect and the exercise to which it relates shall be
      considered for all purposes not to have been exercised thereby. A failure
      by a Book Entry Only Participant to exercise or to give effect to the
      settlement thereof in accordance with the Warrantholder’s instructions
      will not give rise to any obligations or liability on the part of the
      Corporation or Warrant Agent to the Book Entry Only Participant or the
      Warrantholder.

	 	 
	(7) 	
      Any exercise form or Exercise Notice referred to in this
      Section 3.2 shall be signed by the Registered Warrantholder, or its
      executors or administrators or other legal representatives or an attorney
      of the Registered Warrantholder, duly appointed by an instrument in
      writing satisfactory to the Warrant Agent but such exercise form need not
      be executed by the Depository.

	 	 
	(8) 	
      Any exercise referred to in this Section 3.2 shall
      require that the entire Exercise Price for Common Shares subscribed must
      be paid at the time of subscription and such Exercise Price, Certificated
      Warrant and original Exercise Notice executed by the Registered
      Warrantholder or the Confirmation from the Depository, as applicable, must
      be received by the Warrant Agent prior to the Expiry Time.

	 	 
	(9) 	
      Warrants may only be exercised pursuant to this Section
      3.2 by or on behalf of a Registered Warrantholder who makes the
      certifications set forth on the Exercise Notice set out in Schedule B or
      as provided herein.

	 	 
	(10) 	
      If the form of Exercise Notice set forth in the Warrant
      Certificate shall have been amended, the Corporation shall cause the
      amended Exercise Notice to be forwarded to all Registered
      Warrantholders.

	 	 
	(11) 	
      Exercise Notices and Confirmations and the payment of the
      aggregate Exercise Price must be delivered to the Warrant Agent at any
      time during the Warrant Agent’s actual business hours on any Business Day
      prior to the Expiry Time. Any Exercise Notice, Confirmation or payment
      delivered to the Warrant Agent after business hours on any Business Day
      other than the Expiry Date will be deemed to have been received by the
      Warrant Agent on the next following Business
Day.

	Section 3.3 	Prohibition on Exercise by U.S. Persons;
      Legended Certificates 

	(1) 	
      Subject to Section 3.3(2) and Section 3.3(3) below, (a)
      Warrants may not be exercised within the United States, by any U.S.
      Person, or for the account or benefit of any U.S. Person or any person in the United States; and (b) no Common
Shares issued upon exercise of Warrants may be delivered to any address in the
United States. 

- 18 - 

	(2) 	
      Notwithstanding Section 3.3(1), Warrants may be exercised
      in the United States, by a U.S. Person, or for the account or benefit of a
      U.S. Person or a person in the United States, and Common Shares issued
      upon exercise of any such Warrants may be delivered to an address in the
      United States, provided that (a) the Person exercising the Warrants (i) is
      an original U.S. Purchaser who purchased the Warrants directly from the
      Corporation, or (ii) is an "accredited investor" that satisfies one or
      more of the criteria set forth in Rule 501(a) of Regulation D and (b)
      delivers a completed and executed U.S. Purchaser Certification or provides
      in form and substance satisfactory to the Corporation and Warrant Agent a
      legal opinion which confirms that the issuance of the Common Shares is in
      compliance with the applicable state laws and the U.S. Securities Act;
      provided however that in the case of a Warrantholder that is the
      original purchaser of the Warrants and who delivered the U.S. accredited
      investor certificate attached to the subscription agreement of the
      Corporation in connection with its purchase of Treasury Units pursuant to
      the private placement under which the Warrants were issued, such
      Warrantholder will not be required to deliver a U.S. Purchaser
      Certification or an opinion of counsel in connection with the due exercise
      of the Warrant at a time when the representations, warranties and
      covenants made by the Warrantholder in the U.S. Accredited Investor
      Certificate remain true and correct and the Warrantholder represents to
      the Corporation as such.

	 	 
	(3) 	
      Unless the Corporation has previously caused a
      registration statement on Form S-1 to be declared effective by the SEC,
      which registers the issuance of Common Shares upon exercise of Warrants,
      certificates representing Common Shares issued upon the exercise of
      Warrants (and Warrants issued in substitution or exchange therefor) shall
      bear the following legend:

“THE SECURITIES REPRESENTED HEREBY HAVE
NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
(THE “U.S. SECURITIES ACT”) OR STATE SECURITIES LAWS. THE HOLDER HEREOF, BY
PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE ISSUER THAT SUCH
SECURITIES MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY (A) TO THE ISSUER,
(B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH REGULATION S UNDER THE U.S.
SECURITIES ACT, (C) INSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 144A UNDER
THE U.S. SECURITIES ACT, (D) PURSUANT TO THE EXEMPTION FROM REGISTRATION UNDER
THE U.S. SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER AFTER PROVIDING A LEGAL
OPINION SATISFACTORY TO THE ISSUER, (E) PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT THAT REGISTERS THE RESALE OF SUCH SECURITIES OR (F) PURSUANT TO
ANOTHER EXEMPTION FROM REGISTRATION AFTER PROVIDING A LEGAL OPINION SATISFACTORY
TO THE ISSUER. HEDGING TRANSACTIONS INVOLVING THE SECURITIES REPRESENTED HEREBY MAY NOT BE CONDUCTED UNLESS IN
COMPLIANCE WITH U.S. SECURITIES LAWS.” 

- 19 - 

	(4) 	
      Certificates representing Common Shares issued upon
      exercise of Warrants (and Warrants issued in substitution or exchange
      therefor) prior to the date that is four months and one day after the
      Issue Date shall, in addition to the legend set forth in Section 3.3(3),
      also bear the following legends:

“UNLESS PERMITTED UNDER SECURITIES
LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE
[INSERT THE DATE THAT IS FOUR MONTHS AND ONE DAY AFTER THE CLOSING DATE.]” 

“THE SECURITIES REPRESENTED BY THIS
CERTIFICATE ARE LISTED ON THE TORONTO STOCK EXCHANGE (“TSX”); HOWEVER, THE SAID
SECURITIES CANNOT BE TRADED THROUGH THE FACILITIES OF TSX SINCE THEY ARE NOT
FREELY TRANSFERABLE, AND CONSEQUENTLY ANY CERTIFICATE REPRESENTING SUCH
SECURITIES IS NOT “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON TSX.” 

	Section 3.4 	Transfer Fees and Taxes.

If any of the Common Shares subscribed for are to be issued to
a person or persons other than the Registered Warrantholder, the Registered
Warrantholder shall execute the form of transfer and will comply with such
reasonable requirements as the Warrant Agent may stipulate and will pay to the
Corporation or the Warrant Agent on behalf of the Corporation, all applicable
transfer or similar taxes and the Corporation will not be required to issue or
deliver certificates evidencing Common Shares unless or until such Warrantholder
shall have paid to the Corporation or the Warrant Agent on behalf of the
Corporation, the amount of such tax or shall have established to the
satisfaction of the Corporation and the Warrant Agent that such tax has been
paid or that no tax is due. 

	Section 3.5 	Warrant Agency. 

To facilitate the exchange, transfer or exercise of Warrants
and compliance with such other terms and conditions hereof as may be required,
the Corporation has appointed the Warrant Agency, as the agency at which
Warrants may be surrendered for exchange or transfer or at which Warrants may be
exercised and the Warrant Agent has accepted such appointment. The Corporation
may from time to time designate alternate or additional places as the Warrant
Agency (subject to the Warrant Agent’s prior approval) and will give notice to
the Warrant Agent of any proposed change of the Warrant Agency. Branch registers
shall also be kept at such other place or places, if any, as the Corporation,
with the approval of the Warrant Agent, may designate. The Warrant Agent will
from time to time when requested to do so by the Corporation or any Registered
Warrantholder, upon payment of the Warrant Agent’s reasonable charges, furnish a
list of the names and addresses of Registered Warrantholders showing the number
of Warrants held by each such Registered Warrantholder. 

- 20 - 

	Section 3.6 	Effect of Exercise of Warrant
      Certificates. 

	(1) 	
      Upon the exercise of Warrants pursuant to and in
      compliance with Section 3.2 and subject to Section 3.3 and Section 3.4,
      the Common Shares to be issued pursuant to the Warrants exercised shall be
      deemed to have been issued and the person or persons to whom such Common
      Shares are to be issued shall be deemed to have become the holder or
      holders of such Common Shares on the day of receipt by the Warrant Agent
      of a duly completed Exercise Notice and the aggregate Exercise Price,
      unless the register shall be closed on such date, in which case the Common
      Shares subscribed for shall be deemed to have been issued and such person
      or persons deemed to have become the holder or holders of record of such
      Common Shares, on the date on which such register is reopened.

	 	 
	(2) 	
      Within five Business Days after the Exercise Date with
      respect to a Warrant, the Warrant Agent shall cause to be delivered or
      mailed to the person or persons in whose name or names the Warrant is
      registered or, if so specified in writing by the holder, cause to be
      delivered to such person or persons at the Warrant Agency where the
      Warrant Certificate was surrendered, a certificate or certificates for the
      appropriate number of Common Shares subscribed for, or any other
      appropriate evidence of the issuance of Common Shares to such person or
      persons in respect of Common Shares issued under the book entry
      registration system.

	Section 3.7 	Partial Exercise of Warrants; Fractions.
    

	(1) 	
      The holder of any Warrants may exercise his right to
      acquire a number of whole Common Shares that is less than the aggregate
      number which the holder is entitled to acquire. In the event of any
      exercise of a number of Warrants that is less than the number which the
      holder is entitled to exercise, the holder of Warrants upon such exercise
      shall, in addition, be entitled to receive, without charge therefor, a new
      Warrant Certificate(s), bearing the same legends, if applicable, or other
      appropriate evidence of Warrants, in respect of the balance of the
      Warrants held by such holder and which were not then exercised.

	 	 
	(2) 	
      Notwithstanding anything herein contained, including any
      adjustment provided for in Article 4, the Corporation shall not be
      required, upon the exercise of any Warrants, to issue fractions of Common
      Shares. Warrants may only be exercised in a sufficient number to acquire
      whole numbers of Common Shares. Any subscription for fractional Common
      Shares will be deemed to be a subscription for the closest whole number of
      Common Shares rounding down, and no cash or other consideration will be
      paid in lieu of fractional shares.

	Section 3.8 	Expiration of Warrants.

     Immediately after the Expiry
Time, all rights under any Warrant in respect of which the right of acquisition
provided for herein shall not have been exercised shall cease and terminate and
each Warrant shall be void and of no further force or effect. 

- 21 - 

	Section 3.9 	Accounting and Recording.

	(1) 	
      The Warrant Agent shall promptly account to the
      Corporation with respect to Warrants exercised, and shall promptly forward
      to the Corporation (or into an account or accounts of the Corporation with
      the bank or trust company designated by the Corporation for that purpose),
      all monies received by the Warrant Agent on the subscription of Common
      Shares through the exercise of Warrants. All such monies and any
      securities or other instruments, from time to time received by the Warrant
      Agent, shall be received in trust for, and shall be segregated and kept
      apart by the Warrant Agent, the Warrantholders and the Corporation as
      their interests may appear

	 	 
	(2) 	
      The Warrant Agent shall record the particulars of
      Warrants exercised, which particulars shall include the names and
      addresses of the persons who become holders of Common Shares on exercise
      and the Exercise Date, in respect thereof. The Warrant Agent shall provide
      such particulars in writing to the Corporation within five Business Days
      of any request by the Corporation therefor.

	Section 3.10 	Securities Restrictions.

Notwithstanding anything herein contained, Common Shares will
be issued upon exercise of Warrants only in compliance with the securities laws
of any applicable jurisdiction.

ARTICLE 4 
ADJUSTMENT OF NUMBER OF COMMON SHARES

AND EXERCISE PRICE 

	Section 4.1 	Adjustment of Number of Common Shares and
      Exercise Price. 

The subscription rights in effect under the Warrants for Common
Shares issuable upon the exercise of the Warrants shall be subject to adjustment
from time to time as follows: 

	 	(a) 	
      if, at any time during the Adjustment Period, the
      Corporation shall:

	 	(i) 	
      subdivide, re-divide or change its outstanding Common
      Shares into a greater number of Common Shares;

	 	 	 
	 	(ii) 	
      reduce, combine or consolidate its outstanding Common
      Shares into a lesser number of Common Shares; or

	 	 	 
	 	(iii)	
      issue Common Shares or securities exchangeable for, or
      convertible into, Common Shares to all or substantially all of the holders
      of Common Shares by way of stock dividend or other distribution (other
      than a dividend paid in the ordinary course, or a distribution of Common
      Shares upon the exercise of Warrants or any outstanding
  options);

(any of such events in Section
4.1(a)(i), (ii) or (iii) being called a “Common Share Reorganization”)
then the Exercise Price shall be adjusted after the effective date or record
date of such Common Share Reorganization, and shall in the case of the events referred to in (i) or (iii) above be
decreased in proportion to the number of outstanding Common Shares resulting
from such subdivision, redivision, change or distribution, or shall, in the case
of the events referred to in (ii) above, be increased in proportion to the
number of outstanding Common Shares resulting from such reduction, combination
or consolidation by multiplying the Exercise Price in effect immediately prior
to such effective date or record date by a fraction, the numerator of which
shall be the number of Common Shares outstanding on such effective date or
record date before giving effect to such Common Share Reorganization and the
denominator of which shall be the number of Common Shares outstanding as of the
effective date or record date after giving effect to such Common Share
Reorganization (including, in the case where securities exchangeable for or
convertible into Common Shares are distributed, the number of Common Shares that
would have been outstanding had such securities been exchanged for or converted
into Common Shares on such record date or effective date). Such adjustment shall
be made successively whenever any event referred to in this Section 4.1(a) shall
occur. Upon any adjustment of the Exercise Price pursuant to this Section
4.1(a), the Exchange Rate shall be contemporaneously adjusted by multiplying the
number of Common Shares theretofore obtainable on the exercise thereof by a
fraction of which the numerator shall be the Exercise Price in effect
immediately prior to such adjustment and the denominator shall be the Exercise
Price resulting from such adjustment; 

- 22 - 

	 	(b) 	
      if and whenever at any time during the Adjustment Period,
      the Corporation shall fix a record date for the issuance of rights,
      options or warrants to all or substantially all the holders of its
      outstanding Common Shares entitling them, for a period expiring not more
      than 45 days after such record date, to subscribe for or purchase Common
      Shares (or securities convertible or exchangeable into Common Shares) at a
      price per Common Share (or having a conversion or exchange price per
      Common Share) less than 95% of the Current Market Price on such record
      date (a “Rights Offering”), the Exercise Price shall be adjusted
      immediately after such record date so that it shall equal the amount
      determined by multiplying the Exercise Price in effect on such record date
      by a fraction, of which the numerator shall be the total number of Common
      Shares outstanding on such record date plus a number of Common Shares
      equal to the number arrived at by dividing the aggregate price of the
      total number of additional Common Shares offered for subscription or
      purchase (or the aggregate conversion or exchange price of the convertible
      or exchangeable securities so offered) by the Current Market Price, and of
      which the denominator shall be the total number of Common Shares
      outstanding on such record date plus the total number of additional Common
      Shares offered for subscription or purchase or into which the convertible
      or exchangeable securities so offered are convertible or exchangeable; any
      Common Shares owned by or held for the account of the Corporation shall be
      deemed not to be outstanding for the purpose of any such computation; such
      adjustment shall be made successively whenever such a record date is
      fixed; to the extent that no such rights or warrants are exercised prior
      to the expiration thereof, the Exercise Price shall be readjusted to the
      Exercise Price which would then be in effect if such record date had not been fixed or, if
any such rights or warrants are exercised, to the Exercise Price which would
then be in effect based upon the number of Common Shares (or securities
convertible or exchangeable into Common Shares) actually issued upon the
exercise of such rights or warrants, as the case may be. Upon any adjustment of
the Exercise Price pursuant to this Section 4.1(b), the Exchange Rate will be
adjusted immediately after such record date so that it will equal the rate
determined by multiplying the Exchange Rate in effect on such record date by a
fraction, of which the numerator shall be the Exercise Price in effect
immediately prior to such adjustment and the denominator shall be the Exercise
Price resulting from such adjustment. Such adjustment will be made successively
whenever such a record date is fixed, provided that if two or more such record
dates referred to in this Section 4.1(b) are fixed within a period of 25 Trading
Days, such adjustment will be made successively as if each of such record dates
occurred on the earliest of such record dates; 

- 23 - 

	 	(c) 	
      if and whenever at any time during the Adjustment Period
      the Corporation shall fix a record date for the making of a distribution
      to all or substantially all the holders of its outstanding Common Shares
      of (i) securities of any class, whether of the Corporation or any other
      entity(other than Common Shares), (ii) rights, options or warrants to
      subscribe for or purchase Common Shares (or other securities convertible
      into or exchangeable for Common Shares), other than pursuant to a Rights
      Offering; (iii) evidences of its indebtedness or (iv) any property or
      other assets then, in each such case, the Exercise Price shall be adjusted
      immediately after such record date so that it shall equal the price
      determined by multiplying the Exercise Price in effect on such record date
      by a fraction, of which the numerator shall be the total number of Common
      Shares outstanding on such record date multiplied by the Current Market
      Price on such record date, less the excess, if any, of the fair market
      value on such record date, as determined by the Corporation (whose
      determination shall be conclusive), of such securities or other assets so
      issued or distributed over the fair market value of any consideration
      received therefor by the Corporation from the holders of the Common
      Shares, and of which the denominator shall be the total number of Common
      Shares outstanding on such record date multiplied by the Current Market
      Price; and Common Shares owned by or held for the account of the
      Corporation shall be deemed not to be outstanding for the purpose of any
      such computation; such adjustment shall be made successively whenever such
      a record date is fixed; to the extent that such distribution is not so
      made, the Exercise Price shall be readjusted to the Exercise Price which
      would then be in effect if such record date had not been fixed. Upon any
      adjustment of the Exercise Price pursuant to this Section 4.1(c), the
      Exchange Rate will be adjusted immediately after such record date so that
      it will equal the rate determined by multiplying the Exchange Rate in
      effect on such record date by a fraction, of which the numerator shall be
      the Exercise Price in effect immediately prior to such adjustment and the
      denominator shall be the Exercise Price resulting from such
    adjustment;

	 	 	 
	 	(d) 	
      if and whenever at any time during the Adjustment Period,
      there is a reclassification of the Common Shares or a capital
      reorganization of the Corporation other than as described in Section 4.1(a), or a
consolidation, amalgamation, arrangement or merger of the Corporation with or
into any other body corporate, trust, partnership or other entity, or a sale or
conveyance of the property and assets of the Corporation as an entirety or
substantially as an entirety to any other body corporate, trust, partnership or
other entity, any Warrantholder who has not exercised its Warrants prior to the
effective date of such reclassification, capital reorganization, consolidation,
amalgamation, arrangement or merger, sale or conveyance, upon the exercise of
such right thereafter, shall be entitled to receive upon payment of the Exercise
Price and shall accept, in lieu of the number of Common Shares that prior to
such effective date the Warrantholder would have been entitled to receive, the
number of shares or other securities or property of the Corporation or of the
body corporate, trust, partnership or other entity resulting from such merger,
amalgamation or consolidation, or to which such sale or conveyance may be made,
as the case may be, that such Warrantholder would have been entitled to receive
on such reclassification, capital reorganization, consolidation, amalgamation,
arrangement or merger, sale or conveyance, if, on the effective date thereof, as
the case may be, the Warrantholder had been the registered holder of the number
of Common Shares to which prior to such effective date it was entitled to
acquire upon the exercise of the Warrants. If determined appropriate by the
Warrant Agent, relying on advice of Counsel, to give effect to or to evidence
the provisions of this Section 4.1(d), the Corporation, its successor, or such
purchasing body corporate, partnership, trust or other entity, as the case may
be, shall, prior to or contemporaneously with any such reclassification, capital
reorganization, consolidation, amalgamation, arrangement, merger, sale or
conveyance, enter into an indenture which shall provide, to the extent possible,
for the application of the provisions set forth in this Indenture with respect
to the rights and interests thereafter of the Warrantholders to the end that the
provisions set forth in this Indenture shall thereafter correspondingly be made
applicable, as nearly as may reasonably be, with respect to any shares, other
securities or property to which a Warrantholder is entitled on the exercise of
its acquisition rights thereafter. Any indenture entered into between the
Corporation and the Warrant Agent pursuant to the provisions of this Section
4.1(d) shall be a supplemental indenture entered into pursuant to the provisions
of Article 8 hereof. Any indenture entered into between the Corporation, any
successor to the Corporation or such purchasing body corporate, partnership,
trust or other entity and the Warrant Agent shall provide for adjustments which
shall be as nearly equivalent as may be practicable to the adjustments provided
in this Section 4.1 and which shall apply to successive reclassifications,
capital reorganizations, amalgamations, consolidations, mergers, sales or
conveyances; 

- 24 - 

	 	(e) 	
      in any case in which this Section 4.1 shall require that
      an adjustment shall become effective immediately after a record date for
      an event referred to herein, the Corporation may defer, until the
      occurrence of such event, issuing to the Warrantholder of any Warrant
      exercised after the record date and prior to completion of such event the
      additional Common Shares issuable by reason of the adjustment required by
      such event before giving effect to such
adjustment; provided, however, that the Corporation shall deliver to such
Warrantholder an appropriate instrument evidencing such Warrantholder’s right to
receive such additional Common Shares upon the occurrence of the event requiring
such adjustment and the right to receive any distributions made on such
additional Common Shares declared in favour of holders of record of Common
Shares on and after the relevant date of exercise or such later date as such
Warrantholder would, but for the provisions of this Section 4.1(e), have become
the holder of record of such additional Common Shares pursuant to Section 4.1; 

- 25 - 

	 	(f) 	
      in any case in which Section 4.1(a)(iii), Section 4.1(b)
      or Section 4.1(c) require that an adjustment be made to the Exercise
      Price, no such adjustment shall be made if the Warrantholders of the
      outstanding Warrants receive, subject to any required stock exchange or
      regulatory approval, the rights or warrants referred to in Section
      4.1(a)(iii), Section 4.1(b) or the shares, rights, options, warrants,
      evidences of indebtedness or assets referred to in Section 4.1(c), as the
      case may be, in such kind and number as they would have received if they
      had been holders of Common Shares on the applicable record date or
      effective date, as the case may be, by virtue of their outstanding Warrant
      having then been exercised into Common Shares at the Exercise Price in
      effect on the applicable record date or effective date, as the case may
      be;

	 	 	 
	 	(g) 	
      the adjustments provided for in this Section 4.1 are
      cumulative, and shall, in the case of adjustments to the Exercise Price be
      computed to the nearest whole cent and shall apply to successive
      subdivisions, re-divisions, reductions, combinations, consolidations,
      distributions, issues or other events resulting in any adjustment under
      the provisions of this Section 4.1, provided that, notwithstanding any
      other provision of this Section 4.1, no adjustment of the Exercise Price
      shall be required unless such adjustment would require an increase or
      decrease of at least 1% in the Exercise Price then in effect; provided,
      however, that any adjustments which by reason of this Section 4.1(g) are
      not required to be made shall be carried forward and taken into account in
      any subsequent adjustment; and

	 	 	 
	 	(h) 	
      after any adjustment pursuant to this Section 4.1, the
      term “Common Shares” where used in this Indenture shall be
      interpreted to mean securities of any class or classes which, as a result
      of such adjustment and all prior adjustments pursuant to this Section 4.1,
      the Warrantholder is entitled to receive upon the exercise of his Warrant,
      and the number of Common Shares indicated by any exercise made pursuant to
      a Warrant shall be interpreted to mean the number of Common Shares or
      other property or securities a Warrantholder is entitled to receive, as a
      result of such adjustment and all prior adjustments pursuant to this
      Section 4.1, upon the full exercise of a
Warrant.

	Section 4.2 	Entitlement to Common Shares on Exercise of
      Warrant. 

All Common Shares or shares of any class or other securities,
which a Warrantholder is at the time in question entitled to receive on the
exercise of its Warrants, whether or not as a result of adjustments made
pursuant to this Article 4, shall, for the purposes of the interpretation of
this Indenture, be deemed to be Common Shares which such
Warrantholder is entitled to acquire pursuant to such Warrants. 

- 26 - 

	Section 4.3 	No Adjustment for Certain Transactions.
    

Notwithstanding anything in this Article 4, no adjustment shall
be made in the acquisition rights attached to the Warrants if the issue of
Common Shares is being made pursuant to this Indenture or in connection with (a)
any share incentive plan or restricted share plan or share purchase plan in
force from time to time for directors, officers, employees, consultants or other
service providers of the Corporation; or (b) the satisfaction of existing
instruments issued at the date hereof. 

	Section 4.4 	Determination by Independent Firm.
  

In the event of any question arising with respect to the
adjustments provided for in this Article 4 such question shall be conclusively
determined by an independent firm of chartered accountants other than the
Auditors, who shall have access to all necessary records of the Corporation, and
such determination shall be binding upon the Corporation, the Warrant Agent, all
holders and all other persons interested therein. 

	Section 4.5 	Proceedings Prior to any Action Requiring
      Adjustment. 

As a condition precedent to the taking of any action which
would require an adjustment in any of the acquisition rights pursuant to any of
the Warrants, including the number of Common Shares which are to be received
upon the exercise thereof, the Corporation shall take any action which may, in
the opinion of Counsel, be necessary in order that the Corporation has unissued
and reserved in its authorized capital and may validly and legally issue as
fully paid and non-assessable all the Common Shares which the holders of such
Warrants are entitled to receive on the full exercise thereof in accordance with
the provisions hereof. 

	Section 4.6 	Certificate of Adjustment.

The Corporation shall from time to time immediately after the
occurrence of any event which requires an adjustment or readjustment as provided
in Section 4.1, deliver a certificate of the Corporation to the Warrant Agent
specifying the nature of the event requiring the same and the amount of the
adjustment or readjustment necessitated thereby and setting forth in reasonable
detail the method of calculation and the facts upon which such calculation is
based, which certificate shall be supported by a certificate of the
Corporation’s Auditors verifying such calculation. The Warrant Agent shall rely,
and shall be protected in so doing, upon the certificate of the Corporation or
of the Corporation’s Auditor and any other document filed by the Corporation
pursuant to this Article 4 for all purposes.

	Section 4.7 	Notice of Special Matters.

The Corporation covenants with the Warrant Agent that, so long
as any Warrant remains outstanding, it will give notice to the Warrant Agent and
to the Registered Warrantholders of its intention to fix a record date that is
prior to the Expiry Date for any matter for which an adjustment may be required
pursuant to Section 4.1 Such notice shall specify the particulars of such event and the record date for such event, provided that
the Corporation shall only be required to specify in the notice such particulars
of the event as shall have been fixed and determined on the date on which the
notice is given. The notice shall be given in each case not less than 14 days
prior to such applicable record date. If notice has been given and the
adjustment is not then determinable, the Corporation shall promptly, after the
adjustment is determinable, file with the Warrant Agent a computation of the
adjustment and give notice to the Registered Warrantholders of such adjustment
computation.

- 27 - 

	Section 4.8 	No Action after Notice.

The Corporation covenants with the Warrant Agent that it will
not close its transfer books or take any other corporate action which might
deprive the Warrantholder of the opportunity to exercise its right of
acquisition pursuant thereto during the period of 14 days after the giving of
the certificate or notices set forth in Section 4.6 and Section 4.7. 

	Section 4.9 	Other Action. 

If the Corporation, after the date hereof, shall take any
action affecting the Common Shares other than action described in Section 4.1,
which in the reasonable opinion of the directors of the Corporation would
materially affect the rights of Warrantholders, the Exercise Price and/or
Exchange Rate, the number of Common Shares which may be acquired upon exercise
of the Warrants shall be adjusted in such manner and at such time, by action of
the directors of the Corporation, acting reasonably and in good faith, in their
sole discretion as they may determine to be equitable to the Warrantholders in
the circumstances, provided that no such adjustment will be made unless any
requisite prior approval of any stock exchange on which the Common Shares are
listed for trading has been obtained. 

	Section 4.10 	Protection of Warrant Agent.
  

	(1) 	
      The Warrant Agent shall not:

	 	(a) 	
      at any time be under any duty or responsibility to any
      Warrantholder to determine whether any facts exist which may require any
      adjustment contemplated by Section 4.1, or with respect to the nature or
      extent of any such adjustment when made, or with respect to the method
      employed in making the same;

	 	 	 
	 	(b) 	
      be accountable with respect to the validity or value (or
      the kind or amount) of any Common Shares or of any other securities or
      property which may at any time be issued or delivered upon the exercise of
      the rights attaching to any Warrant;

	 	 	 
	 	(c) 	
      be responsible for any failure of the Corporation to
      issue, transfer or deliver Common Shares or certificates for the same upon
      the surrender of any Warrants for the purpose of the exercise of such
      rights or to comply with any of the covenants contained in this Article 4;
      and

	 	 	 
	 	(d) 	
      incur any liability or be in any way responsible for the
      consequences of any breach on the part of the Corporation of any of the
      representations, warranties or covenants herein contained or of any acts of the directors,
officers, employees, agents or servants of the Corporation. 

- 28 - 

	(2) 	
      The Warrant Agent shall be entitled to act and rely on
      any adjustment calculation of the Corporation/Directors or the Corporation
      auditors.

	Section 4.11 	Participation by Warrantholder.
  

No adjustments shall be made pursuant to this Article 4 if the
Warrantholders are entitled to participate in any event described in this
Article 4 on the same terms, mutatis mutandis, as if the Warrantholders had
exercised their Warrants prior to, or on the effective date or record date of,
such event. 

ARTICLE 5 
RIGHTS OF THE CORPORATION AND COVENANTS

	Section
      5.1	Optional Purchases by the Corporation.
    

Subject to compliance with applicable securities laws and
approval of applicable regulatory authorities, if any, the Corporation may from
time to time purchase by private contract or otherwise any of the Warrants. Any
such purchase may be made in such manner, from such persons and on such terms as
the Corporation, in its sole discretion, may determine. In the case of
Certificated Warrants, Warrant Certificates representing the Warrants purchased
pursuant to this Section 5.1 shall forthwith be delivered to and cancelled by
the Warrant Agent and reflected accordingly on the register of Warrants. In the
case of Uncertificated Warrants, the Warrants purchased pursuant to this Section
5.1 shall be reflected accordingly on the register of Warrants and in accordance
with procedures prescribed by the Depository under the book entry registration
system. No Warrants shall be issued in replacement thereof. 

	Section 5.2 	General Covenants.

	(1) 	
      The Corporation covenants with the Warrant Agent that so
      long as any Warrants remain outstanding:

	 	(a) 	
      it will reserve and keep available a sufficient number of
      Common Shares for the purpose of enabling it to satisfy its obligations to
      issue Common Shares upon the exercise of the Warrants;

	 	 	 
	 	(b) 	
      it will cause the Common Shares from time to time
      acquired pursuant to the exercise of the Warrants to be duly issued and
      delivered in accordance with the Warrants and the terms hereof;

	 	 	 
	 	(c) 	
      all Common Shares which shall be issued upon exercise of
      the right to acquire provided for herein shall be fully paid and
      non-assessable;

	 	 	 
	 	(d) 	
      the Corporation will cause the Warrant Agent to keep open
      the registers of transfers referred to in Section 2.9 as required by such
      Section and will not take any action or omit to take any action which
      would have the effect of preventing the Warrantholders from exercising any of the Warrants or
receiving any Common Shares underlying the Warrants upon such exercise; 

- 29 - 

	 	(e) 	
      it will use reasonable commercial efforts to maintain its
      existence and carry on its business in the ordinary course;

	 	 	 
	 	(f) 	
      it will use reasonable commercial efforts to ensure that
      all Common Shares outstanding or issuable from time to time (including
      without limitation the Common Shares issuable on the exercise of the
      Warrants) continue to be or are listed and posted for trading on the TSX
      (or such other Canadian stock exchange acceptable to the Corporation) and
      the NYSE MKT, provided that this clause shall not be construed as limiting
      or restricting the Corporation to agree to a consolidation, amalgamation,
      arrangement, takeover bid or merger even if the consideration being
      offered are not securities that are so listed and posted for
    trading;

	 	 	 
	 	(g) 	
      it will make all requisite filings under applicable
      Canadian and U.S. securities legislation in a timely manner, including
      those necessary in Canada to remain a reporting issuer not in default in
      each of the provinces and other Canadian jurisdictions where it is or
      becomes a reporting issuer;

	 	 	 
	 	(h) 	
      generally, it will well and truly perform and carry out
      all of the acts or things to be done by it as provided in this Indenture;
      and

	 	 	 
	 	(i) 	
      the Corporation will promptly notify the Warrant Agent
      and the Warrantholders in writing of any default under the terms of this
      Warrant Indenture which remains unrectified for more than five days
      following its occurrence.

	Section 5.3	Warrant Agent’s Remuneration and
      Expenses. 

The Corporation covenants that it will pay to the Warrant Agent
from time to time reasonable remuneration for its services hereunder and will
pay or reimburse the Warrant Agent upon its request for all reasonable expenses,
disbursements and advances incurred or made by the Warrant Agent in the
administration or execution of the trusts hereby created (including the
reasonable compensation and the disbursements of its Counsel and all other
advisers and assistants not regularly in its employ) both before any default
hereunder and thereafter until all duties of the Warrant Agent hereunder shall
be finally and fully performed. Any amount owing hereunder and remaining unpaid
after 30 days from the invoice date will bear interest at the then current rate
charged by the Warrant Agent against unpaid invoices and shall be payable upon
demand. This Section 5.3 shall survive the resignation or removal of the Warrant
Agent and/or the termination of this Indenture. 

	Section 5.4 	Performance of Covenants by Warrant
      Agent. 

If the Corporation shall fail to
perform any of its covenants contained in this Indenture, the Warrant Agent may
notify the Registered Warrantholders of such failure on the part of the
Corporation and may itself perform any of the covenants capable of being
performed by it but, subject to Section 9.2, shall be under no obligation to
perform said covenants or to notify the Registered Warrantholders of such performance by it. All sums
expended or advanced by the Warrant Agent in so doing shall be repayable as
provided in Section 5.3. No such performance, expenditure or advance by the
Warrant Agent shall relieve the Corporation of any default hereunder or of its
continuing obligations under the covenants herein contained. 

- 30 - 

	Section 5.5 	Enforceability of Warrants.
  

The Corporation covenants and agrees that it is duly authorized
to create and issue the Warrants to be issued hereunder and that the Warrants,
when issued and Authenticated as herein provided, will be valid and enforceable
against the Corporation in accordance with the provisions hereof and the terms
hereof and that, subject to the provisions of this Indenture, the Corporation
will cause the Common Shares from time to time acquired upon exercise of
Warrants issued under this Indenture to be duly issued and delivered in
accordance with the terms of this Indenture. 

ARTICLE 6 
ENFORCEMENT 

	Section 6.1 	Suits by Warrantholders.

All or any of the rights conferred upon any Warrantholder by
any of the terms of this Indenture may be enforced by the Warrantholder by
appropriate proceedings but without prejudice to the right which is hereby
conferred upon the Warrant Agent to proceed in its own name to enforce each and
all of the provisions herein contained for the benefit of the Warrantholders.

	Section 6.2 	Suits by the Corporation.

The Corporation shall have the right to enforce full payment of
the Exercise Price of all Common Shares issued by the Warrant Agent to a
Registered Warrantholder hereunder and shall be entitled to demand such payment
from the Registered Warrantholder or alternatively to instruct the Warrant Agent
to cancel the share certificates and amend the securities register accordingly.

	Section 6.3 	Immunity of Shareholders, etc.
  

The Warrant Agent and the Warrantholders hereby waive and
release any right, cause of action or remedy now or hereafter existing in any
jurisdiction against any incorporator or any past, present or future
shareholder, trustee, employee or agent of the Corporation or any successor
Corporation on any covenant, agreement, representation or warranty by the
Corporation herein. 

	Section 6.4 	Waiver of Default.

	(1) 	
      Upon the happening of any default
  hereunder:

	 	(a) 	
      the Registered Warrantholders of not less than 51% of the
      Warrants then outstanding shall have power (in addition to the powers
      exercisable by Extraordinary Resolution) by requisition in writing to instruct
the Warrant Agent to waive any default hereunder and the Warrant Agent shall
thereupon waive the default upon such terms and conditions as shall be
prescribed in such requisition; or 

- 31 - 

	 	(b) 	
      the Warrant Agent shall have power to waive any default
      hereunder upon such terms and conditions as the Warrant Agent may deem
      advisable, on the advice of Counsel, if, in the Warrant Agent’s opinion,
      based on the advice of Counsel, the same shall have been cured or adequate
      provision made therefor;

provided that no delay or omission of the Warrant Agent or of
the Registered Warrantholders to exercise any right or power accruing upon any
default shall impair any such right or power or shall be construed to be a
waiver of any such default or acquiescence therein and provided further that no
act or omission either of the Warrant Agent or of the Registered Warrantholders
in the premises shall extend to or be taken in any manner whatsoever to affect
any subsequent default hereunder of the rights resulting therefrom. 

ARTICLE 7 
MEETINGS OF REGISTERED WARRANTHOLDERS

	Section 7.1 	Right to Convene Meetings.

The Warrant Agent may at any time and from time to time, and
shall on receipt of a written request of the Corporation or of a Warrantholders’
Request and upon being indemnified and funded to its reasonable satisfaction by
the Corporation or by the Registered Warrantholders signing such Warrantholders’
Request against the costs which may be incurred in connection with the calling
and holding of such meeting, convene a meeting of the Registered Warrantholders.
If the Warrant Agent fails to so call a meeting within seven days after receipt
of such written request of the Corporation or such Warrantholders’ Request and
the indemnity and funding given as aforesaid, the Corporation or such Registered
Warrantholders, as the case may be, may convene such meeting. Every such meeting
shall be held in the City of Toronto, Ontarioor at such other place as may be
approved or determined by the Warrant Agent. 

	Section 7.2	Notice. 

At least 21 days’ prior written notice of any meeting of
Registered Warrantholders shall be given to the Registered Warrantholders in the
manner provided for in Section 10.2 and a copy of such notice shall be sent by
mail to the Warrant Agent (unless the meeting has been called by the Warrant
Agent) and to the Corporation (unless the meeting has been called by the
Corporation). Such notice shall state the time when and the place where the
meeting is to be held, shall state briefly the general nature of the business to
be transacted thereat and shall contain such information as is reasonably
necessary to enable the Registered Warrantholders to make a reasoned decision on
the matter, but it shall not be necessary for any such notice to set out the
terms of any resolution to be proposed or any of the provisions of this Section
7.2. 

- 32 - 

	Section 7.3 	Chairman. 

An individual (who need not be a Registered Warrantholder)
designated in writing by the Warrant Agent shall be chairman of the meeting and
if no individual is so designated, or if the individual so designated is not
present within 15 minutes from the time fixed for the holding of the meeting,
the Registered Warrantholders present in person or by proxy shall choose an
individual present to be chairman. 

	Section 7.4 	Quorum. 

Subject to the provisions of Section 7.11, at any meeting of
the Registered Warrantholders a quorum shall consist of two Registered
Warrantholders present in person or by proxy representing at least 25% of the
aggregate number of Warrants then outstanding. If a quorum of the Registered
Warrantholders shall not be present within 30 minutes from the time fixed for
holding any meeting, the meeting, if summoned by Registered Warrantholders or on
a Warrantholders’ Request, shall be dissolved; but in any other case the meeting
shall be adjourned to the same day in the next week (unless such day is not a
Business Day, in which case it shall be adjourned to the next following Business
Day) at the same time and place and no notice of the adjournment need be given.
Any business may be brought before or dealt with at an adjourned meeting which
might have been dealt with at the original meeting in accordance with the notice
calling the same. No business shall be transacted at any meeting unless a quorum
is present at the commencement of business. At the adjourned meeting the
Registered Warrantholders present in person or represented by proxy shall form a
quorum and may transact the business for which the meeting was originally
convened, notwithstanding that they may not represent at least 25% of the then
outstanding Warrants. 

	Section 7.5 	Power to Adjourn. 

The chairman of any meeting at which a quorum of the Registered
Warrantholders is present may, with the consent of the meeting, adjourn any such
meeting, and no notice of such adjournment need be given except such notice, if
any, as the meeting may prescribe. 

	
      Section 7.6 
	Show of Hands. 

Every question submitted to a meeting shall be decided in the
first place by a majority of the votes given on a show of hands except that
votes on an Extraordinary Resolution shall be given in the manner hereinafter
provided. At any such meeting, unless a poll is duly demanded as herein
provided, a declaration by the chairman that a resolution has been carried or
carried unanimously or by a particular majority or lost or not carried by a
particular majority shall be conclusive evidence of the fact. 

	Section 7.7 	Poll and Voting.

	(1) 	
      On every Extraordinary Resolution, and on any other
      question submitted to a meeting and after a vote by show of hands when
      demanded by the chairman or by one or more of the Registered
      Warrantholders acting in person or by proxy and holding at least 5% of the
      aggregate number of Warrants then outstanding, a poll shall be taken in
      such manner as the chairman shall direct. Questions other than those required
to be determined by Extraordinary Resolution shall be decided by a majority of
the votes cast on the poll.

- 33 -

	(2) 	
      On a show of hands, every person who is present and
      entitled to vote, whether as a Registered Warrantholder or as proxy for
      one or more absent Registered Warrantholders, or both, shall have one
      vote. On a poll, each Registered Warrantholder present in person or
      represented by a proxy duly appointed by instrument in writing shall be
      entitled to one vote in respect of each Warrant then held or represented
      by it. A proxy need not be a Registered Warrantholder. The chairman of any
      meeting shall be entitled, both on a show of hands and on a poll, to vote
      in respect of the Warrants, if any, held or represented by
  him.

	Section 7.8 	Regulations. 

	(1) 	
      The Warrant Agent, or the Corporation with the approval
      of the Warrant Agent, may from time to time make and from time to time
      vary such regulations as it shall think fit for the setting of the record
      date for a meeting for the purpose of determining Registered
      Warrantholders entitled to receive notice of and to vote at the
      meeting.

	 	 
	(2) 	
      The Warrant Agent, or the Corporation with the approval
      of the Warrant Agent, may set these
regulations:

	 	(a) 	
      Deposit of instruments appointing proxies at such place
      and time as the Warrant Agent, the Company or the holders convening the
      meeting, as the case may be, may direct in the notice of meeting;
    and

	 	 	 
	 	(b) 	
      The form of instrument of proxy; and

	 	 	 
	 	(c) 	
      The manner in which the form of proxy must be executed;
      and

	 	 	 
	 	(d) 	
      Generally for the calling of meeting of warrant holders
      and the conduct of business thereat.

	(3) 	
      Any regulations so made shall be binding and effective
      and the votes given in accordance therewith shall be valid and shall be
      counted. Save as such regulations may provide, the only persons who shall
      be recognized at any meeting as a Registered Warrantholder, or be entitled
      to vote or be present at the meeting in respect thereof (subject to
      Section 7.9), shall be Registered Warrantholders or proxies of Registered
      Warrantholders.

	Section 7.9 	Corporation and Warrant Agent May be
      Represented. 

The Corporation and the Warrant Agent, by their respective
directors, officers, agents, and employees and the Counsel for the Corporation
and for the Warrant Agent may attend any meeting of the Registered
Warrantholders. 

	Section 7.10 	Powers Exercisable by Extraordinary
      Resolution. 

	(1) 	
      In addition to all other powers conferred upon them by
      any other provisions of this Indenture or by law, the Registered
      Warrantholders at a meeting shall, subject to the provisions of Section 7.11 and any required approval of the
TSX, have the power exercisable from time to time by Extraordinary Resolution:

- 34 - 

	 	(a) 	
      to agree to any modification, abrogation, alteration,
      compromise or arrangement of the rights of Registered Warrantholders or
      the Warrant Agent in its capacity as warrant agent hereunder (subject to
      the Warrant Agent’s prior consent, acting reasonably) or on behalf of the
      Registered Warrantholders against the Corporation whether such rights
      arise under this Indenture or otherwise; provided that, for greater
      certainty, no rights or obligations of the Corporation under this
      Indenture or the Warrants will be adversely affected without the
      Corporation’s consent;

	 	 	 
	 	(b) 	
      to amend, alter or repeal any Extraordinary Resolution
      previously passed or sanctioned by the Registered
Warrantholders;

	 	 	 
	 	(c) 	
      to direct or to authorize the Warrant Agent, subject to
      Section 9.2(2) hereof, to enforce any of the covenants on the part of the
      Corporation contained in this Indenture or to enforce any of the rights of
      the Registered Warrantholders in any manner specified in such
      Extraordinary Resolution or to refrain from enforcing any such covenant or
      right;

	 	 	 
	 	(d) 	
      to waive, and to direct the Warrant Agent to waive, any
      default on the part of the Corporation in complying with any provisions of
      this Indenture either unconditionally or upon any conditions specified in
      such Extraordinary Resolution;

	 	 	 
	 	(e) 	
      to restrain any Registered Warrantholder from taking or
      instituting any suit, action or proceeding against the Corporation for the
      enforcement of any of the covenants on the part of the Corporation in this
      Indenture or to enforce any of the rights of the Registered
      Warrantholders;

	 	 	 
	 	(f) 	
      to direct any Registered Warrantholder who, as such, has
      brought any suit, action or proceeding to stay or to discontinue or
      otherwise to deal with the same upon payment of the costs, charges and
      expenses reasonably and properly incurred by such Registered Warrantholder
      in connection therewith;

	 	 	 
	 	(g) 	
      to assent to any change in or omission from the
      provisions contained in this Indenture or any ancillary or supplemental
      instrument which may be agreed to by the Corporation, and to authorize the
      Warrant Agent to concur in and execute any ancillary or supplemental
      indenture embodying the change or omission;

	 	 	 
	 	(h) 	
      with the consent of the Corporation, such consent not to
      be unreasonably withheld, to remove the Warrant Agent or its successor in
      office and to appoint a new warrant agent or warrant agents to take the
      place of the Warrant Agent so removed; and

	 	 	 
	 	(i) 	
      to assent to any compromise or arrangement with any
      creditor or creditors or any class or classes of creditors, whether
      secured or otherwise, and with holders of any shares or other securities
      of the Corporation.

- 35 - 

	Section 7.11	Meaning of Extraordinary Resolution.
  

	(1) 	
      The expression “Extraordinary Resolution” when
      used in this Indenture means, subject as hereinafter provided in this
      Section 7.11 and in Section 7.14, a resolution proposed at a meeting of
      Registered Warrantholders duly convened for that purpose and held in
      accordance with the provisions of this Article 7 at which there are
      present in person or by proxy Registered Warrantholders holding at least
      25% of the aggregate number of Warrants then outstanding and passed by the
      affirmative votes of Registered Warrantholders holding not less than 66
      2/3 % of the aggregate number of Warrants then outstanding
      represented at the meeting and voted on the poll upon such
    resolution.

	 	 
	(2) 	
      If, at the meeting at which an Extraordinary Resolution
      is to be considered, Registered Warrantholders holding at least 25% of the
      aggregate number of Warrants then outstanding are not present in person or
      by proxy within 30 minutes after the time appointed for the meeting, then
      the meeting, if convened by Registered Warrantholders or on a
      Warrantholders’ Request, shall be dissolved; but in any other case it
      shall stand adjourned to such day, being not less than 15 or more than 60
      days later, and to such place and time as may be appointed by the
      chairman. Not less than 14 days’ prior notice shall be given of the time
      and place of such adjourned meeting in the manner provided for in Section
      10.2. Such notice shall state that at the adjourned meeting the Registered
      Warrantholders present in person or by proxy shall form a quorum but it
      shall not be necessary to set forth the purposes for which the meeting was
      originally called or any other particulars. At the adjourned meeting the
      Registered Warrantholders present in person or by proxy shall form a
      quorum and may transact the business for which the meeting was originally
      convened and a resolution proposed at such adjourned meeting and passed by
      the requisite vote as provided in Section 7.11(1) shall be an
      Extraordinary Resolution within the meaning of this Indenture
      notwithstanding that Registered Warrantholders representing at least 25%
      of the aggregate number of Warrants then outstanding are not present in
      person or by proxy at such adjourned meeting.

	 	 
	(3) 	
      Subject to Section 7.14, votes on an Extraordinary
      Resolution shall always be given on a poll and no demand for a poll on an
      Extraordinary Resolution shall be necessary.

	Section 7.12 	Powers Cumulative. 

Any one or more of the powers or any combination of the powers
in this Indenture stated to be exercisable by the Registered Warrantholders by
Extraordinary Resolution or otherwise may be exercised from time to time and the
exercise of any one or more of such powers or any combination of powers from
time to time shall not be deemed to exhaust the right of the Registered
Warrantholders to exercise such power or powers or combination of powers then or
thereafter from time to time. 

	Section 7.13 	Minutes. 

Minutes of all resolutions and proceedings at every meeting of
Registered Warrantholders shall be made and duly entered in books to be provided
from time to time for that purpose by the Warrant Agent at the expense of the
Corporation, and any such minutes as aforesaid, if signed by the chairman or the
secretary of the meeting at which such resolutions were passed or proceedings had shall be prima facie evidence of
the matters therein stated and, until the contrary is proved, every such meeting
in respect of the proceedings of which minutes shall have been made shall be
deemed to have been duly convened and held, and all resolutions passed thereat
or proceedings taken shall be deemed to have been duly passed and taken. 

- 36 - 

	Section 7.14	Instruments in Writing.

All actions which may be taken and all powers that may be
exercised by the Registered Warrantholders at a meeting held as provided in this
Article 7 may also be taken and exercised by Registered Warrantholders holding
not less than 66 2/3% of the aggregate number of all of the then
outstanding Warrants by an instrument in writing signed in one or more
counterparts by such Registered Warrantholders in person or by attorney duly
appointed in writing, and the expression “Extraordinary Resolution” when
used in this Indenture shall include an instrument so signed. 

	Section 7.15 	Binding Effect of Resolutions.
  

Every resolution and every Extraordinary Resolution passed in
accordance with the provisions of this Article 7 at a meeting of Registered
Warrantholders shall be binding upon all the Warrantholders, whether present at
or absent from such meeting, and every instrument in writing signed by
Registered Warrantholders in accordance with Section 7.14 shall be binding upon
all the Warrantholders, whether signatories thereto or not, and each and every
Warrantholder and the Warrant Agent (subject to the provisions for indemnity
herein contained) shall be bound to give effect accordingly to every such
resolution and instrument in writing. In the case of an instrument in writing,
the Warrant Agent shall give notice in the manner contemplated in Section 10.1
and Section 10.2 of the effect of the instrument in writing to all Registered
Warrantholders and the Corporation as soon as reasonably practicable. 

	Section 7.16 	Holdings by Corporation Disregarded.
  

In determining whether Registered Warrantholders holding
Warrants evidencing the entitlement to acquire the required number of Common
Shares are present at a meeting of Registered Warrantholders for the purpose of
determining a quorum or have concurred in any consent, waiver, Extraordinary
Resolution, Warrantholders’ Request or other action under this Indenture,
Warrants owned legally or beneficially by the Corporation shall be disregarded
in accordance with the provisions of Section 10.7.

ARTICLE 8 
SUPPLEMENTAL INDENTURES 

	Section 8.1 	Provision for Supplemental Indentures for
      Certain Purposes. 

	(1) 	
      From time to time, the Corporation (when authorized by
      action of the directors) and the Warrant Agent may, subject to the
      provisions hereof and they shall, when so directed in accordance with the
      provisions hereof, execute and deliver by their proper officers,
      indentures or instruments supplemental hereto, which thereafter shall form
      part hereof, for any one or more or all of the following
  purposes:

- 37 - 

	 	(a) 	
      setting forth any adjustments resulting from the
      application of the provisions of Article
  4;

	 	 	 
	 	(b) 	
      adding to the provisions hereof such additional covenants
      and enforcement provisions as, in the opinion of Counsel, are necessary or
      advisable in the premises, provided that the same are not in the opinion
      of the Warrant Agent, relying on the advice of Counsel, prejudicial to the
      interests of the Registered Warrantholders;

	 	 	 
	 	(c) 	
      giving effect to any Extraordinary Resolution passed as
  provided in Section 7.11;

	 	 	 
	 	(d) 	
      making such provisions not inconsistent with this
      Indenture as may be necessary or desirable with respect to matters or
      questions arising hereunder or for the purpose of obtaining a listing or
      quotation of the Warrants on any stock exchange, provided that such
      provisions are not, in the opinion of the Warrant Agent, relying on the
      advice of Counsel, prejudicial to the interests of the Registered
      Warrantholders;

	 	 	 
	 	(e) 	
      adding to or altering the provisions hereof in respect of
      the transfer of Warrants, making provision for the exchange of Warrants,
      and making any modification in the form of the Warrant Certificates which
      does not affect the substance thereof;

	 	 	 
	 	(f) 	
      modifying any of the provisions of this Indenture,
      including relieving the Corporation from any of the obligations,
      conditions or restrictions herein contained, provided that such
      modification or relief shall be or become operative or effective only if,
      in the opinion of the Warrant Agent, relying on the advice of Counsel,
      such modification or relief in no way prejudices any of the rights of the
      Registered Warrantholders or of the Warrant Agent, and provided further
      that the Warrant Agent may in its sole discretion decline to enter into
      any such supplemental indenture which in its opinion may not afford
      adequate protection to the Warrant Agent when the same shall become
      operative;

	 	 	 
	 	(g) 	
      providing for the issuance of additional Warrants
      hereunder, including Warrants in excess of the number set out in Section 2.1 and any consequential amendments hereto as
      may be required by the Warrant Agent relying on the advice of
  Counsel.

	 	 	 
	 	(h) 	
      for any other purpose not inconsistent with the terms of
      this Indenture, including the correction or rectification of any
      ambiguities, defective or inconsistent provisions, errors, mistakes or
      omissions herein, provided that in the opinion of the Warrant Agent,
      relying on the advice of Counsel, the rights of the Warrant Agent and of
      the Registered Warrantholders are in no way prejudiced
  thereby.

	(2) 	
      For greater certainty, approval of the Registered
      Warrantholders is not required for the purpose of entering into a
      supplemental indenture pursuant to Section 8.1(1).

- 38 - 

	Section 8.2 	Successor Entities. 

In the case of the consolidation,
amalgamation, arrangement, merger or transfer of the undertaking or assets of
the Corporation as an entirety or substantially as an entirety to or with
another entity (“successor entity”), the successor entity resulting from
such consolidation, amalgamation, arrangement, merger or transfer (if not the
Corporation) shall expressly assume, by supplemental indenture satisfactory in
form to the Warrant Agent and executed and delivered to the Warrant Agent, the
due and punctual performance and observance of each and every covenant and
condition of this Indenture to be performed and observed by the Corporation.

ARTICLE 9 
CONCERNING THE WARRANT AGENT 

	Section 9.1 	Trust Indenture Legislation.
  

	(1) 	
      If and to the extent that any provision of this Indenture
      limits, qualifies or conflicts with a mandatory requirement of Applicable
      Legislation, such mandatory requirement shall prevail.

	 	 
	(2) 	
      The Corporation and the Warrant Agent agree that each
      will, at all times in relation to this Indenture and any action to be
      taken hereunder, observe and comply with and be entitled to the benefits
      of Applicable Legislation.

	Section 9.2 	Rights and Duties of Warrant Agent.
  

	(1) 	
      In the exercise of the rights and duties prescribed or
      conferred by the terms of this Indenture, the Warrant Agent shall exercise
      that degree of care, diligence and skill that a reasonably prudent warrant
      agent would exercise in comparable circumstances. No provision of this
      Indenture shall be construed to relieve the Warrant Agent from liability
      for its own gross negligent action, wilful misconduct, bad faith or fraud
      under this Indenture.

	 	 
	(2) 	
      The obligation of the Warrant Agent to commence or
      continue any act, action or proceeding for the purpose of enforcing any
      rights of the Warrant Agent or the Registered Warrantholders hereunder
      shall be conditional upon the Registered Warrantholders furnishing, when
      required by notice by the Warrant Agent, sufficient funds to commence or
      to continue such act, action or proceeding and an indemnity reasonably
      satisfactory to the Warrant Agent to protect and to hold harmless the
      Warrant Agent and its officers, directors, employees and agents, against
      the costs, charges and expenses and liabilities to be incurred thereby and
      any loss and damage it may suffer by reason thereof. None of the
      provisions contained in this Indenture shall require the Warrant Agent to
      expend or to risk its own funds or otherwise to incur financial liability
      in the performance of any of its duties or in the exercise of any of its
      rights or powers unless indemnified and funded as aforesaid.

	 	 
	(3) 	
      The Warrant Agent may, before commencing or at any time
      during the continuance of any such act, action or proceeding, require the
      Registered Warrantholders, at whose instance it is acting to deposit with
      the Warrant Agent the Warrants Certificates held by them, for which
      Warrants the Warrant Agent shall issue receipts.

- 39 - 

	(4) 	
      Every provision of this Indenture that by its terms
      relieves the Warrant Agent of liability or entitles it to rely upon any
      evidence submitted to it is subject to the provisions of Applicable
      Legislation.

	Section 9.3 	Evidence, Experts and Advisers.
  

	(1) 	
      In addition to the reports, certificates, opinions and
      other evidence required by this Indenture, the Corporation shall furnish
      to the Warrant Agent such additional evidence of compliance with any
      provision hereof, and in such form, as may be prescribed by Applicable
      Legislation or as the Warrant Agent may reasonably require by written
      notice to the Corporation.

	 	 
	(2) 	
      In the exercise of its rights and duties hereunder, the
      Warrant Agent may, if it is acting in good faith, act and rely as to the
      truth of the statements and the accuracy of the opinions expressed in
      statutory declarations, opinions, reports, written requests, consents, or
      orders of the Corporation, certificates of the Corporation or other
      evidence furnished to the Warrant Agent pursuant to a request of the
      Warrant Agent, provided that such evidence complies with Applicable
      Legislation and that the Warrant Agent complies with Applicable
      Legislation and that the Warrant Agent examines the same and determines
      that such evidence complies with the applicable requirements of this
      Indenture.

	 	 
	(3) 	
      Whenever it is provided in this Indenture or under
      Applicable Legislation that the Corporation shall deposit with the Warrant
      Agent resolutions, certificates, reports, opinions, requests, orders or
      other documents, it is intended that the truth, accuracy and good faith on
      the effective date thereof and the facts and opinions stated in all such
      documents so deposited shall, in each and every such case, be conditions
      precedent to the right of the Corporation to have the Warrant Agent take
      the action to be based thereon.

	 	 
	(4) 	
      The Warrant Agent may act and rely and shall be protected
      in acting and relying upon any resolution, certificate, statement,
      instrument, opinion, report, notice, request, consent, order, letter,
      telegram, cablegram or other paper document believed by it to be genuine
      and to have been signed, sent or presented by or on behalf of the proper
      party or parties.

	 	 
	(5) 	
      The Warrant Agent may employ or retain such Counsel,
      accountants, appraisers or other experts or advisers as it may reasonably
      require for the purpose of determining and discharging its duties
      hereunder and may pay reasonable remuneration for all services so
      performed by any of them, without taxation of costs of any Counsel, and
      shall not be responsible for any misconduct or negligence on the part of
      any such experts or advisers who have been appointed with due care by the
      Warrant Agent.

	 	 
	(6) 	
      Proof of execution of any document or instrument in
      writing; including a Warrantholders’ Request, by a holder may be made by the certificate of a
      notary public, or other officer with similar powers, that the person
      signing such instrument acknowledged to him the execution thereof, or by
      an affidavit of a witness to such execution, or in any other manner the
      Warrant Agent considers adequate.

- 40 - 

	(7) 	
      The Warrant Agent may act and rely and shall be protected
      in acting and relying in good faith on the opinion or advice of or
      information obtained from any Counsel, accountant, appraiser, engineer or
      other expert or adviser, whether retained or employed by the Corporation
      or by the Warrant Agent, in relation to any matter arising in the
      administration of the agency hereof.

	Section 9.4 	Documents, Monies, etc. Held by Warrant
      Agent. 

	(1) 	
      The Warrant Agent may retain any cash balance held in
      connection with this Warrant Agreement and may, but need not, hold the
      same in the deposit department of a Canadian chartered bank and its
      Affiliates; but the Warrant Agent, its Affiliates and a Canadian chartered
      bank and its Affiliate shall not be liable to account for any profit to
      the Company or any other person or entity other than at a rate, if any,
      established from time to time by the Warrant Agent, its Affiliates or a
      Canadian chartered bank and its Affiliates

	 	 
	(2) 	
      The Warrant Agent shall have no responsibility or
      liability for any diminution of any funds resulting from any investment
      made in accordance with this Indenture, including any losses on any
      investment liquidated prior to maturity in order to make a payment
      required hereunder.

	Section 9.5 	Actions by Warrant Agent to Protect
      Interest. 

Subject to the provisions of this
Indenture and Applicable Legislation, the Warrant Agent shall have power to
institute and to maintain such actions and proceedings as it may consider
necessary or expedient to preserve, protect or enforce its interests and the
interests of the Registered Warrantholders. 

	Section 9.6 	Warrant Agent Not Required to Give
      Security. 

The Warrant Agent shall not be
required to give any bond or security in respect of the execution of the agency
and powers of this Indenture or otherwise in respect of the premises. 

	Section 9.7 	Protection of Warrant Agent.
  

	(1) 	
      By way of supplement to the provisions of any law for the
      time being relating to the Warrant Agent it is expressly declared and
      agreed as follows:

	 	(a) 	
      the Warrant Agent shall not be liable for or by reason of
      any statements of fact or recitals in this Indenture or in the Warrant
      Certificates (except the representation contained in Section 9.9 or in the authentication of the Warrant
      Agent on the Warrant Certificates) or be required to verify the same, but
      all such statements or recitals are and shall be deemed to be made by the
  Corporation;

	 	 	 
	 	(b) 	
      nothing herein contained shall impose any obligation on
      the Warrant Agent to see to or to require evidence of the registration or
      filing (or renewal thereof) of this Indenture or any instrument ancillary
      or supplemental hereto;

- 41 - 

	 	(c) 	
      the Warrant Agent shall not be bound to give notice to
      any person or persons of the execution hereof;

	 	 	 
	 	(d) 	
      the Warrant Agent shall not incur any liability or
      responsibility whatsoever or be in any way responsible for the consequence
      of any breach on the part of the Corporation of any of its covenants
      herein contained or of any acts of any directors, officers, employees,
      agents or servants of the Corporation;

	 	 	 
	 	(e) 	
      the Corporation will fully indemnify and hold the Warrant
      Agent and its officers, directors, employees and agents harmless from and
      against any and all actions and suits whether groundless or otherwise and
      from and against any and all losses, damages, costs, charges, counsel
      fees, payments, expenses and liabilities arising directly or indirectly
      out of the performance of its duties and obligations under this Indenture,
      except for any liability arising out of the Warrant Agent’s gross
      negligence, fraud or intentional misconduct. In the absence of gross
      negligence, fraud or intentional misconduct on its part, the Warrant Agent
      shall not be liable for any action taken, suffered, or omitted by it or
      for any error of judgement made by it in the performance of its duties
      under this Indenture. In no event will the Warrant Agent be liable for
      special, indirect, consequential or punitive loss or damages of any kind
      whatsoever (including but not limited to lost profits), even if the
      Warrant Agent has been advised of the possibility of such damages. Any
      liability of the Warrant Agent will be limited in the aggregate to an
      amount equal to twelve (12) times the monthly fee paid by the Corporation;
      and

	 	 	 
	 	(f) 	
      in the event any question or dispute arises with respect
      to the Warrant Agent’s duties hereunder, the Warrant Agent shall not be
      required to act or be held liable or responsible for its failure or
      refusal to act until the question or dispute has been (i) judicially
      settled (and, if appropriate the Warrant Agent may file a suit in
      interpleader or for a declaratory judgement for such purpose) by final
      judgement by a court of competent jurisdiction that is binding on all
      parties in the matter and is no longer subject to review or appeal, or
      (ii) settled by written document in form and substance satisfactory to the
      Warrant Agent and executed by the Warrant Agent. In addition, the Warrant
      Agent may require for such purpose, but shall not be obligated to require,
      the execution of such written settlement by parties that may have an
      interest in the settlement. It is understood and agreed that this
      indemnification shall survive the termination or discharge of this
      Indenture or the resignation or removal of the Warrant
  Agent.

	Section 9.8 	Replacement of Warrant Agent; Successor by
      Merger. 

	(1) 	
      The Warrant Agent may resign its agency and be discharged
      from all further duties and liabilities hereunder, subject to this Section 9.8, by giving to the Corporation not less
      than60 days’ prior notice in writing or such shorter prior notice as the
      Corporation may accept as sufficient. The Registered Warrantholders by
      Extraordinary Resolution shall have power at any time to remove the
      existing Warrant Agent and to appoint a new Warrant Agent. In the event of
      the Warrant Agent resigning or being removed as aforesaid or being
      dissolved, becoming bankrupt, going into liquidation or otherwise becoming
      incapable of acting hereunder, the Corporation shall forthwith appoint a
      new Warrant Agent unless a new Warrant Agent has already been appointed by
      the Registered Warrantholders; failing such appointment by the
      Corporation, the retiring Warrant Agent or any Registered Warrantholder
      may apply to a judge of the Supreme Court of the Province of British
      Columbia on such notice as such judge may direct, for the appointment of a
      new Warrant Agent; but any new Warrant Agent so appointed by the
      Corporation or by the Court shall be subject to removal as aforesaid by
      the Registered Warrantholders. Any new Warrant Agent appointed under any
      provision of this Section 9.8 shall be an entity
      authorized to carry on the business of a trust company in the Province of
      British Columbia and, if required by the Applicable Legislation for any
      other provinces, in such other provinces. On any such appointment the new
      warrant agent shall be vested with the same powers, rights, duties and
      responsibilities as if it had been originally named herein as Warrant
      Agent hereunder without further assurance, conveyance, act or deed; but
      there will be immediately executed, at the expense of the Corporation, all
      such conveyances or other instruments as may, in the opinion of counsel,
      be necessary or advisable for the purpose of assuring such powers, rights,
      duties and responsibilities of the new Warrant Agent, provided that, any
      resignation or removal of the Warrant Agent and appointment of a successor
      Warrant Agent shall have executed an appropriate instrument accepting such
      appointment and, at the request of the Corporation, the predecessor
      Warrant Agent, upon payment of its outstanding remuneration and expenses,
      shall execute and deliver to the successor Warrant Agent an appropriate
      instrument transferring to such successor Warrant Agent all rights and

powers of the Warrant Agent hereunder.

- 42 - 

	(2) 	
      Upon the appointment of a successor Warrant Agent, the
      Corporation shall promptly notify the Registered Warrantholders thereof in
  the manner provided for in Section 10.2.

	 	 
	(3) 	
      Any Warrant Certificates Authenticated but not delivered
      by a predecessor Warrant Agent may be Authenticated by the successor
      Warrant Agent in the name of the predecessor or successor Warrant Agent.

	 	 
	(4) 	
      Any corporation into which the Warrant Agent may be
      merged or consolidated or amalgamated, or any corporation resulting
      therefrom to which the Warrant Agent shall be a party, or any corporation
      succeeding to substantially the corporate trust business of the Warrant
      Agent shall be the successor to the Warrant Agent hereunder without any
      further act on its part or any of the parties hereto, provided that such
      corporation would be eligible for appointment as successor Warrant Agent
under Section 9.8(1).

	Section 9.9 	Conflict of Interest. 

	(1) 	
      The Warrant Agent represents to the Corporation that at
      the time of execution and delivery hereof no material conflict of interest
      exists between its role as a Warrant Agent hereunder and its role in any
      other capacity and agrees that in the event of a material conflict of
      interest arising hereafter it will, within 30 days after ascertaining that
      it has such material conflict of interest, either eliminate the same or
      assign its agency hereunder to a successor Warrant Agent approved by the
      Corporation and meeting the requirements set forth in Section 9.8(1). Notwithstanding the foregoing
      provisions of this Section
      9.9(1), if any such material conflict of interest exists or hereafter
      shall exist, the validity and enforceability of this Indenture and the
      Warrant Certificates shall not be affected in any manner whatsoever by
reason thereof.

- 43 - 

	(2) 	
      Subject to Section 9.9(1), the Warrant Agent, in its
      personal or any other capacity, may buy, lend upon and deal in securities
      of the Corporation and generally may contract and enter into financial
      transactions with the Corporation without being liable to account for any
      profit made thereby.

	Section 9.10 	Acceptance of Agency

The Warrant Agent hereby accepts
the agency in this Indenture declared and provided for and agrees to perform the
same upon the terms and conditions herein set forth. 

	Section 9.11 	Warrant Agent Not to be Appointed
      Receiver. 

The Warrant Agent and any person
related to the Warrant Agent shall not be appointed a receiver, a receiver and
manager or liquidator of all or any part of the assets or undertaking of the
Corporation. 

	Section 9.12 	Warrant Agent Not Required to Give Notice of
      Default. 

The Warrant Agent shall not be
bound to give any notice or do or take any act, action or proceeding by virtue
of the powers conferred on it hereby unless and until it shall have been
required so to do under the terms hereof; nor shall the Warrant Agent be
required to take notice of any default hereunder, unless and until notified in
writing of such default, which notice shall distinctly specify the default
desired to be brought to the attention of the Warrant Agent and in the absence
of any such notice the Warrant Agent may for all purposes of this Indenture
conclusively assume that no default has been made in the observance or
performance of any of the representations, warranties, covenants, agreements or
conditions contained herein. Any such notice shall in no way limit any
discretion herein given to the Warrant Agent to determine whether or not the
Warrant Agent shall take action with respect to any default. 

	Section 9.13 	Anti-Money Laundering.

The Warrant Agent will retain the
right not to act and will not be liable for refusing to act if, due to a lack of
information or for any other reason whatsoever, the Warrant Agent, in its sole
judgment, acting reasonably, determines that such act might cause it to be in
non-compliance with any applicable anti-money laundering, anti-terrorist
legislation or economic sanctions legislation, regulation or guideline. Further,
should the Warrant Agent, in its sole judgment, acting reasonably, determine at
any time that its acting under this Indenture has resulted in its being in
non-compliance with any applicable anti-money laundering, anti-terrorist
legislation or economic sanctions legislation, regulation or guideline, then it
will have the right to resign on 10 days' prior written notice sent to the
Corporation provided that: (i) the Warrant Agent's written notice will describe
the circumstances of such non-compliance; and (ii) that if such circumstances
are rectified to the Warrant Agent's satisfaction within such 10-day period,
then such resignation will not be effective. 

- 44 - 

ARTICLE 10 
GENERAL 

	Section 10.1 	Notice to the Corporation and the Warrant
      Agent. 

	(1) 	
      Unless herein otherwise expressly provided, any notice to
      be given hereunder to the Corporation or the Warrant Agent shall be deemed
      to be validly given if delivered, sent by registered letter, postage
      prepaid or if faxed:

	 	(a) 	If to the Corporation: 	  
	 	  	  	  
	 	  	Nobilis Health Corp. 	  
	 	  	4120 Southwest Freeway, Suite 150
  
	 	  	Houston, TX 77027 	  
	 	  	  	  
	 	  	Attention: 	Corporate Secretary 
	 	  	Facsimile number: 	(713) 355-8615 
	 	  	  	  
	 	  	and a copy to: 	  
	 	  	Macdonald Tuskey 	  
	 	  	570 Granville Street, 4th
      Floor 
	 	  	Vancouver, BC V6C 3P1 
	 	  	  	  
	 	  	Attention: 	William L. Macdonald 
	 	  	Facsimile number: 	(604) 681-4760 
	 	  	  	  
	 	(b) 	If to the Warrant Agent: 
	 	  	  	  
	 	  	CST Trust Company 	  
	 	  	320 Bay Street, 3rd Floor
    
	 	  	Toronto, ON M5H 4A6 
	 	  	  	  
	 	  	Attention: 	Senior Relationship Manager 
	 	  	Facsimile number: 	1 (877) 715-0494 

		
      and any such notice delivered in accordance with the
      foregoing shall be deemed to have been received and given on the date of
      delivery or, if mailed, on the fifth Business Day following the date of
      mailing such notice or, if faxed, on the next Business Day following the
      date of transmission.

	 	 
	(2) 	
      The Corporation or the Warrant Agent, as the case may be,
      may from time to time notify the other in the manner provided in Section 10.1(1) of a change of address which, from the
      effective date of such notice and until changed by like notice, shall be
      the address of the Corporation or the Warrant Agent, as the case may be,
  for all purposes of this Indenture.

	 	 
	(3) 	
      If, by reason of a strike, lockout or other work
      stoppage, actual or threatened, involving postal employees, any notice to
      be given to the Warrant Agent or to the Corporation hereunder could
      reasonably be considered unlikely to reach its destination, such notice
      shall be valid and effective only if it is delivered to the named officer
      of the party to which it is addressed, as provided in Section
      10.1(1), or given by facsimile or other means of prepaid, transmitted
and recorded communication.

- 45 - 

	Section 10.2 	Notice to Registered Warrantholders.
  

	(1) 	
      Unless otherwise provided herein, notice to the
      Registered Warrantholders under the provisions of this Indenture shall be
      valid and effective if delivered or sent by ordinary prepaid post
      addressed to such holders at their post office addresses appearing on the
      register hereinbefore mentioned and shall be deemed to have been
      effectively received and given on the date following the date of delivery
      or, if mailed, on the fifth Business Day following the date of mailing
      such notice. Accidental error or omission in giving notice or accidental
      failure to mail notice to any holder will not invalidate any action or
      proceeding founded thereon. In the event that Warrants are held in the
      name of the Depository, a copy of such notice shall also be sent by
      electronic communication to the Depository and shall be deemed received
      and given on the day it is so sent.

	 	 
	(2) 	
      If, by reason of a strike, lockout or other work
      stoppage, actual or threatened, involving postal employees, any notice to
      be given to the Registered Warrantholders hereunder could reasonably be
      considered unlikely to reach its destination, such notice shall be valid
      and effective only if it is delivered to such Registered Warrantholders to
      the address for such Registered Warrantholders contained in the register
      maintained by the Warrant

	 	 
		
      Agent or such notice may be given, at the Corporation’s
      expense, by means of publication in the Globe and Mail, National Edition,
      or any other English language daily newspaper or newspapers of general
      circulation in Canada, in each two successive weeks, the first such notice
      to be published within 5 Business Days of such event, and any such notice
      published shall be deemed to have been received and given on the latest
      date the publication takes place.

	Section 10.3 	Ownership of Warrants.

The Corporation and the Warrant
Agent may deem and treat the Registered Warrantholders as the absolute owner
thereof for all purposes, and the Corporation and the Warrant Agent shall not be
affected by any notice or knowledge to the contrary except where the Corporation
or the Warrant Agent is required to take notice by statute or by order of a
court of competent jurisdiction. The receipt of any such Registered
Warrantholder of the Common Shares which may be acquired pursuant thereto shall
be a good discharge to the Corporation and the Warrant Agent for the same and
neither the Corporation nor the Warrant Agent shall be bound to inquire into the
title of any such holder except where the Corporation or the Warrant Agent is
required to take notice by statute or by order of a court of competent
jurisdiction. 

	Section 10.4 	Counterparts. 

This Indenture may be executed in
several counterparts, each of which when so executed shall be deemed to be an
original and such counterparts together shall constitute one and the same
instrument and notwithstanding their date of execution they shall be deemed to
be dated as of the date hereof. 

- 46 - 

	Section 10.5 	Satisfaction and Discharge of Indenture.
    

Upon the earlier of: 

	 	(a) 	
      the date by which there shall have been delivered to the
      Warrant Agent for exercise or cancellation all Warrants theretofore
      Authenticated hereunder, in the case of Certificated Warrants (or such
      other instructions, in a form satisfactory to the Warrant Agent in the
      case of Uncertificated Warrants), or by way of standard processing through
      the book entry only system in the case of a CDS Global Warrant;
  and

	 	 	 
	 	(b) 	
      the Expiry Time;

and if all certificates or other entry on the register
representing Common Shares required to be issued in compliance with the
provisions hereof have been issued and delivered hereunder or to the Warrant
Agent in accordance with such provisions, this Indenture shall cease to be of
further effect and the Warrant Agent, on demand of and at the cost and expense
of the Corporation and upon delivery to the Warrant Agent of a certificate of
the Corporation stating that all conditions precedent to the satisfaction and
discharge of this Indenture have been complied with, shall execute proper
instruments acknowledging satisfaction of and discharging this Indenture.
Notwithstanding the foregoing, the indemnities provided to the Warrant Agent by
the Corporation hereunder shall remain in full force and effect and survive the
termination of this Indenture. 

	Section 10.6 	Provisions of Indenture and Warrants for the
      Sole Benefit of Parties and Warrantholders.

Nothing in this Indenture or in
the Warrants, expressed or implied, shall give or be construed to give to any
person other than the parties hereto and the Warrantholders, as the case may be,
any legal or equitable right, remedy or claim under this Indenture, or under any
covenant or provision herein or therein contained, all such covenants and
provisions being for the sole benefit of the parties hereto and the
Warrantholders. 

	Section 10.7 	Common Shares or Warrants Owned by the
      Corporation or its Subsidiaries - Certificate to be Provided.
    

For the purpose of disregarding
any Warrants owned legally or beneficially by the Corporation in Section 7.16, the Corporation shall provide to the Warrant
Agent, from time to time, a certificate of the Corporation setting forth as at
the date of such certificate: 

	 	(a) 	
      the names (other than the name of the Corporation) of the
      Registered Warrantholders which, to the knowledge of the Corporation, are
      owned by or held for the account of the Corporation; and

	 	 	 
	 	(b) 	
      the number of Warrants owned legally or beneficially by
      the Corporation;

and the Warrant Agent, in making the computations in Section 7.16, shall be entitled to rely on such certificate
without any additional evidence. 

- 47 - 

	Section 10.8 	Severability 

If, in any jurisdiction, any
provision of this Indenture or its application to any party or circumstance is
restricted, prohibited or unenforceable, such provision will, as to such
jurisdiction, be ineffective only to the extent of such restriction, prohibition
or unenforceability without invalidating the remaining provisions of this
Indenture and without affecting the validity or enforceability of such provision
in any other jurisdiction or without affecting its application to other parties
or circumstances. 

	Section 10.9
	Force Majeure 

No party shall be liable to the other, or held in breach of
this Indenture, if prevented, hindered, or delayed in the performance or
observance of any provision contained herein by reason of act of God, riots,
terrorism, acts of war, epidemics, governmental action or judicial order,
earthquakes, or any other similar causes (including, but not limited to,
mechanical, electronic or communication interruptions, disruptions or failures).
Performance times under this Indenture shall be extended for a period of time
equivalent to the time lost because of any delay that is excusable under this
Section 10.9.

	Section 10.10 	Assignment, Successors and Assigns
  

Neither of the parties hereto may
assign its rights or interest under this Indenture, except as provided in Section 9.8 in the case of the Warrant Agent, or as provided
in Section 8.2 in the case of the Corporation. Subject
thereto, this Indenture shall enure to the benefit of and be binding upon the
parties hereto and their respective successors and permitted assigns.

	Section 10.11 	Language 

The parties hereto confirm their
express wish that this Indenture and all documents and agreements directly or
indirectly relating thereto be drawn up in the English language. Notwithstanding
such express wish, the parties agree that any such document or agreement, or any
part thereof or of this indenture, may be drawn up in the French language. 

Les parties aux présentes
conferment leur volunté expresse que la présente convention ainsi que tous les
documents et conventions s’y rattachant directement ou indirectement soient
rédigés en anglais. Nonobstant cette volunté expresse, les parties aux présentes
conviennent que la présente convention ainsi que tous les documents et
conventions s’y rattachant directement ou indirectement, ou toute partie de
ceux-ci, puissant être rédigés en français. 

[EXECUTION PAGE FOLLOWS] 

- 48 - 

IN WITNESS WHEREOF the
parties hereto have executed this Indenture under the hands of their proper
officers in that behalf as of the date first written above. 

	 	NOBILIS HEALTH CORP. 
	 	  	  	  
	 	  	  	  
	 	By: 	/s/ Chris Lloyd 
	 	  	Name: 	Chris Lloyd 
	 	  	Title: 	Chief Executive Officer 
	 	  	  	  
	 	  	  	  
	 	  	  	  
	 	CST TRUST COMPANY 
	 	 
	 	By: 	/s/ Radha Mulchan-Singh 
	 	  	Name: 	Radha Mulchan-Singh 
	 	  	Title: 	
      Authorized Signatory 

	 	  	  	  
	 	 	 	 
	 	By: 	/s/ Jennifer Anderson 
	 	  	Name: 	   Jennifer Anderson 
	 	 	
      Title:  
	
      Authorized Signatory  

- 49 - 

Schedule A 

FORM OF WARRANT 

THE WARRANTS EVIDENCED HEREBY ARE EXERCISABLE AT OR BEFORE 5:00
P.M. (TORONTO TIME) ON • , 2017 AFTER WHICH TIME THE WARRANTS EVIDENCED HEREBY
SHALL BE DEEMED TO BE VOID AND OF NO FURTHER FORCE OR EFFECT. 

UNLESS PERMITTED UNDER THE SECURITIES LEGISLATION, THE HOLDER
OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE • , 2015. [NTD: INSERT DATE
THAT IS FOUR MONTHS AND A DAY AFTER THE CLOSING] 

THE SECURITIES REPRESENTED HEREBY AND SECURITIES ISSUABLE UPON
THE EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES
ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”) OR STATE SECURITIES LAWS.
THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE
ISSUER THAT SUCH SECURITIES MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY
(A) TO THE ISSUER, (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH REGULATION S
UNDER THE U.S. SECURITIES ACT, (C) INSIDE THE UNITED STATES IN ACCORDANCE WITH
RULE 144A UNDER THE U.S. SECURITIES ACT, (D) PURSUANT TO THE EXEMPTION FROM
REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER AFTER
PROVIDING A LEGAL OPINION SATISFACTORY TO THE ISSUER, (E) PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT THAT REGISTERS THE RESALE OF SUCH SECURITIES OR
(F) PURSUANT TO ANOTHER EXEMPTION FROM REGISTRATION AFTER PROVIDING A LEGAL
OPINION SATISFACTORY TO THE ISSUER. HEDGING TRANSACTIONS INVOLVING THE
SECURITIES REPRESENTED HEREBY MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH
U.S. SECURITIES LAWS. 

THIS WARRANT MAY NOT BE EXERCISED BY OR FOR THE ACCOUNT OR
BENEFIT OF A PERSON IN THE UNITED STATES OR A U.S. PERSON UNLESS SUCH EXERCISE
HAS BEEN REGISTERED UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES
LAWS OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE. “UNITED
STATES” AND “U.S. PERSON” ARE USED HEREIN AS SUCH TERMS ARE DEFINED BY
REGULATION S UNDER THE U.S. SECURITIES ACT” 

- 2 - 

For all Warrants registered in the name of the Depository,
also include the following legend: 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF CDS CLEARING AND DEPOSITORY SERVICES INC. (“CDS”) TO
BIONICHE LIFE SCIENCES INC. (THE “ISSUER”) OR ITS AGENT FOR REGISTRATION
OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN RESPECT THEREOF
IS REGISTERED IN THE NAME OF CDS & CO., OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS (AND ANY PAYMENT IS MADE TO CDS
& CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF CDS), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED HOLDER HEREOF,
CDS & CO., HAS A PROPERTY INTEREST IN THE SECURITIES REPRESENTED BY THIS
CERTIFICATE HEREIN AND IT IS A VIOLATION OF ITS RIGHTS FOR ANOTHER PERSON TO
HOLD, TRANSFER OR DEAL WITH THIS CERTIFICATE. 

- 3 - 

WARRANT 

To acquire Common Shares of 

NOBILIS HEALTH CORP. 

(incorporated pursuant to the laws of the Province of British
Columbia) 

	Warrant 
Certificate No.•  	
      Certificate for
      ___________________________________
Warrants, each entitling the holder
      to acquire one Common Share (subject to adjustment as provided for in the
      Warrant Indenture (as defined below) 

	  	  
	  	CUSIP •  
	  	  
	  	ISIN CA • 

THIS IS TO CERTIFY THAT, for value received,

____________________________________________________________________________________________________________________

(the “Warrantholder”) is the registered holder of the
number of common share purchase warrants (the “Warrants”) of Nobilis
Health Corp. (the “Corporation”) specified above, and is entitled,
on exercise of these Warrants upon and subject to the terms and conditions set
forth herein and in the Warrant Indenture, to purchase at any time before 5:00
p.m. (Toronto time) (the “Expiry Time”) on • , 2017 (the “Expiry
Date”), one fully paid and non-assessable common share without par value in
the capital of the Corporation as constituted on the date hereof (a “Common
Share”) for each Warrant subject to adjustment in accordance with the terms
of the Warrant Indenture. 

The right to purchase Common Shares may only be exercised by
the Warrantholder within the time set forth above by: 

(a)                  duly completing and executing the exercise form (the
“Exercise Form”) attached hereto; and 

(b)                  surrendering this warrant certificate (the “Warrant
Certificate”), with the Exercise
Form to CST Trust Company (the
“Warrant Agent”) at 320 Bay Street, Basement Level (B1), Toronto, ON, M5H
4A6, Attn: Corporate Actions, together with a certified cheque, bank draft or
money order in the lawful money of Canada payable to or to the order of
the Warrant Agent in an amount equal to the aggregate exercise price (as defined
below) of the Common Shares so subscribed for.

Subject to the terms of the Warrant Indenture hereinafter
referred to, the surrender of this Warrant Certificate, the duly completed
Exercise Form and payment as provided above will be deemed to have been effected
only on personal delivery thereof to, or if sent by mail or other means of
transmission on actual receipt thereof by, the Warrant Agent at its principal
office as set out above.

- 4 - 

Subject to adjustment thereof in the events and in the manner
set forth in the Warrant Indenture hereinafter referred to, the exercise price
payable for each Common Share upon the exercise of Warrants shall be $11.50 per
Common Share (the “Exercise Price”). 

The Common Shares acquired upon exercise of this Warrant
Certificate will be registered in accordance with the registration instructions
specified by the Warrantholder in the Exercise Notice. 

Where the Common Shares are issued in certificated form,
certificates for the Common Shares subscribed for will be mailed to the persons
specified in the Exercise Form at their respective addresses specified therein
or, if so specified in the Exercise Form, delivered to such persons at the
office where this Warrant Certificate is surrendered. If fewer Common Shares are
purchased than the number that can be purchased pursuant to this Warrant
Certificate, the holder hereof will be entitled to receive without charge a new
Warrant Certificate in respect of the balance of the Common Shares not so
purchased. No fractional Common Shares will be issued upon exercise of any
Warrant. 

This Warrant Certificate evidences Warrants of the Corporation
issued or issuable under the provisions of a warrant indenture (which indenture
together with all other instruments supplemental or ancillary thereto is herein
referred to as the “Warrant Indenture”) dated as of May ♦, 2015 between the Corporation and CST Trust
Company, as Warrant Agent, to which Warrant Indenture reference is hereby made
for particulars of the rights of the holders of Warrants, the Corporation and
the Warrant Agent in respect thereof and the terms and conditions on which the
Warrants are issued and held, all to the same effect as if the provisions of the
Warrant Indenture were herein set forth, to all of which the holder, by
acceptance hereof, assents. The Corporation will furnish to the holder, on
request and without charge, a copy of the Warrant Indenture.

On presentation at the principal office of the Warrant Agent as
set out above, subject to the provisions of the Warrant Indenture and on
compliance with the reasonable requirements of the Warrant Agent, one or more
Warrant Certificates may be exchanged for one or more Warrant Certificates
entitling the holder thereof to purchase in the aggregate an equal number of
Common Shares as are purchasable under the Warrant Certificate(s) so exchanged.

Neither the Warrants nor the Common Shares issuable upon
exercise hereof have been or will be registered under the United States
Securities Act of 1933, as amended (the “U.S. Securities Act”), or
the securities laws of any state of the United States. The Warrants may not be
exercised in the United States, by a U.S. Person, or for the account or benefit
of, a U.S. Person or a person in the United States, unless the Warrants and the
Common Shares issuable upon exercise thereof have been registered under the U.S.
Securities Act and the applicable state securities legislation, or an exemption
from such registration requirements is available. 

- 5 - 

The Warrant Indenture contains provisions for the adjustment of
the Exercise Price payable for each Common Share upon the exercise of Warrants
and the number of Common Shares issuable upon the exercise of Warrants in the
events and in the manner set forth therein. 

The Warrant Indenture also contains provisions making binding
on all holders of Warrants outstanding thereunder resolutions passed at meetings
of holders of Warrants held in accordance with the provisions of the Warrant
Indenture and instruments in writing signed by Warrantholders representing a
specific majority of the then outstanding Warrants.

Nothing contained in this Warrant Certificate, the Warrant
Indenture or elsewhere shall be construed as conferring upon the holder hereof
any right or interest whatsoever as a holder of Common Shares or any other right
or interest except as herein and in the Warrant Indenture expressly provided. In
the event of any discrepancy between anything contained in this Warrant
Certificate and the terms and conditions of the Warrant Indenture, the terms and
conditions of the Warrant Indenture shall govern. 

Warrants may only be transferred in compliance with the
conditions of the Warrant Indenture on the register to be kept by the Warrant
Agent in Toronto, Ontario or such other registrar as the Corporation, with the
approval of the Warrant Agent, may appoint at such other place or places, if
any, as may be designated, upon surrender of this Warrant Certificate to the
Warrant Agent or other registrar accompanied by a written instrument of transfer
in form and execution satisfactory to the Warrant Agent or other registrar and
upon compliance with the conditions prescribed in the Warrant Indenture and with
such reasonable requirements as the Warrant Agent or other registrar may
prescribe and upon the transfer being duly noted thereon by the Warrant Agent or
other registrar. Time is of the essence hereof. 

This Warrant Certificate will not be valid for any purpose
until it has been countersigned by or on behalf of the Warrant Agent from time
to time under the Warrant Indenture. 

The parties hereto have declared that they have required that
these presents and all other documents related hereto be in the English
language. Les parties aux présentes déclarent qu’elles ont exigé que la présente
convention, de même que tous les documents s’y rapportant, soient rédigés en
anglais. 

[EXECUTION PAGE FOLLOWS] 

- 6 - 

IN WITNESS WHEREOF the Corporation has caused this
Warrant Certificate to be duly executed as of • , 2015. 

	 	                                                                                                                                       	NOBILIS HEALTH CORP.
    
	 	 	 
	 	  	 	 
	 	                                                                                                                                       
    	By:	 
	 	                                                                                                                                                             	 	Authorized Signatory 
	Countersigned and Registered by: 	 	 
	 	 	 
	CST TRUST COMPANY 	 	 
	 	 	 
	By: 	 	 	 
	 	           
             Authorized Signatory 	 	 

	- 7 - 
	 
	 
	FORM OF TRANSFER 
	To:   CST TRUST COMPANY 
	 
	FOR VALUE RECEIVED
      the undersigned hereby sells, assigns and transfers to 
	 
	 

(print name and address) the Warrants represented by this
Warrant Certificate and hereby irrevocable constitutes and appoints
____________________as its attorney with full power of substitution to transfer
the said securities on the appropriate register of the Warrant Agent.

The undersigned hereby represents, warrants and certifies that
(one (only) of the following must be checked): 

	                                           [ 
      ]	(A) 	
      the transfer is being made only to the Corporation;
    

	 	  	  
	 	  	  
	                                            [ 
      ]	(B) 	
      as of the date hereof there is an effective registration
      statement filed with the United States Securities and Exchange Commission
      covering the issuance of the Common Shares. For purposes hereof the terms
      “United States” and “U.S. Person” shall have the meanings ascribed to them
      in Regulation S under the U.S. Securities Act; 

	 	  	  
	 	  	  
	                                           [ 
      ]	(C) 	
      the transfer is being made pursuant to an exemption from,
      or in a transaction not subject to, the registration requirements of the
      U.S. Securities Act and, in each case, in accordance with any applicable
      securities laws of any state of the United States and the undersigned has
      furnished to the Corporation and the Warrant Agent an opinion of counsel
      of recognized standing in form and substance reasonably satisfactory to
      the Corporation and the Warrant Agent to such effect.

DATED this ____ day of_________________, 20____. 

	SPACE FOR GUARANTEES OF 	) 	  
	SIGNATURES (BELOW) 	  	  
	 	) 	 
    
	 	 	 
	 	) 	Signature of Transferor 
	 	 	 
	 	) 	  
	 	 	 
	 	) 	 
    

- 8 - 

	Guarantor’s Signature/Stamp 	) 	Name of Transferor 
	 	 	 
	  	) 	  

CERTAIN REQUIREMENTS RELATING TO TRANSFERS –
READ CAREFULLY 

The signature(s) of the transferor(s) must correspond with the
name(s) as written upon the face of the Warrant Certificate(s), in every
particular, without alteration or enlargement, or any change whatsoever. The
signature(s) on this form must be guaranteed in accordance with the warrantr
agent’s then current guidelines and requirements at the time of transfer.
Notarized or witnessed signatures are not acceptable as guaranteed signatures.
As at the time of transfer, you may choose one of the following methods
(although subject to change in accordance with industry practice and
standards): 

	• 	
      Canada and the USA: A Medallion Signature
      Guarantee obtained from a member of an acceptable Medallion Signature
      Guarantee Program (STAMP, SEMP, NYSE MSP). Many commercial banks, savings
      banks, credit unions, and all broker dealers participate in a Medallion
      Signature Guarantee Program. The Guarantor must affix a stamp bearing the
      actual words “Medallion Guaranteed”, with the correct prefix covering the
      face value of the certificate. 

	  	
       

	• 	
      Canada: A Signature Guarantee obtained from the
      Guarantor must affix a stamp bearing the actual words “Signature
      Guaranteed”. Signature Guarantees are not accepted from Treasury Branches,
      Credit Unions or Caisse Populaires unless they are members of a Medallion
      Signature Guarantee Program. For corporate holders, corporate signing
      resolutions, including certificate of incumbency, are also required to
      accompany the transfer, unless there is a “Signature & Authority to
      Sign Guarantee” Stamp affixed to the transfer (as opposed to a “Signature
      Guarantee” Stamp) obtained from an authorized officer of a major Canadian
      Schedule 1 chartered bank. 

	  	
       

	• 	
      Outside North America: For holders located outside
      North America, present the certificates(s) and/or document(s) that require
      a guarantee to a local financial institution that has a corresponding
      Canadian or American affiliate which is a member of an acceptable
      Medallion Signature Guarantee Program. The corresponding affiliate will
      arrange for the signature to be over-guaranteed.

Schedule B 

EXERCISE FORM 

	TO: 	NOBILIS HEALTH CORP. 
	  	  
	AND TO: 	CST Trust Company 
	  	320 Bay Street, Basement Level (B1), Toronto,
      ON M5H 4A6 
	  	Attn.: Corporate Actions 

The undersigned holder of the
Warrants evidenced by this Warrant Certificate hereby exercises the right to
acquire ____________ (A) Common Shares of NOBILIS HEALTH CORP. 

Exercise Price Payable:
__________________________________________________((A) multiplied by $11.50,
subject to adjustment) 

The undersigned hereby exercises the right of such holder to be
issued, and hereby subscribes for, Common Shares that are issuable pursuant to
the exercise of such Warrants on the terms specified in such Warrant Certificate
and in the Warrant Indenture. 

The undersigned hereby acknowledges that the undersigned is
aware that the Common Shares received on exercise may be subject to restrictions
on resale under applicable securities laws. 

Any capitalized term in this Warrant Certificate that is not
otherwise defined herein, shall have the meaning ascribed thereto in the Warrant
Indenture. 

The undersigned represents, warrants and certifies as follows
(one (only) of the following must be checked): 

	                       
       [  ]	(A) 	
      the undersigned holder at the time of exercise of the
      Warrants (i) is not in the United States, (ii) is not a U.S. Person, (iii)
      is not exercising the Warrants for the account or benefit of a U.S. Person
      or a person in the United States, (iv) did not execute or deliver this
      exercise form in the United States and (v) delivery of the underlying
      Common Shares will not be to an address in the United States; OR

	 	  	
      

	                       
       [  ]	(B) 	
      as of the date hereof there is an effective registration
      statement filed with the United States Securities and Exchange Commission
      covering the issuance of the Common Shares; OR 

	 	  	
      

	                        
      [  ]	(C) 	
      the undersigned holder (a) is the original U.S. purchaser
      who purchased the Warrants pursuant to the Corporation’s Unit offering who
      represented in the subscription agreement in connection with its purchase
      of Treasury Units that it was an “accredited investor” as defined in Rule
      501(a) of Regulation D under the U.S. Securities Act of 1933, as amended
      (the “U.S. Securities Act”), (b) is exercising the Warrants for its
      own account or for the account of a disclosed principal that was named in
      the subscription agreement pursuant to which it purchased such Treasury
      Units, and (c) is, and such disclosed principal, if any, is an "accredited
      investor" as defined in Rule 501(a) of Regulation D under the U.S.
      Securities Act at the time of exercise of these Warrants and the
      representations and warranties of the holder made in the original
      subscription agreement remain true and correct as of the date of exercise
      of these Warrants; OR 

	 	 	 
	                        
      [  ]	 (D)	
      if the undersigned holder is (i) a holder in the United
      States, (ii) a U.S. Person, (iii) a person exercising for the account or
      benefit of a U.S. Person or a person in the United States, (iv) executing
      or delivering this exercise form in the United States or (v) requesting
      delivery of the underlying Common Shares in the United States, the
      undersigned holder has delivered to the Corporation and the Warrant Agent
      (a) a completed and executed U.S. Purchaser Certification in substantially
      the form attached to the Warrant Indenture as Schedule C or (b) an opinion
      of counsel (which will not be sufficient unless it is in form and
      substance reasonably satisfactory to the Corporation) or such other
      evidence reasonably satisfactory to the Corporation to the effect that
      with respect to the Common Shares to be delivered upon exercise of the
      Warrants, the issuance of such securities has been registered under the
      U.S. Securities Act and applicable state securities laws, or an exemption
      from such registration requirements is
  available.  

- 2 - 

It is understood that the
Corporation and CST Trust Company may require evidence to verify the foregoing
representations. 

	Notes: 	(1) 	Certificates will not be registered or
      delivered to an address in the United States unless Box B, C or D above is
      checked. 
	  	  	  
		(2) 	If Box D above is checked, holders are
      encouraged to consult with the Corporation and the Warrant Agent in
      advance to determine that the legal opinion tendered in connection with
      the exercise will be satisfactory in form and substance to the Corporation
      and the Warrant Agent. 

“United States” and “U.S. Person” are as defined in Rule 902 of
Regulation S under the U.S. Securities Act. 

The undersigned hereby
  irrevocably directs that the said Common Shares be issued, registered and
delivered as follows: 

	Name(s) in Full 	 	Address(es) 	 	Number of 
	  	 	  	 	Common Shares 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

- 3 - 

	Name(s) in Full 	 	Address(es) 	 	Number of 
	  	 	  	 	Common Shares 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

Please print full name in which
certificates representing the Common Shares are to be issued. If any Common
Shares are to be issued to a person or persons other than the registered holder,
the registered holder must pay to the Warrant Agent all eligible transfer taxes
or other government charges, if any, and the Form of Transfer must be duly
executed and delivered together with this Exercise Form. 

Once completed and executed, this
Exercise Form must be mailed or delivered to CST Trust Company, 320 Bay Street,
Basement Level (B1), Toronto, ON, M5H 4A6, Attention: Corporate Actions.

DATED this ____day of _____, 20__. 

	  	) 	  
	  	) 	 
    
	  	) 	  
	Witness 	) 	(Signature of Warrantholder, to be the same as
    
	  	) 	appears on the face of this Warrant
      Certificate) 
	  	) 	  
	  	) 	 
    
	  	  	Name of Registered Warrantholder

             [  ]             Please check if
the certificates representing the Common Shares are to be delivered at the
office where this Warrant Certificate is surrendered, failing which such
certificates will be mailed to the address set out above. Certificates will be
delivered or mailed as soon as practicable after the surrender of this Warrant
Certificate to the Warrant Agent. 

Schedule C 

FORM OF U.S. PURCHASER CERTIFICATION UPON EXERCISE OF
WARRANTS 

NOBILIS HEALTH CORP. 

- and to - 

CST TRUST COMPANY 
as Warrant Agent 

Dear Sirs: 

We are delivering this letter in connection with the purchase
of common shares (the “CommonShares”) of Nobilis Health Corp., a corporation
incorporated under the laws of the Province of  British Columbia (the
“Corporation”) upon the exercise of warrants of the Corporation (“Warrants”),
issued under the warrant indenture dated as of • , 2015 between the Corporation
and CST Trust Company. 

We hereby confirm that: 

	 	(a) 	
      we are an “accredited investor” satisfying one or more of
      the criteria set forth in Rule 501(a) of Regulation D under the United
      States Securities Act of 1933, as amended (the “U.S. Securities Act”)
      (complete Appendix A hereto);

	 	 	 
	 	(b) 	
      we are purchasing the Common Shares for our own
      account;

	 	 	 
	 	(c) 	
      we have such knowledge and experience in financial and
      business matters that we are capable of evaluating the merits and risks of
      purchasing the Common Shares;

	 	 	 
	 	(d) 	
      we are not acquiring the Common Shares with a view to
      distribution thereof or with any present intention of offering or selling
      any of the Common Shares, except (A) to the Corporation, (B) outside the
      United States in accordance with Regulation Sunder the U.S. Securities Act
      or (C) inside the United States in accordance with Rule 144 under the U.S.
      Securities Act, if available, and in compliance with applicable state
      securities laws;

	 	 	 
	 	(e) 	
      we acknowledge that we have had access to such financial
      and other information as we deem necessary in connection with our decision
      to exercise the Warrants and purchase the Common Shares; and

	 	 	 
	 	(f) 	
      we acknowledge that we are not purchasing the Common
      Shares as a result of any

	 	 	 
	 		
      “general solicitation” or “general advertising” (as those
      terms are used in Regulation D under the U.S. Securities Act), including
      advertisements, articles, notices or other communications published in any
      newspaper, magazine or similar media or on the Internet, or broadcast over
      radio, television or the Internet, or any seminar or meeting whose
      attendees have been invited by general solicitation or general
      advertising.

- 2 - 

We understand that the Common
Shares are being offered in a transaction not involving any public offering
within the United States within the meaning of the U.S. Securities Act and that
the Common Shares have not been and will not be registered under the U.S.
Securities Act.

We further understand that any
Common Shares acquired by us will be “restricted securities” as defined in Rule
144(a)(3) under the U.S. Securities Act, will be issued in the form of
definitive physical certificates and that such certificates will bear a legend
reflecting the fact that we will not offer, sell or otherwise transfer any of
the Common Shares, directly or indirectly, unless (i) the sale is to the
Corporation; (ii) the sale is made outside the United States in compliance with
the requirements of Regulation S under the U.S. Securities Act; or (iii) the
sale is made (A) pursuant to an exemption from registration under the U.S.
Securities Act provided by Rule 144 thereunder, if available, and in compliance
with any applicable state securities laws or (B) pursuant to a transaction that
does not require registration under the U.S. Securities Act or applicable state
securities laws, and in the case of each of (A) and (B), the seller has
furnished to the Corporation an opinion to such effect from counsel of
recognized standing reasonably satisfactory to the Corporation prior to such
offer, sale or transfer. 

We acknowledge and consent to the
fact that the Corporation and the Warrant Agent are collecting our personal
information for the purpose of facilitating our exercise of the Warrants. We
further acknowledge and consent to the fact that the Corporation or the Warrant
Agent may be required by applicable securities laws to provide the securities
regulators or other authorities pursuant to the Proceeds of Crime (Money
Laundering) and Terrorist Financing Act (Canada) with any personal
information provided by us in connection with the Warrants. Notwithstanding that
we may be purchasing Common Shares as agent on behalf of an undisclosed
principal, we agree to provide, on request, particulars as to the identity of
such undisclosed principal as may be required by the Corporation or the Warrant
Agent in order to comply with the foregoing. 

We represent and warrant that (a)
the funds representing the exercise price for of the Warrants which will be
advanced by us to the Corporation will not represent proceeds of crime for the
purposes of the United States Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act (the
“PATRIOT Act”), and we acknowledge that the Corporation and/or the Warrant Agent
may in the future be required by law to disclose our name and other information
relating to the Warrants, on a confidential basis, pursuant to the PATRIOT Act,
and (b) no portion of the subscription price to be provided by us (i) has been
or will be derived from or related to any activity that is deemed criminal under
the laws of the United States of America, or any other jurisdiction, or (ii) is
being tendered on behalf of a person or entity that has not been identified to
or by us, and we shall promptly notify the Corporation and the Warrant Agent if
we discover that any of such representations ceases to be true and provide the
Corporation and the Warrant Agent with appropriate information in connection
therewith. 

We acknowledge that you will rely
upon our confirmations, acknowledgements and agreements set forth herein, and we
agree to notify you promptly in writing if any of our representations or
warranties herein ceases to be accurate or complete. 

	DATED this ____day of _____, 20__. 	 
	  	 
	                                                                                                                                       	X 
	                                                                                                                                     
    	Signature of individual (if purchaser is an
    individual)

- 3 - 

	 	X 
	 	Authorized signatory (if purchaser is not
      an 
	 	individual) 
	 	  
	 	 
	 	Name
      of purchaser (please print) 
	 	 
	 	  
	 	Name
      of authorized signatory (please print) 
	 	 
	 	  
	 	Official capacity of authorized signatory
      (please 
	 	print) 

- 4 - 

Appendix A to 

FORM OF U.S. PURCHASER CERTIFICATION UPON EXERCISE OF
WARRANTS 

The following categories of “accredited investor” are set forth
in Rule 501(a) of Regulation D under the U.S. Securities Act (please write
“SUB” on each line that applies to you, and “BP” on each line that
applies to each beneficial purchaser, if any, on whose behalf you are acting as
a fiduciary or agent):

	
      __________Category 1. 
	
      A bank, as defined in Section 3(a)(2) of the U.S.
      Securities Act, whether acting in its individual or fiduciary capacity; a
      savings and loan association or other institution as defined in Section
      3(a)(5)(A) of the U.S. Securities Act, whether acting in its individual or
      fiduciary capacity; a broker or dealer registered pursuant to Section 15
      of the United States Securities Exchange Act of 1934; an insurance company
      as defined in Section 2(a)(13) of the U.S. Securities Act; an investment
      company registered under the United States Investment Company Act of 1940;
      a business development company as defined in Section 2(a)(48) of the
      United States Investment Company Act of 1940; a small business investment
      company licensed by the U.S. Small Business Administration under Section
      301 (c) or (d) of the United States Small Business Investment Act of 1958;
      a plan established and maintained by a state, its political subdivisions
      or any agency or instrumentality of a state or its political subdivisions,
      for the benefit of its employees, with total assets in excess of U.S.
      $5,000,000; or an employee benefit plan within the meaning of the United
      States Employee Retirement Income Security Act of 1974 in which the
      investment decision is made by a plan fiduciary, as defined in Section
      3(21) of such Act, which is either a bank, savings and loan association,
      insurance company or registered investment adviser, or an employee benefit
      plan with total assets in excess of U.S. $5,000,000 or, if a self-directed
      plan, with investment decisions made solely by persons who are Accredited
      Investors; or 

	
      
	
	
      __________Category 2. 
	
      A private business development company as defined in
      Section 202(a)(22) of the United States Investment Advisers Act of 1940;
      or 

	
      
	
	
      __________Category 3. 
	
      An organization described in Section 501(c)(3) of the
      United States Internal Revenue Code, a corporation, a Massachusetts or
      similar business trust, or a partnership, not formed for the specific
      purpose of acquiring the Purchased Securities offered, with total assets
      in excess of U.S. $5,000,000; or 

	
      
	
	
      __________Category 4. 
	
      A director or executive officer of the Corporation; or
      

- 5 - 

	__________Category 5. 	
      A natural person whose individual net worth, or joint net
      worth with that person's spouse, at the time of this purchase exceeds
      US$1,000,000; provided, however, that (i) person’s primary residence shall
      not be included as an asset; (ii) indebtedness that is secured by the
      person’s primary residence, up to the estimated fair market value of the
      primary residence at the time of the sale of securities, shall not be
      included as a liability (except that if the amount of such indebtedness
      outstanding at the time of the sale of securities exceeds the amount
      outstanding 60 days before such time, other than as a result of the
      acquisition of the primary residence, the amount of such excess shall be
      included as a liability); and (iii) indebtedness that is secured by the
      person’s primary residence in excess of the estimated fair market value of
      the primary residence at the time of the sale of securities shall be
      included as a liability; or 

	  	
       

	__________Category 6. 	
      A natural person who had an individual income in excess
      of U.S. $200,000 in each of the two most recent years or joint income with
      that person’s spouse in excess of U.S. $300,000 in each of those years and
      has a reasonable expectation of reaching the same income level in the
      current year; or 

	  	
       

	__________Category 7. 	
      A trust, with total assets in excess of U.S. $5,000,000,
      not formed for the specific purpose of acquiring the Purchased Securities
      offered, whose purchase is directed by a sophisticated person as described
      in Rule 506(b)(2)(ii) under the U.S. Securities Act; or 

	  	
       

	__________Category 8. 	
      An entity in which all of the equity owners are
      accredited investors. 

	DATED this ____day of _____,
      20__. 	
	 	  
	 	X 
	 	Signature of individual (if purchaser is
      an 
	 	individual) 
	 	  
	 	X 
	 	Authorized signatory (if purchaser is not
      an 
	 	individual) 
	 	  
	 	  
	 	Name of purchaser (please print) 
	 	  
	 	  
	 	Name of authorized signatory (please
      print) 
	 	  
	 	  
	 	Official capacity of authorized signatory
      (please 
	 	print)Nobilis Health Corp.: Exhibit 10.1 - Filed by newsfilecorp.com

UNDERWRITING AGREEMENT 

May 13, 2015 

Nobilis Health Corp.
4120 Southwest Freeway, Suite 150

Houston, Texas 
77027 USA 

	Attention: 	Chris Lloyd, Chief Executive Officer
  

Donald L. Kramer and associates and affiliates of Donald L.
Kramer (“Donald Kramer”) 
3330 Chevy Chase Drive, Houston, Texas 77019

Healthcare Ventures Limited (together with Donald Kramer,
“Kramer”) 
3330 Chevy Chase Drive, Houston, Texas 77019

Harry Fleming (together with Kramer, the “Selling
Shareholders”) 
4120 Southwest Freeway, Suite 150, Houston, Texas 77027

Dear Sirs: 

Mackie Research Capital Corporation (the “MRCC”), acting
as sole bookrunner and co-lead underwriter, and PI Financial Corp. (together
with MRCC, the “Underwriters”), acting as co-lead underwriter, hereby
severally, and not jointly nor jointly and severally, offer and agree to
purchase, on a “bought deal” basis in the respective percentages set forth in
Section 18 of this Agreement, from Nobilis Health Corp.
(the “Company”) and the Company and the Selling Shareholders hereby agree
to issue and sell to the Underwriters, 7,847,668 units of the Company (the
“Units”) at a price of $9.00 per Unit (the “Offering Price”), for
aggregate gross proceeds of $70,629,012 (of which $36,267,012 is payable to the
Company and $34,362,000 is payable to the Selling Shareholders), upon and
subject to the terms and conditions contained herein (the “Offering”).

Each Unit is comprised of one treasury unit (a “Treasury
Unit”) of the Company and one-half of one common share (each whole common
share, an “Additional Share”) of the Company from either (i) the Selling
Shareholders (the Additional Shares from the Selling Shareholders, the
“Secondary Shares”); or (ii) from treasury (the Additional Shares from
treasury, the “Additional Treasury Shares”). Each Treasury Unit is
comprised of one-half of one common share (each whole common share a
“Treasury Unit Share” and collectively with the Additional Treasury
Shares, the “Treasury Shares”) and one-half of one common share purchase
warrant (each whole common share purchase warrant, a “Warrant”). Each
Warrant entitles the holder thereof to acquire one common share (a “Warrant
Share”) in the capital of the Company at a price of $11.50 per Warrant Share
until 5:00 p.m. (Toronto time) on a date that is 24 months from the Closing Date
(as defined below). The expiry of the Warrants may be accelerated by the Company
at any time following the nine month anniversary of the Closing Date and prior
to the expiry date of the Warrants if, at any time following the Closing Date,
the volume-weighted average trading price of the Company’s common shares on the
TSX (as defined below) is equal to or greater than $13.50 for any twenty (20)
consecutive trading days, at which time the Company may accelerate the expiry
date of the Warrants by issuing a press release announcing the reduced Warrant
term whereupon the Warrants will expire on the 20th calendar day after the date
of such press release. In the event that the Company fails to file a
registration statement on or before August 31, 2015 per Section 3(g), the expiry
of the warrants may not be accelerated until the 15 month anniversary following
the Closing Date. 

The Underwriters shall have the right to cause the Units to be
purchased by the substituted purchasers in place of the Underwriters, and the
obligation of the Underwriters to purchase the Units shall be reduced to an
amount equal to the number of Units purchased by each substituted purchaser. The
Company, the Selling Shareholders and the Underwriters agree that any offers or
sales of the Units in the United States will be made by the Underwriters through
U.S. Affiliates (as defined below) on a substituted-purchaser basis to
Institutional Accredited Investors (as defined in Schedule “C”) pursuant to Rule
506(b) of Regulation D (as defined below) in accordance with the terms of this
Agreement, including, Schedule “C” hereto and that the Additional Shares
underlying any Units offered or sold in the United States shall be Additional
Treasury Shares. The parties hereby make the representations, warranties and
covenants set forth in Schedule “C”, and agree that Schedule “C” forms part of
this Agreement. 

In consideration of the services to be rendered by the
Underwriters in connection with the Offering, the Company and the Selling
Shareholders shall pay to the Underwriters the Underwriting Commission (as
defined below) and the Company shall deliver to the Underwriters the
Compensation Options (as defined below) at the Closing Time (as defined below),
in accordance with Section 16 of this Agreement (as
defined below). 

The Underwriters shall be entitled to appoint other registered
dealers as selling group members to assist in the Offering and the Underwriters
shall determine the remuneration payable to such other dealers, such
remuneration to be the sole responsibility of the Underwriters. 

	1. 	
      Interpretation

Definitions – In addition
to the terms previously defined and terms defined elsewhere in this Agreement
(including the Schedules hereto), where used in this Agreement or in any
amendment hereto, the following terms shall have the following meanings,
respectively: 

“Act” means the Securities
Act (Ontario), as amended from time to time; 

“Additional Shares” has the
meaning ascribed to such term on the first page of this Agreement; 

“Additional Treasury Shares” has
the meaning ascribed to such term on the first page of this Agreement; 

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

“Applicable Anti-Corruption Laws and
Regulations” has the meaning ascribed to such term in Section 4(kk) of this
Agreement; 

“Applicable Laws” means, in
relation to any person or persons, the Securities Laws and all other statutes,
regulations, statutory rules, orders, by-laws, codes, ordinances, decrees, the
terms and conditions of any grant of approval, permission, authority or licence,
or any judgment, order, decision, ruling, award, policy or guideline, of any
Governmental Authority that are applicable to such person or persons or its or
their business, undertaking, property or securities and emanate from a
Governmental Authority, having jurisdiction over the person or persons or its or
their business, undertaking, property or securities; 

“Business Day” means a day which
is not a Saturday, Sunday or statutory or civic holiday in the City of Toronto,
Ontario; 

IFRS” means International
Financial Reporting Standards; 

- 3 - 

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

“Closing Date” means May
13, 2015 or such other date as the Company, the Selling Shareholders and the
Underwriters may agree; 

“Closing Time” means 8:00 a.m.
(Toronto time) on the Closing Date or such other time on the Closing Date as the
Company, the Selling Shareholders and the Underwriters may agree; 

“Commission” has the meaning
ascribed to such term in Section 16 of this Agreement; 

“common shares” means the common
shares in the capital of the Company; 

“Company” means Nobilis Health
Corp., a corporation existing under the laws of the Province of British
Columbia, and includes any successor corporation to or of the Company; 

“Compensation Option
Certificate” means the definitive form of certificate representing the
Compensation Options; 

“Compensation Options”
has the meaning ascribed to such term in Section 16 of this Agreement;

“Compensation Shares” has
the meaning ascribed to such term in Section 16 of this Agreement; 

“Disclosure Documents” means,
collectively, all documents that have been disclosed by or on behalf of the
Company to the public and filed in accordance with applicable Securities Laws
with the Securities Regulators on SEDAR and EDGAR during the 24 months preceding
the date hereof; 

“EDGAR” means the SEC’s
Electronic Data Gathering, Analysis, and Retrieval system; 

“Encumbrance” means any charge,
mortgage, lien, pledge, claim, restriction, security interest or other
encumbrance whether created or arising by agreement, statute or otherwise
pursuant to any Applicable Law, attaching to property, interests or rights; 

“Environmental Laws” means all
applicable federal, provincial, state and local laws, statutes, ordinances,
by-laws, regulations, orders, directives and decisions relating to the
protection of human health and safety, the environment or the treatment, use,
processing, storage, disposal, discharge, transport or handling of hazardous or
toxic substances or wastes, pollutants or contaminants; 

“Financial Statements” means the
audited financial statements of the Company as at and for the years ended
December 31, 2014 and 2013, together with the report of Calvetti, Ferguson &
Wagner, P.C. on those financial statements, and including the notes with respect
to those financial statements;

“Fleming Note” means that
certain promissory note made in favour of Northstar Heathcare Subco, LLC by
Harry Fleming in the principal amount of $150,000; 

“GE Credit Agreement” means the
credit agreement dated as of March 31, 2015 by and among the Company, Northstar
Heathcare Holdings, Inc., Northstar Healthcare Acquisitions, LLC, the other
credit partners named therein, and General Electric Capital Corporation; 

- 4 - 

“Governmental Authority” means
any (i) multinational, federal, provincial, territorial, state, regional,
municipal, local or other government, governmental or public department, central
bank, court, tribunal, arbitral body, commission, board, bureau or agency,
domestic or foreign, (ii) subdivision, agent, commission, board, or authority of
any of the foregoing, or (iii) quasi-governmental or private body exercising any
regulatory, expropriation or taxing authority under, or for the account of, any
of the foregoing; 

“Hazardous Substances” has the
meaning ascribed to such term in Section 4(ww) of this Agreement; 

“Health Care Programs” means
Medicare, Medicaid and any other federal or state funded health care programs;

“including” means including
without limitation; 

“Intellectual Property”
means all intellectual and industrial property which is recognized under the
law of any jurisdiction anywhere in the world, whether under common law, by
statute or otherwise, including, but not limited to, any intellectual or
industrial property included in or covered by an Intellectual Property
Registration, including but not limited to, intellectual or industrial property
arising out of the following: 

	 	(a) 	
      patents granted in any other jurisdiction anywhere in the
      world, reissues, divisions, continuations, continuations-in-part,
      re-examinations, renewals and substitutes thereof, foreign counterparts of
      the foregoing, term restorations or other extensions of the term of any
      issued or granted patents anywhere in the world and extensions of the
      monopoly right covering a product or service previously covered by any
      issued or granted patent anywhere in the world for the limited purpose of
      extending the holder’s exclusive right to make, use or sell a particular
      product or service covered by such patent (such as supplemental protection
      certificates or the like);

	 	 	 
	 	(b) 	
      trade names, trademarks, trade secrets, service names,
      service marks, business names, product names, brands, logos, inventions,
      industrial design, know-how and other distinctive identifications used in
      commerce, whether in connection with products or services, and the
      goodwill associated with any of the foregoing;

	 	 	 
	 	(c) 	
      original works of authorship, derivative works and other
      copyrightable works of any nature, and fixations of any of the
      foregoing;

	 	 	 
	 	(d) 	
      software, databases and fixations thereof;

	 	 	 
	 	(e) 	
      uniform resource locators, website addresses, domain
      names, website content and all fixations thereof; and

	 	 	 
	 	(f) 	
      any other intangible property similar to any of the
      above;

“Intellectual Property
Registration” means an application (including provisional
applications), certificate, filing, registration or other document seeking or
confirming rights in Intellectual Property issued by, filed with or recorded by
any Governmental Authority in any jurisdiction anywhere in the world (including,
in the case of patent applications, international or multinational applications
filed in accordance with Chapter I of the Patent Cooperation Treaty or any other
multi-lateral agreement), including any and all amendments to any of the
foregoing; 

- 5 - 

“Leased Premises” means the
premises which are used or otherwise occupied by the Company and the
Subsidiaries and which the Company and the Subsidiaries use or occupy, as
applicable, as tenant, sub-tenant, leasee, sub-leasee or otherwise; 

“Lloyd Options” means the
1,048,212 common shares of the Company subject to an option to purchase granted
to Chris Lloyd on December 1, 2014 and approved by the TSX pursuant to Rule 613
of the TSX Company Manual; 

“Material Adverse Effect” means
any event, fact, change, circumstance, development, occurrence or state of
affairs which has or could have an effect that is materially adverse to the
business, assets (including intangible assets), affairs, operations, liabilities
(contingent or otherwise), capital, assets, properties, condition (financial or
otherwise), results of operations or prospects of the Company and the
Subsidiaries (taken as a whole), whether or not arising in the ordinary course
of business; 

“Material Agreement” means any
material note, indenture, mortgage or other form of indebtedness and any
contract, commitment, agreement (written or oral), instrument, lease or other
document, including licence agreements and agreements relating to Intellectual
Property, to which the Company or its Subsidiaries are a party or otherwise
bound and which is material to the Company or its Subsidiaries; 

“Material Subsidiaries” means,
collectively, all of the entities listed in Schedule “A” hereto and “Material
Subsidiary” means any one of them; 

“misrepresentation”,
“material fact”, “material change”,
“subsidiary”, “affiliate”,
“associate”, and “distribution” have the respective
meanings ascribed thereto in the Act; 

“NI 45-102” means National
Instrument 45-102 – Resale of Securities, as amended from time to time;

“NI 45-106” means National
Instrument 45-106 – Prospectus and Registration Exemptions as amended
from time to time; 

“NYSE” means the NYSE MKT;

“Offering” has the meaning
ascribed to such term on the first page of this Agreement; 

“Offering Price” has the meaning
ascribed to such term on the first page of this Agreement; 

“Offered Shares” means,
collectively, the Additional Treasury Shares, Secondary Shares and Treasury Unit
Shares; 

“Owned Intellectual Property”
means Intellectual Property (i) created or developed by or on behalf of the
Company or (ii) to which the Company has acquired, by purchase, assignment or
other transfer, the unconditional, unrestricted, exclusive right to control or
prevent any and all use of such Intellectual Property by others without the
consent or approval of or payment to, any other person; 

“person” means an individual,
firm, corporation, syndicate, partnership, trust, association, unincorporated
organization, joint venture, investment club, government or agency or political
subdivision thereof and every other form of legal or business entity of
whatsoever nature or kind; 

- 6 - 

“Personnel” has the meaning
ascribed to such term in Section 12 of this Agreement; 

“Plan” has the meaning ascribed
in Section 4(iii) of this Agreement; 

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

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

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

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

“SEDAR” means the system for
electronic document analysis and retrieval; 

“Secondary Shares” shall have
the meaning ascribed to such term on the first page of this Agreement; 

“Securities Laws” means,
collectively, the applicable securities laws of each of the Selling
Jurisdictions, their respective regulations, rulings, rules, orders (including
blanket orders and discretionary orders), instruments, fee schedules and
prescribed forms thereunder, the applicable policy statements issued by the
Securities Regulators or similar authority thereunder and the securities
legislation of and policies issued by each other relevant jurisdiction and the
rules and policies of the TSX and the NYSE, as well as U.S. federal and state
securities laws and the rules and regulations promulgated thereunder; 

“Securities Regulators”
means the securities commissions or other securities regulatory authorities
in all of the Selling Jurisdictions or, as the context may require, any one or
more of the Selling Jurisdictions, the SEC and the securities regulators of any
applicable state; 

“Selling Jurisdictions” means
all of the provinces of Canada, to the extent that any Purchasers are resident
therein; 

“Selling Shareholders” has the
meaning ascribed to such term on the first page of this Agreement; 

“Share Certificates” has the
meaning ascribed to such term in Section 8(f)(viii) of this Agreement;

“Software” means computer
code of any type (whether source code or object code) in any programming or
mark-up language, underlying any type of computer programming (whether
application software, middleware, firm ware or system software) including, but
not limited to, applets, assemblers, compilers, design tools, and user
interfaces; 

“Subscription Agreements” means
the subscription agreements in the forms agreed upon by the Underwriters, the
Company and the Selling Shareholders pursuant to which the Purchasers agree to
subscribe for and purchase the Units herein contemplated and shall include, for
greater certainty, all schedules thereto; 

“Subsidiaries” means any entity
that is a subsidiary of the Company within the meaning of “subsidiary” set forth
in section 2(2) of the Business Corporations Act (British Columbia) and
includes the subsidiaries of the
Company as listed in Schedule “B” of this Agreement, and “Subsidiary”
means any one of them;

- 7 - 

“Tax Act” has the meaning
ascribed to such term in Section 4(iii) of this Agreement; 

“Transfer Agent” means CST Trust
Company in its capacity as transfer agent and registrar of the common shares at
its principal office in the City of Toronto, Ontario;

“Treasury Shares” has the
meaning ascribed to such term on the first page of this Agreement; 

“Treasury Units” has the meaning
ascribed to such term on the first page of this Agreement; 

“Treasury Unit Shares” has the
meaning ascribed to such term on the first page of this Agreement; 

“TSX” means the Toronto Stock
Exchange; 

“Underlying Shares” means,
collectively, the Warrant Shares issuable upon exercise of the Warrants and the
Compensation Shares issuable upon exercise of the Compensation Options;

“Underwriters” has the meaning
ascribed to such term on the first page of this Agreement; 

“Underwriters’
Option” has the meaning ascribed to such term on the first page of this
Agreement; 

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

“Units” has the meaning ascribed
to such term on the first page of this Agreement; 

“U.S. Affiliates” means the
United States registered broker-dealer affiliates of the Underwriters; 

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

“U.S. Investment Company Act”
means the United States Investment Company Act of 1940, as amended; 

“U.S. Person” means a “U.S.
person” as defined in Rule 902(k) of Regulation S; 

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

“Warrant Agent” means CST Trust
Company, in its capacity as warrant agent of the Warrants at its principal
office in the City of Toronto, Ontario;

“Warrant Certificates” has the
meaning ascribed to such term in Section 8(f)(viii) of this Agreement; 

“Warrant Indenture” means the
warrant indenture entered into on the Closing Date between the Company and the
Warrant Agent governing the Warrants, as amended from time to time;

“Warrants” has the meaning
ascribed to such term on the first page of this Agreement; and

“Warrant Shares” has the meaning
ascribed to such term on the first page of this Agreement. 

- 8 - 

Other 

	 	(a) 	
      The division of this Agreement into sections,
      subsections, paragraphs and other subdivisions and the insertion of
      headings are for convenience of reference only and shall not affect the
      construction or interpretation of this Agreement. Unless something in the
      subject matter or context is inconsistent therewith, references herein to
      sections, subsections, paragraphs and other subdivisions are to sections,
      subsections, paragraphs and other subdivisions of this
Agreement.

	 	 	 
	 	(b) 	
      All words and personal pronouns relating thereto shall be
      read and construed as the number and gender of the party or parties
      referred to in each case and the verb shall be construed as agreeing with
      the required word and/or pronoun.

	 	 	 
	 	(c) 	
      Any reference in this Agreement to “$”
      or to “dollars” shall refer to the lawful currency of Canada,
      unless otherwise specified.

	2. 	
      Nature of Transaction

	 	(a) 	
      Sale on Exempt Basis. The Underwriters will have
      the right to arrange for substituted purchasers to purchase the Units: (i)
      in the Selling Jurisdictions and the United States on a private placement
      basis in compliance with Securities Laws such that the offer and sale of
      the Units does not require the Company to file a prospectus or a
      registration statement; and (ii) in such other jurisdictions as consented
      to by the Company on a private placement basis in compliance with all
      applicable securities laws of such other jurisdictions provided that no
      prospectus, registration statement or similar document is required to be
      filed in such jurisdiction and the Company does not thereafter become
      subject to on-going continuous disclosure obligations in such other
      jurisdictions.

	 	 	 
	 	(b) 	
      Filings. The Company and the Selling Shareholders
      undertake to file or cause to be filed all forms or undertakings required
      to be filed by the Company with the Securities Regulators and the TSX and
      NYSE in connection with the purchase and sale of the Units so that the
      initial distribution of the Units may lawfully occur without the necessity
      of filing a prospectus, a registration statement or an offering memorandum
      in Canada and the Underwriters undertake to use commercially reasonable
      best efforts to cause Purchasers of the Units to complete any forms
      required by the Securities Laws or other applicable securities laws. The
      Company and the Selling Shareholders shall comply, at their own expense,
      with all applicable regulatory requirements in connection with the
      Offering, including the filing of any required reports and the payment of
      applicable fees relating thereto.

	 	 	 
	 	(c) 	
      No Offering Memorandum. None of the Company, the
      Selling Shareholders or the Underwriters shall (i) provide to prospective
      purchasers of the Units any document or other material that could
      constitute an offering memorandum or future oriented financial information
      within the meaning of Securities Laws in connection with the offer and
      sale of the Units or (ii) engage in or authorize any form of general
      solicitation or general advertising in connection with or in respect of
      the Units in any newspaper, magazine, printed media of general and regular
      paid circulation or any similar medium or the internet, or, broadcast over
      radio, television, the internet or any seminar or meeting concerning the
      offer or sale of the Units whose attendees have been invited by general
      solicitation or general advertising. For greater certainty, the
      Underwriters acknowledge that, with respect to any Units that may be
      offered and sold by the Company in the United States, or to or for the account or benefit of any U.S. Persons
or any persons in the United States, the Company intends to rely on the
exemption from the registration requirements of the U.S. Securities Act provided
by section 4(a)(2) of the U.S. Securities Act and Rule 506(b) of Regulation D,
and, accordingly. 

- 9 - 

	 	(d) 	
      Split of Proceeds. The Company and the Selling
      Shareholders have agreed to a 50/50 split on the proceeds per Unit, being
      $4.50 to the Selling Shareholders and $4.50 to the Company, provided that
      in instances where a Unit is completed with a one-half Additional Treasury
      Share, rather than a one-half Secondary Share, the Company shall receive
      the full Offering Price for each such Unit.

	3. 	
      Covenants of the Company

The Company hereby covenants to the
Underwriters and to the Purchasers and their permitted assigns (such covenants
having been incorporated by reference in the Subscription Agreements), and
acknowledges that each of them is relying on such covenants, that the Company
shall: 

	 	(a) 	
      use its commercially reasonable efforts for as long as
      any of the Warrants remain outstanding to remain a reporting issuer under
      the Securities Laws in (i) at least one jurisdiction of Canada and (ii)
      the United States, in each case not in default of any requirement of such
      Securities Laws provided that this covenant shall not prevent the Company
      from completing any transaction which would result in the Company ceasing
      to be a “reporting issuer” so long as the holders of common shares,
      Offered Shares, Warrants, Compensation Options and Underlying Shares
      receive securities of an entity which is listed on a stock exchange or
      over-the-counter market or cash or the holders of the common shares have
      approved the transaction in accordance with the requirements of Applicable
      Laws;

	 	 	 
	 	(b) 	
      allow the Underwriters and their representatives the
      opportunity to conduct all due diligence into the business and affairs of
      the Company prior to the Closing Date (including the right to have
      question and answer sessions with senior management, the auditors, legal
      counsel, customers, partners and third-party consultants of the Company,
      which the Company agrees to use its reasonable best efforts to make
      available) and to provide to the Underwriters and its representatives with
      reasonable access to the books and records of the Company for this
      purpose;

	 	 	 
	 	(c) 	
      ensure all information and documentation relating to the
      Company and its affiliates and the Offering provided to the Underwriters,
      directly or indirectly, orally or in writing, by the Company and its
      affiliates, in connection with the Underwriters’ engagement hereunder will
      be true, accurate and complete in all material respects and not misleading
      in any material respects and will not omit to state any fact or
      information which would be material to the Underwriters performing the
      services contemplated herein. The Company will bear sole responsibility
      for the accuracy and completeness of any disclosure document to be
      prepared in connection with the Offering;

	 	 	 
	 	(d) 	
      at the Underwriters’ request and upon adequate notice,
      make members of its senior management team and certain of its directors
      available for meetings with potential investors;

	 	 	 
	 	(e) 	
      duly execute and deliver the Subscription Agreements at
      the Closing Time, and comply with and satisfy all terms, conditions and
      covenants therein contained to be complied with or satisfied by the
      Company;

- 10 - 

	 	(f) 	
      fulfil or cause to be fulfilled, at or prior to the
      Closing Date, each of the conditions set out in Section 8 of this
      Agreement;

	 	 	 
	 	(g) 	
      file, as promptly as practicable following the completion
      of the Offering and in any event not later than August 31, 2015, a
      registration statement with the SEC to register (i) the exercise of
      Warrants by holders thereof and (ii) resales of the Offered Shares,
      Warrants and Underlying Shares, in each case under the U.S. Securities
      Act. In the event that Company fails to file a registration statement on
      or before August 31, 2015, the expiry of the warrants may not be
      accelerated until the 15 month anniversary following the Closing
    Date;

	 	 	 
	 	(h) 	
      ensure that the Treasury Shares shall be duly and validly
      allotted, authorized and issued as fully paid and non-assessable common
      shares and shall have the attributes corresponding in all material
      respects to the description thereof set forth in this Agreement and the
      Subscription Agreements;

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

	 	 	 
	 	(j) 	
      ensure that the Warrant Shares, shall be duly and validly
      authorized and reserved for issuance and, when issued in accordance with
      the terms of the Warrants, shall be issued as fully paid and
      non-assessable common shares;

	 	 	 
	 	(k) 	
      ensure that the Compensation Options, upon issuance,
      shall be duly and validly created, authorized and issued and shall have
      the attributes corresponding in all material respects to the description
      thereof set forth in this Agreement and the Compensation Option
      Certificates;

	 	 	 
	 	(l) 	
      ensure that the Compensation Shares shall be duly and
      validly authorized and reserved for issuance and, when issued in
      accordance with the terms of the Compensation Options, shall be issued as
      fully paid and non-assessable common shares;

	 	 	 
	 	(m) 	
      ensure that each of the TSX conditional acceptance and
      the NYSE acceptance for the Offering has been obtained on or prior to the
      Closing Date and use its commercially reasonable efforts to ensure that
      the common shares (including the Offered Shares and Warrant Shares (each
      upon expiry of any statutory hold period and the Compensation Shares)
      remain listed for trading on the TSX and the NYSE and the Warrants (upon
      expiry of any statutory hold period) remain listed for trading on the TSX
      or such other principal stock exchange or over-the-counter market as the
      common shares may be listed or quoted (as the case may be) for as long as
      any of the Warrants remain outstanding provided that this covenant shall
      not prevent the Company from completing any transaction which would result
      in the common shares ceasing to be listed on the TSX and the NYSE or such
      other stock exchange or over-the-counter market as the common shares may
      be listed or quoted (as the case may be) or the Warrants ceasing to be
      listed on the TSX or such other stock exchange or over-the-counter market
      as the Warrants may be listed or quoted (as the case may be) so long as
      the holders of common shares, Offered Shares, Warrants, Compensation
      Options, and Underlying Shares receive securities of an entity which is
      listed on a stock exchange or over-the-counter market or cash or the
      holders of the common shares have approved the transaction in accordance
      with the requirements of all Applicable Laws;

- 11 - 

	 	(n) 	
      not take any action for as long as any of the Warrants
      remain outstanding which would reasonably be expected to result in the
      delisting or suspension of its common shares on or from the TSX or the
      NYSE or of the Warrants on or from the TSX, or such other principal stock
      exchange or over-the-counter market as the common shares may be listed or
      quoted (as the case may be), provided that this covenant shall not prevent
      the Company from completing any transaction which would result in the
      common shares ceasing to be listed on the TSX or the NYSE or the Warrants
      ceasing to be listed on the TSX, or such other stock exchange or
      over-the-counter market as the common shares or Warrants may be listed or
      quoted (as the case may be) so long as the holders of common shares,
      Offered Shares, Warrants, Compensation Options and Underlying Shares
      receive securities of an entity which is listed on a stock exchange or
      over-the-counter market or cash or the holders of the common shares have
      approved the transaction in accordance with the requirements of Applicable
      Laws;

	 	 	 
	 	(o) 	
      not, at any time prior to the closing of the Offering,
      halt the trading of the common shares on the TSX or the NYSE, without the
      prior consent of the Underwriters, acting reasonably;

	 	 	 
	 	(p) 	
      not, directly or indirectly, without the prior written
      consent of the Underwriters, such consent not to be unreasonably withheld:
      (a) issue, offer, sell, contract to sell, secure, pledge, grant any
      option, right or warrant to purchase or otherwise lend, transfer or
      dispose of (or announce any intention to do so) any securities of the
      Company; or make any short sale, engage in any hedging transactions, or
      enter into any swap or other arrangement that transfers to another, in
      whole or in part, any of the economic consequences of ownership of common
      shares of the Company, whether any such transaction described in this
      Section 3(p) is to be settled by delivery of common
      shares of the Company, other securities, cash or otherwise, or make any
      announcement with respect to the foregoing for a period commencing on the
      date hereof and ending on the earlier of the termination of this Agreement
      in accordance with its terms and 120 days following the completion of the
      Offering, except securities issued: (i) in connection with incentive stock
      options granted to directors, officers, employees and consultants of the
      Company and shares issued upon their exercise pursuant to the Company’s
      stock option plan in effect on the date hereof; (ii) pursuant to the
      exercise of convertible securities, including convertible debt, options or
      warrants outstanding at the date hereof; (iii) in connection with any
      acquisition(s) to an acquisition target as full or partial consideration
      by the Company or one of its Subsidiaries; or (iv) pursuant to the
  Offering.

	 	 	 
	 	(q) 	
      execute and file with the Securities Regulators all
      forms, notices and certificates required to be filed pursuant to the
      Securities Laws in the time required by the applicable Securities Laws,
      including, for greater certainty, all forms, notices and certificates set
      forth in the opinions delivered to the Underwriters pursuant to Section 8 of this Agreement required to be filed by the
      Company and, for as long as any of the Offered Shares or Warrants remain
      outstanding, to comply with all applicable continuous disclosure
      obligations under the Act, including but not limited to filing all
      required financial statements;

	 	 	 
	 	(r) 	
      prior to the Closing Time, the Company will have duly
      appointed CST Trust Company as the Warrant Agent in respect of the
      Warrants; and

	 	 	 
	 	(s) 	
      use the net proceeds from the treasury portion of the
      Offering for funding of potential acquisitions and general working
      capital.

- 12 - 

	4. 	
      Representations, Warranties and Covenants of the
      Company

The Company represents and warrants as
of the date of this Agreement to the Underwriters and to the Purchasers (such
representations and warranties having been incorporated by reference in the
Subscription Agreements), and acknowledges that each of them is relying upon
such representations and warranties, that: 

General Matters 

	 	(a) 	
      Good Standing, Capacity and Corporate Power of the
      Company. The Company: (i) has been duly incorporated, amalgamated,
      continued or organized and is validly existing as a company in good
      standing under the laws of its jurisdiction of incorporation,
      amalgamation, continuation or organization, and has the corporate power,
      capacity and authority to own, lease and operate its property and assets,
      to conduct its business as now conducted and as currently proposed to be
      conducted, to issue and sell the Treasury Units and to execute, deliver
      and perform its obligations under this Agreement, the Warrant Indenture,
      the Compensation Option Certificates and the Subscription Agreements and
      to carry out the transactions contemplated therein; and (ii) where
      required, has been duly qualified as an extra-provincial or foreign
      corporation for the transaction of business and is in good standing under
      the laws of each jurisdiction in which it owns or leases property, or
      conducts any business unless, in each case, the failure to so qualify in
      any such jurisdiction would not, individually or in the aggregate, have a
      Material Adverse Effect;

	 	 	 
	 	(b) 	
      Subsidiaries. Other than the Subsidiaries, the
      Company has no subsidiaries and no investment in any person, which is or
      would be material to the business and affairs of the Company. The Material
      Subsidiaries are the only subsidiaries of the Company that are material to
      the Company (taken as a whole), including with respect to the generation
      of revenues and the ownership of Intellectual Property. All of the issued
      and outstanding shares in the capital of the Subsidiaries have been duly
      authorized and validly issued, are fully paid and the Company is the
      direct or indirect registered and beneficial owner of such percentage of
      outstanding shares of each Subsidiary as indicated in Schedule “B”, in
      each case free and clear of all Encumbrances or adverse interests
      whatsoever, and no person, firm, corporation or entity has any agreement,
      option, right or privilege (whether pre-emptive or contractual) capable of
      becoming an agreement or option, for the purchase from the Company or any
      Subsidiary of any of the shares or other securities of any Subsidiary and
      none of the outstanding securities of the Subsidiaries were issued in
      violation of the pre-emptive or similar rights of any security holder of
      such subsidiary;

	 	 	 
	 	(c) 	
      Good Standing, Capacity and Corporate Power of the
      Subsidiaries. Each Material Subsidiary: (i) has been duly
      incorporated, amalgamated, continued or organized and is validly existing
      as a company in good standing under the laws of its jurisdiction of
      incorporation, amalgamation, continuation or organization and has the
      corporate power, capacity and authority to own, lease and operate its
      property and assets, to conduct its business as now conducted and as
      currently proposed to be conducted and to carry out the provisions hereof;
      and (ii) where required, has been duly qualified as a foreign corporation
      for the transaction of business and is in good standing under the laws of
      each other jurisdiction in which it owns or leases property, or conducts
      any business and is not precluded from carrying on business or owning
      property in such jurisdictions by any other commitment, agreement or
      document and is current and up-to-date with all material filings required
      to be made;

- 13 - 

	 	(d) 	
      Dissolution or Liquidation. No proceedings have
      been taken, instituted or, to the knowledge of the Company, are pending
      for the dissolution or liquidation of the Company or any of the Material
      Subsidiaries;

	 	 	 
	 	(e) 	
      Authorized Capital. The authorized capital of the
      Company consists of an unlimited number of common shares, of which as at
      the date hereof, 62,166,533 common shares are issued and outstanding as
      fully paid and non-assessable;

	 	 	 
	 	(f) 	
      Convertible Securities. As of the date hereof and
      other than pursuant to the provisions of this Agreement, there are: (i)
      outstanding incentive stock options exercisable for an aggregate of
      2,825,661 common shares, (ii) outstanding common share purchase warrants
      exercisable for an aggregate of 848,023 common shares, (iii) outstanding
      restricted share units exercisable for an aggregate of 4,650,000 common
      shares, (iv) 4,666,666 common shares issuable pursuant to the Membership
      Interest Purchase Agreement dated November 26, 2014 in respect of the
      acquisition of Athas Health LLC, and (v) the Lloyd Options; no person,
      firm, corporation or other entity holds any securities convertible or
      exchangeable into securities of the Company or has any agreement, warrant,
      option, right or privilege (whether at law, pre-emptive or contractual)
      being or capable of becoming an agreement for the purchase, subscription
      or issuance of, or conversion into, any unissued shares, securities
      (including convertible securities) or warrants of the Company;

	 	 	 
	 	(g) 	
      Voting Control. The Company and the Subsidiaries
      are not party to any agreement, nor is the Company or the Subsidiaries
      aware of any agreement, which in any manner affects the voting control of
      any of the securities of the Company or the Subsidiaries;

	 	 	 
	 	(h) 	
      Shareholders Rights Plan. The Company does not
      have in place a shareholder rights protection plan and neither the
      Company, nor to the Company’s knowledge, any of its shareholders is a
      party to any shareholders agreement, pooling agreement, voting trust or
      other similar type of arrangements in respect of outstanding securities of
      the Company;

	 	 	 
	 	(i) 	
      Minute Books and Records. The minute books and
      records of each of the Company and the Material Subsidiaries made
      available to counsel for the Underwriters in connection with its due
      diligence investigation of the Company and the Material Subsidiaries for
      the periods from its date of incorporation to the date of examination
      thereof are all of the minute books and material records of the Company
      and the Material Subsidiaries and contain copies of all material
      proceedings (or certified copies thereof) of the shareholders, the boards
      of directors and all committees of the boards of directors of the Company
      and the Material Subsidiaries to the date of review of such corporate
      records and minute books and there have been no other meetings,
      resolutions or proceedings of the shareholders, board of directors or any
      committees of the board of directors of the Company and the Material
      Subsidiaries to the date of review of such corporate records and minute
      books not reflected in such minute books and other records;

	 	 	 
	 	(j) 	
      Governmental Licences. (A) the Company and each of
      the Subsidiaries possesses such permits, certificates, licences,
      approvals, registrations, qualifications, consents and other
      authorizations (collectively, “Governmental Licences”) issued by
      the appropriate federal, provincial, state, local or foreign regulatory
      agencies or bodies necessary to conduct the business now operated by it in
      all jurisdictions in which it carries on business, that are material to
      the conduct of the business of the Company and the Subsidiaries (as such
      business is currently conducted); (B) the Company and each Subsidiary is
      in material compliance with the terms and conditions of all
  such Governmental Licences; (C) all of such Governmental Licences
are in good standing, valid and in full force and effect; (D) neither the
Company nor any Subsidiary has received any notice of proceedings relating to
the revocation, suspension, termination or modification of any such Governmental
Licences, and there are no facts or circumstances, including without limitation
facts or circumstances relating to the revocation, suspension, modification or
termination of any Governmental Licenses held by others, known to the Company,
that could lead to the revocation, suspension, modification or termination of
any such Governmental License; (E) neither the Company nor any Subsidiary is in
material default with respect to filings to be effected or conditions to be
fulfilled in order to maintain such Governmental Licenses in good standing; (F)
none of such Governmental Licenses contains any term, provision, condition or
limitation which has or would reasonably be expected to affect or restrict in
any material respect the operations or the business of the Company or any
Subsidiary as now carried on or proposed to be carried on; and (G) neither the
Company nor any Subsidiary has reason to believe that any party granting any
such Governmental Licenses is considering limiting, suspending, modifying,
withdrawing or revoking the same; 

- 14 - 

	 	(k) 	
      Conducting Business in Compliance. The Company and
      each Subsidiary (i) have each conducted and are each conducting their
      business in compliance in all material respects with all Applicable Laws
      of each jurisdiction in which its business is carried on or in which its
      services are provided and has not received a notice of non-compliance, nor
      knows of, nor has reasonable grounds to know of, any facts that could give
      rise to a notice of non-compliance with any such Applicable Laws, (ii) are
      not in breach or violation of any judgment, order or decree of any
      Governmental Authority or court having jurisdiction over the Company or
      any Subsidiary, as applicable, and (iii) hold all, and are not in breach
      of any, Governmental Licences that enable its business to be carried on as
      now conducted;

	 	 	 
	 	(l) 	
      Pending Changes to Applicable Law. Except for
      information in the public domain relating to the regulatory regime
      governing the healthcare industry in the United States, the Company and
      the Subsidiaries are not aware of any pending change or contemplated
      change to any Applicable Law or regulation or governmental position that
      would materially affect the business of the Company or the Subsidiaries or
      the business or legal environment under which the Company or the
      Subsidiaries operate;

	 	 	 
	 	(m) 	
      Reporting Issuer Status and Registrant Status. The
      Company is a “reporting issuer”, or the equivalent thereof, in each of the
      provinces and territories of Canada and is not included on a list of
      defaulting reporting issuers maintained by any of the Securities
      Regulators. The Company’s common shares are registered under Section 12(b)
      of the U.S. Exchange Act and the Company is subject to the
      periodic reporting requirements of the U.S. Exchange Act, and no stop
      orders with respect to any of the Company’s securities are outstanding,
      pending or, to the knowledge of the Company, threatened. The Company is
      not currently in default of any requirement of the Securities Laws of such
      jurisdictions in any material respect and in particular, without limiting
      the foregoing, the Company has at all times complied with its obligations
      to make timely disclosure of all material changes and material facts
      relating to it and there is no material change or material fact relating
      to the Company or the Subsidiaries which has occurred and with respect to
      which the requisite news release has not been disseminated and/or material
      change report, as applicable, has not been filed with the Securities
      Regulators in any of the provinces or territories of Canada or in the
      United States. All filings and fees required to be made and paid by the Company and the Subsidiaries
pursuant to all Applicable Laws have been made and paid.

- 15 - 

	 	(n) 	
      Continuous Disclosure. The Company is in
      compliance in all material respects with its timely disclosure obligations
      under Securities Laws and, without limiting the generality of the
      foregoing since December 31, 2014, there has not occurred a Material
      Adverse Effect which has not been publicly disclosed. All information
      which has been prepared by the Company relating to the Company and the
      Subsidiaries and their respective business, property and liabilities and
      either publicly disclosed (including each Disclosure Document required to
      be filed on SEDAR pursuant to continuous and timely disclosure
      requirements under applicable Securities Laws) or provided to the
      Underwriters (including all financial, marketing, sales and operational
      information provided to the Underwriters), is as of the date of such
      information, true and correct in all material respects, does not contain
      any misrepresentations and no material facts or facts have been omitted
      therefrom which would make such information misleading and the Company is
      not aware of any circumstances presently existing under which a material
      liability is or could reasonably be expected to be incurred under
      secondary market liability disclosure provisions under Securities Laws.
      The Company has not filed any confidential material change reports with
      any of the Securities Regulators that is still maintained on a
      confidential basis;

	 	 	 
	 	(o) 	
      Forward-looking Information. All forward-looking
      information and statements of the Company contained in the Disclosure
      Documents, including any forecasts and estimates, expressions of opinion,
      intention and expectation have been based on assumptions that are
      reasonable in the circumstances, complies in all material respects with
      Securities Laws, and the Company has updated such forward-looking
      information and statements as required by and in compliance with
      Securities Laws;

	 	 	 
	 	(p) 	
      Adverse Material Change. There has been no adverse
      material change to the Company or the Subsidiaries (actual or proposed,
      whether financial or otherwise) in the business, affairs, operations,
      assets, liabilities (absolute, accrued, contingent or otherwise) or
      capital stock or long term debt of the Company or the Subsidiaries on a
      consolidated basis since December 31, 2014 which has not been generally
      disclosed to the public and, in all material respects, the business of the
      Company and the Subsidiaries have been carried on in the usual and
      ordinary course consistent with past practice since December 31, 2014 to
      the extent that such past practice is consistent with the current business
      direction of the Company and the Subsidiaries;

	 	 	 
	 	(q) 	
      Freedom to Compete and Move Assets. Other than as
      set out in the GE Credit Agreement, the Company and the Material
      Subsidiaries are not a party to or bound or affected by any commitment,
      agreement or document containing any covenant which expressly limits the
      freedom of the Company or the Material Subsidiaries to compete in any line
      of business, transfer or, move any of its assets or operations or which
      has or could reasonably be expected to have a Material Adverse
    Effect;

	 	 	 
	 	(r) 	
      Material Agreements. All of the Material
      Agreements of the Company and of the Subsidiaries have been disclosed in
      the Disclosure Documents and each Material Agreement is legal, valid,
      binding and in full force and effect and is enforceable by the Company or
      the Subsidiary, as applicable, in accordance with its terms subject to
      customary qualifications, including that enforcement thereof may be
      limited by bankruptcy, insolvency, liquidation, reorganization, moratorium
      or similar laws affecting the rights of creditors generally and except as limited by the
application of equitable principles when equitable remedies are sought, and the
qualification that the enforceability of rights of indemnity and contribution
may be limited by Applicable Law. Neither the Company nor the Subsidiaries, nor
to the knowledge of the Company, any other person, is in default in the
observance or performance of any term, covenant or obligation to be performed by
it under any Material Agreement which would have a Material Adverse Effect and
no event has occurred which with notice or lapse of time or both would
constitute such a default and all such contracts, agreements and arrangements
are in good standing. None of the Company or any of the Subsidiaries has
received any notice (whether written or oral), that any party to a Material
Agreement intends to cancel, terminate or otherwise modify or not renew its
relationship with the Company or with any of the Subsidiaries, which would have
a Material Adverse Effect and, to the knowledge of the Company, no such action
has been threatened;  

- 16 - 

	 	(s) 	
      Ownership Interests. Other than as set out in the
      GE Credit Agreement, the Company and each Subsidiary is the absolute legal
      and beneficial owner, and has good and valid title to, all of the material
      property or assets thereof as described in the Disclosure Documents free
      and clear of all Encumbrances and defects of title except Encumbrances
      filed in the ordinary course or such as are not material, individually or
      in the aggregate, to the Company or any Subsidiary, and (A) no other
      material property or assets are necessary for the conduct of the business
      of the Company or any Subsidiary as currently conducted, (B) the Company
      has no knowledge of any claim or the basis for any claim that might or
      could materially and adversely affect the right of the Company or any
      Subsidiary to use, transfer or otherwise exploit such property or assets,
      and (C) other than pursuant to this Agreement, neither the Company nor the
      Subsidiary has any responsibility or obligation to pay any commission,
      royalty, licence fee or similar payment to any person with respect to the
      property and assets thereof;

	 	 	 
	 	(t) 	
      Purchases and Sales. None of the Company or any of
      the Subsidiaries has approved, has entered into any agreement in respect
      of, or has any knowledge of:

	 	(i) 	
      the purchase of any of its business assets or any
      interest therein, or the sale, transfer or other disposition of any of its
      business assets or any interest therein currently owned, directly or
      indirectly, by the Company or the Subsidiaries whether by asset sale,
      transfer of shares, or otherwise;

	 	 	 
	 	(ii) 	
      the change of control (by sale or transfer of common
      shares or sale of all or substantially all of the assets of the Company or
      the Subsidiaries or otherwise) of the Company or the Subsidiaries;
    or

	 	 	 
	 	(iii) 	
      a proposed or planned disposition of common shares by any
      shareholder who owns, directly or indirectly, 10% or more of the
      outstanding common shares or common shares of the Subsidiaries, other than
      the proposed disposition of common shares by the Selling Shareholders
      pursuant to this Agreement;

	 	(u) 	
      Real and Leased Property. The Company owns no real
      property. With respect to each of the Leased Premises, the Company and the
      Subsidiaries occupy the Leased Premises, have the right to occupy and use
      the Leased Premises and each of the leases pursuant to which the Company
      and the Subsidiaries occupy the Leased Premises is in good standing in all
      material respects and in full force and effect. The performance of
      obligations pursuant to and in compliance with the terms of this Agreement
      and the Subscription Agreements, and the completion of the transactions described
herein by the Company and the Subsidiaries, will not afford any of the parties
to such leases or any other person the right to terminate such lease or the
Company’s or any of the Subsidiaries’ right to occupy and use the Leased
Premises or, result in any additional or more onerous obligations under such
leases. Neither the Company nor any of the Subsidiaries has received any notice
or other communication from the owner or manager of any of the Leased Premises
that the Company or any of the Subsidiaries is not in compliance with any term
or condition of any such real property lease, and to the best knowledge of the
Company no notice or other communication is pending or has been threatened;

- 17 - 

	 	(v) 	
      Financial Statements. The Financial Statements:
      (i) have been prepared in accordance with Securities Laws and IFRS or U.S.
      GAAP, as applicable, applied on a consistent basis throughout the periods
      referred to therein, except as otherwise disclosed therein; and (ii)
      present fairly, in all material respects, the financial position and
      condition of the Company and the Subsidiaries on a consolidated basis as
      at the dates thereof and the results of its operations and the changes in
      its shareholder’s equity and cash flows for the periods then ended, and do
      not contain a misrepresentation;

	 	 	 
	 	(w) 	
      Off-Balance Sheet Transactions. There are no
      off-balance sheet transactions, arrangements, obligations or liabilities
      of the Company or its Subsidiaries whether direct, indirect, absolute,
      contingent or otherwise which are required to be disclosed and are not
      disclosed or reflected in the Financial Statements;

	 	 	 
	 	(x) 	
      Accounting Policies. There has been no change in
      accounting policies or practices of the Company or its subsidiaries since
      December 31, 2014, other than the adoption of certain additional IFRS
      measures as disclosed in the Financial Statements;

	 	 	 
	 	(y) 	
      Accounting Controls. The Company has established
      and maintains a system of disclosure controls and procedures that are
      designed to provide reasonable assurance that information required to be
      disclosed by the Company in its annual filings, interim filings or other
      reports filed or submitted by it under Securities Laws is recorded,
      processed, summarized and reported within the time periods specified in
      Securities Laws. Such disclosure controls and procedures include controls
      and procedures designed to ensure that information required to be
      disclosed by the Company in its annual filings, interim filings or other
      reports filed or submitted under Securities Laws is accumulated and
      communicated to the Company’s management, including its Chief Executive
      Officer and Chief Financial Officer, as appropriate, to allow timely
      decisions regarding required disclosure. The Company and the Subsidiaries
      maintain, and will maintain, a system of internal accounting controls
      sufficient to provide reasonable assurance that: (i) transactions are
      executed in accordance with management’s general or specific
      authorizations; (ii) transactions are recorded as necessary to permit
      preparation of financial statements in conformity with IFRS or U.S. GAAP,
      as applicable, and to maintain asset accountability; and (iii) access to
      assets is permitted only in accordance with management’s general or
      specific authorization. To the knowledge of the Company, there is no
      material weakness relating to the design, implementation or maintenance of
      its internal control over financial reporting, or fraud, whether or not
      material, that involves management or other employees who have a
      significant role in the internal control over financial reporting of the
      Company. To the knowledge of the Company, none of the Company, any of its
      Subsidiaries, any director, officer, auditor, accountant or representative
      of the Company or any of its Subsidiaries has received or otherwise
      obtained knowledge of any material complaint, allegation, assertion, or
      claim, whether written or oral, regarding accounting, internal accounting
controls or auditing matters, including any material complaint, allegation,
assertion, or claim that the Company or any of its Subsidiaries has engaged in
questionable accounting or auditing practices, or any expression of concern from
its employees regarding questionable accounting or auditing matters;

- 18 - 

	 	(z) 	
      Audit Committee’s Responsibilities.
      The audit committee’s responsibilities comply with National Instrument
      52-110 - Audit Committees;

	 	 	 
	 	(aa) 	
      Independent Accountants. The auditors who audited
      the annual Financial Statements of the Company and who provided their
      audit report thereon are a participating audit firm within the meaning of
      applicable Securities Laws and are independent pursuant to the Rules of
      Professional Conduct of the Institute of Chartered Accountants of Ontario
      and the requirements of the Public Company Accounting Oversight
    Board;

	 	 	 
	 	(bb) 	
      Reportable Event. There has not been a “reportable
      event” (within the meaning of National Instrument 51-102 – Continuous
      Disclosure Obligations) with the present or former auditors of the
      Company and the auditors of the Company have not provided any material
      comments or recommendations to the Company regarding its accounting
      policies, internal control systems or other accounting or financial
      practices that have not been implemented by the Company;

	 	 	 
	 	(cc) 	
      Insurance. The Company and the Subsidiaries are
      insured by insurers of recognized financial responsibility against such
      losses and risks and in such amounts as are prudent and customary in the
      businesses in which they are engaged, and the Company has no reason to
      believe that it will not be able to renew the existing insurance coverage
      of the Company and the Subsidiaries as and when such coverage expires or
      to obtain similar coverage from similar insurers as may be necessary to
      continue its business at a cost that would not, individually or in the
      aggregate, have a Material Adverse Effect, and such coverage is in full
      force and effect, and the Company and the Subsidiaries have not breached
      the terms of any policies in respect thereof or failed to promptly give
      any notice or present any material claim thereunder;

	 	 	 
	 	(dd) 	
      Taxes. The Company and each Subsidiary has duly
      and on a timely basis filed all foreign, federal, state, provincial and
      municipal tax returns required to be filed by it, has paid all taxes due
      and payable by the Company and the Subsidiaries, respectively, and has
      paid all assessments and reassessments and all other taxes, governmental
      charges, penalties, interest and other fines due and payable by it and
      which are claimed by any Governmental Authority to be due and owing,
      except where the failure to pay would not, individually or in the
      aggregate, have a Material Adverse Effect, and adequate provision has been
      made for taxes payable for any completed fiscal period for which tax
      returns are not yet required to be filed; there are no agreements, waivers
      or other arrangements providing for an extension of time with respect to
      the filing of any tax return or payment of any tax, governmental charge or
      deficiency by the Company or by any Subsidiary; there are no actions,
      suits, proceedings, investigations or claims pending or, to the knowledge
      of the Company, threatened against the Company or any Subsidiary in
      respect of taxes, governmental charges or assessments; and there are no
      matters under discussion with any Governmental Authority relating to
      taxes, governmental charges or assessments asserted by any such authority.
      The Company and each of the Subsidiaries have established on their books
      and records reserves that are adequate for the payment of all taxes not
      yet due and payable and there are no liens for taxes on the assets of
      the Company or any of the Subsidiaries, and, to the knowledge of
the Company, there are no audits pending of the tax returns of the Company or
any of the Subsidiaries (whether federal, state, provincial, local or foreign)
and there are no claims which have been or may be asserted relating to any such
tax returns, which audits and claims, if determined adversely, would result in
the assertion by any Governmental Authority of any deficiency that could,
individually or in the aggregate, result in a Material Adverse Effect; 

- 19 - 

	 	(ee) 	
      Dividends. During the previous 12 months, the
      Company has not, directly or indirectly, declared or paid any dividend or
      declared or made any other distribution on any of its shares or securities
      of any class, or, directly or indirectly, redeemed, purchased or otherwise
      acquired any of its common shares or securities or agreed to do any of the
      foregoing. There is not, in the constating documents, articles or in any
      Material Agreement or other instrument or document to which the Company or
      the Subsidiaries is a party, any restriction upon or impediment to, the
      declaration or payment of dividends by the directors of the Company or the
      payment of dividends by the Company to the holders of its common
      shares;

	 	 	 
	 	(ff) 	
      Insider Interest in Transactions. None of the
      directors, executive officers or shareholders who beneficially own,
      directly or indirectly, or exercise control or direction over, more than
      10% of the outstanding common shares of the Company or securities
      exchangeable for more than 10% of any class of securities of the Company,
      or any known associate or affiliate of any such person, had or has any
      material interest, direct or indirect, in any transaction or any proposed
      transaction (including, without limitation, any loan made to or by any
      such person) with the Company which, as the case may be, materially
      affects, is material to or will materially affect the Company and its
      Subsidiaries (taken as a whole). Other than the Fleming note, the Company
      and the Subsidiaries do not have any loans or other indebtedness
      outstanding which has been made to any of its shareholders, officers,
      directors or employees, past or present, or any person not dealing at
      “arm’s length” (as such term is defined in the Tax Act;

	 	 	 
	 	(gg) 	
      Directors and Officers. To the best of the
      Company’s knowledge, none of the directors or officers of the Company are
      now, or have ever been, subject to an order or ruling of any securities
      regulatory authority or stock exchange prohibiting such individual from
      acting as a director or officer of a public company or of a company listed
      on a particular stock exchange;

	 	 	 
	 	(hh) 	
      Litigation. None of the Company or any Subsidiary
      has been served with or otherwise received notice of any legal or
      governmental proceedings or investigations and there are no legal or
      governmental proceedings or investigations (whether or not purportedly on
      behalf of the Company) pending to which the Company or any Subsidiary is a
      party or of which any property or assets of the Company or any Subsidiary
      is the subject which is reasonably likely, individually or in the
      aggregate, to have a Material Adverse Effect, or which might reasonably be
      expected to materially and adversely affect the consummation by the
      Company of the transactions contemplated by this Agreement and except for
      a claim from the Company’s former Chief Marketing Officer for
      approximately $676,500 plus 1,000,000 common shares, no such proceedings
      have been threatened or contemplated by any Governmental Authority or any
      other parties. There are no judgments against the Company or the
      Subsidiaries which are unsatisfied, nor are there any consent decrees or
      injunctions to which the Company or the Subsidiaries is
  subject;

- 20 - 

	 	(ii) 	
      Cease Trade Order. The issued and outstanding
      common shares are listed and posted for trading on the TSX and the NYSE,
      the Company has applied to list the Offered Shares, Underlying Shares and
      the Warrants on the TSX and received approval to list the Offered Shares,
      Underlying Shares and the Warrants on the NYSE and no order ceasing or
      suspending trading in any securities of the Company or the trading of any
      of the Company’s issued securities is currently outstanding and no
      proceedings for such purpose are threatened, or to the knowledge of the
      Company, pending;

	 	 	 	 
	 	(jj) 	
      Delisting. Neither the Company nor the
      Subsidiaries have taken any action which would be reasonably expected to
      result in the delisting or suspension of the common shares on or from the
      TSX or the NYSE and the Company is currently in material compliance with
      the rules and regulations of the TSX and the NYSE;

	 	 	 	 
		(kk) 	
      Bribery. The Company, its Subsidiaries and each of
      their directors and officers are familiar with anti-bribery and
      anti-corruption laws and regulations applicable in any jurisdiction in
      which they are located or conducting business (collectively “Applicable
      Anti-Corruption Laws and Regulations”). The Company, its Subsidiaries,
      and to the knowledge of the Company, its directors, officers, employees,
      consultants, representatives and agents of the foregoing as it relates to
      the Company: (a) have conducted all transactions, negotiations,
      discussions and dealings in full compliance with Applicable
      Anti-Corruption Laws and Regulations; and (b) have not made any offer,
      payment, promise to pay, or authorization of payment of money or anything
      of value to any government official, or any other person while having
      reasonable grounds to believe that all or a portion of such money or thing
      of value will be offered, given or promised, directly or indirectly, to a
      government official, for the purpose of (i) assisting the parties in
      obtaining, retaining or directing business; (ii) influencing any act or
      decision of a government official in his, her or its official capacity;
      (iii) inducing a government official to do or omit to do any act in
      violation of his, her or its lawful duty, or to use his, her or its
      influence with a government or instrumentality thereof to affect or
      influence any act or decision of such government or department, agency,
      instrumentality or entity thereof; or (iv) securing any improper
      advantage. The Company, its Subsidiaries, and to the knowledge of the
      Company, its directors, officers, employees, consultants, representatives
      and agents of the foregoing as it relates to the Company: (a) have not
      entered into any healthcare reimbursement fee-splitting arrangement with
      any actual or potential patient, health care provider, business partner,
      governmental employee or other person in a position to assist or hinder
      the Company and/or the Subsidiaries in violation of Applicable Law; (b)
      have not (i) made any payment for, or agreed to make any payment for, any
      goods, services, or property in excess of fair market value; (ii) made or
      caused to be made a false statement or representation of a material fact
      in any application for any benefit or payment under any Health Care
      Program; (iii) made or caused to be made any false statement or
      representation of a material fact for use in determining rights to any
      benefit or payment under any Health Care Program; (iv) presented or caused
      to be presented a claim for reimbursement for services under any Health
      Care Program that is for an item or service that is known or should be
      known to be: (I) not provided as claimed, (II) not provided in accordance
      with Applicable Law, or (III) false or fraudulent; (v) failed to disclose
      knowledge of the occurrence of any event materially affecting the initial
      or continued right to any benefit or payment under any Health Care
      Program; (vi) offered, paid, solicited, or received any remuneration
      (including any kickback, bribe or rebate), overtly or covertly, in cash or
      in kind: (I) in return for referring an individual to the Company or any
      Subsidiary for the furnishing or arranging for the furnishing of any item
      or service for which payment may be made in whole or in part by any Health
      Care Programs or third-party payer, or (II) in return for
purchasing, leasing or ordering any good, facility, service, or item for which
payment may be made in whole or in part by any Health Care Program or any
third-party payer, that would, individually or in the aggregate, reasonably be
expected to result in a Material Adverse Effect. Neither the Company nor the
Subsidiaries nor to the knowledge of the Company, any director, officer,
employee, consultant, representative or agent of foregoing, has (a) conducted or
initiated any review, audit, or internal investigation that concluded the
Company, a Subsidiary or any director, officer, employee, consultant,
representative or agent of the foregoing violated such laws or committed any
material wrongdoing, or (b) made a voluntary, directed, or involuntary
disclosure to any Governmental Authority responsible for enforcing anti-bribery
or anti-corruption laws, in each case with respect to any alleged act or
omission arising under or relating to non-compliance with any such laws, or
received any notice, request, or citation from any person alleging
non-compliance with any such laws; 

- 21 - 

	 	(ll) 	
      Previous Acquisitions. All previous acquisitions
      completed by the Company or any of the Subsidiaries of any securities,
      businesses, assets or products of any other entity have been fully and
      properly disclosed in the Disclosure Documents, were completed in
      compliance with all applicable corporate and securities laws and all
      necessary corporate and regulatory approvals, consents, authorizations,
      registrations, and filings required in connection therewith were obtained
      and complied with; the Company or the Subsidiaries, as the case may be,
      conducted all due diligence procedures in connection with such previous
      acquisitions as are standard and customary for transactions of such
      nature;

	 	 	 
	 	(mm) 	
      Operations of Business and Title to Business Assets.
      All material activities conducted by the Company and/or its
      Subsidiaries are truly and accurately described, in all material respects,
      in the Disclosure Documents and comprise all of the material business
      activities of the Company and the Subsidiaries, on a consolidated basis.
      The Company and the Subsidiaries have good, valid and marketable title to
      and have all necessary rights in respect of all of their business assets
      as owned, leased, licensed, loaned, operated or used by them or others in
      the operation of the business, or over which they have rights, free and
      clear of liens, and no other rights or business assets are necessary for
      the conduct of the business of the Company or the Subsidiaries as
      currently conducted or as proposed to be conducted except for Encumbrances
      on property or assets leased by the Company or its Subsidiaries;

	 	 	 
	 	(nn) 	
      Business Operations. To the knowledge of the
      Company: (i) all material agreements with third parties (including all
      physicians, suppliers or vendors) for the provision/supply or sale of
      services, products, equipment or technologies in connection with the
      business of the Company and the Subsidiaries have been entered into and
      are being performed in compliance with their terms; and (ii) the Company
      and its Subsidiaries have all necessary access to the requisite service
      providers, supplies and equipment to conduct their business as currently
      conducted or proposed to be conducted;

	 	 	 
	 	(oo) 	
      Business Relationships. There exists no actual or,
      to the knowledge of the Company, threatened termination, cancellation or
      limitation of, or any material adverse modification or material change in,
      the business relationship of the Company or the Subsidiaries, with any
      physician, supplier or vendor, or any group of physicians, suppliers or
      vendors whose business with or whose inventories or purchases provided to
      the business of the Company or the Subsidiaries are individually or in the
      aggregate material to the assets, business, properties, operations or
      financial condition of the Company or the Subsidiaries. All
  such business relationships are intact and mutually cooperative, and
there exists no condition or state of fact or circumstances that would prevent
the Company or the Subsidiaries from conducting such business with any such
physician, supplier or vendor, or group of physicians, suppliers or vendors in
the same manner in all material respects as currently conducted or proposed to
be conducted;

- 22 - 

	 	(pp) 	
      The Health Care Programs and Third-Party
      Payers.

	 	(i) 	
      The Company and each Subsidiary has complied with all
      laws, rules, regulations, standards, policies and procedures of the Health
      Care Programs applicable to the Company and the Subsidiaries, and have
      filed all claims, invoices, returns, cost reports and other forms
      (including, but not limited to all enrolment forms, CMS- 855 forms and
      other documentation required to participate in any Health Care Program or
      with any other third-party payer), the use of which is required or
      permitted by such Health Care Programs, in the form and manner, together
      with all supporting documentation, prescribed by such Health Care
      Programs, except where the failure to do so would not, individually or in
      the aggregate, reasonably be expected to result in a Material Adverse
      Effect.

	 	 	 
	 	(ii) 	
      All claims, returns, invoices, and other forms and
      documentation submitted by the Company or any Subsidiary to any Health
      Care Program or to any other public or private third-party payer since the
      inception of the business of the Company and the Subsidiaries have been
      true, complete, correct and accurate in all material respects. No
      deficiency in any such claims, returns, invoices, and other filings,
      including claims for overpayments or deficiencies for late filings, has
      been asserted or threatened by any federal or state agency or
      instrumentality or other carrier or intermediary relating to Medicare or
      Medicaid claims or by any other public or private third-party
  payer.

	 	 	 
	 	(iii) 	
      Neither the Company nor any Subsidiary has been subject
      to any audit relating to fraudulent Medicare or Medicaid procedures or
      practices. Neither the Company nor any Subsidiary has received a written
      inquiry from any Governmental Authority or any Health Care Program or from
      any agent of such Health Care Program, including, without limitation, the
      Centers for Medicare and Medicaid Services (“CMS”), the Department
      of Health and Human Services (“HHS”), the Department of Justice
      (“DOJ”), the Department of Health and Human Services Office of
      Inspector General (“OIG”), the Drug Enforcement Administration
      (“DEA”), Medicare Administrative Contractors, state Attorneys
      General, state Medicaid Fraud Control Units, other state agencies, or
      other bodies that regulate the Company’s and Subsidiaries’ businesses and
      operations, that would, individually or in the aggregate, reasonably be
      expected to result in a Material Adverse Effect.

	 	 	 
	 	(iv) 	
      To the knowledge of the Company, there is no basis for
      any claim or request for recoupment or reimbursement from the Company or
      any Subsidiary by, or for reimbursement by the Company or any Subsidiary
      of, and neither the Company nor any Subsidiary has received any
      overpayments from, any federal or state agency or instrumentality or other
      carrier or intermediary relating to Medicare or Medicaid claims or any
      other Health Care Program or any other public or private third-party
      payer, that would, individually or in the aggregate, reasonably be
      expected to result in a Material Adverse
Effect.

- 23 - 

	 	(v) 	
      The Company and each Subsidiary, as applicable, has
      routinely collected all co- payments, coinsurance and deductibles from
      patients in accordance with all laws, rules, regulations, standards,
      policies and procedures of the Health Care Programs and of the applicable
      public or private third-party payer, except where the failure to do so
      would not, individually or in the aggregate, reasonably be expected to
      result in a Material Adverse Effect. For each patient, the Company and
      each Subsidiary, as applicable, has maintained complete and accurate
      clinical documentation of the medical necessity of all services and
      supplies provided by the Company or Subsidiary to such patient, except
      where the failure to do so would not, individually or in the aggregate,
      reasonably be expected to result in a Material Adverse Effect. For each
      patient, the Company or Subsidiary, as applicable, has maintained complete
      and accurate financial and other documentation required for billing Health
      Care Programs or any other public or private third-party payer, except
      where the failure to do so would not, individually or in the aggregate,
      reasonably be expected to result in a Material Adverse Effect.

	 	 	 
	 	(vi) 	
      To the knowledge of the Company, neither the Company nor
      any Subsidiary has employed or contracted with any person sanctioned or
      excluded from participation with any Health Care Program or debarred from
      contracting with any federal or state agency. The Company and each
      Subsidiary checks on an annual basis all employees and contractors against
      the OIG’s List of Excluded Individuals/Entities and the General Services
      Administration’s Excluded Parties List System.

	 	(qq) 	
      Patient Privacy. The Company and each Subsidiary
      has at all times complied with all applicable federal, state and local
      laws and regulations regarding the confidentiality and security of health
      related information, including, but not limited to the Health Insurance
      Portability and Accountability Act of 1996 (“HIPAA”), as it may be
      amended from time to time, and the Health Information Technology for
      Economic and Clinical Health Act, as incorporated in the American Recovery
      and Reinvestment Act of 2009 and as it may be amended (the “HITECH
      Act”), and the requirements of all regulations promulgated pursuant to
      HIPAA and the HITECH Act, including without limitation the regulations
      codified at 45 CFR Parts 160 and 164. Neither the Company nor any
      Subsidiary has experienced a breach of state or federal privacy or
      security laws or regulations.

	 	 	 
	 	(rr) 	
      Intellectual Property Rights. The Company and the
      Subsidiaries own all right, title and interest in and with respect to all
      Owned Intellectual Property, being all the material Intellectual Property
      that is used by the Company or the Subsidiaries in connection with their
      businesses and operations as presently conducted or proposed to be
      conducted, free and clear of any Encumbrances, and the Owned Intellectual
      Property is fully transferable, alienable and licensable without
      restriction. The Intellectual Property used in the business of the Company
      and its Subsidiaries is valid and enforceable and the Company and/or the
      Subsidiaries have not received any notice, claim, threats or allegation
      from any person for any violation or infringement by the Company and/or
      the Subsidiaries of any rights with respect to any Intellectual Property
      or questioning the right of the Company and/or the Subsidiaries to
      unconditionally use, possess, transfer, convey, distribute or otherwise
      dispose of any (i) technology, (ii) Owned Intellectual Property, or (iii)
      licensed Intellectual Property used or distributed by the Company and/or
      the Subsidiaries. The Company’s and the Subsidiaries’ use of the
      Intellectual Property used in the business of the Company and/or its
      Subsidiaries, past and present, has not and does not violate
  or constitute a breach of any agreement, obligation, promise or
commitment by which the Company and/or the Subsidiaries may be bound or
constitute a violation of any laws, regulations, ordinances, codes or statutes
in any jurisdiction; 

- 24 - 

	 	(ss) 	
      Employment. The Company and the Subsidiaries are
      in material compliance with all laws respecting employment and employment
      practices, terms and conditions of employment, occupational health and
      safety, pay equity and wages. All material employee plans have been
      maintained in compliance with their terms and with the requirements
      prescribed by any and all statutes, orders, rules and regulations that are
      applicable to such employee plans, in each case in all material respects
      and have been publicly disclosed to the extent required by Securities Laws
      and all material accruals for unpaid vacation pay, premiums for
      unemployment insurance, health premiums, federal or state pension plan
      premiums, accrued wages, salaries and commissions and employee benefit
      plan payments have been reflected in the books and records of the Company
      and/or the Subsidiaries, as applicable;

	 	 	 
	 	(tt) 	
      Labour Disruption. There is not currently any
      labour disruption, conflict, slowdown, stoppage, complaint or grievance
      threatened or, to the knowledge of the Company, pending against the
      Company or the Subsidiaries which is adversely affecting or could
      adversely affect, in a material manner, the carrying on of the business of
      the Company and the Subsidiaries, on a consolidated basis; and no union
      representation question exists respecting the employees of the Company and
      no collective bargaining agreement is in place or currently being
      negotiated by the Company;

	 	 	 
	 	(uu) 	
      Employee Benefit Plans. Each of the Company and
      the Subsidiaries has satisfied all obligations under, and there are no
      outstanding defaults or violations with respect to, and no taxes,
      penalties, or fees are owing or exigible under or in respect of, any
      employee benefit, incentive, pension, retirement, stock option, stock
      purchase, stock appreciation, health, welfare, medical, dental,
      disability, life insurance and similar plans, arrangements or practices
      relating to the current or former employees, officers or directors of the
      Company or any of the Subsidiaries maintained, sponsored or funded by
      them, whether written or oral, funded or unfunded, insured or
      self-insured, registered or unregistered and all contributions or premiums
      required to be paid thereunder have been made in a timely fashion and any
      such plan or arrangement which is a funded plan or arrangement is fully
      funded on an ongoing and termination basis;

	 	 	 
	 	(vv) 	
      Environmental Claims. There have been no past, and
      to the knowledge of the Company there are no pending or threatened claims,
      complaints, notices or requests for information received by the Company or
      the Subsidiaries with respect to any alleged violation of any
      Environmental Law; no conditions exist at, on or under any property now or
      previously owned, operated or leased by the Company or the Subsidiaries
      which, with the passage of time, or the giving of notice or both, would
      give rise to liability under any Environmental Law that, individually or
      in the aggregate, has or may reasonably be expected to have, a Material
      Adverse Effect. There are no orders or directions relating to
      environmental matters requiring any material work, repairs, construction
      or capital expenditures to be made with respect to any of the assets of
      the Company or the Subsidiaries, nor has the Company or the Subsidiaries
      received notice of any of the same;

	 	 	 
	 	(ww) 	
      Hazardous Substances. Except in compliance with
      Applicable Laws, neither the Company nor any Subsidiary has used any of
      its property or facilities to generate, manufacture, process, distribute,
      use, treat, store, dispose of, transport or handle any pollutants,
      contaminants, chemicals or industrial toxic or hazardous waste or
      substances (“Hazardous Substances”) in a manner that could,
individually or in the aggregate, reasonably be expected to result in a Material
Adverse Effect. Except in compliance with Applicable Laws, neither the Company
nor any Subsidiary has caused or permitted the release, in any manner
whatsoever, of any Hazardous Substances on or from any of its properties or
assets or any such release on or from a facility owned or operated by third
parties but with respect to which the Company or a Subsidiary is or may
reasonably be alleged to have material liability or has received any notice that
it is potentially responsible for a federal, provincial, state, municipal or
local clean-up site or corrective action under any Applicable Laws, statutes,
ordinances, by-laws, regulations or any orders, directions or decisions rendered
by any ministry, department or administrative regulatory agency relating to the
protection of the environment, occupational health and safety or otherwise
relating to or dealing with Hazardous Substances in a manner that could,
individually or in the aggregate, reasonably be expected to result in a Material
Adverse Effect; 

- 25 - 

	 	(xx) 	
      Compliance with Industry Standards. To the
      knowledge of the Company, all services provided to customers, in whole or
      in part, by the Company or any Subsidiary are provided in full compliance
      with and meet industry specific standards set by all organizations which
      pertain to the business of the Company and each Subsidiary and the
      Company’s and each Subsidiary’s services have met and satisfied, and
      continue to meet and satisfy, all safety standards necessary to permit the
      sale of the Company’s and each Subsidiary’s services where they are
      currently sold;

	 	 	 
	 	(yy) 	
      Not Registered as an Investment Company. The
      Company is not and, after giving effect to the Offering and the
      application of the proceeds thereof, will not be registered or required to
      be registered as an “investment company”, as such term is defined in the
      U.S. Investment Company Act;

Matters Related to the Offering

	 	(zz) 	
      Breach or Violation. The execution and delivery of
      each of this Agreement, the Subscription Agreements, the Warrant
      Indenture, the Share Certificates, the Warrant Certificates and the
      Compensation Options Certificates, the performance by the Company of its
      obligations hereunder or thereunder and the issuance, sale and delivery of
      the Offered Shares, Warrants and Compensation Options and the issuance and
      delivery of the Underlying Shares, do not and will
not:

	 	(i) 	
      require the consent, approval, authorization,
      registration or qualification of or with any Governmental Authority, stock
      exchange, Securities Regulator or other third-party, except such as have
      been obtained or such as may be required (and shall be obtained by the
      Company prior to the Closing Time) under Securities Laws or stock exchange
      regulations;

	 	 	 
	 	(ii) 	
      result in a breach of or default under, and do not and
      will not create a state of facts which, after notice or lapse of time or
      both, will result in a breach of or default under, and do not and will not
      conflict with:

	 	(A) 	
      any of the terms, conditions or provisions of the
      articles, by laws or resolutions of the shareholders, directors or any
      committee of directors of the Company or any Subsidiary or any Material
      Agreement to which the

- 26 - 

Company or any Subsidiary is a party or by which it or they are
contractually bound; or 

	 	(B) 	
      any statute, rule, regulation or law applicable to the
      Company or any Subsidiary, including, without limitation, the Securities
      Laws, or any judgment, order or decree of any Governmental Authority or
      court having jurisdiction over the Company; or

	 	(iii) 	
      affect the rights, duties and obligations of any parties
      to any Material Agreement to which the Company or any Subsidiary is a
      party, nor give a party the right to terminate any such Material Agreement
      by virtue of the application of terms, provisions or conditions in such
      Material Agreement;

	 	(aaa) 	
      Validity and Enforceability. This Agreement, the
      Subscription Agreements, the Warrant Indenture, the Share Certificates,
      the Warrant Certificates and the Compensation Option Certificates and the
      performance of the transactions contemplated hereby and thereby have been
      duly authorized by all necessary corporate action of the Company, have
      been executed and delivered by the Company and constitute valid and
      binding obligations of the Company and each are enforceable against the
      Company in accordance with their respective terms, except as enforcement
      thereof may be limited by bankruptcy, insolvency, reorganization,
      moratorium and other laws relating to or affecting the rights of creditors
      generally and except as limited by the application of equitable principles
      when equitable remedies are sought, and by the fact that rights to
      indemnity, contribution and waiver, and the ability to sever unenforceable
      terms, may be limited by Applicable Law;

	 	 	 
	 	(bbb) 	
      Treasury Units and Compensation Options. All
      necessary corporate action has been taken by the Company to: (i) authorize
      and reserve for issuance the Treasury Shares and when certificates
      representing the Treasury Shares have been issued, delivered and paid for,
      the Treasury Shares will be validly issued as fully paid and
      non-assessable common shares and the Treasury Shares, upon issuance, will
      not be issued in violation of or subject to any pre-emptive rights or
      contractual rights to purchase securities issued by the Company; (ii)
      validly create, authorize and issue the Warrants on the Closing Date;
      (iii) authorize and reserve for issuance the Warrant Shares as fully paid
      and non-assessable common shares upon the due exercise of the Warrants in
      accordance with the terms of the Warrants; (iv) validly create, authorize
      and issue the Compensation Options on the Closing Date; (v) authorize and
      reserve for issuance the Compensation Shares as fully paid and
      non-assessable common shares upon the due exercise of the Compensation
      Options in accordance with the terms of the Compensation
Options;

	 	 	 
	 	(ccc) 	
      Approvals, Permits, Authorizations. Other than
      customary post-closing filings required by Securities Laws, all consents,
      approvals, permits, authorizations or filings as may be required for the
      execution and delivery of this Agreement, the Subscription Agreements, the
      Warrant Indenture, the Share Certificates, the Warrant Certificates and
      the Compensation Option Certificates and the issuance of the Offered
      Shares, the Warrants, the Compensation Options and the reservation for
      issuance of the Underlying Shares and the completion of the transactions
      contemplated hereby and thereby, have been made or obtained, as
      applicable;

	 	 	 
	 	(ddd) 	
      Form of Certificates. The forms and terms of the
      certificates representing the Offered Shares, Warrants and Compensation
      Options have been approved and adopted by the board of directors of the Company and the form and terms of the
certificates representing the Offered Shares, Warrants and Compensation Options
do not and will not conflict with any Applicable Law; 

s- 27 - 

	 	(eee) 	
      Transfer Agent. The Transfer Agent, at its
      principal offices in the City of Toronto, Ontario has been duly appointed
      as transfer agent and registrar in respect of the common shares;

	 	 	 
	 	(fff) 	
      Warrant Agent. The Warrant Agent, at its offices
      in Toronto, Ontario has been duly appointed as the warrant agent for the
      Warrants;

	 	 	 
	 	(ggg) 	
      Fees and Commissions. Other than the Underwriters
      (or any members of the selling group) pursuant to this Agreement, there
      are no persons acting on behalf of the Company, or to the knowledge of the
      Company, purporting to act at the request or on behalf of the Company,
      that are entitled to any brokerage or finder’s fee in connection with the
      Offering or the transactions contemplated by this Agreement;

	 	 	 
	 	(hhh) 	
      Demand to Proceeds. Other than the Company and the
      Selling Shareholders, there is no person that is or will be entitled to
      demand the proceeds of this Offering under the terms of any Material
      Agreement or otherwise; and

	 	 	 
	 	(iii) 	
      Eligibility. Based on the provisions of the
      Income Tax Act (Canada) and the regulations thereunder (together,
      the “Tax Act”) in force on the date hereof and proposals to amend
      the Tax Act publicly announced by or on behalf of the Minister of Finance
      (Canada) prior to the date hereof, provided that the Offered Shares are
      listed on a designated stock exchange (which includes the TSX and the
      NYSE) or the Company is a “public corporation” (as defined in the Tax
      Act), the Offered Shares, Warrants and Warrant Shares, will be qualified
      investments for the purposes of the Tax Act at the time of their
      acquisition under the Offering for trusts governed by registered
      retirement savings plans, registered retirement income funds, deferred
      profit sharing plans, registered education savings plans, registered
      disability savings plans and tax-free savings accounts (each, a
      “Plan”), each as defined in the Tax Act, provided further, in the
      case of the Warrants, that each person who is an annuitant, a beneficiary,
      a holder, an employer or a subscriber, as applicable, under a Plan deals
      at arm’s length (within the meaning of the Tax Act) with the Company and,
      with respect to a deferred profit sharing plan, the Company is not an
      employer in respect of such deferred profit sharing
plan.

	5. 	
      Representations, Warranties and Covenants of the
      Selling Shareholders

The Selling Shareholders, severally and
not jointly nor jointly and severally, represent and warrant to the
Underwriters, and acknowledge that the Underwriters are relying on such
representations and warranties in purchasing the Secondary Shares, that:

	 	(a) 	
      Power and Authority. Such Selling Shareholder has
      the full right, power and authority to enter into this Agreement and to
      sell, transfer and deliver the Shares to be sold by such Selling
      Shareholder hereunder. The execution and delivery of this Agreement and
      the sale and delivery of the Secondary Shares to be sold by such Selling
      Shareholder and the consummation of the transactions contemplated herein
      and compliance by such Selling Shareholder do not and will not, whether
      with or without the giving of notice of the passage of time or both,
      conflict with or constitute a breach of, or default under, or result in
      the creation or imposition of any tax, lien, charge or encumbrance on the
      Secondary Shares to be sold by such Selling Shareholder pursuant to any
      contract, indenture, mortgage, deed of trust, loan or credit agreement, note,
license, lease or other agreement or instrument to which such Selling
Shareholder is a party or by which such Selling Shareholder may be bound, or to
which any of the property or assets of such Selling Shareholder is subject, nor
will such action result in any violation of the provisions of any applicable
treaty, law, statute, rule, regulation, judgement, order, writ or decree of any
government, government instrumentality or court, domestic or foreign, having
jurisdiction over such Selling Shareholder or any of its properties; 

- 28 - 

	 	(b) 	
      Adverse Change. Such Selling Shareholder is not
      prompted to sell the Secondary Shares to be sold by such Selling
      Shareholder hereunder by any information concerning the Company or any
      Subsidiary which has not been publicly disclosed and which has adversely
      affected, or may adversely affect, the business, assets, business
      prospects, condition (financial or otherwise) or results of the operations
      of the Company; and all information relating to such Selling Shareholder
      furnished in writing by such Selling

	 	 	 
	 		
      Shareholder (the “Selling Shareholder
      Information”) in connection with the Offering is true, correct and
      complete and does not contain any untrue statement of a material fact or
      omit to state a material fact required to be stated therein or necessary
      to make such information not misleading;

	 	 	 
	 	(c) 	
      Rights to Acquire Secondary Shares. There are no
      outstanding rights, warrants or options to acquire any of the Secondary
      Shares to be sold by such Selling Shareholder;

	 	 	 
	 	(d) 	
      Approvals, Permits, Authorizations. The execution
      and delivery of this Agreement by such Selling Shareholder and the
      performance by such Selling Shareholder of the transactions contemplated
      herein do not and will not require the filing with, or consent, license,
      order, approval, authorization, registration or qualification of or decree
      of any court or any governmental authority or agency, stock exchange
      (including, for greater certainty, the TSX and the NYSE) or other
      third-party (domestic or foreign), except (i) such as have been obtained,
      and (ii) such as may be required (and shall be obtained as provided in
      this Agreement) under any Securities Laws;

	 	 	 
	 	(e) 	
      Fees and Commissions. Other than as contemplated
      by this Agreement, there is no person, firm or corporation which has been
      engaged by such Selling Shareholder to act for such Selling Shareholder
      and which is entitled to any brokerage or finder’s fee in connection with
      this Agreement or any of the transactions contemplated hereunder, and in
      the event any such person, firm or corporation establishes a claim for any
      fee from the Underwriters, such Selling Shareholder covenants to indemnify
      and hold harmless the Underwriters with respect thereto and with respect
      to all costs reasonably incurred in the defense thereof;

	 	 	 
	 	(f) 	
      Ownership Interests. Such Selling Shareholder has
      (i) good and marketable title to the Secondary Shares to be sold by such
      Selling Shareholder hereunder, free and clear of any security interest,
      mortgage, pledge, lien, charge, claim or encumbrance of any kind, other
      than pursuant to this Agreement and (ii) full legal right and power, and
      all authorization and approvals required by law, to sell, transfer and
      deliver such Secondary Shares to the Underwriters hereunder and to make
      the representations, warranties and agreements made by such Selling
      Shareholder herein. Upon the delivery of such Secondary Shares and payment
      of the purchase price therefor as herein contemplated, each of the
      Underwriters will receive good and marketable title to the Secondary
      Shares purchased by it from such Selling Shareholder, free and clear of
      any security interest, mortgage, pledge, lien, charge, claim, equity or
      encumbrance of any kind; and

- 29 - 

	 	(g) 	
      Taxes. At the Closing Date, all stock transfer or
      other taxes, if any (other than income taxes), which are required to be
      paid by the Selling Shareholder in connection with the sale and transfer
      of the Secondary Shares to be sold by such Selling Shareholder to the
      several Underwriters hereunder will have been fully paid or provided for
      by such Selling Shareholder and all laws imposing such taxes will have
      been fully complied with by such Selling
Shareholder.

Any certificate signed by or on behalf
of such Selling Shareholder and delivered to the Underwriters or to counsel for
the Underwriters shall be deemed to be a representation and warranty by such
Selling Shareholder to each Underwriter as to the matters covered thereby. 

	6. 	
      Representations, Warranties and Covenants of the
      Underwriters

The Underwriters hereby represent, warrant and covenant to the
Company, and acknowledge that the Company is relying upon such representations
and warranties, that: 

	 	(a) 	
      Compliance with Securities Laws. In respect of the
      offer and sale of the Units, the Underwriters will comply with all
      Securities Laws and will obtain from each Purchaser a completed and
      executed Subscription Agreement (including all certifications, forms and
      other documentation contemplated thereby or as may be required by
      Securities Laws) in a form acceptable to the Company and the Underwriters
      relating to the Offering;

	 	 	 
	 	(b) 	
      No Registration Requirement. The Underwriters have
      not and will not solicit offers to purchase or sell the Units so as to
      require the filing of a prospectus, registration statement or offering
      memorandum with respect thereto or the provision of a contractual right of
      action (as defined in Ontario Securities Commission Rule 14-501 – Local
      Definitions) or the registration of any of the Company’s securities
      under the laws of any jurisdiction including without limitation the United
      States;

	 	 	 
	 	(c) 	
      No Offer or Sale in the United States or to U.S.
      Persons. The Underwriters will not solicit offers to purchase or sell
      the Units in the United States, for the account or benefit of a U.S.
      Person or a person in the United States, except in accordance with
      Schedule “C” annexed hereto;

	 	 	 
	 	(d) 	
      Status and Authority. The Underwriters are valid
      and subsisting corporations under the laws of the jurisdictions in which
      they were incorporated, continued or amalgamated and has good and
      sufficient right and authority to enter into this Agreement and complete
      the transactions under this Agreement on the terms and conditions set
      forth herein;

	 	 	 
	 	(e) 	
      Accredited Investor. Each of the Underwriters is
      an “accredited investor” as such term is defined under NI 45-106 by virtue
      of being registered under the applicable Securities Laws of a jurisdiction
      of Canada as an advisor or dealer (other than an exempt market
    dealer);

	 	 	 
	 	(f) 	
      Underwriters not U.S. Persons or in the United
      States. The Underwriters acknowledge and agree that the Compensation
      Options and the underlying Compensation Shares have not been and will not
      be registered under the U.S. Securities Act or the securities laws of any
      state of the United States. Accordingly, each of the Underwriters (i) is
      not a U.S. Person, (ii) did not receive the offer to acquire the
      Compensation Options in the United States, (iii) did not execute this
      Agreement and did not and will not receive any such Compensation Options
      in the United States, and (iv) is not acquiring the Compensation Options
      for the account or benefit of a U.S. Person or a person in the United
      States. Each Underwriter acknowledges and agrees that the Compensation
Options may not be exercised by or for the account or benefit of a U.S. Person
or a person in the United States, unless such exercise is exempt from the
registration requirements under the U.S. Securities Act and the applicable
securities laws of any state of the United States. Each Underwriter agrees that
it will not engage in any Directed Selling Efforts (as defined in Schedule “C”)
with respect to any Compensation Options and will not offer or sell any
Compensation Options or Compensation Shares in the United States unless in
compliance with an exemption from the registration requirements of the U.S.
Securities Act and any applicable state securities laws; and 

- 30 - 

	 	(g) 	
      Acquiring as Principal. Each of the Underwriters
      will be acquiring the Compensation Options as principal for its own
      account and not for the benefit of any other person.

	 	 	 
	 	(h) 	
      Resale Restrictions. The Underwriters acknowledge
      that the Offered Shares, Warrants, Warrant Shares, the Compensation
      Options and the Compensation Shares will be

	 	 	 
	 		
      “restricted securities” within the meaning of Rule 144
      under the U.S. Securities Act and will be subject to a “hold period”
      pursuant to Rule 144 under the U.S. Securities Act and a distribution
      compliance period under Regulation S during which such securities may not
      be offered, sold, pledged or otherwise transferred except pursuant to
      registration under the U.S. Securities Act and in accordance with all
      applicable state securities laws, pursuant to the requirements of
      Regulation S, or pursuant to an exemption from such registration
      requirements. The Underwriters acknowledges that removal of the U.S.
      restrictive legend pursuant to resales under Rule 904 of Regulation S is
      not permitted pursuant to Rule 905 of Regulation S.

	 	 	 
		(i) 	
      Distribution Period. The Underwriters agree that
      they will send to each “distributor” (as defined in Regulation S), dealer
      (as defined in Section 2(a)(12) of the U.S. Securities Act), or other
      person who is receiving a selling concession, fee or other remuneration in
      respect of the Offered Shares, Warrants, Warrant Shares to which it sells
      Offered Shares, Warrants, Warrant Shares during the six months after the
      later of the commencement of the Offering and the date of closing of the
      Offering (the “Distribution Compliance Period”), a confirmation or other
      notice setting forth that during the Distribution Compliance Period offers
      and sales of the Offered Shares, Warrants, Warrant Shares, within the
      United States or to, or for the account or benefit of, U.S. Persons may
      not be made, except in compliance with Regulation S under the U.S.
      Securities Act, pursuant to registration of the Offered Shares, Warrants,
      Warrant Shares under the U.S. Securities Act or pursuant to an available
      exemption from the registration requirements of the U.S. Securities
      Act.

	7. 	
      Closing Deliveries

The purchase and sale of the Units
shall be completed at the Closing Time at the offices of the Company’s counsel,
Macdonald Tuskey or at such other place as the Underwriters, the Company and the
Selling Shareholders may agree upon in writing. Provided however, that at or
prior to the Closing Time, the Company and the Selling Shareholders shall duly
and validly deliver to the Underwriters in Toronto, Ontario the Offered Shares
and Warrants, by way of delivery of certificates in definitive form as directed
by the Underwriters, against payment to the Company and the Selling Shareholders
of the aggregate Offering Price therefor, in lawful money of Canada payable at
par in the City of Toronto. The Underwriters may discharge their payment
obligations under this Section 7 by wire transfer or certified cheque of the
gross proceeds from the sale of the Units less the Underwriting Commission and Underwriters’
reasonable expenses in accordance with Section 16 and Section 10 hereof. 

- 31 - 

In order to facilitate an efficient and
timely closing at the Closing Time, the Underwriters may choose to initiate a
wire transfer of funds to the Company and the Selling Shareholders prior to the
Closing Time. If the Underwriters do so, the Company and the Selling
Shareholders agree that such transfer of funds to the Company and the Selling
Shareholders prior to the Closing Time does not constitute a waiver by the
Underwriters of any of the conditions set out in Section 8. Further, the Company
and the Selling Shareholders agree that any such funds received from the
Underwriters prior to the Closing Time will be held in trust by the Company and
the Selling Shareholders solely for the benefit of the Underwriters until the
Closing Time and if the closing does not occur at the scheduled Closing Time,
such funds will be immediately returned by wire transfer to the Underwriters
without interest. Upon satisfaction of the conditions of such closing and the
delivery to the Underwriters of the items set out in this Section 7, the funds
held in trust for the Underwriters shall be deemed to be delivered by the
Underwriters to the Company and the Selling Shareholders in satisfaction of the
obligation of the Underwriters under this Section 7 and upon such delivery the
trust constituted by this Section 7 shall be terminated without further
formality. 

	8. 	
      Closing Conditions

Each Purchaser’s obligation to purchase
the Units at the Closing Time shall be conditional upon the fulfilment at or
before the Closing Time of the following conditions: 

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

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

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

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

	 	(b) 	
      the Underwriters shall have received at the Closing Time
      a certificate dated the Closing Date, signed by appropriate officers of
      the Company addressed to the Underwriters and their counsel, with respect
      to the articles and notice of articles of the Company, all resolutions of
      the Company’s board of directors relating to the Offering, this Agreement
      and the transactions contemplated hereby, the Subscription Agreements, the
      Warrant Indenture, the Compensation Option Certificates, the incumbency
      and specimen signatures of signing officers and such other matters as the
      Underwriters may reasonably request;

- 32 - 

	 	(c) 	
      the Selling Shareholders shall deliver to the
      Underwriters and the Company, at the Closing Time, the certificates dated
      the Closing Date addressed to the Underwriters and the Company and signed
      by the Selling Shareholders certifying that:

	 	(i) 	
      the Selling Shareholders have complied in all respects
      with all the covenants and satisfied all the terms and conditions of this
      Agreement on their part to be complied with and satisfied at or prior to
      the Closing Time; and

	 	 	 
	 	(ii) 	
      the representations and warranties of the Selling
      Shareholder contained herein are true and correct as at the Closing
      Time.

	 	(d) 	
      the Underwriters shall have received at the Closing Time,
      evidence that all requisite approvals, consents and acceptances of the
      appropriate regulatory authorities and the TSX and NYSE required to be
      made or obtained by the Company in order to complete the Offering
      (including the listing and posting for trading on the TSX and the NYSE of
      the Offered Shares, Warrants and Underlying Shares, as applicable),
      subject only to satisfaction by the Company of customary post-closing
      conditions imposed by the TSX in similar circumstances, and approval of
      the NYSE, as applicable;

	 	 	 
	 	(e) 	
      this Agreement, the Subscription Agreements, the Warrant
      Indenture, the Share Certificates, the Warrant Certificates and the
      Compensation Option Certificates shall have been executed and delivered by
      the parties thereto in form and substance satisfactory to the Underwriters
      and its counsel, acting reasonably;

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

	 	(i) 	
      as to the Company being a corporation existing under the
      laws of the Province of British Columbia;

	 	 	 
	 	(ii) 	
      as to the Company having all requisite corporate power
      and capacity under the laws of the Province of British Columbia and the
      federal laws of Canada to carry on its business as presently carried on
      and to own and lease its properties and assets;

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

	 	 	 
	 	(iv) 	
      as to the corporate power and authority of the Company to
      carry out its obligations under this Agreement, the Subscription
      Agreements, the Warrant Indenture and the Compensation Option Certificates
      and to issue the Offered Shares, the Warrants, the Compensation Options
      and the Underlying Shares;

	 	 	 
	 	(v) 	
      none of the execution and delivery of this Agreement, the
      Subscription Agreements, the Warrant Indenture, the Share Certificates,
      the Warrant Certificates or the Compensation Option Certificates, the
      performance by the Company of its obligations hereunder and thereunder, or
      the sale or issuance of the Offered Shares, the Warrants, the Compensation
      Options, and the Underlying Shares will conflict with any Applicable Law
      or result in any breach of the constating documents, articles or resolutions of the directors
and shareholders of the Company; 

- 33 - 

	 	(vi) 	
      each of this Agreement, the Subscription Agreements, the
      Warrant Indenture, the Share Certificates, the Warrant Certificates and
      the Compensation Option Certificates has been duly authorized and executed
      and delivered by the Company, and constitutes a valid and legally binding
      obligation of the Company enforceable against it in accordance with its
      terms, subject to customary qualifications, including that enforcement
      thereof may be limited by bankruptcy, insolvency, liquidation,
      reorganization, moratorium or similar laws affecting the rights of
      creditors generally and except as limited by the application of equitable
      principles when equitable remedies are sought, and the qualification that
      the enforceability of rights of indemnity and contribution may be limited
      by Applicable Laws;

	 	 	 
	 	(vii) 	
      the Treasury Shares have been duly authorized, allotted
      and issued as fully paid and non-assessable common shares;

	 	 	 
	 	(viii) 	
      the form and terms of the definitive certificates,
      representing the Treasury Shares

	 	 	 
	 		
      (the “Share Certificates”), the Warrants (the
      “Warrant Certificates”) and the Compensation Options have been
      approved by the directors of the Company and comply in all material
      respects with all Applicable Laws;

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

	 	 	 
	 	(x) 	
      the Compensation Options have been duly and validly
      issued and created and the Compensation Shares have been reserved and
      authorized and allotted for issuance to the Underwriters and, upon the due
      exercise of the Compensation Options in accordance with the provisions of
      the Compensation Option Certificates, the Compensation Shares will be
      validly issued as fully paid and non-assessable common shares;

	 	 	 
	 	(xi) 	
      the issuance and sale by the Company of the Treasury
      Shares and Warrants to the Purchasers and the issuance of the Compensation
      Options to the Underwriters are exempt from the prospectus and
      registration requirements of applicable Securities Laws and no documents
      are required to be filed (other than specified forms accompanied by
      requisite filing fees), proceedings taken or approvals, permits, consents
      or authorizations obtained under the applicable Securities Laws to permit
      such issuance and sale; it being noted, however, that the Company is
      required to file or cause to be filed with the applicable Securities
      Regulators, reports on Form 45-106F1 and Form 45-106F6, as applicable,
      prepared and executed pursuant to NI 45-106, together with the prescribed
      filing fee, within 10 days following the Closing Date, and is required to
      file a Form D in respect of any offers and sales made in the United States
      in the manner contemplated by Schedule “C”;

- 34 - 

	 	(xii) 	
      the issuance of the Underlying Shares will be exempt from
      the prospectus and registration requirements of applicable Securities Laws
      and no documents are required to be filed (other than specified forms
      accompanied by requisite filing fees), proceedings taken or approvals,
      permits, consents or authorizations obtained under the applicable
      Securities Laws to permit such issuance and delivery;

	 	 	 
	 	(xiii) 	
      the first trade of the Treasury Shares, the Warrants and
      the Warrant Shares by the Purchasers or of the Compensation Shares by the
      Underwriters, as the case may be, in the Selling Jurisdictions will be a
      distribution subject to the prospectus requirements under the Securities
      Laws, unless:

	 	(A) 	
      the Company is and has been a reporting issuer in a
      jurisdiction of Canada for the four months immediately preceding the
      trade;

	 	 	 
	 	(B) 	
      at the time of such trade, at least four months have
      elapsed from the “distribution date” (as defined under NI 45-102) of the
      Offered Shares, Warrants or the Compensation Options as the case may
      be;

	 	 	 
	 	(C) 	
      the certificates representing the Treasury Shares, the
      Warrants and the Compensation Options, and to the extent that the Warrant
      Shares and/or the Compensation Shares are not issued at least four months
      and one day after the distribution date of the Treasury Shares, the
      Warrants and the Compensation Options, the certificates representing the
      Warrant Shares and the Compensation Shares, were issued with a legend
      stating the prescribed restricted period in accordance with Section 2.5 of
      NI 45-102;

	 	 	 
	 	(D) 	
      such trade is not a “control distribution” (as defined in
      NI 45-102);

	 	 	 
	 	(E) 	
      no unusual effort is made to prepare the market or to
      create a demand for the securities that are the subject of such
    trade;

	 	 	 
	 	(F) 	
      no extraordinary commission or consideration is paid to a
      person or company in respect of such trade; and

	 	 	 
	 	(G) 	
      if the selling securityholder is an insider or officer of
      the Company, the selling securityholder has no reasonable grounds to
      believe that the Company is in default of “securities legislation” (as
      defined in National Instrument 14-101 -
  Definitions);

	 	(xiv) 	
      the Company is a “reporting issuer”, or its equivalent,
      in each of the provinces and territories of Canada and it is not listed as
      in default of any requirement of the Securities Laws in any of the Selling
      Jurisdictions which maintain such a list;

	 	 	 
	 	(xv) 	
      the TSX has conditionally accepted the Offering
      (including the listing and posting for trading on the TSX of the Treasury
      Shares, Warrants and Underlying Shares), and the NYSE has approved the
      issuance of securities to be issued pursuant to the Offering, including
      the Underlying Shares, the Offered Shares and the listing of the Secondary
      Shares and the Warrants;

	 	 	 
	 	(xvi) 	
      the Offered Shares, the Warrants and the Warrant Shares
      will be qualified investments at that time for a trust governed by a
      registered retirement savings plan, a registered retirement income fund, a registered
education savings plan, a registered disability savings plan, a deferred profit
sharing plan or a tax-free savings account;

- 35 - 

	 	(xvii) 	
      CST Trust Company has been duly appointed as the Transfer
      Agent for the common shares;

	 	 	 
	 	(xviii) 	
      CST Trust Company has been duly appointed as the Warrant
      Agent for the Warrants; and

	 	 	 
	 	(xix) 	
      such other matters as the Underwriters’ legal counsel may
      reasonably request prior to the Closing Time;

		(g) 	
      the Underwriters shall receive at the Closing Time a
      legal opinion addressed to the Underwriters and their counsel dated and
      delivered the Closing Date from the Selling Shareholders’ legal counsel in
      the United States and the Selling Shareholders’ legal counsel in Canada,
      in form and substance satisfactory to the Underwriters and their counsel,
      acting reasonably, with respect to the following matters, subject to such
      reasonable assumptions and qualifications customary with respect to
      transactions of this nature as may be accepted by Underwriters’
      counsel:

	 	(i) 	
      the Selling Shareholders have the power and authority:
      (i) to execute and deliver this Agreement and to perform their obligations
      under this Agreement; and (ii) to sell the Secondary Shares;

	 	 	 
	 	(ii) 	
      the Selling Shareholders have duly authorized, executed
      and delivered, this Agreement and authorized the performance of their
      obligations under this Agreement, including the offering, sale and
      delivery of the Secondary Shares and this Agreement constitutes a legal,
      valid and binding obligation of the Selling Shareholders enforceable
      against the Selling Shareholders in accordance with its terms, subject to
      customary qualifications; and

	 	 	 
	 	(iii) 	
      the execution and delivery of this Agreement and the
      fulfillment of the terms hereof, the offering and sale of the Secondary
      Shares and the consummation of the transactions contemplated by this
      Agreement, do not violate any U.S. Federal statute, law, rule or
      regulation to which the Selling Shareholder is subject;

	 	 	 
	 	(iv) 	
      the issuance and sale by the Selling Shareholders of the
      Secondary Shares to the Purchasers are exempt from the prospectus and
      registration requirements of applicable Securities Laws and no documents
      are required to be filed (other than specified forms accompanied by
      requisite filing fees), proceedings taken or approvals, permits, consents
      or authorizations obtained under the applicable Securities Laws to permit
      such issuance and sale; it being noted, however, that the Company is
      required to file or cause to be filed with the applicable Securities
      Regulators, reports on Form 45-106F1 and Form 45-106F6, as applicable,
      prepared and executed pursuant to NI 45-106, together with the prescribed
      filing fee, within 10 days following the Closing Date;

	 	 	 
	 	(v) 	
      the first trade of the Secondary Shares by the Purchasers
      in the Selling Jurisdictions will be a distribution subject to the
      prospectus requirements under the Securities Laws,
  unless:

- 36 - 

	 	(A) 	
      the Company is and has been a reporting issuer in a
      jurisdiction of Canada for the four months immediately preceding the
      trade;

	 	 	 
	 	(B) 	
      at the time of such trade, at least four months have
      elapsed from the “distribution date” (as defined under NI 45-102) of the
      Secondary Shares;

	 	 	 
	 	(C) 	
      the certificates representing the Secondary Shares are
      not issued at least four months and one day after the distribution date of
      the Secondary Shares;

	 	 	 
	 	(D) 	
      such trade is not a “control distribution” (as defined in
      NI 45-102);

	 	 	 
	 	(E) 	
      no unusual effort is made to prepare the market or to
      create a demand for the securities that are the subject of such
    trade;

	 	 	 
	 	(F) 	
      no extraordinary commission or consideration is paid to a
      person or company in respect of such trade; and

	 	 	 
	 	(G) 	
      if the selling securityholder is an insider or officer of
      the Company, the selling securityholder has no reasonable grounds to
      believe that the Company is in default of “securities legislation” (as
      defined in National Instrument 14-101 -
  Definitions);

	 	(h) 	
      the Underwriters shall have received favourable legal
      opinions addressed to the Underwriters, in form and substance satisfactory
      to the Underwriters’ counsel acting reasonably, dated the Closing Date,
      from local legal counsel of the Company in respect of each Material
      Subsidiary, which counsel in turn may rely, as to matters of fact, on
      certificates of auditors, public officials and officers of the Company,
      with respect to the following matters:

	 	(i) 	
      the Subsidiary has been duly incorporated and is validly
      subsisting under the laws of its jurisdiction of incorporation;

	 	 	 
	 	(ii) 	
      the authorized capital of the Subsidiary;

	 	 	 
	 	(iii) 	
      as to the holder of all of the issued and outstanding
      shares of the Subsidiary; and

	 	 	 
	 	(iv) 	
      the Subsidiary has all requisite corporate power under
      the laws of its jurisdiction of incorporation to carry on its
    business;

	 	(i) 	
      if any Units are sold in the United States or otherwise
      to a person in the United States or a U.S. Person, the Company and the
      Selling Shareholders shall cause a favourable legal opinion to be
      delivered by Dorsey & Whitney LLP, in its capacity as U.S. counsel to
      the Company and the Selling Shareholders, to the Underwriters, such
      opinion to be subject to such qualifications and assumptions as the
      Underwriters may agree and in form and substance satisfactory to the
      Underwriters and their U.S. legal counsel, acting reasonably, addressed to
      the Underwriters to the effect that the offer and sale of the Treasury
      Units, the Additional Treasury Shares, the Treasury Unit Shares and the
      Warrants by the Company and the Secondary Shares by the Selling
      Shareholders in the United States or to or for the account or benefit of
      persons in the United States or U.S. Persons pursuant
to and in accordance with this Agreement are exempt from the
registration requirements of the U.S. Securities Act; 

- 37 - 

	 	(j) 	
      the Selling Shareholders shall cause a favourable legal
      opinion to be delivered by Clark Wilson LLP, in its capacity as counsel to
      the Selling Shareholders, to the Underwriters, such opinion to be subject
      to such qualifications and assumptions as the Underwriters may agree and
      in form and substance satisfactory to the Underwriters and their legal
      counsel, acting reasonably, addressed to the Underwriters to the effect
      that the offer and sale of the Secondary Shares;

	 	 	 
	 	(k) 	
      the Underwriters shall have received from the Company a
      certificate of the Transfer Agent, which certifies the number of common
      shares issued and outstanding on the date prior to the Closing
  Date;

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

	 	 	 
	 	(m) 	
      the representations and warranties of the Company
      contained in this Agreement will be true and correct in all respects at
      and as of the Closing Time and all agreements, covenants and conditions
      required by this Agreement to be performed, complied with or satisfied by
      the Company will have been performed, complied with or satisfied prior to
      that time;

	 	 	 
	 	(n) 	
      all consents, approvals, permits, authorizations or
      filings as may be required under Securities Laws necessary for the
      execution and delivery of this Agreement, the Warrant Indenture and the
      Subscription Agreements, the issuance and sale of the Treasury Units and
      the sale of the Secondary Shares the consummation of the transactions
      contemplated hereby and thereby have been made or obtained, as
      applicable;

	 	 	 
	 	(o) 	
      the Underwriters shall, in their sole discretion, be
      satisfied with their due diligence review with respect to the business,
      assets, financial condition, affairs and prospects of the Company;
    and

	 	 	 
	 	(p) 	
      the Underwriters will have received such other
      certificates, opinions, agreements or closing documents in form and
      substance reasonably satisfactory to the Underwriters as the Underwriters
      may reasonably request at least 24 hours prior to the Closing
  Time.

	9. 	
      Rights of Termination

The Underwriters may terminate their
obligations on or before Closing in the following circumstances, if at any time
prior to the Closing: 

	 	(a) 	
      Change in Material Fact. There shall be any
      material change or change in a material fact, or there should be
      discovered any previously undisclosed material fact, in each case which,
      in the reasonable opinion of the Underwriters, has or would be expected to
      have a significant adverse effect on the market price or value of the
      Units, or any other securities of the Company;

	 	 	 
	 	(b) 	
      Litigation. Any order, inquiry, action, suit,
      proceeding or investigation (whether formal or informal) (including
      matters of regulatory transgression or unlawful conduct), is commenced,
      announced, threatened or made by any federal, provincial, state,
      municipal or other governmental department, commission, board, bureau,
underwriting or instrumentality including, without limitation, the TSX, the NYSE
or any securities regulatory authority against the Company, its Subsidiaries, or
any one of the officers or directors of the Company or any of its principal
shareholders or any order is made by any federal, provincial, state, municipal
or other governmental department, commission, board, bureau, agency or
instrumentality including without limitation the TSX, the NYSE or securities
commission which involves a finding of wrong-doing; which, in the reasonable
opinion of the Underwriters prevents or restricts trading in or the distribution
of the common shares or adversely affects or might reasonably be expected to
adversely affect the market price or value of the Units of the Company or any
other securities of the Company; 

- 38 - 

	 	(c)	
      Disaster Out. There should develop, occur or come
      into effect or existence any event, action, state, condition (including
      without limitation, terrorism or accident) or major financial occurrence
      of national or international consequence or a new or change in any law or
      regulation which in the opinion of the Underwriters seriously adversely
      affects or involves or may seriously adversely affect or involve the
      financial markets or the business, operations or affairs of the Company
      and its Subsidiaries taken as a whole or the market price or value of the
      Units, or any other securities of the Company; and

	 	 	 
	 	(d) 	
      Exercise of Termination Rights. The Underwriters
      shall be entitled to terminate and cancel their obligations to the Company
      hereunder by written notice to that effect given to the Company prior to
      the Closing. It is understood that the Underwriters may waive, in whole or
      in part, or extend the time for compliance with, any of such terms and
      conditions without prejudice to the rights of the Underwriters in respect
      of any such terms and conditions or any other or subsequent breach or
      non-compliance, provided that to be binding on the Underwriters any such
      waiver or extension must be in writing and signed by the Underwriters. The
      rights of termination contained in subparagraphs 9(a), (b) and (c) may be
      exercised by the Underwriters and are in addition to any other rights or
      remedies the Underwriters may have in respect of any default, act or
      failure to act or non- compliance by the Company in respect of any of the
      matters contemplated by this Agreement or otherwise. In the event of any
      such termination by the Underwriters, there shall be no further liability
      on the part of the Underwriters to the Company or the Selling Shareholders
      or on the part of the Company or the Selling Shareholders to the
      Underwriters except in respect of any liability which may have arisen or
      may arise after such termination in respect of acts or omissions prior to
      such termination under Sections 10 and 12 of this
  Agreement.

	10. 	
      Expenses

Whether or not the sale of the Units
shall be completed, the Company and the Selling Shareholders will pay all
reasonable expenses and fees in connection with the Offering, including, all
reasonable expenses of or incidental to the issue, sale or distribution of the
Units and the Compensation Options; the reasonable fees and expenses of the
Company’s counsel; all reasonable costs incurred in connection with the
preparation of documents relating to the Offering; and all reasonable expenses
and fees incurred by the Underwriters, which shall include the reasonable fees
and disbursements of the Underwriters’ Canadian and U.S. counsel. All reasonable
fees and expenses incurred by the Underwriters or on their behalf including the
fees of the Underwriters’ counsel (subject to the limitations set out in the
immediately preceding sentence) shall be payable by the Company at Closing out
of the gross proceeds of the Offering. 

- 39 - 

	11. 	
      Survival of Representations and
  Warranties

All terms, warranties, representations,
covenants and agreements herein contained or contained in any documents
submitted pursuant to this Agreement and in connection with the transactions
herein contemplated shall survive the purchase and sale of the Units for a
period of 3 years after the Closing Date and continue in full force and effect
for the benefit of the Underwriters and Purchasers and shall not be limited or
prejudiced by any investigation made by or on behalf of the Underwriters in
connection with the purchase and sale of the Units. Without limitation of the
foregoing, the provisions contained in this Agreement in any way related to the
indemnification or the contribution obligations shall survive and continue in
full force and effect, indefinitely, subject only to the limitation requirements
of Applicable Law. 

	12. 	
      Indemnity

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

	 	(i) 	
      the Underwriters or their Personnel have been negligent
      or have committed any fraudulent act or wilful misconduct in the course of
      such performance, or have breached applicable laws; and

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

If for any reason (other than the
occurrence of any of the events itemized in (i) and (ii) above), the foregoing
indemnification is unavailable to the Underwriters or insufficient to hold them
harmless, then the Indemnitor shall contribute to the amount paid or payable by
the Underwriters as a result of such expense, loss, claim, damage or liability
in such proportion as is appropriate to reflect not only the relative benefits
received by the Indemnitor on the one hand and the Underwriters on the other
hand but also the relative fault of the Indemnitor and the Underwriters, as well
as any relevant equitable considerations; provided that the Indemnitor shall, in
any event, contribute to the amount paid or payable by the Underwriters as a
result of such expense, loss, claim, damage or liability, any excess of such
amount over the amount of the fees received by the Underwriters hereunder
pursuant to this Agreement. 

- 40 - 

The Indemnitor agrees that in case any
legal proceeding shall be brought against the Indemnitor and/or the Underwriters
by any governmental commission or regulatory authority or any stock exchange or
other entity having regulatory authority, either domestic or foreign, shall
investigate the Indemnitor and/or the Underwriters and any Personnel of the
Underwriters shall be required to testify in connection therewith or shall be
required to respond to procedures designed to discover information regarding, in
connection with, or by reason of the performance of professional services
rendered to the Indemnitor by the Underwriters, the Underwriters shall have the
right to employ their own counsel in connection therewith, if: (i) the
employment of such counsel has been authorized by the Indemnitor; or (ii) the
Indemnitor has not assumed the defence and employed counsel therefore within a
reasonable time after receiving notice of such action, suit, proceeding, claim
or investigation; or (iii) counsel retained by the Indemnitor and the
Underwriters or Personnel have both advised (or in the event of a dispute
between such counsel, a court of competent jurisdiction has determined) that
representation of both parties by the same counsel would be inappropriate
because there may be legal defences available to the Underwriters or Personnel
which are different from or in addition to those available to the Indemnitor (in
which event and to that extent, the Indemnitor shall not have the right to
assume or direct the defence on the Underwriters’ or Personnel’s behalf) or that
there is a conflict of interest between the Indemnitor and the Underwriters or
Personnel (in which events the Indemnitor shall not have the right to assume or
direct the defence on the Underwriters’ or Personnel’s behalf), and the
reasonable fees and expenses of such counsel as well as the reasonable costs
(including an amount to reimburse the Underwriters for time spent by its
Personnel in connection therewith) and out-of-pocket expenses incurred by its
Personnel in connection therewith shall be paid by the Indemnitor as they occur
unless caused pursuant to 12(i) or 12(ii) above. 

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

The indemnity and contribution
obligations of the Indemnitor shall be in addition to any liability which the
Indemnitor may otherwise have, shall extend upon the same terms and conditions
to the Personnel of the Underwriters and shall be binding upon and ensure to the
benefit of any successors, assigns, heirs and personal representatives of the
Indemnitor, the Underwriters and any of the Personnel of the Underwriters. The
foregoing provisions shall survive the completion of professional services
rendered under this Agreement or any termination of the authorization given by
this Agreement. 

	13. 	
      Contribution

In the event that the indemnity
provided for in Section 12 is declared by a court of competent jurisdiction to
be illegal or unenforceable as being contrary to public policy or for any other
reason, the Underwriters, the Company and the Selling Shareholders shall
contribute to the aggregate of all losses, claims, costs, damages, expenses or
liabilities of the nature provided for above such that the Underwriters shall be
responsible for that portion represented by the percentage that the portion of
the Commission payable by the Company and the Selling Shareholders to the
Underwriters bears to the gross proceeds realized by the Company and the Selling
Shareholders from the Offering and the Company and the Selling Shareholders
shall be responsible for the balance; provided that, in no event, shall the
Underwriters be responsible for any amount in excess of the portion of the Commission actually
received by the Underwriters. In the event that the Company and the Selling
Shareholders may be held to be entitled to contribution from the Underwriters
under the provisions of any statute or law, the Company and the Selling
Shareholders shall be limited to contribution from the Underwriters in an amount
not exceeding the lesser of: (a) the portion of the full amount of losses,
claims, costs, damages, expenses or liabilities giving rise to such contribution
for which the Underwriters is responsible; and (b) the amount of the Commission
actually received by the Underwriters. Notwithstanding the foregoing, a person
guilty of negligence, bad faith, fraud, fraudulent misrepresentation or wilful
misconduct shall not be entitled to contribution from any other party. Any party
entitled to contribution will, promptly after receiving notice of commencement
of any claim, action, suit or proceeding against such party in respect of which
a claim for contribution may be made against another party or parties under this
Section, notify such party from whom contribution may be sought, but the
omission to so notify such party shall not relieve the party from whom
contribution may be sought from any obligation it may have otherwise under this
Section 13, except to the extent that the party from whom contribution may be
sought is prejudiced by such omission. The right to contribution provided herein
shall be in addition and not in derogation of any other right to contribution
which the Underwriters may have by statute or otherwise by law. 

- 41 - 

	14. 	
      Press Releases

Subject to Applicable Laws (including
the time limits imposed thereunder), the Company and the Selling Shareholders
shall obtain prior approval of the Underwriters as to the content and form of
any press release relating to the Offering. 

	15. 	
      Advertisements

The Company and the Selling
Shareholders acknowledge that the Underwriters shall have the right, at its own
expense, to place such advertisement or advertisements relating to the sale of
the Units contemplated herein as the Underwriters may consider desirable or
appropriate and as may be permitted by Applicable Laws. The Company, the Selling
Shareholders and the Underwriters each agree not to make or publish any
advertisement in any media whatsoever relating to, or otherwise publicise, the
transaction provided for herein so as to result in any exemption from the
prospectus and registration requirements of Securities Laws in any of the
Selling Jurisdictions or the securities laws of any other jurisdiction in which
the Units shall be offered or sold being unavailable in respect of the sale of
the Units to prospective purchasers. 

	16. 	
      Underwriters’
  Commission

In consideration of the services to be
rendered by the Underwriters in connection with the Offering, the Company will
pay the Underwriters, or the U.S. Affiliates, as applicable, a cash commission
(the “Company Commission”) equal to 5.25% of the gross proceeds of the
Offering multiplied by the number of Treasury Unit Shares and Additional
Treasury Shares, divided by the total number of Treasury Unit Shares and
Additional Shares in the Offering and the Selling Shareholders will pay the
Underwriters a cash commission (the “Secondary Commission” and together
with the Company Commission, the “Commission”) equal to 3.25% of the
gross proceeds of the Offering multiplied by the number of Secondary Shares
divided by the total number of Treasury Unit Shares and Additional Shares issued
in the Offering, including the gross proceeds arising from the exercise, where
any such exercise takes place in whole or in part, of the Underwriters’ Option. For further
clarity, 5.25% cash commission applies to the Treasury Units and Additional
Treasury Shares issued, and 3.25% cash commission applies to the Secondary
Shares issued in the Offering. The obligation of the Company and the Selling
Shareholders to pay the Commission shall arise at Closing and the Commission shall
be fully earned by the Underwriters at the Closing Time. 

- 42 - 

As additional compensation for the
services to be rendered by the Underwriters hereunder, the Company will issue to
the Underwriters (or any Selling Firms(s) engaged by the Underwriters)
non-transferrable compensation options (the “Compensation Options”), with
each Compensation Option being exercisable to purchase that number of Common
Shares (the “Compensation Shares”) as is equal to 5.00% of the aggregate
number of Units issued pursuant to the Offering at the Purchase Price at any
time before 5:00 p.m. (Toronto time) on the date that is 24 months following the
Closing Date. At the Closing Time, the Company shall execute and deliver to the
Underwriters the Compensation Option Certificates in a form to be agreed upon by
the Underwriters and the Company, each acting reasonably. 

	17. 	
      Right of First Refusal.

During the term of this Agreement and
for a period of 18 months subsequent to the Closing Date, the Company hereby
agrees to offer to MRCC a right of first refusal to provide investment banking
services (the “Services”) (i) as lead manager, lead underwriter, lead
agent and/or sole bookrunner to the Company, any of its subsidiaries and any
successor entity to the Company’s business or assets by reorganization, with a
minimum 25% syndicate position, in connection with any additional capital
raising in Canada, whether by issuance of common shares, securities exchangeable
or convertible into common shares, or debt instruments of the Company, or
otherwise; or (ii) as advisor and/or sponsor of a formal valuation or fairness
opinion or sponsorship required by virtue of Canadian securities legislation
and/or regulation. It is understood that the terms and conditions, including the
need for dealers or syndication, and related fees payable in connection with
those services will be agreed by the parties, acting reasonably and in good
faith, and be consistent with then-prevailing market practices. The rights of
MRCC hereof must be exercised by the Underwriter within five days of receipt of
written notification from the Company that such services are required, which
notice shall set out, in reasonably sufficient detail, the services required and
the proposed terms of such services. If MRCC elects not to exercise such rights
and does not accept the terms and conditions contained in the Company’s offer,
the Company may engage any other financial institution as manager, underwriter,
agent and/or bookrunner (as the case may be, depending on the nature of the
transaction) in connection with such transaction, provided that the terms and
conditions of any such engagement shall be no more favourable to such other
financial institution than the terms and conditions offered by the Company to
MRCC. Any more favourable terms and conditions of such services must first be
offered to the Underwriter before being offered to a third party. It is
understood that the terms and conditions of this Section 17, shall replace and supersede any other written or verbal
right of first refusal granted by the Company to MRCC in connection with and
relating to the Services. This Section 17 does not supersede any prior
agreements with regards to Rights of First Refusal between the Company and PI
Financial. 

	18. 	
      Obligations of the
Underwriters

The Underwriters’ obligation to
purchase the Units at the Closing Time shall be several and not joint and shall
be limited to the Underwriters’ respective obligations in this respect, and
shall be as to the following percentages of the aggregate amount of Units to be
purchased at that time: 

	Mackie Research Capital Corporation
	65% 
	PI Financial Corp. 	35%

- 43 - 

	19. 	
      Notices

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

If to the Company, to it at: 

Nobilis Health Corp. 
4120 Southwest
Freeway, Suite 150 
Houston, Texas 
77027 USA 

	 	Attention: 	Chris Lloyd, Chief Executive Officer 
	 	Fax: 	(713) 355-8615 

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

Macdonald Tuskey 
570 Granville
Street, Suite 400 
Vancouver, British Columbia 
V6C 3P1 

	 	Attention: 	Bill Macdonald 
	 	Fax: 	(604) 681-4760 

If to the Selling Shareholders, to:

Donald L. Kramer 
3330 Chevy
Chase Drive
Houston, Texas 
77019 

And

Harry Fleming
4120 Southwest
Freeway, Suite 150 
Houston, Texas 77027 

If to the Underwriters, to: 

Mackie Research Capital Corporation

199 Bay St #4500
Toronto, Ontario
M5L 1G2 

	 	Attention: 	Ezra Chang 
	 	Fax: 	(416) 860-7674 

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

Cassels Brock & Blackwell LLP

2100 Scotia Plaza 

40 King Street West 
Toronto,
Ontario M5H 3C2 
 

- 44 - 

 

	 	Attention: 	Sean Maniaci 
	 	Fax: 	(416) 642-7158 

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

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

	20. 	
      Relationship Among the Company, the Selling
      Shareholders and the Underwriters

In connection with the services
described herein, the Underwriters shall act as independent contractors, and any
duties of the Underwriters arising out of this Agreement shall be owed solely to
the Company and the Selling Shareholders. The Company and the Selling
Shareholders acknowledge that each Underwriter is a securities firm engaged in
securities trading and brokerage activities, as well as providing investment
banking and financial advisory services, which may involve services provided to
other companies engaged in businesses similar or competitive to the business of
the Company. The Company and the Selling Shareholders acknowledge and agree that
in connection with all aspects of the engagement contemplated hereby, and any
communications in connection therewith, the Company and the Selling
Shareholders, on the one hand, and the Underwriters and any of its respective
affiliates through which the Underwriters may be acting, on the other hand, will
have a business relationship that does not create, by implication or otherwise,
any fiduciary duty on the part of the Underwriters or such affiliates, and each
party hereto agrees that no such duty will be deemed to have arisen in
connection with any such transactions or communications. Information which is
held elsewhere within the Underwriters, but of which none of the individuals in
the investment banking department or division of the Underwriters involved in
providing the services contemplated by this Agreement actually has knowledge (or
without breach of internal procedures can properly obtain) will not for any
purpose be taken into account in determining any of the responsibilities of the
Underwriters to the Company and the Selling Shareholders under this Agreement.

The Company and the Selling
Shareholders agree that they are responsible for making their own independent
judgments with respect to the transactions contemplated by this Agreement and
that any opinions or views expressed by the Underwriters regarding such
transactions, including, but not limited to, any opinions or views with respect
to the price or market for the Company’s securities, do not constitute advice or
recommendations to the Company or the Selling Shareholders. 

	21. 	
      Use of Advice

The Company and the Selling
Shareholders acknowledge and agree that all written and oral opinions, advice,
analysis and materials provided by the Underwriters in connection with its
engagement hereunder are intended solely for the Company’s and the Selling
Shareholders’ benefit and their internal use only in considering the Offering
and the Company and the Selling Shareholders agree that no such opinion, advice,
analysis or material will be used for any other purpose whatsoever or
reproduced, disseminated, quoted from or referred to in whole or in part at any time, in any manner or for any purpose, without the
Underwriters’ prior written consent in each specific instance. 

- 45 - 

Any advice or opinions given by the
Underwriters in connection with its engagement hereunder will be made subject
to, and will be based upon, such assumptions, limitations, qualifications, and
reservations as the Underwriters, in their sole judgment, deems necessary or
prudent in the circumstances. The Underwriters expressly disclaims any liability
or responsibility by reason of any unauthorized use, publication, distribution
of or reference to any oral or written opinions or advice or materials provided
by the Underwriters or any unauthorized reference to the Underwriters or its
engagement hereunder. 

	22. 	
      Time of the Essence

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

	23. 	
      Entire Agreement

This Agreement constitutes the only
agreement between the parties with respect to the subject matter hereof and
shall supersede any and all prior negotiations and understandings. This
Agreement may be amended or modified in any respect by written instrument only.
All Schedules attached to this Agreement are deemed to be part hereof and are
hereby incorporated by reference. 

	24. 	
      Severability

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

	25. 	
      Governing Law

This Agreement shall be governed by and
construed in accordance with the laws of the Province of Ontario and the federal
laws of Canada applicable therein. 

	26. 	
      Successors and Assigns

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

	27. 	
      Further Assurances

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

	28. 	
      Language

The parties hereby acknowledge that
they have expressly required this Agreement and all notices, statements of
account and other documents required or permitted to be given or entered into
pursuant hereto to be drawn up in the English language only. Les parties
reconnaissent avoir expressément demandé que la présente
Convention ainsi que tout avis, tout état de compte et tout autre document à
être ou pouvant être donné ou conclu en vertu des dispositions des présentes,
soient rédigés en langue anglaise seulement.

- 46 - 

	29. 	
      Effective Date

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

	30. 	
      Counterparts and Facsimile

This Agreement may be executed in any
number of counterparts and by facsimile or electronically in portable document
format, each of which so executed shall constitute an original and all of which
taken together shall form one and the same agreement. 

[Signature page follows.] 

 

- 47 - 

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

Yours very truly, 

MACKIE RESEARCH CAPITAL CORPORATION

	Per: 	/s/
      Ezra Chang 
	  	Authorized Signatory 

PI FINANCIAL CORP. 

	Per: 	/s/
      Blake Corbet 
	  	Authorized Signatory

- 48 - 

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

DATED as of May13, 2015 

NOBILIS HEALTH CORP. 

	Per: 	/s/
      Chris Lloyd 
	  	Authorized Signatory 

DONALD L. KRAMER 

	By: 	/s/ Donald L. Kramer 	 	/s/
      signed 
	  	Donald L. Kramer 	 	Witness 

HEALTHCARE VENTURES, LTD. 

By its General Partner, 
Healthcare Ventures Management
Corp., a Texas corporation 

	By: 	 /s/ Donald L. Kramer 
	  	Name: Donald L. Kramer 
	  	President and Director

HARRY FLEMING 

	By: 	/s/
      Harry Fleming 	 	/s/
      signed 
	  	Harry Fleming 	 	Witness 

- 49 - 

SCHEDULE A 
MATERIAL SUBSIDIARIES 

Northstar Healthcare Holdings, Inc. 
Northstar Healthcare
Acquisitions, LLC 
Northstar Healthcare Subco, LLC 
Northstar Healthcare
Limited Partner, LLC 
Northstar Healthcare General Partner, LLC 
Medical
Ambulatory Surgical Suites, L.P. 
First Nobilis, LLC 
Athas Health, LLC

NHC ASC - Dallas, LLC 
Northstar Healthcare Surgery Center - Houston, LLC

Northstar Healthcare Surgery Center - Scottsdale LLC 

SCHEDULE B 
SUBSIDIARIES 

Northstar Healthcare Holdings, Inc. 
Northstar Healtchare
Acquisitions, LLC 
Northstar Healthcare Subco, LLC 
Northstar Healthcare
Management Company, LLC 
Northstar Healthcare Limited Partner, LLC

Northstar Healthcare General Partner, LLC 
The Palladium for Surgery -
Dallas, Ltd. 
The Palladium for Surgery - Houston, Ltd. 
Medical
Ambulatory Surgical Suites, L.P. 
Microsurgery Institute LLC 
Houston
Microsurgery Institute, LLC 
First Nobilis, LLC 
First Nobilis Hospital,
LLC 
First Nobilis Surgical Center, LLC 
Athas Health, LLC 
Athas
Administrative, LLC 
Athas Holdings, LLC 
NHC ASC - Dallas, LLC

Northstar Healthcare Surgery Center - Houston, LLC 
Northstar Healthcare
Surgery Center - Scottsdale LLC 
Northstar Healthcare Dallas Management, LLC

Northstar Healthcare Northwest Houston Management, LLC 
KIRPA Holdings,
LLC 
GRIP Medical Diagnostics, LLC 
Spring Northwest Operating, LLC

Spring Northwest Management, LLC 
Spring Creek Urgent Care, LLC

Spring Creek Imaging, LLC 
Willowbrook Imaging, LLC 
Elite Orthopedic
& Spine Surgery Center, LLC 
Elite Hospital Management, LLC 
Elite
Sinus, Spine & Ortho, LLC 
Nobilis Health Holdings Corp. 

SCHEDULE C 
TERMS FOR OFFERING TO U.S. PURCHASERS

As used in this Schedule, the following terms shall have the
meanings indicated: 

	Directed Selling Efforts 	means “directed selling efforts” as that term
      is defined in Rule 902(c) of Regulation S. Without limiting the foregoing,
      but for greater clarity in this Schedule, it means, subject to the
      exclusions from the definition of directed selling efforts contained in
      Regulation S, any activity undertaken for the purpose of, or that could
      reasonably be expected to have the effect of, conditioning the market in
      the United States for any of the Units, and includes the placement of any
      advertisement in a publication with a general circulation in the United
      States that refers to the offering of any of the Units; 
	  	  
	Disqualification Event 	means any of the “Bad Actor” disqualifications
      described in clauses (d)(1)(i) to (viii) of Rule 506 of Regulation D;
  
	  	  
	General Solicitation or General
      Advertising 	means “general solicitation or general
      advertising”, as used under Rule 502(c) of Regulation D, including any
      advertisements, articles, notices or other communications published in any
      newspaper, magazine or similar media or broadcast over radio, television
      or the Internet, or any seminar or meeting whose attendees had been
      invited by general solicitation or general advertising; 
	  	  
	Institutional Accredited Investor 	means an institution that is an “accredited
      investor” that satisfies one or more of the criteria set forth in Rule
      501(a)(1), (2), (3) or (7) of Regulation D; 
	  	  
	Offshore Transaction 	means “offshore transaction” as that term is
      defined in Rule 902(h) of Regulations S; and 
	  	  
	Securities 	means, collectively, the Units, Treasury Units,
      Additional Shares, Treasury Unit Shares, Warrants and Warrant Shares.
  

Representations, Warranties and Covenants of the
Underwriters 

Each Underwriter acknowledges that the Securities have not been
registered under the U.S. Securities Act or any applicable securities laws of
the states of the United States, and may not be offered or sold to or for the
account or benefit of any U.S. Person or any person within the United States
unless registered under the U.S. Securities Act or pursuant to an exemption from
the registration requirements of the U.S. Securities Act. Accordingly, each
Underwriter severally represents, warrants and covenants to the Company that:

	1. 	
      It has offered and sold, and will offer and sell the
      Units only in Offshore Transactions in accordance with Rule 903 of
      Regulation S or as provided in paragraphs 2 through 12
  below.

- 2 - 

Accordingly, neither the Underwriter, its affiliates nor any
persons acting on its behalf, has made or will make: (a) (except as permitted in
paragraphs 2 through 12 below) any offer to sell or any solicitation of an offer
to buy, any of the Units in the United States or to or from a U.S. Person or a
person acting for the account or benefit of a person within the United States or
a U.S. Person, (b) (except as permitted in paragraphs 2 through 12 below) any
sale of Units to any purchaser unless, at the time the buy order was or will
have been originated, the purchaser was outside the United States, or the
Underwriter, its affiliates or persons acting on their behalf reasonably
believed that such purchaser was outside the United States, or (c) any Directed
Selling Efforts. 

	2. 	
      It will not offer or sell Units in the United States
      except that it may offer Units to purchasers who are Institutional
      Accredited Investors with which the Underwriter or its U.S. Affiliate has
      a pre- existing relationship and who will purchase the Units directly from
      the Company in compliance with Rule 506(b) of Regulation D, in each case
      in the manner contemplated in this Schedule “C”.

	 	 
	3. 	
      It has not entered and will not enter into any
      contractual arrangement with respect to the distribution of the Units,
      except with its affiliates, any selling group members or with the prior
      written consent of the Company. It shall require each selling group member
      to agree in writing, for the benefit of the Company, to comply with, and
      shall use its commercially reasonable efforts to ensure that each selling
      group member complies with, the same provisions of this Schedule “C” as
      apply to the Underwriter as if such provisions applied to such selling
      group member.

	 	 
	4. 	
      All of the Underwriter’s offers of Units to, or for the
      account or benefit of, persons in the United

	 	 
		
      States and U.S. Persons have been and will be made
      through its U.S. Affiliate pursuant to Rule 506(b) of Regulation
  D.

	 	 
	5. 	
      It and its affiliates have not, either directly or
      through a person acting on its or their behalf, solicited and will not
      solicit offers for, and have not offered to sell and will not offer to
      sell, Units in the United States by any form of General Solicitation or
      General Advertising.

	 	 
	6. 	
      Any offer, sale or solicitation of an offer to buy Units
      that has been made or will be made to, or for the account or benefit of,
      persons in the United States or U.S. Persons by the Underwriter through
      its U.S. Affiliate, was or will be made only to Institutional Accredited
      Investors in transactions that are exempt from registration under the U.S.
      Securities Act and any applicable state securities laws and in accordance
      with any applicable U.S. federal or state laws or regulations governing
      the registration or conduct of securities brokers or dealers.

	 	 
	7. 	
      Immediately prior to soliciting such offerees, the
      Underwriter, its affiliates, and any person acting on its or their behalf
      had reasonable grounds to believe and did believe that each offeree was an
      Institutional Accredited Investor, and at the time of completion of each
      sale to, or for the account or benefit of, persons in the United States or
      U.S. Persons, the Underwriter, its affiliates, and any person acting on
      its or their behalf (including its U.S. Affiliate) will have reasonable
      grounds to believe and will believe, that each such offeree purchasing
      Units is an Institutional Accredited Investor.

	 	 
	8. 	
      The Underwriter represents that neither it, its U.S.
      Affiliate, nor any of their respective directors, executive officers,
      other officers participating in the Offering of Units pursuant to Rule
      506(b) of Regulation D, their respective general partners or managing
      members, or any such general partner’s or managing member’s directors,
      executive officers or other officers participating in such Offering (each,
      a “Dealer Covered Person” and, together, “Dealer Covered
      Persons”), is subject to any Disqualification Event except for a
      Disqualification Event, if any, (a) contemplated by Rule 506(d)(2) of
      Regulation D, and (b) a description of which has been furnished in
      writing to the Company prior to the date hereof. In the case of any
Disqualification Event occurring after the date hereof, the Underwriter
covenants to furnish a description thereof in writing to the Company prior to
the Closing Date. 

- 3 - 

	9. 	
      It represents that it is not aware of any person (other
      than any Dealer Covered Person) that has been or will be paid (directly or
      indirectly) remuneration for solicitation of purchasers in connection with
      the Offering of Units pursuant to Rule 506(b) of Regulation D. It will
      notify the Company, prior to the Closing Date of any agreement entered
      into between it and such person in connection with such sale.

	 	 
	10. 	
      It will notify the Company in writing, prior to the
      Closing Date of (a) any Disqualification Event relating to any Dealer
      Covered Person not previously disclosed to the Company hereunder, and (b)
      any event that would, with the passage of time, become a Disqualification
      Event relating to any Dealer Covered Person.

	 	 
	11. 	
      At least one business day prior to the time of delivery,
      the Company, and its transfer agent will be provided with a list of all
      purchasers of Units in the United States.

	 	 
	12. 	
      Neither the Underwriter, its affiliates nor any person
      acting on its behalf (including its U.S. Affiliate) has taken or will
      take, directly or indirectly, any action in violation of Regulation M
      under the U.S. Exchange Act.

	 	 
	13. 	
      The Underwriters agree that at the Closing Time, each of
      them, together with their respective U.S. Affiliates, if applicable, will
      (i) provide a certificate, substantially in the form of Annex I to this
      Schedule “C”, relating to the manner of the offer of the Units in the
      United States or to or for the account or benefit of a U.S. Person or a
      person in the United States or (ii) be deemed to represent that such
      Underwriter and its U.S. Affiliates did not conduct any offers or sales of
      Units in the United States or to or for the account or benefit of a U.S.
      Person or a person in the United States.

Representations, Warranties and Covenants of the
Company

The Company represents, warrants, covenants and agrees that:

	14. 	
      Except with respect to sales in accordance with this
      Schedule “C” to Institutional Accredited Investors in reliance upon the
      exemption from registration available under Rule 506(b) of Regulation D,
      neither the Company nor any of its affiliates, nor any person acting on
      its or their behalf (other than the Underwriters, its U.S. Affiliate,
      their respective affiliates or any person acting on their behalf, in
      respect of which no representation is made), has made or will make: (a)
      any offer to sell, or any solicitation of an offer to buy, any Units to,
      or for the account or benefit of, a person in the United States or a U.S.
      Person; or (b) any sale of Units unless, at the time the buy order was or
      will have been originated, the purchaser is (i) outside the United States
      or (ii) the Company, its affiliates, and any person acting on their behalf
      reasonably believe that the purchaser is outside the United
  States.

	 	 
	15. 	
      During the period in which the Units are offered for
      sale, neither it nor any of its affiliates, nor any person acting on its
      or their behalf (other than the Underwriters, their U.S. Affiliates, and
      their respective affiliates or any person acting on their behalf, in
      respect of which no representation is made) has engaged in or will engage
      in any Directed Selling Efforts, or has taken or will take any action in
      violation of Regulation M under the U.S. Exchange Act or that would cause
      the exemptions afforded by Rule 506(b) of Regulation D to be unavailable
      for offers and sales of Units in the United States in accordance with this
Schedule “C”, or the exclusion from registration afforded by Rule 903 of
Regulation S to be unavailable for offers and sales of the Units outside the
United States in accordance with the Underwriting Agreement. 

- 4 - 

	16. 	
      None of the Company, any of its affiliates or any person
      acting on its or their behalf (other than the Underwriters, their U.S.
      Affiliates, their respective affiliates or any person acting on their
      behalf, in respect of which no representation is made) has offered or will
      offer to sell, or has solicited or will solicit offers to buy, the Units
      in the United States or to, or for the account or benefit of, U.S. Persons
      by means of any form of General Solicitation or General Advertising or in
      any manner involving a public offering within the meaning of Section
      4(a)(2) of the U.S. Securities Act.

	 	 
	17. 	
      With respect to any Units to be offered and sold
      hereunder pursuant to Rule 506(b) of Regulation D, none of the Company,
      any of its predecessors, any affiliated issuer, any director, executive
      officer, other officer of the Company participating in the Offering, any
      beneficial owner of 20% or more of the Company’s outstanding voting equity
      securities, calculated on the basis of voting power, nor any promoter (as
      that term is defined in Rule 405 under the U.S. Securities Act) connected
      with the Company in any capacity at the time of sale (each, a “Company
      Covered Person” and, together, “Company Covered Persons”) is
      subject to any Disqualification Event, except for a Disqualification Event
      covered by subparagraph (d)(2) or (d)(3) of Rule 506 of Regulation D. The
      Company has exercised reasonable care to determine whether any Company
      Covered Person is subject to a Disqualification Event. The Company has
      complied, to the extent applicable, with its disclosure obligations under
      Rule 506(e) of Regulation D, and has furnished to the Underwriters a copy
      of any disclosures provided thereunder.

	 	 
	18. 	
      The Company is not aware of any person (other than any
      Dealer Covered Person (as defined above)) that has been or will be paid
      (directly or indirectly) remuneration for solicitation of purchasers in
      connection with the sale of any Units.

	 	 
	19. 	
      The Company will notify the Underwriters in writing,
      prior to the Closing Date of (a) any Disqualification Event relating to
      any Company Covered Person and (b) any event that would, with the passage
      of time, become a Disqualification Event relating to any Company Covered
      Person.

	 	 
	20. 	
      Since the date that is six months prior to start of the
      offering of the Units: (i) it has not sold, offered for sale or solicited
      any offer to buy, and it will not sell, offer for sale or solicit any
      offer to buy, any of its securities in the United States or to, or for the
      account or benefit of, U.S. Persons in a manner that would be integrated
      with the offer and sale of the Units and would cause the exemption from
      registration set forth in Rule 506(b) of Regulation D to become
      unavailable with respect to the offer and sale of the Units; and (ii)
      neither it nor any person acting on its behalf has engaged or will engage
      in any general solicitation or general advertising (within the meaning of
      Rule 502(c) of Regulation D) in connection with any offer or sale of its
      securities in reliance upon Rule 506(c) of Regulation D or otherwise in a
      manner that would be integrated with the offer and sale of the Units and
      would cause the exemption from registration set forth in Rule 506(b) of
      Regulation D to become unavailable with respect to the offer and sale of
      the Units.

	 	 
	21. 	
      The Company shall duly prepare and file with the SEC a
      Form D within 15 days after the first sale of Units in reliance on Rule
      506(b) of Regulation D, and will file such notices and other documents as
      are required to be filed under the state securities or “blue sky” laws of
      the states in which Units are sold to satisfy the requirements of
      applicable exemptions from registration or qualification of the Units
      under such laws.

ANNEX I TO SCHEDULE “C” 

UNDERWRITER’S CERTIFICATE 

In connection with the private placement in the United States
of units (the “Units”) of Nobilis Health Corp. (the “Company”)
pursuant to the underwriting agreement dated May [Ï], 2015 between the Company,
Mackie Research Capital Corporation and PI Financial Corp. (the “Underwriting
Agreement”), the undersigned do hereby certify as follows: 

	 	(i) 	
      [U.S. broker-dealer affiliate] is duly registered:
      (i) as a broker or dealer with the SEC; (ii) under the securities laws of
      each state in which offers and sales of Units were made (unless exempted
      from the respective state’s broker-dealer registration requirements); and
      (iii) with the Financial Industry Regulatory Authority, Inc.
      (“FINRA”) and is a member of, and in good standing with FINRA on
      the date hereof;

	 	 	 
	 	(ii) 	
      immediately prior to offering Units to offerees in the
      United States or for the account or benefit of a person in the United
      States or a U.S. Person, we had reasonable grounds to believe and did
      believe that each such offeree was an Accredited Investor under the U.S.
      Securities Act and, on the date hereof, we continue to believe that each
      such offeree purchasing Units through us is an Accredited
  Investor;

	 	 	 
	 	(iii) 	
      no form of General Solicitation or General Advertising
      was used by us, including advertisements, articles, notices or other
      communications published in any newspaper, magazine or similar media or on
      the internet or broadcast over radio or television, or any seminar or
      meeting whose attendees had been invited by General Solicitation or
      General Advertising, in connection with the offer or sale of the Units in
      the United States or for the account or benefit of a person in the United
      States or a U.S. Person;

	 	 	 
	 	(iv) 	
      we did not make any Directed Selling Efforts in the
      United States with respect to the Offered Shares, Warrants and Warrant
      Shares;

	 	 	 
	 	(v) 	
      all offers and sales of Units in the United States or for
      the account or benefit of a person in the United States or a U.S. Person
      have been effected in accordance with all applicable U.S. state and
      federal laws governing the registration and conduct of brokers and
      dealers;

	 	 	 
	 	(vi) 	
      other than each purchaser’s Subscription Agreement, no
      written material was used in connection with the offer or sale of the
      Units in the United States or for the account or benefit of a person in
      the United States or a U.S. Person;

	 	 	 
	 	(vii) 	
      the offering of the Units in the United States or for the
      account or benefit of a person in the United States or a U.S. Person has
      been conducted by us in accordance with the Underwriting Agreement
      including Schedule “C” thereto; and

	 	 	 
	 	(viii) 	
      prior to any sale of Units in the United States or for
      the account or benefit of a person in the United States or a U.S. Person,
      we caused each United States purchaser to execute a Subscription Agreement
      (including a U.S. Accredited Investor Certificate) in the form agreed
      between the Company and the Underwriters.

- 2 - 

Terms used in this certificate have the meanings given to them
in the Underwriting Agreement, including Schedule “C” thereto, unless defined
herein. 

DATED this ______ day of May, 2015. 

	[UNDERWRITER] 	[U.S. BROKER-DEALER AFFILIATE]
  

	By: 	 	 	By: 	 
	 	 	 	 	 
	                   	Authorized Signing Officer 	 	                   	Authorized Signing Officer

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