Document:

Filed by sedaredgar.com - Anavex Life Sciences Corp. - Exhibit 10.1

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

NONE OF THE SECURITIES REPRESENTED HEREBY NOR THE SECURITIES
INTO WHICH THESE SECURITIES ARE CONVERTIBLE HAVE BEEN REGISTERED UNDER THE 1933
ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED, MAY NOT BE
OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES (AS DEFINED
HEREIN) OR TO U.S. PERSONS EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF
REGULATION S UNDER THE 1933 ACT, PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE 1933 ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A
TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN
EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. IN ADDITION,
HEDGING TRANSACTIONS INVOLVING THIS SECURITY AND THE SECURITIES INTO WHICH THIS
SECURITY IS CONVERTIBLE MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE 1933
ACT. “UNITED STATES” AND “U.S. PERSON” ARE AS DEFINED BY REGULATION S UNDER THE
1933 ACT. 

Issue Date: ______________, 2009 

Conversion Price (subject to adjustment herein): USD
$2.25 per Unit 

Principle Amount: USD $ ____________________

ANAVEX LIFE SCIENCES CORP. 
8% CONVERTIBLE LOAN

FOR VALUE RECEIVED, ANAVEX LIFE SCIENCES CORP. (the
“Company”) promises to pay to ________________________________ or
its registered assigns (the “Holder”), the principal sum of
____________________Thousand Dollars ($ _______,000) in lawful currency of the
United States (the “Principal Amount” ) on ______________________, 2011
or such earlier date as the Convertible Loan may be permitted to be repaid as
provided hereunder (the “Maturity Date”), and to pay interest to the
Holder on the aggregate unconverted and then outstanding principal amount of
this Convertible Loan at the rate of 8% per annum, payable on the earlier of (i)
the Conversion Date (as hereafter defined) (and subject in any event to the
terms of Section 3, below) and (ii) the Maturity Date. Interest shall be
calculated on the basis of a 360-day year and shall accrue daily commencing on
the Issue Date until payment in full of the Principal Amount, together with all
accrued and unpaid interest and other amounts which may become due hereunder,
has been made. Interest shall cease to accrue with respect to any part of the
Principal Amount converted, provided that the Company in fact delivers the
Units, comprising one Common Share and one half of one Warrant (each as defined
below) within the time period required by Section 3.3. Interest hereunder will
be paid to the Person in whose name this Convertible Loan is registered on the
records of the Company regarding registration and transfers of Convertible
Loans. The Company may prepay any portion of the principal amount of this
Convertible Loan without the prior written consent of the Holder. 

This Convertible Loan is part of an offering in which all
Holders of such Convertible Loans are equal as to all rights and the amounts
owing to each will be treated pari passu.

Each Unit consists of one common share in the capital of the
Company (a “Common Share”) and one half of one common share purchase
warrant (“Warrant”) exercisable at USD $3.50 (subject to adjustment) for
a period of two years from the Conversion Date (as hereafter defined). The form
of Warrant Agreement and Certificate will be the form delivered by the Company
on the Conversion Date.

This Convertible Loan is subject to the following additional provisions: 

	
1. 		
Subscription Agreement

	
	 	 	 	 
		
(a) 		
This Convertible Loan has been issued pursuant to a subscription agreement between the Company and the Holder dated June 18, 2009 (the “Subscription Agreement”) pursuant to which the Holder purchased this
Convertible Loan, and this Convertible Loan is subject in all respects to the terms of the Subscription Agreement and incorporates the terms of the Subscription Agreement to the extent that they do not conflict with the terms of this Convertible
Loan. This Convertible Loan is not transferable and may be exchanged or converted only in compliance with the terms hereof, the terms of the Subscription Agreement and applicable securities laws and regulations.

	
	 	 	 	 
		
(b) 		
The Holder acknowledges that finder’s fees may be payable by the Company in connection with this Convertible Loan.

	
	 	 	 	 
	
2. 		
Events of Default

	
	 	 	 	 
		
(a) 		
“Event of Default”, wherever used herein, means any one of the following events (whatever the reason and whether it shall be voluntary or involuntary or effected by operation of law or pursuant to any judgment,
decree or order of any court, or any order, rule or regulation of any administrative or governmental body):

	
	 	 	 	 
			
(i) 		
any default in the payment of (A) the Principal Amount, or (B) interest on, or liquidated damages in respect of, this Convertible Loan, in each case free of any claim of subordination, as and when the same shall become due and
payable (whether on a Conversion Date or the Maturity Date or by acceleration or otherwise) which default, solely in the case of an interest payment or other default under item (B) above, is not cured within 10 Trading Days (as defined in Section
5.1(j), below) after notice of such default is sent by the Holder to the Company;

	
	 	 	 	 
			
(ii) 		
the Company shall fail to observe or perform any other covenant or agreement contained in this Convertible Loan or the Subscription Agreement [other than a breach by the Company of its obligations to deliver Units to the Holder
upon conversion which breach is addressed in Section 2.1(e) below] which failure is not cured, if possible to cure, within 10 calendar days after notice of such default is sent by the Holder to the Company;

	
	 	 	 	 
			
(iii) 		
the Company or any of its subsidiaries (each a “Subsidiary”) shall commence, or there shall be commenced against the Company or any Subsidiary a case under any applicable bankruptcy or insolvency laws as now or
hereafter in effect or any successor thereto, or the Company or any Subsidiary commences any other proceeding under any reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency or liquidation or similar law of any
jurisdiction whether now or hereafter in effect relating to the Company or any Subsidiary or there is commenced against the Company or any Subsidiary any such bankruptcy, insolvency or other proceeding which remains undismissed for a period of 60
days; or the Company or any Subsidiary is adjudicated insolvent or bankrupt; or any order of relief or other order approving any such case or proceeding is entered; or the Company or any Subsidiary suffers any appointment of any custodian or the
like for it or any substantial part of its property which continues undischarged or unstayed for a period of 60 days; or the Company or any Subsidiary makes a general assignment for the benefit of creditors; or the Company shall fail to pay, or
shall state that it is unable to pay, or shall be unable to pay, its debts generally as they become due; or the

	

	 		
      Company or any Subsidiary shall call a meeting of its
      creditors with a view to arranging a composition, adjustment or
      restructuring of its debts; or the Company or any Subsidiary shall by any
      act or failure to act expressly indicate its consent to, approval of or
      acquiescence in any of the foregoing; or any corporate or other action is
      taken by the Company or any Subsidiary for the purpose of effecting any of
      the foregoing;

	 	 	 
	 	(iv) 	
      the Common Stock shall not be eligible for quotation on
      or quoted for trading on its principal trading market and shall not again
      be eligible for and quoted or listed for trading thereon within five
      Trading Days;

	 	 	 
	 	(v) 	
      the Company shall fail for any reason to deliver
      certificates to the Holder prior to the tenth Trading Day after a
      Conversion Date pursuant to and in accordance with Section 3.3 or the
      Company shall provide notice to the Holder, including by way of public
      announcement, at any time, of its intention not to comply with any request
      for conversion of this Convertible Loan in accordance with the terms
      hereof; or

	 	(b) 	
      If any Event of Default occurs, the full Principal
      Amount, together with interest and other amounts owing in respect thereof
      to the date of acceleration shall become, at the Holder’s election,
      immediately due and payable in cash. Commencing 5 days after the
      occurrence of any Event of Default that results in the eventual
      acceleration of this Convertible Loan, the interest rate on this
      Convertible Loan shall accrue at the rate of % per annum, or such lower
      maximum amount of interest permitted to be charged under applicable law.
      Upon payment of the full Principal Amount, together with interest and
      other amounts owing in respect thereof, in accordance herewith, this
      Convertible Loan shall promptly be surrendered to or as directed by the
      Company. The Holder need not provide and the Company hereby waives any
      presentment, demand, protest or other notice of any kind, and the Holder
      may immediately and without expiration of any grace period enforce any and
      all of its rights and remedies hereunder and all other remedies available
      to it under applicable law. Such declaration may be rescinded and annulled
      by the Holder at any time prior to payment hereunder and the Holder shall
      have all rights as a Convertible Loan holder until such time, if any, as
      the full payment under this Section shall have been received by it. No
      such rescission or annulment shall affect any subsequent Event of Default
      or impair any right consequent thereon.

THE OBLIGATIONS UNDER THIS CONVERTIBLE LOAN AGREEMENT ARE
UNSECURED AGAINST THE ASSETS OF THE COMPANY AND THEREFORE OTHER CHARGES MAY HAVE
PRIORITY AGAINST THE COMPANY’S ASSETS BEFORE THE HOLDER OF THIS CONVERTIBLE
LOAN. THERE IS NO GUARANTEE THAT THE COMPANY WILL HAVE SUFFICIENT ASSETS UPON AN
EVENT OF DEFAULT TO PAY THE HOLDER WHAT IS OWED.

	3. 	
      Conversion

	 	 	 
		(a) 	
      At any time after the Issue Date until this Convertible
      Loan is no longer outstanding, and subject to Section 3(i), this
      Convertible Loan may be converted into Units at the option of the Holder,
      in whole or in part at any time and from time to time. The Holder shall
      effect conversions by delivering to the Company the form of Notice of
      Conversion attached hereto as Annex A (a “Notice of Conversion”),
      specifying therein the principal amount to be converted. The date on which
      such conversion is to be effected (a “Conversion Date”) shall be
      the date that is five business days following delivery of the Notice of
      Conversion to the Company. To effect conversions hereunder, the Holder
      shall not be required to physically surrender the Convertible Loan to the
      Company unless the entire principal amount of this Convertible Loan plus
      all accrued and unpaid interest thereon has been so converted. Conversions
      hereunder shall have the effect of lowering
the

	 		
      outstanding principal amount of this Convertible Loan in
      an amount equal to the applicable conversion. The Holder and the Company
      shall maintain records showing the principal amount converted and the date
      of such conversions. The Company shall deliver any objection to any Notice
      of Conversion within ten business days of receipt of such notice. The
      Holder, by acceptance of this Convertible Loan, acknowledges and agrees
      that, by reason of the provisions of this paragraph, following conversion
      of a portion of this Convertible Loan, the unpaid and unconverted
      principal amount of this Convertible Loan may be less than the amount
      stated on the face hereof. From and after the date of a Notice of
      Conversion until the Conversion Date, the Company shall have the right to
      prepay any or all of the principal amount and interest to be converted
      pursuant to such Notice of Conversion.

	 	 	 
	 	(b) 	
      The number of Units issuable upon a conversion shall be
      determined by the quotient obtained by dividing (x) by (y)
      where (x) shall be equal to the outstanding principal amount of
      this Convertible Loan to be converted plus the amount of interest that has
      accrued thereon, and (y) is equal to the Conversion Price, as
      adjusted pursuant to this Convertible Loan.

	 	 	 
	 	(c) 	
      Not later than ten Trading Days after any Conversion
      Date, the Company will deliver to the Holder a certificate or
      certificates, which shall bear such restrictive legends required by the
      Subscription Agreement, representing the number of Units being acquired
      upon the conversion, including the conversion of accrued and unpaid
      interest through the Conversion Date.

	 	 	 
	 	(d) 	
      The conversion price in effect on any Conversion Date
      shall be equal to USD $3.50 (subject to adjustment herein).

	 	 	 
	 	(e) 	
      If the Company or any subsidiary thereof, as applicable,
      at any time while this Convertible Loan is outstanding, shall sell or
      grant any option to purchase any Common Stock entitling any person to
      acquire shares of Common Stock (other than exercise of rights to acquire
      securities that were issued prior to the date of this Convertible Loan),
      at an effective price per share less than the Conversion Price (a
      “Dilutive Issuance”), as adjusted hereunder, then the Conversion
      Price shall be reduced to equal the effective purchase price, conversion
      price or exercise price for such Common Stock at issue. Such adjustment
      shall be made whenever such Common Stock or Common Stock Equivalents are
      issued. In such case the Unit price will be reduced to equal the effective
      purchase price, conversion price or exercise price of the Dilutive
      Issuance and the Warrant exercise price will be adjusted to equal the
      Dilutive Issuance price plus 20%. The Company shall notify the Holder in
      writing, no later than the business day following the issuance of any
      Common Stock subject to this section, indicating therein the applicable
      price and other pricing terms. Notwithstanding the foregoing, the
      conversion of any instrument issued by the Company prior to the Issue Date
      of this Convertible Loan into Common Stock after the Issue date of this
      Convertible Loan, shall not constitute a Dilutive Issuance.

	 	 	 
	 	(f) 	
      If the Company, at any time while this Convertible Loan
      is outstanding: (A) shall pay a stock dividend or otherwise make a
      distribution or distributions in shares of its Common Stock or any other
      equity or equity equivalent securities payable in shares of Common Stock,
      (B) subdivide outstanding shares of Common Stock into a larger number of
      shares, (C) combine (including by way of reverse stock split) outstanding
      shares of Common Stock into a smaller number of shares, or (D) issue by
      reclassification of shares of the Common Stock any shares of capital stock
      of the Company, then the Conversion Price shall be multiplied by a
      fraction of which the numerator shall be the number of shares of Common
      Stock (excluding treasury shares, if any) outstanding before such event
      and of which the denominator shall be the number of shares of Common Stock
      outstanding after such event. Any adjustment made pursuant to this Section
      shall become effective immediately after the record date for the
      determination of stockholders entitled to
receive

	 		
      such dividend or distribution and shall become effective
      immediately after the effective date in the case of a subdivision,
      combination or reclassification.

	 	 	 
	 	(g) 	
      The Company covenants that it will at all times reserve
      and keep available out of its authorized and unissued shares of Common
      Stock solely for the purpose of issuance upon conversion of the
      Convertible Loans, each as herein provided, free from preemptive rights or
      any other actual contingent purchase rights of Persons other than the
      Holder, not less than such number of shares of the Common Stock as shall
      (subject to any additional requirements of the Company as to reservation
      of such shares set forth in the Subscription Agreement) be issuable upon
      the conversion of the outstanding principal amount of the Convertible
      Loan. The Company covenants that all shares of Common Stock that shall be
      so issuable shall, upon issue, be duly and validly authorized, issued and
      fully paid and nonassessable.

	 	 	 
	 	(h) 	
      Upon a conversion hereunder the Company shall not be
      required to issue stock certificates representing fractions of shares of
      the Common Stock, and the Holder shall be entitled to receive, in lieu of
      any final fraction of a share in excess of 0.50, one whole share of Common
      Stock.

	 	 	 
	 	(i) 	
      If and whenever at any time prior to the Maturity Date,
      the Current Market Price (as defined below) of the Company’s shares of
      Common Stock exceeds $3.50 for ten consecutive trading days, the Company
      has the right on ten days written notice (the “Forced Exercise
      Notice”) to the Holder to convert any aggregate unconverted and then
      outstanding principal amount of the Convertible Loan and all interest
      accrued thereon, in whole or in part, into Units at the conversion price
      of USD $3.50, with no further action required on behalf of the
    Holder.

	 	 	 
	 	(j) 	
      The “Current Market Price” of the Company’s shares
      of Common Stock at any date means the price per share equal to the
      Weighted Average Price (as defined below) at which the Shares have been
      quoted on the Over-the-Counter Bulletin Board (“OTCBB”) or, if the
      Shares are not then quoted on the OTCBB, on such other quotation system or
      stock exchange as may be selected by the directors of the Company for such
      purpose. The “Weighted Average Price” will be determined by
      dividing the aggregate sale price of all of the Company’s shares of Common
      Stock on the said market or exchange, as the case may be, during the said
      ten consecutive trading days by the total number of the Company’s shares
      of Common Stock so sold. If the Company’s shares of Common Stock are not
      then listed on any stock exchange or traded in the over-the-counter
      market, then the Current Market Price will be determined by such firm of
      independent chartered accountants as may be selected by the directors of
      the Company, acting reasonably.

	4. 	
      Notices

	 	 	 
		(a) 	
      Any and all notices or other communications or deliveries
      to be provided by the Holders hereunder, including, without limitation,
      any Notice of Conversion, shall be in writing and delivered personally, by
      facsimile, sent by a nationally recognized overnight courier service,
      addressed to the Company, at the address set forth above, facsimile number
      (250) 764-9701, Attn: President or such other address or facsimile
      number as the Company may specify for such purposes by notice to the
      Holder delivered in accordance with this Section. Any and all notices or
      other communications or deliveries to be provided by the Company hereunder
      shall be in writing and delivered personally, by facsimile, sent by a
      nationally recognized overnight courier service addressed to the Holder at
      the facsimile telephone number or address of such Holder appearing on the
      books of the Company, or if no such facsimile telephone number or address
      appears, at the principal place of business of the Holder. Any notice or
      other communication or deliveries hereunder shall be deemed given and
      effective on the earliest of (i) the date of transmission, if such notice
      or communication is delivered via facsimile at the facsimile telephone
      number

specified in this Section prior to
5:30 p.m. (Pacific Standard Time), (ii) the date after the date of transmission,
if such notice or communication is delivered via facsimile at the facsimile
telephone number specified in this Section later than 5:30 p.m. (Pacific
Standard Time) on any date and earlier than 11:59 p.m. (Pacific Standard Time)
on such date, (iii) the second business day following the date of mailing, if
sent by nationally recognized overnight courier service, or (iv) upon actual
receipt by the party to whom such notice is required to be given. 

	5. 	
      Definitions

	 	 	 	 
		(a) 	
      For the purposes hereof, in addition to the terms defined
      elsewhere in this Convertible Loan: (i) capitalized terms not otherwise
      defined herein have the meanings given to such terms in the Subscription
      Agreement, and (ii) the following terms shall have the following
      meanings:

	 	 	 	 
			(i) 	
      “Business Day” means any day except Saturday,
      Sunday and any day which shall be a federal legal holiday in the United
      States or Canada or a day on which banking institutions in the State of
      New York or the Province of British Columbia are authorized or required by
      law or other government action to close.

	 	 	 	 
			(ii) 	
      “Commission” means the Securities and Exchange
      Commission.

	 	 	 	 
			(iii) 	
      “Common Stock” means the common stock, par value
      $0.001 per share, of the Company and stock of any other class into which
      such shares may hereafter have been reclassified or changed.

	 	 	 	 
			(iv) 	
      “Conversion Date” shall have the meaning set forth
      in Section 3.1 hereof.

	 	 	 	 
			(v) 	
      “Exchange Act” means the Securities Exchange Act
      of 1934, as amended.

	 	 	 	 
			(vi) 	
      “Issue Date” shall have the meaning shown on the
      first page of this Convertible Loan.

	 	 	 	 
			(vii) 	
      “Person” means a corporation, an association, a
      partnership, organization, a business, an individual, a government or
      political subdivision thereof or a governmental agency.

	 	 	 	 
			(viii) 	
      “Subscription Agreement” means the Securities
      Subscription Agreement, dated as of April 18, 2009, to which the Company
      and the Holder are parties, as amended, modified or supplemented from time
      to time in accordance with its terms.

	 	 	 	 
			(ix) 	
      “Securities Act” means the Securities Act of 1933,
      as amended, and the rules and regulations promulgated
thereunder.

	 	 	 	 
			(x) 	
      “Trading Day” means a day on which the shares of
      Common Stock are traded on a trading market on which the shares of Common
      Stock are then listed or quoted, provided , that in the event that the
      shares of Common Stock are not listed or quoted, then Trading Day shall
      mean a Business Day.

	 	 	 	 
	6. 	
      Miscellaneous

Except as expressly provided herein, no provision of this
Convertible Loan shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the Principal Amount and interest on, this
Convertible Loan at the time, place, and rate, in United States currency, as
herein prescribed. This 

Convertible Loan is a direct debt obligation of the Company. As
long as this Convertible Loan is outstanding, the Company shall not and shall
cause it Subsidiaries not to, without the consent of the Holder, amend its
certificate of incorporation, bylaws or other charter documents so as to
materially and adversely affect any rights of the Holder. 

7.          
Replacement of Convertible Loan if lost or destroyed 

If this Convertible Loan shall be mutilated, lost, stolen or
destroyed, the Company shall execute and deliver, in exchange and substitution
for and upon cancellation of a mutilated Convertible Loan, or in lieu of or in
substitution for a lost, stolen or destroyed Convertible Loan, a new Convertible
Loan for the principal amount of this Convertible Loan so mutilated, lost,
stolen or destroyed but only upon receipt of evidence of such loss, theft or
destruction of such Convertible Loan, and of the ownership hereof, and
indemnity, if requested, all reasonably satisfactory to the Company. 

8.          
Other Indebtedness 

So long as any portion of this Convertible Loan is outstanding,
the Company will not and will not permit any Subsidiary or other affiliate to,
directly or indirectly, enter into, create, incur, assume or suffer to exist any
indebtedness or liens of any kind, on or with respect to any of its property or
assets now owned or hereafter acquired or any interest therein or any income or
profits therefrom that is senior to, or pari passu with, in any respect,
the Company’s obligations under this Convertible Loan without the prior consent
of the Holder, provided however that all Convertible Loans that are part of the
same offering will be pari passu with each other and equal in all
respects. . 

9.          
Governing Law 

All questions concerning the construction, validity,
enforcement and interpretation of this Convertible Loan shall be governed by and
construed and enforced in accordance with the internal laws of the State of
Nevada, without regard to the principles of conflicts of law thereof. 

10.         Waivers

Any waiver by the Company or the Holder of a breach of any
provision of this Convertible Loan shall not operate as or be construed to be a
waiver of any other breach of such provision or of any breach of any other
provision of this Convertible Loan. The failure of the Company or the Holder to
insist upon strict adherence to any term of this Convertible Loan on one or more
occasions shall not be considered a waiver or deprive that party of the right
thereafter to insist upon strict adherence to that term or any other term of
this Convertible Loan. Any waiver must be in writing. 

11.         Usury

If any provision of this Convertible Loan is invalid, illegal
or unenforceable, the balance of this Convertible Loan shall remain in effect,
and if any provision is inapplicable to any Person or circumstance, it shall
nevertheless remain applicable to all other Persons and circumstances. If it
shall be found that any interest or other amount deemed interest due hereunder
violates applicable laws governing usury, the applicable rate of interest due
hereunder shall automatically be lowered to equal the maximum permitted rate of
interest. The Company covenants (to the extent that it may lawfully do so) that
it shall not at any time insist upon, plead, or in any manner whatsoever claim
or take the benefit or advantage of, any stay, extension or usury law or other
law which would prohibit or forgive the Company from paying all or any portion
of the principal of or interest on this Convertible Loan as contemplated herein,
wherever enacted, now or at any time hereafter in force, or which may affect the
covenants or the performance of this indenture, and the Company (to the extent
it may lawfully do so) hereby expressly waives all benefits or advantage of any
such law, and covenants that it will not, by resort to any such law, hinder,
delay or impeded the execution of any power herein granted to the Holder, but
will suffer and permit the execution of every such as though no such law has
been enacted. 

12.         Next
business day 

Whenever any payment or other obligation hereunder shall be due
on a day other than a Business Day, such payment shall be made on the next
succeeding Business Day. 

IN WITNESS WHEREOF, the Company has caused this Convertible
Loan to be duly executed by a duly authorized officer as of the date first above
indicated. 

ANAVEX LIFE SCIENCES CORP

By: ________________________

Name: 
Title: 

ANNEX A 

NOTICE OF CONVERSION 

The undersigned hereby elects to convert principal and all
accrued and outstanding interest under the 8% Convertible Loan of Anavex Life
Sciences Corp., a Nevada corporation (the “ Company “), due on
__________, 20__, into shares ( “Shares” ) of common stock of the
Company, par value $0.001 per share (the “ Common Stock “) as of the date
written below. 

Conversion calculations: 

Date to Effect Conversion: 

Principal Amount of Convertible Loans to be Converted: 

Amount of issued and outstanding interest: 

Number of Shares of Common Stock to be issued: 

Signature: 

 

Name: 

 

Address:Filed by sedaredgar.com - Anavex Life Sciences Corp. - Exhibit 10.2

NON-UNITED STATES RESIDENT SUBSCRIBERS 

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

THE SECURITIES TO WHICH THIS PRIVATE PLACEMENT SUBSCRIPTION
AGREEMENT (THE “SUBSCRIPTION AGREEMENT”) RELATES HAVE NOT BEEN REGISTERED WITH
THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY
STATE, AND WILL BE ISSUED IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), AND, ACCORDINGLY, MAY
NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE 1933 ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A
TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN
ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. 

ANAVEX LIFE SCIENCES CORP. 
(THE “ISSUER”) 

PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT 
CONVERTIBLE LOAN

INSTRUCTIONS TO PURCHASER 

	1. 	
      The purchaser is to complete all the information in the
      boxes on page 1 and sign where indicated with an “X”.

	 	 
	2. 	
      IF THE PURCHASER IS A CANADIAN RESIDENT AND IS AN
      ACCREDITED INVESTOR, then complete the “Accredited Investor
      Questionnaire” that starts on page 5.

	 	 
	3. 	
      IF THE PURCHASER IS A CANADIAN RESIDENT AND IS NOT AN
      ACCREDITED INVESTOR, and not purchasing a minimum of $150,000 in value of
      securities, complete the “Friends and Family” Questionnaire that
      starts on page 8.

	 	 
	4. 	
      RESIDENTS OF COUNTRIES OUTSIDE THE UNITED STATES AND
      CANADA AND CANADIAN RESIDENTS PURCHASING A MINIMUM OF $150,000 IN VALUE OF
      SECURITIES may subscribe without filling in an Accredited Investor or
      Friends and Family Questionnaire.

	 	 
	5. 	
      Check or Cashier’s check should be made payable to
      Anavex Life Sciences Corp. For Wire instructions contact Harvey Lalach at
      harvey@anavex.com; Tel (250) 764-9701.

	 	 
		
      Wire, check or Cashier’s check may alternatively be
      payable to Clark Wilson LLP, attorneys for Anavex Life Sciences Corp.
      Clark Wilson LLP 800 – 885 West Georgia Street, Vancouver, B.C. V6C 3H1
      Attention: Bernard Pinsky. If funds are delivered to Clark Wilson LLP,
      they are instructed and authorized to hold the said funds until Closing
      and upon Closing, release all funds to the Issuer. If the transaction does
      not close, the funds will be returned to the Purchaser.

	 	 
	6. 	
      All other information must be filled in where
      appropriate.

	 	 
	7. 	
      ALL DOLLAR FIGURES REFER TO UNITED STATES
  DOLLARS.

This is Page 2 of 17 pages of a subscription agreement and
related appendices, schedules and forms. Collectively, these pages together are
referred to as the “Subscription Agreement”. 

PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT 

TO:       ANAVEX LIFE SCIENCES
CORP. (the “Issuer”), of 27 Marathonos Ave, Athens, 15351 

Subject and pursuant to the terms set out in the Terms on pages
3 to 4, the General Provisions on pages 9 to 16 and the other schedules and
appendices attached which are hereby incorporated by reference, the Purchaser
hereby irrevocably subscribes for, and on Closing will purchase from the Issuer,
the following securities at the following price: 

	$                              
       in value of Convertible Loan 
	 
	 
	The Purchaser owns, directly or indirectly, the following
      securities of the Issuer: 
	 
	 
	[Check if applicable] The Purchaser is [ ] an insider of
      the Issuer or      [ ] a member of the
      professional group 

The Purchaser directs the Issuer to issue, register and deliver
the certificates representing the Convertible Loan as follows: 

	REGISTRATION INSTRUCTIONS 	 	DELIVERY INSTRUCTIONS 
	 	 	 
	Name to appear on
      certificate 	 	Name
      and account reference, if applicable 
	 	 	 
	Account reference if
      applicable 	 	Contact
      name 
	 	 	 
	Address 	 	Address
    
	 	 	 
	  	 	Telephone Number 

	
      EXECUTED by the Purchaser this day of
      _____________, 2009. By executing this Subscription Agreement, the
      Purchaser certifies that the Purchaser and any beneficial purchaser
      for whom the Purchaser is acting is resident in the jurisdiction
      shown as the “Address of Purchaser”. 

	WITNESS: 	 	EXECUTION BY PURCHASER: 
	 	 	X 
	Signature of Witness
    	 	Signature of individual (if Purchaser is an individual)
    
	 	 	X 
	Name of Witness 	 	Authorized signatory (if Purchaser is not an individual)
    
	 	 	  
	Address of Witness
    	 	Name of
      Purchaser (please print) 
	 	 	  
	 	 	Name of
      authorized signatory (please print) 
	Accepted this _______ day of
      ____________ , 2009 	 	  
	ANAVEX LIFE
      SCIENCES CORP. 	 	Address
      of Purchaser (residence) 
	Per: 	 	  
	 	 	Telephone Number 
	Authorized Signatory
    	 	  
	 	 	E-mail
      address 
	 	 	  
	 	 	Social Security/Insurance No.:

By signing this acceptance, the Issuer agrees to be bound by
the Terms on pages 3 to 4, the General Provisions on pages 9 to 16 and the other
schedules and appendices incorporated by reference. If funds are delivered to
the Issuer’s lawyers, they are authorized to release the funds to the Issuer on
Closing. 

	Subscription Agreement (with related appendices,
      schedules and forms) 	Page 3 of 17 

TERMS 

	Reference date of this Subscription
      
Agreement 	June 18, 2009 (the “Agreement
      Date”) 

The Offering 

	The Issuer 	
      Anavex Life Sciences Corp. (the “Issuer”).
  

	  	
       

	Offering 	
      The offering consists of up to $160,000 in value of
      Convertible Loan (“Convertible Loan”) of the Issuer, issued
      pursuant to a Convertible Loan Agreement dated as of the
      date hereof. 

	  	
       

		
      Each $2.25 in value of Convertible Loan may be converted
      by the Purchaser into one Unit at any time until maturity. Each Unit
      consists of one share of Common Stock and half of one common share
      purchase Warrant (“Units”). 

	  	
       

		
      If and whenever at any time prior to the maturity date of
      the Convertible Loan (as set out in the convertible loan agreement to be
      entered into between the Issuer and the Purchaser), the Current Market
      Price (as defined in the convertible loan agreement) of the Issuer’s
      shares of Common Stock exceeds $3.50 for ten consecutive trading days, the
      aggregate unconverted and then outstanding principal amount of the
      Convertible Loan and all interest accrued thereon will be converted into
      Units without further action by the Holder. 

	  	
       

		
      All dollar figures refer to United States dollars. The
      Issuer will pay a finder’s fee of up to 10% in cash to qualified finders.
      

	  	
       

	Common Stock 	
      The voting shares of Common Stock of the Issuer par value
      $0.0001 (“Shares”) . 

	  	
       

	Warrants 	
      Each whole Warrant may be exercised for 24 months
      following the conversion date for one share of Common Stock (a “Warrant
      Share”) at an exercise price of $3.50. The Warrants are
      non-transferrable. The Issuer will deliver a form of Warrant certificate
      and terms on Closing. 

	  	
       

	Total Amount 	
      Up to US $168,000 from the sale of Convertible Loans.
    

	  	
       

	Conversion Price 	
      US$2.25 of Loan per Unit. 

	  	
       

	Selling Jurisdictions 	
      The Convertible Loan may be sold in Canada or in other
      jurisdictions other than the United States where they may be lawfully sold
      (the ”Selling Jurisdictions”). 

	  	
       

	Exemptions for Canadian Purchasers 	
      The offering will be made in accordance with the
      following exemptions from the prospectus requirements:

	 	(a) 	
      the “accredited investor” exemption in Canada
      (section 2.3 of National Instrument 45-106, as adopted by the securities
      commissions in Canada (“NI 45-106”);

	 	 	 
	 	(b) 	
      the “$150,000 purchaser” exemption in Canada
      (section 2.10 of NI 45-106); and

	 	 	 
	 	(c) 	
      the “Friends and Family” exemption in Canada
      except Ontario

	  	
                     
      (section 2.5 of NI 45-106). 

	  	
       

	Exemptions for Offshore 
Purchasers 	
      Such other exemptions as may be available the securities
      laws of the Selling Jurisdictions and Regulation S of the United States.
      

	  	
       

	No Registration of Securities 	
      The Convertible Loan, the Shares and the Warrants will
      not be registered with the United States Securities and Exchange
      Commission and will be tradable in compliance with Rule 144 restricted
      periods. 

	  	
       

	Resale restrictions and legends 	
      The Purchaser acknowledges that the certificates
      representing the Shares will bear the following legend: 

	  	
       

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

	  	
       

		
      Purchasers are advised to consult with their own legal
      counsel or advisors to determine the resale restrictions that may be
      applicable to them. 

	  	
       

		
      Canadian Purchasers have requested the Issuer not to
      include a legend under Canadian securities laws. 

	  	
       

	Closing Date 	
      The completion of the sale and purchase of the
      Convertible Loan will take place in one or more closings, on a date or
      dates as agreed to by the Issuer and the Purchaser. Payment for, and
      delivery of the Convertible Loan, is scheduled to occur on or about , 2009
      or such other date as may be agreed upon by the Issuer and the Purchaser
      (the “Closing Date”). 

The Issuer 

	Jurisdiction of organization 	
      The Issuer is incorporated under the laws of the State of
      Nevada. 

	  	
       

	Stock exchange listings 	
      Certain market makers make market in the Issuer’s stock
      on the National Association of Securities Dealers Inc.’s OTC Bulletin
      Board. 

	  	
       

	Commissions with Jurisdiction 
Over the
      Issuer 	
      The “Commissions with Jurisdiction Over the
      Issuer” is the United States Securities and Exchange Commission.
    

	  	
       

	Securities Legislation Applicable 
to the
      Issuer 	
      The “Securities Legislation Applicable to the
      Issuer” is the US Securities Exchange Act of 1934.

End of Terms

NATIONAL INSTRUMENT 45-106 

ACCREDITED INVESTOR QUESTIONNAIRE – CANADIAN PURCHASERS

The purpose of this Questionnaire is to assure Anavex Life
Sciences Corp. (the “Issuer”) that the undersigned (the “Subscriber”) will
meet certain requirements for the registration and prospectus exemptions
provided for under National Instrument 45-106 (“NI 45-106”), as adopted by the
Securities Commissions in Canada, in respect of a proposed private placement of
securities by the Issuer (the “Transaction”). The Issuer will rely on the
information contained in this Questionnaire for the purposes of such
determination. 

The undersigned Subscriber covenants, represents and warrants
to the Issuer that: 

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

	 	 	 	 
	 	2. 	
      the Subscriber satisfies one or more of the categories of
      “accredited investor” (as that term is defined in NI 45-106) indicated
      below (please check the appropriate box):

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

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

	 	 	 	 
	 		[ ] 	
      (c) a subsidiary of any person referred to in any of the
      foregoing categories, if the person owns all of the voting securities of
      the subsidiary, except the voting securities required by law to be owned
      by directors of that subsidiary;

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

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

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

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

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

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

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

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

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

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

	 	 	 	 
	 	[ ] 	
      (n) an investment fund that distributes it securities
      only to:

	 	 	 	 
	 		(i) 	
      persons that are accredited investors at the time of
      distribution,

	 	 	 	 
	 		(ii) 	
      a person that acquires or acquired a minimum of
      CDN$150,000 of value in securities and under Section 2.19 of NI 45-106,
      or

	 	 	 	 
	 		(iii) 	
      a person described under paragraph (i) or (ii) that
      acquires or acquired securities under Section 2.18 of NI 45-106;

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

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

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

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

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

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

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

	 	 	 	 
	 	[ ] 	
      (v) a person that is recognized or designated by the
      securities regulatory authority or, except in Ontario and Québec, the
      regulator as (i) an accredited investor, or (ii) an exempt purchaser in
      Alberta or British Columbia after NI 45-106 came into
  force.

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

                   
IN WITNESS WHEREOF, the undersigned has executed this Questionnaire as of the
________ day of __________________, 2009. 

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

Family, Friends and Business Associates Questionnaire –
Canadian Purchasers 

IF THE PURCHASER IS RESIDENT IN A
CANADIAN PROVINCE OR TERRITORY OTHER THAN ONTARIO IS NOT PURCHASING MORE THAN
$150,000 IN VALUE OF SECURITIES AND IS NOT AN ACCREDITED INVESTOR, HE OR SHE IS
TO CHECK ONE OR MORE OF THE FOLLOWING BOXES, AS APPROPRIATE: 

	 	(A) 	
      a director, executive officer, employee or control person
      of the Issuer, or of an affiliate of the Issuer
	 _____
	 	 	 	 
	 	(B) 	
      a spouse, parent, grandparent, brother, sister or child
      of a director, executive officer or control person of the Issuer, or of an
      affiliate of the Issuer
	 _____ 
	 	 	 	 
	 	(C) 	
      a parent, grandparent, brother, sister or child of the
      spouse of a director, executive officer or control person of the Issuer or
      of an affiliate of the Issuer
	  _____
	 	 	 	 
	 	(D) 	
      a close personal friend of a director, executive officer
      or control person of the Issuer, or of an affiliate of the Issuer
	 _____ 
	 	 	 	 
	 	(E) 	
      a close business associate of a director, executive
      officer or control person of the Issuer, or of an affiliate of the
      Issuer
	  _____
	 	 	 	 
	 	(F) 	
      a founder of the Issuer or a spouse, parent, grandparent,
      brother, sister, child, close personal friend or close business associate
      of a founder of the Issuer
	  _____
	 	 	 	 
	 	(G) 	
      a parent, grandparent, brother, sister or child of a
      spouse of a founder of the Issuer
	  _____
	 	 	 	 
	 	(H) 	
      a person of which a majority of the voting securities are
      beneficially owned by, or a majority of the directors are, persons
      described in paragraphs (A) to (G)
	  _____

If the Purchaser ticked boxes A-G above, name of
director, executive officer, employee or control person of the Issuer, or (if
applicable) the affiliate of the Issuer, with whom the Purchaser has a
relationship: 

_____________________________________________________________________________________

If the Purchaser is resident in
Ontario, the Purchaser is (tick one or more of the following boxes only if
the Purchaser is resident in Ontario): 

	 	(A) 	
      a founder of the Issuer
	[ ] 
	 	 	 	 
	 	(B) 	
      an affiliate of a founder of the Issuer
	 [ ]
	 	 	 	 
	 	(C) 	
      a spouse, parent, brother, sister, grandparent or child
      of a director, executive officer or founder of the Issuer
	 [ ]
	 	 	 	 
	 	(D) 	
      a person that is a control person of the Issuer
	 [ ]

If the Purchaser ticked boxes A-D above, name of
founder, director or executive officer of the Issuer, or (if applicable) the
affiliate of the Issuer, with whom the Purchaser has a relationship:

_____________________________________________________________________________________

___________________________________________
Signature

___________________________________________
Print
or Type Name of Entity or Individual 

Date: _______________________, 2009 

GENERAL PROVISIONS 

1.         
DEFINITIONS 

1.1        In the
Subscription Agreement (including the first (cover) page, the Terms on pages 3
to 4, the General Provisions on pages 10 to 16 and the other schedules and
appendices incorporated by reference), the following words have the following
meanings unless otherwise indicated: 

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

	 	 	 
	 	(b) 	
      “Applicable Legislation” means the Securities
      Legislation Applicable to the Issuer (as defined on page 8) and all
      legislation incorporated in the definition of this term in other parts of
      the Subscription Agreement, together with the regulations and rules made
      and promulgated under that legislation and all administrative policy
      statements, blanket orders and rulings, notices and other administrative
      directions issued by the Commissions;

	 	 	 
	 	(c) 	
      “Closing” means the completion of the sale and
      purchase of the Purchased Securities;

	 	 	 
	 	(d) 	
      “Closing Date” has the meaning assigned in the
      Terms;

	 	 	 
	 	(e) 	
      “Commissions” means the Commissions with
      Jurisdiction over the Issuer (as defined on page 4) and the securities
      commissions incorporated in the definition of this term in other parts of
      the Subscription Agreement;

	 	 	 
	 	(f) 	
      “General Provisions” means those portions of the
      Subscription Agreement headed “General Provisions” and contained on
      pages 10 to 16;

	 	 	 
	 	(g) 	
      “Private Placement” means the offering of the
      Convertible Loan on the terms and conditions of this Subscription
      Agreement;

	 	 	 
	 	(h) 	
      “Securities” means the Convertible Loan, the
      shares of Common Stock, the Warrants and the Warrant Shares, as defined in
      the Terms;

	 	 	 
	 	(i) 	
      “Subscription Agreement” means the first (cover)
      page, the Terms on pages 3 to 4, the General Provisions on pages 10 to 16
      and the other schedules and appendices incorporated by reference;
    and

	 	 	 
	 	(j) 	
      “Terms” means those portions of the Subscription
      Agreement headed “Terms” and contained on pages 3 to
4.

1.2        In the
Subscription Agreement, the following terms have the meanings defined in
Regulation S of the 1933 Act (“Regulation S”): “Directed Selling
Efforts”, “Foreign Issuer”, “Substantial U.S. Market
Interest”, “U.S. Person” and “United States”. 

1.3        In the
Subscription Agreement, unless otherwise specified, currencies are indicated in
US dollars. 

1.4        In the
Subscription Agreement, other words and phrases that are capitalized have the
meanings assigned to them in the body hereof. 

2.         
ACKNOWLEDGEMENTS, REPRESENTATIONS AND WARRANTIES OF PURCHASER

2.1        Acknowledgements
concerning Offering 

The Purchaser acknowledges that: 

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

	 	 	 
	 	(b) 	
      the Purchaser acknowledges that the Issuer has not
      undertaken, and will have no obligation, to register any of the Securities
      under the 1933 Act;

	 	 	 
	 	(c) 	
      the decision to execute this Subscription Agreement and
      purchase the Securities agreed to be purchased hereunder has not been
      based upon any oral or written representation as to fact or otherwise made
      by or on behalf of the Issuer and such decision is based entirely upon a
      review of information (the “Issuer Information”) which has been provided
      by the Issuer to the Purchaser. If the Issuer has presented a business
      plan or any other type of corporate profile to the Purchaser, the
      Purchaser acknowledges that the business plan, the corporate profile and
      any projections or predictions contained in any such documents may not be
      achieved or be achievable;

	 	 	 
	 	(d) 	
      the Purchaser and the Purchaser’s advisor(s) have had a
      reasonable opportunity to ask questions of and receive answers from the
      Issuer regarding the Offering, and to obtain additional information, to
      the extent possessed or obtainable without unreasonable effort or expense,
      necessary to verify the accuracy of the information contained in the
      Issuer Information, or any business plan, corporate profile or any other
      document provided to the Purchaser;

	 	 	 
	 	(e) 	
      neither the Commissions or similar regulatory authority
      has reviewed or passed on the merits of the Securities;

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

	 	 	 
	 	(g) 	
      there are risks associated with an investment in the
      Securities;

	 	 	 
	 	(h) 	
      the Purchaser has not acquired the Securities as a result
      of, and will not itself engage in, any “directed selling efforts” (as
      defined in Regulation S) in the United States in respect of the Securities
      which would include any activities undertaken for the purpose of, or that
      could reasonably be expected to have the effect of, conditioning the
      market in the United States for the resale of any of the Securities;
      provided, however, that the Purchaser may sell or otherwise dispose of the
      Securities pursuant to registration thereof under the 1933 Act and any
      applicable state and provincial securities laws or under an exemption from
      such registration requirements;

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

	 	 	 
	 	(j) 	
      the books and records of the Issuer were available upon
      reasonable notice for inspection, subject to certain confidentiality
      restrictions, by the Purchaser during reasonable business hours at its
      principal place of business, and all documents, records and books in
      connection with the

	 		
      distribution of the Securities hereunder have been made
      available for inspection by the Purchaser, the Purchaser’s lawyer and/or
      advisor(s);

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

	 	 	 	 
	 	(l) 	
      the Shares are not listed on any stock exchange or
      automated dealer quotation system and no representation has been made to
      the Purchaser that any of the Shares will become listed on any stock
      exchange or automated dealer quotation system, except that currently
      market makers make a market for the Issuer’s common shares on the National
      Association of Securities Dealers Inc.’s OTC Bulletin Board;

	 	 	 	 
	 	(m) 	
      the Issuer will refuse to register any transfer of the
      Securities not made in accordance with the provisions of Regulation S,
      pursuant to an effective registration statement under the 1933 Act or
      pursuant to an available exemption from the registration requirements of
      the 1933 Act and in accordance with Applicable Legislation;

	 	 	 	 
	 	(n) 	
      the Issuer has advised the Purchaser (if resident in
      Canada) that the Issuer is relying on an exemption from the requirements
      to provide the Purchaser with a prospectus to sell the Securities and, as
      a consequence of acquiring the Securities pursuant to such exemption
      certain protections, rights and remedies provided by applicable provincial
      securities legislation including statutory rights of rescission or
      damages, will not be available to the Purchaser;

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

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

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

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

	 	 	 	 
	 		(ii) 	
      applicable resale restrictions;

	 	 	 	 
	 	(r) 	
      this Agreement is not enforceable by the Purchaser unless
      it has been accepted by the Issuer, and the Purchaser acknowledges and
      agrees that the Issuer reserves the right to reject any subscription for
      any reason;

	 	(s) 	
      by executing and delivering this Subscription Agreement,
      each Purchaser resident in Canada will have directed the Issuer not to
      include a Canadian legend on any certificates representing the Securities
      to be issued to such Purchaser. As a consequence, the Purchaser will not
      be able to rely on the resale provisions of National Instrument 45-102, as
      adopted by the securities commissions in Canada, and any subsequent trade
      in the Securities during or after the Canadian hold period described
      therein will be a distribution subject to the prospectus and registration
      requirements of Canadian securities legislation, to the extent that the
      trade is at that time subject to any such Canadian securities
      legislation.

2.2       
Representations by the Purchaser 

The Purchaser represents and warrants to the Issuer that, as at
the Agreement Date and at the Closing: 

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

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

	 	 	 	 
	 	(c) 	
      the Purchaser has duly executed and delivered this
      Subscription Agreement and it constitutes a valid and binding agreement of
      the Purchaser enforceable against the Purchaser in accordance with its
      terms;

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

	 	 	 	 
	 	(e) 	
      the Purchaser is not a U.S. Person;

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

	 	 	 	 
	 	(g) 	
      the Purchaser:

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

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

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

	 	 	 	 
	 		iv. 	
      the purchase of the Securities by the Purchaser does not
      trigger:

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

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

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

	 	(h) 	
      the Purchaser is acquiring the Securities for investment
      only and not with a view to resale or distribution and, in particular, it
      has no intention to distribute either directly or indirectly any of the
      Securities in the United States or to U.S. Persons;

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

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

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

	 	 	 
	 	(l) 	
      the Purchaser acknowledges that the Purchaser has not
      acquired the Securities as a result of, and will not itself engage in, any
      “directed selling efforts” (as defined in Regulation S) in the United
      States in respect of the Securities which would include any activities
      undertaken for the purpose of, or that could reasonably be expected to
      have the effect of, conditioning the market in the United States for the
      resale of the Securities; provided, however, that the Purchaser may sell
      or otherwise dispose of the Securities pursuant to registration of the
      Securities pursuant to the 1933 Act and any Applicable Laws or under an
      exemption from such registration requirements and as otherwise provided
      herein;

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

	 	 	 
	 	(n) 	
      the Purchaser understands and agrees that offers and
      sales of any of the Securities prior to the expiration of a period of one
      year after the date of original issuance of the Securities (the one year
      period hereinafter referred to as the “Distribution Compliance Period”)
      shall only be made in compliance with the safe harbor provisions set forth
      in Regulation S, pursuant to the registration provisions of the 1933 Act
      or an exemption therefrom, and that all offers and sales after the
      Distribution Compliance Period shall be made only in compliance with the
      registration provisions of the 1933 Act or an exemption therefrom and in
      each case only in accordance with applicable state and provincial
      securities laws;

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

	 	 	 	 
	 	(p) 	
      the Purchaser understands and agrees that the Issuer will
      refuse to register any transfer of the Securities not made in accordance
      with the provisions of Regulation S, pursuant to an effective registration
      statement under the 1933 Act or pursuant to an available exemption from
      the registration requirements of the 1933 Act;

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

	 	 	 	 
	 	(r) 	
      no person has made to the Purchaser any written or oral
      representations:

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

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

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

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

2.3        Reliance,
indemnity and notification of changes 

The representations and warranties in the Subscription
Agreement (including the first (cover) page, the Terms on pages 3 to 4, the
General Provisions on pages 9 to 16 and the other schedules and appendices
incorporated by reference) are made by the Purchaser with the intent that they
be relied upon by the Issuer in determining its suitability as a purchaser of
Securities, and the Purchaser hereby agrees to indemnify the Issuer against all
losses, claims, costs, expenses and damages or liabilities which any of them may
suffer or incur as a result of reliance thereon. The Purchaser undertakes to
notify the Issuer immediately of any change in any representation, warranty or
other information relating to the Purchaser set forth in the Subscription
Agreement (including the first (cover) page, the Terms on pages 3 to 4, the
General Provisions on pages 9 to 16 and the other schedules and appendices
incorporated by reference) which takes place prior to the Closing. 

2.4        Survival
of representations and warranties 

The representations and warranties contained in this Section
will survive the Closing. 

3.        
 ISSUER’S ACCEPTANCE 

The Subscription Agreement, when executed by the Purchaser, and
delivered to the Issuer, will constitute a subscription for Securities which
will not be binding on the Issuer until accepted by the Issuer by executing the
Subscription Agreement in the space provided on the face page(s) of the
Subscription Agreement and, notwithstanding the Agreement Date, if the Issuer
accepts the subscription by the Purchaser, the Subscription Agreement will be
entered into on the date of such execution by the Issuer. 

4.         
CLOSING 

4.1        On or before
the end of the business day before the Closing Date, the Purchaser will deliver
to the Issuer the Subscription Agreement and all applicable schedules and
required forms, duly executed, and payment in full for the total price of the
Securities to be purchased by the Purchaser. 

4.2        At Closing,
the Issuer will deliver to the Purchaser the certificates representing the
Securities purchased by the Purchaser registered in the name of the Purchaser or
its nominee, or as directed by the Purchaser.

5.         
MISCELLANEOUS 

5.1        The
Purchaser agrees to sell, assign or transfer the Securities only in accordance
with the requirements of applicable securities laws and any legends placed on
the Securities as contemplated by the Subscription Agreement. 

5.2        The
Purchaser hereby authorizes the Issuer to correct any minor errors in, or
complete any minor information missing from any part of the Subscription
Agreement and any other schedules, forms, certificates or documents executed by
the Purchaser and delivered to the Issuer in connection with the Private
Placement. 

5.3        The Issuer
may rely on delivery by fax machine of an executed copy of this Subscription
Agreement, and acceptance by the Issuer of such faxed copy will be equally
effective to create a valid and binding agreement between the Purchaser and the
Issuer in accordance with the terms of the Subscription Agreement. 

5.4        Without
limitation, this subscription and the transactions contemplated by this
Subscription Agreement are conditional upon and subject to the Issuer’s having
obtained such regulatory approval of this subscription and the transactions
contemplated by this Subscription Agreement as the Issuer considers necessary.

5.5        This
Subscription Agreement is not assignable or transferable by the parties hereto
without the express written consent of the other party to this Subscription
Agreement. 

5.6        Time is of
the essence of this Subscription Agreement. 

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

5.8        The parties
to this Subscription Agreement may amend this Subscription Agreement only in
writing. 

5.9        This Subscription
Agreement enures to the benefit of and is binding upon the parties to this
Subscription Agreement and their successors and permitted assigns. 

5.10      A party to this
Subscription Agreement will give all notices to or other written communications
with the other party to this Subscription Agreement concerning this Subscription
Agreement by hand or by registered mail addressed to the address given on page
1. 

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

5.12      This Subscription Agreement
will be governed by and construed in accordance with the internal laws of
California (without reference to its rules governing the choice or conflict of
laws), and the parties hereto irrevocably attorn and submit to the exclusive
jurisdiction of the courts of California with respect to any dispute related to
this Subscription Agreement. 

End of General Provisions 

End of Subscription Agreement

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