Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - Silverado Gold Mines Ltd. - Exhibit 10.2

THE SECURITIES OFFERED HEREBY HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933 (THE "ACT"), AND ARE PROPOSED TO BE ISSUED IN
RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT
PROVIDED BY REGULATION S PROMULGATED UNDER THE ACT. UPON ANY SALE, SUCH
SECURITIES MAY NOT BE REOFFERED FOR SALE OR RESOLD OR OTHERWISE TRANSFERRED
EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S, PURSUANT TO AN
EFFECTIVE REGISTRATION UNDER THE ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM
REGISTRATION UNDER THE ACT. HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY
NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE ACT.

FORM OF REGULATION S SUBSCRIPTION AGREEMENT 

THIS AGREEMENT is made as of this ___________________
  day of ______________________________, 2007. 

BETWEEN: 

_____________________________

(hereinafter called the "Subscriber") 

OF THE FIRST PART 

AND: 

SILVERADO GOLD MINES
LTD., 
a British Columbia company 

(hereinafter called the “Company")

OF THE SECOND PART 

THE PARTIES HEREBY AGREE AS FOLLOWS: 

1.                       
DEFINITIONS 

1.1                     
The following terms will have the following meanings for all purposes of this
Agreement. 

	 	(a) 	
      "Agreement" shall mean this Agreement, and all schedules
      and amendments to the Agreement.

	 	 	 
	 	(b) 	
      “Common Shares” means the common shares of the Company
      without par value.

	 	 	 
	 	(c) 	
      "Exchange Act" shall mean the United States Securities
      Exchange Act of 1934, as amended.

	 	 	 
	 	(d) 	
      “Subscriber” shall mean
      ________________________________________.

	 	 	 
	 	(e) 	
      "Offering" shall mean the offering of the Units by the
      Company.

	 	 	 
	 	(f) 	
      “Purchase Price” means the purchase price payable by the
      Subscriber to the Company in consideration for the purchase and sale of
      the Units in accordance with Section 2.1 of this Agreement.

	 	 	 
	 	(g) 	
      "SEC" shall mean the United States Securities and
      Exchange Commission.

2

	 	(h) 	
      "Securities Act" shall mean the United States Securities
      Act of 1933, as amended.

	 	 	 
	 	(i) 	
      "Shares" means those common shares to be purchased by the
      Subscriber and comprising a portion of the Units;

	 	 	 
	 	(j) 	
      “Unit” means a unit consisting of one Share and one
      “Warrant”.

	 	 	 
	 	(k) 	
      “Warrant” means the subscriber will be entitled to
      purchase one additional common share of the Company at a price of
      $___________ per share during the ____________ year period from the
      closing of this offering;

	 	 	 
	 	(l) 	
      “Warrant Shares” means the common shares issuable upon
      exercise of the Warrants;

1.2                     
The following schedules are attached to and form part of this Agreement: 

                           
Schedule A British Columbia Definition of Accredited Investor 

1.3                     
All dollar amounts referred to in this agreement are in United States funds,
unless expressly stated otherwise. 

2.                      
 PURCHASE AND SALE OF UNITS 

2.1                     
Subject to the terms and conditions of this Agreement, the Subscriber hereby
subscribes for and agrees to purchase from the Company such number of Units as
is set forth upon the signature page hereof at a price equal to $____________
per Unit. Upon execution, the subscription by the Subscriber will be
irrevocable. 

2.2                     
The Purchase Price is payable by the Subscriber contemporaneously with the
execution and delivery of this Subscription Agreement and will be advanced to
the Company or its solicitors. The Subscriber acknowledges that if the funds are
advanced to the Company’s solicitors, the solicitors shall release such funds to
the Company on confirmation by the Company that it will accept the subscription.

2.3                     
Upon execution by the Company, the Company agrees to sell such Units to the
Subscriber for the Purchase Price subject to the Company's right to sell to the
Subscriber such lesser number of Units as it may, in its sole discretion, deem
necessary or desirable. 

2.4                     
Any acceptance by the Company of the Subscription is conditional upon compliance
with all securities laws and other applicable laws of the jurisdiction in which
the Subscriber is resident. Each Subscriber will deliver to the Company all
other documentation, agreements, representations and requisite government forms
required by the lawyers for the Company as required to comply with all
securities laws and other applicable laws of the jurisdiction of the Subscriber.

2.5                     
Pending acceptance of this subscription by the Company, all funds paid by the
Subscriber shall be deposited by the Company and immediately available to the
Company for its corporate purposes. In the event the subscription is not
accepted, the subscription funds will be returned to the Subscriber by the
Company. 

2.6                     
The Subscriber hereby authorizes and directs the Company to deliver the
securities to be issued to such Subscriber pursuant to this Agreement to the
Subscriber’s address indicated on the signature page of this Agreement. 

3

2.7                     
The Subscriber acknowledges and agrees that the subscription for the Units and
the Company's acceptance of the subscription is not subject to any minimum
subscription for the Offering. 

3.                      
 REGULATION S AGREEMENTS OF THE SUBSCRIBER 

3.1                     
The Subscriber represents and warrants to the Company that the Subscriber is not
a “U.S. Person” as defined by Regulation S of the Securities Act and is not
acquiring the Units for the account or benefit of a U.S. Person. 

A “U.S. Person” is defined by
Regulation S of the Act to be any person who is: 

	 	(a) 	
      any natural person resident in the United
      States;

	 	 	 	 
	 	(b) 	
      any partnership or corporation organized or
      incorporated under the laws of the United States;

	 	 	 	 
	 	(c) 	
      any estate of which any executor or administrator is a
      U.S. person;

	 	 	 	 
	 	(d) 	
      any trust of which any trustee is a U.S.
      person;

	 	 	 	 
	 	(e) 	
      any agency or branch of a foreign entity located in
      the United States;

	 	 	 	 
	 	(f) 	
      any non-discretionary account or similar account
      (other than an estate or trust) held by a dealer or other fiduciary
      organized, incorporate, or (if an individual) resident in the United
      States; and

	 	 	 	 
	 	(g) 	
      any partnership or corporation if:

	 	 	 	 
	 		(i) 	
      organized or incorporated under the laws of any
      foreign jurisdiction; and

	 	 	 	 
	 		(ii) 	
      formed by a U.S. person principally for the purpose of
      investing in securities not registered under the Act, unless it is
      organized or incorporated, and owned, by accredited Subscribers [as
      defined in Section 230.501(a) of the Act] who are not natural persons,
      estates or trusts.

3.2                     
The Subscriber acknowledges that the Subscriber was not in the United States at
the time the offer to purchase the Units was received.

3.3                     
The Subscriber acknowledges that the Units, the Shares, the Warrants and the
Warrant Shares are “restricted securities” within the meaning of the Securities
Act and will be issued to the Subscriber in accordance with Regulation S of the
Securities Act. 

3.4                     
The Subscriber agrees not to engage in hedging transactions with regard to the
Units, the Shares, the Warrants or the Warrant Shares unless in compliance with
the Securities Act. 

3.5                     
The Subscriber and the Company agree that the Company will refuse to register
any transfer of the Units, the Shares, the Warrants or the Warrant Shares not
made in accordance with the provisions of Regulation S of the Securities Act,
pursuant to registration under the Securities Act, pursuant to an available
exemption from registration, or pursuant to this Agreement.

3.6                     
The Subscriber agrees to resell the Units, the Shares, the Warrants and the
Warrant Shares only in accordance with the provisions of Regulation S of the
Securities Act, pursuant to registration under the Securities Act, or pursuant
to an available exemption from registration pursuant to the Securities Act. 

4

3.7                     
The Subscriber acknowledges and agrees that all certificates representing the
Units, the Shares, the Warrants and the Warrant Shares will be endorsed with the
following legend in accordance with Regulation S of the Securities Act:

“THE SECURITIES REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE
"ACT"), AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE ACT PROVIDED BY REGULATION S PROMULGATED UNDER THE ACT. SUCH
SECURITIES MAY NOT BE REOFFERED FOR SALE OR RESOLD OR OTHERWISE TRANSFERRED
EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S, PURSUANT TO AN
EFFECTIVE REGISTRATION UNDER THE ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM
REGISTRATION UNDER THE ACT. HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY
NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE ACT”. 

4.              
         REPRESENTATIONS AND
WARRANTIES OF THE SUBSCRIBER 

The Subscriber, represents and warrants to the Company as
follows, and acknowledges that the Company is relying upon such covenants,
representations and warranties in connection with the sale of the Units to such
Subscriber: 

4.1                     
The Subscriber is an investor in securities of companies in the development
stage and acknowledges that it is able to fend for itself, can bear the economic
risk of its investment, and has such knowledge and experience in financial or
business matters such that it is capable of evaluating the merits and risks of
the investment in the Units. The Subscriber can bear the economic risk of this
investment, and was not organized for the purpose of acquiring the Units. 

4.2                     
The Subscriber has had full opportunity to review the Company’s filings with the
SEC pursuant to the Securities Exchange Act of 1934, including the Company’s
annual reports on Form 10-KSB and quarterly reports on Form 10-QSB, and
additional information regarding the business and financial condition of the
Company. The Subscriber believes it has received all the information it
considers necessary or appropriate for deciding whether to purchase the Units.
The Subscriber further represents that it has had an opportunity to ask
questions and receive answers from the Company regarding the terms and
conditions of the Offering and the business, properties, prospects and financial
condition of the Company. The Subscriber has had full opportunity to discuss
this information with the Subscriber’s legal and financial advisers prior to
execution of this Agreement. 

4.3                     
The Subscriber acknowledges that the offering of the Units by the Company has
not been reviewed by the SEC and that the Units are being issued by the Company
pursuant to an exemption from registration under the Securities Act. 

4.4                     
The Subscribers understands that the Units it is purchasing are characterized as
"restricted securities" under the Securities Act inasmuch as they are being
acquired from the Company in a transaction not involving a public offering and
that under such laws and applicable regulations such securities may be resold
without registration under the Securities Act only in certain limited
circumstances. In this connection, the Subscriber represents that it is familiar
with SEC Rule 144, as presently in effect, and understands the resale
limitations imposed thereby and by the Securities Act. 

4.5                     
The Units will be acquired by the Subscriber for investment for the Subscriber's
own account, not as a nominee or agent, and not with a view to the resale or
distribution of any part thereof, and that the Subscriber has no present
intention of selling, granting any participation in, or otherwise distributing
the same. The Subscriber does not have any contract, undertaking, 

5

agreement or arrangement with any person to sell, transfer or
grant participations to such person or to any third person, with respect to any
of the Units. 

4.6                     
An investment in the Company is highly speculative and only Subscribers who can
afford the loss of their entire investment should consider investing in the
Company and the Units. The Subscriber is financially able to bear the economic
risks of an investment in the Company. 

4.7                     
The Subscriber recognizes that the purchase of the Units involves a high degree
of risk in that the Company is in the early stages of development of its
business and may require substantial funds in addition to the proceeds of this
private placement. 

4.8                     
The Subscriber is not aware of any advertisement of the Units. 

4.9                     
This Agreement has been duly authorized, validly executed and delivered by the
Subscriber. 

4.10                    The
Subscriber has satisfied himself or herself as to the full observance of the
laws of his or her jurisdiction in connection with any invitation to subscribe
for the Units or any use of this Agreement, including (i) the legal requirements
within his jurisdiction for the purchase of the Units; (ii) any foreign exchange
restrictions applicable to such purchase; (iii) any governmental or other
consents that may need to be obtained; (iv) the income tax and other tax
consequences, if any, that may be relevant to an investment in the Units; and
(v) any restrictions on transfer applicable to any disposition of the Units
imposed by the jurisdiction in which the Subscriber is resident. 

5.                       
BRITISH COLUMBIA MATTERS 

5.1                     
The Subscriber represents and warrants to the Company that the Subscriber is an
“Accredited Investor” as defined by Subsection 1.1 of Multilateral Instrument
45-103 adopted by the British Columbia Securities Commission and as outlined in
Schedule A attached to this Subscription Agreement. 

5.2                     
The Subscriber represents and warrants to the Company that the Subscriber is not
a resident of British Columbia. 

5.3                     
The Subscriber acknowledges that the Shares, the Warrants and the Warrant Shares
may not be sold or otherwise disposed of for value in British Columbia, except
pursuant to either a prospectus or statutory exemption available only in
specific and limited circumstances.

6.                       
MISCELLANEOUS 

6.1                     
Any notice or other communication given hereunder shall be deemed sufficient if
in writing and sent by registered or certified mail, return receipt requested,
addressed to the Company, at its head office at Suite 1820, 1111 West Georgia
Street, Vancouver British Columbia V6E 4M3, Attention: Mr. Garry Anselmo,
President, and to the Subscriber at his/her address indicated on the last page
of this Subscription Agreement. Notices shall be deemed to have been given on
the date of mailing, except notices of change of address, which shall be deemed
to have been given when received. 

6.2                     
The parties agree to execute and deliver all such further documents, agreements
and instruments and take such other and further action as may be necessary or
appropriate to carry out the purposes and intent of this Subscription Agreement.

6.3                     
This Agreement will be governed by and construed in accordance with the laws of
the Province of British Columbia applicable to contracts made and to be
performed therein. The parties hereby submit to personal jurisdiction in the
Courts of the Province of British Columbia for 

6

the enforcement of this Agreement and waive any and all rights
under the laws of any state to object to jurisdiction within the Province of
British Columbia for the purposes of litigation to enforce this Agreement. 

IN WITNESS WHEREOF, this Subscription Agreement is
executed as of the day and year first written above. 

	Number of Units Subscribed For: 	 
    
	 	 
	  	  
	Signature of Subscriber: 	 
    
	 	 
	Name of Subscriber: 	 
    
	 	 
	Address of Subscriber: 	 
    
	 	 
	 	 
	  	  
	  	  
	 	 
	ACCEPTED BY: 	  
	 	 
	SILVERADO GOLD MINES LTD. 	  
	 	 
	Signature of Authorized Signatory: 	 
    
	 	 
	Name of Authorized Signatory: 	Garry L. Anselmo 
	 	 
	Position of Authorized Signatory: 	President 
	 	 
	Date of Acceptance: 	, 2007

SCHEDULE A 
BRITISH COLUMBIA DEFINITION OF
“ACCREDITED INVESTOR” 

“Accredited Investor” means: 

	(a) 	
      a Canadian financial institution, 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 of Canada Act (Canada);

	 	 
	(c) 	
      an association under the Cooperative Credit Associations
      Act (Canada) located in Canada;

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

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

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

	 	 
	(g) 	
      the government of Canada or a province, or any crown
      corporation or agency of the government of Canada or a province;

	 	 
	(h) 	
      a municipality, public board or commission in
    Canada;

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

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

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

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

	 	 
	(m) 	
      an individual whose net income before taxes exceeded
      $200,000 in each of the two most recent years or whose net income before
      taxes combined with that of a spouse exceeded $300,000 in each of the two
      most recent years and the current year;

	 	 
	(n) 	
      a corporation, limited partnership, limited liability
      partnership, trust or estate, other than a mutual fund or non-redeemable
      investment fund, that had net assets of at least $5,000,000 as shown on
      its most recently prepared financial statements;

	 	 
	(o) 	
      a mutual fund or non-redeemable investment fund that, in
      the local jurisdiction, distributes its securities only to persons or
      companies that are accredited investors;

	 	 
	(p) 	
      a mutual fund or non-redeemable investment fund that, in
      the local jurisdiction, distributes its securities under a prospectus for
      which the regulator has issued a receipt;

	 	 
	(q) 	
      an entity organized in a foreign jurisdiction that is
      analogous to any of the entities referred to in paragraphs (a) through (e)
      and paragraph (j) in form and function; or

	 	 
	(r) 	
      a person or company in respect of which all of the owners
      of interests, direct or indirect, legal or beneficial, are persons or
      companies that are accredited investors.Filed by Automated Filing Services Inc. (604) 609-0244 - Silverado Gold Mines Ltd. - Exhibit 10.3

THE SECURITIES REPRESENTED BY
THIS CERTIFICATE HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933 (THE
"ACT"), AND HAVE BEEN OFFERED AND SOLD IN
RELIANCE UPON EXEMPTIONS FROM THE
REGISTRATION REQUIREMENTS OF THE ACT. SUCH
SECURITIES MAY NOT BE OFFERED FOR SALE,
TRANSFERRED, PLEDGED OR RESOLD OR
OTHERWISE TRANSFERRED UNLESS THEY ARE
REGISTERED UNDER THE APPLICABLE
PROVISIONS OF THE ACT OR ARE EXEMPT FROM SUCH
REGISTRATION REQUIREMENTS. 

WARRANT CERTIFICATE NO. [@] 

SILVERADO GOLD MINES LTD.,

  A BRITISH COLUMBIA COMPANY 

  FORM OF COMMON SHARE PURCHASE WARRANT
  CERTIFICATE 

  [DATE OF ISSUANCE] 

THIS IS TO CERTIFY THAT , for value
  received , «name», of «address»«state»«country»
  (the “Holder”), shall have the right to purchase from SILVERADO
  GOLD MINES LTD., a British Columbia company (the “Corporation”), [NO.
  OF WARRANTSHARES]([NO. OF WARRANTSHARES]) fully paid and nonassessable
  common shares of the Corporation (the “Common Shares”), subject to
  further adjustment as set forth in Section 6 of the Terms and Conditions, at
  any time until 5:00 P.M., Pacific time, on <DATE> AND <TERM>
  (the “Expiration Date”) at an exercise price (the "Exercise Price")
  equal to $_____ US per share during the period from the date of issuance to
  the Expiration Date in accordance with the terms hereof and the Terms and Conditions
  set forth on the reverse of this Warrant Certificate, to which the Holder by
  acceptance of this Warrant Certificate agrees. 

IN WITNESS WHEREOF , the
Corporation has caused this Warrant Certificate to be duly executed and
delivered by its duly authorized officer. 

	  	SILVERADO GOLD MINES LTD. 
	  	  
	  	  
	Attest: __________________________________	By:
      _______________________________________________
	               
       John R. MacKay, Secretary 	           Garry
      L. Anselmo, President 

STATEMENT OF TERMS AND CONDITIONS 

1. Exercise of Warrants. This Warrant is exercisable in
whole or in partial allotments of no less than 1,000 shares at the Exercise
Price per share of Common Shares payable hereunder, payable in cash or by
certified or official bank check. Upon surrender of this Warrant Certificate
with the annexed Notice of Exercise Form duly executed, together with payment of
the Exercise Price for the shares of Common Shares purchased, the Holder shall
be entitled to receive a certificate or certificates for the shares of Common
Shares so purchased. Payment of the aggregate Exercise Price must be made in
cash or certified funds. No fractional shares shall be issued in connection with
any exercise of this Warrant. In lieu of the issuance of any fractional share,
the Corporation shall make a cash payment equal to the then fair market value of
such fractional share as determined by the Corporation’s Board of Directors.

2. Exercise of Warrants. This Warrant is exercisable in
whole or in partial allotments of no less than 1,000 shares at the Exercise
Price per Common Share payable hereunder, payable in cash or by certified or
official bank check. Upon surrender of this Warrant Certificate with the annexed
Notice of Exercise Form duly executed, together with payment of the Exercise
Price for the Common Shares purchased, the Holder shall be entitled to receive a
certificate or certificates for the Common Shares so purchased. No fractional
shares shall be issued in connection with any exercise of this Warrant. In lieu
of the issuance of any fractional share, the Company shall make a cash payment
equal to the then fair market value of such fractional share as determined by
the Company’s Board of Directors. 

NOTWITHSTANDING ANY OTHER PROVISION OF THIS WARRANT
CERTIFICATE, THE HOLDER SHALL NOT BE ENTITLED TO EXERCISE ANY WARRANTS IF, AFTER
GIVING EFFECT TO THE EXERCISE, THE HOLDER WILL BE THE LEGAL OR BENEFICIAL OWNER
OF MORE THAN 4.9% OF THE COMMON SHARES OF THE COMPANY. THE HOLDER WILL PROVIDE
TO THE COMPANY SUCH INFORMATION AS THE COMPANY MAY REASONABLY REQUIRE TO ENSURE
COMPLIANCE WITH THIS PROVISION. 

3. Reservation of Shares. The Company hereby agrees that
at all times during the term of this Warrant there shall be reserved for
issuance upon exercise of this Warrant such number of Common Shares as shall be
required for issuance upon exercise of this Warrant (the “Warrant Shares”).

4. Mutilation or Loss of Warrant. Upon receipt by the
Company of evidence satisfactory to it of the loss, theft, destruction or
mutilation of this Warrant, and (in the case of loss, theft or destruction)
receipt of reasonably satisfactory indemnification, and (in the case of
mutilation) upon surrender and cancellation of this Warrant, the Company will
execute and deliver a new Warrant of like tenor and date and any such lost,
stolen, destroyed or mutilated Warrant shall thereupon become void. 

5. Rights of the Holder. The Holder shall not, by virtue
hereof, be entitled to any rights of a stockholder in the Company, either at law
or equity, and the rights of the Holder are limited to those expressed in this
Warrant and are not enforceable against the Company except to the extent set
forth herein. 

6. Protection Against Dilution. The Exercise Price and
the number of shares which can be purchased by the Holder upon the exercise of
this Warrant shall be subject to adjustment in the events and in the manner
following: (1) If and whenever the shares at any time outstanding shall be
subdivided into a greater or consolidated into a lesser number of shares, the
Exercise Price shall be decreased or increased proportionately as the case may
be; upon any such subdivision or consolidation, the number of shares which can
be purchased upon the exercise of this warrant certificate shall be increased or
decreased proportionately as the case may be. (2) In case of any capital
reorganization or of any reclassification of the capital of the Company or in
case of the consolidation, merger or amalgamation of the Company with or into
any other company, this Warrant shall after such capital reorganization,
reclassification of capital, consolidation, merger or amalgamation confer the
right to purchase the number of shares or other securities of the Company or of
the Company resulting from such capital reorganization, reclassification,
consolidation, merger or amalgamation, as the case may be, to which the Holder
of the shares deliverable at the time of such capital reorganization,
reclassification of capital, consolidation, merger or amalgamation, upon the
exercise of this Warrant would have been entitled. On such capital
reorganization, reclassification, consolidation, merger or amalgamation
appropriate adjustments shall be made in the application of the provisions set
forth herein with respect to the rights and interest thereafter of the Holder of
this Warrant so that the provisions set forth herein shall thereafter be
applicable as nearly as may reasonably be in relation to any shares or other
securities thereafter deliverable on the exercise of this Warrant. (3) The
rights of the Holder evidenced hereby are to purchase shares prior to or on the
date set out on the face of this Warrant. If there shall, prior to the exercise
of any of the rights evidenced hereby, be any reorganization of the authorized
capital of the Company by way of consolidation, merger, subdivision,
amalgamation or otherwise, or the payment of any stock dividends, then there
shall automatically be an adjustment in either or both of the number of shares
which may be purchased pursuant hereto or the price at which such shares may be
purchased so that the rights evidenced hereby shall thereafter as reasonably as
possible be equivalent to those originally granted hereby. The Company shall
have the sole and exclusive power to make such adjustments as it considers
necessary and desirable. (4) The adjustments provided for herein in the
subscription rights represented by this Warrant are cumulative. 

7. Limit Price Acceleration of Exercise Price. In the
event that the Company’s Common Shares shall trade at a price in excess of $0.40
per share (the “Limit Price”) for a period of 20 consecutive trading days, then
the Holder shall have 15 days in which to elect whether or not to exercise the
Warrants (the “Accelerated Exercise Period”). In the event the Warrants are not
exercised within the Accelerated Exercise Period, they will expire and the
Holder will no longer have any right to exercise the Warrants. 

8. Transfer to Comply with the Securities Act. This
Warrant and the Warrant Shares have not been registered under the Securities Act
of 1933, as amended, (the "Act") and has been issued to the Holder for
investment purposes and not with a view to the distribution of either the
Warrant or the Warrant Shares. Neither this Warrant nor any of the Warrant
Shares or any other security issued or issuable upon exercise of this Warrant
may be sold, transferred, pledged or hypothecated in the absence of an effective
registration statement under the Act relating to such security or an opinion of
counsel reasonably satisfactory to the Company that registration is not required
under the Act. Each certificate for the Warrant, the Warrant Shares and any
other security issued or issuable upon exercise of this Warrant shall contain a
legend on the face thereof, in form and substance satisfactory to counsel for
the Company, setting forth the restrictions on transfer contained in this
Section. The Holder understands that this Warrant and the stock purchasable
hereunder constitute “restricted securities” under federal securities laws and
acknowledges that Rule 144 of the Securities and Exchange Commission is not now,
and may not in the future be, available for resales of this Warrant and/or the
stock purchasable hereunder. 

All certificates representing the Warrant Shares will be
endorsed with the following legend: 
“THE SECURITIES REPRESENTED BY
THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE
"ACT"), AND HAVE BEEN OFFERED AND SOLD IN RELIANCE UPON EXEMPTIONS FROM THE
REGISTRATION REQUIREMENTS OF THE ACT. SUCH SECURITIES MAY NOT BE OFFERED FOR
SALE, TRANSFERRED, PLEDGED OR RESOLD OR OTHERWISE TRANSFERRED UNLESS THEY ARE
REGISTERED UNDER THE APPLICABLE PROVISIONS OF THE ACT OR ARE EXEMPT FROM SUCH
REGISTRATION REQUIREMENTS.” 9. Payment of Taxes. The Company shall
not be required to pay any tax or other charge imposed in connection with the
exercise of this Warrant or a permissible transfer involved in the issuance of
any certificate for shares issuable under this Warrant in the name other than
that of the Holder, and in any such case, the Company shall not be required to
issue or deliver any stock certificate until such tax or other charge has been
paid or it has been established to the Company’s satisfaction that no such tax
or other charge is due. 

10. Notices. Any notice required or permitted hereunder
shall be given in writing and shall be deemed effectively given upon, (a) by
personal delivery or telecopy, or (ii) one business day after deposit with a
nationally recognized overnight delivery service such as Federal Express, with
postage and fees prepaid, addressed to each of the other parties thereunto
entitled at the following addresses, or at such other addresses as a party may
designate by written notice to each of the other parties hereto. COMPANY:
Silverado Gold Mines Ltd., Attention: Garry L. Anselmo, President, Suite
1820, 1111 West Georgia Street, Vancouver, British Columbia, Canada V6E 4M3,
fax: (604) 682-3519; HOLDER: At the address set forth above. 

11. Governing Law. This Warrant shall be deemed to be
  a contract made under the laws of the Province of British Columbia and for all
  purposes shall be governed by and construed in accordance with the laws of such
  Province applicable to contracts to be made and performed entirely within such
  Province. 

SUBSCRIPTION FORM 

TO: SILVERADO GOLD MINES LTD., A British Columbia
company (the “Corporation”) 

The undersigned Holder of the foregoing Warrant (the
“Subscriber”) hereby exercises the right to purchase and hereby subscribes for
the number of common shares of SILVERADO GOLD MINES LTD. set forth below (the
“Warrant Shares”) in accordance with the Terms and Conditions of this Warrant
Certificate and hereby makes payment by cash, certified check or bank draft of
the purchase price in full for the Warrant Shares. Please deliver a warrant
certificate in respect of the warrants referred to in the Warrant Certificate
surrendered herewith but not presently subscribed for to the Subscriber. 

The Subscriber represents and warrants to the Corporation that:

(a) The Subscriber has not offered or sold the Shares within
the meaning of the United States Securities Act of 1933 (the “Securities Act”);

(b) The Subscriber is acquiring the Shares for its own account for
investment, with no present intention of dividing my interest with others or of
reselling or otherwise disposing of all or any portion of the same; 
(c) The
Subscriber does not intend any sale of the Shares either currently or after the
passage of a fixed or determinable period of time or upon the occurrence or
non-occurrence of any predetermined event or circumstance; 
(d) The
Subscriber has no present or contemplated agreement, undertaking, arrangement,
obligation, indebtedness or commitment providing for or which is likely to
compel a disposition of the Shares; 
(e) The Subscriber is not aware of any
circumstances presently in existence which are likely in the future to prompt a
disposition of the Shares; 
(f) The Shares were offered to the Subscriber in
direct communication between the Subscriber and the Company and not through any
advertisement of any kind; 
(g) The Subscriber has the financial means to
bear the economic risk of the investment which it hereby agrees to make. 
(h)
This subscription form will also confirm the Subscriber’s understanding as
follows: 
     (1) The Shares have not been
registered under the Securities Act or applicable state “Blue Sky” laws and,
therefore, the Shares may not be resold, transferred or hypothecated without the
registration of the Shares, or an opinion of counsel satisfactory to the Company
to the effect that such registration is not
necessary. 
     (2) Only the Company can take
action to register the Shares under the Securities Act or applicable state
securities law or to comply with the requirements for an exemption under the
Securities Act or applicable state securities
law. 
     (3) The certificates representing the
Shares will be endorsed with the following legend: 

“THE SECURITIES REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE
"ACT"), AND HAVE BEEN OFFERED AND SOLD IN RELIANCE UPON EXEMPTIONS FROM THE
REGISTRATION REQUIREMENTS OF THE ACT. SUCH SECURITIES MAY NOT BE OFFERED FOR
SALE, TRANSFERRED, PLEDGED OR RESOLD OR OTHERWISE TRANSFERRED UNLESS THEY ARE
REGISTERED UNDER THE APPLICABLE PROVISIONS OF THE ACT OR ARE EXEMPT FROM SUCH
REGISTRATION REQUIREMENTS.” (i) The Subscriber is an “accredited investor”, as
defined in Rule 501 of Regulation D of the Securities Act. 

DATED this ______day of ________________________________,
_______________. 

Number of Shares Subscribed For:    _____________________________  
  Signature of Subscriber:   _____________________________

Name of Subscriber (please print):    _____________________________  
  Address of Subscriber:     _____________________________

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