Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - Silverado Gold Mines Ltd. - Exhibit 10.3

Exhibit 10.3

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. 

REGULATION S SUBSCRIPTION AGREEMENT

THIS AGREEMENT is made effective as of the _______ day
  of _______________ , 2006.

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.

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

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

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

“Subscriber” shall mean

"Offering" shall mean the offering
  of the Shares by the Company.

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

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

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

"Shares" means those common shares
  to be purchased by the Subscriber;

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 SHARES

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 Shares as is set forth upon the signature page hereof at a price
  equal to $       US 
  per Share. 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 Shares to the Subscriber for the Purchase Price subject to the Company's
  right to sell to the Subscriber such lesser number of Shares 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.

2.7 The Subscriber acknowledges and agrees that the subscription
  for the Shares 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 Shares 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 Shares was received.

3.3 The Subscriber acknowledges that the 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 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 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 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.

3.7 The Subscriber acknowledges and agrees that all certificates
  representing the 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 Shares 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 Shares. The Subscriber can bear the economic risk of this investment,
  and was not organized for the purpose of acquiring the Shares.

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 Shares. 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 Shares by the Company has
  not been reviewed by the SEC and that the Shares are being issued by the Company
  pursuant to an exemption from registration under the Securities Act.

4.4                   The
  Subscribers understands that the Shares 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
  Shares 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, 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 Shares.

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 Shares. 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 Shares 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 Shares.

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 Shares or any use of this Agreement, including (i) the legal requirements
  within his jurisdiction for the purchase of the Shares; (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 Shares; and (v) any restrictions
  on transfer applicable to any disposition of the Shares 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 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
  505, 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 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 Shares 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: 	 
	 	 
	Position of Authorized Signatory: 	 
	 	 
	Date of Acceptance: 	 

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 10.4

Exhibit 10.4

THE SECURITIES REPRESENTED BY THIS CERTIFICATE AND THE SECURITIES
  TO BE ISSUED UPON ITS EXERCISE 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. THIS WARRANT MAY NOT BE EXERCISED IN THE UNITED
  STATES OR BY OR ON BEHALF OF A PERSON IN THE UNITED STATES OR A U.S. PERSON
  UNLESS THE WARRANT AND THE UNDERLYING SHARES AND WARRANTS HAVE BEEN REGISTERED
  UNDER THE SECURITIES ACT AND THE APPLICABLE SECURITIES LEGISLATION OF ANY SUCH
  STATE OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE. "UNITED
  STATES" AND "U.S. PERSON" ARE AS DEFINED BY REGULATION S UNDER THE SECURITIES
  ACT. HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS
  IN COMPLIANCE WITH THE ACT.

WARRANT CERTIFICATE NO.

SILVERADO GOLD MINES LTD., 

  A BRITISH COLUMBIA COMPANY

  COMMON SHARE PURCHASE WARRANT CERTIFICATE

THIS IS TO CERTIFY THAT, for value received, (the
  “Holder”), shall have the right to purchase from SILVERADO GOLD MINES
  LTD., a British Columbia company (the “Corporation”), (NO. OF WARRANT
  SHARES) fully paid and nonassessable common shares of the Corporation (the
  “Common Shares”), subject to further adjustment as set forth in Section
  5 of the Terms and Conditions, at any time until 5:00 P.M., Pacific time, on
  the day of, (the “Expiration Date”) at an exercise price (the "Exercise
  Price") 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:  _______________________________

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. Reservation of Shares. The Corporation 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 shares of its Common Shares as shall be required
  for issuance upon exercise of this Warrant (the “Warrant Shares”).

  3. Mutilation or Loss of Warrant. Upon receipt by the Corporation 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 Corporation 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.

  4. Rights of the Holder. The Holder shall not, by virtue hereof, be entitled
  to any rights of a stockholder in the Corporation, 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 Corporation except to the extent set forth
  herein.

  5. 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 Corporation or in case of the
  consolidation, merger or amalgamation of the Corporation 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 Corporation or of the Corporation
  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 Corporation 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 Corporation 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.

  6. Transfer to Comply with the Securities Act and Other Applicable Securities
  Legislation. This Warrant and the Warrant Shares have not been registered
  under the Securities Act of 1933, as amended, (the "Act") and have been issued
  to the Holder pursuant to Regulation S of the Act on the representations of
  the Holder in a subscription agreement executed by the Holder in favor of the
  Corporation. 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 Corporation 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 Corporation,
  setting forth the restrictions on transfer contained in this Section. By acceptance
  of this certificate, the Holder acknowledges and agrees that: (1) The Holder
  will only sell the Warrants and the shares issuable upon exercise of the Warrants
  (the “Warrant Shares") only in accordance with the provisions of Regulation
  S of the Act, pursuant to registration under the Act, or pursuant to an available
  exemption from registration pursuant to the Act; (2) The Corporation will refuse
  to register any transfer of the Warrants and the Warrant Shares not made in
  accordance with the provisions of Regulation S of the Act, pursuant to registration
  under the Act, or pursuant to an available exemption from registration; (3)
  The Holder will not engage in hedging transactions except in accordance with
  the Act.

  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 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.”

In addition, the Holder will comply with all other applicable
  securities legislation in addition to the Act to which the Holder is subject
  in selling or transferring any Warrants or Warrant Shares and the Company may
  refuse to register any sale or transfer not in compliance with such other securities
  legislation.

  7. Payment of Taxes. The Corporation 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 Corporation 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 Corporation’s satisfaction that no such tax or other
  charge is due.

  8. 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.

  HOLDER: At the address set forth above.; CORPORATION:
  SILVERADO GOLD MINES LTD., Attn: Mr. Garry L. Anselmo, President, Suite
  505, 1111 W. Georgia St., Vancouver, BC, Canada V6E 4M3, Fax: 604-682-3519;
  with a copy to: CANE O’NEILL TAYLOR,LLC, Attn: Mr. Michael H. Taylor, 2300
  W. Sahara Ave., Suite 500, Box 18, Las Vegas, NV, USA 89102, Fax: (702) 944-7100.

  9. 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 the Province of
  British Columbia applicable to contracts to be made and performed entirely within
  the Province of British Columbia.

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:

            1. The Subscriber is
  not a “U.S. Person” as defined by Regulation S of the Securities Act
  and is not exercising the Warrants or acquiring the Warrant Shares for the account
  or benefit of a U.S. Person.

            2. The Subscriber was
  not in the United States at the time the Warrants were exercised. 

          3. The
  Subscriber acknowledges that 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.

            4. The Subscriber
  agrees not to engage in hedging transactions with regard to the Warrant Shares
  unless in compliance with the Securities Act.

            5. The Subscriber
  agrees that the Company will refuse to register any transfer of 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. The Subscriber acknowledges
  that the Subscriber has no right to require the Corporation to register the
  Warrant Shares under the Act.

            6. The Subscriber
  agrees to resell 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. 

            7. The Subscriber
  acknowledges and agrees that all certificates representing the Warrant Shares
  will be endorsed with the legend required by the Terms and Conditions specified
  by the Warrant Certificate. 

DATED this ___________day of ________________________________,
  ____________.

	Number of Shares Subscribed For: 	 
	 	 
	Signature of Subscriber: 	 
	 	 
	Name of Subscriber (please print): 	 
	 	 
	Address of Subscriber:

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