Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - Linux Gold Corp. - Exhibit 4.4

Exhibit 4.4

NEITHER THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY
  IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION
  OR THE SECURITIES COMMISSION OF ANY STATE 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
  AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT,
  THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. THIS SECURITY
  AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN
  CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

SERIES B COMMON STOCK PURCHASE WARRANT

          To
  Purchase _________Shares of Common Stock of

LINUX GOLD, CORP.

          THIS
  COMMON STOCK PURCHASE WARRANT (the "Warrant") certifies that, for value received,
  _______________ (the "Holder"), is entitled, upon the terms and subject to the
  limitations on exercise and the conditions hereinafter set forth, at any time
  on or after the date hereof (the "Initial Exercise Date") and on or prior to
  the close of business on the earlier of one (1) year after the Effective Date
  and May 8, 2016 (the "Termination Date") but not thereafter, to subscribe for
  and purchase from LINUX GOLD CORP., a British Columbia corporation (the "Company"),
  up to _______shares (the "Warrant Shares") of Common Stock, no par value, of
  the Company (the "Common Stock"). The purchase price of one share of Common
  Stock under this Warrant shall be equal to the Exercise Price, as defined in
  Section 2(b).

          Section
  1. Definitions. Capitalized terms used and not otherwise defined herein
  shall have the meanings set forth in that certain Securities Purchase Agreement
  (the "Purchase Agreement"), dated May 8, 2006, among the Company and the purchasers
  signatory thereto.

          Section
  2. Exercise. 

                              (a)
  Exercise of Warrant. Exercise of the purchase rights represented by this
  Warrant may be made, in whole or in part, at any time or times on or after the
  Initial Exercise Date and on or before the Termination Date by delivery to the
  Company of a duly executed facsimile copy of the Notice of Exercise Form annexed
  hereto (or such other office or agency of the Company as it may designate by
  notice in writing to the registered Holder at the address of such Holder appearing
  on the books of the Company); provided, however, within 5 Trading Days of the
  date said Notice of Exercise is delivered to the Company, if this Warrant is
  exercised in full, the Holder shall have surrendered this Warrant to the Company
  and the Company shall have received payment of the aggregate Exercise Price
  of the shares thereby purchased by wire transfer or cashier’s check drawn
  on a United States bank. Notwithstanding anything herein to the contrary, the
  Holder shall not be required to physically surrender this Warrant to the Company
  until the Holder has purchased all of the Warrant Shares available hereunder
  and the Warrant has been exercised in full. Partial exercises of this Warrant
  resulting in purchases of a portion of 

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the total number of Warrant Shares available hereunder shall
  have the effect of lowering the outstanding number of Warrant Shares purchasable
  hereunder in an amount equal to the applicable number of Warrant Shares purchased.
  The Holder and the Company shall maintain re cords showing the number of Warrant
  shares purchased and the date of such purchases. The Company shall deliver any
  objection to any Notice of Exercise Form within 1 Business Day of receipt of
  such notice. In the event of any dispute or discrepancy, the re cords of the
  Holder shall be controlling and determinative in the absence of manifest error.
  The Holder and any assignee, by acceptance of this Warrant, acknowledge and
  agree that, by reason of the provisions of this paragraph, following the purchase
  of a portion of the Warrant Shares hereunder, the number of Warrant Shares available
  for purchase hereunder at any given time may be less than the amount stated
  on the face hereof.

                              (b)
  Exercise Price. The exercise price of the Common Stock under this Warrant
  shall be___, subject to adjustment hereunder (the "Exercise Price").

                              (c)
  Cashless Exercise. . If at any time after one year from the date of issuance
  of this Warrant there is no effective Registration Statement registering, or
  no current prospectus available for, the resale of the Warrant Shares by the
  Holder, then this Warrant may also be exercised at such time by means of a "cashless
  exercise" in which the Holder shall be entitled to receive a certificate for
  the number of Warrant Shares equal to the quotient obtained by dividing (A-B)
  (X) by (A), where:

          (A)
  = the VWAP on the Trading Day immediately preceding the date of such election;

          (B)
  = the Exercise Price of this Warrant, as adjusted; and

          (X)
  = the number of Warrant Shares issuable upon exercise of this Warrant in accordance
  with the terms of this Warrant by means of a cash exercise rather than a cashless
  exercise.

          For
  purposes of Rule 144 promulgated under the 1933 Act, it is intended, understood
  and acknowledged that the Warrant Shares issued in a cashless exercise transaction
  shall be deemed to have been acquired by the Holder, and the holding period
  for the Warrant Shares shall be deemed to have commenced, on the date this Warrant
  was originally issued pursuant to the Purchase Agreement. Notwithstanding anything
  herein to the contrary, on the Termination Date, this Warrant shall be automatically
  exercised via cashless exercise pursuant to this Section 2(c).

                              (d)
  Exercise Limitations.

                                        (i)
  Holder’s Restrictions. The Company shall not effect any exercise
  of this Warrant, and the Holder shall not have the right to exercise any portion
  of this Warrant, pursuant to Section 2(a) or otherwise, to the extent that after
  giving effect to such exercise , the Holder (together with the Holder's Affiliates),
  as set forth on the applicable Notice of Exercise, would beneficially own in
  excess of the Beneficial Ownership Limitation. For purposes of the foregoing
  sentence, the number of shares of Common Stock beneficially owned by the Holder
  and its Affiliates shall include the number of shares of Common Stock issuable
  upon exercise of this Warrant with respect to which the determination of such
  sentence is being made, but shall exclude the number of shares of Common Stock
  which would be issuable upon (A) exercise of the remaining, non-exercised portion
  of this Warrant beneficially owned by the Holder or any of its Affiliates and
  (B) exercise or conversion of the unexercised or nonconverted portion of any
  other securities of the Company (including, without limitation, any Notes or
  Warrants) subject to a limitation on conversion or exercise analogous to the
  limitation contained herein beneficially owned by the Holder or any of its Affiliates.
  Except as set forth in the preceding sentence, for purposes of this Section
  2(d), beneficial ownership shall be calculated in accordance with Section 13(d)
  of the 

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Exchange Act and the rules and regulations promulgated thereunder.
  To the extent that the limitation contained in this section applies, the determination
  of whether this Warrant is exercise (in relation to other securities owned by
  the Holder) and of which a portion of this Warrant is exercise shall be in the
  sole discretion of such Holder. To ensure compliance with this restriction,
  the Holder will be deemed to represent to the Company each time it delivers
  a Notice of Exercise that such Notice of Exercise has not violated the restrictions
  set forth in this paragraph and the Company shall have no obligation to verify
  or confirm the accuracy of such determination. In addition, a determination
  as to any group status as contemplated above shall be determined in accordance
  with Section 13(d) of the Exchange Act and the rules and regulations promulgated
  thereunder. For purposes of this Section 2(d), in determining the number of
  outstanding shares of Common Stock, the Holder may rely on the number of outstanding
  shares of Common Stock as reflected in (x) the Company's most recent Form 20-F,
  (y) a more recent public announcement by the Company or (z) any other notice
  by the Company or the Company's Transfer Agent setting forth the number of shares
  of Common Stock outstanding. Upon the written or oral request of the Holder,
  the Company shall within two Trading Days confirm orally and in writing to the
  Holder the number of shares of Common Stock then outstanding. In any case, the
  number of outstanding shares of Common Stock shall be determined after giving
  effect to the conversion or exercise of securities of the Company, including
  this Warrant, by the Holder or its Affiliates since the date as of which such
  number of outstanding shares of Common Stock was reported. The "Beneficial Ownership
  Limitation" shall be 4.99% of the number of shares of the Common Stock outstanding
  immediately after giving effect to the issuance of shares of Common Stock issuable
  upon exercise of this Warrant. "The provisions of this Section 2(d) may be waived
  by the Holder, at the election of the Holder, upon not less than 61 days' prior
  notice to the Company, and the provisions of this Section 2(d) shall continue
  to apply until such 61st day (or such later date, as determined by the Holder,
  as may be specified in such notice of waiver). The provisions of this paragraph
  shall be construed and implemented in a manner otherwise than in strict conformity
  with the terms of this Section 2(d) to correct this paragraph (or any portion
  hereof) which may be defective or inconsistent with the intended Beneficial
  Ownership Limitation herein contained or to make changes or supplements necessary
  or desirable to properly give effect to such limitation. The limitations contained
  in this paragraph shall apply to a successor holder of this Debenture.

                              (e)
  Mechanics of Exercise.

                                        (i)
  Authorization of Warrant Shares. The Company covenants that all Warrant
  Shares which may be issued upon the exercise of the purchase rights represented
  by this Warrant will, upon exercise of the purchase rights represented by this
  Warrant, be duly authorized, validly issued, fully paid and non-assessable and
  free from all taxes, liens and charges in respect of the issue thereof (other
  than taxes in respect of any transfer occurring contemporaneously with such
  issue).

                                        (ii)
  Delivery of Certificates Upon Exercise. Certificates for shares purchased
  hereunder shall be transmitted by the transfer agent of the Company to the Holder
  by crediting the account of the Holder’s prime broker with the Depository
  Trust Company through its Deposit Withdrawal Agent Commission ("DWAC") system
  if the Company is a participant in such system, and otherwise by physical delivery
  to the address specified by the Holder in the Notice of Exercise within four
  (4) Trading Days from the delivery to the Company of the Notice of Exercise
  Form, surrender of this Warrant (if required) and payment of the aggregate Exercise
  Price as set forth above ("Warrant Share Delivery Date"). This Warrant shall
  be deemed to have been exercised on the date the Exercise Price is received
  by the Company. The Warrant Shares shall be deemed to have been issued, and
  Holder or any other person so designated to be named therein shall be deemed
  to have become a holder of record of such shares for all purposes, as of the
  date the Warrant has been exercised by payment to the Company of the Exercise
  Price and all taxes required to be paid by the Holder, if any, pursuant to Section
  2(e)(vii) prior to the issuance of such shares, have been paid.

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                                        (iii)
  Delivery of New Warrants Upon Exercise. If this Warrant shall have been
  exercised in part, the Company shall, at the request of a Holder and upon surrender
  of this Warrant certificate, at the time of delivery of the certificate or certificates
  representing Warrant Shares, deliver to Holder a new Warrant evidencing the
  rights of Holder to purchase the unpurchased Warrant Shares called for by this
  Warrant, which new Warrant shall in all other respects be identical with this
  Warrant.

                                        (iv)
  Rescission Rights. If the Company fails to cause its transfer agent to
  transmit to the Holder a certificate or certificates representing the Warrant
  Shares pursuant to this Section 2(e)(iv) by the Warrant Share Delivery Date,
  then the Holder will have the right to rescind such exercise.

                                        (v)
  Compensation for Buy-In on Failure to Timely Deliver Certificates Upon
  Exercise. In addition to any other rights available to the Holder, if
  the Company fails to cause its transfer agent to transmit to the Holder a certificate
  or certificates representing the Warrant Shares pursuant to an exercise on or
  before the Warrant Share Delivery Date, and if after such date the Holder is
  required by its broker to purchase (in an open market transaction or otherwise)
  shares of Common Stock to deliver in satisfaction of a sale by the Holder of
  the Warrant Shares which the Holder anticipated receiving upon such exercise
  (a "Buy-In"), then the Company shall (1) pay in cash to the Holder the amount
  by which (x) the Holder’s total purchase price (including brokerage commissions,
  if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained
  by multiplying (A) the number of Warrant Shares that the Company was required
  to deliver to the Holder in connection with the exercise at issue times (B)
  the price at which the sell order giving rise to such purchase obligation was
  executed (including brokerage commissions, if any), and (2) at the option of
  the Holder, either reinstate the portion of the Warrant and equivalent number
  of Warrant Shares for which such exercise was not honored or deliver to the
  Holder the number of shares of Common Stock that would have been issued had
  the Company timely complied with its exercise and delivery obligations hereunder.
  For example, if the Holder purchases Common Stock having a total purchase price
  of $11,000 to cover a Buy-In with respect to an attempted exercise of shares
  of Common Stock with an aggregate sale price giving rise to such purchase obligation
  of $10,000, under clause (1) of the immediately preceding sentence the Company
  shall be required to pay the Holder $1,000. The Holder shall provide the Company
  written notice indicating the amounts payable to the Holder in respect of the
  Buy-In, together with applicable confirmations and other evidence reasonably
  requested by the Company. Nothing herein shall limit a Holder’s right to
  pursue any other remedies available to it hereunder, at law or in equity including,
  without limitation, a decree of specific performance and/or injunctive relief
  with respect to the Company’s failure to timely deliver certificates representing
  shares of Common Stock upon exercise of the Warrant as required pursuant to
  the terms hereof.

                                        (vi)
  No Fractional Shares or Scrip. No fractional shares or scrip representing
  fractional shares shall be issued upon the exercise of this Warrant. As to any
  fraction of a share which Holder would otherwise be entitled to purchase upon
  such exercise, the Company shall pay a cash adjustment in respect of such final
  fraction in an amount equal to such fraction multiplied by the Exercise Price.

                                        (vii)
  Charges, Taxes and Expenses. Issuance of certificates for Warrant Shares
  shall be made without charge to the Holder for any issue or transfer tax or
  other incidental expense in respect of the issuance of such certificate, all
  of which taxes and expenses shall be paid by the Company, and such certificates
  shall be issued in the name of the Holder or in such name or names as may be
  directed by the Holder; provided, however, that in the event certificates for
  Warrant Shares are to be issued in a name other than the name of the Holder,
  this Warrant when surrendered for exercise shall be accompanied by the Assignment
  Form attached hereto duly executed by the Holder; and the Company may require,
  as a condition thereto, the payment of a sum sufficient to reimburse it for
  any transfer tax incidental thereto.

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                                        (viii)
  Closing of Books. The Company will not close its stockholder books or
  records in any manner which prevents the timely exercise of this Warrant, pursuant
  to the terms hereof.

          Section
  3. Certain Adjustments.

                              (a)
  Stock Dividends and Splits. If the Company, at any time while this Warrant
  is outstanding: (A) pays a stock dividend or otherwise make a distribution or
  distributions on shares of its Common Stock or any other equity or equity equivalent
  securities payable in shares of Common Stock (which, for avoidance of doubt,
  shall not include any shares of Common Stock issued by the Company pursuant
  to this Warrant), (B) subdivides outstanding shares of Common Stock into a larger
  number of shares, (C) combines (including by way of reverse stock split) outstanding
  shares of Common Stock into a smaller number of shares, or (D) issues by reclassification
  of shares of the Common Stock any shares of capital stock of the Company, then
  in each case the Exercise 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 immediately before such event and of which the denominator
  shall be the number of shares of Common Stock outstanding immediately after
  such event and the number of shares issuable upon exercise of this Warrant shall
  be proportionately adjusted. Any adjustment made pursuant to this Section 3(a)
  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.

                              (b)
  Subsequent Equity Sales. If the Company or any Subsidiary thereof, as
  applicable, at any time while this Warrant is outstanding, shall offer, sell,
  grant any option to purchase or offer, sell or grant any right to reprice its
  securities, or otherwise dispose of or issue (or announce any offer, sale, grant
  or any option to purchase or other disposition) any Common Stock or Common Stock
  Equivalents entitling any Person to acquire shares of Common Stock, at an effective
  price per share less than the then Exercise Price (such lower price, the "Base
  Share Price" and such issuances collectively, a "Dilutive Issuance"), as adjusted
  hereunder (if the holder of the Common Stock or Common Stock Equivalents so
  issued shall at any time, whether by operation of purchase price adjustments,
  reset provisions, floating conversion, exercise or exchange prices or otherwise,
  or due to warrants, options or rights per share which is issued in connection
  with such issuance, be entitled to receive shares of Common Stock at an effective
  price per share which is less than the Exercise Price, such issuance shall be
  deemed to have occurred for less than the Exercise Price on such date of the
  Dilutive Issuance), then the Exercise Price shall be reduced to equal the Base
  Share Price and the number of Warrant Shares issuable hereunder shall be increased
  such that the aggregate Exercise Price payable hereunder, after taking into
  account the decrease in the Exercise Price, shall be equal to the aggregate
  Exercise Price prior to such adjustment. Such adjustment shall be made whenever
  such Common Stock or Common Stock Equivalents are issued. Notwithstanding the
  foregoing, no adjustments shall be made, paid or issued under this Section 3(b)
  in respect of (i) any outstanding equity or equity-linked securities as of the
  date of this Warrant provided that no amendments are made to the conversion
  or exercise prices thereof; or (ii) any options granted by the Company to employees
  and directors under current incentive stock option plans if such options are
  granted with exercise prices at least equal to the Company’s stock price
  on the grant dates. The Company shall notify the Holder in writing, no later
  than the Trading Day following the issuance of any Common Stock or Common Stock
  Equivalents subject to this section, indicating therein the applicable issuance
  price, or of applicable reset price, exchange price, conversion price and other
  pricing terms (such notice the "Dilutive Issuance Notice"). For purposes of
  clarification, whether or not the Company provides a Dilutive Issuance Notice
  pursuant to this Section 3(b), upon the occurrence of any Dilutive Issuance,
  after the date of such Dilutive Issuance the Holder is entitled to receive a
  number of Warrant Shares based upon the Base Share Price regardless of whether
  the Holder accurately refers to the Base Share Price in the Notice of Exercise.

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                              (c)
  Pro Rata Distributions. If the Company, at any time prior to the Termination
  Date, shall distribute to all holders of Common Stock (and not to Holders of
  the Warrants) evidences of its indebtedness or assets (including cash and cash
  dividends) or rights or warrants to subscribe for or purchase any security other
  than the Common Stock (which shall be subject to Section 3(b)), then in each
  such case the Exercise Price shall be adjusted by multiplying the Exercise Price
  in effect immediately prior to the record date fixed for determination of stockholders
  entitled to receive such distribution by a fraction of which the denominator
  shall be the VWAP determined as of the record date mentioned above, and of which
  the numerator shall be such VWAP on such record date less the then per share
  fair market value at such record date of the portion of such assets or evidence
  of indebtedness so distributed applicable to one outstanding share of the Common
  Stock as determined by the Board of Directors in good faith. In either case
  the adjustments shall be described in a statement provided to the Holder of
  the portion of assets or evidences of indebtedness so distributed or such subscription
  rights applicable to one share of Common Stock. Such adjustment shall be made
  whenever any such distribution is made and shall become effective immediately
  after the record date mentioned above.

                              (d)
  Fundamental Transaction. If, at any time while this Warrant is outstanding,
  (A) the Company effects any merger or consolidation of the Company with or into
  another Person, (B) the Company effects any sale of all or substantially all
  of its assets in one or a series of related transactions, (C) any tender offer
  or exchange offer (whether by the Company or another Person) is completed pursuant
  to which holders of Common Stock are permitted to tender or exchange their shares
  for other securities, cash or property, or (D) the Company effects any reclassification
  of the Common Stock or any compulsory share exchange pursuant to which the Common
  Stock is effectively converted into or exchanged for other securities, cash
  or property (in any such case, a "Fundamental Transaction"), then, upon any
  subsequent exercise of this Warrant, the Holder shall have the right to receive,
  for each Warrant Share that would have been issuable upon such exercise immediately
  prior to the occurrence of such Fundamental Transaction, at the option of the
  Holder, (a) upon exercise of this Warrant, the number of shares of Common Stock
  of the successor or acquiring corporation or of the Company, if it is the surviving
  corporation, and any additional consideration (the "Alternate Consideration")
  receivable upon or as a result of such reorganization, reclassification, merger,
  consolidation or disposition of assets by a Holder of the number of shares of
  Common Stock for which this Warrant is exercisable immediately prior to such
  event or (b) if the Company is acquired in an all cash transaction, cash equal
  to the value of this Warrant as determined in accordance with the Black-Scholes
  option pricing formula. For purposes of any such exercise, the determination
  of the Exercise Price shall be appropriately adjusted to apply to such Alternate
  Consideration based on the amount of Alternate Consideration issuable in respect
  of one share of Common Stock in such Fundamental Transaction, and the Company
  shall apportion the Exercise Price among the Alternate Consideration in a reasonable
  manner reflecting the relative value of any different components of the Alternate
  Consideration. If holders of Common Stock are given any choice as to the securities,
  cash or property to be received in a Fundamental Transaction, then the Holder
  shall be given the same choice as to the Alternate Consideration it receives
  upon any exercise of this Warrant following such Fundamental Transaction. To
  the extent necessary to effectuate the foregoing provisions, any successor to
  the Company or surviving entity in such Fundamental Transaction shall issue
  to the Holder a new warrant consistent with the foregoing provisions and evidencing
  the Holder’s right to exercise such warrant into Alternate Consideration.
  The terms of any agreement pursuant to which a Fundamental Transaction is effected
  shall include terms requiring any such successor or surviving entity to comply
  with the provisions of this Section 3(d) and insuring that this Warrant (or
  any such replacement security) will be similarly adjusted upon any subsequent
  transaction analogous to a Fundamental Transaction.

                              (e)
  Calculations. All calculations under this Section 3 shall be made to
  the nearest cent or the nearest 1/100th of a share, as the case may be. For
  purposes of this Section 3, the number of shares of Common Stock deemed to be
  issued and outstanding as of a given date shall be the sum of the number of
  shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

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                              (f)
  Voluntary Adjustment By Company. The Company may at any time during the
  term of this Warrant reduce the then current Exercise Price to any amount and
  for any period of time deemed appropriate by the Board of Directors of the Company.

                              (g)
  Notice to Holders.

                                        (i)
  Adjustment to Exercise Price. Whenever the Exercise Price is adjusted
  pursuant to this Section 3, the Company shall promptly mail to each Holder a
  notice setting forth the Exercise Price after such adjustment and setting forth
  a brief statement of the facts requiring such adjustment. If the Company issues,
  a variable rate security, despite the prohibition thereon in the Purchase Agreement,
  the Company shall be deemed to have issued Common Stock or Common Stock Equivalents
  at the lowest possible conversion or exercise price at which such securities
  may be converted or exercised in the case of a Variable Rate Transaction (as
  defined in the Purchase Agreement).

                                        (ii)
  Notice to Allow Exercise by Holder. If (A) the Company shall declare
  a dividend (or any other distribution) on the Common Stock; (B) the Company
  shall declare a special nonrecurring cash dividend on or a redemption of the
  Common Stock; (C) the Company shall authorize the granting to all holders of
  the Common Stock rights or warrants to subscribe for or purchase any shares
  of capital stock of any class or of any rights; (D) the approval of any stockholders
  of the Company shall be required in connection with any reclassification of
  the Common Stock, any consolidation or merger to which the Company is a party,
  any sale or transfer of all or substantially all of the assets of the Company,
  of any compulsory share exchange whereby the Common Stock is converted into
  other securities, cash or property; (E) the Company shall authorize the voluntary
  or involuntary dissolution, liquidation or winding up of the affairs of the
  Company; then, in each case, the Company shall cause to be mailed to the Holder
  at its last address as it shall appear upon the Warrant Register of the Company,
  at least 20 calendar days prior to the applicable record or effective date hereinafter
  specified, a notice stating (x) the date on which a record is to be taken for
  the purpose of such dividend, distribution, redemption, rights or warrants,
  or if a record is not to be taken, the date as of which the holders of the Common
  Stock of record to be entitled to such dividend, distributions, redemption,
  rights or warrants are to be determined or (y) the date on which such reclassification,
  consolidation, merger, sale, transfer or share exchange is expected to become
  effective or close, and the date as of which it is expected that holders of
  the Common Stock of record shall be entitled to exchange their shares of the
  Common Stock for securities, cash or other property deliverable upon such reclassification,
  consolidation, merger, sale, transfer or share exchange; provided that the failure
  to mail such notice or any defect therein or in the mailing thereof shall not
  affect the validity of the corporate action required to be specified in such
  notice. The Holder is entitled to exercise this Warrant during the 20-day period
  commencing on the date of such notice to the effective date of the event triggering
  such notice.

          Section
  4. Transfer of Warrant.

                              (a)
  Transferability. Subject to compliance with any applicable securities
  laws and the conditions set forth in Sections 5(a) and 4(d) hereof and to the
  provisions of Section 4.1 of the Purchase Agreement, this Warrant and all rights
  hereunder are transferable, in whole or in part, upon surrender of this Warrant
  at the principal office of the Company, together with a written assignment of
  this Warrant substantially in the form attached hereto duly executed by the
  Holder or its agent or attorney and funds sufficient to pay any transfer taxes
  payable upon the making of such transfer. Upon such surrender and, if required,
  such payment, the Company shall execute and deliver a new Warrant or Warrants
  in the name of the assignee or assignees and in the denomination or denominations
  specified in such instrument of assignment, and shall issue to the assignor
  a new Warrant evidencing the portion of this Warrant not so assigned, and this
  Warrant shall promptly be cancelled. A Warrant, if properly 

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assigned, may be exercised by a new holder for the purchase of
  Warrant Shares without having a new Warrant issued.

                              (b)
  New Warrants. This Warrant may be divided or combined with other Warrants
  upon presentation hereof at the aforesaid office of the Company, together with
  a written notice specifying the names and denominations in which new Warrants
  are to be issued, signed by the Holder or its agent or attorney. Subject to
  compliance with Section 4(a), as to any transfer which may be involved in such
  division or combination, the Company shall execute and deliver a new Warrant
  or Warrants in exchange for the Warrant or Warrants to be divided or combined
  in accordance with such notice.

                              (c)
  Warrant Register. The Company shall register this Warrant, upon records
  to be maintained by the Company for that purpose (the "Warrant Register"), in
  the name of the record Holder hereof from time to time. The Company may deem
  and treat the registered Holder of this Warrant as the absolute owner hereof
  for the purpose of any exercise hereof or any distribution to the Holder, and
  for all other purposes, absent actual notice to the contrary.

                              (d)
  Transfer Restrictions. If, at the time of the surrender of this Warrant
  in connection with any transfer of this Warrant, the transfer of this Warrant
  shall not be registered pursuant to an effective registration statement under
  the Securities Act and under applicable state securities or blue sky laws, the
  Company may require, as a condition of allowing such transfer (i) that the Holder
  or transferee of this Warrant, as the case may be, furnish to the Company a
  written opinion of counsel (which opinion shall be in form, substance and scope
  customary for opinions of counsel in comparable transactions) to the effect
  that such transfer may be made without registration under the Securities Act
  and under applicable state securities or blue sky laws, (ii) that the holder
  or transferee execute and deliver to the Company an investment letter in form
  and substance acceptable to the Company and (iii) that the transferee be an
  "accredited investor" as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7),
  or (a)(8) promulgated under the Securities Act or a qualified institutional
  buyer as defined in Rule 144A(a) under the Securities Act.

          Section
  5. Miscellaneous.

                              (a)
  Title to Warrant. Prior to the Termination Date and subject to compliance
  with applicable laws and Section 4 of this Warrant, this Warrant and all rights
  hereunder are transferable, in whole or in part, at the office or agency of
  the Company by the Holder in person or by duly authorized attorney, upon surrender
  of this Warrant together with the Assignment Form annexed hereto properly endorsed.
  The transferee shall sign an investment letter in form and substance reasonably
  satisfactory to the Company.

                              (b)
  No Rights as Shareholder Until Exercise. This Warrant does not entitle
  the Holder to any voting rights or other rights as a shareholder of the Company
  prior to the exercise hereof. Upon the surrender of this Warrant and the payment
  of the aggregate Exercise Price (or by means of a cashless exercise), the Warrant
  Shares so purchased shall be and be deemed to be issued to such Holder as the
  record owner of such shares as of the close of business on the later of the
  date of such surrender or payment.

                              (c)
  Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants
  that upon receipt by the Company of evidence reasonably satisfactory to it of
  the loss, theft, destruction or mutilation of this Warrant or any stock certificate
  relating to the Warrant Shares, and in case of loss, theft or destruction, of
  indemnity or security reasonably satisfactory to it (which, in the case of the
  Warrant, shall not include the posting of any bond), and upon surrender and
  cancellation of such Warrant or stock 

24

certificate, if mutilated, the Company will make and deliver
  a new Warrant or stock certificate of like tenor and dated as of such cancellation,
  in lieu of such Warrant or stock certificate.

                              (d)
  Saturdays, Sundays, Holidays, etc. If the last or appointed day for the
  taking of any action or the expiration of any right required or granted herein
  shall be a Saturday, Sunday or a legal holiday, then such action may be taken
  or such right may be exercised on the next succeeding day not a Saturday, Sunday
  or legal holiday.

                              (e)
  Authorized Shares.

                                        The
  Company covenants that during the period the Warrant is outstanding, it will
  reserve from its authorized and unissued Common Stock a sufficient number of
  shares to provide for the issuance of the Warrant Shares upon the exercise of
  any purchase rights under this Warrant. The Company further covenants that its
  issuance of this Warrant shall constitute full authority to its officers who
  are charged with the duty of executing stock certificates to execute and issue
  the necessary certificates for the Warrant Shares upon the exercise of the purchase
  rights under this Warrant. The Company will take all such reasonable action
  as may be necessary to assure that such Warrant Shares may be issued as provided
  herein without violation of any applicable law or regulation, or of any requirements
  of the Trading Market upon which the Common Stock may be listed.

                                        Except
  and to the extent as waived or consented to by the Holder, the Company shall
  not by any action, including, without limitation, amending its certificate of
  incorporation or through any reorganization, transfer of assets, consolidation,
  merger, dissolution, issue or sale of securities or any other voluntary action,
  avoid or seek to avoid the observance or performance of any of the terms of
  this Warrant, but will at all times in good faith assist in the carrying out
  of all such terms and in the taking of all such actions as may be necessary
  or appropriate to protect the rights of Holder as set forth in this Warrant
  against impairment. Without limiting the generality of the foregoing, the Company
  will (a) not increase the par value of any Warrant Shares above the amount payable
  therefor upon such exercise immediately prior to such increase in par value,
  (b) take all such action as may be necessary or appropriate in order that the
  Company may validly and legally issue fully paid and nonassessable Warrant Shares
  upon the exercise of this Warrant, and (c) use commercially reasonable efforts
  to obtain all such authorizations, exemptions or consents from any public regulatory
  body having jurisdiction thereof as may be necessary to enable the Company to
  perform its obligations under this Warrant.

                                        Before
  taking any action which would result in an adjustment in the number of Warrant
  Shares for which this Warrant is exercisable or in the Exercise Price, the Company
  shall obtain all such authorizations or exemptions thereof, or consents thereto,
  as may be necessary from any public regulatory body or bodies having jurisdiction
  thereof.

                              (f)
  Jurisdiction. All questions concerning the construction, validity, enforcement
  and interpretation of this Warrant shall be determined in accordance with the
  provisions of the Purchase Agreement.

                              (g)
  Restrictions. The Holder acknowledges that the Warrant Shares acquired
  upon the exercise of this Warrant, if not registered, will have restrictions
  upon resale imposed by state and federal securities laws.

                              (h)
  Nonwaiver and Expenses. No course of dealing or any delay or failure
  to exercise any right hereunder on the part of Holder shall operate as a waiver
  of such right or otherwise prejudice Holder’s rights, powers or remedies,
  notwithstanding the fact that all rights hereunder terminate on the Termination
  Date. If the Company willfully and knowingly fails to comply with any provision
  of 

25

this Warrant, which results in any material damages to the Holder,
  the Company shall pay to Holder such amounts as shall be sufficient to cover
  any costs and expenses including, but not limited to, reasonable attorneys’
  fees, including those of appellate proceedings, incurred by Holder in collecting
  any amounts due pursuant hereto or in otherwise enforcing any of its rights,
  powers or remedies hereunder.

                              (i)
  Notices. Any notice, request or other document required or permitted
  to be given or delivered to the Holder by the Company shall be delivered in
  accordance with the notice provisions of the Purchase Agreement.

                              (j)
  Limitation of Liability. No provision hereof, in the absence of any affirmative
  action by Holder to exercise this Warrant or purchase Warrant Shares, and no
  enumeration herein of the rights or privileges of Holder, shall give rise to
  any liability of Holder for the purchase price of any Common Stock or as a stockholder
  of the Company, whether such liability is asserted by the Company or by creditors
  of the Company.

                              (k)
  Remedies. Holder, in addition to being entitled to exercise all rights
  granted by law, including recovery of damages, will be entitled to specific
  performance of its rights under this Warrant. The Company agrees that monetary
  damages would not be adequate compensation for any loss incurred by reason of
  a breach by it of the provisions of this Warrant and hereby agrees to waive
  the defense in any action for specific performance that a remedy at law would
  be adequate.

                              (l)
  Successors and Assigns. Subject to applicable securities laws, this Warrant
  and the rights and obligations evidenced hereby shall inure to the benefit of
  and be binding upon the successors of the Company and the successors and permitted
  assigns of Holder. The provisions of this Warrant are intended to be for the
  benefit of all Holders from time to time of this Warrant and shall be enforceable
  by any such Holder or holder of Warrant Shares.

                              (m)
  Amendment. This Warrant may be modified or amended or the provisions
  hereof waived with the written consent of the Company and the Holder.

                              (n)
  Severability. Wherever possible, each provision of this Warrant shall
  be interpreted in such manner as to be effective and valid under applicable
  law, but if any provision of this Warrant shall be prohibited by or invalid
  under applicable law, such provision shall be ineffective to the extent of such
  prohibition or invalidity, without invalidating the remainder of such provisions
  or the remaining provisions of this Warrant.

                              (o)
  Headings. The headings used in this Warrant are for the convenience of
  reference only and shall not, for any purpose, be deemed a part of this Warrant.

26

IN WITNESS WHEREOF, the Company has caused this Warrant to be
  executed by its officer thereunto duly authorized.

	 	LINUX GOLD, CORP. 
	 	  
	 	  
	 	  
	 	By: ____________________________________________________
	 	       Name: John Robertson
    
	 	       Title: President 

Dated: May 8, 2006

27

NOTICE OF EXERCISE

TO:.

          (1)
  The undersigned hereby elects to purchase __________ Warrant Shares of the Company
  pursuant to the terms of the attached Warrant (only if exercised in full), and
  tenders herewith payment of the exercise price in full, together with all applicable
  transfer taxes, if any.

          (2)
  Payment shall take the form of (check applicable box):

                    [   
  ] in lawful money of the United States; or

                    [   
  ] the cancellation of such number of Warrant Shares as is necessary, in accordance
  with the formula set forth in subsection 2(c), to exercise this Warrant with
  respect to the maximum number of Warrant Shares purchasable pursuant to the
  cashless exercise procedure set forth in subsection 2(c).

          (3)
  Please issue a certificate or certificates representing said Warrant Shares
  in the name of the undersigned or in such other name as is specified below:

                    _________________________________________

                    The
  Warrant Shares shall be delivered to the following:

                    __________________________________________

  

                      __________________________________________

  

                      __________________________________________

          (4)
  Accredited Investor. The undersigned is an "accredited investor" as defined
  in Regulation D promulgated under the Securities Act of 1933, as amended.

28

SIGNATURE OF HOLDER

Name of Investing Entity: __________________________________________

Signature of Authorized Signatory of Investing Entity: _______________________________

  

  Name of Authorized Signatory: __________________________________________

  

  Title of Authorized Signatory: ___________________________________________

  

  Date: _______________________

29

ASSIGNMENT FORM

(To assign the foregoing warrant, execute 

  this form and supply required information. 

  Do not use this form to exercise the warrant.)

          FOR
  VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby
  assigned to whose address is ________________________________________________

  ___________________________________________________________________________

                    Dated:
  _____________________

	 	Holder’s Signature: _________________________

      Holder’s Address:  _________________________

        

        _________________________

        

        _________________________

      

Signature Guaranteed: _____________________________

NOTE: The signature to this Assignment Form must correspond with
  the name as it appears on the face of the Warrant, without alteration or enlargement
  or any change whatsoever, and must be guaranteed by a bank or trust company.
  Officers of corporations and those acting in a fiduciary or other representative
  capacity should file proper evidence of authority to assign the foregoing Warrant.

30Filed by Automated Filing Services Inc. (604) 609-0244 - Linux Gold Corp. - Exhibit 4.5

Exhibit 4.5

REGISTRATION RIGHTS AGREEMENT

          This
  REGISTRATION RIGHTS AGREEMENT (this "Registration Rights Agreement")
  is made and entered into as of May 8, 2006, among LINUX GOLD CORP., a British
  Columbia corporation (the "Company"), and the purchasers signatory hereto (each
  such purchaser is a "Purchaser" and collectively, the "Purchasers"). 

          WHEREAS,
  the Company and the Purchasers have entered into a Securities Purchase Agreement
  date even date herewith (the "Purchase Agreement"); and

          WHEREAS,
  pursuant to the Purchase Agreement, the Company has agreed to provide certain
  registration rights as set forth herein;

          NOW,
  THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Registration
  Rights Agreement, and for other good and valuable consideration the receipt
  and adequacy of which are hereby acknowledged, the Company and each Purchaser
  agree as follows:

          The
  Company and the Purchasers hereby agree as follows:

          1.
  Definitions. Capitalized terms used and not otherwise defined
  herein that are defined in the Purchase Agreement shall have the meanings given
  such terms in the Purchase Agreement. As used in this Registration Rights Agreement,
  the following terms shall have the following meanings:

          "Advice"
  shall have the meaning set forth in Section 6(d). 

          "Effectiveness
  Date" means, with respect to the initial Registration Statement
  required to be filed hereunder, the one hundred twentieth (120th)
  calendar day following the date hereof and, with respect to any additional Registration
  Statements which may be required pursuant to Section 3(c), the sixtieth (60th)
  calendar day following the date on which the Company first knows, or reasonably
  should have known, that such additional Registration Statement is required hereunder;
  provided, however, in the event the Company is notified by the Commission that
  one of the above Registration Statements will not be reviewed or is no longer
  subject to further review and comments, the Effectiveness Date as to such Registration
  Statement shall be the fifth (5th) Trading Day following the date
  on which the Company is so notified if such date precedes the dates required
  above. 

          "Effectiveness
  Period" shall have the meaning set forth in Section 2(a).

           "Event"
  shall have the meaning set forth in Section 2(b). 

          "Event
  Date" shall have the meaning set forth in Section 2(b). 

          "Filing
  Date" means, with respect to the initial Registration Statement
  required hereunder, the forty-fifth (45th) calendar day following
  the date hereof and, with respect to any additional Registration Statements
  which may be required pursuant to Section 3(c), the thirtieth (30th)
  day following the date on which the Company first knows, or reasonably should
  have known that such additional Registration Statement is required hereunder.

          "Holder"
  or "Holders" means the holder or holders, as the
  case may be, from time to time of Registrable Securities.

31

          "Indemnified
  Party" shall have the meaning set forth in Section 5(c). 

          "Losses"
  shall have the meaning set forth in Section 5(a). 

          "Plan
  of Distribution" shall have the meaning set forth in Section
  2(a). 

          "Proceeding"
  means an action, claim, suit, investigation or proceeding (including, without
  limitation, an investigation or partial proceeding, such as a deposition), whether
  commenced or threatened. 

          "Prospectus"
  means the prospectus included in a Registration Statement (including, without
  limitation, a prospectus that includes any information previously omitted from
  a prospectus filed as part of an effective registration statement in reliance
  upon Rule 430A promulgated under the Securities Act), as amended or supplemented
  by any prospectus supplement, with respect to the terms of the offering of any
  portion of the Registrable Securities covered by a Registration Statement, and
  all other amendments and supplements to the Prospectus, including post-effective
  amendments, and all material incorporated by reference or deemed to be incorporated
  by reference in such Prospectus. 

          "Registrable
  Securities" means (i) all of the shares of Common Stock issuable
  upon conversion in full of the Notes, (ii) all shares issuable as payments of
  Monthly Redemption Amounts or Interim Payments, (iii) all Warrant Shares, (iv)
  any securities issued or issuable upon any stock split, dividend or other distribution,
  recapitalization or similar event with respect to the foregoing and (v) any
  additional shares issuable in connection with any anti-dilution provisions in
  the Notes or the Warrants (in each case, without giving effect to any limitations
  on conversion set forth in the Note or limitations on exercise set forth in
  the Warrant). 

          "Registration
  Statement" means the registration statements required to be filed
  hereunder and any additional registration statements contemplated by Section
  3(c), including (in each case) the Prospectus, amendments and supplements to
  such registration statement or Prospectus, including pre- and post-effective
  amendments, all exhibits thereto, and all material incorporated by reference
  or deemed to be incorporated by reference in such registration statement. 

          "Rule
  415" means Rule 415 promulgated by the Commission pursuant to
  the Securities Act, as such Rule may be amended from time to time, or any similar
  rule or regulation hereafter adopted by the Commission having substantially
  the same purpose and effect as such Rule. 

          "Rule
  424" means Rule 424 promulgated by the Commission pursuant to
  the Securities Act, as such Rule may be amended from time to time, or any similar
  rule or regulation hereafter adopted by the Commission having substantially
  the same purpose and effect as such Rule. 

          "Selling
  Shareholder Questionnaire" shall have the meaning set forth in
  Section 3(a). 

          2.
  Shelf Registration

                    a.
  On or prior to each Filing Date, the Company shall prepare and file with the
  Commission a "Shelf" Registration Statement covering the resale of 200% of the
  Registrable Securities on such Filing Date for an offering to be made on a continuous
  basis pursuant to Rule 415. The Registration Statement shall be on Form F-3
  (except if the Company is not then eligible to register for resale the Registrable
  Securities on Form F-3, in which case such registration shall be on another
  appropriate form in accordance herewith) and shall contain (unless otherwise
  directed by the Holders) substantially the "Plan of Distribution" attached hereto
  as Annex A. Subject to the terms of this Registration Rights Agreement, 

32

the Company shall use all reasonable efforts to cause a Registration
  Statement to be declared effective under the Securities Act as promptly as possible
  after the filing thereof, but in any event prior to the applicable Effectiveness
  Date, and shall use its best efforts to keep such Registration Statement continuously
  effective under the Securities Act until all Registrable Securities covered
  by such Registration Statement have been sold or may be sold without volume
  restrictions pursuant to Rule 144(k) as determined by the counsel to the Company
  pursuant to a written opinion letter to such effect, addressed and acceptable
  to the Company’s transfer agent and the affected Holders (the "Effectiveness
  Period"). The Company shall telephonically request effectiveness of a Registration
  Statement as of 5:00 pm Eastern Time on a Trading Day. The Company shall immediately
  notify the Holders via facsimile of the effectiveness of a Registration Statement
  on the same Trading Day that the Company telephonically confirms effectiveness
  with the Commission, which shall be the date requested for effectiveness of
  a Registration Statement. The Company shall, by 9:30 a.m. Eastern Time on the
  Trading Day after the Effective Date (as defined in the Purchase Agreement),
  file a Form 424(b)(5) with the Commission. Failure to so notify the Holder within
  one (1) Trading Day of such notification shall be deemed an Event under Section
  2(b).

                    b.
  If: (i) a Registration Statement is not filed on or prior to its Filing Date
  (if the Company files a Registration Statement without affording the Holders
  the opportunity to review and comment on the same as required by Section 3(a),
  the Company shall not be deemed to have satisfied this clause (i)), or (ii)
  the Company fails to file with the Commission a request for acceleration in
  accordance with Rule 461 promulgated under the Securities Act, within five (5)
  Trading Days of the date that the Company is notified (orally or in writing,
  whichever is earlier) by the Commission that a Registration Statement will not
  be "reviewed," or not subject to further review, or (iii) prior to its Effectiveness
  Date, the Company fails to file a pre-effective amendment and otherwise respond
  in writing to comments made by the Commission in respect of such Registration
  Statement within ten (10) calendar days after the receipt of comments by or
  notice from the Commission that such amendment is required in order for a Registration
  Statement to be declared effective, or (iv) a Registration Statement filed or
  required to be filed hereunder is not declared effective by the Commission by
  its Effectiveness Date, or (v) after the Effectiveness Date, a Registration
  Statement ceases for any reason to remain continuously effective as to all Registrable
  Securities for which it is required to be effective, or the Holders are not
  permitted to utilize the Prospectus therein to resell such Registrable Securities
  for in any case ten (10) consecutive calendar days but no more than an aggregate
  of fifteen (15) calendar days during any 12-month period (which need not be
  consecutive Trading Days) (any such failure or breach being referred to as an
  "Event", and for purposes of clause (i) or (iv) the date on which such Event
  occurs, or for purposes of clause (ii) the date on which such five (5) Trading
  Day period is exceeded, or for purposes of clause (iii) the date which such
  ten (10) calendar day period is exceeded, or for purposes of clause (v) the
  date on which such ten (10) or fifteen (15) calendar day period, as applicable,
  is exceeded being referred to as "Event Date"), then in addition to any other
  rights the Holders may have hereunder or under applicable law, on each such
  Event Date and on each monthly anniversary of each such Event Date (if the applicable
  Event shall not have been cured by such date) until the applicable Event is
  cured, the Company shall pay to each Holder an amount in cash, as partial liquidated
  damages and not as a penalty, equal to 2% of the aggregate purchase price paid
  by such Holder pursuant to the Purchase Agreement for any Registrable Securities
  then held by such Holder per month (pro-rated for partial calendar months).
  If the Company fails to pay any partial liquidated damages pursuant to this
  Section in full within seven (7) days after the date payable, the Company will
  pay interest thereon at a rate of 18% per annum (or such lesser maximum amount
  that is permitted to be paid by applicable law) to the Holder, accruing daily
  from the date such partial liquidated damages are due until such amounts, plus
  all such interest thereon, are paid in full. The partial liquidated damages
  pursuant to the terms hereof shall apply on a daily pro-rata basis for any portion
  of a month prior to the cure of an Event. 

33

          3.
  Registration Procedures. In connection with the Company's
  registration obligations hereunder, the Company shall:

                    a.
  Not less than five (5) Trading Days prior to the filing of each Registration
  Statement or any related Prospectus or any amendment or supplement thereto (including
  any document that would be incorporated or deemed to be incorporated therein
  by reference), the Company shall, (i) furnish to each Holder copies of all such
  documents proposed to be filed, which documents (other than those incorporated
  or deemed to be incorporated by reference) will be subject to the review of
  such Holders, and (ii) cause its officers and directors, counsel and independent
  certified public accountants to respond to such inquiries as shall be necessary,
  in the reasonable opinion of respective counsel to conduct a reasonable investigation
  within the meaning of the Securities Act. The Company shall not file a Registration
  Statement or any such Prospectus or any amendments or supplements thereto to
  which the Holders of a majority of the Registrable Securities shall reasonably
  object in good faith, provided that, the Company is notified of such objection
  in writing no later than five (5) Trading Days after the Holders have been so
  furnished copies of such documents. Each Holder agrees to furnish to the Company
  a completed Questionnaire in the form attached to this Registration Rights Agreement
  as Annex B (a "Selling Shareholder Questionnaire") not less than two (2) Trading
  Days prior to the Filing Date or by the end of the fourth (4th) Trading
  Day following the date on which such Holder receives draft materials in accordance
  with this Section.

                    b.
  (i) Prepare and file with the Commission such amendments, including post-effective
  amendments, to a Registration Statement and the Prospectus used in connection
  therewith as may be necessary to keep a Registration Statement continuously
  effective as to the applicable Registrable Securities for the Effectiveness
  Period and prepare and file with the Commission such additional Registration
  Statements in order to register for resale under the Securities Act all of the
  Registrable Securities; (ii) cause the related Prospectus to be amended or supplemented
  by any required Prospectus supplement (subject to the terms of this Registration
  Rights Agreement), and as so supplemented or amended to be filed pursuant to
  Rule 424; (iii) respond as promptly as reasonably possible to any comments received
  from the Commission with respect to a Registration Statement or any amendment
  thereto and as promptly as reasonably possible provide the Holders true and
  complete copies of all correspondence from and to the Commission relating to
  a Registration Statement; and (iv) comply in all material respects with the
  provisions of the Securities Act and the Exchange Act with respect to the disposition
  of all Registrable Securities covered by a Registration Statement during the
  applicable period in accordance (subject to the terms of this Registration Rights
  Agreement) with the intended methods of disposition by the Holders thereof set
  forth in such Registration Statement as so amended or in such Prospectus as
  so supplemented.

                    c.
  If during the Effectiveness Period, the number of Registrable Securities at
  any time exceeds 75% of the number of shares of Common Stock then registered
  in a Registration Statement, then the Company, shall file as soon as reasonably
  practicable but in any case prior to the applicable Filing Date, an additional
  Registration Statement covering the resale by the Holders of not less than 150%
  of the number of such Registrable Securities.

                    d.
  Notify the Holders of Registrable Securities to be sold (which notice shall,
  pursuant to clauses (ii) through (vi) hereof, be accompanied by an instruction
  to suspend the use of the Prospectus until the requisite changes have been made)
  as promptly as reasonably possible (and, in the case of (i)(A) below, not less
  than five (5) Trading Day prior to such filing) and (if requested by any such
  Person) confirm such notice in writing no later than one (1) Trading Day following
  the day (i)(A) when a Prospectus or any Prospectus supplement or post-effective
  amendment to a Registration Statement is proposed to be filed; (B) when the
  Commission notifies the Company whether there will be a "review" of such Registration
  Statement and whenever the Commission comments in writing on such Registration

34

Statement (the Company shall provide true and complete copies
  thereof and all written responses thereto to each of the Holders); and (C) with
  respect to a Registration Statement or any post-effective amendment, when the
  same has become effective; (ii) of any request by the Commission or any other
  Federal or state governmental authority for amendments or supplements to a Registration
  Statement or Prospectus or for additional information; (iii) of the issuance
  by the Commission or any other federal or state governmental authority of any
  stop order suspending the effectiveness of a Registration Statement covering
  any or all of the Registrable Securities or the initiation of any Proceedings
  for that purpose; (iv) of the receipt by the Company of any notification with
  respect to the suspension of the qualification or exemption from qualification
  of any of the Registrable Securities for sale in any jurisdiction, or the initiation
  or threatening of any Proceeding for such purpose; (v) of the occurrence of
  any event or passage of time that makes the financial statements included in
  a Registration Statement ineligible for inclusion therein or any statement made
  in a Registration Statement or Prospectus or any document incorporated or deemed
  to be incorporated therein by reference untrue in any material respect or that
  requires any revisions to a Registration Statement, Prospectus or other documents
  so that, in the case of a Registration Statement or the Prospectus, as the case
  may be, it will not contain any untrue statement of a material fact or omit
  to state any material fact required to be stated therein or necessary to make
  the statements therein, in light of the circumstances under which they were
  made, not misleading; and (vi) the occurrence or existence of any pending corporate
  development with respect to the Company that the Company believes may be material
  and that, in the determination of the Company, makes it not in the best interest
  of the Company to allow continued availability of a Registration Statement or
  Prospectus; provided that any and all of such information shall remain confidential
  to each Holder until such information otherwise becomes public, unless disclosure
  by a Holder is required by law; provided, further, notwithstanding each Holder’s
  agreement to keep such information confidential, the Holders make no acknowledgement
  that any such information is material, non-public information.

                    e.
  Use its best efforts to avoid the issuance of, or, if issued, obtain the withdrawal
  of (i) any order suspending the effectiveness of a Registration Statement, or
  (ii) any suspension of the qualification (or exemption from qualification) of
  any of the Registrable Securities for sale in any jurisdiction, at the earliest
  practicable moment.

                    f.
  Furnish to each Holder, without charge, at least one conformed copy of each
  such Registration Statement and each amendment thereto, including financial
  statements and schedules, all documents incorporated or deemed to be incorporated
  therein by reference to the extent requested by such Person, and all exhibits
  to the extent requested by such Person (including those previously furnished
  or incorporated by reference) promptly after the filing of such documents with
  the Commission.

                    g.
  Promptly deliver to each Holder, without charge, as many copies of the Prospectus
  or Prospectuses (including each form of prospectus) and each amendment or supplement
  thereto as such Persons may reasonably request in connection with resales by
  the Holder of Registrable Securities. Subject to the terms of this Registration
  Rights Agreement, the Company hereby consents to the use of such Prospectus
  and each amendment or supplement thereto by each of the selling Holders in connection
  with the offering and sale of the Registrable Securities covered by such Prospectus
  and any amendment or supplement thereto, except after the giving on any notice
  pursuant to Section 3(d).

                    h.
  If NASD Rule 2710 requires any broker-dealer to make a filing prior to executing
  a sale by a Holder, the Company shall (i) make an Issuer Filing with the NASD,
  Inc. Corporate Financing Department pursuant to NASD Rule 2710(b)(10)(A)(i),
  (ii) respond within five (5) Trading Days to any comments received from NASD
  in connection therewith and (iii) pay the filing feel required in connection
  therewith.

35

                    i.
  Use its best efforts to register or qualify or cooperate with the selling Holders
  in connection with the registration or qualification (or exemption from the
  Registration or qualification) of such Registrable Securities for the resale
  by the Holder under the securities or Blue Sky laws of such jurisdictions within
  the United States as any Holder reasonably requests in writing, to keep each
  registration or qualification (or exemption therefrom) effective during the
  Effectiveness Period and to do any and all other acts or things reasonably necessary
  to enable the disposition in such jurisdictions of the Registrable Securities
  covered by each Registration Statement; provided, that the Company shall not
  be required to qualify generally to do business in any jurisdiction where it
  is not then so qualified, subject the Company to any material tax in any such
  jurisdiction where it is not then so subject or file a general consent to service
  of process in any such jurisdiction.

                    j.
  Cooperate with the Holders to facilitate the timely preparation and delivery
  of certificates representing Registrable Securities to be delivered to a transferee
  pursuant to a Registration Statement, which certificates shall be free, to the
  extent permitted by the Purchase Agreement, of all restrictive legends, and
  to enable such Registrable Securities to be in such denominations and registered
  in such names as any such Holders may request.

                    k.
  Upon the occurrence of any event contemplated by this Section 3, as promptly
  as reasonably possible under the circumstances taking into account the Company's
  good faith assessment of any adverse consequences to the Company and its stockholders
  of the premature disclosure of such event, prepare a supplement or amendment,
  including a post-effective amendment, to a Registration Statement or a supplement
  to the related Prospectus or any document incorporated or deemed to be incorporated
  therein by reference, and file any other required document so that, as thereafter
  delivered, neither a Registration Statement nor such Prospectus will contain
  an untrue statement of a material fact or omit to state a material fact required
  to be stated therein or necessary to make the statements therein, in light of
  the circumstances under which they were made, not misleading. If the Company
  notifies the Holders in accordance with clauses (ii) through (vi) of Section
  3(d) above to suspend the use of any Prospectus until the requisite changes
  to such Prospectus have been made, then the Holders shall suspend use of such
  Prospectus. The Company will use its best efforts to ensure that the use of
  the Prospectus may be resumed as promptly as is practicable. The Company shall
  be entitled to exercise its right under this Section 3(l) to suspend the availability
  of a Registration Statement and Prospectus, subject to the payment of partial
  liquidated damages pursuant to Section 2(b), for a period not to exceed sixty
  (60) days (which need not be consecutive days) in any 12 month period.

                    l.
  Comply with all applicable rules and regulations of the Commission. 

                    m.
  The Company may require each selling Holder to furnish to the Company a certified
  statement as to the number of shares of Common Stock beneficially owned by such
  Holder and, if required by the Commission, the person thereof that has voting
  and dispositive control over the Shares. During any periods that the Company
  is unable to meet its obligations hereunder with respect to the registration
  of the Registrable Securities solely because any Holder fails to furnish such
  information within three (3) Trading Days of the Company's request, any liquidated
  damages that are accruing at such time as to such Holder only shall be tolled
  and any Event that may otherwise occur solely because of such delay shall be
  suspended as to such Holder only, until such information is delivered to the
  Company.

                    n.
  Use its best efforts to obtain the agreement of all directors, officers and
  holders of 5% or more of the securities of the Company to refrain from trading
  in the securities for a period of six (6) months after the Effective Date. 

          4.
  Registration Expenses. All fees and expenses incident to
  the performance of or compliance with this Registration Rights Agreement by
  the Company shall be borne by the Company whether or not any 

36

Registrable Securities are sold pursuant to a Registration Statement.
  The fees and expenses referred to in the foregoing sentence shall include, without
  limitation, (i) all registration and filing fees (including, without limitation,
  fees and expenses (A) with respect to filings required to be made with the Trading
  Market on which the Common Stock is then listed for trading, (B) in compliance
  with applicable state securities or Blue Sky laws reasonably agreed to by the
  Company in writing (including, without limitation, fees and disbursements of
  counsel for the Company in connection with Blue Sky qualifications or exemptions
  of the Registrable Securities and determination of the eligibility of the Registrable
  Securities for investment under the laws of such jurisdictions as requested
  by the Holders) and (C) if not previously paid by the Company in connection
  with an Issuer Filing, with respect to any filing that may be required to be
  made by any broker through which a Holder intends to make sales of Registrable
  Securities with NASD Regulation, Inc. pursuant to the NASD Rule 2710, so long
  as the broker is receiving no more than a customary brokerage commission in
  connection with such sale, (ii) printing expenses (including, without limitation,
  expenses of printing certificates for Registrable Securities and of printing
  prospectuses if the printing of prospectuses is reasonably requested by the
  holders of a majority of the Registrable Securities included in a Registration
  Statement), (iii) messenger, telephone and delivery expenses, (iv) fees and
  disbursements of counsel for the Company, (v) Securities Act liability insurance,
  if the Company so desires such insurance, and (vi) fees and expenses of all
  other Persons retained by the Company in connection with the consummation of
  the transactions contemplated by this Registration Rights Agreement. In addition,
  the Company shall be responsible for all of its internal expenses incurred in
  connection with the consummation of the transactions contemplated by this Registration
  Rights Agreement (including, without limitation, all salaries and expenses of
  its officers and employees performing legal or accounting duties), the expense
  of any annual audit and the fees and expenses incurred in connection with the
  listing of the Registrable Securities on any securities exchange as required
  hereunder. 

          5.
  Indemnification.

                    a.
  Indemnification by the Company. The Company shall, notwithstanding
  any termination of this Registration Rights Agreement, indemnify and hold harmless
  each Holder, the officers, directors, agents, brokers (including brokers who
  offer and sell Registrable Securities as principal as a result of a pledge or
  any failure to perform under a margin call of Common Stock), investment advisors
  and employees of each of them, each Person who controls any such Holder (within
  the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
  Act) and the officers, directors, agents and employees of each such controlling
  Person, to the fullest extent permitted by applicable law, from and against
  any and all losses, claims, damages, liabilities, costs (including, without
  limitation, reasonable attorneys' fees) and expenses (collectively, "Losses"),
  as incurred, arising out of or relating to any untrue or alleged untrue statement
  of a material fact contained in a Registration Statement, any Prospectus or
  any form of prospectus or in any amendment or supplement thereto or in any preliminary
  prospectus, or arising out of or relating to any omission or alleged omission
  of a material fact required to be stated therein or necessary to make the statements
  therein (in the case of any Prospectus or form of prospectus or supplement thereto,
  in light of the circumstances under which they were made) not misleading, except
  to the extent, but only to the extent, that (i) such untrue statements or omissions
  are based solely upon information regarding such Holder furnished in writing
  to the Company by such Holder expressly for use therein, or to the extent that
  such information relates to such Holder or such Holder's proposed method of
  distribution of Registrable Securities and was reviewed and expressly approved
  in writing by such Holder expressly for use in a Registration Statement, such
  Prospectus or such form of Prospectus or in any amendment or supplement thereto
  (it being understood that the Holder has approved Annex A hereto for this purpose)
  or (ii) in the case of an occurrence of an event of the type specified in Section
  3(d)(ii)-(vi), the use by such Holder of an outdated or defective Prospectus
  after the Company has notified such Holder in writing that the Prospectus is
  outdated or defective and prior to the receipt by such Holder of the Advice
  contemplated in Section 6(d). The Company shall notify the Holders promptly
  of 

37

the institution, threat or assertion of any Proceeding arising
  from or in connection with the transactions contemplated by this Registration
  Rights Agreement of which the Company is aware.

                    b.
  Indemnification by Holders. Each Holder shall, severally
  and not jointly, indemnify and hold harmless the Company, its directors, officers,
  agents and employees, each Person who controls the Company (within the meaning
  of Section 15 of the Securities Act and Section 20 of the Exchange Act), and
  the directors, officers, agents or employees of such controlling Persons, to
  the fullest extent permitted by applicable law, from and against all Losses,
  as incurred, to the extent arising out of or based solely upon: (x) such Holder's
  failure to comply with the prospectus delivery requirements of the Securities
  Act or (y) any untrue or alleged untrue statement of a material fact contained
  in any Registration Statement, any Prospectus, or any form of prospectus, or
  in any amendment or supplement thereto or in any preliminary prospectus, or
  arising out of or relating to any omission or alleged omission of a material
  fact required to be stated therein or necessary to make the statements therein
  not misleading (i) to the extent, but only to the extent, that such untrue statement
  or omission is contained in any information so furnished in writing by such
  Holder to the Company specifically for inclusion in such Registration Statement
  or such Prospectus or (ii) to the extent that (1) such untrue statements or
  omissions are based solely upon information regarding such Holder furnished
  in writing to the Company by such Holder expressly for use therein, or to the
  extent that such information relates to such Holder or such Holder's proposed
  method of distribution of Registrable Securities and was reviewed and expressly
  approved in writing by such Holder expressly for use in a Registration Statement
  (it being understood that the Holder has approved Annex A hereto for this purpose),
  such Prospectus or such form of Prospectus or in any amendment or supplement
  thereto or (2) in the case of an occurrence of an event of the type specified
  in Section 3(d)(ii)-(vi), the use by such Holder of an outdated or defective
  Prospectus after the Company has notified such Holder in writing that the Prospectus
  is outdated or defective and prior to the receipt by such Holder of the Advice
  contemplated in Section 6(d). In no event shall the liability of any selling
  Holder hereunder be greater in amount than the dollar amount of the net proceeds
  received by such Holder upon the sale of the Registrable Securities giving rise
  to such indemnification obligation. 

                    c.
  Conduct of Indemnification Proceedings. If any Proceeding
  shall be brought or asserted against any Person entitled to indemnity hereunder
  (an "Indemnified Party"), such Indemnified Party shall promptly notify the Person
  from whom indemnity is sought (the "Indemnifying Party") in writing, and the
  Indemnifying Party shall have the right to assume the defense thereof, including
  the employment of counsel reasonably satisfactory to the Indemnified Party and
  the payment of all fees and expenses incurred in connection with defense thereof;
  provided, that the failure of any Indemnified Party to give such notice shall
  not relieve the Indemnifying Party of its obligations or liabilities pursuant
  to this Registration Rights Agreement, except (and only) to the extent that
  it shall be finally determined by a court of competent jurisdiction (which determination
  is not subject to appeal or further review) that such failure shall have prejudiced
  the Indemnifying Party.

                    An
  Indemnified Party shall have the right to employ separate counsel in any such
  Proceeding and to participate in the defense thereof, but the fees and expenses
  of such counsel shall be at the expense of such Indemnified Party or Parties
  unless: (1) the Indemnifying Party has agreed in writing to pay such fees and
  expenses; (2) the Indemnifying Party shall have failed promptly to assume the
  defense of such Proceeding and to employ counsel reasonably satisfactory to
  such Indemnified Party in any such Proceeding; or (3) the named parties to any
  such Proceeding (including any impleaded parties) include both such Indemnified
  Party and the Indemnifying Party, and such Indemnified Party shall have been
  advised by counsel that a material conflict of interest is likely to exist if
  the same counsel were to represent such Indemnified Party and the Indemnifying
  Party (in which case, if such Indemnified Party notifies the Indemnifying Party
  in writing that it elects to employ separate counsel at the expense of the Indemnifying
  Party, the Indemnifying Party shall not have the right to assume the defense
  thereof and the reasonable fees and expenses of one separate counsel shall be
  at the expense of the Indemnifying Party).

38

The Indemnifying Party shall not be liable for any settlement
  of any such Proceeding effected without its written consent, which consent shall
  not unreasonably be withheld. No Indemnifying Party shall, without the prior
  written consent of the Indemnified Party, effect any settlement of any pending
  Proceeding in respect of which any Indemnified Party is a party, unless such
  settlement includes an unconditional release of such Indemnified Party from
  all liability on claims that are the subject matter of such Proceeding. 

                    Subject
  to the terms of this Registration Rights Agreement, all reasonable fees and
  expenses of the Indemnified Party (including reasonable fees and expenses to
  the extent incurred in connection with investigating or preparing to defend
  such Proceeding in a manner not inconsistent with this Section) shall be paid
  to the Indemnified Party, as incurred, within ten (10) Trading Days of written
  notice thereof to the Indemnifying Party; provided, that the Indemnified Party
  shall promptly reimburse the Indemnifying Party for that portion of such fees
  and expenses applicable to such actions for which such Indemnified Party is
  not entitled to indemnification hereunder, determined based upon the relative
  faults of the parties. 

                    d.
  Contribution. If the indemnification under Section 5(a)
  or 5(b) is unavailable to an Indemnified Party or insufficient to hold an Indemnified
  Party harmless for any Losses, then each Indemnifying Party shall contribute
  to the amount paid or payable by such Indemnified Party, in such proportion
  as is appropriate to reflect the relative fault of the Indemnifying Party and
  Indemnified Party in connection with the actions, statements or omissions that
  resulted in such Losses as well as any other relevant equitable considerations.
  The relative fault of such Indemnifying Party and Indemnified Party shall be
  determined by reference to, among other things, whether any action in question,
  including any untrue or alleged untrue statement of a material fact or omission
  or alleged omission of a material fact, has been taken or made by, or relates
  to information supplied by, such Indemnifying Party or Indemnified Party, and
  the parties' relative intent, knowledge, access to information and opportunity
  to correct or prevent such action, statement or omission. The amount paid or
  payable by a party as a result of any Losses shall be deemed to include, subject
  to the limitations set forth in this Registration Rights Agreement, any reasonable
  attorneys' or other reasonable fees or expenses incurred by such party in connection
  with any Proceeding to the extent such party would have been indemnified for
  such fees or expenses if the indemnification provided for in this Section was
  available to such party in accordance with its terms. 

                    The
  parties hereto agree that it would not be just and equitable if contribution
  pursuant to this Section 5(d) were determined by pro rata allocation or by any
  other method of allocation that does not take into account the equitable considerations
  referred to in the immediately preceding paragraph. Notwithstanding the provisions
  of this Section 5(d), no Holder shall be required to contribute, in the aggregate,
  any amount in excess of the amount by which the proceeds actually received by
  such Holder from the sale of the Registrable Securities subject to the Proceeding
  exceeds the amount of any damages that such Holder has otherwise been required
  to pay by reason of such untrue or alleged untrue statement or omission or alleged
  omission, except in the case of fraud by such Holder. The indemnity and contribution
  agreements contained in this Section are in addition to any liability that the
  Indemnifying Parties may have to the Indemnified Parties. 

          6.
  Miscellaneous.

                    a.
  Remedies. In the event of a breach by the Company or by
  a Holder, of any of their obligations under this Registration Rights Agreement,
  each Holder or the Company, as the case may be, in addition to being entitled
  to exercise all rights granted by law and under this Registration Rights Agreement,
  including recovery of damages, will be entitled to specific performance of its
  rights under this Registration Rights Agreement. The Company and each Holder
  agree that monetary damages would not provide adequate compensation for any
  losses incurred by reason of a breach by it of any of the 

39

provisions of this Registration Rights Agreement and hereby further
  agrees that, in the event of any action for specific performance in respect
  of such breach, it shall waive the defense that a remedy at law would be adequate.

                    b.
  No Piggyback on Registrations. Except as set forth on Schedule
  6(b) attached hereto, neither the Company nor any of its security holders (other
  than the Holders in such capacity pursuant hereto) may include securities of
  the Company in the initial Registration Statement other than the Registrable
  Securities. No Person has any right to cause the Company to effect the registration
  under the Securities Act of any securities of the Company. The Company shall
  not file any other registration statements until the ninetieth (90th)
  day after the initial Registration Statement required hereunder is declared
  effective by the Commission, provided that this Section 6(b) shall not prohibit
  the Company from filing amendments to registration statements already filed.

                    c.
  Compliance. Each Holder covenants and agrees that it will
  comply with the prospectus delivery requirements of the Securities Act as applicable
  to it in connection with sales of Registrable Securities pursuant to a Registration
  Statement. 

                    d.
  Discontinued Disposition. Each Holder agrees by its acquisition
  of such Registrable Securities that, upon receipt of a notice from the Company
  of the occurrence of any event of the kind described in Section 3(d), such Holder
  will forthwith discontinue disposition of such Registrable Securities under
  a Registration Statement until such Holder’s receipt of the copies of the
  supplemented Prospectus and/or amended Registration Statement, or until it is
  advised in writing (the "Advice") by the Company that the use of the applicable
  Prospectus may be resumed, and, in either case, has received copies of any additional
  or supplemental filings that are incorporated or deemed to be incorporated by
  reference in such Prospectus or Registration Statement. The Company will use
  its best efforts to ensure that the use of the Prospectus may be resumed as
  promptly as it practicable. The Company agrees and acknowledges that any periods
  during which the Holder is required to discontinue the disposition of the Registrable
  Securities hereunder shall be subject to the provisions of Section 2(b). 

                    e.
  Piggy-Back Registrations. If at any time during the Effectiveness
  Period there is not an effective Registration Statement covering all of the
  Registrable Securities and the Company shall determine to prepare and file with
  the Commission a registration statement relating to an offering for its own
  account or the account of others under the Securities Act of any of its equity
  securities, other than on Form F-4 or Form S-8 (each as promulgated under the
  Securities Act) or their then equivalents relating to equity securities to be
  issued solely in connection with any acquisition of any entity or business or
  equity securities issuable in connection with the stock option or other employee
  benefit plans, then the Company shall send to each Holder a written notice of
  such determination and, if within fifteen (15) days after the date of such notice,
  any such Holder shall so request in writing, the Company shall include in such
  registration statement all or any part of such Registrable Securities such Holder
  requests to be registered; provided, however, that the Company shall not be
  required to register any Registrable Securities pursuant to this Section 6(e)
  that are eligible for resale pursuant to Rule 144(k) promulgated under the Securities
  Act or that are the subject of a then effective Registration Statement. 

                    f.
  Amendments and Waivers. The provisions of this Registration
  Rights Agreement, including the provisions of this sentence, may not be amended,
  modified or supplemented, and waivers or consents to departures from the provisions
  hereof may not be given, unless the same shall be in writing and signed by the
  Company and each Holder of the then outstanding Registrable Securities. Notwithstanding
  the foregoing, a waiver or consent to depart from the provisions hereof with
  respect to a matter that relates exclusively to the rights of Holders and that
  does not directly or indirectly affect the rights of other Holders may be given
  by Holders of all of the Registrable Securities to which such waiver 

40

or consent relates; provided, however, that the provisions of
  this sentence may not be amended, modified, or supplemented except in accordance
  with the provisions of the immediately preceding sentence. 

                    g.
  Notices. Any and all notices or other communications or
  deliveries required or permitted to be provided hereunder shall be delivered
  as set forth in the Purchase Agreement. 

                    h.
  Successors and Assigns. This Registration Rights Agreement
  shall inure to the benefit of and be binding upon the successors and permitted
  assigns of each of the parties and shall inure to the benefit of each Holder.
  The Company may not assign its rights or obligations hereunder without the prior
  written consent of all of the Holders of the then-outstanding Registrable Securities.
  Each Holder may assign their respective rights hereunder in the manner and to
  the Persons as permitted under the Purchase Agreement. 

                    i.
  No Inconsistent Agreements. Neither the Company nor any
  of its subsidiaries has entered, as of the date hereof, nor shall the Company
  or any of its subsidiaries, on or after the date of this Registration Rights
  Agreement, enter into any agreement with respect to its securities, that would
  have the effect of impairing the rights granted to the Holders in this Registration
  Rights Agreement or otherwise conflicts with the provisions hereof. Neither
  the Company nor any of its subsidiaries has previously entered into any agreement
  granting any registration rights with respect to any of its securities to any
  Person that have not been satisfied in full. 

                    j.
  Execution and Counterparts. This Registration Rights Agreement
  may be executed in any number of counterparts, each of which when so executed
  shall be deemed to be an original and, all of which taken together shall constitute
  one and the same agreement. In the event that any signature is delivered by
  facsimile transmission, such signature shall create a valid binding obligation
  of the party executing (or on whose behalf such signature is executed) the same
  with the same force and effect as if such facsimile signature were the original
  thereof. 

                    k.
  Governing Law. All questions concerning the construction,
  validity, enforcement and interpretation of this Registration Rights Agreement
  shall be determined with the provisions of the Purchase Agreement. 

                    l.
  Cumulative Remedies. The remedies provided herein are cumulative
  and not exclusive of any remedies provided by law. 

                    m.
  Severability. If any term, provision, covenant or restriction
  of this Registration Rights Agreement is held by a court of competent jurisdiction
  to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions,
  covenants and restrictions set forth herein shall remain in full force and effect
  and shall in no way be affected, impaired or invalidated, and the parties hereto
  shall use their commercially reasonable efforts to find and employ an alternative
  means to achieve the same or substantially the same result as that contemplated
  by such term, provision, covenant or restriction. It is hereby stipulated and
  declared to be the intention of the parties that they would have executed the
  remaining terms, provisions, covenants and restrictions without including any
  of such that may be hereafter declared invalid, illegal, void or unenforceable.

                    n.
  Headings. The headings in this Registration Rights Agreement
  are for convenience of reference only and shall not limit or otherwise affect
  the meaning hereof. 

                    o.
  Independent Nature of Holders' Obligations and Rights. The
  obligations of each Holder hereunder are several and not joint with the obligations
  of any other Holder hereunder, and no Holder shall be responsible in any way
  for the performance of the obligations of any other Holder 

41

hereunder. Nothing contained herein or in any other agreement
  or document delivered at any closing, and no action taken by any Holder pursuant
  hereto or thereto, shall be deemed to constitute the Holders as a partnership,
  an association, a joint venture or any other kind of entity, or create a presumption
  that the Holders are in any way acting in concert with respect to such obligations
  or the transactions contemplated by this Registration Rights Agreement. Each
  Holder shall be entitled to protect and enforce its rights, including without
  limitation the rights arising out of this Registration Rights Agreement, and
  it shall not be necessary for any other Holder to be joined as an additional
  party in any proceeding for such purpose. 

********************

42

          IN
  WITNESS WHEREOF, the parties have executed this Registration Rights Agreement
  as of the date first written above. 

	 	LINUX GOLD CORP. 
	 	  
	 	  
	 	By: ____________________________________
	 	         Name: John Robertson
    
	 	         Title:
      President 

SIGNATURE PAGE OF HOLDERS FOLLOWS

43

SIGNATURE PAGE OF HOLDERS TO RRA

Name of Holder: __________________________

Signature of Authorized Signatory of Holder: ______________________

  

  Name of Authorized Signatory: ______________________________

  

  Title of Authorized Signatory: ____________________________

SIGNATURE PAGES CONTINUE

Plan of Distribution

          Each
  Selling Stockholder (the "Selling Stockholders") of the common stock ("Common
  Stock") of LINUX GOLD, CORP., a British Columbia corporation (the "Company")
  and any of their pledgees, assignees and successors-in-interest may, from time
  to time, sell any or all of their shares of Common Stock on the Trading Market
  or any other stock exchange, market or trading facility on which the shares
  are traded or in private transactions. These sales may be at fixed or negotiated
  prices. A Selling Stockholder may use any one or more of the following methods
  when selling shares: 

	ordinary brokerage transactions and transactions in which the broker-dealer
    solicits purchasers;
  
	block trades in which the broker-dealer will attempt to sell the shares
    as agent but may position and resell a portion of the block as principal to
    facilitate the transaction;
  
	purchases by a broker-dealer as principal and resale by the broker-dealer
    for its account;
  
	an exchange distribution in accordance with the rules of the applicable
    exchange;
  
	privately negotiated transactions;
  
	settlement of short sales entered into after the effective date of the registration
    statement of which this prospectus is a part;
  
	broker-dealers may agree with the Selling Stockholders to sell a specified
    number of such shares at a stipulated price per share;
  
	a combination of any such methods of sale;
  
	through the writing or settlement of options or other hedging transactions,
    whether through an options exchange or otherwise; or
  
	any other method permitted pursuant to applicable law. 

          The
  Selling Stockholders may also sell shares under Rule 144 under the Securities
  Act of 1933, as amended (the "Securities Act"), if available, rather than under
  this prospectus. Broker-dealers engaged by the Selling Stockholders may arrange
  for other brokers-dealers to participate in sales. Broker-dealers may receive
  commissions or discounts from the Selling Stockholders (or, if any broker-dealer
  acts as agent for the purchaser of shares, from the purchaser) in amounts to
  be negotiated, but, except as set forth in a supplement to this Prospectus,
  in the case of an agency transaction not in excess of a customary brokerage
  commission in compliance with NASD Rule 2440; and in the case of a principal
  transaction a markup or markdown in compliance with NASD IM-2440. In connection
  with the sale of the Common Stock or interests therein, the Selling Stockholders
  may enter into hedging transactions with broker-dealers or other financial institutions,
  which may in turn engage in short sales of the Common Stock in the course of
  hedging the positions they assume.

          The
  Selling Stockholders may also sell shares of the Common Stock short and deliver
  these securities to close out their short positions, or loan or pledge the Common
  Stock to broker-dealers that in turn may sell these securities. The Selling
  Stockholders may also enter into option or other transactions with broker-dealers
  or other financial institutions or the creation of one or more derivative securities

 which require the delivery to such broker-dealer or other
  financial institution of shares offered by this prospectus, which shares such
  broker-dealer or other financial institution may resell pursuant to this prospectus
  (as supplemented or amended to reflect such transaction).

           The
  Selling Stockholders and any broker-dealers or agents that are involved in selling
  the shares may be deemed to be "underwriters" within the meaning of the Securities
  Act in connection with such sales. In such event, any commissions received by
  such broker-dealers or agents and any profit on the resale of the shares purchased
  by them may be deemed to be underwriting commissions or discounts under the
  Securities Act. Each Selling Stockholder has informed the Company that it does
  not have any written or oral agreement or understanding, directly or indirectly,
  with any person to distribute the Common Stock. In no event shall any broker-dealer
  receive fees, commissions and markups which, in the aggregate, would exceed
  eight percent (8%). 

           The
  Company is required to pay certain fees and expenses incurred by the Company
  incident to the registration of the shares. The Company has agreed to indemnify
  the Selling Stockholders against certain losses, claims, damages and liabilities,
  including liabilities under the Securities Act. 

           Because
  Selling Stockholders may be deemed to be "underwriters" within the meaning of
  the Securities Act, they will be subject to the prospectus delivery requirements
  of the Securities Act. In addition, any securities covered by this prospectus
  which qualify for sale pursuant to Rule 144 under the Securities Act may be
  sold under Rule 144 rather than under this prospectus. Each Selling Stockholder
  has advised us that they have not entered into any written or oral agreements,
  understandings or arrangements with any underwriter or broker-dealer regarding
  the sale of the resale shares. There is no underwriter or coordinating broker
  acting in connection with the proposed sale of the resale shares by the Selling
  Stockholders. 

           We
  agreed to keep this prospectus effective until the earlier of (i) the date on
  which the shares may be resold by the Selling Stockholders without registration
  and without regard to any volume limitations by reason of Rule 144(e) under
  the Securities Act or any other rule of similar effect or (ii) all of the shares
  have been sold pursuant to the prospectus or Rule 144 under the Securities Act
  or any other rule of similar effect. The resale shares will be sold only through
  registered or licensed brokers or dealers if required under applicable state
  securities laws. In addition, in certain states, the resale shares may not be
  sold unless they have been registered or qualified for sale in the applicable
  state or an exemption from the registration or qualification requirement is
  available and is complied with. 

           Under
  applicable rules and regulations under the Exchange Act, any person engaged
  in the distribution of the resale shares may not simultaneously engage in market
  making activities with respect to the Common Stock for the applicable restricted
  period, as defined in Regulation M, prior to the commencement of the distribution.
  In addition, the Selling Stockholders will be subject to applicable provisions
  of the Exchange Act and the rules and regulations thereunder, including Regulation
  M, which may limit the timing of purchases and sales of shares of the Common
  Stock by the Selling Stockholders or any other person. We will make copies of
  this prospectus available to the Selling Stockholders and have informed them
  of the need to deliver a copy of this prospectus to each purchaser at or prior
  to the time of the sale. 

Annex B

LINUX GOLD, CORP.

Selling Securityholder Notice and Questionnaire

          The
  undersigned beneficial owner of common stock, without par value per share (the
  "Common Stock"), of LINUX GOLD, CORP., a British Columbia corporation (the "Company"),
  (the "Registrable Securities") understands that the Company has filed or intends
  to file with the Securities and Exchange Commission (the "Commission") a registration
  statement on Form F-3 (the "Registration Statement") for the registration and
  resale under Rule 415 of the Securities Act of 1933, as amended (the "Securities
  Act"), of the Registrable Securities, in accordance with the terms of the Registration
  Rights Agreement, dated as of May 8, 2006 (the "Registration Rights Agreement"),
  among the Company and the Purchasers named therein. A copy of the Registration
  Rights Agreement is available from the Company upon request at the address set
  forth below. All capitalized terms not otherwise defined herein shall have the
  meanings ascribed thereto in the Registration Rights Agreement. 

          Certain
  legal consequences arise from being named as a selling securityholder in the
  Registration Statement and the related prospectus. Accordingly, holders and
  beneficial owners of Registrable Securities are advised to consult their own
  securities law counsel regarding the consequences of being named or not being
  named as a selling securityholder in the Registration Statement and the related
  prospectus. 

NOTICE

          The
  undersigned beneficial owner (the "Selling Securityholder") of Registrable Securities
  hereby elects to include the Registrable Securities owned by it and listed below
  in Item 3 (unless otherwise specified under such Item 3) in the Registration
  Statement. 

          The
  undersigned hereby provides the following information to the Company and represents
  and warrants that such information is accurate:

QUESTIONNAIRE 

1. Name:

	 	(a) Full Legal Name of Selling Securityholder:

      _________________________________________________________

      (b) Full Legal Name of Registered Holder (if not the same
        as (a) above) through which Registrable Securities Listed in Item 3 below
        are held:

      _________________________________________________________

      (c) Full Legal Name of Natural Control Person (which means
        a natural person who directly or indirectly alone or with others has power
        to vote or dispose of the securities covered by the questionnaire):

      ________________________________________________________

2. Address for Notices to Selling Securityholder:

________________________________________________________

  

  ________________________________________________________

  

  ________________________________________________________

Telephone: _______________________________________________

  Fax: ____________________________________________________

  Contact Person: ___________________________________________

3. Beneficial Ownership of Registrable Securities:

	 	(a) Type and Principal Amount of Registrable Securities beneficially owned:
      
 

      ________________________________________________________

 

4. Broker-Dealer Status:

	 	(a) Are you a broker-dealer?

      Yes ____________ No ____________

      

 

 

	 	(b) If "yes" to Section 4(a), did you receive your Registrable
        Securities as compensation for investment banking services to the Company.

      Yes ____________ No ____________

      

      Note: If no, the Commission's staff has indicated that
        you should be identified as an underwriter in the Registration Statement.

      (c) Are you an affiliate of a broker-dealer?

      Yes ____________ No ____________

      

      (d) If you are an affiliate of a broker-dealer, do you
        certify that you bought the Registrable Securities in the ordinary course
        of business, and at the time of the purchase of the Registrable Securities
        to be resold, you had no agreements or understandings, directly or indirectly,
        with any person to distribute the Registrable Securities?

      Yes  ____________ No ____________

      

      Note: If no, the Commission's staff has indicated that
        you should be identified as an underwriter in the Registration Statement.
      

       

5. Beneficial Ownership of Other Securities of the Company Owned
  by the Selling Securityholder.

	 	Except as set forth below in this Item 5, the undersigned
        is not the beneficial or registered owner of any securities of the Company
        other than the Registrable Securities listed above in Item 3. 

      (a) Type and Amount of Other Securities beneficially owned
        by the Selling Securityholder: 

        ________________________________________________________

        

        ________________________________________________________

        

        ________________________________________________________

6. Relationships with the Company: 

	 	Except as set forth below, neither the undersigned nor
        any of its affiliates, officers, directors or principal equity holders
        (owners of 5% of more of the equity securities of the undersigned) has
        held any position or office or has had any other material relationship
        with the Company (or its predecessors or affiliates) during the past three
        years.

      State any exceptions here:

      ________________________________________________________

        

        ________________________________________________________

        

        ________________________________________________________

          The
  undersigned agrees to promptly notify the Company of any inaccuracies or changes
  in the information provided herein that may occur subsequent to the date hereof
  at any time while the Registration Statement remains effective. 

          By
  signing below, the undersigned consents to the disclosure of the information
  contained herein in its answers to Items 1 through 6 and the inclusion of such
  information in the Registration Statement and the related prospectus and any
  amendments or supplements thereto. The undersigned understands that such information
  will be relied upon by the Company in connection with the preparation or amendment
  of the Registration Statement and the related prospectus. 

          IN
  WITNESS WHEREOF the undersigned, by authority duly given, has caused this Notice
  and Questionnaire to be executed and delivered either in person or by its duly
  authorized agent. 

	Dated: 	Beneficial Owner: ________________________________
	  	  
	  	                                  By: 
      ________________________________
	  	             
                           
                   Name: 
	  	             
                           
                   Title: 

PLEASE FAX A COPY OF THE COMPLETED AND EXECUTED NOTICE AND 

  QUESTIONNAIRE, AND

  RETURN THE ORIGINAL BY OVERNIGHT MAIL, TO:

(fax and overnight mail)                                             (fax
  only)

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