Document:

Enertopia Corp.: Exhibit 10.2 - Filed by newsfilecorp.com

Exhibit 10.2

STOCK OPTION AGREEMENT 

ENERTOPIA CORP. 

THIS AGREEMENT is entered into as of the 1st day of
October, 2011 (the “Date of Grant”) 

BETWEEN: 

ENERTOPIA CORP., a company
incorporated pursuant to the 

laws of the State of Nevada, of Suite 950 1130 West
Pender, 

Vancouver, BC V6E 4A4 

(the “Company”) 

AND: 

(the “Optionee”) 

WHEREAS: 

A.              
The Board of Directors of the Company (the “Board”) has approved and adopted the
2011 Stock Option Plan (the “Plan”), pursuant to which the Board is authorized
to grant to employees and other selected persons stock options to purchase
common shares of the Company (the “Common Stock”); 

B.              
The Plan provides for the granting of stock options that either (i) are intended
to qualify as “Incentive Stock Options” within the meaning of Section 422 of the
Internal Revenue Code of 1986, as amended (the “Code”), or (ii) do not qualify
under Section 422 of the Code (“Non-Qualified Stock Options”); and 

C.              
The Board has authorized the grant to the Optionee of options to purchase a
total of 250,000 shares of Common Stock (the “Options”), which Options
are intended to be (select one): 

	 	[   ] 	Incentive Stock Options; 
	 	[X] 	Qualified Stock Options 

NOW THEREFORE, the Company agrees to offer to the Optionee the
option to purchase, upon the terms and conditions set forth herein and in the
Plan, XXX shares of Common Stock. Capitalized terms not otherwise defined
herein shall have the meanings ascribed thereto in the Plan. 

1.               Exercise Price. The exercise price of the options
      shall be US $0.15 per share.

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2.              
Limitation on the Number of Shares. If the Options granted hereby are
Incentive Stock Options, the number of shares which may be acquired upon
exercise thereof is subject to the limitations set forth in Section 5.1 of the
Plan. 

3.              
Vesting Schedule. The Options shall vest in accordance with Exhibit A.

4.              
Options not Transferable. The Options may not be transferred, assigned,
pledged or hypothecated in any manner (whether by operation of law or otherwise)
other than by will, by applicable laws of descent and distribution or, in the
case of a Non-Qualified Stock Option, pursuant to a qualified domestic relations
order, and shall not be subject to execution, attachment or similar process;
provided, however, that if the Options represent a Non-Qualified Stock
Option, such Option is transferable without payment of consideration to
immediate family members of the Optionee or to trusts or partnerships
established exclusively for the benefit of the Optionee and Optionee’s immediate
family members. Upon any attempt to transfer, pledge, hypothecate or otherwise
dispose of any Option or of any right or privilege conferred by the Plan
contrary to the provisions thereof, or upon the sale, levy or attachment or
similar process upon the rights and privileges conferred by the Plan, such
Option shall thereupon terminate and become null and void. 

5.              
Investment Intent. By accepting the Options, the Optionee represents and
agrees that none of the shares of Common Stock purchased upon exercise of the
Options will be distributed in violation of applicable federal and state laws
and regulations. In addition, the Company may require, as a condition of
exercising the Options, that the Optionee execute an undertaking, in such a form
as the Company shall reasonably specify, that the Stock is being purchased only
for investment and without any then-present intention to sell or distribute such
shares. 

6.              
Termination of Employment and Options. Vested Options shall terminate, to
the extent not previously exercised, upon the occurrence of the first of the
following events: 

	 	(a) 	
      Expiration. Five (5) years from the Date of
      Grant.

	 	 	 
	 	(b) 	
      Termination for Cause. The date of the first
      discovery by the Company of any reason for the termination of an
      Optionee’s employment or contractual relationship with the Company or any
      related company for cause (as determined in the sole discretion of the
      Plan Administrator), and, if an Optionee’s employment is suspended pending
      any investigation by the Company as to whether the Optionee’s employment
      should be terminated for cause, the Optionee’s rights under this Agreement
      and the Plan shall likewise be suspended during the period of any such
      investigation.

	 	 	 
	 	(c) 	
      Termination Due to Death or Disability. The
      expiration of one (1) year from the date of the death of the Optionee or
      cessation of an Optionee’s employment or contractual relationship by
      reason of disability (as defined in Section 5.1(g) of the Plan). If an
      Optionee’s employment or contractual relationship is terminated by death,
      any Option held by the Optionee shall be exercisable only by the person or
      persons to whom such Optionee’s rights under such Option shall pass by the
      Optionee’s will or by the laws of descent and
  distribution.

- 3 - 

	 	(d) 	
      Termination for Any Other Reason. The expiration
      of ninety (90) days from the date of an Optionee’s termination of
      employment or contractual relationship with the Company or any Related
      Corporation for any reason whatsoever other than termination of service as
      a director, cause, death or Disability (as defined in Section 5.1(g) of
      the Plan).

Each unvested Option granted pursuant hereto shall terminate
immediately upon termination of the Optionee’s employment or contractual
relationship with the Company for any reason whatsoever, including Disability
unless vesting is accelerated in accordance with Section 5.1(f) of the Plan.

7.               
Stock. In the case of any stock split, stock dividend or like change in
the nature of shares of Stock covered by this Agreement, the number of shares
and exercise price shall be proportionately adjusted as set forth in Section
5.1(m) of the Plan. 

8.               
Exercise of Option. Options shall be exercisable, in full or in part, at
any time after vesting, until termination; provided, however, that any
Optionee who is subject to the reporting and liability provisions of Section 16
of the Securities Exchange Act of 1934 with respect to the Common Stock
shall be precluded from selling or transferring any Common Stock or other
security underlying an Option during the six (6) months immediately following
the grant of that Option. If less than all of the shares included in the vested
portion of any Option are purchased, the remainder may be purchased at any
subsequent time prior to the expiration of the Option term. No portion of any
Option for less than fifty (50) shares (as adjusted pursuant to Section 5.1(m)
of the Plan) may be exercised; provided, that if the vested portion of any
Option is less than fifty (50) shares, it may be exercised with respect to all
shares for which it is vested. Only whole shares may be issued pursuant to an
Option, and to the extent that an Option covers less than one (1) share, it is
unexercisable. 

Each exercise of the Option shall be by means of delivery of a
notice of election to exercise (which may be in the form attached hereto as
Exhibit B) to the President of the Company at its principal executive
office, specifying the number of shares of Common Stock to be purchased and
accompanied by payment in cash by certified check or cashier’s check in the
amount of the full exercise price for the Common Stock to be purchased. In
addition to payment in cash by certified check or cashier’s check, an Optionee
or transferee of an Option may pay for all or any portion of the aggregate
exercise price by complying with one or more of the following alternatives: 

	 	(a) 	
      by delivering to the Company shares of Common Stock
      previously held by such person, duly endorsed for transfer to the Company,
      or by the Company withholding shares of Common Stock otherwise deliverable
      pursuant to exercise of the Option, which shares of Common Stock received
      or withheld shall have a fair market value at the date of exercise (as
      determined by the Plan Administrator) equal to the aggregate purchase
      price to be paid by the Optionee upon such exercise; or

	 	 	 
	 	(b) 	
      by complying with any other payment mechanism approved by
      the Plan Administrator at the time of
exercise.

- 4 - 

It is a condition precedent to the issuance of shares of Common
Stock that the Optionee execute and/or deliver to the Company all documents and
withholding taxes required in accordance with Section 5.1 of the Plan. 

9.               
Holding period for Incentive Stock Options. In order to obtain the tax
treatment provided for Incentive Stock Options by Section 422 of the Code, the
shares of Common Stock received upon exercising any Incentive Stock Options
received pursuant to this Agreement must be sold, if at all, after a date which
is later of two (2) years from the date of this agreement is entered into or one
(1) year from the date upon which the Options are exercised. The Optionee agrees
to report sales of shares prior to the above determined date to the Company
within one (1) business day after such sale is concluded. The Optionee also
agrees to pay to the Company, within five (5) business days after such sale is
concluded, the amount necessary for the Company to satisfy its withholding
requirement required by the Code in the manner specified in Section 5.1(l) of
the Plan. Nothing in this Section 9 is intended as a representation that Common
Stock may be sold without registration under state and federal securities laws
or an exemption therefrom or that such registration or exemption will be
available at any specified time. 

10.               
Resale restrictions may apply. Any resale of the shares of Common Stock
received upon exercising any Options will be subject to resale restrictions
contained in the securities legislation applicable to the Optionee. The Optionee
acknowledges and agrees that the Optionee is solely responsible (and the Company
is not in any way responsible) for compliance with applicable resale
restrictions. 

11.               
Subject to 2011 Stock Option Plan. The terms of the Options are subject
to the provisions of the Plan, as the same may from time to time be amended, and
any inconsistencies between this Agreement and the Plan, as the same may be from
time to time amended, shall be governed by the provisions of the Plan, a copy of
which has been delivered to the Optionee, and which is available for inspection
at the principal offices of the Company. 

12.               
Professional Advice. The acceptance of the Options and the sale of Common
Stock issued pursuant to the exercise of Options may have consequences under
federal and state tax and securities laws which may vary depending upon the
individual circumstances of the Optionee. Accordingly, the Optionee acknowledges
that he or she has been advised to consult his or her personal legal and tax
advisor in connection with this Agreement and his or her dealings with respect
to Options. Without limiting other matters to be considered with the assistance
of the Optionee’s professional advisors, the Optionee should consider: (a)
whether upon the exercise of Options, the Optionee will file an election with
the Internal Revenue Service pursuant to Section 83(b) of the Code and the
implications of alternative minimum tax pursuant to the Code; (b) the merits and
risks of an investment in the underlying shares of Common Stock; and (c) any
resale restrictions that might apply under applicable securities laws. 

13.               
No Employment Relationship. Whether or not any Options are to be granted
under this Plan shall be exclusively within the discretion of the Plan
Administrator, and nothing contained in this Plan shall be construed as giving
any person any right to participate under this Plan. The grant of an Option
shall in no way constitute any form of agreement or understanding binding on the
Company or any Related Company, express or implied, that the Company or any
Related Company will employ or contract with an Optionee, for any length of
time, nor shall it interfere in any way with the Company’s or, where applicable, a Related
Company’s right to terminate Optionee’s employment at any time, which right is
hereby reserved. 

- 5 - 

14.               
Entire Agreement. This Agreement is the only agreement between the
Optionee and the Company with respect to the Options, and this Agreement and the
Plan supersede all prior and contemporaneous oral and written statements and
representations and contain the entire agreement between the parties with
respect to the Options. 

15.               
Notices. Any notice required or permitted to be made or given hereunder
shall be mailed or delivered personally to the addresses set forth below, or as
changed from time to time by written notice to the other: 

	 	The Company: 	
	 	 	  
	 	 	Enertopia Corp. 
	 	 	Suite 950 1130 West Pender Street 
	 	 	Vancouver, BC V6E 4A4 
	 	 	Attention: President 
	 	 	  
	 	With a copy to: 	
	 	 	  
	 	 	W.L. Macdonald Law Corporation 
	 	 	400 – 570 Granville Street 
	 	 	Vancouver, British Columbia V6C 3P1 
	 	 	Attention: William Macdonald 
	 	 	  
	 	 	  
	 	The Optionee:  	  
	 	 	_________________________________  
	 		_________________________________
	 	 	_________________________________
	 	 	_________________________________

	ENERTOPIA CORP. 
	  
	  
	Per:            
      _________________________________
	               
         Authorized Signatory 
	 
	 
	_________________________________
	[   ]
	 

- 6 - 

EXHIBIT A 

TERMS OF THE OPTION 

	Name of the Optionee: 	 	  
	 	 	 
	Date of Grant: 	 	October 1, 2011 
	 	 	 
	Designation: 	 	Qualified Stock Options 
	 	 	 	 
	1. 	Number of Options granted: 	 	XXX stock options 
	 	 	 	 
	2. 	Purchase Price: 	 	$0.15 per share 
	 	 	 	 
	3. 	Vesting Date: 	 	XXX options on December 1, 2011; 
	  	  	 	XXX options on March 1, 2012; 
	  	  	 	XXX options on June 1, 2012; 
	  	  	 	XXX options on September 1, 2012 
	  	  	 	  
	4. 	Expiration Date: 	 	October 1, 2016 

- 7 - 

EXHIBIT B 

	To: 	
	 	  
	 	Enertopia Corp. 
	 	Suite 950 1130 West Pender 
	 	Vancouver, BC V6E 4A4 
	 	Attention: President 

Notice of Election to Exercise 

This Notice of Election to Exercise shall constitute proper
notice pursuant to Section 5.1(h) of Enertopia Corp.’s (the “Company”) 2011
Stock Option Plan (the “Plan”) and Section 8 of that certain Stock Option
Agreement (the “Agreement”) dated as of the _______ day of 
__________________, 20___, between the Company and the undersigned. 

The undersigned hereby elects to exercise Optionee’s option to
purchase __________________shares of the common stock of the Company at a price
of US$0.15 per share, for aggregate consideration of US$ __________, on the
terms and conditions set forth in the Agreement and the Plan. Such aggregate
consideration, in the form specified in Section 8 of the Agreement, accompanies
this notice. 

The Optionee hereby directs the Company to issue, register and
deliver the certificates representing the shares as follows: 

	
     
	
     

	
    Registration Information: 
	
    Delivery Instructions: 

	
    ____________________________________________
	
    ____________________________________________

	
    Name to appear on certificates 
	
    Name 

	
     ____________________________________________
	
    __________________________________________

	
    Address 
	
    Address 

	
     ____________________________________________ 
	
    ____________________________________________

	
     
	
     

	
    ____________________________________________
	
    ____________________________________________

	
      
	
    Telephone Number

	
     
	
     

	
    DATED at ____________________________________ , the day of
      ________________________ , 20___. 

	 	
    _______________________________________________

	 	
    (Name
      of Optionee – Please type or print) 

	 	 
	 	
    ____________________________________________

	 	
    (Signature and, if applicable, Office) 

	 	 
	 	
    ____________________________________________

	 	
    (Address of Optionee) 

	 	 
	 	
    ____________________________________________

	 	
    (City, State, and Zip Code of Optionee)exhibit10-1.htm

PROPERTY PURCHASE AGREEMENT 

 

THIS AGREEMENT is dated for reference the 30th day of September, 2011. 

 

BETWEEN: 

 

JASON McLAUGHLIN, with an address at 51 – 2562 Whiteley Court, North Vancouver, British Columbia, Canada V7J 2R5 

 

(the "Seller") 

 

OF THE FIRST PART 

 

AND 

 

BUCKINGHAM EXPLORATION INC., a company incorporated under the laws of the State of Nevada, with an executive office at Suite 418, 831 Royal Gorge Blvd., Canon City, Colorado, USA 81212 

 

(the "Purchaser") 

 

OF THE SECOND PART 

 

W H E R E A S: 

 

	A.	      	The Seller is the legal and beneficial owner of an undivided interest in the mineral claims attached hereto as Schedule “A” and made a part of this Agreement; and
	 	 	 
	B.	 	The Seller wishes to sell to the Purchaser, and the Purchaser wishes to acquire from the Seller, all of the Seller’s undivided right, title and interest in and to the Property (as defined herein), on the terms and subject to the conditions set out in this Agreement.

   

NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of the premises and of the mutual promises, covenants, conditions, representations and warranties herein set out, the parties hereto agree as follows: 

 

1. INTERPRETATION 

 

1.1 For the purposes of this Agreement, including the recitals and any schedules here to, unless there is something in the subject matter or context inconsistent therewith, the following words and expressions shall have the following meanings: 

 

	(a)	      	“1933 Act” means the United States Securities Act of 1933, as amended, promulgated by the United States Securities and Exchange Commission;

 

	(b)	      	"Affiliate" means, with respect to any person, any other person directly or indirectly controlling, controlled by or under common control with the first person. The term “control” means the ability to direct the management and policies of such person, whether through ownership of equity, by contract or otherwise;
	  
	(c)	 	"Agreement" means this Agreement, as amended from time to time;
	  
	(d)	 	“person” includes any individual, sole proprietorship, partnership, unincorporated association, unincorporated syndicate, unincorporated organization, trust, body corporate and a natural person in his or her capacity as trustee, executor, administrator or other legal representative;
	  
	(e)	 	"Property" means the mineral property interests more particularly described in Schedule "A" hereto, together with all licenses, surface rights, mineral rights, personal property and permits associated therewith, and shall include any renewal thereof and any other form of successor or substitute title thereto;
	  
	(f)	 	“Regulation S” means Regulation S under the 1933 Act; and
	  
	(g)	 	"Shares" means 150,000 restricted shares of common stock in the capital of the Purchaser.

   

1.2 In this Agreement, all dollar amounts are expressed in Canadian Dollars, unless specifically provided to the contrary. 

 

1.3 The titles to the respective Articles, Sections and paragraphs hereof shall not be deemed to be a part of this Agreement but shall be regarded as having been used for convenience only. 

 

1.4 Words used herein importing the singular number shall include the plural, and vice-versa, and words importing the masculine gender shall include the feminine and neuter genders, and vice-versa, and words importing persons shall include firms, partnerships and corporations. 

 

2. REPRESENTATIONS AND WARRANTIES 

 

2.1 The Purchaser represents and warrants to the Seller that: 

 

	(a)	      	it is duly incorporated, validly subsisting and in good standing under the laws of the jurisdiction of its incorporation and is or will be qualified to do business and to hold an interest in the Property in the Province British Columbia;
	  
	(b)	 	it has full power and authority to carry on its business and to enter into this Agreement and any agreement or instrument referred to in or contemplated by this Agreement and to carry out and perform all of its obligations and duties hereunder; and

 

	(c)	      	it has duly obtained all authorizations for the execution, delivery and performance of this Agreement, and such execution, delivery and performance and the consummation of the transactions herein contemplated will not conflict with, or accelerate the performance required by or result in any breach of any covenants or agreements contained in or constitute a default under, or result in the creation of any encumbrance, lien or charge under the provisions of its constating or initiating documents or any indenture, agreement or other instrument whatsoever to which it is a party or by which it is bound or to which it may be subject and will not contravene any applicable laws.

   

2.2 The Seller represents and warrants to the Purchaser that: 

 

	(a)	      	it has full power and authority to enter into this Agreement and any agreement or instrument referred to in or contemplated by this Agreement and to carry out and perform all of its obligations and duties hereunder, it has duly obtained all authorizations and consents as may be required for the execution, delivery and performance of this Agreement, and the sale of the Property will be made by it in accordance with all applicable law;
	  
	(b)	 	it is the sole legal and beneficial owner of a one hundred percent (100%) undivided interest in the Property;
	  
	(c)	 	the Property is assignable by the Seller to the Purchaser free and clear of all liens, charges and encumbrances and is not subject to any right, claim or interest of any other person, governmental body or other similar entity;
	  
	(d)	 	the Property is in good standing, including with respect to the filing of annual assessment work (if any), fees and taxes;
	  
	(e)	 	it has complied with all laws in effect in the jurisdiction in which the Property is located with respect to the Property, and such Property has been duly and properly recorded and located in accordance with such laws, and that the Purchaser may enter in, under or upon the Property for all purposes of this Agreement without making any payment to, and without accounting to or obtaining the permission of, any other person, governmental body or similar entity;
	  
	(f)	 	there is no adverse claim or challenge against or to the ownership of or title to the Property, or any portion thereof nor is there any basis therefor and there are no outstanding agreements or options to acquire or purchase the Property or any portion thereof or interest therein and no person has any royalty or interest whatsoever in production or profits from the Property or any portion thereof;
	  
	(g)	 	the conditions on and relating to the Property and operations conducted thereon are in full compliance with all applicable laws, regulations or orders relating to environmental matters including, without limitation, waste disposal and storage;

 

	(h)	      	there are no outstanding orders or directions relating to environmental matters requiring any work, repairs, construction or capital expenditures with respect to the Property and the conduct of the operations related thereto, nor has it received any notice of the same, and it is not aware of any basis on which any such orders or direction could be made;
	  
	(i)	 	it is not aware of any material fact or circumstance which has not been disclosed to the Purchaser which should be disclosed in order to prevent the representations and warranties in this section from being misleading or which may be material in the Purchaser’s decision to enter into this Agreement and acquire the Property;
	  
	(j)	 	the Seller is resident in the Province of British Columbia, Canada, and has and will comply with all applicable securities laws, rules and regulations applicable to it in respect of the sale of the Property to the Purchaser and acquisition of the Shares in consideration thereof;
	  
	(k)	 	the Seller has completed and executed the Investor Exemptions Questionnaire attached as Schedule “B”;
	  
	(l)	 	the Seller is acquiring the Shares as principal for its own account and not for the benefit of any other person (within the meaning of applicable securities laws) and not with a view to resale or distribution of all or any of the Shares;
	  
	(m)	 	the Seller is not a U.S. Person, as defined in Regulation S under the 1933 Act, and is not acquiring the Shares for the account or benefit of any U.S. Person;
	  
	(n)	 	the Seller was not induced to purchase the Shares as a result of any advertisement or general solicitation made by the Purchaser or any directed selling efforts;
	  
	(o)	 	the Seller acknowledges and understands that none of the Shares have been or will be registered under the 1933 Act or any applicable state securities laws, and the Shares may not be offered or sold, directly or indirectly, in the United States to, or for the account or benefit of, a U.S. Person, unless registered under the 1933 Act and the securities laws of all applicable states or unless an exemption from such registration requirements is available and hedging transactions involving the Shares may not be conducted unless in compliance with the 1933 Act;
	  
	(p)	 	the Seller agrees to resell the Shares only in accordance with the provisions of Regulation S, pursuant to registration under the 1933 Act, or pursuant to an available exemption from such registration requirements, as well as the laws of its jurisdiction of residence, and agrees not to engage in hedging transactions with regard to the Shares unless in compliance with the 1933 Act;
	  
	(q)	 	the Purchaser will refuse to register any transfer of the Shares not made in accordance with the provisions of Regulation S, pursuant to registration under the 1933 Act, or pursuant to an available exemption from such registration requirements;

 

	(r)	      	the Seller understands and acknowledges that the Shares will be subject to certain resale restrictions in the United States and Canada, the terms of which may be endorsed on the certificates representing such Shares, and the Seller agrees to comply with such resale restrictions. The Seller acknowledges that it has been advised to consult its own independent legal advisor with respect to the applicable resale restrictions and the Seller is solely responsible for complying with such restrictions and the Purchaser is not responsible for ensuring compliance by the Seller with the applicable resale restrictions; and
	  
	(s)	 	the Seller understands and acknowledges that upon the issuance thereof, and until such time as the same is no longer required under applicable requirements of the 1933 Act or applicable state securities laws, the certificates representing the Shares shall bear the following legends (or substantially equivalent language):

   

“NONE OF THE SECURITIES REPRESENTED HEREBY HAVE BEEN REGISTERED UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED, MAY NOT BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES (AS DEFINED HEREIN) OR TO U.S. PERSONS EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE 1933 ACT. “UNITED STATES” AND “U.S. PERSON” ARE AS DEFINED BY REGULATION S UNDER THE 1933 ACT.” 

 

and 

 

“UNLESS OTHERWISE PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY IN OR FROM BRITISH COLUMBIA UNLESS THE CONDITIONS IN SECTION 12(2) OF BC INSTRUMENT 51-509 ISSUERS QUOTED IN THE U.S. OVER-THE-COUNTER MARKET ARE MET.” 

 

2.3 The representations and warranties hereinbefore set out are conditions on which the parties have relied in entering into this Agreement, are to be construed as both conditions and warranties and shall, regardless of any investigation which may have been made by or on behalf of any party as to the accuracy of such representations and warranties, survive the closing of the transactions contemplated hereby and each of the parties will indemnify and save the other harmless from all loss, damage, costs, actions and suits arising out of or in connection with any breach of any representation or warranty contained in this Agreement, and each party shall be entitled, in addition to any other remedy to which it may be entitled, to set off any such loss, damage or costs suffered by it as a result of any such breach against any payment required to be made by it to any other party hereunder.

 

 

3. PURCHASE AND SALE 

 

3.1 The Seller hereby irrevocably sells to the Purchaser, and the Purchaser hereby acquires from the Seller, all of the Seller’s undivided right, title and interest in and to the Property, on the terms and subject to the conditions set out in this Agreement, free and clear of all liens, charges, encumbrances, claims, royalties, rights or interest of any kind, in consideration for 150,000 restricted Shares. 

 

3.2 At closing, the Seller agrees to deliver full title to the Property to the Purchaser and the Purchaser agrees to deliver the Shares to the Seller. The Purchaser and the Seller agree to further execute and deliver all other documents and instruments that may be required to give effect to the transfer of all of the right, title and interest of the Seller in the Property to the Purchaser hereunder, including the filing of applicable documents required to effect the transfer of the Property in the appropriate land title office(s) in the jurisdiction in which the Property is located. 

 

4. TRANSFER OF PROPERTY 

 

4.1 The Seller hereby covenants and agrees to execute and deliver all further agreements, instruments or documents, and to do all such other acts and things as may be required to transfer all the Seller’s right, title and interest in and to the Property to the Purchaser, including: 

 

	(a)	      	a registerable transfer or transfers of any licences and exploitation concessions comprising the Property, or such other instrument as may be required pursuant to the laws of the Province of British Columbia to effect such transfer, transferring to the Purchaser a one hundred percent (100%) interest therein, which the Purchaser will be entitled to register against the title to those licences, concessions and Property; and
	  
	(b)	 	the transfer and assignment of any option, right of refusal or other claim to the Property held by the Seller or through the Seller by any third party, all of which are disclosed in Schedule “C” hereto, to the Purchaser or its nominee on the same terms and in good standing, and the Purchaser or its nominee will assume all rights and obligations of the Seller under any such option, right of refusal or other claim to the licences or Property, from and after the date of execution of this Agreement.

 

4.2 Pending filing of transfer documents pursuant to Section 4.1, the parties acknowledge the right and privilege of the Seller and Purchaser to file, register or to otherwise deposit a memorandum of this Agreement, caveat, or lis pendens at any time in the appropriate land title office(s) of the jurisdiction in which the Property is located to give third parties notice of this Agreement, and hereby agree, each with the other, to do or cause to be done all acts or things reasonably necessary to effect such registration to the extent permitted by law. 

 

5. LITIGATION 

 

5.1 This Agreement shall be interpreted in accordance with the laws of the Province of British Columbia, Canada and the federal laws of Canada applicable therein. Any dispute, disagreement, conflict of interpretation or claim arising out of or relating to this Agreement, or its enforcement, shall be governed by the laws of the Province of British Columbia, Canada and the parties hereby irrevocably and unconditionally attorn to the jurisdiction of the courts of the Province of British Columbia, Canada in any action or proceeding arising out of or relating to this Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding between them shall be heard and determined in such jurisdiction.

 

6. CONFIDENTIALITY 

 

6.1 All information and data concerning the Property and this Agreement shall be kept confidential by the Seller and, except to the extent required by law or by regulation of any governmental body, shall not be disclosed to any person other than the Seller’s professional advisors or an Affiliate without the prior written consent of the Purchaser. 

 

7. PERSONAL INFORMATION 

 

7.1 This Agreement requires the Purchaser to provide certain personal, corporate or otherwise confidential information (the “Personal Information”) concerning the Seller to securities regulatory authorities. Such information is being collected by the regulatory authorities for the purposes of completing this transaction, which includes, without limitation, the issuance of the Shares and completing filings required by any governmental body. The Seller’s personal information may be disclosed by the Purchaser to: (a) governmental authorities, (b) a relevant registrar or transfer agent, and (c) any of the other parties involved in this transaction to whom the Purchaser has a duty of disclosure. By executing this Agreement, the Seller is deemed to be consenting to the foregoing collection, use and disclosure of its Personal Information. The Seller also consents to the filing of copies or originals of any of its documents described in this Agreement as may be required to be filed with any governmental authority in connection with the transactions contemplated hereby. 

 

 

8. FURTHER ASSURANCES 

 

8.1 Each of the parties covenants and agrees, from time to time and at all times, to do all such further acts and execute and deliver all such further deeds, documents and assurances as may be reasonably required in order to fully perform and carry out the terms and intent of this Agreement. 

 

9. NOTICE 

 

9.1 The parties agree that where any notice is required or permitted to be given or delivered it may be effectively given or delivered if it is delivered personally, by electronic mail (“email”) or by mailing the same by prepaid registered or certified mail or by facsimile (“fax”) at the postal or email addresses or facsimile numbers set out above or to such other addresses or facsimile numbers as the party entitled to or receiving such notice may notify the other party as provided for herein. Delivery will be deemed to have been received: 

 

	(a)	      	the same day if given by personal service or if transmitted electronically by email or fax; or 
	  
	(b)	 	ten (10) business days following the day of posting if sent by regular post, except in the event of disruption of the postal service in which event notice will be deemed to be received only when actually received.

 

9.2 Any party may at any time give notice in writing to the others of any change of address, and from and after the giving of such notice, the address therein specified will be deemed to be the address of such party for the purposes of giving notice hereunder. 

 

10. TIME OF THE ESSENCE 

 

10.1 Time shall be of the essence in the performance of this Agreement. 

 

11. ENUREMENT 

 

11.1 This Agreement shall enure to the benefit of and be binding upon the parties and their respective successors and permitted assigns. 

 

12. SEVERABILITY 

 

12.1 If any one or more of the provisions contained herein should be invalid, illegal or unenforceable in any respect in any jurisdiction, the validity, legality and enforceability of such provisions shall not in any way be affected or impaired thereby in any other jurisdiction and the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby. 

 

 

13. AMENDMENT AND ASSIGNMENT

 

13.1 No alteration or amendment to this Agreement shall take effect unless it is in writing duly executed by the parties hereto. This Agreement may not be assigned by either party hereto without the express written consent of the other party.

 

14. INDEPENDENT LEGAL ADVICE

 

14.1 Each party to this Agreement confirms and acknowledges that it has been provided with an opportunity to seek independent legal advice with respect to its rights, entitlements, liabilities and obligations hereunder and understands that it has been recommended that such advice be sought prior to entering into this Agreement.

 

15. ENTIRE AGREEMENT

 

15.1 This Agreement constitutes and contains the entire agreement and understanding between the parties and supersedes all prior agreements, memoranda, correspondence, communications, negotiations and representations, whether oral or written, express or implied, statutory or otherwise between the parties or any of them with respect to the subject matter hereof.

 

16. COUNTERPARTS

 

16.1 This Agreement may be executed in two or more counterparts, each of which will be deemed an original and all of which together will constitute one complete Agreement duly executed by the parties. Where counterparts are delivered in original or faxed form or by scanned email, the parties adopt any such signatures as the original signatures of the parties.

 

IN WITNESS WHEREOF the parties have executed this Agreement as of the day, month and year first above written.

 

BUCKINGHAM EXPLORATION INC. 

 

	Per:  	/s/ C. Robin Relph
	 	Name
	 	  
	 	Chairman and CFO
	 	Title
	 	  
	 	  
	/s/ Jason McLaughlin
	JASON McLAUGHLIN

 

SCHEDULE "A"

 

DESCRIPTION OF PROPERTY 

 

	Tenure	Claim	 	Tenure	Tenure	Map	 	 	 	Area
	Number	Name	Owner	Type	Sub Type	Number	Issue Date	Good To Date	Status	(ha)
	848961	BYNG	202295 100%	Mineral	Claim	092B	2011/mar/15	2012/mar/15	GOOD	509.22
	848962	TRAMP	202295 100%	Mineral	Claim	092B	2011/mar/15	2012/mar/15	GOOD	509.30

 

Schedule B 

 

 

SCHEDULE “C” 

 

CLAIMS TO THE PROPERTY 

 

None.

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