Document:

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                                                                     EXHIBIT 4.3

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THE SECURITIES
SHALL NOT TRADE THE SECURITIES BEFORE _________________.

WITHOUT PRIOR WRITTEN APPROVAL OF THE EXCHANGE AND COMPLIANCE WITH ALL
APPLICABLE SECURITIES LEGISLATION, THE SECURITIES REPRESENTED BY THIS
CERTIFICATE MAY NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE TRADED ON OR
THROUGH THE FACILITIES OF THE TSX VENTURE EXCHANGE OR OTHERWISE IN CANADA OR TO
OR FOR THE BENEFIT OF A CANADIAN RESIDENT UNTIL ___________________.

THIS WARRANT AND THE COMMON SHARES ISSUABLE UPON THE EXERCISE OF THIS WARRANT
HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED (THE "U.S. SECURITIES ACT") OR ANY STATE SECURITIES LAWS. THIS WARRANT
MAY NOT BE EXERCISED IN THE UNITED STATES (AS DEFINED IN REGULATION S UNDER THE
U.S. SECURITIES ACT) UNLESS THE WARRANT AND THE COMMON SHARES ISSUABLE UPON
EXERCISE HEREOF HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT AND ANY
APPLICABLE STATE SECURITIES LAWS OR UNLESS AN EXEMPTION FROM SUCH REGISTRATION
IS AVAILABLE AND ESTABLISHED AS SET FORTH IN THIS WARRANT.

THE WARRANTS EVIDENCED HEREBY ARE EXERCISABLE UNTIL 4:30 P.M. (PACIFIC TIME) ON
_____________________, AFTER WHICH TIME THEY WILL EXPIRE AND BE OF NO FURTHER
FORCE AND EFFECT OR VALUE.

NO. _________________                                 __________________________

                                                      _________________ WARRANTS

                               WARRANT CERTIFICATE

                               BPI INDUSTRIES INC.
                      Suite 1500 - 885 West Georgia Street
                      Vancouver, British Columbia, V6C 3E8
                                 (the "ISSUER")

THIS CERTIFIES that, for value received:

      _________________________

      (hereinafter referred to as the "Holder")

is the registered holder hereof, and holds that number of _________ Warrants
(the "WARRANTS") set forth above. The Holder agrees to comply with all
applicable securities laws in connection with the holding and exercise of the
Warrants and, as applicable, the purchase, holding and resale of the common
shares (the "SHARES") in the capital of the Issuer issuable on exercise of the
Warrants. All dollar amounts stated in this Warrant Certificate are denominated
in United States dollars.

1. WARRANT EXERCISE TERMS

Subject to adjustment as herein provided, each Warrant shall entitle the Holder
thereof to purchase one fully paid and non-assessable Share, as constituted on
__________, 2004 at a price of $1.50 per Share until 4:30 pm (Pacific Time) on
___________, 2006 (the "EXPIRY DATE"). Provided, that at such time as the resale
in the United States by the Holder of the Shares underlying the Warrants is
covered by a registration statement in effect with the United States Securities
and Exchange Commission, the Expiry Date shall be extended to be two years from
the Expiry Date first stated in this Section 1, and an amendment to this Warrant
Certificate, evidencing such extension, shall be sent to the Holder by the
Issuer.

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2. WARRANT EXERCISE PROCEDURE

The Warrants may be exercised by surrendering to the Issuer:

      (a)   this Warrant Certificate, and

      (b)   the Subscription Form attached as Schedule "A" hereto, duly
            completed and executed, and

      (c)   a certified cheque or money order made payable to the Issuer in the
            aggregate amount of the exercise price,

at its head office at Suite 1500, 885 West Georgia Street, Vancouver, British
Columbia, V6C 3E8, or such other office or agency of the Issuer as it may
designate by notice in writing delivered to the Holder at the address stated
above.

Notwithstanding anything contained herein to the contrary, the Warrants
represented by this certificate shall not be exercisable by the Warrantholder,
in whole or in part, and the Issuer shall not give effect to any such exercise
of the Warrants, if, after giving effect to such exercise, the Warrantholder,
together with any person or company acting jointly or in concert with the holder
(the "Joint Actors") would in the aggregate beneficially own, or exercise
control or direction over that number of voting securities of the Issuer which
is twenty percent (20%) or greater of the total issued and outstanding voting
securities of the Issuer, immediately after giving effect to such exercise. For
greater certainty, the Warrants represented by this certificate shall not be
exercisable by the Warrantholder, in whole or in part, and the Issuer shall not
give effect to any such exercise of the Warrants, if, after giving effect to
such exercise, the Warrantholder, together with its Joint Actors, would be
deemed to hold a number of voting securities sufficient to materially affect the
control of the Issuer.

Upon the due exercise of the Warrants, the Issuer shall issue or cause to be
issued the requisite number of Shares to be issued to the Holder pursuant to
said exercise, registered in the name of the Holder or such other person as may
be requested by the Holder, and each such person shall become the holder of such
Shares with effect from the date of such exercise. If Shares are to be issued to
a person other than the Holder, the Holder's signature on the Subscription Form
must be medallion guaranteed by a Canadian chartered bank, a Canadian trust
company or a an investment dealer who is a member of a recognized stock
exchange.

The Issuer will cause the certificates representing such Shares to be mailed to
the address(es) specified in the Subscription Form or, in the absence of such
instructions, to the Holder at the address stated above, within three business
days of the exercise of the Warrants.

Upon the exercise of a Warrant, all rights under the Warrant, other than the
right to receive certificates representing the Shares to which the Holder is
entitled on such exercise, shall wholly cease and terminate and such Warrants
shall be void and of no further effect or value.

The Issuer covenants and agrees that the Shares which may be issued upon the
exercise of the rights represented by these Warrants will, upon issuance, be
fully paid and non-assessable and free of all liens, charges and encumbrances.

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3. PARTIAL EXERCISE, EXCHANGE AND REPLACEMENT OF CERTIFICATES

The Warrants represented by this Warrant Certificate may be exercised in whole
or in part from time to time. If the Warrants are exercised in part, the Issuer
shall deliver, with the Shares issued pursuant to such exercise, a new Warrant
Certificate representing the balance of the Warrants remaining unexercised.

This Warrant Certificate may be exchanged, upon its surrender to the Issuer and
payment of such administration fee as the Issuer may require, for new Warrant
Certificates of like tenor in denominations which in the aggregate represent the
right to subscribe for and receive the number of Shares which may be subscribed
for hereunder.

If this Warrant Certificate is lost, stolen, mutilated or destroyed, the Issuer
may on such terms as it may in its discretion impose, including but not limited
to the payment of any administration fee and the provision of any indemnity by
the Holder, issue and countersign a new Warrant Certificate of like tenor,
denomination and date as the Warrant Certificate so lost, stolen, mutilated or
destroyed.

All Warrants shall rank pari passu, notwithstanding the actual date of issue
thereof.

4. HOLDING OF WARRANTS

The Issuer may treat the Holder as the absolute owner of the Warrants
represented hereby for all purposes, and the Issuer shall not be affected by any
notice or knowledge to the contrary except where the Issuer is required to take
notice by statute or by order of a court of competent jurisdiction.

Nothing in this Warrant Certificate or in the holding of a Warrant evidenced
hereby shall be construed as conferring upon the Holder any right or interest
whatsoever as a shareholder of the Issuer or entitle the Holder to any right or
interest in respect of any Shares except as herein expressly provided.

5. ANTI-DILUTION PROTECTION:

(1)   Definitions: For the purposes of this section 5, unless there is something
      in the subject matter or context inconsistent therewith, the words and
      terms defined below shall have the respective meanings specified therefor
      in this subsection:

      (a)   "Adjustment Period" means the period commencing on the date of issue
            of the Warrants and ending at the Expiry Time;

      (b)   "Current Market Price" of the Shares at any date means the price per
            share equal to the weighted average price at which the Shares have
            traded on the TSX Venture Exchange or, if the Shares are not then
            listed on the TSX Venture Exchange, on such other Canadian stock
            exchange as may be selected by the directors of the Issuer for such
            purpose or, if the Shares are not then listed on any Canadian stock
            exchange, in the over-the-counter market, or in the United States,
            the Over-the-Counter Bulletin Board, the NASDAQ Small Cap Market, or
            the American Stock Exchange, during the period of any twenty
            consecutive trading days ending not more than five business days
            before such date; provided that the weighted average price shall be
            determined by dividing the aggregate sale price of all Shares sold
            on the said exchange or market, as the case may be, during the said
            twenty consecutive trading days by the total number of Shares so
            sold; and provided further that if the Shares are not then listed on
            any Canadian stock exchange or traded in the over-the-counter
            market, then the Current Market Price shall be determined by a firm
            of independent chartered accountants selected by the directors of
            the Issuer;

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      (c)   "director" means a director of the Issuer for the time being and,
            unless otherwise specified herein, a reference to action "by the
            directors" means action by the directors of the Issuer as a board
            or, whenever empowered, action by the executive committee of such
            board; and

      (d)   "trading day" with respect to a stock exchange or over-the-counter
            market means a day on which such stock exchange or market is open
            for business.

(2)   Adjustments: The Exercise Price and the number of Shares issuable to the
      Warrantholder upon the exercise of the Warrants shall be subject to
      adjustment from time to time in the events and in the manner provided as
      follows:

      (a)   If at any time during the Adjustment Period the Issuer shall:

            i.    fix a record date for the issue of, or issue, Shares to the
                  holders of all or substantially all of the outstanding Shares
                  by way of a stock dividend;

            ii.   fix a record date for the distribution to, or make a
                  distribution to, the holders of all or substantially all of
                  the outstanding Shares payable in Shares or securities
                  exchangeable for or convertible into Shares;

            iii.  subdivide the outstanding Shares into a greater number of
                  Shares; or

            iv.   consolidate the outstanding Shares into a smaller number of
                  Shares, (any of such events in subclauses (i), (ii), (iii) and
                  (iv) above being herein called a "Share Reorganization"), the
                  Exercise Price shall be adjusted on the earlier of the record
                  date on which holders of Shares are determined for the
                  purposes of the Share Reorganization and the effective date of
                  the Share Reorganization to the amount determined by
                  multiplying the Exercise Price in effect immediately prior to
                  such record date or effective date, as the case may be, by a
                  fraction:

                  A.    the numerator of which shall be the number of Shares
                        outstanding on such record date or effective date, as
                        the case may be, before giving effect to such Share
                        Reorganization; and

                  B.    the denominator of which shall be the number of Shares
                        which shall be outstanding immediately after giving
                        effect to such Share Reorganization (including in the
                        case of a distribution of securities exchangeable for or
                        convertible into Shares the number of Shares that would
                        have been outstanding had such securities been exchanged
                        for or converted into Shares on such date).

            To the extent that any adjustment in the Exercise Price occurs
            pursuant to this clause 1(1)(a) as a result of the fixing by the
            Issuer of a record date for the distribution of securities
            exchangeable for or convertible into Shares, the Exercise Price
            shall be readjusted immediately after the expiry of any relevant
            exchange or conversion right to the Exercise Price which would then
            be in effect based upon the number of Shares actually issued and
            remaining issuable after such expiry and shall be further readjusted
            in such manner upon the expiry of any further such right.

      (b)   If at any time during the Adjustment Period the Issuer shall fix a
            record date for the issue or distribution to the holders of all or
            substantially all of the outstanding Shares of rights, options or
            warrants pursuant to which such holders are entitled, during a
            period expiring not more than forty-five days after the record date
            for such issue (such period being the

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            "Rights Period"), to subscribe for or purchase Shares or securities
            exchangeable for or convertible into Shares at a price per share to
            the holder (or in the case of securities exchangeable for or
            convertible into Shares, at an exchange or conversion price per
            share) at the date of issue of such securities of less than 95% of
            the Current Market Price of the Shares on such record date (any of
            such events being called a "Rights Offering"), the Exercise Price
            shall be adjusted effective immediately after the record date for
            such Rights Offering to the amount determined by multiplying the
            Exercise Price in effect on such record date by a fraction:

            i.    the numerator of which shall be the aggregate of

                  A.    the number of Shares outstanding on the record date for
                        the Rights Offering, and

                  B.    the quotient determined by dividing

                        (1)   either (a) the product of the number of Shares
                              offered during the Rights Period pursuant to the
                              Rights Offering and the price at which such Shares
                              are offered, or, (b) the product of the exchange
                              or conversion price of the securities so offered
                              and the number of Shares for or into which the
                              securities offered pursuant to the Rights Offering
                              may be exchanged or converted, as the case may be,
                              by

                        (2)   the Current Market Price of the Shares as of the
                              record date for the Rights Offering; and

            ii.   the denominator of which shall be the aggregate of the number
                  of Shares outstanding on such record date and the number of
                  Shares offered pursuant to the Rights Offering (including in
                  the case of the issue or distribution of securities
                  exchangeable for or convertible into Shares the number of
                  Shares for or into which such securities may be exchanged or
                  converted).

            If by the terms of the rights, options, or warrants referred to in
            this clause 5(2)(b), there is more than one purchase, conversion or
            exchange price per Share, the aggregate price of the total number of
            additional Shares offered for subscription or purchase, or the
            aggregate conversion or exchange price of the convertible or
            exchangeable securities so offered, shall be calculated for purposes
            of the adjustment on the basis of the lowest purchase, conversion or
            exchange price per Share, as the case may be. Any Shares owned by or
            held for the account of the Issuer shall be deemed not to be
            outstanding for the purpose of any such calculation. To the extent
            that any adjustment in the Exercise Price occurs pursuant to this
            clause 5(2)(b) as a result of the fixing by the Issuer of a record
            date for the issue or distribution of rights, options or warrants
            referred to in this clause 5(2)(b), the Exercise Price shall be
            readjusted immediately after the expiry of any relevant exchange,
            conversion or exercise right to the Exercise Price which would then
            be in effect based upon the number of Shares actually issued and
            remaining issuable after such expiry and shall be further readjusted
            in such manner upon the expiry of any further such right.

      (c)   If at any time during the Adjustment Period the Issuer shall fix a
            record date for the issue or distribution to the holders of all or
            substantially all of the outstanding Shares of:

            i.    shares of the Issuer of any class other than Shares;

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            ii.   rights, options or warrants to acquire Shares or securities
                  exchangeable for or convertible into Shares (other than
                  rights, options or warrants pursuant to which holders of
                  Shares are entitled, during a period expiring not more than
                  forty-five days after the record date for such issue, to
                  subscribe for or purchase Shares or securities exchangeable
                  for or convertible into Shares at a price per share (or in the
                  case of securities exchangeable for or convertible into Shares
                  at an exchange or conversion price per share) at the date of
                  issue of such securities to the holder of at least 95% of the
                  Current Market Price of the Shares on such record date);

            iii.  evidences of indebtedness of the Issuer; or

            iv.   any property or assets of the Issuer;

            and if such issue or distribution does not constitute a Share
            Reorganization or a Rights Offering (any of such non-excluded events
            being herein called a "Special Distribution"), the Exercise Price
            shall be adjusted effective immediately after the record date for
            the Special Distribution to the amount determined by multiplying the
            Exercise Price in effect on the record date for the Special
            Distribution by a fraction:

                  A.    the numerator of which shall be the difference between

                        (1)   the product of the number of Shares outstanding on
                              such record date and the Current Market Price of
                              the Shares on such record date, and

                        (2)   the fair value, as determined by the directors of
                              the Issuer, to the holders of Shares of the
                              shares, rights, options, warrants, evidences of
                              indebtedness or property or assets to be issued or
                              distributed in the Special Distribution, and

                  B.    the denominator of which shall be the product obtained
                        by multiplying the number of Shares outstanding on such
                        record date by the Current Market Price of the Shares on
                        such record date.

            Any Shares owned by or held for the account of the Issuer shall be
            deemed not to be outstanding for the purpose of such calculation. To
            the extent that any adjustment in the Exercise Price occurs pursuant
            to this clause 5(2)(c) as a result of the fixing by the Issuer of a
            record date for the issue or distribution of rights, options or
            warrants to acquire Shares or securities exchangeable for or
            convertible into Shares referred to in this clause 5(2)(c), the
            Exercise Price shall be readjusted immediately after the expiry of
            any relevant exercise, exchange or conversion right to the amount
            which would then be in effect based upon the number of Shares issued
            and remaining issuable after such expiry and shall be further
            readjusted in such manner upon the expiry of any further such right.

      (d)   If at any time during the Adjustment Period there shall occur:

            i.    a reclassification or redesignation of the Shares, any change
                  of the Shares into other shares or securities or any other
                  capital reorganization involving the Shares other than a Share
                  Reorganization;

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            ii.   a consolidation, amalgamation or merger of the Issuer with or
                  into another body corporate which results in a
                  reclassification or redesignation of the Shares or a change of
                  the Shares into other shares or securities;

            iii.  the transfer of the undertaking or assets of the Issuer as an
                  entirety or substantially as an entirety to another
                  corporation or entity;

            (any of such events being called a "Capital Reorganization"), after
            the effective date of the Capital Reorganization the Warrantholder
            shall be entitled to receive, and shall accept, for the same
            aggregate consideration, upon exercise of the Warrants, in lieu of
            the number of Shares to which the Warrantholder was theretofor
            entitled upon the exercise of the Warrants, the kind and aggregate
            number of shares and other securities or property resulting from the
            Capital Reorganization which the Warrantholder would have been
            entitled to receive as a result of the Capital Reorganization if, on
            the effective date thereof, the Warrantholder had been the
            registered holder of the number of Shares which the Warrantholders
            was theretofore entitled to purchase or receive upon the exercise of
            the Warrants. If necessary, as a result of any such Capital
            Reorganization, appropriate adjustments shall be made in the
            application of the provisions of this Warrant Certificate with
            respect to the rights and interests thereafter of the Warrantholder
            to the end that the provisions shall thereafter correspondingly be
            made applicable as nearly as may reasonably be possible in relation
            to any shares or other securities or property thereafter deliverable
            upon the exercise of the Warrants.

      (e)   If at any time during the Adjustment Period any adjustment or
            readjustment in the Exercise Price shall occur pursuant to the
            provisions of clauses 1(1)(a), (b) or (c) of this Warrant
            Certificate, then the number of Shares purchasable upon the
            subsequent exercise of the Warrants shall be simultaneously adjusted
            or readjusted, as the case may be, by multiplying the number of
            Shares purchasable upon the exercise of the Warrants immediately
            prior to such adjustment or readjustment by a fraction which shall
            be the reciprocal of the fraction used in the adjustment or
            readjustment of the Exercise Price.

(3)   Rules: The following rules and procedures shall be applicable to
      adjustments made pursuant to subsection 5(2) of this Warrant Certificate:

      (b)   Subject to the following clauses of this subsection 5(3), any
            adjustment made pursuant to subsection 5(2) of this Warrant
            Certificate shall be made successively whenever an event referred to
            therein shall occur.

      (c)   No adjustment in the Exercise Price shall be required unless such
            adjustment would result in a change of at least one per cent in the
            then Exercise Price and no adjustment shall be made in the number of
            Shares purchasable or issuable on the exercise of the Warrants
            unless it would result in a change of at least one one-hundredth of
            a Share; provided, however, that any adjustments which except for
            the provision of this clause (c) would otherwise have been required
            to be made shall be carried forward and taken into account in any
            subsequent adjustment. Notwithstanding any other provision of
            subsection 5(2) of this Warrant Certificate, no adjustment of the
            Exercise Price shall be made which would result in an increase in
            the Exercise Price or a decrease in the number of Shares issuable
            upon the exercise of the Warrants (except in respect of a
            consolidation of the outstanding Shares).

      (d)   If at any time during the Adjustment Period the Issuer shall take
            any action affecting the Shares, other than an action or event
            described in subsection 5(2) of this Warrant Certificate, which in
            the opinion of the directors would have a material adverse effect

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            upon the rights of the Warrantholder, the Exercise Price and/or the
            number of Shares purchasable under the Warrants shall be adjusted in
            such manner and at such time as the directors may determine to be
            equitable in the circumstances. Failure of the taking of action by
            the directors so as to provide for an adjustment prior to the
            effective date of any action by the Issuer affecting the Shares
            shall be deemed to be conclusive evidence that the directors have
            determined that it is equitable to make no adjustment in the
            circumstances.

      (e)   If the Issuer sets a record date to determine holders of Shares for
            the purpose of entitling such holders to receive any dividend or
            distribution or any subscription or purchase rights and shall
            thereafter and before the distribution to such holders of any such
            dividend, distribution or subscription or purchase rights legally
            abandon its plan to pay or deliver such dividend, distribution or
            subscription or purchase rights, then no adjustment in the Exercise
            Price or the number of Shares purchasable under the Warrants shall
            be required by reason of the setting of such record date.

      (f)   No adjustment in the Exercise Price or in the number or kind of
            securities purchasable on the exercise of the Warrants shall be made
            in respect of any event described in section 5 of this Warrant
            Certificate if the Warrantholder is entitled to participate in such
            event on the same terms mutatis mutandis as if the Warrantholder had
            exercised the Warrants prior to or on the record date or effective
            date, as the case may be, of such event.

      (g)   In any case in which this Warrant Certificate shall require that an
            adjustment shall become effective immediately after a record date
            for an event referred to in subsection 5(2) hereof, the Issuer may
            defer, until the occurrence of such event:

            (i)   issuing to the Warrantholder, to the extent that the Warrants
                  are exercised after such record date and before the occurrence
                  of such event, the additional Shares issuable upon such
                  exercise by reason of the adjustment required by such event;
                  and

            (ii)  delivering to the Warrantholder any distribution declared with
                  respect to such additional Shares after such record date and
                  before such event; provided, however, that the Issuer shall
                  deliver to the Warrantholder an appropriate instrument
                  evidencing the right of the Warrantholder upon the occurrence
                  of the event requiring the adjustment, to an adjustment in the
                  Exercise Price or the number of Shares purchasable upon the
                  exercise of the Warrants and to such distribution declared
                  with respect to any such additional Shares issuable on the
                  exercise of the Warrants.

      (h)   If a dispute shall at any time arise with respect to any adjustment
            of the Exercise Price or the number of Shares purchasable pursuant
            to the Warrants, such dispute shall be conclusively determined by
            the auditors of the Issuer or if they are unable or unwillingly to
            act by such other firm of independent chartered accountants as may
            be selected by the directors.

(4)   Taking of Actions: As a condition precedent to the taking of any action
      which would require an adjustment pursuant to subsection 5(2) of this
      certificate the Issuer shall take any action which may, in the opinion of
      counsel, be necessary in order that the Issuer may validly and legally
      issue as fully paid and non-assessable shares all of the Shares which the
      Warrantholder is entitled to receive in accordance with the provisions of
      this certificate.

(5)   Notice: At least 21 days prior to the earlier of the record date or
      effective date of any event which requires or might require an adjustment
      in any of the rights of the Warrantholder under this

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      certificate, including the Exercise Price or the number of Shares which
      may be purchased under this certificate, the Issuer shall deliver to the
      Warrantholder a certificate of the Issuer specifying the particulars of
      such event and, if determinable, the required adjustment and the
      calculation of such adjustment. In case any adjustment for which a notice
      in this subsection has been given is not then determinable, the Issuer
      shall promptly after such adjustment is determinable deliver to the
      Warrantholder a certificate providing the calculation of such adjustment.
      The Issuer hereby covenants and agrees that the register of transfers and
      share transfer books for the Shares will be open, and that the Issuer will
      not take any action which might deprive the Warrantholder of the
      opportunity of exercising the rights of subscription contained in this
      Warrant Certificate, during such 21 day period.

6. TRANSFER OF WARRANTS

Subject to the terms hereof, this Warrant may be transferred, subject to the
terms set forth in the Transfer Form. No transfer of this Warrant shall be
effective unless this Warrant certificate is accompanied by a duly executed
Transfer Form or other instrument of transfer in such form as the Issuer may
from time to time prescribe, together with such evidence of the genuineness of
each endorsement, execution and authorization and of other matters as may
reasonably be required by the Issuer, are delivered to the Issuer. No transfer
of this Warrant shall be made if in the opinion of counsel to the Issuer such
transfer would result in the violation of any applicable securities laws.

7. MISCELLANEOUS PROVISIONS

The Issuer hereby represents and warrants that it is authorized to create and
issue the Warrants and covenants and agrees that it will cause the Shares from
time to time subscribed for and purchased in the manner provided in this Warrant
Certificate and the certificate representing such Shares to be issued and that,
at all times prior to the Expiry Time, it will reserve and there will remain
unissued a sufficient number of Shares to satisfy the right of purchase provided
for in this Warrant Certificate. The Issuer hereby further covenants and agrees
that it will at its expense expeditiously use its best efforts to obtain the
listing of such Shares (subject to issue or notice of issue) on the TSX Venture
Exchange. All Shares which are issued upon the exercise of the right of purchase
provided in this Warrant Certificate, upon payment therefor of the amount at
which such Shares may be purchased pursuant to the provisions of this Warrant
Certificate, shall be and be deemed to be fully paid and non-assessable shares
and free from all taxes, liens and charges with respect to the issue thereof.
The Issuer hereby represents and warrants that this Warrant Certificate is a
valid and enforceable obligation of the Issuer, enforceable in accordance with
the provisions of this Warrant Certificate. The Issuer shall make all requisite
filings under the Securities Act (British Columbia) and the Securities Act
(Alberta), and the respective regulations made thereunder including those
necessary to remain a reporting issuer not in default of any requirement of such
acts and regulations.

The Issuer acknowledges that it is bound by the provisions of the Registration
Rights Agreement entered into between the Issuer and the Holder.

The Issuer hereby covenants and agrees that it will do, execute, acknowledge and
deliver, or cause to be done, executed, acknowledged and delivered, all and
every such other act, deed and assurance as the Warrantholder shall reasonably
require for the better accomplishing and effectuating of the intentions and
provisions of this Warrant Certificate.

The Issuer may purchase, at any time and from time to time, in the market by way
of invitation for tender (including a purchase through an investment dealer or
member firm on a stock exchange), by private contract or otherwise, all or any
portion of the Warrants on such terms as the Issuer may determine. All Warrants
purchased pursuant to the provisions hereof shall be cancelled forthwith by the
Issuer and shall not be reissued.

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Any delivery or surrender of documents shall be valid and effective if delivered
personally or if sent by registered letter, postage prepaid. Any notice shall be
valid and effective if made in writing and transmitted as aforementioned or if
transmitted by electronic facsimile tested for reception prior to use, addressed
to:

      (a)   if to the Issuer,

            BPI Industries Inc.
            Suite 1500, 885 West Georgia Street
            Vancouver, BC,  V6C 3E8
            Facsimile:  (604) 601-2024

      (b)   if to the Holder, at its address appearing in the register of
            holders of Warrants maintained by the Issuer,

and shall be deemed to have been effectively given, made and received on the
date of personal delivery, if delivered; or on the fourth business day after the
time of mailing or upon actual receipt, whichever is sooner, if sent by
registered letter; or on the first business day after the time of facsimile
transmission, if sent by facsimile. In the case of a disruption in postal
services, any delivery, surrender of documents or notice sent by mail shall not
be deemed to have been effectively given, made or received until it is actually
delivered. The Issuer and the Holder may from time to time change their address
for service hereunder by notice in writing delivered in one of the foregoing
manners.

Except as herein provided, any and all of the rights conferred upon the Holder
herein may be enforced by the Holder through appropriate legal proceedings. No
recourse under or upon any covenant, obligation or agreement herein contained
shall be had against any shareholder, officer or director of the Issuer, either
directly or through the Issuer, it being expressly agreed and declared that the
obligations under the Warrants represented by this Warrant Certificate are
solely corporate obligations of the Issuer and no personal liability whatsoever
shall attach to or be incurred by the shareholders, officers or directors of the
Issuer in respect thereof, and that any and all rights and claims against every
such shareholder, officer or director are expressly waived as a condition of and
as a consideration for the issue of the Warrants represented by this Warrant
Certificate.

This Warrant shall be governed in accordance with the laws of British Columbia
and the laws of Canada applicable therein. The parties hereby attorn to the
jurisdiction of the courts of British Columbia in the event of any dispute
hereunder. Time shall be of the essence hereof.

IN WITNESS WHEREOF the Issuer has caused this Warrant Certificate to be signed
by its duly authorized officer as of the ______ of ___________ , 2004.

BPI INDUSTRIES INC.

By:
      _______________________
      Authorized Signatory

NO. _______________

                                     - 10 -
<PAGE>

                                  SCHEDULE "A"
                                SUBSCRIPTION FORM

TO:   BPI Industries Inc. (the "ISSUER")
      Suite 1500, 885 West Georgia Street, Vancouver, BC,  V6C 3E8
      Facsimile:  (604) 601-2024

The Undersigned, being the registered holder of the enclosed Warrant Certificate
issued by the Issuer, does hereby irrevocably exercise_________ of the Warrants
evidenced thereby in accordance with the terms thereof, and accordingly hereby
irrevocably subscribes for the common shares (the "SHARES") of the Issuer to be
received thereon and irrevocably surrenders the Warrant Certificate to the
Issuer for such purpose.

The capitalized terms used herein have the meanings set forth in the
Instructions below. In connection with the exercise of the warrant certificate,
the undersigned represents as follows: (Please check the ONE box applicable):

[]    1.    CHECK THIS BOX IF THE COMMON SHARES ISSUABLE UPON EXERCISE OF THE
            WARRANTS ARE CATEGORY 1 SECURITIES: The undersigned hereby certifies
            that (i) at the time of exercise, it is not within the United States
            and did not execute this Subscription Form while within the United
            States and (ii) it is not exercising any of the Warrants represented
            by the Warrant Certificate by or on behalf of any person within the
            United States.

[]    2.    CHECK THIS BOX IF THE COMMON SHARES ISSUABLE UPON EXERCISE OF THE
            WARRANTS ARE CATEGORY 2 SECURITIES: The undersigned hereby certifies
            that (i) at the time of exercise, it is not within the United States
            and did not execute this Subscription Form while within the United
            States, (ii) it is not (and is not exercising the Warrant for the
            account or benefit of) a U.S. Person; and (iii) it has in all other
            respects complied with the terms of Regulation S.

[]    3.    CHECK THIS BOX IF THE COMMON SHARES ISSUABLE UPON EXERCISE OF THE
            WARRANTS ARE (a) CATEGORY 3 SECURITIES OR (b) CATEGORY 2 SECURITIES
            BEING PURCHASED BY A U.S. PERSON: The undersigned hereby certifies
            that (i) it was the original purchaser in the Issuer's private
            placement of the Units which the Warrants were issued, (ii) it is an
            Accredited Investor and (iii) the representations and warranties
            made to the Issuer in connection with the acquisition of the Units
            remain true and correct on the date of this subscription form.

[]    4.    CHECK THIS BOX IF NONE OF THE ABOVE APPLY: The undersigned is
            delivering a written opinion of U.S. Counsel to the effect that the
            Warrants and the Common Shares to be delivered upon exercise hereof
            have been registered under the United States Securities Act of 1933
            as amended (the "US Securities Act") or are exempt from registration
            thereunder.

The undersigned holder understands that unless Box 1 or 2 above is checked, the
certificate representing the Issuer's Commons Shares issued upon exercise of
this Warrant will bear the following restrictive legend:

      THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
      UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "US SECURITIES
      ACT"). THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE
      BENEFIT OF THE CORPORATION THAT SUCH SECURITIES MAY BE OFFERED, SOLD OR
      OTHERWISE TRANSFERRED ONLY (A) TO THE

<PAGE>

      CORPORATION, (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF
      REGULATION S UNDER THE US SECURITIES ACT, (C) WITHIN THE UNITED STATES IN
      ACCORDANCE WITH THE EXEMPTION FROM REGISTRATION UNDER THE US SECURITIES
      ACT PROVIDED BY RULE 144 THEREUNDER, IF APPLICABLE, AND IN COMPLIANCE WITH
      ANY APPLICABLE STATE SECURITIES LAWS, OR (D) IN COMPLIANCE WITH CERTAIN
      OTHER PROCEDURES SATISFACTORY TO THE CORPORATION. DELIVERY OF THIS
      CERTIFICATE MAY NOT CONSTITUTE "GOOD DELIVERY" IN SETTLEMENT OF
      TRANSACTIONS ON STOCK EXCHANGES IN CANADA. IF, AT ANY TIME WHEN THE
      CORPORATION IS A "FOREIGN ISSUER" AS DEFINED IN REGULATION S UNDER THE US
      SECURITIES ACT, THESE SECURITIES ARE BEING SOLD IN COMPLIANCE WITH RULE
      904 OF REGULATION S UNDER THE US SECURITIES ACT, A NEW CERTIFICATE BEARING
      NO LEGEND MAY, SUBJECT TO COMPLIANCE WITH APPLICABLE NON-U.S. LAWS, BE
      OBTAINED FROM THE TRANSFER AGENT OF THE CORPORATION, UPON DELIVERY OF THIS
      CERTIFICATE AND A DULY EXECUTED DECLARATION, IN A FORM SATISFACTORY TO THE
      CORPORATION, TO THE EFFECT THAT SUCH SALE IS BEING MADE IN ACCORDANCE WITH
      RULE 904 OF REGULATION S UNDER THE US SECURITIES ACT."

Provided that if at the time the Issuer is a Foreign Issuer, Common Shares
bearing such legend are being sold outside the United States in compliance with
Rule 904 of Regulation S under the U.S. Securities Act and in compliance with
applicable Canadian provincial and federal laws and regulations, the Issuer
shall use its reasonable best efforts to cause the legend to be removed within
three (3) business days upon delivery of the certificate and a duly executed
declaration to the registrar and transfer agent in the form attached hereto as
Schedule "C" to the Warrant Certificate (or as the Issuer may reasonably
prescribe from time to time) provided, further, that if any such Common Shares
are being sold pursuant to Rule 144 under the U.S. Securities Act, the legend
may be removed by delivery to the registrar and transfer agent of an opinion of
counsel in form and substance satisfactory to the Issuer, to the effect that the
legend is no longer required under applicable requirements of the U.S.
Securities Act or state securities laws.

If any Warrants represented by this Warrant Certificate are not being exercised,
a new Warrant Certificate will be issued and delivered with the Common Share
certificates.

The undersigned hereby directs that the Shares hereby subscribed for be issued
and delivered as follows:

    NAME(S) IN FULL                ADDRESSES                NUMBER OF SHARES
--------------------------------------------------------------------------------

-----------------------     -----------------------     ----------------------

-----------------------     -----------------------     ----------------------

-----------------------     -----------------------     ----------------------

(a)   PLEASE PRINT FULL NAMES IN WHICH THE SHARE CERTIFICATES ARE TO BE ISSUED,
      STATING WHETHER MR., MRS., MISS, OR MS.

(b)   IF ANY OF THE SHARES ARE TO BE ISSUED TO A PERSON OR PERSONS OTHER THAN
      THE UNDERSIGNED, THE UNDERSIGNED MUST PAY TO THE ISSUER ALL REQUISITE
      TRANSFER TAXES AND/OR FEES AND THE UNDERSIGNED HEREBY CERTIFIES THAT THERE
      IS NO CHANGE IN THE BENEFICIAL OWNERSHIP RELATIVE TO THE UNDERSIGNED AND
      THE HOLDER OF SAID SHARES.

                                     - 2 -
<PAGE>

DATED the___day of________, 200___.

                                  }

                                  }

_____________________________     }  ___________________________________________
Signature of Witness thereof         Signature of registered holder or Signatory
[PLEASE NOTE INSTRUCTION 4]       }

                                  }

                                  }  ___________________________________________
                                     If applicable, print Name and Office of
                                  }  Signatory

                                  }

                                  }  ___________________________________________
                                     Print Name of registered holder as on
                                  }  certificate

                                  }

                                  }  ___________________________________________
                                     Street Address
                                  }

                                  }

                                  }  ___________________________________________
                                     City, Province and Postal Code
                                  }

                                     - 3 -

<PAGE>

INSTRUCTIONS:

1.    The registered holder of a Warrant may exercise its right to convert the
      Warrant into Shares by completing and surrendering this Subscription Form
      and the ORIGINAL Warrant Certificate representing the Warrants being
      converted to the Issuer, as provided for in the Warrant Certificate.
      Certificates representing the Shares to be acquired on exercise will be
      sent by prepaid ordinary mail to the address(es) above within three
      business days after the receipt of all required documentation.

2.    If this Subscription Form is signed by a trustee, executor, administrator,
      curator, guardian, attorney, officer of a corporation or any other person
      acting in a fiduciary or representative capacity, this Subscription Form
      must be accompanied by evidence of authority to sign satisfactory to the
      Issuer.

3.    If this Subscription Form indicates that Shares are to be issued to a
      person or persons other than the registered holder of the Warrant to be
      converted: (i) the signature of the registered holder on this Subscription
      Form must be medallion guaranteed by an authorized officer of a chartered
      bank, trust company or an investment dealer who is a member of a
      recognized stock exchange, and (ii) the registered holder must pay to the
      Issuer all applicable taxes and other duties.

4.    For the purposes of this Subscription Form capitalized terms used herein
      have the meanings set forth below.

      "ACCREDITED INVESTOR" means "accredited investor" as that term is defined
      in Rule 501(a) of Regulation D;

      "CATEGORY 1 SECURITIES" means securities eligible for issuance under
      Category 1 as set forth under Rule 903(b)(1) of Regulation S and includes
      equity securities of a Foreign Issuer that are offered and sold in an
      Off-Shore Transaction and without Directed Selling Efforts; provided that
      there is no Substantial U.S. Market Interest in such equity securities;

      "CATEGORY 2 SECURITIES" means securities eligible for issuance under
      Category 2 as set forth under Rule 903(b)(2) of Regulation S and includes
      equity securities of a Foreign Reporting Issuer, with a Substantial U.S.
      Market Interest in such equity securities, offered and sold in an
      Off-Shore Transaction and without Directed Selling Efforts; provided that
      such offer or sale is not made to a U.S. Person or for the account or
      benefit of a U.S. Person and the notice and confirmation requirements set
      forth in Rule 903(b)(2)(iii) are satisfied;

      "CATEGORY 3 SECURITIES" means securities eligible for issuance under
      Category 3 as set forth under Rule 903(b)(3) of Regulation S and includes
      equity securities that are not eligible for issuance as Category 1
      Securities or Category 2 Securities.

      "FOREIGN ISSUER" means "foreign issuer" as that term is defined in
      Regulation S;

      "FOREIGN REPORTING ISSUER" means a Foreign Issuer that is a "reporting
      issuer" as that term is defined in Regulation S;

      "OFF-SHORE TRANSACTION" means "off-shore transaction" as that term is
      defined in Regulation S;

      "REGULATION D" means Regulation D of the U.S. Securities Act;

      "REGULATION S" means Regulation S of the U.S. Securities Act;

                                     - 4 -
<PAGE>

      "SUBSTANTIAL U.S. MARKET INTEREST" means "substantial U.S. market
      interest" as that term is defined in Regulation S;

      "UNITED STATES" means United States as that term is defined in Regulation
      S;

      "U.S. PERSON" means U.S. Person as that term is defined in Regulation S;
      and

      "U.S. SECURITIES ACT" means the United States Securities Act of 1933, as
      amended.

                                     - 5 -
<PAGE>

                                  SCHEDULE "B"

                                  TRANSFER FORM

     For value received, the undersigned hereby sells, transfers and assigns

unto ______________________________________________________________
            (please print name of transferee)

of          ____________________________________

            ____________________________________

            ____________________________________
           (please print address of transferee)

__________________________________________________________ Warrants represented
(please insert number of Warrants to be transferred)

by the within certificate.

DATED this           day of          , 20   .

______________________________
NOTICE:  THE SIGNATURE TO THIS
TRANSFER MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE
CERTIFICATE, IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT, OR
ANY CHANGE WHATEVER

Signature
guaranteed by: ___________________________________
NOTICE:  THE TRANSFER CANNOT BE PROCESSED WITHOUT
GUARANTEES OF ALL SIGNATURES, BY ONE OF THE
FOLLOWING:

IF THE COMPANY IS TRADING ON THE TSX-V, BY
A CANADIAN SCHEDULE I CHARTERED BANK, A MAJOR
TRUST COMPANY IN CANADA, OR A MEMBER OF ONE OF THE
RECOGNIZED MEDALLION PROGRAMS - SECURITIES
TRANSFER AGENTS MEDALLION PROGRAM ("STAMP"); STOCK
EXCHANGES MEDALLION PROGRAM ("SEMP"); OR NEW YROK
STOCK EXCHANGE, INC. MEDALLION PROGRAM ("MSP").

IF THE COMPANY IS TRADING IN THE UNITED STATES, BY A
NASD MEMBER FIRM, OR A BANK OR TRUST COMPANY
PARTICIPATING IN THE "MEDALLION GUARANTEE"
PROGRAM IN THE UNITED STATES.

                                     - 6 -
<PAGE>

                                  SCHEDULE "C"

                 FORM OF DECLARATION FOR REMOVAL OF U.S. LEGEND

To:   Registrar and Transfer Agent for the Common Shares of BPI Industries Inc.
      (the "Company")

The undersigned (a) acknowledges that the sale of the securities of the Company
to which this declaration relates is being made in reliance on Rule 904 of
Regulation S under the United States Securities Act of 1933, as amended (the
"U.S. Securities Act") and (b) certifies that (1) the undersigned is not an
affiliate of the Company (as that term is defined in Rule 405 under the U.S.
Securities Act), (2) the offer of such securities was not made to a person in
the United States and either (A) at the time the buy order was originated, the
buyer was outside the United States, or the seller and any person acting on its
behalf reasonably believe that the buyer was outside the United States or (B)
the transaction was executed on or through the facilities of a "designated
off-shore securities market" (as such terms is defined in Rule 902(b) of
Regulation S under the 1933 Act), including The Toronto Stock Exchange and the
TSX Venture Exchange, and neither the seller nor any person acting on its behalf
knows that the transaction has been prearranged with a buyer in the United
States, (3) neither the seller nor any affiliate of the seller nor any person
acting on any of their behalf has engaged or will engage in any directed selling
efforts in the United States in connection with the offer and sale of such
securities, (4) the sale is bona fide and not for the purpose of "washing off"
the resale restrictions imposed because the securities are "restricted
securities" (as that term is defined in Rule 144(a)(3) under the U.S. Securities
Act), (5) the seller does not have a short position in the securities sold in
reliance on Rule 904 of Regulation S under the U.S. Securities Act and does not
intend to replace such securities with fungible unrestricted securities, and (6)
the contemplated sale is not a transaction, or part of a series of transactions,
which, although in technical compliance with Regulation S, is part of a plan or
scheme to evade the registration provisions of the U.S. Securities Act. Terms
used herein have the meanings given to them by Regulation S.

DATED:_________________________________

                                             By:

                                             ___________________________________
                                             Name:

                                             ___________________________________
                                             Title:

Affirmation by Seller's Broker-Dealer

We have read the foregoing representations of our customer,
_________________________________ (the "Seller") dated _______________________,
with regard to our sale, for such Seller's account, of the _________________
shares of common shares, represented by certificate number ______________ (the
"Shares"), of BPI Industries Inc. and on behalf of ourselves we certify and
affirm that (A) we have no knowledge that the transaction had been prearranged
with a buyer in the United States, (B) the transaction was executed on or
through the facilities of The Toronto Stock Exchange or the TSX Venture Exchange
and (C) neither we, nor any person acting on our behalf, engaged in any directed
selling efforts in connection with the offer and sale of such securities. Terms
used herein have the meanings given to them by Regulation S.

________________________________________
Name of Firm

By:  ___________________________________
     Authorized officer

Date:___________________________________

                                     - 7 -<PAGE>

                                                                     EXHIBIT 4.4

                               BPI INDUSTRIES INC.

     ACKNOWLEDGMENT OF RECEIPT OF CONFIDENTIAL PRIVATE PLACEMENT MEMORANDUM

                                 No. ___________

The undersigned, as a condition to the receipt of the Confidential Private
Placement Memorandum of BPI Industries Inc. dated December __, 2004 (the
"Memorandum"), represents and agrees as follows:

      I acknowledge receipt of the numbered Memorandum. I acknowledge that the
      Memorandum is furnished to me on a confidential basis solely for the
      purpose of enabling me to evaluate whether to subscribe for the Units
      offered by BPI (the "Offering") and I agree not to further distribute it
      except to my legal, financial and other personal advisors, if any, who
      will use the Memorandum on my behalf solely for purposes of evaluating the
      Offering. Any reproduction or distribution of the Memorandum, in whole or
      in part, or the disclosure of the contents for any other purpose is
      prohibited. By accepting the Memorandum, I agree to be bound by all terms
      and conditions specified therein.

EXECUTION OF THIS DOCUMENT DOES NOT INDICATE ANY INTENT TO SUBSCRIBE FOR OR
PURCHASE THE SECURITIES OFFERED IN THE MEMORANDUM.

Dated: _____________________, 2004

________________________________________
                (Signature)

________________________________________
                  (Name)

________________________________________
                 (Address)

________________________________________
                 (Address)

________________________________________
             (City, State, Zip)

        THIS DOCUMENT MUST BE SIGNED AT THE TIME YOU RECEIVE THE ATTACHED
 CONFIDENTIAL PRIVATE PLACEMENT MEMORANDUM AND RETURNED TO THE PLACEMENT AGENT.

<PAGE>

                               BPI INDUSTRIES INC.

REMITTANCE INSTRUCTIONS

For Investor: ___________________

Amount of Investment: $____________________

PLEASE CHECK ONE OF THE OPTIONS BELOW TO INDICATE YOUR METHOD OF PAYMENT, SIGN
AND DATE THE FORM, AND RETURN IT TO SANDERS MORRIS HARRIS, WITH REMITTANCE IF
APPROPRIATE. YOUR REMITTANCE MUST BE RECEIVED NO LATER THAN DECEMBER 31, 2004,
UNLESS THE DATE FOR PAYMENT IS EXTENDED.

================================================================================

_____ I have an account with Sanders Morris Harris and wish to pay the amount of
      my investment from such account:

                  To Sanders Morris Harris Inc.: Please accept this letter as
                  your authorization to pay $_______________ to "BPI Industries
                  Inc. Escrow Account" from my account number ________________.

================================================================================

_____ Attached is my check payable to "BPI Industries Inc. Escrow Account" in
      the amount of my investment.

================================================================================

_____ I will wire the amount of my investment on (date) ______________, using
the following wiring instructions:

      [REDACTED]

Signed: ________________________________________________     Dated: ____________

                                Registered Owner

           Please include this form with your subscription documents.

<PAGE>

                                                    ____________________________
                                                                Name of Investor

                               BPI INDUSTRIES INC.

                         CONFIDENTIAL PRIVATE PLACEMENT

                             SUBSCRIPTION DOCUMENTS

                                       3
<PAGE>

                               BPI INDUSTRIES INC.

                          INSTRUCTIONS FOR SUBSCRIBING

      A Subscription Agreement to subscribe to purchase Units of BPI Industries
Inc. (the "Company"), a British Columbia corporation, is attached. Each Unit is
comprised of two shares of common stock, without par value (the "Common Stock"),
and one warrant (the "Investor Warrant") as described in the Memorandum. Please
follow these instructions:

      1. Please read the entire Subscription Agreement before you sign it.

      2. Please complete and sign the Signature Page on the Subscription
Agreement.

      3. Be sure to indicate in the space provided on the Signature Page the
dollar amount for the aggregate number of Units for which you wish to subscribe.
Please note the minimum subscription is $100,000.

      4. Please complete and sign the Purchaser's Questionnaire. Please answer
all questions fully and completely. Subscribers that are corporations,
partnerships, limited liability companies, trusts, or estates should also
provide the documents requested on the following page.

      5. Attach a certified or bank check, payable to the order of "BPI
Industries Inc. Escrow Account" in the amount of the full subscription price for
the Units subscribed. Alternatively, you may make arrangements to wire funds to
the Escrow Agent by contacting Julie Eicher at 713-220-5172.

      6. Forward the Subscription Agreement, the Purchaser's Questionnaire, and
your check (if paying by check) to: Sanders Morris Harris Inc., 600 Travis St.,
Suite 3100, Houston, Texas 77002, Attention: Julie Eicher.

      If you have any questions with regard to this procedure, please contact
Julie Eicher at 713-220-5172.

<PAGE>

                      NOTICE TO CORPORATIONS, PARTNERSHIPS,
                 LIMITED LIABILITY COMPANIES, TRUSTS AND ESTATES

1.    CORPORATIONS:

Please provide a copy and the filing date of the certificate or articles of
incorporation and bylaws, as amended to date, and a corporate resolution
authorizing the subscription for the Interest and giving authority to the
person(s) signing the subscription documentation to do so.

2.    PARTNERSHIPS:

Please provide a copy of the partnership agreement, as amended to date, showing
the date of formation and giving evidence of authority of the person(s) signing
the subscription documentation to do so.

3.    LIMITED LIABILITY COMPANIES

Please provide a copy of the certificate of formation or articles of
organization and operating agreement or regulations, as amended to date, showing
the date of formation and giving evidence of the authority of the person(s)
signing the subscription documentation to do so.

4.    TRUSTS:

Please provide a copy of the trust agreement, as amended, showing the date of
formation and giving evidence of the authority of the person(s) signing the
subscription documentation to do so.

5.    ESTATES:

Please provide a copy of the Will, including and codicils thereto and current
Letters Testamentary, and any and all amendments thereto, giving evidence of the
authority of the person(s) signing the subscription documentation to do so.

NOTE: If current documents have previously been provided to, or are on file
with, Sanders Morris Harris Inc., please provide the date on which and the
offering with respect to which they were provided.

NOTE: Because the Company is a British Columbia corporation and is listed on the
TSX Venture Exchange, all subscribers who are not natural persons must complete
Form 1 - "Corporate Placee Registration Form" for filing with the TSX Venture
Exchange. Form 1 follows the Subscription Agreement.

                                       5
<PAGE>

                            PERSONAL AND CONFIDENTIAL

THE COMMON STOCK AND INVESTOR WARRANTS WHICH COMPRISE THE UNITS OF BPI
INDUSTRIES INC ("BPI" OR THE "COMPANY") CONSTITUTE SECURITIES THAT HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE APPLICABLE
SECURITIES LAWS OF ANY STATE, OR THE SECURITIES LAWS OF CANADA, BRITISH
COLUMBIA, OR ANY OTHER PROVINCE. NEITHER THE COMMON STOCK, NOR THE INVESTOR
WARRANTS NOR THE SHARES ISSUABLE ON EXERCISE OF THE INVESTORS WARRANTS (THE
"WARRANT SHARES") MAY

      (A)   AT ANY TIME, BE OFFERED FOR SALE, SOLD OR OTHERWISE TRANSFERRED IN
            THE UNITED STATES WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF
            1933 AND APPLICABLE STATE LAWS, OR DELIVERY TO BPI OF AN OPINION OF
            LEGAL COUNSEL SATISFACTORY TO BPI THAT SUCH REGISTRATION IS NOT
            REQUIRED.

      (B)   PURSUANT TO CANADIAN SECURITIES LEGISLATION AND THE REGULATIONS OF
            THE TSX-VENTURE EXCHANGE, BE OFFERED FOR SALE, SOLD, OR OTHERWISE
            TRANSFERRED TO ANYONE, ANYWHERE, UNTIL FOUR MONTHS AFTER CLOSING OF
            THE OFFERING EXCEPT AS PERMITTED UNDER THE BRITISH COLUMBIA
            SECURITIES ACT AND SECURITIES RULES.

RESTRICTIONS ON TRANSFER WILL BE IMPRINTED ON THE DOCUMENTS EVIDENCING THE
SECURITIES TO THE FOREGOING EFFECTS.

FOR MORE COMPLETE INFORMATION ON RESALE RESTRICTIONS, REFERENCE IS MADE TO THE
MEMORANDUM UNDER THE CAPTION "PLAN OF DISTRIBUTION - LIMITATIONS ON RESALE."

THE PURCHASE OF THE UNITS INVOLVES A HIGH DEGREE OF RISK AND SHOULD BE
CONSIDERED ONLY BY PERSONS WHO CAN BEAR THE RISK OF LOSING THEIR ENTIRE
INVESTMENT

                               BPI INDUSTRIES INC.

              Units - Shares of Common Stock and Investor Warrants

                             SUBSCRIPTION AGREEMENT

BPI Industries Inc.
Attention:  Keith G. Ebert
885 West Georgia Street, Suite 1500
Vancouver, British Columbia V6C 3E8

Ladies and Gentlemen:

      This will confirm my agreement to become a stockholder of BPI Industries
Inc. ("BPI") and to purchase Units of BPI, each Unit consisting of two shares of
common stock, without par value (the "Common Stock"), of the Company and one
warrant to purchase one share of Common Stock (the "Investor Warrant"). I/we
hereby acknowledge receipt of the Confidential

                                       6
<PAGE>

Private Placement Memorandum dated December __, 2004 (the "Memorandum"), with
respect to BPI. The Memorandum describes the terms under which the Units are
offered to subscribers.

      1. SUBSCRIPTION AND SALE.

      1.1 Subscription. Subject to the terms and conditions of this Agreement
and the provisions of the Memorandum, I/we irrevocably subscribe for, and agree
to purchase the number of Units of BPI for the subscription price indicated on
the Signature Page. I am/we are tendering to BPI (a) a completed, signed, and
dated copy of this Agreement, (b) a completed, signed, and dated Purchaser's
Questionnaire, and (c) a certified check or bank check in the amount of the
subscription price (or I am/we are concurrently wire transferring such amount to
the Escrow Agent).

      1.2 Acceptance or Rejection of Subscription. All funds tendered by
me/us will be held in a segregated subscription account pending acceptance or
rejection of this Agreement and the closing of my/our purchase of the Units.
This Agreement will either be accepted, in whole or in part, subject to the
prior sale of the Units, or rejected, by BPI as promptly as practicable. If this
Agreement is accepted only in part, I/we agree to purchase such smaller number
of Units as BPI determines to sell to me/us. If this Agreement is rejected for
any reason, including the termination of the offering of the Units by BPI, this
Agreement and all funds tendered with it will be promptly returned to me/us,
without interest or deduction of any kind, and this Agreement will be void and
of no further force or effect. Deposit and collection of the check tendered, or
receipt of funds wired, with this Agreement will not constitute acceptance of
this Agreement.

      1.3 Closing. Subscriptions will be accepted at one or more closings, as
described in the Memorandum. On closing, the subscription evidenced hereby, if
not previously rejected, will, in reliance on my/our representations and
warranties, be accepted, in whole or in part, and BPI will execute a copy of
this Agreement and return it to me/us. If my/our subscription is accepted only
in part, this Agreement will be marked to indicate such fact, and BPI will
return to me/us the portion of the funds tendered by me/us representing the
unaccepted portion of my/our subscription, without interest or deduction of any
kind. The Units subscribed for will not be deemed to be issued to, or owned by,
me/us until BPI has accepted this Agreement.

      2. REPRESENTATIONS, WARRANTIES, AND COVENANTS OF THE PURCHASER. I/we
represent, warrant, and covenant to BPI that:

      2.1 General:

            (a) If I am a natural person, I have the legal capacity and all
      requisite authority to enter into, execute, and deliver the Transaction
      Documents, to purchase the Units, and to perform all the obligations
      required to be performed by me thereunder. If we are a corporation,
      partnership, limited liability company, trust, estate, or other entity, we
      are authorized to purchase the Units and otherwise to comply with our
      obligations under the Transaction Documents. The person signing this
      Agreement on behalf of such entity is duly authorized by such entity to do
      so. The Transaction Documents are my/our valid and binding agreements and
      enforceable against me/us in accordance with their terms.

            (b) My/our principal residence is in the jurisdiction indicated
      herein, or if we are a corporation, partnership, limited liability
      company, trust, estate, or other entity, we are organized and qualified
      under the law of the state indicated below and I/we have no intention of
      becoming a resident or domiciliary of any jurisdiction other than the one
      indicated by our address. I/we are not resident in British Columbia.

                                        7
<PAGE>

            (c) I am/we are subscribing to purchase the Units solely for my/our
      own account, for investment, and not with a view to, or for resale in
      connection with, any distribution. I am/we are not acquiring the Units as
      an agent or otherwise for any other person.

      2.2 Information Concerning the Offering:

            (a) I/we have received, carefully read, and understood the
      Memorandum. I/we have not been furnished any offering literature other
      than the Memorandum and the Exhibits attached thereto and have relied only
      on the information contained therein and my/our own due diligence efforts
      and inquiries with respect to the Offering. The Units were not offered to
      me/us by any means of general solicitation or general advertising.

            (b) I/we understand that the Offering is being made without
      registration of the Units under the Securities Act of 1933, as amended
      (the "Act"), or any state securities or blue sky laws, or the British
      Columbia Securities Act and Securities Rules or any other Canadian
      securities legislation, in reliance on exemptions from such registration,
      and that such reliance is based in part on my representations and
      warranties set forth in this Section 2 and on the information set forth in
      the Purchaser's Questionnaire tendered by me/us to BPI with this
      Agreement.

            (c) In formulating a decision to invest in the Units, I/we (and
      my/our Purchaser Representative (as defined in Rule 501(h) of Regulation D
      under the Act), if any) have been given the opportunity to ask questions
      of, and to obtain any information necessary to permit me to verify the
      accuracy of the information set forth in the Memorandum from,
      representatives of BPI and have been furnished all such information so
      requested. I/we have not relied or acted on the basis of any
      representations or other information purported to be given on behalf of
      BPI except as set forth in the Memorandum (it being understood that no
      person has been authorized by BPI to furnish any representations or other
      information except as set forth in the Memorandum).

            (d) I/we understand that the purchase of the Units involves various
      risks and that an investment in BPI should be regarded as speculative and
      involving a high degree of risk. I am/we are fully aware of the nature of
      my investment in BPI and the lack of liquidity of an investment in the
      Units pursuant to the Offering, because the shares, the Investor Warrants,
      and the shares issuable on exercise of the Investor Warrants (the "Warrant
      Shares") may not be sold, transferred, or otherwise disposed of in the
      United States except pursuant to an effective registration statement under
      the Act or an exemption from such registration, and that in the absence of
      such registration or exemption, the Units and their constituent securities
      must be held indefinitely. I/we have read the disclosures in the
      Memorandum concerning limitations on resale concerning such matters and
      the separate limitations on resale imposed by Canadian legislation.

            (e) I/we understand that no federal or state agency, securities
      commission, or similar regulatory agency has reviewed or passed upon the
      Units of BPI, the merits of the offering. or made any finding or
      determination concerning the fairness or advisability of an investment in
      BPI.

                                        8
<PAGE>

      2.3 Status of Subscriber, Additional Information:

            (a) If we are a corporation, partnership, limited liability company,
      trust, estate, or other entity, we are an "accredited investor," as that
      term is defined in Rule 501(a) of Regulation D under the Act (see the
      Purchaser's Questionnaire for a list of the types of accredited investors)
      and meet the experience standards set forth in Section 2.3(b) below. If I
      am a natural person, I am at least 21 years of age and am an "accredited
      investor" and meet the experience standards set forth in Section 2.3(b)
      below.

            (b) I (together with my Purchaser Representative, if any), or if we
      are a corporation, partnership, limited liability company, trust, estate,
      or other entity, we by and through our officers, directors, trustees,
      managers, partners, employees, or other advisors, (i) are experienced in
      evaluating companies such as BPI, (ii) have determined that the Units are
      a suitable investment for me/us, and (iii) have such knowledge, skill, and
      experience in business, financial, and investment matters so that I am/we
      are capable of evaluating the merits and risks of an investment in the
      Units. To the extent necessary, I/we have retained, at my/our expense, and
      relied upon, appropriate professional advice regarding the investment,
      tax, and legal merits and consequences of this Agreement and owning the
      Units, and I/we and my/our advisers or representatives have investigated
      my/our investment in BPI to the extent I/we and they have deemed
      advisable. I/we have the financial ability to bear the economic risks of
      our entire investment for an indefinite period and no need for liquidity
      with respect to our investment in BPI, and, if I a natural person, I have
      adequate means for providing for my current needs and personal
      contingencies.

            (c) I/we agree to furnish any additional information requested to
      assure compliance with the Act and state securities laws, and Canadian
      legislation, in connection with the purchase and sale of the Units. If
      there is any material change in the information I/we are furnishing
      hereunder prior to the date this Agreement is accepted, I/we will
      immediately furnish such revised or corrected information to BPI.

      2.4 Restrictions on Transfer or Sale of the Common Stock, Investor
Warrants, and Warrant Shares:

            (a) I /we will not sell, assign, pledge, give, transfer, or
      otherwise dispose of any the Units, the Common Stock, the Investor
      Warrants, the Warrant Shares, or any interest therein, or make any offer
      or attempt to do any of the foregoing, except pursuant to a registration
      of the resale of such securities under the Act and applicable state
      securities laws, or in a transaction that is exempt from the registration
      provisions of Canadian legislation, the Act, and any applicable state
      securities laws. I/we understand that BPI will not be under any obligation
      to register the resale of the securities under the Act or any state
      securities law (except as provided in the Registration Rights Agreement
      (as hereinafter defined)) or to comply with the terms of any exemption
      provided under the Act or any state securities law or Canadian
      legislation.

            (b) I/we have not offered or sold any portion of my/our Units and
      have no present intention of dividing my/our Units with others or of
      reselling or otherwise disposing of any portion thereof either currently
      or after the passage of a fixed or determinable period of time or upon the
      occurrence or nonoccurrence of any predetermined event or circumstance.

      2.5 Independent Nature of Investor's Obligations and Rights. My/our
obligations under this Agreement, the Registration Rights Agreement, and any
other documents delivered in connection herewith and therewith (collectively,
the "Transaction Documents") are several and not joint with the obligations of
any other purchaser of the Units, and I/we shall not be responsible in any way
for the

                                       9
<PAGE>

performance of the obligations of any other purchaser of Units. My/our decision
to purchase Units pursuant to the Transaction Documents has been made by me/us
independently of any other purchaser. Nothing contained herein or in any
Transaction Document, and no action taken by any purchaser of Units pursuant
thereto, shall be deemed to constitute such purchasers as a partnership, an
association, a joint venture, or any other kind of entity, or create a
presumption that the purchasers are in any way acting in concert or as a group
with respect to such obligations or the transactions contemplated by the
Transaction Document. I/we acknowledge that no other purchaser has acted as
agent for me/us in connection with making my/our investment hereunder and that
no other purchaser will be acting as my/our agent in connection with monitoring
my/our investment in the Units or enforcing my/our rights under the Transaction
Documents. I/we shall be entitled to independently protect and enforce my/our
rights, including without limitation the rights arising out of this Agreement or
out of the other Transaction Documents, and it shall not be necessary for any
other purchaser to be joined as an additional party in any proceeding for such
purpose.

      2.6 Due Authority, Etc. If we are a corporation, partnership, limited
liability company, trust, estate, or other entity: (a) we are duly organized,
validly existing, and in good standing under the laws of the jurisdiction of our
formation and have all requisite power and authority to own our properties and
assets and to carry on our business, and at BPI's request, will furnish it with
copies of our organizational documents, (b) we have the requisite power and
authority to execute the Transaction Documents and to carry out the transactions
contemplated hereby, (c) our execution and performance of the Transaction
Documents do not and will not result in any violation of, or conflict with, any
term of our charter, bylaws, partnership agreement, operating agreement or
regulations, or indenture of trust, as the case may be, or any instrument to
which we are a party or by which we are bound or any law or regulation
applicable to us, (d) our execution and performance of the Transaction Documents
has been duly authorized by all necessary corporate, partnership, or other
action, (e) we were not specifically formed to invest in BPI, and (f) the
individual who has executed the Transaction Documents on our behalf was duly
authorized to do so by all requisite corporate, partnership, or other action
and, on request of BPI, we will furnish appropriate evidence of the authority of
such individual to act on our behalf.

      2.7 Valid Obligation. This Agreement has been duly executed and delivered
me/us or on our behalf and, if and when accepted by BPI, in whole or in part,
will constitute my/our legal, valid, and binding obligations, enforceable in
accordance with their respective terms (except as limited by principles of
equity or bankruptcy, insolvency, or other similar laws affecting enforcement of
creditors' rights generally).

      2.8 ERISA Matters. If we are an employee benefit plan within the meaning
of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"):

            (a) We and our plan fiduciaries are not affiliated with, and are
      independent of BPI, and are informed of and understand BPI's investment
      objectives, policies, and strategies.

            (b) We represent that the purchase of the Units will not involve any
      transaction that is subject to the prohibition of Section 406 of ERISA or
      in connection with which a penalty could be imposed under Section 502(i)
      of ERISA or a tax could be imposed pursuant to Section 4975 of the
      Internal Revenue Code of 1986, as amended (the "Code").

            (c) The trustee or other plan fiduciary directing the investment:

                  (i) in making the proposed investment, is aware of and has
            taken into consideration the diversification requirements of Section
            404(a)(1)(C) of ERISA; and

                                       10
<PAGE>

                  (ii) has concluded that the proposed investment in BPI is
            prudent and is consistent with the other applicable fiduciary
            responsibilities under ERISA.

      (d) This Agreement has been duly executed on our behalf by a duly
      designated Named Fiduciary (within the meaning of Section 402(a)(2) of
      ERISA).

            (e) If we are an individual retirement account (IRA) or employee
      benefit plan not subject to Title I of ERISA, such as a governmental or
      church plan, the owner of the individual retirement account or other
      fiduciary directing the investment of the plan has concluded that the
      proposed investment in the Units is prudent and consistent with its
      fiduciary responsibilities, if any.

      2.9 Fees and Commissions. No fees or commissions have been paid or are
payable by me/us in connection with this Agreement and the issuance of the Units
to me/us.

      2.10 Concerning Canadian Securities Law Matters. I/We acknowledge that BPI
is relying on one or more exemptions from the requirements to provide me/us with
a prospectus and to sell the Units through a person registered to sell
securities under the British Columbia Securities Act and Securities Rules and
other Canadian securities legislation, and, as a consequence of acquiring the
Units pursuant to such exemption and the fact that no prospectus has been or is
required to be filed with respect to the Units under the British Columbia
Securities Act and other applicable Canadian securities legislation, I/we
acknowledge that:

            (a) I/We am restricted from using certain of the civil remedies
      available under the British Columbia Securities Act and other Canadian
      securities legislation and certain protections, rights and remedies
      provided by the British Columbia Securities Act and such other
      legislation, including statutory rights of rescission or damages, will not
      be available to me/us;

            (b) I/We may not receive information that might otherwise be
      required to be provided under the British Columbia Securities Act and such
      other legislation, and BPI is relieved from certain obligations that would
      otherwise apply under such legislation;

            (c) there is no government or other insurance covering the Units;

            (d) there are risks associated with the purchase of the Units;

            (e) there are restrictions on my/our ability to resell the Units and
      it is my/our responsibility to find out what those restrictions are and to
      comply with them before selling the Units, the Common Stock, Investor
      Warrants, or Warrant Shares; and

            (f) no securities commission, agency, governmental authority,
      regulatory body, stock exchange, or other entity has reviewed or passed
      upon the merits of the Units, the Common Stock, the Investor Warrants, or
      the Warrant Shares, or made any finding or determination as to the merits
      for investment in, nor have any such agencies or governmental authorities
      made any recommendation or endorsement with respect to, the Units;

      2.11 Concerning Compliance with Regulation S. If I/we are resident in a
jurisdiction other than the United States or Canada, I/we acknowledge that BPI
is relying on the exemption from registration under the Act which is provided by
Regulation S, and represent to BPI that:

                                       11
<PAGE>

            (a) no offers to sell the Units were made by any person to me/us
      while I/we were in the United States;

            (b) I/we were outside the United States at the time of execution and
      delivery of this Subscription Agreement;

            (c) I/we have no intention to distribute either directly or
      indirectly any of the Units or their constituent securities in the United
      States, except in compliance with the Act; and

            (d) My/our affairs are controlled and directed from outside of the
      United States, the purchase of the Units was not solicited in the United
      States and no part of the transaction which is the subject of this
      Subscription Agreement occurred in the United States;

      3. REGISTRATION RIGHTS AGREEMENT; POWER OF ATTORNEY. I/we further agree to
be bound by the terms of and hereby execute the Registration Rights Agreement
among BPI and the purchasers of the Units (the "Registration Rights Agreement").
By signing below, I/we irrevocably constitute and appoint Sanders Morris Harris
Inc., a Texas corporation ("SMH"), as my/our true and lawful agent and
attorney-in-fact with full power of substitution and full power and authority in
my/our name, place, and stead to execute and deliver the Registration Rights
Agreement and to take such actions as may be necessary or appropriate to carry
out the terms of the Registration Rights Agreement. The power of attorney hereby
granted will be deemed coupled with an interest, will be irrevocable, and will
survive and not be affected by my/our subsequent death, incapacity, dissolution,
insolvency, or termination or any delivery by me/us of an assignment in whole or
in part of my/our Units or their constituent securities. The foregoing power of
attorney may be exercised by SMH either by signing separately or jointly as
attorney-in-fact for each or all of the subscribers for the Units or by a single
signature of SMH acting as attorney-in-fact for all of them. BPI may rely and
act upon any writing believed in good faith to be signed by SMH or any
authorized representative of SMH, and may assume that all actions of SMH and any
authorized representative of SMH have been duly authorized by me/us.

      4. WAIVER, AMENDMENT, BINDING EFFECT. Neither this Agreement nor any
provisions hereof shall be modified, changed, discharged, or terminated except
by an instrument in writing, signed by the party against whom any waiver,
change, discharge, or termination is sought. The provisions of this Agreement
shall be binding upon and accrue to the benefit of the parties hereto and their
respective heirs, legal representatives, successors, and assigns.

      5. ASSIGNABILITY. Neither this Agreement nor any right, remedy,
obligation, or liability arising hereunder or by reason hereof shall be
assignable by BPI or me/us without the prior written consent of the other.

      6. APPLICABLE LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF TEXAS, WITHOUT REGARD TO THE CONFLICT OF LAWS
PROVISIONS THEREOF.

      7. COUNTERPARTS. This Agreement may be executed in any number of
counterparts and by facsimile, each of which when so executed and delivered
shall be deemed to be an original and all of which together shall be deemed to
be one and the same agreement.

                                       12
<PAGE>

      8. NOTICES. All notices and other communications provided for herein shall
be in writing and shall be deemed to have been duly given if delivered
personally or sent by registered or certified mail, return receipt requested,
postage prepaid:

      (a)   If to BPI, to it at the following address:

            BPI Industries Inc.
            Attention:  Keith G. Ebert
            885 West Georgia Street, Suite 1500
            Vancouver, British Columbia V6C 3E8

            (b) If to me/us at the address
            set forth on the signature page hereto;

or at such other address as either party shall have specified by notice in
writing to the other.

      9. SURVIVAL. All representations, warranties, and covenants contained in
this Agreement shall survive (i) the acceptance of the Subscription by BPI, (ii)
changes in the transactions, documents and instruments described in the
Memorandum, and (iii) my death or disability.

      10. NOTIFICATION OF CHANGES. I/we hereby covenant and agree to notify BPI
upon the occurrence of any event prior to the closing of the purchase of the
Units pursuant to this Agreement, which would cause any representation,
warranty, or covenant by me/us contained in this Agreement to be false or
incorrect.

      11. PURCHASE PAYMENT. The purchase price is being paid herewith by
delivery of either cash or check payable to "BPI Industries Inc. Escrow
Account." All payments made as provided in this Paragraph 11 shall be deposited
as soon as practicable and held in a segregated escrow account until the earlier
to occur of (a) the sale of all of the securities in this Offering or (b) the
termination of this Offering.

                                       13
<PAGE>

                              BPI INDUSTRIES INC.
                             SUBSCRIPTION AGREEMENT
                                 SIGNATURE PAGE

      IN WITNESS WHEREOF, the undersigned has executed this Subscription
Agreement on _____________, 2004.

NUMBER OF UNITS SUBSCRIBED FOR:                                  _______________

AMOUNT OF SUBSCRIPTION ($2.50 PER UNIT):                        $_______________

NAME OF SUBSCRIBER(S):

(1) _________________________________________  Signature: ______________________
    (Please print name)

                                                    Date: ______________________
                                                    Name: ______________________
                                                    Title: _____________________

Joint Tenant/Tenant in Common (if applicable):

(2) _________________________________________  Signature: ______________________
    (Please print name)

                                               Date:      ______________________

    ADDRESS (including mailing address, if applicable):
   __________________________________________
   __________________________________________
   __________________________________________

   TAXPAYER I.D. NUMBER OR SOCIAL SECURITY
   NUMBER OF EACH SUBSCRIBER:
                                                          ______________________

TYPE OF OWNERSHIP:

             ___      Individual

             ___      Tenants in common

             ___      Joint tenants with right of survivorship

             ___      Community property (check only if resident of community
                       property state)

             ___      Partnership (1)

             ___      Corporation (2)

             ___      Trust (3)

             ___      Limited Liability Company (4)

             ___      Employee Benefit Plan under ERISA

             ___      Other (please specify:____________________)

_____________

                                       14
<PAGE>

1.    Please enclose a copy of the partnership agreement and a current list of
      all partners.

2.    Please enclose a copy of the articles or certificate of incorporation,
      bylaws, and a resolution authorizing this investment and indicating the
      authority of the signatory hereto.

3.    Please enclose a copy of the trust instrument.

4.    Please enclose a copy of the articles of formation and members' agreement
      or regulations.

NOTE: All subscribers who are not natural persons must complete and send to SMH
Form 1.

                                       15
<PAGE>

                               BPI INDUSTRIES INC.
                           ACCEPTANCE OF SUBSCRIPTION

Agreed and accepted as to $___________________         Dated:___________________

                                 BPI INDUSTRIES INC.

                                 By:_______________________________
                                 Name:_____________________________
                                 Its:______________________________

                                       16
<PAGE>

                                     FORM 1

                          TSX VENTURE EXCHANGE FORM 4C
                       CORPORATE PLACEE REGISTRATION FORM

Where subscribers to a private placement are not individuals, the following
information about the placee must be provided. This Form will remain on file
with the TSX Venture Exchange (the "Exchange"). The Issuer, trust, portfolio
manager or other entity (the "Placee") need only file it on a one time basis,
and it will be referenced for all subsequent private placements in which it
participates. If any of the information provided in this Form changes, the
Placee must notify the Exchange prior to participating in further placements
with Exchange listed companies. If as a result of the private placement, the
Placee becomes an Insider of the Issuer, Insiders of the Placee are reminded
that they must file a Personal Information Form (Form 2A) with the Exchange.

1.    Placee Information:

      (a) Name:_________________________________________________________________

      (b) Complete Address:_____________________________________________________

      (c) Jurisdiction of Issuer or Creation:___________________________________

2.    (a) Is the Placee purchasing securities as a portfolio manager (Yes/No)?

      (b) Is the Placee carrying on business as a portfolio manager outside of
          Canada (Yes/No)?

3.    If the answer to 2(b) above was "Yes", the undersigned certifies that:

            (a)   It is purchasing securities of an Issuer on behalf of managed
                  accounts for which it is making the investment decision to
                  purchase the securities and has full discretion to purchase or
                  sell securities for such accounts without requiring the
                  client's express consent to a transaction;

            (b)   it carries on the business of managing the investment
                  portfolios of clients through discretionary authority granted
                  by those clients (a "portfolio manager" business) in
                  [jurisdiction], and it is permitted by law to carry on a
                  portfolio manager business in that jurisdiction;

            (c)   it was not created solely or primarily for the purpose of
                  purchasing securities of the Issuer;

            (d)   the total asset value of the investment portfolios it manages
                  on behalf of clients is not less than $20,000,000; and

            (e)   it has no reasonable grounds to believe, that any of the
                  directors, senior officers and other insiders of the Issuer,
                  and the persons that carry on investor relations activities
                  for the Issuer has a beneficial interest in any of the managed
                  accounts for which it is purchasing

4.    If the answer to 2(a). above was "No", please provide the names and
      addresses of control persons of the Placee:

<TABLE>
<CAPTION>
NAME                 CITY                     PROVINCE OR STATE       COUNTRY
----                 ----                     -----------------       -------
<S>                  <C>                      <C>                     <C>
----                 ----                     -----------------       -------
----                 ----                     -----------------       -------
</TABLE>

                                       17
<PAGE>

The undersigned acknowledges that it is bound by the provisions of applicable
Securities Law, including provisions concerning the filing of insider reports
and reports of acquisitions (See for example, sections 87 and 111 of the
Securities Act (British Columbia)).

Dated at_________________________________ on the_________ day of________, 2004.

      ___________________________________
      Name of Purchaser - please print

      ___________________________________
      Authorized Signature

      ___________________________________
      Official Capacity - please print

      ___________________________________
      Please print name of individual whose signature appears above

                          THIS IS NOT A PUBLIC DOCUMENT

                                       18
<PAGE>

                               BPI INDUSTRIES INC.

                     PURCHASER REPRESENTATIVE QUESTIONNAIRE

BPI Industries Inc.
c/o Sanders Morris Harris
600 Travis St., Suite 3100
Houston, Texas 77002
Attention: Julie Eicher

Re:    Purchase of Units of BPI Industries Inc.

Ladies and Gentlemen:

      The following information is furnished to you so that you may determine
whether the undersigned client ______________________________________, (the
"Purchaser"), together with the undersigned and other purchaser representatives,
if any, has such knowledge and experience in financial and business matters that
he is capable of evaluating the merits and risks of an investment in the Units
of BPI Industries Inc. (the "Company") as required under Securities and Exchange
Commission Regulation D ("Regulation D"). I understand that you will rely upon
the information contained herein for purposes of such determination, and that
the Common Stock will not be registered under the Securities Act of 1933, as
amended (the "Securities Act"), and the applicable securities laws of any state
or foreign jurisdiction, in reliance upon the exemption from registration
provided by Section 4(2) of the Securities Act, and/or Rule 506 of Regulation D)
and the applicable securities laws of any state or foreign jurisdiction.

      All information contained herein will be treated confidentially. However,
I agree that you may present this Questionnaire to such persons as you deem
appropriate if called upon to establish that the proposed offer and sale of the
Units is exempt from registration under the Securities Act and the applicable
securities laws of any state or foreign jurisdiction.

      I am acting as Purchaser Representative for the Purchaser in connection
with the Purchaser's prospective investment in the Company, and, in that
connection, I furnish you with the following representations and information:

                  1.    Name (please
                  print):_____________________________________________

                  2.    Age:_________

                  3.    Profession (or Business and Title, if applicable):

                  ______________________________________________________________

                  ______________________________________________________________

                        4.    (a)     Business
                        Address:________________________________________________

                              (b)     Telephone Number:

                        ______________________________________________________

                                       19
<PAGE>

      5. Details of any training or experience in financial, business, or tax
matters that qualify me to act in the capacity of Purchaser Representative
(include current and prior employment, business or professional education,
professional licenses now held, and, if applicable, participating in evaluation
of similar investments in the past):

     _______________________________________________________________________

     _______________________________________________________________________

     _______________________________________________________________________

      6. I have not, during the past 10 years, (i) been convicted, indicted, or
investigated in connection with any past or present criminal proceeding
(excluding traffic violations and other minor offenses); or (ii) been the
subject of any order, judgment, or decree of any court of competent jurisdiction
permanently or temporarily enjoining the undersigned from acting as an
investment adviser, underwriter, broker, or dealer in securities or as an
affiliated person, director, or employee of an investment company, bank, savings
and loan association or insurance company, or from engaging in or continuing any
conduct or practice in connection with any such activity or in connection with
the purchase or sale of any security, or been the subject of any order of a
federal or state authority barring or suspending for more than 60 days the
undersigned's right to be engaged in any such activity, or to be associated with
persons engaged in any such activity, which order has not been reversed or
suspended.

      7. I am not an Affiliate (as defined in Regulation D), director, officer
or other employee of the Company, or a beneficial owner of 10 percent or more of
the equity interest in the Company, except as follows: (if none, so state)
______________________________________________________.

      8. I have such knowledge and experience in financial, business, and tax
matters so as to be capable, together with the Purchaser, of evaluating the
relative merits and risks of an investment in the Company.

      9. There is no material relationship (as defined in Regulation D) between
me or my affiliates and the Company or its affiliates which now exists or is
mutually understood to be contemplated or which has existed at any time during
the previous two years, nor has any compensation been received or will any
compensation be received as a result of any such relationship except as follows:
(if none, so state)______________________________________________________.

      10. I agree to advise you promptly of any material changes in the
foregoing information that may occur prior to termination of the offering
relating to the Company's Units.

                                            Very truly yours,

                                            ____________________________________
                                            (Purchaser Representative)

                                            ____________________________________
                                                          Print Name

Dated:_______________________, 2004

                                       20
<PAGE>

CONFIDENTIAL

                            PURCHASER'S QUESTIONNAIRE

BPI Industries Inc.
c/o Sanders Morris Harris
600 Travis St., Suite 3100
Houston, Texas 77002
Attention: Julie Eicher

      The information contained herein is being furnished to you in order for
you to determine whether the undersigned's subscription to purchase Units of BPI
Industries Inc. ("BPI" or the "Company") may be accepted by you pursuant to
Section 4(2) of the Securities Act of 1933 (the "Securities Act"), as amended,
and Regulation D promulgated thereunder. I understand that (i) the Company will
rely upon the information contained herein for purposes of determining the
availability of exemptions from the registration requirements of the Securities
Act, and (ii) the issuance of the Units will not be registered under the
Securities Act in reliance upon such exemptions.

      All information furnished is for the sole use of the Company and will be
held in confidence by you, except that this Questionnaire may be furnished to
such parties as the Company's counsel (or counsel for Sanders Morris Harris Inc.
(the "Placement Agent")) deems necessary or desirable to establish compliance
with federal or state securities laws.

      In accordance with the foregoing, the undersigned makes the following
representations and warranties:

      1.    (This item is presented in alternative form. Please initial, in the
            space provided, the alternative you select.)

   ___________________  ALTERNATIVE ONE: I have such knowledge and experience in
                        financial and business matters so as to be capable of
                        evaluating the relative merits and risks of an
                        investment in the Units. I am not utilizing a
                        representative(s) ("Purchaser Representative") in
                        connection with evaluating such merits and risks. I
                        offer as evidence of my knowledge and experience in
                        these matters the information requested below by this
                        Purchaser's Questionnaire.

   ___________________  ALTERNATIVE TWO*: I will use a Purchaser Representative
                        acceptable to you in connection with evaluating a
                        potential investment in the Units. I acknowledge that
                        the following person(s) will be acting as Purchaser
                        Representative(s) in connection with evaluating the
                        merits and risks of an investment in the Units.

                   __________________________________________
                   __________________________________________
                            Purchaser Representatives

The above-named Purchaser Representative(s) has (have) furnished me a completed
Purchaser Representative Questionnaire, a copy of which is delivered to you
herewith. I and the above named Purchaser Representative(s) together have such
knowledge and experience in financial and business matters that we are capable
of evaluating the merits and risks of an investment in the Units.

                                       21
<PAGE>

      (*IF YOU HAVE INITIALED ALTERNATIVE TWO, A COMPLETED AND SIGNED PURCHASER
      REPRESENTATIVE QUESTIONNAIRE MUST ACCOMPANY THIS PURCHASER'S
      QUESTIONNAIRE. A PURCHASER REPRESENTATIVE QUESTIONNAIRE IS AVAILABLE FROM
      THE PLACEMENT AGENT UPON REQUEST.)

2.    Except as indicated below, any purchase of the Units will be solely for
      the account of the undersigned, and not for the account of any other
      person or with a view to any resale, division or distribution thereof.

      NO EXCEPTIONS (Cross out if exceptions and give details. Attached
      additional pages if necessary)

                                  No Exceptions
_______________________________________________________________________________

PART ONE: INFORMATION REQUIRED OF EACH PROSPECTIVE PURCHASER:

   1. Name:             ________________________________________________________
                        (Investors exact name, as it should appear in the
                        records of BPI.)

      Address:          ________________________________________________________

                        ________________________________________________________

                        ________________________________________________________

      Telephone number: __________________________ FAX: ________________________

      Social Security or Taxpayer ID number:            ________________________

   2. Name and title of person completing this Questionnaire:

      __________________________________________________________________________

   3. Describe any pre-existing business or personal relationship between
      yourself and any director or officer of BPI or the Placement Agent.
      __________________________________________________________________________

                                       22
<PAGE>

PART TWO: TO BE COMPLETED ONLY BY PROSPECTIVE PURCHASERS WHO ARE NATURAL PERSONS

4.    Check one of the following representations (a) or (b), IF APPLICABLE:

      _________________ (a)   My individual net worth, or joint net worth
                              with my spouse, exceeds $1,000,000

      _________________ (b)   My individual income (without my spouse) was in
                              excess of $200,000 in each of the two most recent
                              years or joint income with my spouse was in excess
                              of $300,000 in each of those years, and I
                              reasonably expect an income reaching the same
                              income level in the current year. For purposes of
                              this Investor Questionnaire, individual income
                              means adjusted gross income, as reported for
                              federal income tax purposes, less any income
                              attributable to a spouse or to property owned by a
                              spouse, increased by the following amounts (but
                              not including any amounts attributable to a spouse
                              or to property owned by a spouse): (i) the amount
                              of any tax exempt interest income received, (ii)
                              the amount of losses claimed as a limited partner
                              in a limited partnership, (iii) any deduction
                              claimed for depletion, (iv) deductions for alimony
                              paid, (v) amounts contributed to an IRA or Keogh
                              retirement plan, and (vi) any amount by which
                              income from long-term capital gains has been
                              reduced in arriving at adjusted gross income
                              pursuant to the provisions of Section 1202 of the
                              Internal Revenue Code.

      _________________ (c)   A director or executive officer of BPI.

5.    Please describe your educational background:

      __________________________________________________________________________

      __________________________________________________________________________

6.    Professional licenses or registrations, including bar admissions,
      accounting certification, real estate brokerage licenses, and SEC or state
      broker-dealer registrations, if any:

      __________________________________________________________________________

      __________________________________________________________________________

7.    Prior employment, positions or occupations during the past five years (and
      the inclusive dates of each) are as follows:

      Employment or Occupation:  _______________________________________________
      Nature of Responsibility:  _______________________________________________
      From - To:                 _______________________________________________

8.    I have previously purchased securities that were sold in reliance upon the
      private offering exemption from registration under the Securities Act of
      1933, as amended:

                                       23
<PAGE>
         Yes _________                                        No _________

9.    Please specify your investment objectives:

        _________ Income             Other, please state: ______________________
        _________ Appreciation                            ______________________

10.   Describe what type of prior investments you have participated in and the
      amounts involved:

      Nature of Investment:     ________________________________________________

      Amount Invested:          ________________________________________________

                                       24
<PAGE>

PART THREE: TO BE COMPLETED BY ALL PROSPECTIVE PURCHASERS WHO ARE NOT NATURAL
PERSONS.

1.    Name of entity:           ________________________________________________

2.    Type of organization (partnership, corporation, etc.): ___________________

3.    Date and place of organization: __________________________________________

4.    The undersigned is:

            (a) (__) a bank as defined in Section 3(a)(2) of the Securities Act
            of 1933 (" 1933 Act"), or any savings and loan association or other
            institution as defined in Section 3(a)(5)(A) of the 1933 Act;

            (__) a broker or dealer registered pursuant to Section 15 of the
            Securities Exchange Act of 1934;

            (__) an insurance company as defined in Section 2(13) of the 1933
            Act;

            (__) an investment company registered under the Investment Company
            Act of 1940 or a business development company as defined in Section
            2(a)(48) of that Act; or

            (__) a Small Business Investment Company licensed by the U. S. Small
            Business Administration under Section 301(c) or (d) of the Small
            Business Investment Act of 1958;

            (b) (__) an employee benefit plan within the meaning of the Employee
            Retirement Income Security Act of 1974 if the investment decision is
            made by a plan fiduciary, as defined in Section 3(21) of such Act,
            which is a bank, an insurance company, a savings and loan
            association, or a registered investment advisor;

            (__) an employee benefit plan with total assets in excess of
            $5,000,000; or

            (__) an employee benefit plan that is a self-directed plan (such as
            a self-directed individual retirement account (IRA), Keough or SEP
            plan) with investment decisions made solely by persons that are
            accredited investors;

            (c) (__) a private business development company as defined in
            Section 202(a)(22) of the Investment Advisers Act of 1940;

            (d) (__) a corporation, partnership, limited liability company,
            Massachusetts or similar business trust, or an organization
            described in Section 501(c)(3) of the Internal Revenue Code, not
            formed for the specific purpose of acquiring the securities offered
            with total assets in excess of $5,000,000;

      (e)   (__) a trust with total assets in excess of $5,000,000, not formed
            for the specific purpose of acquiring the securities offered, whose
            purchase is directed by a sophisticated person as described in the
            rules and regulations of the 1933 Act;

            (f) (__) an entity (not including any trust) in which all of the
            equity owners are Accredited Investors as defined in Rule 501(a) of
            Regulation D. NOTE: EACH EQUITY OWNER MUST SUBMIT AN INDIVIDUAL
            PURCHASER QUESTIONNAIRE.

                                       25
<PAGE>

            (1)   List all equity owners of the entity:

                  ________________________________________________
                  ________________________________________________

            (2)   Type of entity: ________________________________

                        (3) Attach a copy of the entity's: Articles of
                  Incorporation and Directors' Resolution authorizing the
                  investment; or Partnership or Trust Agreement, if any.

                                       26
<PAGE>

REPRESENTATIONS AND WARRANTIES OF EACH PROSPECTIVE PURCHASER:

      The undersigned understands that the Company will be relying on the
accuracy and completeness of the responses to the foregoing questions and
represents and warrants to the Company as follows:

            (i) The answers to the above questions are complete and correct and
            may be relied upon by the Company in determining whether the
            undersigned meets the investor suitability requirements set forth in
            the Memorandum, and whether the offering in which the undersigned
            proposes to participate is exempt from registration under the 1933
            Act and the rules promulgated thereunder, and Canadian securities
            legislation;

            (ii) The undersigned will notify the Company immediately of any
            material change in any statement made herein occurring prior to the
            completion of the Offering; and

            (iii) The undersigned has adequate means of providing for the
            undersigned's current needs and personal contingencies, has no need
            for liquidity in its investment in the Units, and is able to bear
            the economic risk of an investment in the Units of the size
            contemplated. In making this statement the undersigned at the
            present time could afford a complete loss of such investment.

      IN WITNESS WHEREOF, I have executed this Purchaser Questionnaire this ___
day of ________________ 2004.

INDIVIDUALS:

                                                       ENTITIES:

_________________________________________       ________________________________
Print Name(s)                                   Print Name of Subscriber

_________________________________________       ________________________________
Signature                                       Authorized Signature

_________________________________________       ________________________________
Signature (if Joint Tenants or Tenants          Print Name of Signatory and
in Common)                                      capacity in which signed)

                                       27

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