Document:

Enertopia Corp.: Exhibit 10.1 - Filed by newsfilecorp.com

Exhibit 10.1

NOTE REGARDING FORWARD LOOKING STATEMENTS 

Certain information in this Offering Memorandum is “forward
looking information” within the meaning of applicable securities laws. Forward
looking information is frequently characterized by words such as “plan”,
“expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” or other
similar words, or statements that certain events or conditions “may” or “will”
occur. Forward looking information involves significant known and unknown risks
and uncertainties. A number of factors, many of which are beyond the control of
the Issuer, could cause actual results to differ materially from the results
discussed in the forward looking information. Although the forward looking
information contained in this Offering Memorandum is based upon assumptions
which management of the Issuer believes to be reasonable, the Issuer cannot
assure investors that actual results will be consistent with this forward
looking information. Because of the risks, uncertainties and assumptions
inherent in forward looking information, prospective investors in the Issuer’s
securities should not place undue reliance on this forward looking information.

In particular, this Offering Memorandum contains forward
looking information pertaining to business development plans, mineral
exploration and other expectations, beliefs, plans, goals, objectives,
assumptions, information. Undue reliance should not be placed on forward-looking
information. Forward-looking information is based on current expectations,
estimates and projections that involve a number of risks which could cause
actual results to vary and, in some instances to differ materially from those
anticipated by the Issuer and described in the forward-looking information
contained in this Offering Memorandum.

Some but not all of the factors affecting forward-looking
statements include: the speculative nature of mining exploration, production and
development activities; changes in reserve estimates; the productivity of the
Issuer's proposed properties; changes in the operating costs; changes in
economic conditions and conditions in the resource, foreign exchange and other
financial markets; changes of the interest rates on borrowings; hedging
activities; changes in commodity prices; changes in the investments and
exploration expenditure levels; litigation; legislation; environmental,
judicial, regulatory, political and competitive developments in areas in which
the Issuer operates; technological, and mechanical and operational difficulties
encountered in connection with the Issuer's exploration and development
activities. The foregoing list of risk factors is not exhaustive. Prospective
investors should refer to the risk disclosures set out in the periodic reports
and other disclosure documents filed by the Issuer from time to time with
regulatory authorities. 

Forward-looking information is based on the estimates and
opinions of the Issuer at the time the information is presented. The Issuer
assumes no obligation to update forward-looking information should circumstances
or the Issuer’s estimates or opinions change, except as required by law. 

PROSPECTIVE INVESTORS SHOULD THOROUGHLY REVIEW THIS OFFERING
MEMORANDUM AND ARE ADVISED TO CONSULT WITH THEIR OWN LEGAL AND TAX ADVISORS
CONCERNING THIS INVESTMENT. 

2

ENERTOPIA CORPORATION 

OFFERING MEMORANDUM 
Form 45-10GF3 

July 16, 2012

Form 45-106F3 – Offering Memorandum for Qualifying Issuers

	Date: 	July 16, 2012. 
	The Issuer: 
	         
       Name: 	
      Enertopia Corp. (the "Issuer" or the “Company”)

	           Head
      Office: 

	
      950 – 1130 West Pender Street 
Vancouver, British
      Columbia 
Canada, V6E 4A4 

	           Issuer’s
      Solicitors: 

	
      Macdonald Tuskey, Corporate and Securities Lawyers
      
4th Floor - 570 Granville Street, 
Vancouver BC V6C 3P1 

	         
       Phone Number: 	
      604-602-1033 

	         
       E-mail address: 	
      kameo300@gmail.com 

	         
       Fax Number: 	
      604-685-1602 

	           Current
      Listing and/or Quotation: 	
      The Issuer is quoted for trading on the Over-the-Counter
      Bulletin Board and listed for trading on the Canadian National Stock
      Exchange. 

	         
       Reporting Jurisdictions: 	
      The Issuer is reporting in the Provinces of British
      Columbia and Ontario and in the United States. 

	The Offering: 
	           Securities
      Offered: 	
      Up to 20,000,000 units (the "Units"), each Unit to
      consist of one common share of the Issuer (each, a “Share”) and one Share
      purchase warrant (each, a “Warrant”). Each Warrant will be exercisable
      into one further Share (a “Warrant Share”) at a price of US$0.10 per
      Warrant Share for a period of twelve (12) months following closing; or at
      a price of US$0.20 per warrant share for a period that is twelve months
      and one day to thirty-six (36) months following closing. See Item 5.
    

	         
       Price per Security: 	
      US$0.05 per Unit. 

	           Maximum
      Offering 
	
      The offering of Units is subject to a maximum overall
      subscription of 20,000,000 Units for gross proceeds of US$1,000,000 (the
      “Maximum Subscription”). 
Funds available under the offering may not
      be sufficient to accomplish our proposed objectives. 

	           Minimum
      Subscription Amount: 	
      Each investor must invest a minimum of US$1,000.
  

	           Payment
      terms: 	
      The subscription proceeds must accompany the form of
      subscription agreement attached to and forming a part of this Offering
      Memorandum, and shall be paid by immediately available good funds in
      either Canadian or US currency, drawn on a Canadian, or other chartered
      bank reasonably acceptable to the Issuer, made payable by certified cheque
      and/or bank draft and made payable and delivered to the Issuer’s
      Solicitors, Macdonald Tuskey, Corporate and Securities Lawyers, at 4th
      Floor - 570 Granville Street, Vancouver BC V6C 3P1. Alternatively, payment
      of the subscription proceeds can be made by wire transfer of funds to a
      bank account of the Issuer, the particulars of which will be provided to
      investors. 

	         
       Proposed Closing Date: 	
      Closings will occur periodically on a "first come, first
      served" basis. See Item 5. 

	         
       Income Tax Consequences: 	
      There are important tax consequences to these securities.
      See item 6. 

	         
       Selling Agent: 	
      Yes. See item 7. 

	Resale Restrictions: 
	
      You will be restricted from selling your securities for 4
      months and a day. See item 10. 
There are also United States resale
      restrictions on the securities. 

	Purchaser’s Rights: 	
      You have two business days to cancel your agreement to
      purchase these securities. If there is a misrepresentation in this
      Offering Memorandum, you have the right to sue either for damages or to
      cancel the agreement. See item 11. 

No securities regulatory authority or regulator has assessed
the merits of these securities or reviewed this Offering Memorandum. Any
representation to the contrary is an offence. This is a risky investment. See
item 8. 

Currency 

In this Offering Memorandum, unless otherwise noted, all dollar
amounts are expressed in US dollars. An exchange rate of 1.00 is used in this
Offering Memorandum when discussing the conversion of United States dollars to
Canadian dollars and an exchange rate of 1.00 is used for conversion of Canadian
dollars to United States dollars. 

ITEM 1: USE OF AVAILABLE FUNDS 

Available Funds 

Upon completion of the Offering, the Issuer anticipates that
the following funds will be available to it for the next twelve mon1th period:

	
	
	Assuming max. 
Offering
  
	A 	Amount to be raised by this offering 	$1,000,000 
	B 	Selling commissions and fees 	$100,000 
	C 	Estimated offering costs (e.g., legal,
      accounting, audit) 	$25,000 
	D 	Available funds: D = A – (B + C) 	$875,000 
	E 	Additional sources of funding required 	$0 
	F 	Working capital deficiency (May 31, 2012) 	($149,070) 
	G 	Total: G = (D + E) – F 	$725,930

Use of Available Funds 

The Issuer anticipates that up to $875,000 will be available to
it upon conclusion of the Maximum Subscription. The principal purposes for which
these funds will be used over the next twelve months are as follows: 

	

Description 	Amount 
	Maximum
      
PP 
	Property Payments
      (US $120,000) (1) 	$120,000 
	Phase IA Drilling
      Copper Hills (US $300,000) (1) 	$300,000 
	Surface
      Exploration Mildred Peak (US$50,000) (1) 	$50,000 
	General and
      administrative expenses 	$155,000 
	As a reserve for
      unallocated working capital 	$250,000 
	Total: 	$875,000 

Note:

(1) Based upon an exchange rate of 1.0. 

Reallocation 

We intend to spend the available funds as stated. We will
reallocate funds only for sound business reasons. 

Insufficient Funds 

The funds available as a result of the Offering may not be
sufficient to accomplish the Issuer’s proposed objectives and there is no
assurance that alternative financing will be available. 

ITEM 2: INFORMATION ABOUT THE ISSUER 

General 

The Issuer is a mineral resource and renewable energy company
that is pursuing business opportunities in mineral resource exploration and
several clean technology sectors. 

Reference is made to Item 1. (Business) in the Issuer’s Form
10-K (Annual Information Form), filed on SEDAR on November 29, 2011, for
disclosure relating to the Issuer’s business history and current business.

Mineral Resource Division 

The Issuer’s mineral resource properties are currently in the
exploration stage. The Issuer holds the rights, through two separate mineral
property option agreements, to acquire the rights to two properties, known as
the Copper Hills Project in New Mexico and the Mildred Peak Project in Arizona.

The Issuer has and intends to conduct exploration activities on
its Copper Hills Project in New Mexico in the search for base metals,
specifically copper and silver. 

Project Description and Location: 

The following information with respect to the Copper Hills
Project is derived from a National Instrument 43-101 compliant report entitled
"Technical Repot on the Copper Hills Property Cat Mountain Mining District,
Socorra County, New Mexico, USA". The full text of the Technical Report is
available for review at the office of the Company at 950 – 1130 West Pender
Street, Vancouver, British Columbia, Canada V6E 4A4 and may also be accessed
online, under the Company's SEDAR profile at www.sedar.com. 

Property Description and Location 

Location

The Copper Hills property is located in Socorro County, New
Mexico, approximately 15 km west of the village of Magdalena. The Copper Hills
property consists of a group of 76 contiguous unpatented lode mining claims.
Access is via US Hwy 60 from the city of Socorro, some 60 km to the east. The
property straddles two United States Geological Survey 7.5’ quadrangle map
sheets (Tres Montosas, New Mexico [west] and Arroyo Landavaso, New Mexico
[east]). The claims cover parts of: Meridian 23 Township 3S Range 5W Sections 6,
7 Meridian 23 Township 3S Range 6W Sections 1,12 

Property Description 

The Copper Hills property consists of 76 contiguous unpatented
lode mining claims (COPPER HILLS #1, Wildhorse 1–15; 21–24; 30–75 and Timberwolf
16–20; 25–29). All of the claims are owned or controlled by Wildhorse Copper
(AZ), Inc., an Arizona corporation. Wildhorse Copper (AZ), Inc. is a wholly
owned subsidiary of Wildhorse Copper, Inc., a British Columbia, Canada
corporation. The combined area of the landholdings represents approximately 603
hectares (~1,550 acres). The property has not been legally surveyed.

The Bureau of Land Management (United States Federal
government) holds the surface rights. There is no privately held land on the
Copper Hills property. 

The 66 Wildhorse claims and 10 Timber Wolf claims were located
with the use of a global positioning system (“GPS”) and tied to section corners
and geodetic control points. The claim staking work was carried out on behalf of
Wildhorse by Environmental Field Services, LLC, of Oracle, Arizona, a firm
specializing in land surveying and claim staking. This work was completed
between February 28 and October 1, 2011.

A yearly maintenance fee of US$140 per claim must be paid to
the Bureau of Land Management on or before September 1 of each year to maintain
the title to the claims in good standing. In addition an annual “Notice of
Intent to Hold“ for each claim must be filed with the Socorro County Recorder.
The county recordation filing fee per claim is $9.00 per document page plus
$2.00 per each additional page.

Maintenance and recordation fees through the 2011 maintenance
year have been paid to the Bureau of Land Management and the Socorro County
Recorder's office.

To the author’s knowledge the property interest is subject only
to the normal environmental regulations and liabilities as stipulated under the
laws of New Mexico and the United States of America and the sufficiency of
rights for exploration and mining operations on the property is subject only to
the normal procedures and permits under the laws of the United States of
America.

Prior to the commencement of any activity that may produce a
disturbance to the surface (i.e. drilling), Enertopia will need to provide the
Bureau of Land Management a financial guarantee under an approved ‘Plan of
Operations’. The ‘bond’ amount must cover the estimated cost to contract a third
party to reclaim the disturbance due to operations. The Bureau of Land
Management State office will authorize and maintain the bond instrument. Permits
will then be needed to required construct drill sites and drainage sumps.

At the time of this report Enertopia had not made application
for any permits nor had posted a financial assurance bond. Reclamation of some
disturbances by previous owners has occurred. The author understands that the
Bureau of Land Management covered and secured at least one site (a shallow
shaft) on the property in late 2007. 

Enertopia Corporation has entered into a definitive mineral
property option agreement dated April 11, 2011 with Wildhorse Copper Inc. and
its wholly owned subsidiary Wildhorse Copper (AZ) Inc. respecting an option to
earn a 100% interest, subject to a 1% NSR capped to a maximum of $2,000,000 on
one claim, in the Copper Hills property. The Copper Hills property is comprised
of 56 located mining claims covering a total of 1,150 acres (468 hectares)
located in Socorro County, New Mexico, USA. Wildhorse Copper Inc. holds the
Copper Hills property directly and indirectly through property purchase
agreements between Wildhorse Copper (AZ) Inc. and third parties (collectively,
the "Indirect Agreements"). Pursuant to the option agreement between Enertopia
Corporation and Wildhorse Copper Inc., Wildhorse has assigned the Indirect
Agreements to Enertopia Corporation.

In order to earn the interest in the Copper Hills property,
Enertopia Corporation is required to make aggregate cash payments of $591,650
over an eight year period and issue an aggregate of 1,000,000 shares of its
common stock over a three year period. As of April 11, 2011, Enertopia
Corporation has made aggregate cash payments of $69,150 to the respective claim
owners and issued 650,000 shares to Wildhorse Copper Inc. 150,000 of the
securities issued in the acquisition are subject to a hold period in Canada
expiring on July 30, 2012. These securities are also restricted for United
States securities laws purposes and are subject to the applicable hold
periods.

Geological Setting 

The property is located within the physiographic province known
as the Datil–Mogollon Section, locally characterized by volcanic highlands.

The geology of the project area was described by Wilkinson
(1976). A northerly trending fault separates volcanic rocks to the west from
younger piedmont gravels, alluvium and basalt to the east. Volcanic rocks are
dominantly Oligocene ‘Spears Formation’ andesitic volcaniclastics. The important
‘Nipple Mountain’ tuff member is an interbedded lithic and variably welded tuff
with deposition controlled by northeast and east–northeast trending, partly
fault bounded paleovalleys. The overlying ‘Hells Mesa Formation’ and the ‘A–L
Peak Tuff’ represents a change to ash flow volcanism related to the Mt.
Withington caldera collapse. The caldera margin is situated 7 1⁄2 km south of the
Copper Hills prospect.

Structurally the property is situated within a north–northwest
trending uplifted block bounded to the east by the ‘Mulligan Gulch’ graben.
Three major structural trends are present at Copper Hills. The west–northwest
trending ‘Capitan’ lineament is a pre–volcanic feature that was reactivated in
the Oligocene. The northeast to east–northeast trending ‘Morenci–Magdalena’
lineament is also a basement feature that in part controlled deposition of the
Nipple Mountain tuff. The north to 335° trend reflects the monoclinal eastern
edge of the uplifted block and controlled the emplacement of intrusive stocks
and later Basin and Range faulting. Convergence of the three structural trends
in the vicinity of the Copper Hills prospect resulted in an intense shattering
of the rocks.

Mineralization 

Mineralization at Copper Hills includes fracture controlled and
disseminated copper oxides (plus silver) at the Copper Hills prospect and
epithermal gold–silver veins. Wilkinson (1976) describes previous work conducted
on the property. Various stakeholders held mining claims in the area almost
continuously between 1950 and 2007. During the 1950’s minor copper oxide
production from the Copper Hills main outcrop took place and five short holes
were drilled. In 1968 the Banner Mining Company reportedly drilled a deeper hole
to 1,622 ft (494.5 m) and intersected pervasive propylitic alteration with
abundant fresh and oxidized pyrite throughout the hole. Samples taken from the
last 100 ft reportedly contained small amounts of pyrite plus chalcopyrite,
sphalerite and galena. Numerous other prospecting pits and shafts are found on
the property and most appear to be related to exploration and minor extraction
of minerals associated with epithermal vein type systems. The Banner hole is on
the eastern edge of a strong IP–chargeability anomaly defined by the IP survey
completed by Wright geophysics, on behalf of the Company in August, 2011.

The deposit model being investigated by Enertopia for economic
potential at the Copper Hills project is that of epigenetic supergene Cu–Ag
deposits, with potential for deeper porphyry–style mineralization.

The most recent exploration work done at Copper Hills was by
Coyote Copper in the early part of 2008 which included a ground magnetics
geophysical survey, followed by a reconnaissance and field verification mapping
and rock chip sampling program and a soil sampling geochemical survey. Enertopia
engaged Wright geophysical to manage an IP geophysical survey conducted in
August, 2011. Wright also interpreted the results and provided a technical
report. The original author of this report (Wiese) visited the Copper Hills
project in early February, 2008 on behalf of Coyote Copper. The present author
(Cleary) visited the property on August 31, 2011, on behalf of Enertopia
Corp.

Compilation of historical information on the Copper Hills
prospect combined with the outcome of the above mentioned exploration work, as
carried out by Coyote Copper and its consultants, have herein resulted in a
recommendation for further work to be performed by Enertopia Corporation.

This report has been prepared in accordance with Canadian
National Instrument 43–101 Standards of Disclosure for Mineral Projects (“NI
43–101”). The original report was prepared in April, 2011 by Claus Wiese,
P.Eng., of Tucson, Arizona, USA, an independent Qualified Person (as defined
within the connotation of NI 43–101). This subsequent update to the report was
prepared in September, 2011 by John G. Cleary, CPG & RG of Reno, Nevada,
USA, also an independent Qualified Person (as defined within the connotation of
NI 43–101). The material change to the project during that time interval was the
completion of the ground IP–Resistivity survey, which Wiese recommended in the
original report.

Accessibility, Climate, Local Resources, Infrastructure and
Physiography

The Copper Hills project area is located within Socorro County,
New Mexico, approximately 15 km west of the village of Magdalena (pop. 900). The
City of Socorro (pop. 9,000) located about 60 km west of the property offers a broad range of services. Albuquerque, New
Mexico (pop.+500,000) is approximately 150 km north–northeast of the property,
and is a major center for equipment, supplies, labor, logistics and
services.

There is easy access to the property from Socorro (through
Magdalena) along US Hwy 60, which crosses the property. Electric power and fiber
optic telecommunications parallel Hwy 60. There are numerous unimproved ranch
roads and trails that provide good access to the remainder of the area.

The property is located within the physiographic province known
as the Datil–Mogollon Section, locally characterized by volcanic highlands
(Hawley, 1986). The claim group is situated between the Gallinas Mountains to
the north and the San Mateo Mountains in the south. Local terrain is flat to
rolling hills with elevations between 2,125 m (6,970 ft) and 2,260 m (7,410 ft).
The area is part of New Mexico’s woodland rangelands; vegetation is classified
as belonging to the Juniper Savanna ecotone. Juniper, cedar and some pinon
bushes are common atop grassy surface growth.

The climate is considered semi–arid with precipitation between
1–2 cm per month and 5 cm per month average during summer monsoon season (July –
September). The temperature is mild to moderate. Ambient temperatures for this
region range from –5°C to +10°C (fall/winter) and +5°C to +30°C
(spring/summer).

The physiography and climate pose no significant difficulties
to exploration and mining activities in the area. The property has ample room
for potential mine and mill operations and facilities. 

History 

Mining History – Socorro County

The following mining history for the area is summarized from
Padilla (2001).

In 1866 lead was discovered in the Magdalena district, and in
1867 silver was found in the Socorro Peak district. By the 1880's, the mining
boom in Socorro County was in full swing, with crowded camps and tent cities
dotting the land. In a six–month period in 1880–81, nearly 3,000 different
mineral deposits were located and dozens of new towns developed including Kelly
(population 5,000) and Magdalena, the two principal boom towns in Socorro
County. Magdalena, which had begun as a collection of tents, grew substantially
with the development of a railroad line from Socorro. A smelting plant erected
in 1881 near Socorro treated ore from the Kelly and other mines until 1893. In
1896, a new smelter was constructed in Magdalena which then became the smelting
town for the mine operations in both Magdalena and Kelly districts. 

In a forty–year period, from the 1880's to the 1920's,
Magdalena district production was valued at some $60 million. In addition, coal
mines were opened near Carthage between 1880 and 1885 to supply fuel for
locomotives, mills, and smelters. This further increased the mineral production
level during Socorro County's boom years.

In the early 1900’s, as lead and silver were being mined, a
zinc carbonate mineral, smithsonite, was discovered at Kelly. Smithsonite was
previously discarded as waste rock.. Kelly’s second wind of prosperity started
as smithsonite was recovered from tailings piles and other leased properties.
The mines of the Kelly area became New Mexico’s leading zinc producers and were
known for the high quality smithsonite mined from the area. By 1931 the
smithsonite deposits were exhausted and mining throughout the district
decreased. 

Previous Work 

Prior to Coyote acquiring its land position in the Copper Hills
area, various stake holders had actively held mining claims there continuously
between 1950 and 2007. The most active period occurred between 1950 and 1995 in
which a core part of the property was held by a consortium of partners for as
many as 45 years.

Previous work in and surrounding the Copper Hills project area
was focused on the epithermal gold–silver vein mineralization in the Cat
Mountain Mining district and disseminated copper (+/– silver) mineralization at
the Copper Hills prospect. Wilkinson (1976) provides an overview of known
historical work and previous operators.

Cat Mountain

The Cat Mountain gold mining district, 1.5 miles (2.4 km) south
of the Copper Hills property, was active around 1900. A 20–stamp amalgamating
mill was erected in 1902. The mill operated for a short time until 1903 when it
was closed down. It was reported (Jones, 1904) that the gold mineralization at
Cat Mountain was mainly refractory in nature. Hence, recovery was poor owing to
the technology of the time. Production figures are not documented. The author is
not aware of any other particulars including names of the operators.

Copper Hills prospect

The Copper Hills prospect is located in Township 3S, Range 5W
and Section 6, approximately 1600 ft (about 490 m) south of US Hwy 60. It is an
oxide copper body with mineralization disseminated in a highly silicified and
fractured Tertiary volcanic tuff unit. Workings consist of a shaft and several
excavations, one of which is 130 m in length. It is thought this work was
carried out in the early 1950’s, but details are not confirmed at this time. The
author is not specifically aware of who all the individual operators were and
has relied on Wilkinson’s (1976) report for these descriptions. Total production
was said to be 356 tons which averaged 3.01 oz. silver per ton and 0.81% copper.
Trace amounts of gold and up to 1.33% lead have also been reported.

Historic Drilling

On the ridge above the excavation at the Copper Hills prospect,
5 short drill holes were completed, oriented along a northeast–southwest line.
It is thought this drilling was done during the early 1950’s. Wilkinson (1976)
reports that the drill holes, apparently completed during the 1950’s, all
intersected copper mineralization.

In 1968, Banner Mining Company drilled a vertical diamond drill
hole to 1,622 ft. (494.5 m.). It was located approximately 10 m south of the
Copper Hills prospect. Copper, lead and zinc sulphide mineralization was
encountered towards the bottom of the hole. The author has not seen the original
report by Banner and has relied on Wilkinson (1976). 

Sampling and Security 

Mayor undertook to sample selected mineralized outcrops. A
total of 55 samples were collected as follows: 21 from the Copper Hills
prospect, 18 from vein prospects and 16 of the Nipple Mountain tuff. The
material was broken using a rock hammer and the pieces were packed in heavy
cloth sample bags, tied with cloth laces, and marked with a unique sample
identification number. The sample location was taken using a handheld GPS device
(setup in UTM Zone 13N coordinates and using the NAD27 datum). The sample was
geologically described and together with the location information recorded into
a field book. Sample weights ranged from 1.5 to 6 kg.

All samples were taken back to Tucson, Arizona by Mayor from
where he shipped them to ALS Chemex Laboratories in Elko, Nevada for preparation
and subsequent analysis in Vancouver, Canada. 

Other Work

Numerous prospecting pits and shafts are found on the property
north of Hwy. US 60. Most appear to be related to exploration and extraction of
minerals associated with epithermal vein type systems. It is unclear when, or
over what period of time this work was carried out, or by whom.

Mineral Resource and Mineral Reserves

NONE 

Mining Operations

NONE 

Exploration Proposal 

A two phase exploration program has been proposed. Phase 1A
& 1B would commence with 3 core drill holes to an average depth of 550
meters designed to test the strong IP–chargeability anomalies defined by the
geophysical survey completed in August, 2011. In addition, reverse circulation
drilling will be undertaken to verify the grade and extent of the copper
(+silver) mineralization as documented by previous operators, within and
peripheral to the Copper Hills Prospect. This is will require about 750 m of
drilling in 10 reverse circulation holes each about 75 m in depth spaced on a 50
m x 50 m grid. This phase 1A is estimated to consist of 10 to 15 shallow RC or
Diamond drill holes depending on rig availability under our proposed budget
estimate of $300,000.The total Phase 1 program will cost $720,000. Contingent
upon Phase 1 providing positive results it is recommended for Phase 2 that
additional drilling be undertaken to add to the grade and extent of the copper
(+silver) mineralization as documented by previous operators, within and
peripheral to the Copper Hills Prospect. This is will require about 1,500 m of
drilling in 20 reverse circulation holes each about 75 m in depth designed to
extend the a 50 m x 50 m grid.

An additional 2,500 m of core drilling is recommended to offset
the two core holes into the IP anomaly. Other facets of a Phase 2 program
include conducting additional geological mapping, prospecting and sampling of
priority targets based on geophysical and geochemical survey interpretations.
The cost of Phase 2 will be about $1,210,000. The total for both phases is
US$1,930,000.

Additionally, the Issuer intends to conduct exploration
activities on its Mildred Peak Project in Arizona in the search for precious
metals, specifically gold and silver.

Reference is made to Item 1. (Business) in the Issuer’s Form
10-K (Annual Information Form), filed on SEDAR on November 29, 2011, for
disclosure relating to the mineral property agreements for each of the Copper
Hills Project and the Mildred Peak Project. 

Reference is made to the Issuer’s Technical Report (NI
43-101), filed on SEDAR on November 2, 2011, for disclosure relating to the
Copper Hills Project. 

Clean Technology Division 

The Issuer is currently involved in the following clean
technology sectors, Solar Thermal (Hot Water), Energy Retrofits and Recovery and
Solar powered Filtered Drinking Water.

The Issuer’s involvement in the clean technology sector is
indirect through equity holdings in companies that are involved in each
respective sector. 

The Issuer currently owns an 8.25% equity investment into Pro
Eco Energy USA Ltd., a clean tech energy company involved in designing,
developing and installing solar energy solutions for commercial and residential
customers. 

Additionally, the Issuer, as of November 30, 2011, held an
8.56% interest in Global Solar Water Power Systems Inc., (“GSWPS”) a private
company beneficially owned by Mark Snyder, our company’s Chief Technical
Officer. GSWPS owns certain technology invented and developed by Mark Snyder for
the design and manufacture of certain water filtration equipment, and is
pursuing other clean energy opportunities. Current products offered by GSWPS
include a portable solar powered trailer mounted water purification unit that
can be delivered and operated nearly anywhere in the world and can provide a
village, resort, or remote work-camps with all their drinking water and domestic
water requirements. 

Reference is made to Item 1. (Business) in the Issuer’s Form
10-K (Annual Information Form), filed on SEDAR on November 29, 2011, for
disclosure relating to the Issuer’s clean technology division. 

Existing Documents Incorporated by Reference 

Information has been incorporated by reference into this
Offering Memorandum from documents listed in the table below, which have been
filed with securities regulatory authorities or regulators in Canada. The
documents incorporated by reference are available for viewing on the SEDAR
website at www.sedar.com. In addition, copies
of the documents may be obtained on request without charge from the Issuer, c/o
Macdonald Tuskey Corporate and Securities Lawyers, Suite 400-570 Granville
Street, Vancouver, BC V6C 3P1 Attention: William L. Macdonald. 

Documents listed in the table and information provided in those
documents are not incorporated by reference to the extent that their contents
are modified or superseded by a statement in this Offering Memorandum or in any
other subsequently filed document that is also incorporated by reference in this
Offering Memorandum. 

	

Description of Document
	Date of
      
Document and/or 
SEDAR Filing 
	Interim Financial Statements (Form 10-Q) (includes May 31,
      2012 Financial Statements and MD&A) 	July 10, 2012 
	News Release of
      the Issuer, announcing Mildred Peak and Copper Hills update 	June 12, 2012 
	News Release of
      the Issuer, Announcing $1,000,000 giveaway 	June 7, 2012 
	News Release of
      the Issuer, announcing Mildred Peak drilling update 	May 24, 2012 
	News Release of
      the Issuer, announcing terms of the Offering 	May 14, 2012 
	Material Change
      Report relating to the dissemination of the Presidents Report 	April 23, 2012 
	Interim Financial Statements (Form 10-Q) (includes February
      29, 2012 Financial Statements and MD&A) 	April 16, 2012 
	Material Change Report relating to the closing of a
      $208,000 first tranche of a equity financing 	April 16, 2012 
	Material Change Report relating to the dissemination of
      news regarding shareholder votes cast at the recent Annual General Meeting
    	April 16, 2012 
	Material Change
      Report relating to the settlement of debt for equity 	April 11, 2012 
	Notice of Annual
      General Meeting 	April 11, 2012 
	News Release of the Issuer, Mildred Peak ROFR property to
      be diamond- drilled 	April 4, 2012 
	Material Change
      Report relating to annual property payment 	March 30, 2012 
	Material Change Report relating to entry into agreement
      with Coal Harbor Communications 	March 27, 2012 
	Material Change
      Report relating to one new Director and two new Advisors 	March 19, 2012 
	Amended Form 10-K (includes August 31, 2011 Financial
      Statements & MD&A) 	March 14, 2012 
	News Release of
      the Issuer, announcing terms of the Offering 	February10, 2012 
	News Release of
      the Issuer, announcing terms of the Director’s Loan 	February 9, 2012 
	News Release, staking of additional claims Copper Hills 	February 2, 2012

	

Description of Document
	Date of
      
Document and/or 
SEDAR Filing 
	Interim Financial Statements (Form 10-Q) (includes November
      30, 2011 Financial Statements and MD&A) 	January 17, 2012 
	Annual Information Form (Form 10-K) (includes August 31,
      2011 Financial Statements & MD&A) 	November 29, 2011 
	Material Change
      Report relating to entry into agreement with Trident Financial 	November 15, 2011 
	News Release of
      the Issuer, Copper Hills 43-101 	November 2, 2011 
	News Release of
      the Issuer, Mildred Peak Aquisition 	October 11, 2011 
	Material Change
      Report relating to Mildred Peak Aquisition 	October 11, 2011 
	Material Change
      Report relating to entry into agreement with Peter Grandich 	October 3, 2011 
	News Release of the Issuer, IP/Res Survey Copper Hills 	September 12, 2011

Existing Documents Not Incorporated by Reference 

Other documents available on the SEDAR website (for example,
most press releases, take-over bid circulars, prospectuses and rights offering
circulars) are not incorporated by reference into this Offering Memorandum
unless they are specifically referenced in the table above. Your rights as
described in Item 11 of this Offering Memorandum apply only in respect of
information contained in this Offering Memorandum and documents or information
incorporated by reference. 

Future Documents Not Incorporated by Reference 

Documents filed after the date of this Offering Memorandum are
not deemed to be incorporated into this Offering Memorandum. However, if you
subscribe for securities and an event occurs, or there is a change in the
Issuer's business or affairs, that makes the Certificate to this Offering
Memorandum no longer true, the Issuer will provide you with an update of this
Offering Memorandum, including a newly dated and signed Certificate, and will
not accept your subscription until you have re-signed the subscription
agreement. 

ITEM 3: INTERESTS OF DIRECTORS, EXECUTIVE OFFICERS,
PROMOTERS AND PRINCIPAL HOLDERS 

To the knowledge of the Issuer, the following persons or
company beneficially owns, directly or indirectly, or exercises control or
direction over, Common Shares carrying more than 10% of the voting rights
attached to the outstanding Common Shares of the Issuer. 

	
Name and Address of Beneficial Owner 	Position with the 
Issuer
      	Amount and Nature of
      
Beneficial Ownership 	Percentage 
of Class
    
	Chris Bunka 
Kelowna, British Columbia,
      Canada 	Chairman, Director 
and Chief
      Executive Officer 	4,238,833(1) 
	15.26% 

	Robert McAllister 
Kelowna, British
      Columbia, Canada 	President and Director 
	3,587,000(2) 
	12.92% 

	Bal Bhullar 
Vancouver, British Columbia,
      Canada 	Chief Financial 
Officer 	501,000(3) 
	1.82% 

	Mark Snyder 
San Diego, California, USA
	Chief Technical 
Officer 	700,000(4) 
	2.57% 

	Donald Findlay 
Calgary, Alberta, Canada
    	Director 
	202,000(5) 
	0.74% 

	Greg Dawson 
Vancouver, British Columbia,
      Canada 	Director 
	250,000(6) 
	0.92% 

	Tom Ihrke 
Charleston, South Carolina, USA
    	Senior Vice President 
	290,625(7) 
	1.07% 

	John Thomas 
Vancouver, British Columbia,
      Canada 	Director 
	250,000(8) 
	0 92%

Notes: (1) Consists of beneficial ownership of an
aggregate of 4,238,833 shares of common stock of the Issuer broken down as
follows: (i) 999,500 shares of common stock held directly by Mr. Bunka, (ii)
705,000 shares of common stock acquirable on exercise of outstanding stock
options within 60 days of the date hereof; (iii) 200,000 shares of common stock
registered in the name of Kelowna Resource Group Ltd., Mr. Bunka beneficially
owns all of the voting shares of Kelowna Resource Group Ltd.; and (iv) 2,334,333
shares of common stock registered in the name of C.A.B. Financial Service Ltd.,
Mr. Bunka beneficially owns all of the voting shares of C.A.B. Financial Service
Ltd. 

(2) Consists of beneficial ownership of an aggregate
of 3,587,000 shares of common stock of the Issuer broken down as follows: (i)
2,882,000 shares of common stock held directly by Mr. McAllister, and (ii)
705,000 shares of common stock acquirable on exercise of outstanding stock
options within 60 days of the date hereof. 

(3) Consists of beneficial ownership of an aggregate
of 501,000 shares of common stock of the Issuer broken down as follows: (i)
1,000 shares of common stock held directly by Ms. Bal Bhullar, and (ii) 500,000
shares of common stock acquirable on exercise of outstanding stock options
within 60 days hereof. 

(4) Consists of beneficial ownership of an aggregate
of 700,000 shares of common stock of the Issuer broken down as follows: (i)
500,000 shares of common stock held directly by Mr. Mark Snyder; (ii) 200,000
shares of common stock acquirable on exercise of outstanding stock options
within 60 days hereof. 

(5) Consists of beneficial ownership of an aggregate
of 202,000 shares of common stock of the Issuer broken down as follows: (i)
1,000 shares of common stock held directly by Mr. Donald Findlay; (ii) 1,000
shares of common stock acquirable on the exercise of outstanding warrants within
60 days of the date hereof; (iii) 200,000 shares of common stock acquirable on
exercise of outstanding stock options within 60 days hereof. 

(6) Consists of beneficial ownership of an aggregate
of 250,000 shares of common stock of the Issuer broken down as follows: (i)
250,000 shares of common stock acquirable on exercise of outstanding stock
options within 60 days hereof.

(7) Consists of beneficial ownership of an aggregate
of 290,625 shares of common stock of the Issuer broken down as follows: (i)
140,625 shares of common stock held directly by Mr. Tom Ihrke; and (ii) 150,000
shares of common stock acquirable on the exercise f outstanding stock option
within 60 days of the date hereof. 

(8) Consists of beneficial ownership of an aggregate
of 250,000 shares of common stock of the Issuer broken down as follows: (i)
250,000 shares of common stock acquirable on exercise of outstanding stock
options within 60 days hereof. 

You can obtain further information about directors and
executive officers from the Issuer’s Form 10-K (Annual Information Form) filed
on SEDAR on November 29, 2011. 

Current information regarding the securities held by directors,
executive officers and principal holders can be obtained from the SEDI website
at www.sedi.ca and from the U.S. Securities
and Exchange Commission’s EDGAR system at www.sec.gov. The Issuer cannot
guarantee the accuracy of this information. 

Loans 

A loan exists in the form of a CDN $50,000 non secured loan
bearing 10%, repayable at any time by the Company and currently on a month to
month basis. The lender is President and a Director of the Company. 

ITEM 4: CAPITAL STRUCTURE 

	Description of security 	Number authorized to be issued 	Price per security 	Number outstanding as at July 16, 2012 	Number outstanding after max. offering 
	Common Shares 	200,000,000 	N/A(1) 	27,067,615 	47,067,615 
	Offering Warrants(2) 	22,000,000 	US$0.10 – US$0.20 	0 	22,000,000 
	Warrants(3) 	11,442,500 	CDN $0.20 - US$0.30 	11,442,500 	11,442,500 
	Options(4) 	4,225,000 	US$0.10 – US$0.25 	4,225,000 	4,225,000 
	TOTAL 	  	  	42,735,115 	84,735,115 

Notes: 

	(1) 	
      Common shares of the Issuer have been issued from
      treasury at prices ranging from US$0.02 per share to US$0.50 per
      Share.

	 	 
	(2) 	
      Represents the Warrants to be issued under this
      Offering (including broker warrants), exercisable to acquire common shares
      at an exercise price of US $0.10 per common share for
  a period of twelve months from the date of issuance and at an
exercise price of US $0.20 thereafter for a period of 36 months from the date of
issuance. 

	 	
       
	(3) 	
      Represents an aggregate of 9,218,300 warrants
      exercisable at the price of CDN $0.20 until March 3, 2013, and an
      aggregate of 2,224,200 warrants exercisable at the price of US $0.15 until
      April 16, 2013 and US $0.20 from April 17 until April 16,
  2014.

	 	 
	(4) 	
      Represents incentive stock options granted pursuant to
      the Issuer’s former and current equity compensation and stock option
      plans.

ITEM 5: SECURITIES OFFERED 

Terms of Securities 

The Issuer is offering for sale by way of private placement
(the "Offering") up to 20,000,000 units (the "Units"), each Unit to consist of
one common share (each, a “Share”) of the Issuer and one Share purchase warrant
(each, a “Warrant”). Each Warrant will be exercisable into one further Share (a
“Warrant Share”) at a price of US$0.10 per Warrant Share for a period of twelve
(12) months following closing; or at a price of US$0.20 per warrant share for a
period that is twelve months and one day to thirty-six (36) months following
closing.

The holders of common shares are entitled to one vote at
meetings of shareholders for each share held and all common shares rank equally
with respect to the payment of dividends and on any distribution of the assets
of the Issuer on dissolution or winding up. 

Reference is also made to Item 7 (Compensation Paid to Sellers
and Finders) below for particulars with respect to commissions and finders' fees
payable in connection with the Offering. 

Subscription Procedure 

In order to subscribe for the Units, purchasers will be
required to complete and deliver the following documents to the Issuer or its
legal counsel on or before August 15 2012, or such other date as the Issuer may
determine. 

	1. 	
      a completed subscription agreement in the form attached
      hereto as Schedule "A", with such subscription agreement containing, among
      other things, representations by the subscriber that it is duly authorized
      to purchase the Units, that it is purchasing the Units for investment and
      not with a view for resale, and as to its status to purchase the Units on
      a private placement basis;

	 	 
	2. 	
      a completed copy of a Risk Acknowledgment (Form 45-106F4)
      in the form attached hereto as Schedule "B"; and

	 	 
	3. 	
      cash, solicitor's trust cheque, certified cheque, bank
      draft, money order in the amount of your investment payable to "Enertopia
      Corporation".

Your subscription funds will be held in trust until midnight on
the second business day after the day on which the Issuer or its legal counsel
received your signed subscription agreement and if the closing is after this
time, the Issuer and/or its legal counsel will hold the funds in trust pending
closing. We expect to close the first tranche of this Offering on or before
August 15 2012. 

The Issuer reserves the right to accept or reject subscriptions
in whole or in part at its discretion and to close the subscription books at any
time without notice. Any subscription funds or subscriptions that the Issuer
does not accept will be returned promptly after it has been determined not to
accept the funds. 

At the closing of the Offering, or as soon as practicable
thereafter, you will receive certificates representing the Shares and
certificates representing the Warrants, provided that the subscription price has
been paid in full. 

ITEM 6: INCOME TAX CONSEQUENCES AND RRSP ELIGIBILITY

The Issuer has not undertaken a study of potential income tax
consequences to investors. 

You should consult your own professional advisers to obtain
advice on the income tax consequences that apply to you. 

Not all securities are eligible for investment in a registered
retirement savings plan (“RRSP”) . You should consult your own professional
advisers to obtain advice on the RRSP eligibility of these securities. 

ITEM 7: COMPENSATION PAID TO SELLERS AND FINDERS 

The Issuer may pay finder's fees to certain arm's length
parties (the "Finders") in connection with the completion of the Offering equal
to 10% of the aggregate subscription proceeds realized from the sale of the
Units by the respective Finder, payable in cash or Shares, and Broker’s Warrants
equal to 10% of the aggregate subscription proceeds. Each Broker’s Warrant will
be exercisable into one further Share (a “Warrant Share”) at a price of US$0.10
per Warrant Share for a period of twelve (12) months following closing; or at a
price of US$0.20 per warrant share for a period of thirty-six (36) months
following closing.

ITEM 8: RISK FACTORS 

Investment in the Units should only be made after consulting
with independent and qualified sources of investment and tax advice. Investment
in the Units at this time is highly speculative due to the stage of the Issuer’s
development and requirement to raise additional financing to carry out the
long-term business objectives of the Issuer. Any investment in the Issuer at
this stage involves a high degree of risk. 

Reference is made to Item 1A. (Risk Factors) in the Issuer’s
Form 10-K/A (Annual Information Form), filed on SEDAR on March 14, 2012, for a
discussion of the risks and uncertainties that the Issuer believes to be
material. 

Additional risk factors relating to the Offering include: 

	1. 	
      Purchasers of the Units will not have the benefit of a
      review of this Offering Memorandum by any regulatory authority.

	 	 
	2. 	
      Purchasers of Units have no individual legal
      representation in connection with the Offering. Accordingly, purchasers
      should consult with their own counsel prior to purchasing Units.

	 	 
	3. 	
      Purchasers of the Units offered hereby will experience an
      immediate and substantial dilution in the net tangible book value of the
      Units from the Offering Price of this
Offering.

	4. 	
      Purchasers of the Units must be aware of the long-term
      nature of their investment and be able to bear the economic risks of their
      investment. The right of any purchaser to sell, transfer, pledge or
      otherwise dispose of the Shares or the Warrant Shares will be limited by
      applicable legislation, including a number of resale restrictions,
      including a restriction on trading. Until the restriction on trading
      expires, you will not be able to trade the Securities unless you comply
      with an exemption from prospectus and registration requirements under
      applicable securities legislation. The restriction on trading may be
      indefinite depending on the holder's jurisdiction of residence.
      Consequently, a holder of the Units may not be able to readily liquidate
      his/her/its investment. Prospective purchasers should be able to afford
      the entire loss of their investment in the Issuer.

	 	 
	5. 	
      Publicly quoted securities are subject to a relatively
      high degree of price volatility. It may be anticipated that the quoted
      market for the Shares of the Issuer will be subject to market trends
      generally, notwithstanding any potential success of the Issuer in creating
      revenue.

	 	 
	6. 	
      Shareholders of the Issuer may be unable to sell
      significant quantities of Shares into the public trading markets without a
      significant reduction in the price of their Shares, if at all. There can
      be no assurance that the Issuer will continue to meet the listing
      requirements of the Canadian National Stock Exchange, the Over-The-Counter
      Bulletin Board or achieve listing on any other public listing
    exchange.

ITEM 9: REPORTING OBLIGATIONS 

Other than notices of annual and special meetings of the
shareholders, and related information circulars, form of proxies, and financial
statement request forms, the Issuer does not provide documents to its
shareholders on an annual or ongoing basis. 

The Issuer is a reporting issuer (or equivalent) in British
Columbia, Ontario and in the United States. You can obtain corporate and
securities information about the Issuer from the SEDAR website at www.sedar.com,
the SEDI website at www.sedi.ca, and from the U.S. Securities and Exchange
Commission’s EDGAR system at www.sec.gov. The Issuer cannot guarantee the
accuracy of this information. Additionally, you can obtain quotations for the
Issuer’s shares of common stock, under the symbol TOP, from the Canadian
National Stock Exchange and/or under the symbol ENRT, from OTC Markets at
www.otcmarkets.com.

ITEM 10: RESALE RESTRICTIONS 

Canadian Resale Restrictions 

These securities will be subject to a number of resale
restrictions, including a restriction on trading. Until the restriction on
trading expires, you will not be able to trade the securities unless you comply
with an exemption from the prospectus and registration requirements under
securities legislation. 

Unless permitted under securities legislation, you cannot trade
the securities before the date that is 4 months and a day after the distribution
date. 

United States Resale Restrictions 

The Shares and Warrants to be issued to security holders will
not be registered under the U.S. Securities Act or applicable state securities
laws. Such securities will be issued in reliance upon the exemption from
registration provided by Regulation S of the U.S. Securities Act and pursuant to
exemptions from applicable state securities laws.

Likewise, the Warrant Shares will not be registered under the
U.S. Securities Act or applicable states securities laws, and accordingly may
not be issued to U.S. Persons or persons in the United States, unless an
exemption from registration under the U.S. Securities Act and applicable states
securities laws is available.

In addition, the Shares, the Warrants and the Warrant Shares
issuable upon the exercise of the Warrants will be "restricted securities"
within the meaning of Rule 144 under the U.S. Securities Act, certificates
representing such securities will bear a legend to that effect, and such
securities may be resold only pursuant to an exemption from the registration
requirements of the U.S. Securities Act and all applicable state securities
laws. Subject to certain limitations, such securities may be resold outside the
United States without registration under the U.S. Securities Act pursuant to
Regulation S under the U.S. Securities Act. 

Moreover, the Warrants may be exercised only pursuant to an
exemption from the registration requirements of the U.S. Securities Act and
applicable state securities laws. As a result, the Warrants may only be
exercised by a holder who represents that, at the time of exercise, the holder
is not then located in the United States, is not a "U.S. person", as defined in
Rule 902 of Regulation S under the U.S. Securities Act (a "U.S. Person"), and is
not exercising the Warrants for the account or benefit of a U.S. Person or a
person in the United States, unless the holder provides a legal opinion or other
evidence reasonably satisfactory to the Company to the effect that the exercise
of the Warrants does not require registration under the U.S. Securities Act or
applicable state securities laws, or any other such documents that the Company
may deem necessary. 

The foregoing discussion is only a general overview of
certain requirements of United States securities laws applicable to the
securities received upon completion of the Private Placement. All holders of
such securities are urged to consult with counsel to ensure that the resale of
their securities complies with applicable securities legislation. 

ITEM 11: PURCHASERS’ RIGHTS 

If you purchase these securities you will have certain rights,
some of which are described below. For information about your rights you should
consult a lawyer. 

Two-Day Cancellation Right 

You can cancel your agreement to purchase these securities. To
do so, you must send a notice to the Issuer by midnight on the 2nd business day
after you sign the subscription agreement to buy the securities. 

Statutory Rights of Action in the Event of a
Misrepresentation 

If there is a misrepresentation in this Offering Memorandum,
you have a statutory right to sue: 

	(a) 	
      the Issuer to cancel your agreement to buy these
      securities, or

	 	 
	(b) 	
      for damages against the Issuer, every person who was a
      director of the Issuer at the date of this Offering Memorandum, and every
      other person who signed this Offering Memorandum.

This statutory right to sue is available to you whether or not
you relied on the misrepresentation. However, there are various defences
available to the persons or companies that you have a right to sue. In
particular, they have a defence if you knew of the misrepresentation when you
purchased the securities.

If you intend to rely on the rights described in (a) or (b)
above, you must do so within strict time limitations. You must commence your
action to cancel the agreement within180 days after you signed the subscription
agreement to purchase the securities. You must commence your action for damages
within the earlier of 180 days after learning of the misrepresentation and three
years after you signed the subscription agreement to purchase the securities.

ITEM 12: DATE AND CERTIFICATE 

Dated this 16th day of July, 2012. 

This Offering Memorandum does not contain a
misrepresentation. 

ENERTOPIA CORP. 

	__________________________	__________________________
	Robert McAllister 	Bal Bhullar 
	President 	Chief Financial Officer 
	  	  
	ON BEHALF OF THE BOARD OF DIRECTORS 	  
	  	  
	  	  
	__________________________	__________________________
	Chris Bunka 	Donald Findlay 
	Director, Promoter 	  Director 
	  	  
	  	  
	  	  
	__________________________	__________________________
	Greg Dawson 	John Thomas 
	Director 	Director 

Form 45-106F4 

	Risk Acknowledgement 	 
	
       

      · I acknowledge that this is a risky investment. 
· I
      am investing entirely at my own risk. 
· No securities regulatory
      authority or regulator has evaluated or endorsed the merits of these
      
securities or the disclosure in the offering memorandum. 
· I will
      not be able to sell these securities except in very limited circumstances.
      
· I will not be able to sell these securities for 4 months. 
· I
      could lose all the money I invest. 

      I am investing $____________  in total; this
      includes any amount I am obliged to pay in future. 
Enertopia Corp.
      will pay $_____________ of this to [name of person selling the securities]
      as a fee or commission. 

      I acknowledge that this is a risky investment and that I
      could lose all the money I invest. 

Date Signature of Purchaser
      

Print name of Purchaser 
	

W
A
R
N
I
N
G

	Sign 2 copies of this document. Keep one copy for
      your records.  	 

You have 2 business days to cancel your purchase. To do
so, send a notice to Enertopia Corporation stating that you want to cancel your
purchase. You must send the notice before midnight on the 2nd
business day after you sign the agreement to purchase the securities. You
can send the notice by fax or email or deliver it in person to Enertopia
Corporation at its business address. Keep a copy of the notice for your records.

Issuer Name and Address: 

Enertopia Corporation. 
Suite 950 1150 West Pender

Vancouver, British Columbia 
Canada, V6E 4A4 
Phone: 604-602-1675

Fax: 604-685-1602 
E-mail: bbspa@hotmail.com 

You are buying Exempt Market Securities 

They are called exempt market securities because two
parts of securities law do not apply to them. If an issuer wants to sell
exempt market securities to you: 

	the issuer does not have to give you a prospectus (a document that
  describes the investment in detail and gives you some legal protections), and
  
	the securities do not have to be sold by an investment dealer registered
  with a securities regulatory authority or regulator. 

There are restrictions on your ability to resell exempt
market securities. Exempt market securities are more risky than other
securities. 

You will receive an offering memorandum. Read the
offering memorandum carefully because it has important information about the
issuer and its securities. Keep the offering memorandum because you have rights
based on it. Talk to a lawyer for details about these rights. 

For more information on the exempt market, call your local
securities regulatory authority or regulator.

British Columbia Securities Commission
P.O. Box
10142, Pacific Centre 
701 West Georgia Street 
Vancouver, British
Columbia V7Y 1L2 
Telephone: (604) 899-6500
Toll free in British Columbia
and Alberta 1-800-373-6393 
Facsimile: (604) 899-6506 

Alberta Securities Commission 
4th Floor, 300 – 5th
Avenue SW 
Calgary, Alberta T2P 3C4 
Telephone: (403) 297-6454

Facsimile: (403) 297-6156Enertopia Corp.: Exhibit 10.2 - Filed by newsfilecorp.com

Exhibit 10.2

THIS PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT (THE
"SUBSCRIPTION AGREEMENT") RELATES TO AN OFFERING OF SECURITIES IN AN OFFSHORE
TRANSACTION TO PERSONS WHO ARE NOT U.S. PERSONS (AS DEFINED HEREIN) PURSUANT TO
REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
"1933 ACT").

NONE OF THE SECURITIES TO WHICH THIS SUBSCRIPTION AGREEMENT
RELATES HAVE BEEN REGISTERED UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES
LAWS, AND, UNLESS SO REGISTERED, NONE MAY BE OFFERED OR SOLD, DIRECTLY OR
INDIRECTLY, IN THE UNITED STATES OR TO U.S. PERSONS (AS DEFINED HEREIN) EXCEPT
IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN
AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE
STATE SECURITIES LAWS.

SUBSCRIPTION AGREEMENT 

UNITS 

(Common Share and One Warrant) 

	To: 	Enertopia Corporation (the "Issuer")
  
	Re: 	Purchase and Sale of Units of the Issuer
  

	Dated For
      Reference: July 16, 2012 

The undersigned (the "Purchaser") hereby irrevocably
subscribes for and agrees to purchase from the Issuer, subject to the terms and
conditions set forth in Schedule "A" to this subscription (which, together with
all appendices (the "Appendices") attached hereto, shall be deemed to
form a part of this subscription), that number of units (the "Units") of
the Issuer set out on page 3 hereof at a price of US$0.05 per Unit. 

Each Unit is comprised of: 

	one (1) common share of the Issuer (the "Shares"); and
  
	one share purchase warrant, each warrant (a "Warrant") entitling
  the holder thereof to acquire one (1) common share (a "Warrant Share")
  of the Issuer for a period of thirty-six (36) months after the date of
  issuance. The Warrants are exercisable at a price of US$0.10 per
  Warrant Share if exercised at any time up to twelve (12) months after the date
  of issuance and at a price of US$0.20 per Warrant Share if exercised
  anytime after twelve (12) months from the date of issuance until thirty-six
  (36) months after the date of issuance. 

The offering of Units is subject to a maximum overall
subscription of 20,000,000 Units for gross proceeds of US$1,000,000 (the
“Maximum Subscription”). 

A currency conversion rate of CDN$1.00 x US$1.00 is used and
the Issuer will accept both CDN and US funds at par. 

2

The Purchaser and the Issuer hereby agree that the Units, and
the subsequent offering thereof, shall have and be conducted on the terms and
conditions specified in Schedule "A" hereto. The Purchaser hereby makes, on its
own behalf and, if applicable, on behalf of others for whom it is contracting
hereunder, the acknowledgments, representations and warranties set out in
Schedule "A" hereto, and agrees that the Issuer can rely on such
acknowledgments, representations and warranties should this subscription offer
be accepted. 

	Note: 	The Purchaser must either be:

	 	(a) 	
      purchasing the securities offered hereunder as principal
      or;

	 	 	 
	 	(b) 	
      deemed to be purchasing such securities as principal, by
      virtue of being:

	 	(i) 	
      a trust company or trust corporation described in
      paragraph (p) of the definition of "accredited investor" in Appendix I
      (other than a trust company or trust corporation registered under the laws
      of Prince Edward Island that is not registered or authorized under the
      Trust and Loan Companies Act (Canada) or under comparable legislation in
      another jurisdiction of Canada); or

	 	 	 
	 	(ii) 	
      a person described in paragraph (q) of the definition of
      "accredited investor" in Appendix I.

INSTRUCTIONS FOR COMPLETING THIS SUBSCRIPTION PRIOR TO
DELIVERY TO 
THE ISSUER 

	1. 	
      All Purchasers must complete (i) the information
      required on page 3 with respect to subscription amounts and registration
      and delivery particulars; (ii) the information required on page 5 with
      respect to information regarding the Purchaser; and (iii) Appendix III
      – "Acknowledgement and Direction".

	 	 
	2. 	
      Complete the applicable Appendices at the end of Schedule
      "A":

	 	(a) 	
      Appendix I – "Certificate of
      Purchasers".

	 	 	 
	 	(b) 	
      All Purchasers that complete “Category 4 – Offering
      Memorandum” in Appendix I and are relying on the "Offering Memorandum"
      exemption contained in Part 2 of National Instrument 45-106, must complete
      Appendix IIA – “Risk Acknowledgement”. Appendix III
      Acknowledgement and Direction

Return this subscription and all Appendices to the Issuer's
solicitors, Macdonald Tuskey, Corporate and Securities Lawyers at 4th Floor -
570 Granville Street, Vancouver BC V6C 3P1. Purchasers can submit subscription
funds by certified cheque, money order or bank draft drawn on a Canadian
chartered bank and made payable to Macdonald Tuskey in Trust, Corporate and
Securities Lawyers in Trust for Enertopia Corporation. in same day
freely transferable United States or Canadian funds in Vancouver in the amount
of the subscription funds hereby subscribed for. 

3

SUBSCRIPTION AMOUNTS 

	No. of Units to be purchased at US$0.05
      each:    	 	 
    
	 	 	 
	Total Subscription Funds for Units:    	 	US$
  

	Dated this _____ day of ___________, 2012 
	 
	PURCHASER INFORMATION 	  

	 	 	 
	(Name of Purchaser – please print) 	 	Purchaser's Address 
	  	 	  
	By: 	 	  
	           (Official Capacity
      or Title – please print) 	 	  
	  	 	  
	  	 	(Telephone Number) 
	Authorized Signature 	 	  
	  	 	  
	  	 	(Facsimile Number) 
	Please print name of individual whose signature appears
      above if different than the name of the Purchaser printed above 		

Details of Beneficial Purchaser If Not Same as
Subscriber 

	 	 	 
	(Name – please print) 	 	Beneficial Purchaser's Address 
	 	 	  
	 	 	  
	(if space is inadequate, please attach a schedule 	 	
	containing the necessary information. 	 	  

	Registration Instructions 	 	Delivery Instructions 
	 	 	 
	(Name 	 	Name 
	 	 	 
	Account Reference, if applicable 	 	Account Reference, if applicable 
	 	 	 
	Address 	 	Contact Name 
	 	 	 
	  	 	Address 
	 	 	 
	  	 	(Telephone Number) 

4

Execution by the Purchaser above shall constitute an
irrevocable offer and agreement by the Purchaser to subscribe for the securities
described herein on the terms and conditions herein. The Issuer shall be
entitled to rely on the delivery of a facsimile copy of this subscription, and
acceptance by the Issuer of such facsimile subscription shall be legally
effective to create a valid and binding agreement between the Purchaser and the
Issuer in accordance with the terms and conditions hereof. 

ACCEPTANCE 

	This subscription is accepted and agreed to by the 	) ENERTOPIA CORPORATION 
	Issuer as of the day of _____________, 2012. 	) 
	 	) 
	 	) 
	 	) 
	 	) 
	 	           
       Per: __________________
	 	                    Authorized
      Signatory 

5

INFORMATION REGARDING THE PURCHASER 

Please check the appropriate box (and complete the required
information, if applicable) in each section: 

	1. 	
      Security Holdings. The Purchaser and all persons
      acting jointly and in concert with the Purchaser own, directly or
      indirectly, or exercises control or direction over (provide additional
      detail as applicable):

	 	[_]	_______________________ common shares of the
      Issuer and/or the following other kinds of shares and convertible
      securities (including but not limited to convertible debt, warrants and
      options) entitling the Purchaser to acquire additional common shares or
      other kinds of shares of the Issuer: 
	 	 	  
	 	 	  
	 	 	  
	 	 	  
	 	 	 
	 	[_]	No shares of the Issuer or securities
      convertible into shares of the Issuer. 

	2. 	
      Insider Status. The Purchaser
  either:

	 	[_]	Is an "Insider" of the Issuer as defined in the
      BC Act, by virtue of being: 

	 	(a) 	
      a director or senior officer of the Issuer;

	 	 	 
	 	(b) 	
      a director or senior officer of a company that is an
      Insider or subsidiary of the Issuer;

	 	 	 
	 	(c) 	
      a person that beneficially owns or controls, directly or
      indirectly, voting shares of the Issuer carrying more than 10% of the
      voting rights attached to all the Issuer's outstanding voting
    shares;

	 	 	 
	 	(d) 	
      the Issuer itself if it holds any of its own
      securities.

	 	[_]	Is not an Insider of the Issuer.

SCHEDULE "A" 

	1. 	
      DEFINITIONS

1.2 In this Agreement, the following words have the following
meanings unless otherwise indicated: 

	 	(a) 	
      "1933 Act" means the United States Securities Act
      of 1933 , as amended;

	 	 	 
	 	(b) 	
      "Acts" means, collectively, the BC Act and the
      Alberta Act;

	 	 	 
	 	(c) 	
      "Agreement" means this Agreement, including
      Schedule "A" and all Appendices;

	 	 	 
	 	(d) 	
      "Alberta Act" means the Securities Act
      (Alberta), as amended, the regulations and rules made thereunder and
      all administrative policy statements, rules, instruments, blanket orders,
      notices, directions, and orders issued by the Alberta Securities
      Commission;

	 	 	 
	 	(e) 	
      "BC Act" means the Securities Act (British
      Columbia), as amended, the regulations and rules made thereunder and all
      administrative policy statements, rules, instruments, blanket orders,
      notices, directions, and orders issued by the BC Securities
    Commission;

	 	 	 
	 	(f) 	
      "Business Day" means any day except Saturday,
      Sunday, or a statutory holiday in Vancouver, British Columbia;

	 	 	 
	 	(g) 	
      "Closing" means the closing on the Closing Date of
      the transaction of purchase and sale in respect of the Units as
      contemplated by this Subscription Agreement;

	 	 	 
	 	(h) 	
      "Closing Date" means the day on which the Issuer
      issues the Units to the Purchaser;

	 	 	 
	 	(i) 	
      "Commissions" means the United States Securities
      Commission, the British Columbia Securities Commission and the Alberta
      Securities Commissions;

	 	 	 
	 	(j) 	
      "Disclosure Record" means, without limitation, the
      prospectuses, annual information forms, material change reports, press
      releases and other documents or reports filed by the Issuer with any
      applicable securities regulatory authority in Canada during the 12 months
      preceding the date hereof;

	 	 	 
	 	(k) 	
      "NI 45-102" means the National Instrument 45-102
      entitled "Resale of Securities" published by the Canadian Securities
      Administrators;

	 	 	 
	 	(l) 	
      "NI 45-106" means the National Instrument 45-106
      entitled "Prospectus and Registration Exemptions" published by the
      Canadian Securities Administrators;

	 	 	 
	 	(m) 	
      "Offering" means the offering of the Units by way
      of private placement;

	 	 	 
	 	(n) 	
      "Regulation S" means Regulation S promulgated
      under the 1933 Act;

	 	 	 
	 	(o) 	
      "Regulatory Authorities" means the
    Commissions;

	 	 	 
	 	(p) 	
      "Securities" means the Shares, Warrants and
      Warrant Shares;

	 	 	 
	 	(q) 	
      "Shares" means the previously unissued common
      shares of the Issuer comprising part of the
Units;

2

	 	(r) 	
      "Unit" means a unit of the Issuer consisting of
      one Share and one Warrant to be offered under the Private
  Placement;

	 	 	 
	 	(s) 	
      "United States" means the United States of
      America, its territories and possessions and any State of the United
      States and the District of Columbia;

	 	 	 
	 	(t) 	
      "U.S. Person" means a U.S. Person as that term is
      defined in Rule 902(o) of Regulation S, and includes (i) any natural
      person resident in the United States and (ii) any partnership or
      corporation organized or incorporated under the laws of United States,
      among other persons specified in such Rule;

	 	 	 
	 	(u) 	
      "Warrant Shares" means the previously unissued
      common shares of the Issuer, which will be issued on the exercise of the
      Warrants; and

	 	 	 
	 	(v) 	
      "Warrants" means the share purchase warrants
      comprising part of the Units.

	2. 	
      PURCHASE AND SALE OF
SHARES

2.1 The Issuer is offering up to 20,000,000 Units at US$0.05
per Unit. Each Unit is comprised of one Share and one Warrant entitling the
holder thereof to acquire one (1) Warrant Share of the Issuer for a period of
twenty-four (24) months after the date of issuance. The Warrants are exercisable
at a price of US$0.10 per Warrant Share if exercised at any time up to twelve
(12) months after the date of issuance and at a price of US$0.20 per Warrant
Share if exercised anytime after twelve (12) months from the date of issuance
until thirty-six (36) months after the date of issuance. The offering price of
the Units was determined by the Issuer with regard to the market for our stock,
as listed for trading on the Canadian National Securities Exchange
("CNSX"). 

2.2 The Purchaser agrees to deliver to the Issuer as soon as
possible and, in any event, not later than 12:00 noon (Vancouver time) on the
date which is two days prior to the Closing Date, the following: 

	 	(a) 	
      a completed and duly executed copy of this
    Agreement;

	 	 	 
	 	(b) 	
      a completed and duly executed Appendix I Certificate of
      Purchasers;

	 	 	 
	 	(a) 	
      a completed and duly executive Appendix II –
      “Acknowledgement and Direction”; and

	 	 	 
	 	(b) 	
      all other documents as may be
required.

2.3 On the Closing Date, the Purchaser will deliver to the
Issuer a certified cheque, money order, bank draft or wire transfer drawn on a
Canadian chartered bank and made payable to the Issuer's solicitors Macdonald
Tuskey in Trust, Corporate and Securities Lawyers in Trust for Enertopia
Corporation in the same day freely transferable United States or Canadian funds
in Vancouver representing the total purchase price of the Units subscribed for
by the Purchaser under this Agreement. The Issuer will then issue and sell the
Purchaser’s Units and cause definitive certificates representing the number of
Purchaser’s Shares and Warrants so issued and registered in accordance with this
Subscription Agreement to be delivered in accordance with this Subscription
Agreement. 

	3. 	
      CONDITIONS OF PURCHASE

3.1 The Purchaser acknowledges that the Issuer’s obligation to
sell the Securities to the Purchaser is subject to, among other things, the
conditions that: 

	 	(a) 	
      the Purchaser duly completes, signs, and delivers to the
      Issuer a copy of this Agreement, together with all documents required by
      applicable securities legislation for delivery
on the Purchaser’s behalf, including without limitation the
documents described in section 2.2 hereof; 

3

	 	(b) 	
      the Issuer has received all necessary regulatory
      approvals to the Offering;

	 	 	 
	 	(c) 	
      the Issuer accepts this subscription;

	 	 	 
	 	(d) 	
      the sale of the Securities is exempt from prospectus
      requirements under the BC Act and any other applicable securities
      legislation relating to the sale of the Securities or all appropriate
      securities regulators issue all orders, consents, or approvals required to
      permit the sale without the Issuer having to register or file a
      prospectus;

	 	 	 
	 	(e) 	
      the Purchaser’s representations and warranties remain
      true and correct as at the Closing Date; and

	 	 	 
	 	(f) 	
      the Issuer being a "reporting issuer" as that term is
      defined in NI 45-102 at the Closing Date and for the four months preceding
      the date thereof in a jurisdiction of Canada.

	4. 	
      OFFERING DOCUMENTS

4.1 The offering is being made pursuant to exemptions (the
"Exemptions") from the registration and prospectus requirements of the
applicable Acts. The use of a particular Exemption may or may not require the
delivery of an offering memorandum to a Purchaser. Purchasers hereby acknowledge
and agree that unless a Purchaser is only able to purchase the Securities
offered hereby pursuant to an Exemption which requires the delivery of an
offering memorandum (the "OM Exemption") and they have completed and
returned Appendix IIA, they will not be entitled to a copy of the Offering
Memorandum (as defined below) in connection with their subscription and,
notwithstanding any delivery or other receipt of the Offering Memorandum, they
are not entitled to the contractual rights of the action provided therein or
under any securities laws with respect to any potential misrepresentations in
the Offering Memorandum. 

4.2 Purchasers purchasing the securities
described herein pursuant to the OM Exemption acknowledge the receipt of the
Issuer's offering memorandum dated July 16, 2012 (the "Offering
Memorandum"). Such Purchasers may cancel their subscription to purchase the
Securities offered hereby and have their subscription funds returned without
interest or deduction by sending a written notice to the Issuer by midnight of
the second (2nd) business day after executing their subscription agreement. Once
this period has elapsed, subscriptions are irrevocable. The Offering Memorandum
contains statutory rights of rescission available only to those Subscribers who
are purchasing the Units pursuant to an OM Exemption. See the Offering
Memorandum for further de 

	5. 	
      PURCHASER’S REPRESENTATIONS AND
  WARRANTIES

5.1 The Purchaser acknowledges, represents, warrants and
covenants to and with (on its own behalf and, if applicable, on behalf of those
for whom the Purchaser is contracting hereunder) the Issuer that, as at the date
of this Agreement and at the Closing Date: 

	 	(a) 	
      The Issuer has not filed a prospectus with any of the
      Commissions or any other securities commission or similar authority in
      connection with the offering of the Securities and
that:

	 	(i) 	
      the Purchaser is restricted from using most of the civil
      remedies available under the Acts;

	 	 	 
	 	(ii) 	
      the Purchaser may not receive information that would
      otherwise be required to be provided to him under the
  Acts;

4

	 	(iii) 	
      the Issuer is relieved from certain obligations that it
      would otherwise be required to give if it provided a prospectus under the
      Acts; and

	 	 	 
	 	(iv) 	
      the issuance and sale of the Securities to the Purchaser
      is subject to the sale being exempt from the prospectus requirements of
      the Acts.

	 	(b) 	
      If the Purchaser is a resident of British Columbia or
      Alberta, then the Purchaser is purchasing the Securities as principal and
      is either:

	 	(i) 	
      an "accredited investor" as defined in NI 45-106 and was
      not created or used solely to purchase or hold securities as an accredited
      investor as described in paragraph (m) of the definition of "accredited
      investor" in NI 45-106

	 	(c) 	
      The Purchaser, if not a resident of British Columbia,
      certifies that it is not resident in British Columbia and acknowledges
      that:

	 	(i) 	
      no securities commission or similar regulatory authority
      has reviewed or passed on the merits of the Securities;

	 	 	 
	 	(ii) 	
      there is no government or other insurance covering the
      Securities;

	 	 	 
	 	(iii) 	
      there are risks associated with the purchase of the
      Securities;

	 	 	 
	 	(iv) 	
      there are restrictions on the Purchaser’s ability to
      resell the Securities and it is the responsibility of the Purchaser to
      find out what those restrictions are and to comply with them before
      selling the Securities; and

	 	 	 
	 	(v) 	
      the Issuer has advised the Purchaser that the Issuer is
      relying on an exemption from the requirements to provide the Purchaser
      with a prospectus and to sell securities through a person registered to
      sell securities under the Acts and, as a consequence of acquiring
      Securities pursuant to this exemption, certain protections, rights and
      remedies provided by the Acts, including statutory rights of rescission or
      damages, will not be available to the
Purchaser.

	 	(d) 	
      If the Purchaser is resident outside of Canada but not in
      the United States, the Purchaser:

	 	(i) 	
      is knowledgeable of, or has been independently advised as
      to the applicable securities laws of the securities regulatory authorities
      (the "Authorities") having application in the jurisdiction in which
      the Purchaser is resident (the "International Jurisdiction") which
      would apply to the acquisition of the Securities, if any;

	 	 	 
	 	(ii) 	
      is purchasing the Securities pursuant to exemptions from
      the prospectus and registration requirements under the applicable
      securities laws of the Authorities in the International Jurisdiction or,
      if such is not applicable the Purchaser is permitted to purchase the
      Securities under the applicable securities laws of the Authorities in the
      International Jurisdiction without the need to reply on any
    exemption;

	 	 	 
	 	(iii) 	
      the applicable securities laws of the Authorities in the
      International Jurisdiction do not require the Issuer to make any filings
      or seek any approvals of any nature whatsoever from any Authority of any
      kind whatsoever in the International Jurisdiction in connection with the
      issue and sale or resale of the Securities; and

	 	 	 
	 	(iv) 	
      the purchase of the Purchaser's Securities by the
      Purchaser does not trigger:

5

	 	(A) 	
      any obligation to prepare and file a prospectus or
      similar document, or any other report with respect to such purchase in the
      International Jurisdiction; or

	 	 	 
	 	(B) 	
      any continuous disclosure reporting obligation of the
      Issuer in the International Jurisdiction; and

the Purchaser will, if requested by
the Issuer, deliver to the Issuer a certificate or opinion of local counsel from
the International Jurisdiction which will confirm the matters referred to in
subparagraphs (ii), (iii) and (iv) above to the satisfaction of the Issuer,
acting reasonably; 

	 	(e) 	
      The Issuer is entitled to rely on the representations and
      warranties and the statements and answers of the Purchaser contained in
      this Agreement and the Appendices and the Purchaser will hold harmless the
      Issuer from any loss or damage it may suffer as a result of the
      Purchaser's failure to correctly complete this Agreement and the
      Appendices;

	 	 	 
	 	(f) 	
      The purchase of the Securities has not been made through
      or as a result of, and the distribution of the Securities has not been
      accompanied by, an advertisement in printed media of general and regular
      paid subscription, radio, or television.

	 	 	 
	 	(g) 	
      No person has made to the Purchaser any written or oral
      representations:

	 	(i) 	
      that any person will resell or repurchase the
      Securities;

	 	 	 
	 	(ii) 	
      that any person will refund the purchase price of the
      Securities;

	 	 	 
	 	(iii) 	
      as to the future price or value of any of the Securities;
      or

	 	 	 
	 	(iv) 	
      that the Securities will be listed and posted for trading
      on a stock exchange or that an application has been made to list and post
      the Securities for trading on a stock
exchange.

	 	(h) 	
      The Purchaser is not a "control person" of the Issuer as
      defined in the BC Act, will not become a "control person" by virtue of the
      purchase of any of the Securities, and does not intend to act in concert
      with any other person to form a control group of the Issuer.

	 	 	 
	 	(i) 	
      The Purchaser, on its own behalf and on behalf of any
      disclosed principal, represents, warrants and agrees
  that:

	 	(i) 	
      none of the Subscription Funds are being tendered on
      behalf of a person or entity who has not been identified as the Subscriber
      or the disclosed principal;

	 	 	 
	 	(ii) 	
      to the best of its knowledge, none of the Subscription
      Funds have been or will be derived from or related to any activity that is
      deemed criminal under the laws of Canada, the United States or any other
      jurisdiction;

	 	 	 
	 	(iii) 	
      without limiting the foregoing, none of the Subscription
      Funds will represent proceeds of crime for the purposes of the Proceeds of
      Crime (Money Laundering) and Terrorism Financing Act (Canada) (the
      "PCMLA"); and

	 	 	 
	 	(iv) 	
      it shall promptly notify the Issuer if the Subscriber
      discovers that any of such representations and warranties are or cease to
      be true, and shall promptly thereafter provide the Issuer with the
      appropriate information in connection
therewith.

6

	 	(j) 	
      The Subscriber acknowledges and agrees that the
      Securities have not been registered under the United States Securities Act
      of 1933 (the "1933 Act"), as amended, or any applicable State
      securities laws, and that the Securities will be deemed "Restricted
      Securities" as that term is defined under Rule 144 of the 1933 Act, and
      that the Securities may not be offered and sold, directly or indirectly,
      in the United States or by or to U.S. Persons (as defined in Regulation S
      promulgated under the 1933 Act) without registration under the 1933 Act
      and any applicable State securities laws, unless an exemption from
      registration is available. The Issuer is not obligated under any
      circumstances to register the Securities or to take any other actions to
      facilitate or permit any proposed resale or transfer thereof in the United
      States or otherwise by or to a U.S. Person, unless the transferee provides
      the Issuer with a legal opinion stating that the sale of the Securities is
      being made in compliance with (i) Rule 904 of Regulation S under the 1933
      Act and all applicable State securities laws, (ii) Rule 144 of the 1933
      Act and all applicable State securities laws, or (iii) another applicable
      exemption from the registration requirements of the 1933 Act and all
      applicable State securities laws. The Purchaser further acknowledges that
      the certificates representing the Securities will contain a legend
      prohibiting transfer of the Securities in the United States or by or to
      U.S. Persons (as defined in Regulation S promulgated under the 1933 Act),
      except in accordance with Regulation S.

	 	 	 
	 	(k) 	
      The Subscriber acknowledges and agrees that the Warrants
      may not be exercised in the United States or otherwise by or to or for the
      account or benefit of a U.S. Person without registration under the 1933
      Act and any applicable State securities laws, unless an exemption from
      registration is available and the holder of such Warrant furnishes the
      Issuer with a legal opinion of counsel satisfactory to the Issuer to that
      effect.

	 	 	 
	 	(l) 	
      With respect to compliance with the 1933
  Act:

	 	(i) 	
      the Purchaser is not a U.S. Person and the Securities are
      not being acquired by it for or on behalf of a U.S. Person;

	 	 	 
	 	(ii) 	
      no offers to sell the Securities were made by any person
      to the Purchaser while the Purchaser was in the United States, and the
      Subscriber was outside the United States at the time of execution and
      delivery of this subscription;

	 	 	 
	 	(iii) 	
      any person who acquires Securities will be required to
      provide the Issuer with written certification that it is not a U.S. Person
      or person in the United States and that the Securities are not being
      acquired by it for or on behalf of a U.S. Person or person in the United
      States; The Purchaser is not an underwriter and is acquiring the
      Securities solely for investment purposes for his or her own account and
      not with a view to, or for, resale in connection with any distribution
      within the United States or by or to U.S. Persons (as defined in
      Regulation S promulgated under the 1933 Act);

	 	 	 
	 	(iv) 	
      the Purchaser acknowledges that it has not acquired the
      Units as a result of, and will not itself engage in, any "directed selling
      efforts" (as defined in Regulation S under the 1933 Act) in the United
      States in respect of any of the Securities which would include any
      activities undertaken for the purpose of, or that could reasonably be
      expected to have the effect of, conditioning the market in the United
      States for the resale of any of the Securities; provided, however, that
      the Subscriber may sell or otherwise dispose of any of the Shares or the
      Warrant Shares pursuant to registration of any of the Shares or the
      Warrant Shares pursuant to the 1933 Act and any applicable state
      securities laws or under an exemption from such registration requirements and as otherwise
provided herein; and 

7

	 	(v) 	
      The Purchaser understands the speculative nature and
      risks of investment in the Securities and confirms that the Securities
      would be suitable and consistent with his or her investment program and
      that his or her financial position enable him or her to bear the risks of
      such investment.

	 	(m) 	
      The Purchaser has no knowledge of a "material fact" or
      "material change" (as those terms are defined in the Acts) in the Issuer’s
      affairs that has not been generally disclosed to the public, save
      knowledge of this particular transaction.

	 	 	 
	 	(n) 	
      If the Purchaser is an individual, the Purchaser has
      attained the age of majority and is legally competent to enter into and
      sign this Agreement and to take all actions required pursuant hereto, and
      if the Purchaser is a corporation, the Purchaser is duly incorporated and
      validly subsisting under the laws of its jurisdiction of incorporation,
      and its directors, shareholders, and others have given all necessary
      approvals to authorize the signing of this Agreement on the Purchaser’s
      behalf.

	 	 	 
	 	(o) 	
      The entering into of this Agreement and the transactions
      contemplated hereby will not result in the violation of any of the terms
      and provisions of any law applicable to, or the constating documents of,
      the Purchaser or of any agreement, written or oral, to which the Purchaser
      may be a part or by which it is or may be bound.

	 	 	 
	 	(p) 	
      The Purchaser has duly signed and delivered this
      Agreement and this Agreement constitutes a legal, valid, and binding
      agreement of the Purchaser enforceable against the Purchaser in accordance
      with its terms.

	 	 	 
	 	(q) 	
      The Purchaser has obtained independent advice as to the
      applicable hold period imposed on the Securities by NI 45-102 and the 1933
      Act, and other securities legislation, and confirms that the Issuer has
      made no representations regarding the applicable hold periods for the
      Securities, and the Purchaser is aware of the risks and other
      characteristics of the Securities and of the fact that the Purchaser may
      not be able to resell the Securities except in accordance with NI 45-102,
      the 1933 Act, and other applicable securities legislation.

	 	 	 
	 	(r) 	
      If required by applicable securities legislation, policy,
      or order or by any securities commission, stock exchange or other
      regulatory authority, the Purchaser will sign, deliver, file, and
      otherwise assist the Issuer in filing all reports, undertakings, and other
      documents required with respect to the issue of the Securities.

	 	 	 
	 	(s) 	
      the Purchaser is capable of assessing and evaluating the
      risks and merits of this investment as a result of the Purchaser’s
      financial, investment or business experience or as a result of advice
      received from a registered person other than the Issuer or an affiliate
      thereof, and the Purchaser or, where it is not purchasing as principal,
      each beneficial purchaser is able to bear the economic loss of its
      investment.

	 	 	 
	 	(t) 	
      the Purchaser (or, if applicable, others for whom it is
      contracting hereunder) has been advised to consult its own legal and tax
      advisors with respect to applicable resale restrictions and tax
      considerations, and it (or, if applicable, others for whom it is
      contracting hereunder) is solely responsible for compliance with
      applicable resale restrictions and applicable tax
  legislation.

8

	 	(u) 	
      The Purchaser makes the representations, warranties,
      covenants, and acknowledgements contained in this Agreement and in any
      other Appendices, documents, or materials signed and delivered by the
      Purchaser hereunder, with the intent that the Issuer and its professional
      advisors may rely on them in determining the Purchaser’s eligibility or,
      if applicable, the eligibility of others on whose behalf the Purchaser is
      contracting to purchase the Securities, and the Purchaser agrees to
      indemnify the Issuer against all losses, claims, costs, expenses, and
      damages or liabilities which the Issuer may suffer or incur caused by or
      arising from its reliance thereon.

	 	 	 
	 	(v) 	
      The Purchaser agrees that the above representations,
      warranties, covenants, and acknowledgements will be true and correct both
      as of the signing date of this Agreement and as of the Closing Date and
      that they will survive the Purchaser’s purchase of the Securities and will
      continue in full force and effect even if the Purchaser subsequently
      disposes of any of the Securities. The Purchaser undertakes to notify the
      Issuer immediately of any change in any representation, warranty, or other
      information relating to the Purchaser set forth herein which takes place
      before the Closing Date.

	 	 	 
	 	(w) 	
      it has no intention to distribute, either directly or
      indirectly, any of the Securities in the United States or to U.S.
      Persons.

	 	 	 
	 	(x) 	
      the current structure of this transaction and all
      transactions and activities contemplated hereunder, and the Purchaser's
      participation therein, is not a scheme to avoid the registration
      requirements of the 1933 Act.

	6. 	
      ISSUER’S COVENANTS

6.1 The Issuer covenants and agrees with the Purchaser as
follows: 

	 	(a) 	
      on the Closing Date, the Issuer will have taken all
      necessary steps to duly and validly create and issue the Securities as
      fully paid and non-assessable;

	 	 	 
	 	(b) 	
      the Issuer has been duly incorporated and organized and
      is a valid and subsisting company under the laws of the State of
      Nevada;

	 	 	 
	 	(c) 	
      the Issuer has the full corporate right, power and
      authority to execute this Subscription Agreement, and to issue the
      Securities to the Purchaser pursuant to the terms of this Subscription
      Agreement; and

	 	 	 
	 	(d) 	
      this Subscription Agreement constitutes a binding and
      enforceable obligation of the Issuer, enforceable in accordance with its
      terms.

	7. 	
      RESALE RESTRICTIONS AND LEGENDING OF
    SECURITIES

7.1 The Purchaser acknowledges that any resale of the
Securities will be subject to resale restrictions contained in the securities
legislation applicable to the Subscriber or proposed transferee. The Subscriber
acknowledges that none of the Securities have been registered under the 1933 Act
or the securities laws of any state of the United States. None of the Securities
may be offered or sold in the United States unless registered in accordance with
federal securities laws and all applicable state securities laws or exemptions
from such registration requirements are available 

7.2 The Purchaser further acknowledges that the Securities will
be subject to restrictions on resale imposed by NI 45-102, which in Canada will
be four months and one day from the Closing Date. 

7.3 The Purchaser agrees to consult his own legal advisors
regarding the statutory resale restrictions applicable to the Securities before
the resale of any of the Securities. 

9

7.4 The certificates representing the Securities will bear a
legend denoting the resale restrictions imposed by NI 45-102, the 1933 Act and
other applicable securities legislation. The Purchaser agrees to sell, assign,
or transfer the Securities only in accordance with these legends. 

7.5 The Purchaser acknowledges and agrees that: 

	 	(a) 	
      the Securities have not been and will not be registered
      under the United States Securities Act of 1933, as amended (the "1933
      Act"), or any State securities laws, and may not be offered and sold,
      directly or indirectly, in the United States or by or to or for the
      account or benefit of a U.S. Person (as defined in Regulation S
      ("Regulation S") promulgated under the 1933 Act) without registration
      under the 1933 Act and any applicable State securities laws, unless an
      exemption from registration is available;

	 	 	 
	 	(b) 	
      the Issuer has no present intention and is not obligated
      under any circumstances to register the Securities, or to take any other
      actions to facilitate or permit any proposed resale or transfer thereof in
      the United States or otherwise by or to or for the account or benefit of a
      U.S. Person, and in particular, the Subscriber and the Issuer further
      acknowledge and agree that the Issuer is hereby required to refuse to
      register any transfer of the Securities not made in accordance with the
      provisions of Regulation S, pursuant to registration under the 1933 Act,
      or pursuant to an available exemption from registration; and

	 	 	 
	 	(c) 	
      the Warrants may not be exercised in the United States or
      otherwise by or to or for the account or benefit of a U.S. Person without
      registration under the 1933 Act and any applicable State securities laws,
      unless an exemption from registration is available and the holder of such
      Warrant furnishes the Issuer with a legal opinion of counsel satisfactory
      to the Issuer to that effect.

7.6 The foregoing discussion on hold periods and resale
restrictions is a general summary only and is not intended to be comprehensive
or exhaustive, or to apply in all circumstances. Purchasers are advised to
consult with their own advisors concerning their particular circumstances and
the particular nature of the restrictions on transfer, the extent of the
applicable hold period and the possibilities of utilizing any further exemptions
or the obtaining of a discretionary order to transfer any Securities.
Subscribers are further advised against attempting to resell or transfer any
Securities until they have determined that any such resale or transfer is in
compliance with the requirements of all applicable securities laws, including
but not limited to compliance with restrictions on certain pre-trade activities
and the filing with the appropriate regulatory authority of reports required
upon any resale of the Securities. 

7.7 The Purchaser hereby acknowledges that upon the issuance
thereof, and until such time as the same is no longer required under the
applicable securities laws and regulations, the certificates representing any of
the Shares, the Warrants or the Warrant Shares will bear a legend in
substantially the following form: 

THE SECURITIES REPRESENTED HEREBY HAVE BEEN OFFERED IN AN
OFFSHORE TRANSACTION TO A PERSON WHO IS NOT A U.S. PERSON (AS DEFINED HEREIN)
PURSUANT TO REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED (THE "1933 ACT"). 

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

10

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF
THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE [THE DATE THAT IS 4 MONTHS AND
A DAY AFTER THE DISTRIBUTION DATE]. 

	8. 	
      FINDERS FEE

8.1 The Purchaser acknowledges that the Issuer may pay finder's
fees to certain arm's length parties (the "Finders") in connection with
the completion of the Private Placement equal to 10% of the aggregate
subscription proceeds realized from the sale of the Units by the respective
Finder, payable in cash or shares, and broker’s warrants ("Broker
Warrants") equal to 10% of the aggregate subscription proceeds. The Broker
Warrants shall have the same terms as the Warrants. 

	9. 	
      SUBSCRIPTION

9.1 This subscription is irrevocable, subject to section
Error! Reference source not found. and to acceptance hereof by the
Issuer.

9.2 The Purchaser hereby authorizes and directs the Issuer to
deliver certificates representing the Shares and Warrants to be issued to such
Purchaser pursuant to this Subscription Agreement to the residential or business
address indicated in this subscription. 

9.3 This subscription may be accepted in whole or in part by
the Issuer at its sole discretion and the right is reserved to the Issuer at its
sole discretion to allot to any Purchaser less than the amount of Units
subscribed for. Confirmation of acceptance or rejection of this subscription
will be forwarded to the Purchaser promptly after the acceptance or rejection of
the subscription by the Issuer.

	10. 	
      CLOSING DATE

10.1 The Closing Date will take place on a date to be
determined by the Issuer.

10.2 On the Closing Date, subject to section 3.1, the Issuer
will issue and deliver to the Purchaser the certificates representing the Shares
and Warrants purchased by the Purchaser registered as instructed on page 2 of
this Agreement. 

	11. 	
      COLLECTION OF PERSONAL
  INFORMATION

11.1 The Purchaser (on its own behalf and, if applicable, on
behalf of any person for whose benefit the Purchaser is subscribing)
acknowledges and consents to the collection by the Issuer of the Purchaser's
(and any beneficial purchaser’s) personal information for the purpose of
completing the Purchaser’s subscription. The Purchaser (on its own behalf and,
if applicable, on behalf of any person for whose benefit the Purchaser is
subscribing) acknowledges and consents to the Issuer retaining the personal
information for as long as permitted or required by applicable law or business
practices. The Purchaser (on its own behalf and, if applicable, on behalf of any
person for whose benefit the Purchaser is subscribing) further acknowledges and
consents to the Issuer disclosing as required by applicable securities laws,
stock exchange rules, and IDA rules to regulatory authorities, or to other
authorities pursuant to the Proceeds of Crime (Money Laundering) and Terrorism
Financing Act (Canada), any personal information provided by the Purchaser
respecting itself (and any beneficial purchaser). The Purchaser represents and
warrants that it has the authority to provide the consents and acknowledgements
set out in this paragraph on behalf of all beneficial purchasers. 

11

11.2 Furthermore, the Purchaser is hereby notified that: 

	 	(i) 	
      the Issuer may deliver to the Ontario Securities
      Commission certain personal information pertaining to the Purchaser,
      including such Purchaser’s full name, residential address and telephone
      number, the number of Securities purchased by the Purchaser and the total
      purchase price paid for such Securities, the prospectus exemption relied
      on by the Issuer and the date of distribution of the Securities,

	 	 	 
	 	(ii) 	
      such information is being collected indirectly by the
      Ontario Securities Commission under the authority granted to it in
      securities legislation,

	 	 	 
	 	(iii) 	
      such information is being collected for the purposes of
      the administration and enforcement of the securities legislation of
      Ontario, and

	 	 	 
	 	(iv) 	
      the Purchaser may contact the following public official
      in Ontario with respect to questions about the Ontario Securities
      Commission’s indirect collection of such information at the following
      address and telephone number:

	 	 	 
	 		
      Administrative Assistant to the Director of Corporate
      Finance Ontario Securities Commission Suite 1903, Box 55, 20 Queen Street
      West Toronto, Ontario, M5H 3S8 Telephone: (416)
593-8086

	12. 	
      NOTICE

12.1 Any notice under this Agreement will be given in writing
and must be delivered, sent by facsimile transmission, or mailed by prepaid post
and addressed to the party to which notice is to be given at the address
indicated above, or at another address designated by the party in writing. 

12.2 If notice is sent by facsimile transmission or is
delivered, it will be deemed to have been given at the time of transmission or
delivery. 

12.3 If notice is mailed, it will be deemed to have been
received 48 hours following the date of mailing of the notice. 

12.4 If there is an interruption in normal mail service due to
strike, labour unrest, or other cause at or prior to the time a notice is
mailed, the notice will be sent by facsimile transmission or will be delivered.

12

	13. 	
      MISCELLANEOUS

13.1 A party may not assign this Agreement without the other
party’s written consent. 

13.2 All references to currency refer to United States dollars.

13.3 Time is of the essence of this Agreement and will be
calculated in accordance with the provisions of the Interpretation Act
(British Columbia). 

13.4 Except as expressly provided in this Agreement and in the
agreements, instruments, and other documents contemplated or provided for
herein, this Agreement contains the entire agreement between the parties
regarding the Securities and there are no other terms, conditions,
representations, or warranties, whether expressed, implied, oral, or written, by
statute, by common law, by the Issuer, or by anyone else. 

13.5 The parties to this Agreement may amend this Agreement
only in writing. 

13.6 This Agreement enures to the benefit of and is binding on
the parties to this Agreement and their successors and permitted assigns. 

13.7 This Agreement is to be read with all changes in gender or
number required by the context. 

13.8 This Agreement will be governed by and construed in
accordance with the laws of British Columbia and the parties irrevocably attorn
and submit to the jurisdiction of the court of British Columbia with respect to
any dispute related to this Agreement. 

13.9 The parties may sign this Agreement in any number of
counterparts and may deliver this Agreement by facsimile, all of which, when
taken together, will be deemed to be one and the same document. 

13.10 All costs and expenses incurred by the Purchaser
(including any fees and disbursements of any special counsel obtained by the
Purchaser) relating to the sale of the Units to the Purchaser shall be borne by
the Purchaser. 

APPENDIX I 

CERTIFICATE OF 
PURCHASERS 

All Purchasers need to complete this Certificate. 

TO: ENERTOPIA CORPORATION

In addition to the covenants, representations and warranties
contained in the Subscription Agreement, to which this Appendix II – Certificate
of Purchasers is attached, the undersigned Purchaser (or the Purchaser on behalf
of one or more beneficial purchasers for whom the Purchaser is purchasing as
principal) covenants, represents and warrants to the Issuer that the Purchaser
(or one or more beneficial purchasers for whom the Purchaser is purchasing as
principal) either (i) qualifies under Category 1 – Accredited Investor as an
"accredited investor" as defined in NI 45-106 and has checked the appropriate
box below.

CATEGORY 1 – Accredited Investor 

	 	(a) 	a Canadian financial institution, or a Schedule
      III bank; 
	 	 	 
		(b) 	the Business Development Bank of Canada
      incorporated under the Business Development Bank of Canada Act
      (Canada); 
	 	  	  
		(c) 	a subsidiary of any person referred to in
      paragraphs (a) or (b), if the person owns all of the voting securities of
      the subsidiary, except the voting securities required by law to be owned
      by directors of that subsidiary; 
	 	  	  
		(d) 	a person registered under the securities
      legislation of a jurisdiction of Canada as an adviser or dealer, other
      than a person registered solely as a limited market dealer under one or
      both of the Securities Act (Ontario) or the Securities Act
      (Newfoundland and Labrador); 
	 	  	  
		(e) 	an individual registered or formerly registered
      under the securities legislation of a jurisdiction of Canada as a
      representative of a person referred to in paragraph (d); 
	 	  	  
		(f) 	the Government of Canada or a jurisdiction of
      Canada, or any crown corporation, agency or wholly owned entity of the
      Government of Canada or a jurisdiction of Canada; 
	 	  	  
		(g) 	a municipality, public board or commission in
      Canada and a metropolitan community, school board, the Comité de gestion
      de la taxe scolaire de l'île de Montréal or an intermunicipal management
      board in Québec; 
	 	  	  
		(h) 	any national, federal, state, provincial,
      territorial or municipal government of or in any foreign jurisdiction, or
      an agency of that government; 

- 2 – 

		(i) 	a pension fund that is regulated by the Office
      of the Superintendent of Financial Institutions (Canada) a pension
      commission or similar regulatory authority of a jurisdiction of Canada;
  
	 	  	  
		(j) 	an individual who, either alone or with a
      spouse, beneficially owns financial assets having an aggregate realizable
      value that before taxes, but net of any related liabilities, exceeds
      $1,000,000; 
	 	  	  
		(k) 	an individual whose net income before taxes
      exceeded $200,000 in each of the two most recent calendar years or whose
      net income before taxes combined with that of a spouse exceeded $300,000
      in each of the two most recent calendar years and who, in either case,
      reasonably expects to exceed that net income level in the current calendar
      year; 
	 	  	  
		(l) 	an individual who, either alone or with a
      spouse, has net assets of at least $5,000,000; 
	 	  	  
		(m) 	a person, other than an individual or
      investment fund, that has net assets of at least $5,000,000 as shown on
      its most recently prepared financial statements and that was not created
      or used solely to purchase or hold securities as an accredited investor
      under this paragraph (m); 
	 	  	  
	 	(n) 	an investment fund that distributes or has
      distributed its securities only to; 
			(i) a person that is or was an accredited
      investor at the time of the distribution; 
			(ii) a person that acquires or acquired
      securities in the circumstances referred to in sections 2.10 of NI 45-106
      [Minimum amount investment], or 2.19 of NI 45-106 [Additional
      investment in investment funds], or 
			(iii) a person described in paragraph (i) or
      (ii) that acquires or acquired securities under section 2.18 of NI 45-106
      [Investment fund reinvestment]; 
	 	  	  
		(o) 	an investment fund that distributes or has
      distributed securities under a prospectus in a jurisdiction of Canada for
      which the regulator, or, in Québec, the securities regulatory authority
      has issued a receipt; 
	 	  	  
		(p) 	a trust company or trust corporation registered
      or authorized to carry on business under the Trust and Loan Companies
      Act (Canada) or under comparable legislation in a jurisdiction of
      Canada or a foreign jurisdiction, acting on behalf of a fully managed
      account managed by the trust company or trust corporation, as the case may
      be; 
	 	  	  
		(q) 	a person acting on behalf of a fully managed
      account managed by that person, if that person 

	 	(i) 	
      is registered or authorized to carry on business as an
      adviser or the equivalent under the securities legislation of a
      jurisdiction of Canada or a foreign jurisdiction, and

	 	 	 
	 	(ii) 	
      in Ontario, is purchasing a security that is not a
      security of an investment fund;

- 3 – 

		(r) 	a registered charity under the Income Tax
      Act (Canada) that, in regard to the trade, has obtained advice from an
      eligibility adviser or an adviser registered under the securities
      legislation of the jurisdiction of the registered charity to give advice
      on the securities being traded; 
	 	  	  
		(s) 	an entity organized in a foreign jurisdiction
      that is analogous to any of the entities referred to in paragraphs (a) to
      (d) or paragraph (i) in form and function; 
	 	  	  
		(t) 	a person in respect of which all of the owners
      of interests, direct, indirect or beneficial, except the voting securities
      required by law to be owned by directors, are persons that are accredited
      investors; 
	 	  	  
		(u) 	an investment fund that is advised by a person
      registered as an adviser or a person that is exempt from registration as
      an adviser; 
	 	  	  
		(v) 	a person that is recognized or designated by
      the securities regulatory authority or, except in Ontario and Québec, the
      regulator as an accredited investor. 

CATEGORY 2 – NOT APPLICABLE 

CATEGORY 3 – NOT APPLICABLE 

CATEGORY 4 – Offering Memorandum 

		(a) 	The Purchaser does not meet any of the criteria
      set out in Category 1, and the Purchaser is purchasing the Units as
      principal and has received a copy of the Offering Memorandum of the Issuer
      prior to its execution of the Subscription Agreement for the Units.
      Please turn to and complete Appendix IIA attached hereto;
      AND 
	 	  	  
		(b) 	If the Subscriber is resident in Alberta,
      Manitoba, Northwest Territories, Nunavut, Prince Edward Island, Quebec,
      Saskatchewan or Yukon, the aggregate acquisition cost to the Subscriber
      does not exceed $10,000 or the Subscriber falls within one of the
      categories of “ eligible investor” below: 

	 	 	(a) 	a person whose 

	 	(ii) 	
      net assets, alone or with a spouse, in the case of an
      individual, exceed $400 000,

	 	 	 
	 	(ii) 	
      net income before taxes exceeded $75 000 in each of the 2
      most recent calendar years and who reasonably expects to exceed that
      income level in the current calendar year, or

	 	 	 
	 	(iii) 	
      net income before taxes, alone or with a spouse, in the
      case of an individual, exceeded $125 000 in each of the 2 most recent
      calendar years and who reasonably expects to exceed that income level in
      the current calendar year,

- 4 – 

	 	 	(b) 	a person of which a majority of the voting
      securities are beneficially owned by eligible investors or a majority of
      the directors are eligible investors, 
	 	 	  	  
	 	 	(c) 	a general partnership of which all of the
      partners are eligible investors, 
	 	 	  	  
	 	 	(d) 	a limited partnership of which the majority of
      the general partners are eligible investors, 
	 	 	  	  
	 	 	(e) 	a trust or estate in which all of the
      beneficiaries or a majority of the trustees or executors are eligible
      investors, 
	 	 	  	  
	 	 	(f) 	an accredited investor, 
	 	 	  	  
	 	 	(g) 	a person described in section 2.5 Family,
      friends and business associates of National Instrument 45-106,
      or 
	 	 	  	  
	 	 	(h) 	a person that has obtained advice regarding the
      suitability of the investment and, if the person is resident in a
      jurisdiction of Canada, that advice has been obtained from an eligibility
      adviser; 

"financial assets" means

	 	(a) 	
      cash,

	 	(b) 	
      securities, or

	 	(c) 	
      a contract of insurance, a deposit or an evidence of a
      deposit that is not a security for the purposes of securities
      legislation

"fully managed account" means an account of a client for
which a person makes the investment decisions if that person has full discretion
to trade in securities for the account without requiring the client's express
consent to a transaction; "person" includes 

	 	(a) 	
      an individual,

	 	(b) 	
      a corporation,

	 	(c) 	
      a partnership, trust, fund and an association, syndicate,
      organization or other organized group of persons, whether incorporated or
      not, and

	 	(d) 	
      an individual or other person in that person's capacity
      as a trustee, executor, administrator or personal or other legal
      representative;

"related liabilities" means 

	 	(a) 	
      liabilities incurred or assumed for the purpose of
      financing the acquisition or ownership of financial assets, or

	 	(b) 	
      liabilities that are secured by financial
  assets;

"spouse" means, an individual who, 

	 	(a) 	
      is married to another individual and is not living
      separate and apart within the meaning of the Divorce Act (Canada),
      from the other individual, or

	 	(b) 	
      is living with another individual in a marriage-like
      relationship, including a marriage-like relationship between individuals
      of the same gender; or

	 	(c) 	
      in Alberta, is an individual referred to in paragraph (a)
      or (b), or is an adult interdependent partner within the meaning of the
      Adult Interdependent Relationships Act
(Alberta);

- 5 – 

The representations, warranties, statements and certification
made in this Certificate are true and accurate as of the date of this
Certificate and will be true and accurate as of the Closing. If any such
representation, warranty, statement or certification becomes untrue or
inaccurate prior to the Closing, the undersigned Purchaser shall give the Issuer
immediate written notice thereof. 

The Purchaser acknowledges that the Issuer will be relying on
this Certificate in connection with the Subscription Agreement. 

The statements made on this certificate are true. 

EXECUTED by the Purchaser at this day of , 2012 

	If a corporation, partnership or other entity: 	If an individual: 
	____________________________	____________________________
	Signature of Authorized Signatory 	Signature 
	____________________________	____________________________
	Name and Position of Signatory 	Print Name 
	____________________________	____________________________
	Name of Purchasing Entity 	Jurisdiction of Residence 
	____________________________	 
	Jurisdiction of Residence 	  

You are buying Exempt Market Securities

They are called exempt market securities because two
parts of securities law do not apply to them. If an issuer wants to sell
exempt market securities to you: 

	the issuer does not have to give you a prospectus (a document that
  describes the investment in detail and gives you some legal protections), and
  
	the securities do not have to be sold by an investment dealer registered
  with a securities regulatory authority. 

There are restrictions on your ability to resell exempt
market securities. Exempt market securities are more risky than other
securities. 

You will not receive advice

You will not get professional advice about whether the
investment is suitable for you. But you can still seek that advice from a
registered adviser or registered dealer. In Alberta, Manitoba, Northwest
Territories, Nunavut, Prince Edward Island, Québec, Saskatchewan and Yukon to
qualify as an eligible investor, you may be required to obtain that advice. 

* * * * * * * 

For more information on the exempt market, call your
local securities regulatory authority 

	Alberta Securities Commission 	British Columbia Securities Commission
    
	Telephone: (403) 297-6454 	Telephone: (604) 899-6500 
	Facsimile: (403) 297-6156 	Facsimile: (604) 899-6506 
	Website: www.albertasecurities.com 	Website: www.bcsc.bc.ca 

Instruction: 

The purchaser must sign 2 copies of this form. The
purchaser and the issuer must each receive a signed copy. 

APPENDIX II 

ACKNOWLEDGMENT AND DIRECTION 

	TO: 	Macdonald Tuskey, Corporate and Securities
      Lawyers 
	  	  
	RE: 	Enertopia Corporation (the
      "Issuer") 
	  	Private Placement of Units at a price of
      US$0.05 per Unit (the "Offering"). 

The undersigned (the "Subscriber") hereby confirms that
it shall, on the Closing Date, deposit $ (the "Deposited Funds")
in trust with Macdonald Tuskey, Corporate and Securities Lawyers ("MT")
as deposit against the purchase of securities of the Issuer under the Offering.

The Subscriber hereby expressly acknowledges and agrees that it
shall be required to enter into a subscription agreement (the "Subscription
Agreement") with the Issuer which subscription agreement shall set forth the
terms upon which the Issuer will offer to sell securities to the Subscriber,
which terms shall be irrevocable and binding on the Subscriber upon acceptance
of the Subscriber's executed Subscription Agreement by the Issuer. 

The Subscriber acknowledges and agrees that MT in no way
represents the interests of the Subscriber in any manner or for any purpose
whatsoever. The Subscriber confirms that it has had the opportunity to consult
with its own legal counsel with respect to the purchase any potential resale of
the Securities. 

The Subscriber hereby expressly and irrevocably authorizes and
directs MT, to release and deliver the Deposited Funds to the Issuer against the
issuance of certificates representing the Shares and Warrants subscribed for by
the Subscriber under the Subscription Agreement. 

EXECUTED by the undersigned at ____________________________
this _____ day of ____________, 2012. 

	If a corporation, partnership or other entity: 	If an individual: 
	____________________________	____________________________
	Signature of Authorized Signatory 	Signature 
	____________________________	____________________________
	Name of Entity 	Print or Type Name 
	____________________________	 
	Type of Entity 	  
	____________________________	 
	Name and Position of Signatory 	  

APPENDIX IIA 

Each Subscriber relying on the "Offering Memorandum"
exemption contained in Part 2 of National Instrument 45-106 is required to
complete and execute the following acknowledgment 

FORM 45-106F4 
RISK ACKNOWLEDGMENT

 

You have 2 business days to cancel your purchase. 

To do so, send a notice to Enertopia Corporation stating that
you want to cancel your purchase. You must send the notice before midnight on
the 2nd business day after you sign the agreement to purchase the securities.
You can send the notice by fax or email or deliver it in person to Enertopia
Corporation at its business address. Keep a copy of the notice for your records.

	Issuer and Address: 	Enertopia Corporation 
	  	950 – 1130 West Pender Street 
	  	Vancouver, British Columbia 
	  	Canada, V6E 4A4 
	  	  
	  	  
	Facsimile Number: 	(604) 685-1602 
	Email: 	bossbunka@gmail.com 

PLEASE REVIEW THE INFORMATION ON PAGE 2 OF THIS RISK
ACKNOWLEDGMENT 

FORM OF CLEARANCE LETTER 

TO: Olympia Trust Company, for the Shares of Enertopia
Corporation (the “Company”). 

The undersigned (A) acknowledges that the sale of the common
shares represented by certificate number ________________, 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 “1933 Act”), and (B)
certifies that (1) the undersigned is not an “affiliate” (as defined in Rule 405
under the 1933 Act) of the Company; (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 offshore securities market within the meaning of Rule 902(b)
under the 1933 Act, 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 person acting on its behalf engaged in
any directed selling efforts in connection with the offer and sale of such
securities; and (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 1933 Act); (5)
the seller 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 1933
Act. Terms used herein have the meanings given to them by Regulation S under the
1933 Act. 

	By: ____________________________	Dated: ____________________________
	           Signature
    	  
	  	  
	____________________________	  
	Name (please print) 	  

Affirmation by Seller’s Broker-Dealer 

We have read the foregoing representations of our customer,
_________________________(the “Seller”) dated _______________________, with
regard to the sale, for such Seller’s account, of the common shares represented
by certificate number _______ of the Company described therein, and we hereby
affirm that, to the best of our knowledge and belief, the facts set forth
therein are full, true and correct. 

__________________________________________
Name of Firm 

By: 
_______________________________________
Authorized
officer 

Date: 
_____________________________________

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