Document:

ex10-1.htm

    Exhibit 10.1

    
SHARE
ISSUANCE AGREEMENT

    

    SHARE
ISSUANCE AGREEMENT dated the 8th day of March, 2010,

    

    BETWEEN:

    

    SK
CAPITAL CORP.,

    ("SUBSCRIBER")

    

    AND:

    

    AYERS
EXPLORATION., a Nevada domestic corporation, with a corporate office on 6 Harston Avenue, Mosman
Sydney Australia 2088

    

    (hereinafter,
the "COMPANY")

    

    NOW
THEREFORE THIS SHARE
ISSUANCE  AGREEMENT  ("AGREEMENT")  WITNESSES that
the parties
hereto agree as follows:

    

    ARTICLE 1
- INTERPRETATION

    

    SECTION
1.1.  DEFINITIONS.  When used in this
Agreement  (including the recitals and
schedules  hereto) or in any
amendment  hereto,  the following  terms shall,
unless
otherwise expressly provided, have the meanings assigned to them
herein:

    

    "BANKING
DAY" shall mean any day other than a Saturday, Sunday, public holiday
under the
laws of the State of Queensland or other day on which banking institutions
are
authorized or obligated to close in Queensland.

    

    "CHARTER
DOCUMENTS" means constating documents and by-laws, and all amendments
thereto;

    

    "CONSENT"
means
any  permit,   license,   approval,   consent,  order,  right,
certificate,
judgment,  writ,  injunction,  award,  determination,  direction,
decree,
authorization,  franchise, privilege, grant, waiver, exemption and
other concession
or by-law, rule or regulation;

    

    "SHARE
PRICE" means a price of $0.20 and

    

    "DOLLAR"
or "$" means the currency of the United States of America.

    

    
      
         

      

      
        -1-

        
          

        

      

      
         

      

    

    ARTICLE 2
- THE SHARE ISSUANCE

    

    SECTION
2.1. SHARE ISSUANCE.  The Subscriber shall make available to the
Company in accordance with, and subject to the terms and conditions of, this
Agreement, until  March 8, 2011
(the  "COMPLETION  DATE"),  up
to  $250,000 by way of Advances in accordance with this Sections 2.2,
2.3 and 2.4 of this Agreement. The
Completion Date may be extended for an additional term of up to twelve
months at
the option of the Company or the Subscriber  upon written notice on or
before
the Completion Date in accordance with the notice  provisions in
Section of this
Agreement.

    

    SECTION  2.2.
THE ADVANCES.  On the terms and conditions set forth herein the
Subscriber,
from time to time, on any Banking Day, prior to the Completion Date,
Agrees,
at its sole discretion, to make advances to the Company ("ADVANCES"). Each
Advance shall be in an aggregate amount of not more
than  $50,000.

    

    SECTION
2.3.  PROCEDURE TO REQUEST ADVANCES.  Each Advance shall be
made on or before five Banking Days following notice from the
Company.  Each such notice shall be given by a notice to the
Subscriber in the form substantially the same as the
form attached hereto in Schedule A (each a "NOTICE").

    

    SECTION
2.4.  SUBSCRIPTION AGREEMENT.  Upon making each Advance, the
Subscriber shall provide an executed Subscription Agreement, in a form
acceptable to both parties to this Agreement, to the Company.

    

    SECTION  2.5.
USE OF PROCEEDS.  The Company shall use all Advances  to
fund operating  expenses,   acquisitions,   working  capital  and  general  corporate

    activities.

    

    SECTION
2.6 OPTION. The Subscriber may, at their discretion, take the option to
subscribe
up to a further  $250,000,  when the
total  subscription  from this agreement
has been received by the Company.

    

    
      
         

      

      
        -2-

        
          

        

      

      
         

      

    

    ARTICLE 3
- REPRESENTATIONS AND WARRANTIES

    

    SECTION
3.1. REPRESENTATIONS AND WARRANTIES. The Company represents and warrants to the
Subscriber:

     

    
      
        	
                     (a)

              	
                      
                  Organization and  Corporate Power.  The
      Company has been duly
      incorporated  and  organized  and
      is  validly  subsisting  and in good
      standing under the laws of its  jurisdiction  and
      has full  corporate right,  power and authority to
      enter into and perform its  obligations
      under the Agreement  to which it is or shall be a
      party and has full corporate right, power and authority to own and operate
      its properties and to carry on its
  business;

                

              
	 
      	 
      
	
                     (b)

              	
                Conflict  with
      Other  Instruments.  The  execution and
      delivery by the Company of the  Agreement  and
      the  performance  by the Company of its
      obligations  thereunder,  do not and will
      not:  (i)  conflict  with or result in a
      breach of any of the terms,  conditions or
      provisions  of: (A) the charter documents of the Company; (B)
      any law applicable to or binding on the Company; or (C) any
      contractual  restriction binding on or affecting the Company or
      its  properties  the breach of which would have a
      material adverse effect on the Company;  or (ii) result in, or
      require or permit:  (A) the  imposition of any lien on
      or with respect to the properties now owned or
      hereafter  acquired by the Company;  or (B) the
      acceleration of the maturity of any debt of the Company, under
      any
      contractual provision binding on or affecting the
  Company;

              
	 
      	 
      
	
                     (c)

              	
                Consents,  Official
      Body Approvals. The execution and delivery of the Agreement and the
      performance by the Company of its obligations thereunder have been duly
      authorized by all necessary action on the part of the
      Company,  and no Consent under any applicable law and no
      registration, qualification, designation, declaration or filing with any
      official body having jurisdiction  over the  Company
      is or was necessary therefor. The Company possesses all Consents, in full
      force and effect, under any applicable Law which are necessary in
      connection with the operation of its business, the non-possession of which
      could reasonably be expected to have a material adverse effect on the
      Company;

              
	 
      	 
      
	
                     (d)

              	
                Execution
      of Binding Obligation. The Agreement has been duly executed and  delivered
      by the Company and, when duly executed by the Company and delivered for
      value, the Agreement will constitute legal, valid and binding obligations
      of the Company, enforceable against the Company, in accordance with its
      terms;

              
	
                 

              	
              
	
                     (e)

              	
                No
      Litigation.  There are no actions, suits or proceedings pending
      or, to the knowledge of the Company, after due inquiry, threatened against
      or affecting the Company (nor, to the knowledge of the
      Company,  after due  inquiry,  any
      basis  therefor)  before any official body having
      jurisdiction  over the
      Company  which  purport to or do challenge the
      validity or propriety of
      the  transactions  contemplated  by the
      Share Issuance
      the Company,  which if adversely  determined could
      reasonably be expected to have a material adverse effect on the
      Company;

              
	 
      	 
      
	
                     (g)

              	
                Absence  of  Changes.
      Since the date of the most recently delivered financial
      statements of the Company, the Company has carried on its business,
      operations and affairs only in the ordinary and normal course consistent
      with past practice.

              

      

    

    

    
      
         

      

      
        -3-

        
          

        

      

      
         

      

    

    ARTICLE 4
- COVENANTS OF THE COMPANY

    

    SECTION
4.1.  AFFIRMATIVE  COVENANTS.  Until the
Completion  Date,  the Company shall:

    

         (a)
COMPLIANCE  WITH  LAWS,   ETC.   Comply
with all applicable   laws, non-compliance  with
which could have a material adverse effect on the Company;

    

         (b)
PAYMENT OF TAXES AND CLAIMS.  Pay and discharge before the same shall
become
delinquent: (i) all taxes and assessments;  and (ii) all lawful
claims
which, if unpaid, might become a lien upon or in respect of the Company's
assets or properties;

    

         (c)
MAINTAIN TITLE. Maintain and, as soon as reasonably practicable, defend
and take,  all action  necessary or advisable at any
time,  and from time
to time, to maintain, defend,  exercise or renew its right,
title and
interest in and to all of its property and assets;

    

         (d)
PAY OBLIGATIONS TO SUBSCRIBER AND PERFORM OTHER COVENANTS.  Make full
and timely payment of its obligations hereunder and duly comply with the terms
and covenants contained in this Agreement, all at the times and places and in
the manner set forth therein;

    

         (e)
FURTHER ASSURANCES.  At its cost and expense, upon request by the
Subscriber,
duly execute and deliver, or cause to be duly executed and delivered,  to
the  Subscriber,  such
further  instruments  and do and cause to
be done such other acts as may be  necessary or proper in the
reasonable
opinion of the Subscriber to carry out more effectually the provisions
and purposes of this Agreement.

    

    ARTICLE 5
- SHARE ISSUANCE

    

    SECTION
5.1 SHARE IS SUANCE. The Company shall issue, within fifteen (15) Banking Days
following the date of the receipt by the Company of any Advance under this
Agreement,  common stock of the Company (the
“SHARES").  Upon receipt of any Advance under this Agreement, the
Company shall promptly cause its registrar and
transfer agent to issue
the  certificates  representing  the
Shares.

    

    SECTION
5.2  FRACTIONAL  SHARES.  Notwithstanding  any
other  provisions of this Agreement,  no
certificate  for  fractional  shares of the Shares
shall be
issued to the Subscriber. In lieu of any such fractional shares, of the
Subscriber  would  otherwise be entitled to receive a
fraction of a share of the
Shares following  a
Share  Issuance,  the  Subscriber  shall
be entitled to receive from theCompany a stock
certificate  representing the nearest whole number of shares of
the
Company.

    

    
      
         

      

      
        -4-

        
          

        

      

      
         

      

    

    ARTICLE 6
- MISCELLANEOUS

    

    SECTION
6.1. NOTICES, ETC. Except as otherwise expressly  provided herein, all
notices,  requests,  demands,  directions
and communications by one party to the other
shall be sent by hand  delivery
or  registered  mail or fax,  and shall be
effective
when hand  delivered or when delivered by the
relevant  postal service or
when  faxed and  confirmed,  as the case may
be.  All such  notices  shall be addressed
to the  President of the  notified  party at its
address  given on the signature
page of this Agreement,  or in accordance  with any
unrevoked  written direction
from such party to the other party.

    

    SECTION
6.2. NO WAIVER;  REMEDIES.  No failure on the part of
the  Subscriber or the  Company  to  exercise,  and
no delay in  exercising,  any right  under this
Agreement  shall
operate as a waiver  thereof.  The remedies herein provided
are cumulative
and not exclusive of any remedies provided by Law.

    

    SECTION
6.3. JURISDICTION. (1) Each of the parties hereby irrevocably attorns to
the  non-exclusive  jurisdiction  of
the  Courts  of the  State of Nevada in any
action or
proceeding  arising out of or relating to this
Agreement.  The Company agrees  that
a  final  judgment  in
any  such  action  or  proceeding  shall  be
conclusive
and may be enforced in other jurisdictions by suit on the judgment or
in any
other  manner  provided by Law; and (2) nothing in this
Section 6.3 shall affect
the right of the  Subscriber  to serve
legal  process in any other manner permitted  by
Law or affect the right of the  Subscriber  to bring any
action or proceeding  against  the  Company  or  its  property  in  the  courts  of  other
jurisdictions.

    

    SECTION
6.4.  SUCCESSORS AND ASSIGNS.  The Company shall not have
the right to assign its rights  hereunder or any
interest  herein  without the prior  written
consent
of the Subscriber, which consent may be arbitrarily withheld.

    

    SECTION
6.5.  SEVERABILITY.  If one or more  provisions of
this  Agreement be or become
invalid,  or unenforceable in whole or in part in
any  jurisdiction,  the validity
of the remaining  provisions of
this  Agreement  shall not be affected. The
parties hereto undertake to replace any such invalid provision without delay
with a
valid  provision  which as nearly
as  possible  duplicates  the  economic
intent of
the invalid provision.

    

    SECTION
6.6. COUNTERPARTS. This Agreement may be executed in counterparts and by
different parties in separate counterparts, each of which when so executed shall
be deemed
an original and all of which, taken together, shall constitute one and
the same
instrument.

    

    SECTION
6.7.  SYNDICATION/PARTICIPATION.  The Subscriber may not
sell, transfer, assign,  participate,  syndicate or
negotiate to one or more third  parties,  in whole or
in part, the Commitment  and its rights under
this  Agreement,  without the prior
written  consent of the Company,  which consent may not be
arbitrarily withheld.

    

    
      
         

      

      
        -5-

        
          

        

      

      
         

      

    

    IN
WITNESS

    WHEREOF
the parties hereto  have caused
this  Agreement  to be executed
by their respective officers thereunto duly authorized,  as of the
date first
above written.

    

    
      	
              THE
      SUBSCRIBER

            	
              THE
      COMPANY

            
	 
      	 
      
	
              SK
      CAPITAL

            	
              AYERS
      EXPLORATION.

            
	
              CORP.

            	 
      
	
              By:

            	
              By:

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

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

            
	
              Authorized
      Signing Officer

            	
              Authorized
      Signing Officer

            

    

    

    

    
      
         

      

      
        -6-

        
          

        

      

      
         

      

    

    SCHEDULE
A

    

    NOTICE

    

    To: SK
CAPITAL CORP. (the "Subscriber")

    

    The
undersigned, AYERS EXPLORATION (the "Company")  hereby requests an
advance of  $________________  , in accordance with the
terms and conditions set

    forth in
the
Share  Issuance  agreement  dated  March
5,  2010, between the

    Subscriber
and the Company and as of the Date of Notice written below.

    

    

    
      	
              DATE
      OF NOTICE:

            	
            
	 
      	 
      
	
              Remaining
      amount to be advanced under

            	 
      
	
              the
      Share Issuance:

            	
               

            

    

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

    

    AYERS
EXPLORATION.

    

    Per:

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

        Authorized
Signatory

    

    The
Subscriber  hereby  acknowledges  receipt of this
Notice and agrees with the

    amounts
set out above as of this Notice.

    

    SK
CAPITAL CORP.

    

    Per:

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

        Authorized
Signatory

    

    
      
         

      

      
        -7-ex10-2.htm

    Exhibit
10.2

     

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

     

    NONE
OF THE SECURITIES TO WHICH THIS PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT (THE
“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 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 ACCORDANCE WITH THE 1933 ACT.
"UNITED STATES" AND "U.S. PERSON" ARE AS DEFINED BY REGULATION S UNDER THE 1933
ACT.

     

    SUBSCRIPTION
AGREEMENT

     

    FOR
NON US SUBSCRIBERS

    

     

    
      	
              TO:

            	
              Ayers
      Exploration (the “Company”)

            

    

     

    
      	
               
      

            	
              6
      Harston Avenue, Mosman Sydney Australia
2088 

            

    

     

    

     

    

     

    
      	
              Purchase of
      Shares

            

    

     

    
      	
              1.

            	
              Subscription

            

    

     

    1.1                      On
the basis of the representations and warranties and subject to the terms and
conditions set forth herein, (the
“Subscriber”) hereby
irrevocably subscribes for and agrees to purchase  shares (each a “Share” and collectively the
“Shares”), with a price
per Share of USD $0.20 (such subscription and agreement to purchase being the
“Subscription”), for an
aggregate purchase price of USD$_____________ (the “Subscription
Proceeds”).

     

    1.2                      On
the basis of the representations and warranties and subject to the terms and
conditions set forth herein, the Company hereby irrevocably agrees to sell the
Shares to the Subscriber.

     

    1.3                      Subject
to the terms hereof, the Subscription will be effective upon its acceptance by
the Company.

     

    
      	
              2.

            	
              Payment

            

    

     

    2.1                      The
Subscription Proceeds must accompany this Subscription and shall be paid by
cashiers cheque or bank draft payable to the order of Ayers Exploration, drawn
in U.S. funds on a Canadian bank or on a U.S. bank that is reasonably acceptable
to the Company or, at the Subscriber’s option, by wire transfer,
to:

    

    Account
no: 201766USD01

    Swift:
SGBLAU2S

    Bank St
George Ltd

    Address:
Level2

    55 Market
St.

    Sydney,NSW

    

    
      
         

      

      
        -1-

        
          

        

      

      
         

      

    

    PLEASE
ALSO INSTRUCT YOUR BANKER TO GIVE COMPANY NAME ‘AYERS EXPLORATION’

     

    2.2                      The
Subscriber acknowledges and agrees that this Subscription Agreement, the
Subscription Proceeds and any other documents delivered in connection herewith
will be held on behalf of the Company.  In the event that this
Subscription Agreement is not accepted by the Company for whatever reason, which
the Company expressly reserves the right to do, within 30 days of the delivery
of an executed Subscription Agreement by the Subscriber, this Subscription
Agreement, the Subscription Proceeds (without interest thereon) and any other
documents delivered in connection herewith will be returned to the Subscriber at
the address of the Subscriber as set forth in this Subscription
Agreement.

     

    2.3                      The
Company is entitled to treat the Subscription Proceeds as an interest free loan
to the Company until such time as the Subscription is accepted and a certificate
representing the Shares has been issued to the Subscriber.

     

    
      	
              3.

            	
              Documents Required
      from Subscriber

            

    

     

    3.1                      The
Subscriber must complete, sign and return to the Company an executed copy of
this Subscription Agreement and if the subscriber is a resident of Canada an
executed copy of the Accredited Investor Questionnaire attached to this
Agreement as Exhibit “A” (the “Questionnaire”).

     

    3.2                      The
Subscriber shall complete, sign and return to the Company as soon as possible,
on request by the Company, any documents, questionnaires, notices and
undertakings as may be required by regulatory authorities, the OTC Bulletin
Board and applicable law.

     

    
      	
              4.

            	
              Closing

            

    

     

    4.1                      Closing
of the offering of the Shares (the “Closing”) shall occur on or
before March 3 1, 2010, or on such later date as may be determined by the
Company (the “Closing
Date”).

     

    
      	
              5.

            	
              Acknowledgements of
      Subscriber

            

    

     

    5.1                      The
Subscriber acknowledges and agrees that:

     

    
      	
               
      

            	
              (a)

            	
              none
      of the Shares have been or, except as otherwise expressly set forth in
      this Agreement, will be registered under the 1933 Act, or under any state
      securities or “blue sky” laws of any state of the United States, and,
      unless so registered, may not be offered or sold in the United States or,
      directly or indirectly, to U.S. Persons, as that term is defined in
      Regulation S under the 1933 Act (“Regulation S”), except
      in accordance with the provisions of Regulation S, pursuant to an
      effective registration statement under the 1933 Act, or pursuant to an
      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;

            

    

     

    
      	
               
      

            	
              (b)

            	
              other
      than as set out herein, the Company has not undertaken to, and will have
      no obligation to, register any of the Shares under the 1933 Act or any
      other securities legislation;

            

    

     

    
      	
               
      

            	
              (c)

            	
              it
      has received and carefully read this Subscription
    Agreement;

            

    

     

    
      	
               
      

            	
              (d)

            	
              if
      the Subscriber is a resident of Canada, by completing the Questionnaire,
      the Subscriber is representing and warranting that the Subscriber is not a
      resident of the United States and that the subscriber is an “Accredited
      Investor”, as that term is defined in National Instrument 45-106, as
      adopted by the British Columbia Securities
  Commission;

            

    

     

    
      	
               
      

            	
              (e)

            	
              no
      prospectus or offering memorandum within the meaning of the securities
      laws has been delivered to, summarized for or seen by the Subscriber (and,
      if applicable, others for whom it is contracting hereunder) in connection
      with the Offering and the Subscriber (and, if applicable, others for whom
      it is contracting hereunder) is not aware of any prospectus or offering
      memorandum having been prepared by the
Company;

            

    

     

    
      
         

      

      
        -2-

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (f)

            	
              the
      decision to execute this Subscription Agreement and acquire the Shares
      hereunder has not been based upon any oral or written representation as to
      fact or otherwise made by or on behalf of the Company, and such decision
      is based entirely upon a review of information (the adequacy of which is
      hereby acknowledged) about the Company that is available to any member of
      the public on the EDGAR database maintained by the U.S. Securities and
      Exchange Commission (the “SEC”) at
      www.sec.gov;

            

    

     

    
      	
               
      

            	
              (g)

            	
              it
      has not received, nor has it requested, nor does it have any need to
      receive, any offering memorandum (as defined in or contemplated by
      applicable securities legislation) or any other document (other than
      financial statements or any other continuous disclosure documents, the
      contents of which are prescribed by statute or regulation) describing the
      business and affairs of the Company which has been prepared for delivery
      to, and review by, prospective subscribers in order to assist them in
      making an investment decision in respect of the Shares, and it has not
      become aware of any advertisement including, by way of example and not in
      limitation, advertisement in any printed media of general and regular
      circulation or on radio or television with respect to the distribution of
      the Shares;

            

    

     

    
      	
               
      

            	
              (h)

            	
              it
      and its advisor(s) have had a reasonable opportunity to ask questions of
      and receive answers from the Company in connection with the sale of the
      Shares hereunder, and to obtain additional information, to the extent
      possessed or obtainable by the Company without unreasonable effort or
      expense;

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      books and records of the Company were available upon reasonable notice for
      inspection, subject to certain confidentiality restrictions, by the
      Subscriber during reasonable business hours at its principal place of
      business and that all documents, records and books in connection with the
      sale of the Shares hereunder have been made available for inspection by
      him and his attorney and/or
advisor(s);

            

    

     

    
      	
               
      

            	
              (j)

            	
              all
      information which the Subscriber has provided to the Company is correct
      and complete as of the date the Subscription Agreement is signed, and if
      there should be any change in such information prior to this Subscription
      Agreement being executed by the Company, the Subscriber will immediately
      provide the Company with such
information;

            

    

     

    
      	
               
      

            	
              (k)

            	
              the
      Company is entitled to rely on the representations and warranties of the
      Subscriber contained in this Subscription Agreement and the Subscriber
      will hold harmless the Company from any loss or damage it or they may
      suffer as a result of the Subscriber’s failure to correctly complete this
      Subscription Agreement;

            

    

     

    
      	
               
      

            	
              (l)

            	
              if
      the Subscriber is a resident of Canada, the Company has advised the
      Subscriber that the Company is relying on an exemption from the
      requirements of the regulatory authorities in Canada requiring that the
      Company provide the Subscriber with a prospectus and sell the Shares to
      the Subscriber through a person registered to sell securities under the
      securities laws of the Canadian Province where the Subscriber resides and,
      as a consequence of acquiring the Shares pursuant to this exemption,
      certain protections, rights and remedies provided by the securities laws
      of that Canadian Province, including statutory rights of rescission or
      damages, will not be available to the
  Subscriber;

            

    

     

    
      	
               
      

            	
              (m)

            	
              the
      Subscriber has not acquired the Shares as a result of, and will not itself
      engage in, any “directed selling efforts” (as that term is defined in
      Regulation S) in the United States in respect of the Shares 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 the Shares; provided, however, that
      the Subscriber may sell or otherwise dispose of the Shares pursuant to
      registration thereof under the 1933 Act and any applicable state and
      provincial Shares laws or under an exemption from such registration
      requirements;

            

    

     

    
      	
               
      

            	
              (n)

            	
              the
      Subscriber will indemnify and hold harmless the Company and, where
      applicable, its respective directors, officers, employees, agents,
      advisors and shareholders from and against any and all loss, liability,
      claim, damage and expense whatsoever (including, but not limited to, any
      and all fees, costs and expenses whatsoever reasonably incurred in
      investigating, preparing or defending against any claim, lawsuit,
      administrative proceeding or investigation whether commenced or
      threatened) arising out of or based upon any representation or warranty of
      the Subscriber contained herein or in any document furnished by the
      Subscriber to the Company in connection herewith being untrue in any
      material respect or any breach or failure by the Subscriber to comply with
      any covenant or agreement made by the Subscriber to the Company in
      connection therewith;

            

    

     

    
      
         

      

      
        -3-

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (o)

            	
              the
      statutory and regulatory basis for the exemption from U.S. registration
      requirements claimed for the offer of the Shares, although in technical
      compliance with Regulation S, would not be available if the offering is
      part of a plan or scheme to evade the registration provisions of the 1933
      Act or any applicable state or provincial securities
  laws;

            

    

     

    
      	
               
      

            	
              (p)

            	
              the
      Subscriber has been advised to consult the Subscriber’s own legal, tax and
      other advisors with respect to the merits and risks of an investment in
      the Shares and with respect to applicable resale restrictions, and it is
      solely responsible (and the Company is not in any way responsible) for
      compliance with:

            

    

     

    
      	
               
      

            	
              (i)

            	
              any
      applicable laws of the jurisdiction in which the Subscriber is resident in
      connection with the distribution of the Shares hereunder,
    and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              applicable
      resale restrictions;

            

    

     

    
      	
               
      

            	
              (q)

            	
              none
      of the Shares are listed on any stock exchange or automated dealer
      quotation system and no representation has been made to the Subscriber
      that any of the Shares will become listed on any stock exchange or
      automated dealer quotation system, except that currently certain market
      makers make market in the common shares of the Company on the National
      Association of Securities Dealers, Inc.’s OTC Bulletin
    Board;

            

    

     

    
      	
               
      

            	
              (r)

            	
              if
      the Subscriber is a resident of Canada, in addition to resale restrictions
      imposed under U.S. securities laws, there are additional restrictions on
      the Subscriber’s ability to resell the Shares under Canadian provincial
      securities laws and Canadian National Instrument
  45-102;

            

    

     

    
      	
               
      

            	
              (s)

            	
              the
      Company will refuse to register any transfer of the Shares not made in
      accordance with the provisions of Regulation S, pursuant to an effective
      registration statement under the 1933 Act or pursuant to an available
      exemption from the registration requirements of the 1933 Act and in each
      case in accordance with applicable state securities
  laws;

            

    

     

    
      	
               
      

            	
              (t)

            	
              neither
      the SEC nor any other securities commission or similar regulatory
      authority has reviewed or passed on the merits of the
    Shares;

            

    

     

    
      	
               
      

            	
              (u)

            	
              no
      documents in connection with the sale of the Shares hereunder have been
      reviewed by the SEC or any state securities
  administrators;

            

    

     

    
      	
               
      

            	
              (v)

            	
              there
      is no government or other insurance covering any of the
      Shares;

            

    

     

    
      	
               
      

            	
              (w)

            	
              the
      issuance and sale of the Shares to the Subscriber will not be completed if
      it would be unlawful or if, in the discretion of the Company acting
      reasonably, it is not in the best interests of the Company;
      and

            

    

     

    
      	
               
      

            	
              (x)

            	
              this
      Subscription Agreement is not enforceable by the Subscriber unless it has
      been accepted by the Company.

            

    

     

    
      	
              6.

            	
              Representations,
      Warranties and Covenants of the
  Subscriber

            

    

     

    6.1                      The
Subscriber hereby represents and warrants to and covenants with the Company
(which representations, warranties and covenants shall survive the Closing)
that:

     

    
      	
               
      

            	
              (a)

            	
              the
      Subscriber has the legal capacity and competence to enter into and execute
      this Subscription Agreement and to take all actions required pursuant
      hereto and, if the Subscriber is a corporation, it is duly incorporated
      and validly subsisting under the laws of its jurisdiction of incorporation
      and all necessary approvals by its directors, shareholders and others have
      been obtained to authorize execution and performance of this Subscription
      Agreement on behalf of the
Subscriber;

            

    

     

    
      
         

      

      
        -4-

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (b)

            	
              if
      the Subscriber is a corporation or other entity, the entering into of this
      Subscription Agreement and the transactions contemplated hereby do not and
      will not result in the violation of any of the terms and provisions of any
      law applicable to, or the constating documents of, the Subscriber or of
      any agreement, written or oral, to which the Subscriber may be a party or
      by which the Subscriber is or may be
bound;

            

    

     

    
      	
               
      

            	
              (c)

            	
              the
      Subscriber has duly executed and delivered this Subscription Agreement and
      it constitutes a valid and binding agreement of the Subscriber enforceable
      against the Subscriber;

            

    

     

    
      	
               
      

            	
              (d)

            	
              the
      Subscriber is not a U.S. Person, as that term is defined in Regulation
      S;

            

    

     

    
      	
               
      

            	
              (e)

            	
              the
      Subscriber is not acquiring the Shares for the account or benefit of,
      directly or indirectly, any U.S. Person, as that term is defined in
      Regulation S;

            

    

     

    
      	
               
      

            	
              (f)

            	
              if
      the Subscriber is a resident of Canada, the Subscriber is an Accredited
      Investor (as defined in National Instrument 45-106) and the Subscriber
      agrees that the Company shall not consider the Subscriber's Subscription
      for acceptance unless the undersigned provides to the Company, along with
      an executed copy of this Agreement:

            

    

     

    
      	
               
      

            	
              (i)

            	
              a
      fully completed and executed Questionnaire in the form attached as Exhibit
      A hereto; and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              such
      other supporting documentation that the Company or its legal counsel may
      request to establish the Subscriber's qualification as an Accredited
      Investor;

            

    

     

    
      	
               
      

            	
              (g)

            	
              the
      Subscriber is resident in the jurisdiction set out under the heading “Name
      and Address of Subscriber” on the signature page of this Subscription
      Agreement;

            

    

     

    
      	
               
      

            	
              (h)

            	
              the
      sale of the Shares to the Subscriber as contemplated in this Subscription
      Agreement complies with or is exempt from the applicable securities
      legislation of the jurisdiction of residence of the
      Subscriber;

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      Subscriber is outside the United States when receiving and executing this
      Agreement and is acquiring the Shares as principal for the Subscriber's
      own account, for investment purposes only, and not with a view to, or for,
      resale, distribution or fractionalisation thereof, in whole or in part,
      and no other person has a direct or indirect beneficial interest in such
      Shares;

            

    

     

    
      	
               
      

            	
              (j)

            	
              the
      decision to execute this Agreement and acquire the Shares hereunder has
      not been based upon any oral or written representation as to fact or
      otherwise made by or on behalf of the
Company;

            

    

     

    
      	
               
      

            	
              (k)

            	
              the
      Subscriber is acquiring the Shares as principal for its own account for
      investment purposes only and not for the account of any other person and
      not for distribution, assignment or resale to others, and no other person
      has a direct or indirect beneficial interest in such Shares, and it has
      not subdivided its interest in the Shares with any other
      person;

            

    

     

    
      	
               
      

            	
              (l)

            	
              the
      Subscriber is aware that an investment in the Company is speculative and
      involves certain risks, including the possible loss of the entire
      investment and it has carefully read and considered the matters set forth
      under the heading “Risk Factors” appearing in the Company’s Form 10-KSB
      and any other filings filed with the
SEC;

            

    

     

    
      	
               
      

            	
              (m)

            	
              the
      Subscriber has made an independent examination and investigation of an
      investment in the Shares and the Company and has depended on the advice of
      its legal and financial advisors and agrees that the Company will not be
      responsible in any way whatsoever for the Subscriber’s decision to invest
      in the Shares and the Company;

            

    

     

    
      
         

      

      
        -5-

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (n)

            	
              the
      Subscriber (i) has adequate net worth and means of providing for its
      current financial needs and possible personal contingencies, (ii) has no
      need for liquidity in this investment, and (iii) is able to bear the
      economic risks of an investment in the Shares for an indefinite period of
      time;

            

    

     

    
      	
               
      

            	
              (o)

            	
              the
      Subscriber understands and agrees that the Company and others will rely
      upon the truth and accuracy of the acknowledgements, representations and
      agreements contained in this Subscription Agreement and agrees that if any
      of such acknowledgements, representations and agreements are no longer
      accurate or have been breached, the Subscriber shall promptly notify the
      Company;

            

    

     

    
      	
               
      

            	
              (p)

            	
              the
      Company is entitled to rely on the representations and warranties of the
      Subscriber contained in this Agreement and the Questionnaire and the
      Subscriber will indemnify and hold harmless the Company and, where
      applicable, its directors, officers, employees, agents, advisors and
      shareholders, from and against any and all loss, liability, claim, damage
      and expense whatsoever (including, but not limited to, any and all fees,
      costs and expenses whatsoever reasonably incurred in investigating,
      preparing or defending against any claim, lawsuit, administrative
      proceeding or investigation whether commenced or threatened) arising out
      of or based upon any representation or warranty of the Subscriber
      contained herein, the Questionnaire or in any document furnished by the
      Subscriber to the Company in connection herewith being untrue in any
      material respect or any breach or failure by the Subscriber to comply with
      any covenant or agreement made by the Subscriber to the Company in
      connection therewith;

            

    

     

    
      	
               
      

            	
              (q)

            	
              the
      Subscriber has the legal capacity and competence to enter into and execute
      this Subscription Agreement and to take all actions required pursuant
      hereto;

            

    

     

    
      	
               
      

            	
              (r)

            	
              the
      Subscriber has duly executed and delivered this Subscription Agreement and
      it constitutes a valid and binding agreement of the Subscriber enforceable
      against the Subscriber in accordance with its
  terms;

            

    

     

    
      	
               
      

            	
              (s)

            	
              it
      is not an underwriter of, or dealer in, the common shares of the Company,
      nor is the Subscriber participating, pursuant to a contractual agreement
      or otherwise, in the distribution of the Shares or any of
      them;

            

    

     

    
      	
               
      

            	
              (t)

            	
              the
      Subscriber understands and agrees that none of the Shares have been or
      will, except as set forth in this Agreement, be registered under the 1933
      Act, or under any state securities or “blue sky” laws of any state of the
      United States, and, unless so registered, may not be offered or sold in
      the United States or, directly or indirectly, to U.S. Persons, as that
      term is defined in Regulation S, except in accordance with the provisions
      of Regulation S, pursuant to an effective registration statement under the
      1933 Act, or pursuant to an 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;

            

    

     

    
      	
               
      

            	
              (u)

            	
              the
      Subscriber acknowledges that the Subscriber has not acquired the Shares as
      a result of, and will not itself engage in, any “directed selling efforts”
      (as defined in Regulation S) in the United States in respect of the Shares
      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 the Shares; provided,
      however, that the Subscriber may sell or otherwise dispose of the Shares
      pursuant to registration of the Shares  pursuant to the 1933 Act
      and any applicable state and provincial securities laws or under an
      exemption from such registration requirements and as otherwise provided
      herein;

            

    

     

    
      	
               
      

            	
              (v)

            	
              the
      Subscriber understands and agrees that offers and sales of any of the
      Shares prior to the expiration of a period of one year after the date of
      original issuance of the Shares (the one year period hereinafter referred
      to as the "Distribution
      Compliance Period") shall only be made in compliance with the safe
      harbor provisions set forth in Regulation S, pursuant to the registration
      provisions of the 1933 Act or an exemption therefrom, and that all offers
      and sales after the Distribution Compliance Period shall be made only in
      compliance with the registration provisions of the 1933 Act or an
      exemption therefrom and in each case only in accordance with applicable
      state and provincial securities
laws;

            

    

     

    
      
         

      

      
        -6-

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (w)

            	
              the
      Subscriber understands and agrees not to engage in any hedging
      transactions involving any of the Shares unless such transactions are in
      compliance with the provisions of the 1933 Act and in each case only in
      accordance with applicable state and provincial securities
      laws;

            

    

     

    
      	
               
      

            	
              (x)

            	
              the
      Subscriber understands and agrees that the Company will refuse to register
      any transfer of the Shares not made in accordance with the provisions of
      Regulation S, pursuant to an effective registration statement under the
      1933 Act or pursuant to an available exemption from the registration
      requirements of the 1933 Act;

            

    

     

    
      	
               
      

            	
              (y)

            	
              the
      Subscriber is not aware of any advertisement of, or any general
      solicitation in respect of, any of the Shares;
  and

            

    

     

    
      	
               
      

            	
              (z)

            	
              no
      person has made to the Subscriber any written or oral
      representations:

            

    

     

    
      	
               
      

            	
              (i)

            	
              that
      any person will resell or repurchase any of the
  Shares;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              that
      any person will refund the purchase price of any of the
      Shares;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              as
      to the future price or value of any of the Shares;
  or

            

    

     

    
      	
               
      

            	
              (iv)

            	
              that
      any of the Shares will be listed and posted for trading on any stock
      exchange or automated dealer quotation system or that application has been
      made to list and post any of the Shares on any stock exchange or automated
      dealer quotation system; except that the Company’s Common Stock is
      currently approved for trading on the U.S. Over the Counter Bulletin
      Board.

            

    

     

    6.2                      In
this Subscription Agreement, the term “U.S. Person” shall have the meaning
ascribed thereto in Regulation S.

     

    
      	
              7.

            	
              Representations and
      Warranties will be Relied Upon by the
  Company

            

    

     

    7.1                      The
Subscriber acknowledges that the representations and warranties contained herein
are made by it with the intention that such representations and warranties may
be relied upon by the Company and its legal counsel in determining the
Subscriber’s eligibility to purchase the Shares under applicable securities
legislation, or (if applicable) the eligibility of others on whose behalf it is
contracting hereunder to purchase the Shares under applicable securities
legislation.  The Subscriber further agrees that by accepting delivery
of the certificates representing the Shares on the Closing Date, it will be
representing and warranting that the representations and warranties contained
herein are true and correct as at the Closing Date with the same force and
effect as if they had been made by the Subscriber on the Closing Date and that
they will survive the purchase by the Subscriber of the Shares and will continue
in full force and effect notwithstanding any subsequent disposition by the
Subscriber of such Shares.

     

    
      	
              8.

            	
              Resale
      Restrictions

            

    

     

    8.1                      The
Subscriber acknowledges that any resale of the Shares will be subject to resale
restrictions contained in the securities legislation applicable to each
Subscriber or proposed transferee.  The Subscriber acknowledges that
the Shares have not been registered under the 1933 Act of the securities laws of
any state of the United States.  The Shares may not be offered or sold
in the United States unless registered in accordance with United States federal
securities laws and all applicable state securities laws or exemptions from such
registration requirements are available.

     

    8.2                      The
Subscriber acknowledges that restrictions on the transfer, sale or other
subsequent disposition of the Shares by the Subscriber may be imposed by
securities laws in addition to any restrictions referred to in Section 8.1 above.

     

    
      	
              9.

            	
              Acknowledgement and
      Waiver

            

    

     

    9.1                      The
Subscriber has acknowledged that the decision to purchase the Shares was solely
made on the basis of information available to the Subscriber on the EDGAR
database maintained by the SEC at www.sec.gov.  The
Subscriber hereby waives, to the fullest extent permitted by law, any rights of
withdrawal, rescission or compensation for damages to which the Subscriber might
be entitled in connection with the distribution of the Shares.

     

    
      
         

      

      
        -7-

        
          

        

      

      
         

      

    

    
      	
              10.

            	
              Legending of Subject
      Shares

            

    

     

    10.1                      The
Subscriber hereby acknowledges that 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 will bear a
U.S. legend in substantially the following form (the “U.S. Legend”):

     

    
      	
               
      

            	
              “THESE SHARES WERE ISSUED 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”).  ACCORDINGLY, NONE OF THE
      SHARES TO WHICH THIS CERTIFICATE 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 IN THE UNITED STATES (AS DEFINED HEREIN) OR,
      DIRECTLY OR INDIRECTLY, TO U.S. PERSONS (AS DEFINED HEREIN) EXCEPT
      PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR PURSUANT TO AN
      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 SHARES MAY NOT BE CONDUCTED UNLESS IN ACCORDANCE WITH THE
      1933 ACT. “UNITED STATES" AND "U.S. PERSON" ARE AS DEFINED BY REGULATION S
      UNDER THE 1933 ACT.”

            

    

     

    10.2                      The
Subscriber hereby acknowledges and agrees to the Company making a notation on
its records or giving instructions to the registrar and transfer agent of the
Company in order to implement the restrictions on transfer set forth and
described in this Subscription Agreement.

     

    
      	
              11.

            	
              Costs

            

    

     

    11.1                      The
Subscriber acknowledges and agrees that all costs and expenses incurred by the
Subscriber (including any fees and disbursements of any special counsel retained
by the Subscriber) relating to the purchase of the Shares shall be borne by the
Subscriber.

     

    
      	
              12.

            	
              Resale
      Registration.

            

    

     

    12.1                      On
or prior to the date (the “Filing Date”) that is 180
days after the Closing Date, the Company shall prepare and file with the SEC a
"resale" Registration Statement (the “Registration Statement”)
providing for the resale of the Shares for an offering to be made on a
continuous basis pursuant to Rule 415.  The Registration Statement
shall be on Form S-1 (except if the Company is not then eligible to register for
resale the Shares on Form S-1, in which case such registration shall be on
another appropriate form in accordance with the Securities Act and the rules
promulgated thereunder).  The Company shall use its commercially
reasonable efforts to cause the Registration Statement to be declared effective
under the Securities Act as promptly as possible after the filing thereof and to
keep such Registration Statement continuously effective under the Securities Act
until such date as is the earlier of (i) the date when all Shares covered by
such Registration Statement have been sold or (ii) the date on which the Shares
may be sold pursuant to Rule 144 as determined by the counsel to the Company
pursuant to a written opinion letter, addressed to the Company's transfer agent
to such effect (the "Effectiveness
Period").

     

    
      	
              13.

            	
              Registration
      Procedures.

            

    

     

    13.1                      In
connection with the Company's registration obligations hereunder, the Company
shall:

     

    
      	
               
      

            	
              (a)

            	
              (i)
      Prepare and file with the SEC such amendments, including post-effective
      amendments, to the Registration Statement as may be necessary to keep the
      Registration Statement continuously effective as to the applicable Shares
      for the Effectiveness Period and prepare and file with the Commission such
      additional Registration Statements as necessary in order to register for
      resale under the 1933 Act all of the Shares; (ii) cause the related
      prospectus to be amended or supplemented by any required prospectus
      supplement, and as so supplemented or amended to be filed pursuant to Rule
      424 (or any similar provisions then in force) promulgated under the 1933
      Act; (iii) respond as promptly as possible to any comments received from
      the SEC with respect to the Registration Statement or any amendment
      thereto; and (iv) comply in all material respects with the provisions of
      the 1933 Act and the Securities Exchange Act of 1934 (the “Exchange Act”) with
      respect to the disposition of all Shares covered by the Registration
      Statement during the applicable period in accordance with the intended
      methods of disposition by the Subscriber thereof set forth in the
      Registration Statement as so amended or in such prospectus as so
      supplemented.

            

    

     

    
      
         

      

      
        -8-

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (b)

            	
              Notify
      the Subscriber as promptly as possible (i)(A) when any post-effective
      amendment to the Registration Statement is filed; and (B) with respect to
      the Registration Statement or any post-effective amendment, when the same
      has become effective; (ii) of any request by the SEC or any other Federal
      or state governmental authority for post-effective amendments or
      supplements to the Registration Statement or prospectus or for additional
      information; (iii) of the issuance by the SEC of any stop order suspending
      the effectiveness of the Registration Statement covering any or all of the
      Shares or the initiation of any proceedings for that purpose; (iv) if at
      any time any of the representations and warranties of the Company
      contained in any agreement contemplated hereby ceases to be true and
      correct in all material respects; (v) of the receipt by the Company of any
      notification with respect to the suspension of the qualification or
      exemption from qualification of any of the Shares for sale in any
      jurisdiction, or the initiation or threatening of any proceeding for such
      purpose; and (vi) of the occurrence of any event that makes any statement
      made in the Registration Statement or prospectus or any document
      incorporated or deemed to be incorporated therein by reference untrue in
      any material respect or that requires any revisions to the Registration
      Statement, prospectus or other documents so that, in the case of the
      Registration Statement or the prospectus, as the case may be, it will not
      contain any untrue statement of a material fact or omit to state any
      material fact required to be stated therein or necessary to make the
      statements therein, in the light of the circumstances under which they
      were made, not misleading.

            

    

     

    
      	
               
      

            	
              (c)

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

            

    

     

    
      	
               
      

            	
              (d)

            	
              If
      requested by the Subscriber, (i) promptly incorporate in a prospectus
      supplement or post-effective amendment to the Registration Statement such
      information as the Company reasonably agrees should be included therein
      and (ii) make all required filings of such prospectus supplement or such
      post-effective amendment as soon as practicable after the Company has
      received notification of the matters to be incorporated in such prospectus
      supplement or post-effective
amendment.

            

    

     

    
      	
               
      

            	
              (e)

            	
              Prior
      to any public offering of the Shares, use its reasonable best efforts to
      register or qualify or cooperate with the Subscriber in connection with
      the registration or qualification (or exemption from such registration or
      qualification) of such Shares for offer and sale under the securities or
      Blue Sky laws of such jurisdictions within the United States as the
      Subscriber reasonably requests in writing, to keep each such registration
      or qualification (or exemption therefrom) effective during the
      Effectiveness Period and to use commercially reasonable efforts to enable
      the disposition in such jurisdictions of the Shares covered by the
      Registration Statement; provided, however, that
      the Company shall not be required to qualify generally to do business in
      any jurisdiction where it is not then so qualified or to take any action
      that would subject it to general service of process in any such
      jurisdiction where it is not then so subject or subject the Company to any
      material tax in any such jurisdiction where it is not then so
      subject.

            

    

     

    
      	
               
      

            	
              (f)

            	
              Cooperate
      with the Subscriber to facilitate the timely preparation and delivery of
      certificates representing Shares to be sold pursuant to a Registration
      Statement and to enable such Shares to be in such denominations and
      registered in such names as the Subscriber may request in writing at least
      five (5) business days prior to any sale of
  Shares.

            

    

     

    
      	
               
      

            	
              (g)

            	
              Upon
      the occurrence of any event contemplated by Section 13.1(b)(vi), as
      promptly as possible, prepare a supplement or amendment, including a
      post-effective amendment, to the Registration Statement or a supplement to
      the related prospectus or any document incorporated or deemed to be
      incorporated therein by reference, and file any other required document so
      that, as thereafter delivered, neither the Registration Statement nor such
      prospectus will contain an untrue statement of a material fact or omit to
      state a material fact required to be stated therein or necessary to make
      the statements therein, in the light of the circumstances under which they
      were made, not misleading.

            

    

     

    
      
         

      

      
        -9-

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (h)

            	
              Use
      its reasonable best efforts to cause all Shares relating to the
      Registration Statement to continue to be eligible for quotation or listing
      on the OTC Bulletin Board or any other
      securities exchange, quotation system or market, if any, on which similar
      securities issued by the Company are then listed or
  traded.

            

    

     

    
      	
               
      

            	
              (i)

            	
              Comply
      in all material respects with all applicable rules and regulations of the
      SEC;

            

    

     

    
      	
               
      

            	
              (j)

            	
              Require
      the Subscriber, where necessary, to furnish to the Company information
      regarding itself and the distribution of such Shares as is required by law
      to be disclosed in the Registration Statement, and the Company may exclude
      from such registration the Shares of the Subscriber if it fails to furnish
      such information within a reasonable time after receiving such
      request.

            

    

     

    
      	
               
      

            	
              (k)

            	
              If
      the Registration Statement refers to the Subscriber by name or otherwise
      as the holder of any securities of the Company, provide the Subscriber the
      right to require (if such reference to the Subscriber by name or otherwise
      is not required by the 1933 Act or any similar federal statute then in
      force) the deletion of the reference to it in any amendment or supplement
      to the Registration Statement filed or prepared subsequent to the time
      that such reference ceases to be
required.

            

    

     

    
      	
               
      

            	
              (l)

            	
              If
      (i) there is material non-public information regarding the Company which
      the Company's Board of Directors (the "Board") reasonably
      determines not to be in the Company's best interest to disclose and which
      the Company is not otherwise required to disclose, or (ii) there is a
      significant business opportunity (including, but not limited to, the
      acquisition or disposition of assets (other than in the ordinary course of
      business) or any merger, consolidation, tender offer or other similar
      transaction) available to the Company which the Board reasonably
      determines not to be in the Company's best interest to disclose, or, as
      the Board reasonably determines, may (x) postpone or suspend filing of a
      registration statement for a period not to exceed 30 consecutive days or
      (y) postpone or suspend effectiveness of a registration statement for a
      period not to exceed 20 consecutive days, provided that the Company may
      not postpone or suspend effectiveness of a registration statement under
      this Section 13.1(l) for more than 45 days in the aggregate during any 360
      day period, and provided, however, that no such postponement or suspension
      shall be permitted for consecutive 20 day periods arising out of the same
      set of facts, circumstances or
transactions.

            

    

     

    13.2                      The
Subscriber agrees and covenants:

     

    
      	
               
      

            	
              (a)

            	
              that
      (i) it will not sell any Shares under the Registration Statement until the
      Registration Statement has been declared effective and the Company has
      filed a prospectus with the Securities and Exchange Commission pursuant to
      Rule 172 of the SEC promulgated under the 1933 Act and has sent to the
      Subscriber notice of such filing and (ii) it and its officers, directors
      or Affiliates, if any, will comply with the prospectus delivery
      requirements of the 1933 Act as applicable to them in connection with
      sales of Shares pursuant to the Registration
  Statement.

            

    

     

    
      	
               
      

            	
              (b)

            	
              by
      its acquisition of such Shares that, upon receipt of a notice from the
      Company of the occurrence of any event of the kind described in Section
      13.1(b)(ii), 13.1(b)(iii), 13.1(b)(iv), 13.1(b)(v), 13.1(b)(vi) or
      13.1((l), the Subscriber will forthwith discontinue disposition of such
      Shares under the Registration Statement until the Subscriber's receipt of
      the copies of the supplemented prospectus and/or amended Registration
      Statement contemplated by Section 13.1(g), or until it is advised in
      writing by the Company that the use of the applicable prospectus may be
      resumed, and, in either case, has received copies of any additional or
      supplemental filings that are incorporated or deemed to be incorporated by
      reference in such prospectus or Registration
  Statement.

            

    

     

    13.3                      The
obligations of the Company under this Agreement shall terminate and be of no
further effect upon the earliest to occur of the following:

     

    
      	
               
      

            	
              (a)

            	
              when
      all Shares shall have been sold pursuant to Rule 144 (or any successor
      provision) under the 1933 Act;

            

    

     

    
      	
               
      

            	
              (b)

            	
              when
      all Shares shall have been otherwise transferred and a new certificate(s)
      for such Shares not bearing a legend restricting further transfer shall
      have been delivered by The Company;
and

            

    

     

    
      
         

      

      
        -10-

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (c)

            	
              that
      day that is two (2) years following the original issue date of the
      Shares.

            

    

     

    13.4                      If
the holder of the Subscriber desires to sell some or all of the Shares pursuant
to the effective Registration Statement and it has delivered to the Company, in
a form set forth as Exhibit B hereto, a representation letter (the “Registered Sale Notice”) in
which the Subscriber shall covenant with the Company that it will resell the
Shares pursuant to the plan of distribution described in the effective
Registration Statement, the Company shall cause its transfer agent to remove the
U.S. legend from the certificates evidencing the Shares within five (5) business
days.  If the Company so requests, the Registered Sale Notice shall
contain such additional covenants from the holder as may be reasonably required
in order to enable the Company to remove the Canadian or the U.S. legend from
the certificates.

     

     

    
      	
              14.

            	
              Registration
      Expenses.

            

    

     

    14.1                      All
fees and expenses incident to the preparation and filing of the Registration
Statement by the Company, except as and to the extent specified in this Section
14.3, shall be borne by the Company whether or not the Registration Statement is
filed or becomes effective and whether or not any Shares are sold pursuant to
the Registration Statement.  The fees and expenses referred to in the
foregoing sentence shall include, without limitation, (i) all registration and
filing fees (including, without limitation, fees and expenses (A) with respect
to filings required to be made with any securities exchange or market on which
Shares are required hereunder to be listed, (B) with respect to filing fees
required to be paid to the National Association of Securities Dealers, Inc. and
the NASD Regulation, Inc. and (C) in compliance with state securities or Blue
Sky laws, (ii) printing expenses (including, without limitation, expenses of
printing certificates for Shares and of printing prospectuses if the printing of
prospectuses is requested by the Subscriber), (iii) messenger, telephone and
delivery expenses, (iv) fees and disbursements of counsel for the Company, (v)
1933 Act liability insurance, if the Company so desires such insurance, and (vi)
fees and expenses of all other persons retained by the Company in connection
with the consummation of the transactions contemplated by this Agreement,
including, without limitation, the Company's independent public accountants
(including the expenses of any comfort letters or costs associated with the
delivery by independent public accountants of a comfort letter or comfort
letters).  In addition, the Company shall be responsible for all of
its internal expenses incurred in connection with the consummation of the
transactions contemplated by this Agreement (including, without limitation, all
salaries and expenses of its officers and employees performing legal or
accounting duties), the expense of any annual audit, the fees and expenses
incurred in connection with the listing of the Shares on any securities exchange
as required hereunder.

     

    
      	
              15.

            	
              Indemnification.

            

    

     

    15.1                      Indemnification by the
Company.  The Company shall, notwithstanding any termination of
this Agreement, indemnify and hold harmless the Subscriber, the officers,
directors, agents, brokers (including brokers who offer and sell Shares as
principal as a result of a pledge or any failure to perform under a margin call
of Common Stock), investment advisors and employees of the Subscriber, each
person who controls the Subscriber (within the meaning of Section 15 of the 1933
Act or Section 20 of the Exchange Act) and the officers, directors, agents and
employees of each such controlling person, to the fullest extent permitted by
applicable law, from and against any and all losses, claims, damages,
liabilities, costs (including, without limitation, costs of preparation and
attorneys' fees) and expenses (collectively, "Losses"), as incurred,
arising out of or relating to any untrue or alleged untrue statement of a
material fact contained in the Registration Statement, any prospectus or any
form of prospectus or in any amendment or supplement thereto or in any
preliminary prospectus, or arising out of or relating to any omission or alleged
omission of a material fact required to be stated therein or necessary to make
the statements therein (in the case of any prospectus or form of prospectus or
supplement thereto, in the light of the circumstances under which they were
made) not misleading, except to the extent, but only to the extent, that (i)
such untrue statements or omissions are based solely upon information regarding
the Subscriber furnished to the Company by or on behalf of the Subscriber
expressly for use therein, and (ii) that the foregoing indemnity agreement is
subject to the condition that, insofar as it relates to any untrue statement,
allegedly untrue statement, omission or alleged omission made in any preliminary
prospectus but eliminated or remedied in the final prospectus (filed pursuant to
Rule 172 or Rule 424 of the 1933 Act), such indemnity agreement shall not inure
to the benefit of the Subscriber or any underwriter, broker or other person
acting on behalf of holders of the Shares, from whom the person asserting any
loss, claim, damage, liability or expense purchased the Shares which are the
subject thereof, if a copy of such final prospectus had been made available to
such person and the Subscriber or such underwriter, broker or other person
acting on behalf of the Subscriber and such final prospectus was not delivered
to such person with or prior to the written confirmation of the sale of such
Shares to such person.  The Company shall notify the Subscriber
promptly of the claim, threat or assertion of any proceeding of which the
Company is aware in connection with the transactions contemplated by this
Agreement.

     

    
      
         

      

      
        -11-

        
          

        

      

      
         

      

    

    15.2                      Indemnification by
Subscriber.  The Subscriber shall, severally and not jointly,
indemnify and hold harmless the Company, its directors, officers, agents and
employees, each person who controls the Company (within the meaning of Section
15 of the 1933 Act and Section 20 of the Exchange Act), and the directors,
officers, agents and employees of such controlling persons, to the fullest
extent permitted by applicable law, from and against all Losses (as determined
by a court of competent jurisdiction in a final judgment not subject to appeal
or review), as incurred, arising out of or based upon any untrue statement of a
material fact contained in the Registration Statement, any prospectus, or any
form of prospectus, or arising out of or based upon any omission of a material
fact required to be stated therein or necessary to make the statements therein
(in the case of any prospectus or form of prospectus or supplement thereto, in
the light of the circumstances under which they were made) not misleading, to
the extent, but only to the extent, that such untrue statement or omission is
contained in any information so furnished by the Subscriber to the Company
specifically for inclusion in the Registration Statement or such
prospectus.

     

    15.3                      Contribution.  If
a claim for indemnification under Section 15.1 or 15.2 is unavailable to an
indemnified party because of a failure or refusal of a governmental authority to
enforce such indemnification in accordance with its terms (by reason of public
policy or otherwise), then each indemnifying party, in lieu of indemnifying such
indemnified party, shall contribute to the amount paid or payable by such
indemnified party as a result of such Losses, in such proportion as is
appropriate to reflect the relative benefits received by the indemnifying party
on the one hand and the indemnified party on the other from the offering of the
Shares.  If, but only if, the allocation provided by the foregoing
sentence is not permitted by applicable law, the allocation of contribution
shall be made in such proportion as is appropriate to reflect not only the
relative benefits referred to in the foregoing sentence but also the relative
fault, as applicable, of the indemnifying party and indemnified party in
connection with the actions, statements or omissions that resulted in such
Losses as well as any other relevant equitable considerations.  The
relative fault of such indemnifying party and indemnified party shall be
determined by reference to, among other things, whether any action in question,
including any untrue or alleged untrue statement of a material fact or omission
or alleged omission of a material fact, has been taken or made by, or relates to
information supplied by, such indemnifying party or indemnified party, and
the parties'
relative intent, knowledge, access to information and opportunity to correct or
prevent such action, statement or omission.  The amount paid or
payable by a party as a result of any Losses shall be deemed to include any
reasonable attorneys' or other reasonable fees or expenses incurred by such
party in connection with (i) any proceeding to the extent such party would have
been indemnified for such fees or expenses if the indemnification provided for
in this Section was available to such party in accordance with its terms or (ii)
enforcing any rights under this Section 15.

     

    The
parties hereto agree that it would not be just and equitable if contribution
pursuant to this Section 15.3 were determined by pro rata allocation or by any
other method of allocation that does not take into account the equitable
considerations referred to in the immediately preceding paragraph.  No
person guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the 1933 Act) shall be entitled to contribution from any person who was
not guilty of such fraudulent misrepresentation.

     

    The
indemnity and contribution agreements contained in this Section are in addition
to any liability that the indemnifying parties may have to the indemnified
parties.

     

    
      	
              16.

            	
              Governing
      Law

            

    

     

    16.1                      This
Subscription Agreement is governed by the laws of the State of Nevada and the
federal laws of the United States applicable therein.

     

    
      	
              17.

            	
              Survival

            

    

     

    17.1                      This
Subscription Agreement, including without limitation the representations,
warranties and covenants contained herein, shall survive and continue in full
force and effect and be binding upon the parties hereto notwithstanding the
completion of the purchase of the Shares by the Subscriber pursuant
hereto.

     

    
      	
              18.

            	
              Assignment

            

    

     

    18.1                      This
Subscription Agreement is not transferable or assignable.

     

    
      
         

      

      
        -12-

        
          

        

      

      
         

      

    

    
      	
              19.

            	
              Severability

            

    

     

    19.1                      The
invalidity or unenforceability of any particular provision of this Subscription
Agreement shall not affect or limit the validity or enforceability of the
remaining provisions of this Subscription Agreement.

     

    
      	
              20.

            	
              Entire
      Agreement

            

    

     

    20.1                      Except
as expressly provided in this Subscription Agreement and in the agreements,
instruments and other documents contemplated or provided for herein, this
Subscription Agreement contains the entire agreement between the parties with
respect to the sale of the Shares and there are no other terms, conditions,
representations or warranties, whether expressed, implied, oral or written, by
statute or common law, by the Company or by anyone else.

     

    
      	
              21.

            	
              Notices

            

    

     

    21.1                      All
notices and other communications hereunder shall be in writing and shall be
deemed to have been duly given if mailed or transmitted by any standard form of
telecommunication.  Notices to the Subscriber shall be directed to the
address on the signature page of this Subscription Agreement and notices to the
Company shall be directed to it at Ayers Exploration 6 Harston Avenue, Mosman
Sydney Australia 2088 : President.

     

    
      	
              22.

            	
              Counterparts and
      Electronic Means

            

    

     

    22.1                      This
Subscription Agreement may be executed in any number of counterparts, each of
which, when so executed and delivered, shall constitute an original and all of
which together shall constitute one instrument.  Delivery of an
executed copy of this Subscription Agreement by electronic facsimile
transmission or other means of electronic communication capable of producing a
printed copy will be deemed to be execution and delivery of this Subscription
Agreement as of the date hereinafter set forth.

     

    
      	
              23.

            	
              Delivery
      Instructions

            

    

    

    
      
        	
                23.1

              	
                The
      Subscriber hereby directs the Company to deliver the Certificate
      evidencing the Shares to:

              
	 
      	 
      
	 
      	 
      
	
              	(name)
	 
      	 
      
	 
      	 
      
	
              	(address)

      

    
      
        	
                23.2

              	
                The
      Subscriber hereby directs the Company to cause the Shares to be registered
      on the books of the Company as follows:

              
	 
      	 
      
	 
      	 
      
	 
      	
                (name)

              
	 
      	 
      
	 
      	 
      
	 
      	
                (address)

              

      

    

    

    23.3                      The
undersigned hereby acknowledges that it will deliver to the Company all such
additional completed forms in respect of the Subscriber’s purchase of the Shares
as may be required for filing with the appropriate securities commissions and
regulatory authorities.

     

    IN WITNESS WHEREOF the
Subscriber has duly executed this Subscription Agreement as of the date of
acceptance by the Company.

     

    

     

    

      
        	 
      	 
      
	 
      	
                Print
      Name of Subscriber

              
	 
      	
                By:

              
	 
      	
                (Signature
      and, if applicable, Office)

              
	 
      	 
      
	 
      	
                Print
      Address of Subscriber:

              
	 
      	 
      
	 
      	 
      
	 
      	 
      

      

      
        
           

        

        
          -13-

          
            

          

        

        
           

        

      
A
C C E P T A N C E

     

    The
above-mentioned Subscription Agreement in respect of the Shares is hereby
accepted by Ayers Exploration

     

    DATED at
_____________________________________, the ________ day of __________,
2010.

     

    AYERS EXPLORATION

     

    

     

    Per:           

    Authorized
Signatory

     

     

    
      
         

      

      
        -14-

        
          

        

      

      
         

      

    

    EXHIBIT
A

     

    ACCREDITED
INVESTOR QUESTIONNAIRE

     

    FOR
CANADIAN INVESTORS ONLY

    

    NATIONAL INSTRUMENT
45-106

    

    The
purpose of this Questionnaire is to assure Ayers Exploration (the “Issuer”) that
the undersigned (the “Subscriber”) will meet certain requirements for the
registration and prospectus exemptions provided for under National Instrument
45-106 (“NI 45-106”), as adopted by the members of the Canadian Securities
Administrators, in respect of a proposed private placement of securities by the
Issuer (the “Transaction”).  The Issuer will rely on the information
contained in this Questionnaire for the purposes of such
determination.

    

    The
undersigned Subscriber covenants, represents and warrants to the Issuer
that:

    

    
      	
               
      

            	
              1.

            	
              The
      Subscriber has such knowledge and experience in financial and business
      matters as to be capable of evaluating the merits and risks of the
      Transaction and the Subscriber is able to bear the economic risk of loss
      arising from such Transaction;

            

    

    

    
      	
               
      

            	
              2.

            	
              the
      Subscriber satisfies one or more of the categories of “accredited
      investor” (as that term is defined in NI 45-106) indicated below (please
      check the appropriate box):

            

    

    

    
      	
               
      

            	 	
              (a)
      a Canadian financial institution as defined in National Instrument 14-101,
      or an authorized foreign bank listed in Schedule III of the Bank Act
      (Canada);

            

    

    

    
      	
               
      

            	 	
              (b)
      the Business Development Bank of Canada incorporated under the Business Development Bank
      Act (Canada);

            

    

    

    
      	
               
      

            	 	
              (c)
      a subsidiary of any person referred to in any of the foregoing categories,
      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)
      an individual registered or formerly registered under securities
      legislation in a jurisdiction of Canada, as a representative of a person
      or company registered under securities legislation in a jurisdiction of
      Canada, as an adviser or dealer, other than a limited market dealer
      registered under the Securities Act
      (Ontario) or the Securities Act
      (Newfoundland);

            

    

    

    
      	
               
      

            	 	
              (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 province, or any crown corporation or agency
      of the government of Canada or a
province;

            

    

    

    
      	
               
      

            	 	
              (g)
      a municipality, public board or commission in Canada and a metropolitan
      community, school board, the Comite de gestion de la taxe scholaire de
      l’ile de Montreal or an intermunicipal management board in
      Québec;

            

    

    

    
      	
               
      

            	 	
              (h)
      a national, federal, state, provincial, territorial or municipal
      government of or in any foreign jurisdiction, or any agency
      thereof;

            

    

    

    
      	
               
      

            	 	
              (i)
      a pension fund that is regulated by either the Office of the
      Superintendent of Financial Institutions (Canada) or a pension commission
      or similar regulatory authority of a jurisdiction of
    Canada;

            

    

    

    
      	
               
      

            	 	
              (j)
      an individual who either alone or with a spouse beneficially owns,
      directly or indirectly, financial assets (as defined in NI 45-106) having
      an aggregate realizable value that, before taxes but net of any related
      liabilities, exceeds CDN$1,000,000;

            

    

    

    
      	
               
      

            	 	
              (k)
      an individual whose net income before taxes exceeded CDN$200,000 in each
      of the two more recent calendar years or whose net income before taxes
      combined with that of a spouse exceeded $300,000 in each of those years
      and who, in either case, reasonably expects to exceed that net income
      level in the current calendar year;

            

    

    

    
      
         

      

      
        -15-

        
          

        

      

      
         

      

    

    
      	
               
      

            	 	
              (l)
      an individual who, either alone or with a spouse, has net assets of at
      least CDN $5,000,000;

            

    

    

    
      	
               
      

            	 	
              (m)
      a person, other than a person or investment fund, that had net assets of
      at least CDN$5,000,000 as reflected on its most recently prepared
      financial statements;

            

    

    

    
      	
               
      

            	 	
              (n)
      an investment fund that distributes it securities only to persons that are
      accredited investors at the time of distribution, a person that acquires
      or acquired a minimum of CDN$150,000 of value in securities, or a person
      that acquires or acquired securities under Sections 2.18 or 2.19 of NI
      45-106;

            

    

    

    
      	
               
      

            	 	
              (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;

            

    

    

    
      	
               
      

            	 	
              (r)
      a registered charity under the Income Tax Act (Canada)
      that, in regard to the trade, has obtained advice from an eligibility
      advisor or an advisor 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 are
      persons or companies that are accredited
  investors.

            

    

    

    
      	
               
      

            	 	
              (u)
      an investment funds that is advised by a person registered as an advisor
      or a person that is exempt from registration as an advisor;
    or

            

    

    

    
      	
               
      

            	 	
              (v)
      a person that is recognized or designated by the securities regulatory
      authority as an accredited investor or, in Alberta or B.C., an exempt
      purchaser,

            

    

    

    The
Subscriber acknowledges and agrees that the Subscriber may be required by the
Issuer to provide such additional documentation as may be reasonably required by
the Issuer and its legal counsel in determining the Subscriber’s eligibility to
acquire the Shares under relevant Legislation.

    

    

      
        	 
      IN
      WITNESS WHEREOF, the undersigned has executed this Questionnaire as of the
      ________ day of __________________, 2010.
	 
      	 
      
	
                If
      a Corporation, Partnership or Other Entity:

              	
                If
      an Individual:

              
	 
      	 
      
	
                Print
      or Type Name of Entity

              	
                Signature

              
	 
      	 
      
	 
      	 
      
	
                Signature
      of Authorized Signatory

              	
                Print
      or Type Name

              
	 
      	 
      
	
                Type
      of Entity

              	 
      

      

    

     

    
      
         

      

      
        -16-

        
          

        

      

      
         

      

    

    EXHIBIT
B

    Form of
Registered Sale Notice

    Ayers
Exploration

     

    

     

    Dear
Sirs/Mesdames:

     

    I propose
to sell _________________ common shares (the “Shares”) in the capital of
Ayers Exploration  (the “Company”), through  (the “Broker”), which Shares were
registered for resale on a Registration Statement on Form S-1 (No. __________)
(the “Registration Statement”).   In order to induce W.L.
Macdonald Law Corporation to render its opinion to the Company, and also to
enable the Company’s transfer agent to remove the restrictive legends, the
undersigned hereby represents and warrants to Ayers Exploration that the
undersigned has complied with the prospectus delivery requirements of the
Securities Act of 1933, as amended, and the Plan of Distribution set forth in
the Registration Statement.

     

    The
following certificate(s) for Shares of the Company’s common stock have been
delivered with this Letter of Instruction, accompanied by the appropriate stock
power with a signature guarantee medallion stamp:

     

    
      	
              Certificate
      No.

            	
              Name
      of Registered Owner

            	
              No.
      of Shares

            
	 
      	 
      	 
      
	 
      	 
      	 
      

    

     

    Please
deliver certificate(s) representing shares of common stock of the Company,
without the restrictive legend, to the following person(s) in the specified
amounts:

     

    
      	
              Name
      and address of

              New
      Registered Owner

            	
               

              No.
      of Shares

            	
               

              Date
      of Purchaser

            
	 
      	 
      	 
      
	 
      	 
      	 
      

    

     

    Thank you
for your assistance in this matter.

    
      	 
      	
              Dated:                                                                    

            
	 
      	
              Signature:                                                                    

            
	 
      	
              Print
      Name:                                                                    

            
	 
      	
              Address:                                                                    

            
	 
      	 
      
	 
      	 
      
	 
      	
              Phone:  (   )                                                                    

            

    

     

    

    
      
         

      

      
        -17-

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