Common use of Effect of Exercise of Warrants Clause in Contracts

Effect of Exercise of Warrants. (1) Upon compliance by the Warrantholder with the provisions of Section 3.1, the Warrant Shares subscribed for shall be deemed to have been issued and the person to whom such Warrant Shares are to be issued shall be deemed to have become the holder of record of such Warrant Shares on the Exercise Date unless the transfer registers of the Company for the Common Shares shall be closed on such date, in which case the Warrant Shares subscribed for shall be deemed to have been issued and such person shall be deemed to have become the holder of record of such Warrant Shares on the date on which such transfer registers are reopened. (2) The Warrant Agent shall as soon as practicable account to the Company with respect to Warrants exercised, and shall as soon as practicable forward to the Company (or into an account or accounts of the Company with the bank or trust company designated by the Company for that purpose), all monies received by the Warrant Agent on the subscription of Warrant Shares through the exercise of Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for the Warrantholders and the Company as their interests may appear and shall be segregated and kept apart by the Warrant Agent. (3) Within five Business Days following the due exercise of a Warrant pursuant to Section 3.1, the Company shall cause the Transfer Agent to issue and the Warrant Agent to deliver, within such five Business Day period, to CDS through the Book-Entry Only System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise or mail to the person in whose name the Warrant Shares so subscribed for are to be issued, as specified in the exercise form completed on the Warrant Certificate, at the address specified in such exercise form, a certificate or certificates for the Warrant Shares to which the Warrantholder is entitled or, if so specified in writing by the holder, cause to be delivered to such person or persons at the office of the Warrant Agent where the Warrant Certificate was surrendered, a certificate or certificates for the appropriate number of Warrant Shares subscribed for, or any other appropriate evidence of the issuance of Warrant Shares to such person or persons in respect of Warrant Shares issued under the Book-Entry Only System and, if applicable, shall cause the Warrant Agent to mail a Warrant Certificate representing any Warrants not then exercised.

Effect of Exercise of Warrants. (1) Upon compliance by the Warrantholder with the provisions of Section 3.1section 4.1 or section 4.2, the Warrant Shares subscribed for shall be deemed to have been issued and the person to whom such Warrant Shares are to be issued shall be deemed to have become the holder of record of such Warrant Shares on the Exercise Date unless the transfer registers of the Company for the Common Shares shall be closed on such date, in which case the Warrant Shares subscribed for shall be deemed to have been issued and such person shall be deemed to have become the holder of record of such Warrant Shares on the date on which such transfer registers are reopened. (2) The Warrant Agent shall as soon as practicable account to the Company with respect to Warrants exercised, and shall as soon as practicable forward to the Company (or into an account or accounts of the Company with the bank or trust company designated by the Company for that purpose), all monies received by the Warrant Agent on the subscription of Warrant Shares through the exercise of Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for the Warrantholders and the Company as their interests may appear and shall be segregated and kept apart by the Warrant Agent. (3) Within five three Business Days following the due exercise of a Warrant pursuant to Section 3.1section 4.1 and forthwith after the Time of Expiry, the Warrant Agent shall deliver to the Company a notice setting forth the particulars of all Warrants exercised, if any, and the persons in whose names the Warrant Shares are to be issued (as applicable) and the addresses of such holders of the Warrant Shares. (3) Within five Business Days of the due exercise of a Warrant pursuant to section 4.1, the Company shall cause the Transfer Agent to issue and the Warrant Agent to deliverissue, within such five Business Day period, to CDS through the Book-Entry Only Based System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise or mail to the person in whose name the Warrant Shares so subscribed for are to be issued, as specified in the exercise form Exercise Form completed on the Warrant Certificate, at the address specified in such exercise formthe Exercise Form, a certificate or certificates for the Warrant Shares to which the Warrantholder is entitled or, if so specified in writing by the holder, cause to be delivered to such person or persons at the office of the Warrant Agent where the Warrant Certificate was surrendered, a certificate or certificates for the appropriate number of Warrant Shares subscribed for, or any other appropriate evidence of the issuance of Warrant Shares to such person or persons in respect of Warrant Shares issued under the Book-Entry Only System and, if applicable, shall cause the Warrant Agent to mail a Warrant Certificate representing any Warrants not then exercised.

Effect of Exercise of Warrants. (1a) Upon the exercise of Warrants pursuant to and in compliance by the Warrantholder with the provisions of Section 3.13.2 and subject to Section 3.4, the Warrant Common Shares subscribed for to be issued pursuant to the Warrants exercised shall be deemed to have been issued and the person or persons to whom such Warrant Common Shares are to be issued shall be deemed to have become the holder or holders of such Common Shares within three Business Days and, in respect of Warrants, they will be deemed to become the holders of record of such Warrant Shares on the Exercise Date Date, unless the transfer registers of the Company for the Common Shares Corporation shall be closed on such date, in which case the Warrant Common Shares subscribed for shall be deemed to have been issued and such person shall be or persons deemed to have become the holder or holders of record of such Warrant Shares Common Shares, on the date on which such transfer registers are reopened. It is hereby understood that in order for holders to be holders of Warrants on record on an Exercise Date, beneficial holders must commence the exercise process sufficiently in advance so that the Warrant Agent is in receipt of all items of exercise at least one Business Day prior to such Exercise Date. (2b) The Within three Business Days after the Exercise Date with respect to a Warrant, the Warrant Agent shall as soon as practicable account cause to the Company with respect to Warrants exercised, and shall as soon as practicable forward to the Company (be delivered or into an account or accounts of the Company with the bank or trust company designated by the Company for that purpose), all monies received by the Warrant Agent on the subscription of Warrant Shares through the exercise of Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for the Warrantholders and the Company as their interests may appear and shall be segregated and kept apart by the Warrant Agent. (3) Within five Business Days following the due exercise of a Warrant pursuant to Section 3.1, the Company shall cause the Transfer Agent to issue and the Warrant Agent to deliver, within such five Business Day period, to CDS through the Book-Entry Only System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise or mail mailed to the person or persons in whose name or names the Warrant Shares so subscribed for are to be issued, as specified in the exercise form completed on the Warrant Certificate, at the address specified in such exercise form, a certificate or certificates for the Warrant Shares to which the Warrantholder is entitled registered or, if so specified in writing by the holder, cause to be delivered to such person or persons at the office of the Warrant Agent Agency where the Warrant Certificate was surrendered, a certificate or certificates for the appropriate number of Warrant Common Shares subscribed for, or any other appropriate evidence of the issuance of Warrant Common Shares to such person or persons in respect of Warrant Common Shares issued under the Book-Entry Only System and, if applicable, shall cause the Warrant Agent to mail a Warrant Certificate representing any Warrants not then exercisedbook entry registration system.

Effect of Exercise of Warrants. (1) Upon compliance by the Warrantholder with the provisions of Section section 3.1, the Warrant Shares Subject Securities subscribed for shall be deemed to have been issued and the person to whom such Warrant Shares Subject Securities are to be issued shall be deemed to have become the holder of record of such Warrant Shares Subject Securities on the Exercise Date unless the transfer registers of the Company for the Common Shares shall be closed on such date, in which case the Warrant Shares Subject Securities subscribed for shall be deemed to have been issued and such person shall be deemed to have become the holder of record of such Warrant Shares Subject Securities on the date on which such transfer registers are reopened. (2) The Warrant Agent shall as soon as practicable account to the Company with respect to Warrants exercised, and shall as soon as practicable forward to the Company (or into an account or accounts of the Company with the bank or trust company designated by the Company for that purpose), all monies received by the Warrant Agent on the subscription of Warrant Shares through the exercise of Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for the Warrantholders and the Company as their interests may appear and shall be segregated and kept apart by the Warrant Agent. (3) Within five three Business Days following the due exercise of a Warrant pursuant to Section section 3.1 and forthwith after the Time of Expiry, the Warrant Agent shall deliver to the Company a notice setting forth the particulars of all Warrants exercised, if any, and the persons in whose names the Subject Securities are to be issued (as applicable) and the addresses of such holders of the Subject Securities. (3) Within three Business Days of the due exercise of a Warrant pursuant to section 3.1, the Company shall cause the Transfer Agent to issue and the Warrant Agent to deliver, within such five Business Day period, to CDS through the Book-Entry Only System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise or mail to the person in whose name the Warrant Shares Subject Securities so subscribed for are to be issued, as specified in the exercise form subscription completed on the Warrant Certificate, at the address specified in such exercise formsubscription, or, if so specified in such subscription, a certificate or certificates for the Warrant Shares Subject Securities to which the Warrantholder is entitled or, if so specified in writing by the holder, cause to be delivered to such person or persons at the office of the Warrant Agent where the Warrant Certificate was surrendered, a certificate or certificates for the appropriate number of Warrant Shares subscribed for, or any other appropriate evidence of the issuance of Warrant Shares to such person or persons in respect of Warrant Shares issued under the Book-Entry Only System and, if applicable, shall cause the Warrant Agent to mail a Warrant Certificate representing any Warrants not then exercised.

Effect of Exercise of Warrants. (1) Upon compliance by the Warrantholder with the provisions of Section 3.14.1, the Warrant Common Shares so subscribed for shall be deemed to have been issued and the person Person or Persons to whom such Warrant Common Shares are to be issued shall be deemed to have become the holder or holders of record of such Warrant Common Shares on the Exercise Date unless the share registers maintained by the transfer registers of the Company agent for the Common Shares shall be closed on such date, in which case the Warrant Common Shares so subscribed for shall be deemed to have been issued issued, and such person Person or Persons shall be deemed to have become the holder or holders of record of such Warrant Common Shares on the date on which such transfer registers are reopenedwere reopened and such Common Shares shall be issued at the Exercise Price in effect on the Exercise Date. To the extent the opening of the registers remains within the control of the Warrant Agent, the Company and the Warrant Agent shall cause such registers to be open on Business Days. (2) The Warrant Agent shall as soon as practicable account to the Company with respect to Warrants exercised, and shall as soon as practicable forward to the Company (or into an account or accounts of the Company with the bank or trust company designated by the Company for that purpose), all monies received by the Warrant Agent on the subscription of Warrant Shares through the exercise of Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for the Warrantholders and the Company as their interests may appear and shall be segregated and kept apart by the Warrant Agent. Within three (3) Within five Business Days following the due exercise of a Warrant pursuant to Section 3.14.1, the Warrant Agent shall deliver to the Company a notice setting forth the particulars of all Warrants exercised, and the persons in whose names the Common Shares are to be issued (as applicable) and the addresses of such holders of the Common Shares. (3) Subject to Section 4.1(3), within five (5) Business Days of the due exercise of a Warrant pursuant to Section 4.1, or within (10) Business Days of the due exercise of a Warrant if such exercise would result in a fraction of a Common Share, the Company shall cause the Transfer Agent its transfer agent to issue and the Warrant Agent to deliver, within such five Business Day period, to CDS through the Book-Entry Only System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise or mail to the person in whose name the Warrant Common Shares so subscribed for are to be issued, as specified in the exercise form subscription completed on the Warrant Certificate, at the address specified in such exercise formsubscription, a certificate or certificates for the Warrant Common Shares to which the Warrantholder is entitled or, if so specified in writing by the holder, cause to be delivered to such person or persons at the office of the Warrant Agent where the Warrant Certificate was surrendered, a certificate or certificates for the appropriate number of Warrant Shares subscribed for, or any other appropriate evidence of the issuance of Warrant Shares to such person or persons in respect of Warrant Shares issued under the Book-Entry Only System and, if applicable, shall cause the Warrant Agent to mail a Warrant Certificate representing any Warrants not then exercised. (4) If at the time of exercise of the Warrants there remain trading restrictions on the Common Shares acquired upon such exercise pursuant to applicable securities legislation or policy of any applicable regulatory body, the Company may, upon the advice of Counsel, endorse any Common Share certificates to such effect. Furthermore, the Company shall, or its Counsel shall, notify the Warrant Agent in writing of any trading restrictions on the Common Shares acquired upon such exercise pursuant to applicable securities legislation or policy of any applicable regulatory body. Unless and until advised in writing by the Company or its Counsel that a specific legend and trading restrictions apply to the Common Shares, the Warrant Agent shall be entitled to assume that no specific legend is required and that there are no trading restrictions on the Common Shares.

Effect of Exercise of Warrants. (1) Upon the exercise of Warrants pursuant to and in compliance by the Warrantholder with the provisions of Section 3.13.2 and subject to Section 3.3 and Section 3.4, the Warrant Shares subscribed for to be issued pursuant to the Warrants exercised shall be deemed to have been issued and the person or persons to whom such Warrant Shares are to be issued shall be deemed to have become the holder of record or holders of such Warrant Shares on the Exercise Date Date, provided the documents are received in good order, unless the transfer registers of the Company for the Common Shares register shall be closed on such date, in which case the Warrant Shares subscribed for shall be deemed to have been issued and such person shall be or persons deemed to have become the holder or holders of record of such Warrant Shares Shares, on the date on which such transfer registers register is reopened. It is hereby understood that in order for persons to whom Warrant Shares are reopenedto be issued, to become holders of Warrant Shares of record on the Exercise Date, beneficial holders must commence the exercise process sufficiently in advance so that the Warrant Agent is in receipt of all items of exercise at least one Business Day prior to such Exercise Date. (2) The Within three Business Days after the Exercise Date with respect to a Warrant, the Warrant Agent shall as soon as practicable account use commercially reasonable efforts to the Company with respect cause to Warrants exercised, and shall as soon as practicable forward to the Company (be delivered or into an account or accounts of the Company with the bank or trust company designated by the Company for that purpose), all monies received by the Warrant Agent on the subscription of Warrant Shares through the exercise of Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for the Warrantholders and the Company as their interests may appear and shall be segregated and kept apart by the Warrant Agent. (3) Within five Business Days following the due exercise of a Warrant pursuant to Section 3.1, the Company shall cause the Transfer Agent to issue and the Warrant Agent to deliver, within such five Business Day period, to CDS through the Book-Entry Only System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise or mail mailed to the person or persons in whose name or names the Warrant Shares so subscribed for are to be issued, as specified in the exercise form completed on the Warrant Certificate, at the address specified in such exercise form, a certificate or certificates for the Warrant Shares to which the Warrantholder is entitled registered or, if so specified in writing by the holder, cause to be delivered to such person or persons at the office of the Warrant Agent Agency where the Warrant Certificate was surrendered, a certificate or certificates for the appropriate number of Warrant Shares subscribed for, or any other appropriate evidence of the issuance of Warrant Shares to such person or persons in respect of Warrant Shares issued under the Book-Book Entry Only System and, if applicable, shall cause the Warrant Agent to mail a Warrant Certificate representing any Warrants not then exercisedRegistration System.

Effect of Exercise of Warrants. (1) Upon compliance by the Warrantholder with the provisions of Section section 3.1, the Warrant Shares subscribed for shall be deemed to have been issued and the person to whom such Warrant Shares are to be issued shall be deemed to have become the holder of record of such Warrant Shares on the Exercise Date unless the transfer registers of the Company for the Common Shares shall be closed on such date, in which case the Warrant Shares subscribed for shall be deemed to have been issued and such person shall be deemed to have become the holder of record of such Warrant Shares on the date on which such transfer registers are reopened. (2) The Warrant Agent shall as soon as practicable account to the Company with respect to Warrants exercised, and shall as soon as practicable forward to the Company (or into an account or accounts of the Company with the bank or trust company designated by the Company for that purpose), all monies received by the Warrant Agent on the subscription of Warrant Shares through the exercise of Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for the Warrantholders and the Company as their interests may appear and shall be segregated and kept apart by the Warrant Agent. (3) Within five Business Days following the due exercise of a Warrant pursuant to Section section 3.1, the Company shall cause the Transfer Agent to issue and the Warrant Agent to deliver, within such five Business Day period, to CDS through the Book-Entry Only System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise or mail to the person in whose name the Warrant Shares so subscribed for are to be issued, as specified in the exercise form completed on the Warrant Certificate, at the address specified in such exercise form, a certificate or certificates for the Warrant Shares to which the Warrantholder is entitled or, if so specified in writing by the holder, cause to be delivered to such person or persons at the office of the Warrant Agent where the Warrant Certificate was surrendered, a certificate or certificates for the appropriate number of Warrant Shares subscribed for, or any other appropriate evidence of the issuance of Warrant Shares to such person or persons in respect of Warrant Shares issued under the Book-Entry Only System and, if applicable, shall cause the Warrant Agent to mail a Warrant Certificate representing any Warrants not then exercised.

Effect of Exercise of Warrants. (1a) Upon the exercise of Warrants pursuant to and in compliance by the Warrantholder with the provisions of Section 3.1this Warrant Indenture, the Warrant Shares subscribed for Debentures to be issued pursuant to the Warrants exercised shall be deemed to have been issued and the person or persons to whom such Warrant Shares Debentures are to be issued shall be deemed to have become the holder of record or holders of such Warrant Shares on Debentures as of the Exercise Date Date, unless the transfer registers of the Company for the Common Shares shall be closed on such date, in which case the Warrant Shares Debentures subscribed for shall be deemed to have been issued and such person shall be or persons deemed to have become the holder or holders of record of such Warrant Shares Debentures, on the date on which such transfer registers are reopened. It is hereby understood that in order for persons to whom Warrant Debentures are issued to become holders of Warrant Debentures of record on the Exercise Date, beneficial holders must commence the exercise process sufficiently in advance so that the Trustee is in receipt of all items of exercise at least one Business Day prior to such Exercise Date. (2b) The Warrant Agent shall as As soon as practicable account to practicable, and in any event no later than within five Business Days after the Company Exercise Date with respect to Warrants exercised, and shall as soon as practicable forward to the Company (or into an account or accounts of the Company with the bank or trust company designated by the Company for that purpose), all monies received by the Warrant Agent on the subscription of Warrant Shares through the exercise of Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for the Warrantholders and the Company as their interests may appear and shall be segregated and kept apart by the Warrant Agent. (3) Within five Business Days following the due exercise of a Warrant pursuant to Section 3.1Warrant, the Company Trustee shall cause the Transfer Agent to issue and the Warrant Agent to deliver, within such five Business Day period, to CDS through the Book-Entry Only System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise be delivered or mail mailed to the person or persons in whose name or names the Warrant Shares so subscribed for are to be issued, as specified in the exercise form completed on the Warrant Certificate, at the address specified in such exercise form, a certificate or certificates for the Warrant Shares to which the Warrantholder is entitled registered or, if so specified in writing by the holder, cause to be delivered to such person or persons at the office of the Warrant Agent Corporate Trust Office where the Warrant Certificate was surrendered, a certificate or certificates for the appropriate number of Warrant Shares Debentures subscribed for, or any other appropriate evidence of the issuance of Warrant Shares Debentures to such person or persons in respect of Warrant Shares Debentures issued under the Book-Entry Only System and, if applicable, shall cause the Warrant Agent to mail a Warrant Certificate representing any Warrants not then exercisedbook entry registration system.

Effect of Exercise of Warrants. (1) Upon compliance by the Warrantholder with the provisions of Section section 3.1, the Warrant Shares Subject Securities subscribed for shall be deemed to have been issued and the person to whom such Warrant Shares Subject Securities are to be issued shall be deemed to have become the holder of record of such Warrant Shares Subject Securities on the Exercise Date unless the transfer registers of the Company for the Common Shares shall be closed on such date, in which case the Warrant Shares Subject Securities subscribed for shall be deemed to have been issued and such person shall be deemed to have become the holder of record of such Warrant Shares Subject Securities on the date on which such transfer registers are reopened. (2) The Warrant Agent shall as soon as practicable account to the Company with respect to Warrants exercised, and shall as soon as practicable forward to the Company (or into an account or accounts of the Company with the bank or trust company designated by the Company for that purpose), all monies received by the Warrant Agent on the subscription of Warrant Shares through the exercise of Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for the Warrantholders and the Company as their interests may appear and shall be segregated and kept apart by the Warrant Agent. (3) Within five three Business Days following the due exercise of a Warrant pursuant to Section section 3.1 and forthwith after the Time of Expiry, the Warrant Agent shall deliver to the Company a notice setting forth the particulars of all Warrants exercised, if any, and the persons in whose names the Subject Securities are to be issued (as applicable) and the addresses of such holders of the Subject Securities. (3) Within five Business Days of the due exercise of a Warrant pursuant to section 3.1, the Company shall cause the Transfer Agent to issue and the Warrant Agent to deliver, within such five Business Day period, to CDS through the Book-Entry Only System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise or mail to the person in whose name the Warrant Shares Subject Securities so subscribed for are to be issued, as specified in the exercise form subscription completed on the Warrant Certificate, at the address specified in such exercise formsubscription, or, if so specified in such subscription, a certificate or certificates for the Warrant Shares Subject Securities to which the Warrantholder is entitled or, if so specified in writing by the holder, cause to be delivered to such person or persons at the office of the Warrant Agent where the Warrant Certificate was surrendered, a certificate or certificates for the appropriate number of Warrant Shares subscribed for, or any other appropriate evidence of the issuance of Warrant Shares to such person or persons in respect of Warrant Shares issued under the Book-Entry Only System and, if applicable, shall cause the Warrant Agent to mail a Warrant Certificate representing any Warrants not then exercised.

Effect of Exercise of Warrants. (1) Upon the exercise of Warrants pursuant to and in compliance by the Warrantholder with the provisions of Section 3.13.2 and subject to Section 3.3 and Section 3.4, the Warrant Shares subscribed for to be issued pursuant to the Warrants exercised shall be deemed to have been issued and the person or persons to whom such Warrant Shares are to be issued shall be deemed to have become the holder of record or holders of such Warrant Shares on the Exercise Date Date, with delivery of such Warrant Shares within five Business Days of the Exercise Date, unless the transfer registers of the Company for the Common Shares register shall be closed on such date, in which case the Warrant Shares subscribed for shall be deemed to have been issued and such person shall be or persons deemed to have become the holder or holders of record of such Warrant Shares Shares, on the date on which such transfer registers register is reopened. It is hereby understood that in order for persons to whom Warrant Shares are reopenedto be issued, to become holders of Warrant Shares on record on the Exercise Date, beneficial holders must commence the exercise process sufficiently in advance so that the Warrant Agent is in receipt of all items of exercise at least one Business Day prior to such Exercise Date. (2) The Warrant Agent shall as soon as practicable account to the Company with respect to Warrants exercised, and shall as soon as practicable forward to the Company (or into an account or accounts of the Company with the bank or trust company designated by the Company for that purpose), all monies received by the Warrant Agent on the subscription of Warrant Shares through the exercise of Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for the Warrantholders and the Company as their interests may appear and shall be segregated and kept apart by the Warrant Agent. (3) Within five Business Days following after the due exercise of Exercise Date with respect to a Warrant pursuant to Section 3.1Warrant, the Company shall cause the Transfer Agent to issue and the Warrant Agent shall use commercially reasonable efforts to deliver, within such five Business Day period, cause to CDS through the Book-Entry Only System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise be delivered or mail mailed to the person or persons in whose name or names the Warrant Shares so subscribed for are to be issued, as specified in the exercise form completed on the Warrant Certificate, at the address specified in such exercise form, a certificate or certificates for the Warrant Shares to which the Warrantholder is entitled registered or, if so specified in writing by the holder, cause to be delivered to such person or persons at the office of the Warrant Agent Agency where the Warrant Certificate was surrendered, a certificate or certificates for the appropriate number of Warrant Shares subscribed for, or any other appropriate evidence of the issuance of Warrant Shares to such person or persons in respect of Warrant Shares issued under the Book-Entry Only System and, if applicable, shall cause the Warrant Agent to mail a Warrant Certificate representing any Warrants not then exercisedbook entry registration system.

Effect of Exercise of Warrants. (1) Upon compliance by the Warrantholder with the provisions of Section section 3.1, the Warrant Shares Subject Securities subscribed for shall be deemed to have been issued and the person to whom such Warrant Shares Subject Securities are to be issued shall be deemed to have become the holder of record of such Warrant Shares Subject Securities on the Exercise Date unless the transfer registers of the Company for the Common Shares shall be closed on such date, in which case the Warrant Shares Subject Securities subscribed for shall be deemed to have been issued and such person shall be deemed to have become the holder of record of such Warrant Shares Subject Securities on the date on which such transfer registers are reopened. (2) The Warrant Agent shall as soon as practicable account to the Company with respect to Warrants exercised, and shall as soon as practicable forward to the Company (or into an account or accounts of the Company with the bank or trust company designated by the Company for that purpose), all monies received by the Warrant Agent on the subscription of Warrant Shares through the exercise of Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for the Warrantholders and the Company as their interests may appear and shall be segregated and kept apart by the Warrant Agent. (3) Within five three Business Days following the due exercise of a Warrant pursuant to Section section 3.1 and forthwith after the Time of Expiry, the Warrant Agent shall deliver to the Company a notice setting forth the particulars of all Warrants exercised, if any, and the persons in whose names the Subject Securities are to be issued (as applicable) and the addresses of such holders of the Subject Securities. (3) Within five Business Days of the due exercise of a Warrant pursuant to section 3.1, the Company shall cause the Transfer Agent to issue and the Warrant Agent to deliver, within such five Business Day period, to CDS through the Book-Entry Only System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise or mail to the person in whose name the Warrant Shares Subject Securities so subscribed for are to be issued, as specified in the exercise form subscription completed on the Warrant Certificate, at the address specified in such exercise formsubscription, a certificate or certificates for the Warrant Shares Subject Securities to which the Warrantholder is entitled or, if so specified in writing by the holder, cause to be delivered to such person or persons at the office of the Warrant Agent where the Warrant Certificate was surrendered, a certificate or certificates for the appropriate number of Warrant Shares subscribed for, or any other appropriate evidence of the issuance of Warrant Shares to such person or persons in respect of Warrant Shares issued under the Book-Entry Only System and, if applicable, shall cause the Warrant Agent to mail a Warrant Certificate representing any Warrants not then exercised.

Effect of Exercise of Warrants. (1) Upon compliance by the Warrantholder with the provisions of Section section 3.1, the Warrant Shares Subject Securities subscribed for shall be deemed to have been issued and the person to whom such Warrant Shares Subject Securities are to be issued shall be deemed to have become the holder of record of such Warrant Shares Subject Securities on the Exercise Date unless the transfer registers of the Company for the Common Shares shall be closed on such date, in which case the Warrant Shares Subject Securities subscribed for shall be deemed to have been issued and such person shall be deemed to have become the holder of record of such Warrant Shares Subject Securities on the date on which such transfer registers are reopened. (2) The Warrant Agent shall as soon as practicable account to the Company with respect to Warrants exercised, and shall as soon as practicable forward to the Company (or into an account or accounts of the Company with the bank or trust company designated by the Company for that purpose), all monies received by the Warrant Agent on the subscription of Warrant Shares through the exercise of Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for the Warrantholders and the Company as their interests may appear and shall be segregated and kept apart by the Warrant Agent. (3) Within five three Business Days following the due exercise of a Warrant pursuant to Section section 3.1 and forthwith after the Time of Expiry, the Warrant Agent shall deliver to the Company a notice setting forth the particulars of all Warrants exercised, if any, and the persons in whose names the Subject Securities are to be issued (as applicable) and the addresses of such holders of the Subject Securities. (3) Within five Business Days of the due exercise of a Warrant pursuant to section 3.1, the Company shall cause the Transfer Agent to issue and the Warrant Agent to deliver, within such five Business Day period, to CDS through the Book-Entry Only System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise or shall mail to the person in whose name the Warrant Shares Subject Securities so subscribed for are to be issued, as specified in the exercise form subscription completed on the Warrant Certificate, at the address specified in such exercise formsubscription, a certificate or certificates for the Warrant Shares Subject Securities to which the Warrantholder is entitled or, if so specified in writing by the holder, cause to be delivered to such person or persons at the office of the Warrant Agent where the Warrant Certificate was surrendered, a certificate or certificates for the appropriate number of Warrant Shares subscribed for, or any other appropriate evidence of the issuance of Warrant Shares to such person or persons in respect of Warrant Shares issued under the Book-Entry Only System and, if applicable, shall cause the Warrant Agent to mail a Warrant Certificate representing any Warrants not then exercised, to the address specified in such subscription. (4) Certificates evidencing the Common Shares, issued prior to the IPO Completion Date, shall bear the following legend: ““UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THE SECURITIES SHALL NOT TRADE THE SECURITIES BEFORE THE EARLIER OF (i) THE DATE THAT IS TWELVE MONTHS AND A DAY AFTER THE DATE THE ISSUER FIRST BECAME A REPORTING ISSUER IN ANY OF ALBERTA, BRITISH COLUMBIA, MANITOBA, NOVA SCOTIA, ONTARIO, QUEBEC AND SASKATCHEWAN, IF THE ISSUER IS A SEDAR FILER; AND (ii) THE DATE THAT IS TWELVE MONTHS AND A DAY AFTER THE LATER OF (A) THE DISTRIBUTION DATE, AND (B) THE DATE THE ISSUER BECAME A REPORTING ISSUER IN THE LOCAL JURISDICTION OF THE PURCHASER OF THE SECURITIES THAT ARE THE SUBJECT OF THE TRADE.” provided that, if at any time, in the opinion of counsel to the Company, such legend is no longer necessary or advisable or should be changed under any such securities laws, or the holder of any such legended certificate, at the holder’s expense, provides the Company with evidence satisfactory in form and substance to the Company (which may include an opinion of counsel satisfactory to the Company) to the effect that such legend is not required such legended certificate may thereafter be surrendered to the Company in exchange for a certificate which does not bear such legend.

Effect of Exercise of Warrants. ‌ (1a) Upon the exercise of Warrants pursuant to and in compliance by the Warrantholder with the provisions of Section 3.1this Warrant Indenture, the Warrant Shares subscribed for Debentures to be issued pursuant to the Warrants exercised shall be deemed to have been issued and the person or persons to whom such Warrant Shares Debentures are to be issued shall be deemed to have become the holder of record or holders of such Warrant Shares on Debentures as of the Exercise Date Date, unless the transfer registers of the Company for the Common Shares shall be closed on such date, in which case the Warrant Shares Debentures subscribed for shall be deemed to have been issued and such person shall be or persons deemed to have become the holder or holders of record of such Warrant Shares Debentures, on the date on which such transfer registers are reopened. It is hereby understood that in order for persons to whom Warrant Debentures are issued to become holders of Warrant Debentures of record on the Exercise Date, beneficial holders must commence the exercise process sufficiently in advance so that the Trustee is in receipt of all items of exercise at least one Business Day prior to such Exercise Date. (2b) The Warrant Agent shall as As soon as practicable account to practicable, and in any event no later than within five Business Days after the Company Exercise Date with respect to Warrants exercised, and shall as soon as practicable forward to the Company (or into an account or accounts of the Company with the bank or trust company designated by the Company for that purpose), all monies received by the Warrant Agent on the subscription of Warrant Shares through the exercise of Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for the Warrantholders and the Company as their interests may appear and shall be segregated and kept apart by the Warrant Agent. (3) Within five Business Days following the due exercise of a Warrant pursuant to Section 3.1Warrant, the Company Trustee shall cause the Transfer Agent to issue and the Warrant Agent to deliver, within such five Business Day period, to CDS through the Book-Entry Only System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise be delivered or mail mailed to the person or persons in whose name or names the Warrant Shares so subscribed for are to be issued, as specified in the exercise form completed on the Warrant Certificate, at the address specified in such exercise form, a certificate or certificates for the Warrant Shares to which the Warrantholder is entitled registered or, if so specified in writing by the holder, cause to be delivered to such person or persons at the office of the Warrant Agent Corporate Trust Office where the Warrant Certificate was surrendered, a certificate or certificates for the appropriate number of Warrant Shares Debentures subscribed for, or any other appropriate evidence of the issuance of Warrant Shares Debentures to such person or persons in respect of Warrant Shares Debentures issued under the Book-Entry Only System and, if applicable, shall cause the Warrant Agent to mail a Warrant Certificate representing any Warrants not then exercisedbook entry registration system.

Effect of Exercise of Warrants. (1) Upon the exercise of Warrants pursuant to and in compliance by the Warrantholder with the provisions of Section 3.13.2 and subject to Section 3.3 and Section 3.4, the Warrant Shares subscribed for to be issued pursuant to the Warrants exercised shall be issued or deemed to have been issued and the person or persons to whom such Warrant Shares are to be issued shall become or be deemed to have become the holder or holders of record of such Warrant Shares on the Exercise Date Date, provided the documents received are in good order, unless the transfer registers of the Company for the Common Shares register shall be closed on such date, in which case the Warrant Shares subscribed for shall be issued or deemed to have been issued and such person shall or persons become or be deemed to have become the holder or holders of record of such Warrant Shares Shares, on the date on which such transfer registers register is reopened. It is hereby understood that in order for persons to whom Warrant Shares are reopenedto be issued, to become holders of Warrant Shares of record on the Exercise Date, beneficial holders must commence the exercise process sufficiently in advance so that the Warrant Agent is in receipt of all items of exercise at least one Business Day prior to such Exercise Date. (2) The Warrant Agent shall as soon as practicable account to the Company with respect to Warrants exercised, and shall as soon as practicable forward to the Company (or into an account or accounts of the Company with the bank or trust company designated by the Company for that purpose), all monies received by the Warrant Agent on the subscription of Warrant Shares through the exercise of Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for the Warrantholders and the Company as their interests may appear and shall be segregated and kept apart by the Warrant Agent. (3) Within five Business Days following after the due exercise of Exercise Date with respect to a Warrant pursuant to Section 3.1Warrant, the Company shall cause the Transfer Agent to issue and the Warrant Agent shall use commercially reasonable efforts to deliver, within such five Business Day period, cause to CDS through the Book-Entry Only System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise be delivered or mail mailed to the person or persons in whose name or names the Warrant Shares so subscribed for are to be issued, is registered or as specified in directed by the exercise form completed on the Warrant Certificate, at the address specified in such exercise form, a certificate or certificates for the Warrant Shares to which the Warrantholder is entitled orExercise Form, if so specified in writing by the holder, cause to be delivered to such person or persons at the office of the Warrant Agent Agency where the Warrant Certificate was surrendered, a certificate or certificates for the appropriate number of Warrant Shares subscribed for, or any other appropriate evidence of the issuance of Warrant Shares to such person or persons in respect of Warrant Shares issued under the Book-Entry Only System and, if applicable, shall cause the Warrant Agent to mail a Warrant Certificate representing any Warrants not then exercisedbook entry registration system.

Effect of Exercise of Warrants. (1) Upon compliance by the Warrantholder with the provisions of Section 3.1, the Warrant Shares subscribed for shall be deemed to have been issued and the person to whom such Warrant Shares are to be issued shall be deemed to have become the holder of record of such Warrant Shares on the Exercise Date unless the transfer registers of the Company for the Common Subordinate Voting Shares shall be closed on such date, in which case the Warrant Shares subscribed for shall be deemed to have been issued and such person shall be deemed to have become the holder of record of such Warrant Shares on the date on which such transfer registers are reopened. (2) The Warrant Agent shall as soon as practicable account to the Company with respect to Warrants exercised, and shall as soon as practicable forward to the Company (or into an account or accounts of the Company with the bank or trust company designated by the Company for that purpose), all monies received by the Warrant Agent on the subscription of Warrant Shares through the exercise of Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for the Warrantholders and the Company as their interests may appear and shall be segregated and kept apart by the Warrant Agent. (3) Within five Business Days following the due exercise of a Warrant pursuant to Section 3.1, the Company shall cause the Transfer Agent to issue and the Warrant Agent to deliver, within such five Business Day period, to CDS through the Book-Entry Only System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise or mail to the person in whose name the Warrant Shares so subscribed for are to be issued, as specified in the exercise form completed on the Warrant Certificate, at the address specified in such exercise form, a certificate or certificates for the Warrant Shares to which the Warrantholder is entitled or, if so specified in writing by the holder, cause to be delivered to such person or persons at the office of the Warrant Agent where the Warrant Certificate was surrendered, a certificate or certificates for the appropriate number of Warrant Shares subscribed for, or any other appropriate evidence of the issuance of Warrant Shares to such person or persons in respect of Warrant Shares issued under the Book-Entry Only System and, if applicable, shall cause the Warrant Agent to mail a Warrant Certificate representing any Warrants not then exercised.

Effect of Exercise of Warrants. (1) Upon compliance by the Warrantholder with the provisions of Section 3.1section 4.1, the Warrant Shares subscribed for shall be deemed to have been issued and the person to whom such Warrant Shares are to be issued shall be deemed to have become the holder of record of such Warrant Shares on the Exercise Date unless the transfer registers of the Company for the Common Shares shall be closed on such date, in which case the Warrant Shares subscribed for shall be deemed to have been issued and such person shall be deemed to have become the holder of record of such Warrant Shares on the date on which such transfer registers are reopened. (2) The Warrant Agent shall as soon as practicable account to the Company with respect to Warrants exercised, and shall as soon as practicable forward to the Company (or into an account or accounts of the Company with the bank or trust company designated by the Company for that purpose), all monies received by the Warrant Agent on the subscription of Warrant Shares through the exercise of Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for the Warrantholders and the Company as their interests may appear and shall be segregated and kept apart by the Warrant Agent. (3) Within five three Business Days following the due exercise of a Warrant pursuant to Section 3.1section 4.1 and forthwith after the Time of Expiry, the Warrant Agent shall deliver to the Company a notice setting forth the particulars of all Warrants exercised, if any, and the persons in whose names the Warrant Shares are to be issued (as applicable) and the addresses of such holders of the Warrant Shares. (3) Within five Business Days of the due exercise of a Warrant pursuant to section 4.1, the Company shall cause the Transfer Agent to issue and the Warrant Agent to deliverissue, within such five Business Day period, to CDS through the Book-Entry Only Based System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise or mail to the person in whose name the Warrant Shares so subscribed for are to be issued, as specified in the exercise form completed on the Warrant Certificate, at the address specified in such exercise form, a certificate or certificates for the Warrant Shares to which the Warrantholder is entitled or, if so specified in writing by the holder, cause to be delivered to such person or persons at the office of the Warrant Agent where the Warrant Certificate was surrendered, a certificate or certificates for the appropriate number of Warrant Shares subscribed for, or any other appropriate evidence of the issuance of Warrant Shares to such person or persons in respect of Warrant Shares issued under the Book-Entry Only System and, if applicable, shall cause the Warrant Agent to mail a Warrant Certificate representing any Warrants not then exercised.

Effect of Exercise of Warrants. (1a) Upon compliance by the Warrantholder with with, and subject to the provisions of Section section 3.1, the Warrant Shares Subject Securities subscribed for shall will be deemed to have been issued and the person to whom such Warrant Shares Subject Securities are to be issued shall will be deemed to have become the holder of record of such Warrant Shares Subject Securities on the Exercise Date unless the transfer registers of the Company for the Common Shares shall will be closed on such date, in which case the Warrant Shares Subject Securities subscribed for shall will be deemed to have been issued and such person shall will be deemed to have become the holder of record of such Warrant Shares Subject Securities on the date on which such transfer registers are reopened. (2) The Warrant Agent shall as soon as practicable account to the Company with respect to Warrants exercised, and shall as soon as practicable forward to the Company (or into an account or accounts of the Company with the bank or trust company designated by the Company for that purpose), all monies received by the Warrant Agent on the subscription of Warrant Shares through the exercise of Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for the Warrantholders and the Company as their interests may appear and shall be segregated and kept apart by the Warrant Agent. (3b) Within five three Business Days following the due exercise of a Warrant pursuant to Section section 3.1, the Warrant Agent will deliver to the Company shall cause the Transfer Agent funds received in full for the Warrants exercised. (c) Within three Business Days following the due exercise of a Warrant pursuant to issue and section 3.1, the Warrant Agent will deliver to deliverthe Company a notice setting forth the particulars of all Warrants exercised, within if any, and the persons in whose names the Subject Securities are to be issued and the addresses of such five holders of the Subject Securities. (d) Within three Business Day periodDays following the due exercise of a Warrant pursuant to section 3.1, to CDS through the Book-Entry Only System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise or Agent will mail to the person in whose name the Warrant Shares Subject Securities so subscribed for are to be issued, as specified in the exercise form Subscription Form completed on in respect of the Warrant CertificateWarrants exercised, at the address specified in such exercise formSubscription Form, a certificate or certificates for the Warrant Shares Subject Securities to which the Warrantholder is entitled or, if so specified in writing by the holder, cause to be delivered to such person or persons at the office of the Warrant Agent where the Warrant Certificate was surrendered, a certificate or certificates for the appropriate number of Warrant Shares subscribed for, or any other appropriate evidence of the issuance of Warrant Shares to such person or persons in respect of Warrant Shares issued under the Book-Entry Only System and, if applicable, shall cause the Warrant Agent to mail a Warrant Certificate representing any Warrants not then exercised.

Effect of Exercise of Warrants. (1) Upon compliance by the Warrantholder with the provisions of Section 3.14.1 or Section 4.2, the Warrant Shares subscribed for shall be deemed to have been issued and the person to whom such Warrant Shares are to be issued shall be deemed to have become the holder of record of such Warrant Shares on the Exercise Date unless the transfer registers of the Company Corporation for the Common Shares shall be closed on such date, in which case the Warrant Shares subscribed for shall be deemed to have been issued and such person shall be deemed to have become the holder of record of such Warrant Shares on the date on which such transfer registers are reopened. (2) The Warrant Agent shall as soon as practicable account to the Company with respect to Warrants exercised, and shall as soon as practicable forward to the Company (or into an account or accounts of the Company with the bank or trust company designated by the Company for that purpose), all monies received by the Warrant Agent on the subscription of Warrant Shares through the exercise of Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for the Warrantholders and the Company as their interests may appear and shall be segregated and kept apart by the Warrant Agent. (3) Within five two Business Days following the due exercise of a Warrant pursuant to Section 3.14.1 and forthwith after the Time of Expiry, the Company Warrant Agent shall deliver to the Corporation a notice setting forth the particulars of all Warrants exercised, if any, and the persons in whose names the Warrant Shares are to be issued (as applicable) and the addresses of such holders of the Warrant Shares. (3) Within two Business Days of the due exercise of a Warrant pursuant to Section 4.1 (the “Share Delivery Date”), the Corporation shall cause the Transfer Agent to issue and issue, on or prior to the Warrant Agent to deliver, within such five Business Day periodShare Delivery Date, to CDS the Depository through the Book-Entry Only Based System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise or mail to the person in whose name the Warrant Shares so subscribed for are to be issued, as specified in the exercise form Exercise Form completed on the Warrant Certificate, at the address specified in such exercise formthe Exercise Form, a certificate or certificates for the Warrant Shares to which the Warrantholder is entitled or, if so specified in writing by the holder, cause to be delivered to such person or persons at the office of the Warrant Agent where the Warrant Certificate was surrendered, a certificate or certificates for the appropriate number of Warrant Shares subscribed for, or any other appropriate evidence of the issuance of Warrant Shares to such person or persons in respect of Warrant Shares issued under the Book-Entry Only System and, if applicable, shall cause the Warrant Agent to mail a Warrant Certificate representing any Warrants not then exercised. The Warrant Agent will not be liable to the Corporation for any payment made by the Corporation under Section 4.4(5) of this Indenture. (4) If the Corporation fails to cause the Warrant Agent to deliver to the Warrantholder the Warrant Shares issuable pursuant to Section 4.4(3) by the Share Delivery Date, then the Warrantholder will have the right to rescind such exercise. (5) In addition to any other rights available to a Warrantholder, if the Corporation fails to cause the Warrant Agent to deliver to the Warrantholder the Common Shares issuable in accordance with Section 4.4(3) pursuant to an exercise on or before the Share Delivery Date and, if after such date, the Warrantholder is required by its broker to purchase (in an open market transaction or otherwise) or the Warrantholder’s brokerage firm otherwise purchases, Common Shares to deliver in satisfaction of a sale by the Warrantholder of the Warrant Shares that the Warrantholder anticipated receiving upon such exercise (a “Buy-In”), then the Corporation shall (A) pay in cash to the Warrantholder the amount, if any, by which (x) the Warrantholder’s total purchase price (including brokerage commissions, if any) for the Common Shares so purchased exceeds (y) the amount obtained by multiplying (1) the number of Common Shares that the Corporation was required to deliver to the Warrantholder in connection with the exercise at issue, times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Warrantholder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honoured (in which case such exercise shall be deemed rescinded) or deliver to the Warrantholder the number of Common Shares that would have been issued had the Corporation timely complied with its delivery obligations under Section 4.4(3). For example, if the Warrantholder purchases Common Shares having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of Common Shares with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence, the Corporation shall be required to pay to the Warrantholder $1,000. In addition, if the Warrantholder incurs any fees and expenses (including those charged by CDS) because of the Corporation’s failure to cause the Warrant Agent to deliver to the Warrantholder on or before the Share Delivery Date the Common Shares issuable in accordance with Section 4.4(3) pursuant to an exercise (the “Late Fees”), the Corporation shall promptly reimburse the Warrantholder for any and all such Late Fees. The Warrantholder shall provide the Corporation written notice indicating the amounts payable to the Warrantholder in respect of the Buy-In and/or Late Fees and, upon request of the Corporation, evidence of the amount of such loss. Nothing herein shall limit a Warrantholder’s right to pursue any other remedies available to it under this Indenture, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Corporation’s failure to timely deliver Warrant Shares as required under Section 4.4(3) following the valid exercise of Warrants under this Indenture.

Effect of Exercise of Warrants. (1a) Upon compliance surrender and payment by the Warrantholder holder of any Warrant Certificate in accordance with the provisions of Section 3.14.1, the Warrant Common Shares so subscribed for shall be deemed to have been issued and the person Person or Persons to whom such Warrant Common Shares are to be issued shall be deemed to have become the holder or holders of record of such Warrant Common Shares on the Exercise Date unless the share registers maintained by the transfer registers agent of the Company for the Common Shares Corporation shall be closed on such date, in which case the Warrant Common Shares so subscribed for shall be deemed to have been issued issued, and such person Person or Persons shall be deemed to have become the holder or holders of record of such Warrant Common Shares on the date on which such transfer registers are reopened. (2) The Warrant Agent were reopened and such Common Shares shall as soon as practicable account to be issued at the Company with respect to Warrants exercised, and shall as soon as practicable forward to Exercise Price in effect on the Company (or into an account or accounts Exercise Date. To the extent the opening of the Company with registers remains within the bank or trust company designated by the Company for that purpose), all monies received by the Warrant Agent on the subscription control of Warrant Shares through the exercise of Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for the Warrantholders Corporation and the Company as their interests may appear and Warrant Agent shall cause such registers to be segregated and kept apart by the Warrant Agentopen on Business Days. (b) Within three (3) Within five Business Days following during which the transfer registers of the Corporation shall have been open after the due exercise of a Warrant Certificate for Common Shares as aforesaid, the Warrant Agent shall notify the Corporation of the exercise of any Warrant. Furthermore, the Corporation or its counsel shall notify the Warrant Agent of any trading restrictions on the Common Shares acquired upon such exercise pursuant to Section 3.1applicable securities legislation or policy of any applicable regulatory body and the requirement to endorse any Common Share certificate to such effect. Unless and until advised in writing by the Corporation or its counsel that a specific legend and trading restrictions apply to the Common Shares, the Company Warrant Agent shall be entitled to assume that no specific legend is required and that there are no trading restrictions on the Common Shares pursuant to applicable Canadian securities laws. (c) Within five (5) Business Days during which the transfer registers of the Corporation shall have been open after the due exercise of a Warrant Certificate for Common Shares as aforesaid, the Corporation shall cause the Transfer Agent to issue and the Warrant Agent to deliver, within such five Business Day period, to CDS through the Book-Entry Only System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise or mail to the person Person or Persons in whose name or names the Warrant Common Shares so subscribed for are to be have been issued, as specified in the exercise form completed subscription endorsed on the Warrant Certificate, at the address his or their respective addresses specified in such exercise form, a certificate or certificates for the Warrant Shares to which the Warrantholder is entitled subscription or, if so specified in writing by the holdersuch subscription, cause to be delivered to such person Person or persons Persons at the office of the Warrant Agent where the such Warrant Certificate was surrendered, a certificate or certificates for the appropriate number of Warrant Common Shares subscribed for, or any other appropriate evidence of the issuance of Warrant Shares to such person or persons in respect of Warrant Shares issued under the Book-Entry Only System and, if applicable, shall cause the Warrant Agent to mail a Warrant Certificate representing any Warrants not then exercised.

Effect of Exercise of Warrants. (1) Upon compliance by the Warrantholder with the provisions of Section section 3.1, the Warrant Shares Subject Securities subscribed for shall be deemed to have been issued and the person to whom such Warrant Shares Subject Securities are to be issued shall be deemed to have become the holder of record of such Warrant Shares Subject Securities on the Exercise Date unless the transfer registers of the Company for the Common Shares shall be closed on such date, in which case the Warrant Shares Subject Securities subscribed for shall be deemed to have been issued and such person shall be deemed to have become the holder of record of such Warrant Shares Subject Securities on the date on which such transfer registers are reopened. (2) The Warrant Agent shall as soon as practicable account to the Company with respect to Warrants exercised, and shall as soon as practicable forward to the Company (or into an account or accounts of the Company with the bank or trust company designated by the Company for that purpose), all monies received by the Warrant Agent on the subscription of Warrant Shares through the exercise of Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for the Warrantholders and the Company as their interests may appear and shall be segregated and kept apart by the Warrant Agent. (3) Within five Business Days following the due exercise of a Warrant pursuant to Section section 3.1 and forthwith after the Time of Expiry, the Warrant Agent shall deliver to the Company a notice setting forth the particulars of all Warrants exercised, if any, and the persons in whose names the Subject Securities are to be issued (as applicable) and the addresses of such holders of the Subject Securities. (3) Within five Business Days of the due exercise of a Warrant pursuant to section 3.1, the Company shall cause the Transfer Agent to issue and the Warrant Agent to deliver, within such five Business Day period, to CDS through the Book-Entry Only System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise or mail to the person in whose name the Warrant Shares Subject Securities so subscribed for are to be issued, as specified in the exercise form subscription completed on the Warrant Certificate, at the address specified in such exercise formsubscription, or, if so specified in such subscription, a certificate or certificates for the Warrant Shares Subject Securities to which the Warrantholder is entitled or, if so specified in writing by the holder, cause to be delivered to such person or persons at the office of the Warrant Agent where the Warrant Certificate was surrendered, a certificate or certificates for the appropriate number of Warrant Shares subscribed for, or any other appropriate evidence of the issuance of Warrant Shares to such person or persons in respect of Warrant Shares issued under the Book-Entry Only System and, if applicable, shall cause the Warrant Agent to mail a Warrant Certificate representing any Warrants not then exercised.

Effect of Exercise of Warrants. (1a) Upon compliance by the Warrantholder with the provisions of Section 3.1, the Warrant Shares subscribed for shall be deemed to have been issued surrender and the person to whom such Warrant Shares are to be issued shall be deemed to have become the holder of record of such Warrant Shares on the Exercise Date unless the transfer registers of the Company for payment as aforesaid the Common Shares shall be closed on such date, in which case the Warrant Shares so subscribed for shall will be deemed to have been issued and such person shall or persons will be deemed to have become the holder or holders of record of such Warrant Common Shares on the date on which of such transfer registers are reopenedsurrender. (2) The Warrant Agent shall as soon as practicable account to the Company with respect to Warrants exercised, and shall as soon as practicable forward to the Company (or into an account or accounts of the Company with the bank or trust company designated by the Company for that purpose), all monies received by the Warrant Agent on the subscription of Warrant Shares through the exercise of Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for the Warrantholders and the Company as their interests may appear and shall be segregated and kept apart by the Warrant Agent. (3b) Within five Business Days following business days after surrender as aforesaid (the due exercise of a Warrant pursuant to Section 3.1“Delivery Period”), the Company shall will forthwith cause the Transfer Agent to issue and the Warrant Agent to deliver, within such five Business Day period, to CDS through the Book-Entry Only System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise or mail be delivered to the person or persons in whose name or names the Warrant Common Shares so subscribed for are to be issued, issued as specified in the exercise form completed on the Warrant Certificate, such subscription or mailed to him or them at the address his or their respective addresses specified in such exercise form, a certificate or certificates for the Warrant Shares to which the Warrantholder is entitled or, if so specified in writing by the holder, cause to be delivered to such person or persons at the office of the Warrant Agent where the Warrant Certificate was surrenderedsubscription, a certificate or certificates for the appropriate number of Common Shares not exceeding those which the Warrant Shares subscribed forHolder is entitled to acquire pursuant to the Warrant surrendered. (c) If, at any time, a Warrant Holder submits the necessary items required by Section 4.1(a) above, and the Company fails for any reason (other than the reasons contemplated by Section 4.1(b) above) to deliver, on or any other appropriate evidence prior to the second business day following the expiration of the issuance Delivery Period for such exercise, the number of Warrant shares of Common Shares to which the Warrant Holder is entitled upon such person or persons exercise (an “Exercise Default”), then the Company shall pay to the Warrant Holder payments (“Exercise Default Payments”) for an Exercise Default in the amount of (i) (N/365), multiplied by (ii) the amount by which the Market Price of the Common Shares on the date the Exercise Form giving rise to the Exercise Default is transmitted in accordance with Section 4.1(a) above (the “Exercise Default Date”) exceeds the Exercise Price in respect of such Common Shares, multiplied by (iii) the number of shares of Common Shares the Company failed to so deliver in such Exercise Default, multiplied by (iv) .24, where N equals the number of days from the Exercise Default Date to the date that the Company effects the full exercise of this Warrant Shares issued under which gave rise to the Book-Entry Only System and, if applicable, Exercise Default. The accrued Exercise Default Payment for each calendar month shall cause be paid in cash and shall be made to the holder by the fifth day of the month following the month in which it has accrued. Nothing herein shall limit the Warrant Agent Holder’s right to mail pursue actual damages for the Company’s failure to maintain a sufficient number of authorized shares of Common Shares as required pursuant to the terms of Section 5.1 hereof, or to otherwise issue shares of Common Shares upon exercise of this Warrant Certificate representing any Warrants not then exercisedin accordance with the terms hereof, and the Warrant Holder shall have the right to pursue all remedies available at law or in equity (including a decree of specific performance and/or injunctive relief).

Effect of Exercise of Warrants. (1) Upon the exercise of Warrants pursuant to and in compliance by the Warrantholder with the provisions of Section 3.13.2 and subject to Section 3.3, the Warrant Common Shares subscribed for to be issued pursuant to the Warrants exercised shall be deemed to have been issued and the person or persons to whom such Warrant Common Shares are to be issued shall be deemed to have become the holder or holders of such Common Shares within five Business Days and, in respect of Warrants, they will be deemed to become the holders of record of such Warrant Shares on the Exercise Date Date, unless the transfer registers of the Company for the Common Shares Corporation shall be closed on such date, in which case the Warrant Common Shares subscribed for shall be deemed to have been issued and such person shall be or persons deemed to have become the holder or holders of record of such Warrant Shares Common Shares, on the date on which such transfer registers are reopened. It is hereby understood that in order for holders to be holders of Warrants on record on an Exercise Date, beneficial holders must commence the exercise process sufficiently in advance so that the Warrant Agent is in receipt of all items of exercise at least one Business Day prior to such Exercise Date. (2) The Within three Business Days after the Exercise Date with respect to a Warrant, the Warrant Agent shall as soon as practicable account cause to the Company with respect to Warrants exercised, and shall as soon as practicable forward to the Company (be delivered or into an account or accounts of the Company with the bank or trust company designated by the Company for that purpose), all monies received by the Warrant Agent on the subscription of Warrant Shares through the exercise of Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for the Warrantholders and the Company as their interests may appear and shall be segregated and kept apart by the Warrant Agent. (3) Within five Business Days following the due exercise of a Warrant pursuant to Section 3.1, the Company shall cause the Transfer Agent to issue and the Warrant Agent to deliver, within such five Business Day period, to CDS through the Book-Entry Only System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise or mail mailed to the person or persons in whose name or names the Warrant Shares so subscribed for are to be issued, as specified in the exercise form completed on the Warrant Certificate, at the address specified in such exercise form, a certificate or certificates for the Warrant Shares to which the Warrantholder is entitled registered or, if so specified in writing by the holder, cause to be delivered to such person or persons at the office of the Warrant Agent Agency where the Warrant Certificate was surrendered, a certificate or certificates for the appropriate number of Warrant Common Shares subscribed for, or any other appropriate evidence of the issuance of Warrant Common Shares to such person or persons in respect of Warrant Common Shares issued under the Book-Entry Only System and, if applicable, shall cause the Warrant Agent to mail a Warrant Certificate representing any Warrants not then exercisedbook entry registration system.

Effect of Exercise of Warrants. (1a) Upon compliance by the Warrantholder with the provisions of Section 3.1, the Warrant Shares subscribed for Underlying Securities issuable upon the exercise of the Warrants shall be deemed to have been issued and the person to whom such Warrant Shares Underlying Securities are to be issued shall be deemed to have become the holder of record of such Warrant Shares Underlying Securities on the Exercise Date unless the transfer registers of the Company for the Common Shares Underlying Securities shall be closed on such date, in which case the Warrant Shares Underlying Securities subscribed for shall be deemed to have been issued and such person shall be deemed to have become the holder of record of such Warrant Shares Underlying Securities on the date on which such transfer registers are reopened. (2b) The Warrant Agent shall as soon as practicable account to the Company with respect to Warrants exercised, and shall as soon as practicable forward to the Company (or into an account or accounts of the Company with the bank or trust company designated by the Company for that purpose), all monies received by the Warrant Agent on the subscription of Warrant Shares through the exercise of Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for the Warrantholders and the Company as their interests may appear and shall be segregated and kept apart by the Warrant Agent. (3) Within five Business Days Forthwith following the due exercise by a Warrantholder in accordance with Section 3.1 and the surrender of the Warrant Certificate(s) representing such Warrants as required by the terms thereof, the Trustee shall deliver to the Company a Warrant pursuant notice setting out the particulars of the Warrants exercised, the person in whose name the Underlying Securities are to be issued and the address of such person. (c) Funds in an amount equal to the aggregate Exercise Price of the Warrants exercised shall be forwarded by the Trustee to the Company forthwith upon the exercise of the Warrants. (d) Within three Business Days of receipt of the notice referred to in Section 3.13.3(b), the Company shall cause the Transfer Agent to issue and the Warrant Agent to deliver, within such five Business Day period, to CDS through the Book-Entry Only System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise or mail be mailed to the person in whose name the Warrant Shares so subscribed for Underlying Securities issuable upon the exercise of the Warrants are to be issued, as specified in the completed exercise form completed on attached to the Warrant Certificate, at the address specified in such exercise form, a certificate or certificates for the Warrant Shares to which the Warrantholder is entitled or, if so specified in writing by the holdersuch exercise form, cause to be delivered to made available for pick up by such person or persons at the office of the Warrant Trustee or cause to be mailed to the office of the U.S. Agent where the Warrant Certificate was surrenderedto be made available for pick up by such person, a certificate or certificates for the appropriate number of Warrant Shares subscribed forUnderlying Securities to which the Warrantholder is entitled. In addition, or any other appropriate evidence the Company shall cause to be delivered to the holder upon the exercise of the issuance Warrants are to be issued a U.S. Prospectus with respect to the Common Shares issuable upon the exercise of Warrant Shares to such person or persons in respect of Warrant Shares issued under the Book-Entry Only System and, if applicable, shall cause the Warrant Agent to mail a Warrant Certificate representing any Warrants not then exercisedWarrants.

Effect of Exercise of Warrants. (1) Upon compliance by the Warrantholder with the provisions of Section 3.15.01 or the automatic exercise of the Warrants pursuant to Section 5.02, the Warrant Underlying Shares subscribed for issuable upon the exercise of the Warrants shall be deemed to have been issued and the person to whom such Warrant Underlying Shares are to be issued shall be deemed to have become the holder of record of such Warrant Underlying Shares on the Exercise Date unless the transfer registers of the Company Corporation for the Common Exchangeable Shares shall be closed on such date, in which case the Warrant Underlying Shares subscribed for shall be deemed to have been issued and such person shall be deemed to have become the holder of record of such Warrant Underlying Shares on the date on which such transfer registers are reopened. (2) The Warrant Agent Forthwith following the due exercise by a Warrantholder of Warrants in accordance with Section 5.01 or the automatic exercise of the Warrants pursuant to Section 5.02, the Trustee shall as soon as practicable account deliver to the Company with respect to Corporation a notice setting out the particulars of the Warrants exercised, and shall as soon as practicable forward the person in whose name the Underlying Shares are to the Company (or into an account or accounts of the Company with the bank or trust company designated by the Company for that purpose), all monies received by the Warrant Agent on the subscription of Warrant Shares through the exercise of Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for the Warrantholders issued and the Company as their interests may appear and shall be segregated and kept apart by the Warrant Agentaddress of such person. (3) Within five three Business Days following of receipt of the due exercise of a Warrant pursuant notice referred to Section 3.1in subsection 5.03(2), the Company Corporation shall cause the Transfer Agent to issue and the Warrant Agent to deliver, within such five Business Day period, to CDS through the Book-Entry Only System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise or mail be mailed to the person in whose name the Warrant Underlying Shares so subscribed for issuable upon the exercise of the Warrants are to be issued, as specified in the exercise form completed on the Warrant CertificateWarrant, at the address specified in such exercise formtherein, a certificate or certificates for the Warrant Shares to which the Warrantholder is entitled or, if so specified in writing by the holdersuch exercise form, cause to be delivered to such person or persons at the office of the Trustee where such Warrant Agent where the Warrant Certificate was surrendered, or in the event of the automatic exercise of the Warrants pursuant to Section 5.02, to the applicable Warrantholder at his address specified in the register for the Warrants, a certificate or certificates for the appropriate number Underlying Shares to which the Warrantholder is entitled. (4) If at the time of Warrant Shares subscribed for, or any other appropriate evidence exercise of the issuance Warrants there remain trading restrictions on the Underlying Shares pursuant to applicable Securities Laws, the Corporation may, upon the advice of Warrant counsel, endorse any certificates representing the Underlying Shares to such person or persons in respect of Warrant Shares issued under the Book-Entry Only System and, if applicable, shall cause the Warrant Agent to mail a Warrant Certificate representing any Warrants not then exercisedeffect.

Effect of Exercise of Warrants. ‌ (1) Upon compliance by the Warrantholder with the provisions of Section section 3.1, the Warrant Shares subscribed for shall be deemed to have been issued and the person to whom such Warrant Shares are to be issued shall be deemed to have become the holder of record of such Warrant Shares on the Exercise Date unless the transfer registers of the Company for the Common Shares shall be closed on such date, in which case the Warrant Shares subscribed for shall be deemed to have been issued and such person shall be deemed to have become the holder of record of such Warrant Shares on the date on which such transfer registers are reopened. (2) The Warrant Agent shall as soon as practicable account to the Company with respect to Warrants exercised, and shall as soon as practicable forward to the Company (or into an account or accounts of the Company with the bank or trust company designated by the Company for that purpose), all monies received by the Warrant Agent on the subscription of Warrant Shares through the exercise of Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for the Warrantholders and the Company as their interests may appear and shall be segregated and kept apart by the Warrant Agent. (3) Within five Business Days following the due exercise of a Warrant pursuant to Section section 3.1 and, if requested by the Company, forthwith after the Time of Expiry, the Warrant Agent shall deliver to the Company a notice setting forth the particulars of all Warrants exercised, if any, and the persons in whose names the Warrant Shares are to be issued (as applicable) and the addresses of such holders of the Warrant Shares. (3) Within five Business Days of the due exercise of a Warrant pursuant to section 3.1, the Company shall cause the Transfer Agent to issue and the Warrant Agent to deliver, within such five Business Day period, to CDS through the Book-Entry Only System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise or mail to the person in whose name the Warrant Shares so subscribed for are to be issued, as specified in the exercise form completed on the Warrant Certificate, at the address specified in such exercise form, a certificate or certificates for the Warrant Shares to which the Warrantholder is entitled or, if so specified in writing by the holder, cause to be delivered to such person or persons at the office of the Warrant Agent where the Warrant Certificate was surrendered, a certificate or certificates for the appropriate number of Warrant Shares subscribed for, or any other appropriate evidence of the issuance of Warrant Shares to such person or persons in respect of Warrant Shares issued under the Book-Entry Only System and, if applicable, shall cause the Warrant Agent to mail a Warrant Certificate representing any Warrants not then exercised.

Effect of Exercise of Warrants. (1) Upon compliance by the Warrantholder with the provisions of Section section 3.1, the Warrant Shares Subject Securities subscribed for shall be deemed to have been issued and the person to whom such Warrant Shares Subject Securities are to be issued shall be deemed to have become the holder of record of such Warrant Shares Subject Securities on the Exercise Date unless the transfer registers of the Company for the Common Shares shall be closed on such date, in which case the Warrant Shares Subject Securities subscribed for shall be deemed to have been issued and such person shall be deemed to have become the holder of record of such Warrant Shares Subject Securities on the date on which such transfer registers are reopened. (2) The Warrant Agent shall as soon as practicable account to the Company with respect to Warrants exercised, and shall as soon as practicable forward to the Company (or into an account or accounts of the Company with the bank or trust company designated by the Company for that purpose), all monies received by the Warrant Agent on the subscription of Warrant Shares through the exercise of Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for the Warrantholders and the Company as their interests may appear and shall be segregated and kept apart by the Warrant Agent. (3) Within five Business Days three business days following the due exercise of a Warrant pursuant to Section section 3.1 and forthwith after the Time of Expiry, the Warrant Agent shall deliver to the Company a notice setting forth the particulars of all Warrants exercised, if any, and the persons in whose names the Subject Securities are to be issued (as applicable) and the addresses of such holders of the Subject Securities. (3) Within five business days of the due exercise of a Warrant pursuant to section 3.1, the Company shall cause the Transfer Agent to issue and the Warrant Agent to deliver, within such five Business Day period, to CDS through the Book-Entry Only System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise or mail to the person in whose name the Warrant Shares Subject Securities so subscribed for are to be issued, as specified in the exercise form subscription completed on the Warrant Certificate, at the address specified in such exercise formsubscription, or, if so specified in such subscription, a certificate or certificates for the Warrant Shares Subject Securities to which the Warrantholder is entitled or, if so specified in writing by the holder, cause to be delivered to such person or persons at the office of the Warrant Agent where the Warrant Certificate was surrendered, a certificate or certificates for the appropriate number of Warrant Shares subscribed for, or any other appropriate evidence of the issuance of Warrant Shares to such person or persons in respect of Warrant Shares issued under the Book-Entry Only System and, if applicable, shall cause the Warrant Agent to mail a Warrant Certificate representing any Warrants not then exercised. (4) In the event that the Warrants are exercised by any Warrantholder prior to the Qualification Date, the certificates evidencing the Common Shares shall bear the following legend: "UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THE SECURITIES SHALL NOT TRADE THE SECURITIES BEFORE OCTOBER 1, 2002" "THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE LISTED ON THE TORONTO STOCK EXCHANGE; HOWEVER, THE SAID SECURITIES CAN NOT BE TRADED THROUGH THE FACILITIES OF SUCH EXCHANGE SINCE THEY ARE NOT FREELY TRANSFERABLE, AND CONSEQUENTLY ANY CERTIFICATE REPRESENTING SUCH SECURITIES IS NOT 'GOOD DELIVERY' IN SETTLEMENT OF TRANSACTIONS ON THE TORONTO STOCK EXCHANGE." provided that, if at any time, in the opinion of counsel to the Corporation, such legends are no longer necessary or advisable under any such securities laws, or the holder of any such legended certificate, at the holder's expense, provides the Corporation with evidence satisfactory in form and substance to the Corporation (which may include an opinion of counsel satisfactory to the Corporation) to the effect that such legends are not required such legended certificate may thereafter be surrendered to the Corporation in exchange for a certificate which does not bear such legend.

Effect of Exercise of Warrants. (1) Upon compliance by the Warrantholder with the applicable provisions of Section 3.14.1, the Warrant Common Shares so subscribed for shall be deemed to have been issued and the person Person or Persons to whom such Warrant Common Shares are to be issued shall be deemed to have become the holder or holders of record of such Warrant Common Shares on the Exercise Date unless the share registers maintained by the transfer registers of the Company agent for the Common Shares shall be closed on such date, in which case the Warrant Common Shares so subscribed for shall be deemed to have been issued issued, and such person Person or Persons shall be deemed to have become the holder or holders of record of such Warrant Common Shares on the date on which such transfer registers are reopenedwere reopened and such Common Shares shall be issued at the Exercise Price in effect on the Exercise Date. To the extent the opening of the registers remains within the control of the Warrant Agent, the Company and the Warrant Agent shall cause such registers to be open on Business Days. (2) The Warrant Agent shall as soon as practicable account to the Company with respect to Warrants exercised, and shall as soon as practicable forward to the Company (or into an account or accounts of the Company with the bank or trust company designated by the Company for that purpose), all monies received by the Warrant Agent on the subscription of Warrant Shares through the exercise of Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for the Warrantholders and the Company as their interests may appear and shall be segregated and kept apart by the Warrant Agent. Within three (3) Within five Business Days following the due exercise of a Warrant pursuant to Section 3.14.1, the Warrant Agent shall deliver to the Company a notice setting forth the particulars of all Warrants exercised, and the persons in whose names the Common Shares are to be issued (as applicable) and the addresses of such holders of the Common Shares. (3) Subject to Section 4.1(3), within five (5) Business Days of the due exercise of a Warrant pursuant to Section 4.1, or within (10) Business Days of the due exercise of a Warrant if such exercise would result in a fraction of a Common Share, the Company shall cause the Transfer Agent its transfer agent to issue and the Warrant Agent to deliver, within such five Business Day period, to CDS through the Book-Entry Only System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise or mail to the person in whose name the Warrant Common Shares so subscribed for are to be issued, as specified in the exercise form Notice of Exercise completed on the Warrant Certificate, at to the address CDS or DTC DWAC coordinates specified in such exercise formthe Notice of Exercise, a certificate or certificates for the Warrant Common Shares to which the Warrantholder is entitled or, if so specified in writing by the holder, cause to be delivered to such person or persons at the office of the Warrant Agent where the Warrant Certificate was surrendered, a certificate or certificates for the appropriate number of Warrant Shares subscribed for, or any other appropriate evidence of the issuance of Warrant Shares to such person or persons in respect of Warrant Shares issued under the Book-Entry Only System and, if applicable, shall cause the Warrant Agent to mail a Warrant Certificate representing any Warrants not then exercised. (4) If at the time of exercise of the Warrants there remain trading restrictions on the Common Shares acquired upon such exercise pursuant to applicable securities legislation or policy of any applicable regulatory body, the Company may, upon the advice of Counsel, endorse any Common Share certificates to such effect. Furthermore, the Company shall, or its Counsel shall, notify the Warrant Agent in writing of any trading restrictions on the Common Shares acquired upon such exercise pursuant to applicable securities legislation or policy of any applicable regulatory body. Unless and until advised in writing by the Company or its Counsel that a specific legend and trading restrictions apply to the Common Shares, the Warrant Agent shall be entitled to assume that no specific legend is required and that there are no trading restrictions on the Common Shares.

Effect of Exercise of Warrants. (1a) Upon compliance by the Warrantholder with the provisions of Section 3.1section 4.1, the Warrant Shares subscribed for shall be deemed to have been issued and the person to whom such Warrant Shares are to be issued shall be deemed to have become the holder of record of such Warrant Shares on the Exercise Date unless the transfer registers of the Company for the Common Shares shall be closed on such date, in which case the Warrant Shares subscribed for shall be deemed to have been issued and such person shall be deemed to have become the holder of record of such Warrant Shares on the date on which such transfer registers are reopened. (2) The Warrant Agent shall as soon as practicable account to the Company with respect to Warrants exercised, and shall as soon as practicable forward to the Company (or into an account or accounts of the Company with the bank or trust company designated by the Company for that purpose), all monies received by the Warrant Agent on the subscription of Warrant Shares through the exercise of Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for the Warrantholders and the Company as their interests may appear and shall be segregated and kept apart by the Warrant Agent. (3b) Within five Business Days following the due exercise of a Warrant pursuant to Section 3.1section 4.1 and forthwith after the Time of Expiry, the Warrant Agent shall deliver to the Company a notice setting forth the particulars of all Warrants exercised, if any, and the persons in whose names the Warrant Shares are to be issued (as applicable) and the addresses of such holders of the Warrant Shares. (c) Within five Business Days following the due exercise of a Warrant pursuant to section 4.1, the Company shall cause the Transfer Agent to issue and the Warrant Agent to deliverissue, within such five Business Day period, to CDS through the Book-Entry Only System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise or mail to the person in whose name the Warrant Shares so subscribed for are to be issued, as specified in the exercise form completed on the Warrant Certificate, at the address specified in such exercise form, a certificate Exercise Form or certificates for the Warrant Shares Confirmation either (i) to which the Warrantholder is entitled or, if so specified in writing by the holder, cause to be delivered to such person or persons at the office of the Warrant Agent where the Warrant Certificate was surrendered, a certificate or certificates for the appropriate number of Warrant Shares subscribed for, or any other appropriate evidence of the issuance of Warrant Shares to such person or persons in respect of Warrant Shares issued under CDS through the Book-Entry Only System Based System; (ii) by DRS Advice; or (iii) by issuance of a certificate. If issued by way of certificate, the Transfer Agent shall mail a certificate to as specified in the Exercise Form or Confirmation and, if applicable, shall cause the Warrant Agent to mail a Warrant Certificate representing any Warrants not then exercised.

Effect of Exercise of Warrants. (1a) Upon compliance surrender and payment by the Warrantholder holder of any Warrant Certificate in accordance with the provisions of Section 3.14.1 or Section 4.2, as applicable, the Warrant Common Shares so subscribed for shall be deemed to have been issued and the person Person or Persons to whom such Warrant Common Shares are to be issued shall be deemed to have become the holder or holders of record of such Warrant Common Shares on the Exercise Date unless the share registers maintained by the transfer registers agent of the Company for the Common Shares Corporation shall be closed on such date, in which case the Warrant Common Shares so subscribed for shall be deemed to have been issued issued, and such person Person or Persons shall be deemed to have become the holder or holders of record of such Warrant Common Shares on the date on which such transfer registers are reopened. (2) The Warrant Agent were reopened and such Common Shares shall as soon as practicable account to be issued at the Company with respect to Warrants exercised, and shall as soon as practicable forward to Exercise Price in effect on the Company (or into an account or accounts Exercise Date. To the extent the opening of the Company with registers remains within the bank or trust company designated by the Company for that purpose), all monies received by the Warrant Agent on the subscription control of Warrant Shares through the exercise of Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for the Warrantholders Corporation and the Company as their interests may appear and Warrant Agent shall cause such registers to be segregated and kept apart by open on Business Days. It is hereby understood that in order for persons to whom Common Shares are to be issued, to become holders of Common Shares on record on the Exercise Date, beneficial holders must commence the exercise process sufficiently in advance so that the Warrant AgentAgent is in receipt of all items of exercise at least one Business Day prior to such Exercise Date. (b) Within three (3) Within five Business Days following during which the transfer registers of the Corporation shall have been open after the due exercise of a Warrant Certificate not registered to CDS for Common Shares as aforesaid, the Warrant Agent shall notify the Corporation of the exercise of such Warrant Certificate. Furthermore, the Corporation or its counsel shall notify the Warrant Agent of any trading restrictions on the Common Shares acquired upon such exercise of a Warrant Certificate not registered to CDS pursuant to Section 3.1applicable securities legislation or policy of any applicable regulatory body and the requirement to endorse any Common Share certificate to such effect. Unless and until advised in writing by the Corporation or its counsel that a specific legend and trading restrictions apply to the Common Shares, the Company Warrant Agent shall be entitled to assume that no specific legend is required and that there are no trading restrictions on the Common Shares pursuant to applicable Canadian securities laws and all applicable securities laws. (c) Within three (3) Business Days during which the transfer registers of the Corporation shall have been open after the due exercise of a Warrant Certificate for Common Shares as aforesaid, the Corporation shall cause the Transfer Agent to issue and the Warrant Agent to deliver, within such five Business Day period, to CDS through the Book-Entry Only System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise or mail to the person Person or Persons in whose name or names the Warrant Common Shares so subscribed for are to be have been issued, as specified in the exercise form completed subscription endorsed on the Warrant Certificate, at the address his/her or their respective addresses specified in such exercise form, a certificate or certificates for the Warrant Shares to which the Warrantholder is entitled subscription or, if so specified in writing by the holdersuch subscription, cause to be delivered to such person Person or persons Persons at the office of the Warrant Agent where the such Warrant Certificate was surrendered, a certificate or certificates for the appropriate number of Warrant Common Shares subscribed for, or any other appropriate evidence of the issuance of Warrant Common Shares to such person or persons in respect of Warrant the Common Shares issued under the Book-Entry Only System and, if applicable, shall cause the Warrant Agent to mail a Warrant Certificate representing any Warrants not then exercisedbook entry registration system.

Effect of Exercise of Warrants. (1) Upon the exercise of Warrants pursuant to and in compliance by the Warrantholder with the provisions of Section 3.13.2 and subject to Section 3.3 and Section 3.4, the Warrant Subordinate Voting Shares subscribed for to be issued pursuant to the Warrants exercised shall be issued or deemed to have been issued and the person or persons to whom such Warrant Subordinate Voting Shares are to be issued shall become or be deemed to have become the holder or holders of record of such Warrant Subordinate Voting Shares on within three Business Days of the Exercise Date unless the transfer registers of the Company for the Common Shares register shall be closed on such date, in which case the Warrant Subordinate Voting Shares subscribed for shall be issued or deemed to have been issued and such person shall or persons become or be deemed to have become the holder or holders of record of such Warrant Shares Subordinate Voting Shares, on the date on which such transfer registers register is reopened. It is hereby understood that in order for persons to whom Subordinate Voting Shares are reopenedto be issued to become holders of Subordinate Voting Shares of record on the Exercise Date, beneficial holders must commence the exercise process sufficiently in advance so that the Warrant Agent is in receipt of all items of exercise at least one Business Day prior to such Exercise Date. (2) The Within three Business Days after the Exercise Date with respect to a Warrant, the Warrant Agent shall as soon as practicable account use commercially reasonable efforts to the Company with respect cause to Warrants exercised, and shall as soon as practicable forward to the Company (be delivered or into an account or accounts of the Company with the bank or trust company designated by the Company for that purpose), all monies received by the Warrant Agent on the subscription of Warrant Shares through the exercise of Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for the Warrantholders and the Company as their interests may appear and shall be segregated and kept apart by the Warrant Agent. (3) Within five Business Days following the due exercise of a Warrant pursuant to Section 3.1, the Company shall cause the Transfer Agent to issue and the Warrant Agent to deliver, within such five Business Day period, to CDS through the Book-Entry Only System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise or mail mailed to the person or persons in whose name or names the Warrant Shares so subscribed for are to be issuedis registered or, as specified in the exercise form completed directed on the Warrant Certificate, at the address specified in such exercise form, a certificate or certificates for the Warrant Shares to which the Warrantholder is entitled or, Exercise Form if so specified in writing by the holder, cause to be delivered to such person or persons at the office of the Warrant Agent Agency where the Warrant Certificate was surrendered, a certificate or certificates for the appropriate number of Warrant Subordinate Voting Shares subscribed for, or any other appropriate evidence of the issuance of Warrant Subordinate Voting Shares to such person or persons in respect of Warrant Subordinate Voting Shares issued under the Book-Entry Only System and, if applicable, shall cause the Warrant Agent to mail a Warrant Certificate representing any Warrants not then exercisedbook entry registration system.

Effect of Exercise of Warrants. (1) Upon compliance by the Warrantholder with the provisions of Section 3.1, the Warrant Shares subscribed for shall be deemed to have been issued and the person to whom such Warrant Shares are to be issued shall be deemed to have become the holder of record of such Warrant Shares on the Exercise Date unless the transfer registers of the Company for the Common Shares shall be closed on such date, in which case the Warrant Shares subscribed for shall be deemed to have been issued and such person shall be deemed to have become the holder of record of such Warrant Shares on the date on which such transfer registers are reopened. (2) . The Warrant Agent shall as soon as practicable account to the Company with respect to Warrants exercised, and shall as soon as practicable forward to the Company (or into an account or accounts of the Company with the bank or trust company designated by the Company for that purpose), all monies received by the Warrant Agent on the subscription of Warrant Shares through the exercise of Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for the Warrantholders and the Company as their interests may appear and shall be segregated and kept apart by the Warrant Agent. (3) . Within five Business Days following the due exercise of a Warrant pursuant to Section 3.1, the Company shall cause the Transfer Agent to issue and the Warrant Agent to deliver, within such five Business Day period, to CDS through the Book-Entry Only System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise or mail to the person in whose name the Warrant Shares so subscribed for are to be issued, as specified in the exercise form completed on the Warrant Certificate, at the address specified in such exercise form, a certificate or certificates for the Warrant Shares to which the Warrantholder is entitled or, if so specified in writing by the holder, cause to be delivered to such person or persons at the office of the Warrant Agent where the Warrant Certificate was surrendered, a certificate or certificates for the appropriate number of Warrant Shares subscribed for, or any other appropriate evidence of the issuance of Warrant Shares to such person or persons in respect of Warrant Shares issued under the Book-Entry Only System and, if applicable, shall cause the Warrant Agent to mail a Warrant Certificate representing any Warrants not then exercised.

Effect of Exercise of Warrants. (1) Upon the exercise of Warrants Certificates pursuant to and in compliance by the Warrantholder with the provisions of Section 3.13.2 and subject to Section 3.3 and Section 3.4, the Warrant Common Shares subscribed for to be issued pursuant to the Warrants exercised shall be deemed to have been issued and the person or persons to whom such Warrant Common Shares are to be issued shall be deemed to have become the holder or holders of such Common Shares within five Business Days and, in respect of Warrants, they will deem to become the holders of record of such Warrant Shares on the Exercise Date Date, unless the transfer registers of the Company for the Common Shares Corporation shall be closed on such date, in which case the Warrant Common Shares subscribed for shall be deemed to have been issued and such person shall be or persons deemed to have become the holder or holders of record of such Warrant Shares Common Shares, on the date on which such transfer registers are reopened. It is hereby understood that in order for holders to be holders of Warrants on record on an Exercise Date, beneficial holders must commence the exercise process sufficiently in advance so that the Warrant Agent is in receipt of all items of exercise at least one Business Day prior to such Exercise Date. (2) The Warrant Agent shall as soon as practicable account to the Company with respect to Warrants exercised, and shall as soon as practicable forward to the Company (or into an account or accounts of the Company with the bank or trust company designated by the Company for that purpose), all monies received by the Warrant Agent on the subscription of Warrant Shares through the exercise of Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for the Warrantholders and the Company as their interests may appear and shall be segregated and kept apart by the Warrant Agent. (3) Within five Business Days following after the due exercise of Exercise Date with respect to a Warrant pursuant to Section 3.1Warrant, the Company shall cause the Transfer Agent to issue and the Warrant Agent shall cause to deliver, within such five Business Day period, to CDS through the Book-Entry Only System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise be delivered or mail mailed to the person or persons in whose name or names the Warrant Shares so subscribed for are to be issued, as specified in the exercise form completed on the Warrant Certificate, at the address specified in such exercise form, a certificate or certificates for the Warrant Shares to which the Warrantholder is entitled registered or, if so specified in writing by the holder, cause to be delivered to such person or persons at the office of the Warrant Agent Agency where the Warrant Certificate was Warrants were surrendered, a certificate or certificates for the appropriate number of Warrant Common Shares subscribed for, or any other appropriate evidence of the issuance of Warrant Common Shares to such person or persons in respect of Warrant Common Shares issued under the Book-Entry Only System and, if applicable, shall cause the Warrant Agent to mail a Warrant Certificate representing any Warrants not then exercisedbook entry registration system.

Effect of Exercise of Warrants. (1) Upon compliance by the Warrantholder with the provisions of Section section 3.1, the Warrant Shares Subject Securities subscribed for shall be deemed to have been issued and the person to whom such Warrant Shares Subject Securities are to be issued shall be deemed to have become the holder of record of such Warrant Shares Subject Securities on the Exercise Date unless the transfer registers of the Company for the Common Shares shall be closed on such date, in which case the Warrant Shares Subject Securities subscribed for shall be deemed to have been issued and such person shall be deemed to have become the holder of record of such Warrant Shares Subject Securities on the date on which such transfer registers are reopened. (2) The Within three Business Days following the due exercise of a Warrant pursuant to Section 3.1 and forthwith after the Time of Expiry, the Warrant Agent shall as soon as practicable account deliver to the Company with respect to a notice setting forth the particulars of all Warrants exercised, if any, and shall the persons in whose names the Subject Securities are to be issued (as soon as practicable forward to applicable) and the Company (or into an account or accounts addresses of such holders of the Company with the bank or trust company designated by the Company for that purpose), all monies received by the Warrant Agent on the subscription of Warrant Shares through the exercise of Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for the Warrantholders and the Company as their interests may appear and shall be segregated and kept apart by the Warrant AgentSubject Securities. (3) Within five (5) Business Days following of the due exercise of a Warrant pursuant to Section 3.1, the Company shall cause the Transfer Agent to issue and the Warrant Agent to deliver, within such five Business Day period, to CDS through though the Book-Entry Only System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise book based system or mail to the person in whose name the Warrant Shares Subject Securities so subscribed for are to be issued, as specified in the exercise form subscription completed on the Warrant Certificate, at the address specified in such exercise formsubscription, a certificate or certificates for the Warrant Shares Subject Securities to which the Warrantholder is entitled or, if so specified in writing by the holder, cause to be delivered to such person or persons at the office of the Warrant Agent where the Warrant Certificate was surrendered, a certificate or certificates for the appropriate number of Warrant Shares subscribed for, or any other appropriate evidence of the issuance of Warrant Shares to such person or persons in respect of Warrant Shares issued under the Book-Entry Only System and, if applicable, shall cause the Warrant Agent to mail a Warrant Certificate representing any Warrants not then exercised. (4) In the event that the Warrants are exercised by any Warrantholder prior to October 15, 2016, the certificates evidencing the Subject Securities shall bear the following legends: THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE LISTED ON THE TORONTO STOCK EXCHANGE; HOWEVER, THE SAID SECURITIES CANNOT BE TRADED THROUGH THE FACILITIES OF THE TSX SINCE THEY ARE NOT FREELY TRANSFERABLE, AND CONSEQUENTLY ANY CERTIFICATE REPRESENTING SUCH SECURITIES IS NOT “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON THE TSX.” provided that, if at any time, in the opinion of counsel to the Company, such legends are no longer necessary or advisable under applicable Securities Laws, or the holder of any such legended certificate, at the holder’s expense, provides the Company with evidence satisfactory in form and substance to the Company (which may include an opinion of counsel satisfactory to the Company) to the effect that such legends are not required, such legended certificate may thereafter be surrendered to the Company in exchange for a certificate that does not bear such legends.

Effect of Exercise of Warrants. (1a) Upon compliance surrender and payment by the Warrantholder holder of any Warrant Certificate in accordance with the provisions of Section 3.14.1 or Section 4.2, as applicable, the Warrant Common Shares so subscribed for shall be deemed to have been issued and the person Person or Persons to whom such Warrant Common Shares are to be issued shall be deemed to have become the holder or holders of record of such Warrant Common Shares on the Exercise Date unless the share registers maintained by the transfer registers agent of the Company for the Common Shares Corporation shall be closed on such date, in which case the Warrant Common Shares so subscribed for shall be deemed to have been issued issued, and such person Person or Persons shall be deemed to have become the holder or holders of record of such Warrant Common Shares on the date on which such transfer registers are reopened. (2) The Warrant Agent were reopened and such Common Shares shall as soon as practicable account to be issued at the Company with respect to Warrants exercised, and shall as soon as practicable forward to Exercise Price in effect on the Company (or into an account or accounts Exercise Date. To the extent the opening of the Company with registers remains within the bank or trust company designated by the Company for that purpose), all monies received by the Warrant Agent on the subscription control of Warrant Shares through the exercise of Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for the Warrantholders Corporation and the Company as their interests may appear and Warrant Agent shall cause such registers to be segregated and kept apart by the Warrant Agentopen on Business Days. (b) Within three (3) Within five Business Days following during which the transfer registers of the Corporation shall have been open after the due exercise of a Warrant Certificate for Common Shares as aforesaid, the Warrant Agent shall notify the Corporation of the exercise of any Warrant. Furthermore, the Corporation or its counsel shall notify the Warrant Agent of any trading restrictions on the Common Shares acquired upon such exercise pursuant to Section 3.1applicable securities legislation or policy of any applicable regulatory body and the requirement to endorse any Common Share certificate to such effect. Unless and until advised in writing by the Corporation or its counsel that a specific legend and trading restrictions apply to the Common Shares, the Company Warrant Agent shall be entitled to assume that no specific legend is required and that there are no trading restrictions on the Common Shares pursuant to applicable Canadian securities laws. (c) Within three (3) Business Days during which the transfer registers of the Corporation shall have been open after the due exercise of a Warrant Certificate for Common Shares as aforesaid, the Corporation shall cause the Transfer Agent to issue and the Warrant Agent to deliver, within such five Business Day period, to CDS through the Book-Entry Only System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise or mail to the person Person or Persons in whose name or names the Warrant Common Shares so subscribed for are to be have been issued, as specified in the exercise form completed subscription endorsed on the Warrant Certificate, at the address his/her or their respective addresses specified in such exercise form, a certificate or certificates for the Warrant Shares to which the Warrantholder is entitled subscription or, if so specified in writing by the holdersuch subscription, cause to be delivered to such person Person or persons Persons at the office of the Warrant Agent where the such Warrant Certificate was surrendered, a certificate or certificates for the appropriate number of Warrant Common Shares subscribed for, or any other appropriate evidence of the issuance of Warrant Shares to such person or persons in respect of Warrant Shares issued under the Book-Entry Only System and, if applicable, shall cause the Warrant Agent to mail a Warrant Certificate representing any Warrants not then exercised.

Effect of Exercise of Warrants. (1a) Upon compliance by the Warrantholder holder of any Warrant Certificate with the provisions of Section 3.1, or upon the Warrant Determination Date (as defined below) pursuant to Section 3.7, as the case may be, and subject to Section 3.3, the Common Shares subscribed for shall be deemed to have been issued as fully paid and non-assessable and the person or persons to whom such Warrant Common Shares are to be issued shall be deemed to have become the holder or holders of record of such Warrant Common Shares on the Exercise Date unless the transfer registers of the Company for the Common Shares Corporation shall be closed on such date, in which case the Warrant Common Shares subscribed for shall be deemed to have been issued and such person shall be or persons deemed to have become the holder or holders of record of such Warrant Shares Common Shares, on the date on which such transfer registers are reopened. (2) The Warrant Agent shall as soon as practicable account to the Company with respect to Warrants exercised, and shall as soon as practicable forward to the Company (or into an account or accounts of the Company with the bank or trust company designated by the Company for that purpose), all monies received by the Warrant Agent on the subscription of Warrant Shares through the exercise of Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for the Warrantholders and the Company as their interests may appear and shall be segregated and kept apart by the Warrant Agent. (3b) Within five three Business Days following after the due Exercise Date of a Warrant as set forth above or Final Exercise Notice, in the case of a cashless exercise of a Warrant pursuant to the terms of Section 3.13.7, the Company Corporation shall cause the Transfer Agent to issue and the Warrant Agent to deliver, within such five Business Day period, to CDS through the Book-Entry Only System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise or mail be mailed to the person or persons in whose name or names the Warrant Common Shares so subscribed for are to be have been issued, as specified in the Exercise Form or Notice of Intent to Exercise, as the case may be, completed in connection with the exercise form completed on of the Warrant CertificateWarrants, at the address specified in such exercise formExercise Form or Notice of Intent to Exercise, a certificate or certificates for as the Warrant Shares to which the Warrantholder is entitled orcase may be, if so specified in writing by such Exercise Form or Notice of Intent to Exercise, as the holdercase may be, cause to be delivered to such person or persons at the office of the Warrant Agent Agency where the Warrant Certificate was surrendered, a certificate or certificates for the appropriate number of Warrant Common Shares subscribed for, or any other appropriate if requested, evidence of the issuance of Warrant Common Shares to such person or persons so subscribed for held in respect of Warrant Shares issued under the Book-Entry Only System and, if applicable, shall cause the Warrant Agent to mail a Warrant Certificate representing any Warrants not then exercisedBased System.

Effect of Exercise of Warrants. (1) Upon compliance by the Warrantholder with the provisions of Section 3.14.1, the Warrant Common Shares so subscribed for shall be deemed to have been issued and the person Person or Persons to whom such Warrant Common Shares are to be issued shall be deemed to have become the holder or holders of record of such Warrant Common Shares on the Exercise Date unless the share registers maintained by the transfer registers of the Company agent for the Common Shares shall be closed on such date, in which case the Warrant Common Shares so subscribed for shall be deemed to have been issued issued, and such person Person or Persons shall be deemed to have become the holder or holders of record of such Warrant Common Shares on the date on which such transfer registers are reopened. (2) The Warrant Agent were reopened and such Common Shares shall as soon as practicable account to be issued at the Company with respect to Warrants exercised, and shall as soon as practicable forward to Exercise Price in effect on the Company (or into an account or accounts Exercise Date. To the extent the opening of the Company with registers remains within the bank or trust company designated by the Company for that purpose), all monies received by the Warrant Agent on the subscription control of Warrant Shares through the exercise of Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for the Warrantholders Company and the Company as their interests may appear and Warrant Agent shall cause such registers to be segregated and kept apart by the Warrant Agent. open on Business Days. Within three (3) Within five Business Days following the due exercise of a Warrant pursuant to Section 3.1section 4.1, the Warrant Agent shall deliver to the Company a notice setting forth the particulars of all Warrants exercised, and the persons in whose names the Common Shares are to be issued (as applicable) and the addresses of such holders of the Common Shares. Within five (5) Business Days of the due exercise of a Warrant pursuant to section 4.1, the Company shall cause the Transfer Agent transfer agent to issue and the Warrant Agent to deliver, within such five Business Day period, to CDS through the Book-Entry Only System the Warrant Common Shares to which the exercising Warrantholder Warranholder is entitled pursuant to the exercise or mail to the person in whose name the Warrant Common Shares so subscribed for are to be issued, as specified in the exercise form subscription completed on the Warrant Certificate, at the address specified in such exercise formsubscription, a certificate or certificates for the Warrant Common Shares to which the Warrantholder is entitled or, if so specified in writing by the holder, cause to be delivered to such person or persons at the office of the Warrant Agent where the Warrant Certificate was surrendered, a certificate or certificates for the appropriate number of Warrant Shares subscribed for, or any other appropriate evidence of the issuance of Warrant Shares to such person or persons in respect of Warrant Shares issued under the Book-Entry Only System and, if applicable, shall cause the Warrant Agent to mail a Warrant Certificate representing any Warrants not then exercised. If at the time of exercise of the Warrants there remain trading restrictions on the Common Shares acquired upon such exercise pursuant to applicable securities legislation or policy of any applicable regulatory body, the Company may, upon the advice of Counsel, endorse any Common Share certificates to such effect. Furthermore, the Company shall, or its Counsel shall, notify the Warrant Agent in writing of any trading restrictions on the Common Shares acquired upon such exercise pursuant to applicable securities legislation or policy of any applicable regulatory body. Unless and until advised in writing by the Company or its Counsel that a specific legend and trading restrictions apply to the Common Shares, the Warrant Agent shall be entitled to assume that no specific legend is required and that there are no trading restrictions on the Common Shares.

Effect of Exercise of Warrants. (1a) Upon compliance by the Warrantholder with the provisions of Section section 3.1, the Warrant Shares subscribed for Underlying Securities issuable upon the exercise of the Warrants shall be deemed to have been issued and the person to whom such Warrant Shares Underlying Securities are to be issued shall be deemed to have become the holder of record of such Warrant Shares Underlying Securities on the Exercise Date unless the transfer registers of the Company Corporation for the Common Shares Underlying Securities shall be closed on such date, in which case the Warrant Shares Underlying Securities subscribed for shall be deemed to have been issued and such person shall be deemed to have become the holder of record of such Warrant Shares Underlying Securities on the date on which such transfer registers are reopened. (2b) The Warrant Agent shall as soon as practicable account to the Company with respect to Warrants exercised, and shall as soon as practicable forward to the Company (or into an account or accounts of the Company with the bank or trust company designated by the Company for that purpose), all monies received by the Warrant Agent on the subscription of Warrant Shares through the exercise of Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for the Warrantholders and the Company as their interests may appear and shall be segregated and kept apart by the Warrant Agent. (3) Within five Business Days Forthwith following the due exercise by a Warrantholder of a Warrant pursuant to Section Warrants in accordance with section 3.1, the Company Trustee shall deliver to the Corporation a notice setting out the particulars of the Warrants exercised, the person in whose name the Underlying Securities are to be issued and the address of such person. (c) Within three Business Days of receipt of the notice referred to in section 3.3(b), the Corporation shall cause the Transfer Agent to issue and the Warrant Agent to deliver, within such five Business Day period, to CDS through the Book-Entry Only System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise or mail be mailed to the person in whose name the Warrant Shares so subscribed for Underlying Securities issuable upon the exercise of the Warrants are to be issued, as specified in the completed exercise form completed on the Warrant Certificateform, at the address specified therein, or, if not so specified in such exercise form, cause to be held for pick up by such person at the Trustee's principal stock and bond transfer office in the City of Toronto (or at such additional place as may be decided by the Corporation from time to time with the approval of the Trustee), a certificate or certificates for the Warrant Shares Underlying Securities to which the Warrantholder is entitled orentitled. (d) If at the time of any exercise of the Warrants there exist trading restrictions on the Underlying Securities pursuant to applicable Securities Laws, if so specified in writing by the holderCorporation may, cause to be delivered upon the advice of counsel, endorse any certificates representing the Underlying Securities to such person or persons at the office of the Warrant Agent where the Warrant Certificate was surrendered, a certificate or certificates for the appropriate number of Warrant Shares subscribed for, or any other appropriate evidence of the issuance of Warrant Shares to such person or persons in respect of Warrant Shares issued under the Book-Entry Only System and, if applicable, shall cause the Warrant Agent to mail a Warrant Certificate representing any Warrants not then exercisedeffect.

Effect of Exercise of Warrants. (1) Upon compliance by the Warrantholder with the provisions of Section 3.13.2, the Warrant Shares subscribed for shall be deemed to have been issued and the person to whom such Warrant Shares are to be issued shall be deemed to have become the holder of record of such Warrant Shares on the Exercise Date unless the transfer registers of the Company for the Common Shares shall be closed on such date, in which case the Warrant Shares subscribed for shall be deemed to have been issued and such person shall be deemed to have become the holder of record of such Warrant Shares on the date on which such transfer registers are reopened. (2) The As soon as practicable, and in any event on or before the second (2nd) trading day (or, if earlier, (x) the standard settlement period for the primary Eligible Market on which the Common Shares are traded or (y) the standard settlement period for the CSE) following the due exercise of a Warrant pursuant to Section 3.1, and if requested by the Company forthwith after the Time of Expiry, the Warrant Agent shall as soon as practicable account deliver to the Company with respect to a notice setting forth the particulars of all Warrants exercised, if any, and shall the persons in whose names the Warrant Shares are to be issued (as soon as practicable forward to applicable) and the Company (or into an account or accounts addresses of such holders of the Company with the bank or trust company designated by the Company for that purpose), all monies received by the Warrant Agent on the subscription of Warrant Shares through the exercise of Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for the Warrantholders and the Company as their interests may appear and shall be segregated and kept apart by the Warrant AgentShares. (3) Within five Business Days following As soon as practicable, and in any event on or before the second (2nd) trading day (or, if earlier, (x) the standard settlement period for the primary Eligible Market on which the Common Shares are traded or (y) the standard settlement period for the CSE) of the due exercise of a Warrant pursuant to Section 3.1, the Company shall cause the Transfer Agent to issue and the Warrant Agent to deliverissue, within such five Business Day periodtwo (2) trading day period (or, if earlier, (x) the standard settlement period for the primary Eligible Market on which the Common Shares are traded or (y) the standard settlement period for the CSE) (the “Common Share Delivery Date”), to CDS through the Book-Entry Only Based System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise or mail (via reputable overnight courier) to the person in whose name the Warrant Shares so subscribed for are to be issued, as specified in the exercise form completed on the Warrant Certificate, at the address specified in such exercise form, a certificate or certificates for the Warrant Shares to which the Warrantholder is entitled or, if so specified in writing by the holder, cause to be delivered to such person or persons at the office of the Warrant Agent where the Warrant Certificate was surrendered, a certificate or certificates for the appropriate number of Warrant Shares subscribed for, or any other appropriate evidence of the issuance of Warrant Shares to such person or persons in respect of Warrant Shares issued under the Book-Entry Only System and, if applicable, shall cause the Warrant Agent to mail a Warrant Certificate representing any Warrants not then exercised.

Effect of Exercise of Warrants. (1) Upon compliance by the Warrantholder with the provisions of Section 3.15.01 or the automatic exercise of the Warrants pursuant to Section 5.02, the Warrant Underlying Shares subscribed for issuable upon the exercise of the Warrants shall be deemed to have been issued and the person to whom such Warrant Underlying Shares are to be issued shall be deemed to have become the holder of record of such Warrant Underlying Shares on the Exercise Date unless the transfer registers of the Company Corporation for the Common Exchangeable Shares shall be closed on such date, in which case the Warrant Underlying Shares subscribed for shall be deemed to have been issued and such person shall be deemed to have become the holder of record of such Warrant Underlying Shares on the date on which such transfer registers are reopened. (2) The Warrant Agent Forthwith following the due exercise by a Warrantholder of Warrants in accordance with Section 5.01 or the automatic exercise of the Warrants pursuant to Section 5.02, the Trustee shall as soon as practicable account deliver to the Company with respect to Corporation a notice setting out the particulars of the Warrants exercised, and shall as soon as practicable forward the person in whose name the Underlying Shares are to the Company (or into an account or accounts of the Company with the bank or trust company designated by the Company for that purpose), all monies received by the Warrant Agent on the subscription of Warrant Shares through the exercise of Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for the Warrantholders issued and the Company as their interests may appear and shall be segregated and kept apart by the Warrant Agentaddress of such person. (3) Within five three Business Days following of receipt of the due exercise of a Warrant pursuant notice referred to Section 3.1in subsection 5.03(2), the Company Corporation shall cause the Transfer Agent to issue and the Warrant Agent to deliver, within such five Business Day period, to CDS through the Book-Entry Only System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise or mail be mailed to the person in whose name the Warrant Underlying Shares so subscribed for issuable upon the exercise of the Warrants are to be issued, as specified in the exercise form completed on the Warrant CertificateWarrant, at the address specified in such exercise formtherein, a certificate or certificates for the Warrant Shares to which the Warrantholder is entitled or, if so specified in writing by the holdersuch exercise form, cause to be delivered to such person or persons at the office of the Trustee where such Warrant Agent where the Warrant Certificate was surrendered, or in the event of the automatic exercise of the Warrants pursuant to Section 5.02, to the applicable Warrantholder at his address specified in the register for the Warrants, a certificate or certificates for the appropriate number Underlying Shares to which the Warrantholder is entitled. (4) If at the time of Warrant Shares subscribed for, or any other appropriate evidence exercise of the issuance Warrants there remain trading restrictions on the Underlying Shares pursuant to applicable Securities Laws or U.S. Securities Laws, the Corporation may, upon the advice of Warrant counsel, endorse any certificates representing the Underlying Shares to such person or persons in respect of Warrant Shares issued under the Book-Entry Only System and, if applicable, shall cause the Warrant Agent to mail a Warrant Certificate representing any Warrants not then exercisedeffect.

Effect of Exercise of Warrants. (1a) Upon compliance by the Warrantholder with the provisions of Section 3.1, the Warrant Shares subscribed for Subject Securities shall be deemed to have been delivered, if such Subject Securities are delivered from the Pledged Shares, or issued and delivered, if such Subject Securities are delivered by the Corporation, and the person to whom such Warrant Shares Subject Securities are to be issued delivered shall be deemed to have become the holder of record of such Warrant Shares Subject Securities on the Exercise Date unless the transfer registers of the Company Corporation for the Common Shares shall be closed on such date, in which case the Warrant Shares Subject Securities subscribed for shall be deemed to have been issued delivered or issued, as applicable, and such person shall be deemed to have become the holder of record of such Warrant Shares Subject Securities on the date on which such transfer registers are reopened. (2b) The Funds in the amount of the aggregate Warrant Agent Exercise Price of the Warrants exercised shall as soon as practicable account be forwarded to the Company with respect to Warrants exercised, and shall as soon as practicable forward to the Company (or into an account or accounts of the Company with the bank or trust company designated by the Company for that purpose), all monies received by the Warrant Agent on the subscription of Warrant Shares through forthwith upon the exercise of Warrants. All such monies the Warrants to be dealt with and any securities or other instruments, from time to time received by dispensed as provided in the Warrant Agent, shall be received in trust for the Warrantholders and the Company as their interests may appear and shall be segregated and kept apart by the Warrant AgentDelivery Agreement. (3c) Within five Business Days following the due exercise of a Warrant pursuant to Section 3.1, the Company Warrant Agent shall cause send by regular mail to the Transfer Agent Corporation and the Selling Shareholder a notice setting forth the particulars of all Warrants exercised, including the number of Common Shares delivered from the Pledged Shares, if any, and the names of the persons to issue whom the Subject Securities are to be delivered and the addresses of such holders of the Subject Securities. (d) Within three Business Days following the due exercise of a Warrant pursuant to Section 3.1, the Warrant Agent to deliver, within such five Business Day period, to CDS through the Book-Entry Only System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise or shall mail to the person in whose name to whom the Warrant Shares so subscribed for Subject Securities are to be issueddelivered, as specified in the completed exercise form completed on of the Warrant Certificate, at the address specified in such exercise form, a certificate or certificates for the Warrant Shares to which the Warrantholder is entitled or, if not so specified in writing such exercise form at the address of the Warrantholder on the registry maintained by the holder, cause to be delivered to such person or persons at the office of the Warrant Agent where the Warrant Certificate was surrenderedAgent, a certificate or certificates for the appropriate number of Warrant Shares subscribed for, or any other appropriate evidence of Subject Securities to which the issuance of Warrant Shares to such person or persons in respect of Warrant Shares issued under the Book-Entry Only System Warrantholder is entitled and, if applicable, shall cause the Warrant Agent to mail a Warrant Certificate representing any Warrants not then exercised. (e) Certificates representing Common Shares delivered upon the exercise of Warrants which bear the legend set forth in subsection 2.2(b) shall bear the following legend: “THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF PRETIUM RESOURCES INC. THAT SUCH SECURITIES MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY (A) TO PRETIUM RESOURCES INC., (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (C) PURSUANT TO THE EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144A OR RULE 144 THEREUNDER, OR (D) PURSUANT TO ANOTHER EXEMPTION FROM REGISTRATION AFTER PROVIDING A LEGAL OPINION OR OTHER EVIDENCE SATISFACTORY TO PRETIUM RESOURCES INC. A NEW CERTIFICATE BEARING NO LEGEND MAY BE OBTAINED FROM COMPUTERSHARE INVESTOR SERVICES INC. UPON DELIVERY OF THIS CERTIFICATE AND A DULY EXECUTED DECLARATION, IN A FORM SATISFACTORY TO COMPUTERSHARE INVESTOR SERVICES INC. AND PRETIUM RESOURCES INC., TO THE EFFECT THAT THE SALE OF THE SECURITIES REPRESENTED HEREBY IS BEING MADE IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE SECURITIES ACT.” (f) Certificates representing Common Shares delivered upon the exercise of Warrants which do not bear the legend set forth in subsection 2.2(b) shall not bear any legend for purposes of the U.S. Securities Act.

Effect of Exercise of Warrants. (1a) Upon compliance by the Warrantholder with the provisions of Section section 3.1, the Warrant Shares Subject Securities subscribed for shall be deemed to have been issued and the person to whom such Warrant Shares Subject Securities are to be issued shall be deemed to have become the holder of record of such Warrant Shares Subject Securities on the Exercise Date unless the transfer registers of the Company for the Common Shares shall be closed on such date, in which case the Warrant Shares Subject Securities subscribed for shall be deemed to have been issued and such person shall be deemed to have become the holder of record of such Warrant Shares Subject Securities on the date on which such transfer registers are reopened. (2) The Warrant Agent shall as soon as practicable account to the Company with respect to Warrants exercised, and shall as soon as practicable forward to the Company (or into an account or accounts of the Company with the bank or trust company designated by the Company for that purpose), all monies received by the Warrant Agent on the subscription of Warrant Shares through the exercise of Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for the Warrantholders and the Company as their interests may appear and shall be segregated and kept apart by the Warrant Agent. (3b) Within five three Business Days following the due exercise of a Warrant pursuant to Section section 3.1 and forthwith after the Time of Expiry, the Warrant Agent shall deliver to the Company a notice setting forth the particulars of all Warrants exercised, if any, and the persons in whose names the Subject Securities are to be issued (as applicable) and the addresses of such holders of the Subject Securities. (c) Within five Business Days of the due exercise of a Warrant pursuant to section 3.1, the Company shall cause the Transfer Agent to issue and the Warrant Agent to deliver, within such five Business Day period, to CDS through the Book-Entry Only System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise or mail to the person in whose name the Warrant Shares Subject Securities so subscribed for are to be issued, as specified in the exercise form subscription completed on the Warrant Certificate, at the address specified in such exercise formsubscription, a certificate or certificates for the Warrant Shares Subject Securities to which the Warrantholder is entitled or, if so specified in writing by the holder, cause to be delivered to such person or persons at the office of the Warrant Agent where the Warrant Certificate was surrendered, a certificate or certificates for the appropriate number of Warrant Shares subscribed for, or any other appropriate evidence of the issuance of Warrant Shares to such person or persons in respect of Warrant Shares issued under the Book-Entry Only System and, if applicable, shall cause the Warrant Agent to mail a Warrant Certificate representing any Warrants not then exercised.

Effect of Exercise of Warrants. (1a) Upon compliance by the Warrantholder with with, and subject to the provisions of Section section 3.1, the Warrant Shares Subject Securities subscribed for shall will be deemed to have been issued and the person to whom such Warrant Shares Subject Securities are to be issued shall will be deemed to have become the holder of record of such Warrant Shares Subject Securities on the Exercise Date unless the transfer registers of the Company for the Common Shares shall will be closed on such date, in which case the Warrant Shares Subject Securities subscribed for shall will be deemed to have been issued and such person shall will be deemed to have become the holder of record of such Warrant Shares Subject Securities on the date on which such transfer registers are reopened. (2b) The Warrant Agent shall as soon as practicable account Funds in the total amount for the Warrants exercised will be forwarded to the Company with respect to Warrants exercised, and shall as soon as practicable forward to the Company (or into an account or accounts of the Company with the bank or trust company designated by the Company for that purpose), all monies received by the Warrant Agent on the subscription of Warrant Shares through within three Business Days after the exercise of the Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for the Warrantholders and the Company as their interests may appear and shall be segregated and kept apart by the Warrant Agent. (3c) Within five three Business Days following the due exercise of a Warrant pursuant to Section section 3.1, the Warrant Trustee will deliver to the Company shall cause a notice setting forth the Transfer Agent to issue particulars of all Warrants exercised, if any, and the persons in whose names the Subject Securities are to be issued and the addresses of such holders of the Subject Securities. (d) Within three Business Days following of the due exercise of a Warrant Agent pursuant to deliversection 3.1, within such five Business Day period, to CDS through the Book-Entry Only System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise or Trustee will mail to the person in whose name the Warrant Shares Subject Securities so subscribed for are to be issued, as specified in the exercise subscription form completed on the Warrant Certificate, at the address specified in such exercise formsubscription, or, if so specified in such subscription, a certificate or certificates for the Warrant Shares Subject Securities to which the Warrantholder is entitled or, if so specified in writing by the holder, cause to be delivered to such person or persons at the office of the Warrant Agent where the Warrant Certificate was surrendered, a certificate or certificates for the appropriate number of Warrant Shares subscribed for, or any other appropriate evidence of the issuance of Warrant Shares to such person or persons in respect of Warrant Shares issued under the Book-Entry Only System and, if applicable, shall cause the Warrant Agent to mail a Warrant Certificate representing any Warrants not then exercised.

Effect of Exercise of Warrants. (1) Upon ‎Upon the exercise of Warrants pursuant to and in compliance by the Warrantholder with the provisions of Section 3.13.2 and ‎subject to Section 3.3 and Section 3.4, the Warrant Shares subscribed for to be issued pursuant to the Warrants ‎exercised shall be deemed to have been issued and the person or persons to whom such Warrant Shares ‎Shares are to be issued shall be deemed to have become the holder or holders of record such Warrant ‎Shares on the Exercise Date, with delivery of such Warrant Shares on within five Business Days of the Exercise Date Date, unless the transfer registers of the Company for the Common Shares register shall be closed on such ‎such date, in which case the Warrant Shares subscribed for shall be deemed to have been issued and ‎and such person shall be or persons deemed to have become the holder or holders of record of such Warrant Shares ‎Warrant Shares, on the date on which such transfer registers are register is reopened. (2) The Warrant Agent shall as soon as practicable account . It is hereby understood that in order for persons to the Company with respect to Warrants exercised, and shall as soon as practicable forward to the Company (or into an account or accounts of the Company with the bank or trust company designated by the Company for that purpose), all monies received by the Warrant Agent on the subscription of whom Warrant Shares through the exercise of Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for the Warrantholders and the Company as their interests may appear and shall be segregated and kept apart by the Warrant Agent. (3) Within five Business Days following the due exercise of a Warrant pursuant to Section 3.1, the Company shall cause the Transfer Agent to issue and the Warrant Agent to deliver, within such five Business Day period, to CDS through the Book-Entry Only System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise or mail to the person in whose name the Warrant Shares so subscribed for are to be issued, as specified in to become holders of Warrant ‎Shares on record on the Exercise Date, beneficial holders must commence the exercise form completed on process ‎sufficiently in advance so that the Warrant CertificateAgent is in receipt of all items of exercise at least one ‎‎Business Day prior to such Exercise Date.‎ (2) ‎Within five Business Days after the Exercise Date with respect to a Warrant, at the address specified in such exercise form, a certificate or certificates for the Warrant Shares Agent ‎shall use commercially reasonable efforts to which cause to be delivered or mailed to the Warrantholder person or ‎persons in whose name or names the Warrant is entitled registered or, if so specified in writing by the holder‎holder, cause to be delivered to such person or persons at the office of the Warrant Agent Agency where the Warrant Certificate ‎Certificate was surrendered, a certificate or certificates for the appropriate number of Warrant Shares ‎Shares subscribed for, or any other appropriate evidence of the issuance of Warrant Shares to such ‎such person or persons in respect of Warrant Shares issued under the Book-Entry Only System and, if applicable, shall cause the Warrant Agent to mail a Warrant Certificate representing any Warrants not then exercised.book entry registration ‎system.‎

Effect of Exercise of Warrants. (1a) Upon compliance by the Warrantholder with the provisions exercise of Warrants pursuant to Section 3.13.2, the Warrant Common Shares subscribed for in respect of which the Warrants are exercised shall be deemed to have been issued and the person Person to whom such Warrant Common Shares are to be issued shall be deemed to have become the holder of record of such Warrant Common Shares on the Exercise Date unless the transfer registers of the Company for the Common Shares Corporation shall be closed by law on such date, in which case the Warrant Common Shares subscribed for shall be deemed to have been issued and such person shall be Person deemed to have become the holder of record of such Warrant Common Shares on the date on which such transfer registers are reopened. (2b) The Warrant Agent shall as soon as practicable account to the Company with respect to Warrants exercised, and shall as soon as practicable forward to the Company (or into an account or accounts of the Company with the bank or trust company designated by the Company for that purpose), all monies received by the Warrant Agent on the subscription of Warrant Shares through the exercise of Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for the Warrantholders and the Company as their interests may appear and shall be segregated and kept apart by the Warrant Agent. (3) Within five Business Days Forthwith following the due exercise of a Warrant pursuant to Section 3.13.2 and on the second Business Day following the day on which the Time of Expiry shall occur, the Company shall cause the Transfer Agent to issue and the Warrant Agent shall deliver to deliverthe Corporation written notice setting forth the particulars of all Warrants exercised, within if any, and the Persons in whose names the Common Shares are to be issued and the addresses of such Persons. (c) Within five Business Day periodDays after the Exercise Date of a Warrant as set forth above, to CDS through the Book-Entry Only System the Warrant Shares Agent shall cause to which the exercising Warrantholder is entitled pursuant be delivered or mailed to the exercise or mail to the person Person in whose name the Warrant Shares so subscribed for are to be issuedis registered, as specified in the exercise subscription form completed on attached to the Warrant CertificateCertificate evidencing the Warrant, at the address specified in such exercise subscription form, a certificate or certificates for the Warrant Shares to which the Warrantholder is entitled or, if not so specified in writing by the holdersuch subscription form, cause to be delivered to such person or persons Person at the office of the Warrant Agent where the such Warrant Certificate was surrendered, a certificate or the certificates for representing the appropriate number of Warrant Shares subscribed for, or any other appropriate evidence of the issuance of Warrant Common Shares to be issued as specified in such person or persons subscription form registered in respect of Warrant Shares issued under the Book-Entry Only System and, if applicable, shall cause the Warrant Agent to mail a Warrant Certificate representing any Warrants not then exercisedsuch name.

Effect of Exercise of Warrants. ‌ (1) Upon compliance by the Warrantholder with the provisions of Section 3.1, the Warrant Shares subscribed for shall be deemed to have been issued and the person to whom such Warrant Shares are to be issued shall be deemed to have become the holder of record of such Warrant Shares on the Exercise Date unless the transfer registers of the Company for the Common Shares shall be closed on such date, in which case the Warrant Shares subscribed for shall be deemed to have been issued and such person shall be deemed to have become the holder of record of such Warrant Shares on the date on which such transfer registers are reopened. (2) The Warrant Agent shall as soon as practicable account to the Company with respect to Warrants exercised, and shall as soon as practicable forward to the Company (or into an account or accounts of the Company with the bank or trust company designated by the Company for that purpose), all monies received by the Warrant Agent on the subscription of Warrant Shares through the exercise of Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for the Warrantholders and the Company as their interests may appear and shall be segregated and kept apart by the Warrant Agent. (3) Within five Business Days following the due exercise of a Warrant pursuant to Section 3.1, the Company shall cause the Transfer Agent to issue and the Warrant Agent to deliver, within such five Business Day period, to CDS through the Book-Entry Only System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise or mail to the person in whose name the Warrant Shares so subscribed for are to be issued, as specified in the exercise form completed on the Warrant Certificate, at the address specified in such exercise form, a certificate or certificates for the Warrant Shares to which the Warrantholder is entitled or, if so specified in writing by the holder, cause to be delivered to such person or persons at the office of the Warrant Agent where the Warrant Certificate was surrendered, a certificate or certificates for the appropriate number of Warrant Shares subscribed for, or any other appropriate evidence of the issuance of Warrant Shares to such person or persons in respect of Warrant Shares issued under the Book-Entry Only System and, if applicable, shall cause the Warrant Agent to mail a Warrant Certificate representing any Warrants not then exercised.

Effect of Exercise of Warrants. (1) Upon the exercise of Warrants pursuant to and in compliance by the Warrantholder with the provisions of Section 3.13.2 and subject to Section 3.3 and Section 3.4, the Warrant Shares subscribed for to be issued pursuant to the Warrants exercised shall be issued or deemed to have been issued and the person or persons to whom such Warrant Shares are to be issued shall become or be deemed to have become the holder or holders of record of such Warrant Shares on within three Business Days of the Exercise Date unless the transfer registers of the Company for the Common Shares register shall be closed on such date, in which case the Warrant Warrrant Shares subscribed for shall be issued or deemed to have been issued and such person shall or persons become or be deemed to have become the holder or holders of record of such Warrant Shares Shares, on the date on which such transfer registers register is reopened. It is hereby understood that in order for persons to whom Warrant Shares are reopenedto be issued to become holders of Warrant Shares of record on the Exercise Date, beneficial holders must commence the exercise process sufficiently in advance so that the Warrant Agent is in receipt of all items of exercise at least one Business Day prior to such Exercise Date. (2) The Within three Business Days after the Exercise Date with respect to a Warrant, the Warrant Agent shall as soon as practicable account use commercially reasonable efforts to the Company with respect cause to Warrants exercised, and shall as soon as practicable forward to the Company (be delivered or into an account or accounts of the Company with the bank or trust company designated by the Company for that purpose), all monies received by the Warrant Agent on the subscription of Warrant Shares through the exercise of Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for the Warrantholders and the Company as their interests may appear and shall be segregated and kept apart by the Warrant Agent. (3) Within five Business Days following the due exercise of a Warrant pursuant to Section 3.1, the Company shall cause the Transfer Agent to issue and the Warrant Agent to deliver, within such five Business Day period, to CDS through the Book-Entry Only System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise or mail mailed to the person or persons in whose name or names the Warrant Shares so subscribed for are to be issuedis registered or, as specified in the exercise form completed directed on the Warrant Certificate, at the address specified in such exercise form, a certificate or certificates for the Warrant Shares to which the Warrantholder is entitled or, Exercise Form if so specified in writing by the holder, cause to be delivered to such person or persons at the office of the Warrant Agent Agency where the Warrant Certificate was surrendered, a certificate or certificates for the appropriate number of Warrant Shares subscribed for, or any other appropriate evidence of the issuance of Warrant Shares to such person or persons in respect of Warrant Shares issued under the Book-Entry Only System and, if applicable, shall cause the Warrant Agent to mail a Warrant Certificate representing any Warrants not then exercisedbook entry registration system.

Effect of Exercise of Warrants. (1a) Upon compliance by the Warrantholder with the provisions of Section 3.1, the Warrant Shares subscribed for Underlying Securities issuable upon the exercise of the Warrants shall be deemed to have been issued and the person to whom such Warrant Shares Underlying Securities are to be issued shall be deemed to have become the holder of record of such Warrant Shares Underlying Securities on the Exercise Date unless the transfer registers of the Company for the Common Shares Underlying Securities shall be closed on such date, in which case the Warrant Shares Underlying Securities subscribed for shall be deemed to have been issued and such person shall be deemed to have become the holder of record of such Warrant Shares Underlying Securities on the date on which such transfer registers are reopened. (2b) The Warrant Agent shall as soon as practicable account to the Company with respect to Warrants exercised, and shall as soon as practicable forward to the Company (or into an account or accounts of the Company with the bank or trust company designated by the Company for that purpose), all monies received by the Warrant Agent on the subscription of Warrant Shares through the exercise of Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for the Warrantholders and the Company as their interests may appear and shall be segregated and kept apart by the Warrant Agent. (3) Within five Business Days Forthwith following the due exercise by a Warrantholder in accordance with Section 3.1 and the surrender of the Warrant Certificate(s) representing such Warrants as required by the terms thereof, the Trustee shall deliver to the Company a Warrant pursuant notice setting out the particulars of the Warrants exercised, the person in whose name the Underlying Securities are to be issued and the address of such person. (c) Funds in an amount equal to the aggregate Exercise Price of the Warrants exercised shall be forwarded by the Trustee to the Company forthwith upon the exercise of the Warrants. (d) Within three Business Days of receipt of the notice referred to in Section 3.13.3(b), the Company shall cause the Transfer Agent to issue and the Warrant Agent to deliver, within such five Business Day period, to CDS through the Book-Entry Only System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise or mail be mailed to the person in whose name the Warrant Shares so subscribed for Underlying Securities issuable upon the exercise of the Warrants are to be issued, as specified in the completed exercise form completed on attached to the Warrant Certificate, at the address specified in such exercise form, a certificate or certificates for the Warrant Shares to which the Warrantholder is entitled or, if so specified in writing by the holdersuch exercise form, cause to be delivered to made available for pick-up by such person or persons at the office of the Warrant Trustee or cause to be mailed to the office of the U.S. Agent where the Warrant Certificate was surrenderedto be made available for pick-up by such person, a certificate or certificates for the appropriate number of Warrant Shares subscribed forUnderlying Securities to which the Warrantholder is entitled. In addition, or if it is required by law, the Company shall cause to be delivered to any other appropriate evidence U.S. Person in whose name the Underlying Securities issuable upon the exercise of the issuance Warrants are to be issued a prospectus that complies with section 9 of Warrant Shares to such person or persons in respect of Warrant Shares issued under the Book-Entry Only System and, if applicable, shall cause the Warrant Agent to mail a Warrant Certificate representing any Warrants not then exercised1933 Act.

Effect of Exercise of Warrants. (1) Upon compliance by the Warrantholder with the provisions of Section section 3.1, the Warrant Shares subscribed for shall be deemed to have been issued and the person to whom such Warrant Shares are to be issued shall be deemed to have become the holder of record of such Warrant Shares on the Exercise Date unless the transfer registers of the Company for the Common Shares shall be closed on such date, in which case the Warrant Shares subscribed for shall be deemed to have been issued and such person shall be deemed to have become the holder of record of such Warrant Shares on the date on which such transfer registers are reopened. (2) The Warrant Agent shall as soon as practicable account to the Company with respect to Warrants exercised, and shall as soon as practicable forward to the Company (or into an account or accounts of the Company with the bank or trust company designated by the Company for that purpose), all monies received by the Warrant Agent on the subscription of Warrant Shares through the exercise of Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for the Warrantholders and the Company as their interests may appear and shall be segregated and kept apart by the Warrant Agent. (3) Within five three Business Days following the due exercise of a Warrant pursuant to Section section 3.1 and forthwith after the Time of Expiry, the Warrant Agent shall deliver to the Company a notice setting forth the particulars of all Warrants exercised, if any, and the persons in whose names the Warrant Shares are to be issued (as applicable) and the addresses of such holders of the Warrant Shares. (3) Within three Business Days of the due exercise of a Warrant pursuant to section 3.1, the Company shall cause the Transfer Agent to issue and the Warrant Agent to deliverissue, within such five three Business Day period, to CDS through the Book-Entry Only System the Warrant Shares (which shall include Warrant Shares issued to a Purchaser that is a Qualified Institutional Buyer pursuant to Section 3.7(2)(b)) to which the exercising Warrantholder is entitled pursuant to the exercise or mail to the person in whose name the Warrant Shares so subscribed for are to be issued, as specified in the exercise form completed on the Warrant Certificate, at the address specified in such exercise form, a certificate or certificates for the Warrant Shares to which the Warrantholder is entitled or, if so specified in writing by the holder, cause to be delivered to such person or persons at the office of the Warrant Agent where the Warrant Certificate was surrendered, a certificate or certificates for the appropriate number of Warrant Shares subscribed for, or any other appropriate evidence of the issuance of Warrant Shares to such person or persons in respect of Warrant Shares issued under the Book-Entry Only System and, if applicable, shall cause the Warrant Agent to mail a Warrant Certificate representing any Warrants not then exercised.

Effect of Exercise of Warrants. (1) Upon compliance by the Warrantholder with the provisions of Section section 3.1, the Warrant Shares subscribed for shall be deemed to have been issued and the person to whom such Warrant Shares are to be issued shall be deemed to have become the holder of record of such Warrant Shares on the Exercise Date unless the transfer registers of the Company for the Common Shares shall be closed on such date, in which case the Warrant Shares subscribed for shall be deemed to have been issued and such person shall be deemed to have become the holder of record of such Warrant Shares on the date on which such transfer registers are reopened. (2) The Warrant Agent shall as soon as practicable promptly account to the Company with respect to Warrants exercised, and shall as soon as practicable promptly forward to the Company (or into an account or accounts of the Company with the bank or trust company designated by the Company for that purpose), all monies received by the Warrant Agent on the subscription of Warrant Shares through the exercise of Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for the Warrantholders and the Company as their interests may appear for, and shall be segregated and kept apart by the Warrant Agent, the Warrantholders and the Company as their interests may appear. (3) Within five three Business Days following the due exercise of a Warrant pursuant to Section section 3.1, the Company shall cause the Transfer Agent to issue and the Warrant Agent to deliver, within such five three Business Day period, to CDS through the Book-Entry Only System the Warrant Shares (which shall include Warrant Shares issued to a Purchaser that is a Qualified Institutional Buyer pursuant to subsection 3.7(2)(b)) to which the exercising Warrantholder is entitled pursuant to the exercise or mail to the person in whose name the Warrant Shares so subscribed for are to be issued, as specified in the exercise form completed on the Warrant Certificate, at the address specified in such exercise form, a certificate or certificates for the Warrant Shares to which the Warrantholder is entitled or, if so specified in writing by the holder, cause to be delivered to such person or persons at the office of the Warrant Agent where the Warrant Certificate was surrendered, a certificate or certificates for the appropriate number of Warrant Shares subscribed for, or any other appropriate evidence of the issuance of Warrant Shares to such person or persons in respect of Warrant Shares issued under the Book-Entry Only System and, if applicable, shall cause the Warrant Agent to mail a Warrant Certificate representing any Warrants not then exercised.Warrant

Effect of Exercise of Warrants. (1) Upon compliance by the Warrantholder with the provisions of Section section 3.1, the Warrant Shares Subject Securities subscribed for shall be deemed to have been issued and the person to whom such Warrant Shares Subject Securities are to be issued shall be deemed to have become the holder of record of such Warrant Shares Subject Securities on the Exercise Date unless the transfer registers of the Company for the Common Shares shall be closed on such date, in which case the Warrant Shares Subject Securities subscribed for shall be deemed to have been issued and such person shall be deemed to have become the holder of record of such Warrant Shares Subject Securities on the date on which such transfer registers are reopened. (2) The Warrant Agent shall as soon as practicable account to the Company with respect to Warrants exercised, and shall as soon as practicable forward to the Company (or into an account or accounts of the Company with the bank or trust company designated by the Company for that purpose), all monies received by the Warrant Agent on the subscription of Warrant Shares through the exercise of Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for the Warrantholders and the Company as their interests may appear and shall be segregated and kept apart by the Warrant Agent. (3) Within five three Business Days following the due exercise of a Warrant pursuant to Section section 3.1 and forthwith after the Time of Expiry, the Warrant Agent shall deliver to the Company a notice setting forth the particulars of all Warrants exercised, if any, and the persons in whose names the Subject Securities are to be issued (as applicable) and the addresses of such holders of the Subject Securities. (3) Within five Business Days of the due exercise of a Warrant pursuant to section 3.1, the Company shall cause the Transfer Agent to issue and the Warrant Agent to deliver, within such five Business Day period, to CDS through the Book-Entry Only System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise or mail to the person in whose name the Warrant Shares Subject Securities so subscribed for are to be issued, as specified in the exercise form subscription completed on the Warrant Certificate, at the address specified in such exercise formsubscription, or, if so specified in such subscription, a certificate or certificates for the Warrant Shares Subject Securities to which the Warrantholder is entitled or, if so specified in writing by the holder, cause to be delivered to such person or persons at the office of the Warrant Agent where the Warrant Certificate was surrendered, a certificate or certificates for the appropriate number of Warrant Shares subscribed for, or any other appropriate evidence of the issuance of Warrant Shares to such person or persons in respect of Warrant Shares issued under the Book-Entry Only System and, if applicable, shall cause the Warrant Agent to mail a Warrant Certificate representing any Warrants not then exercised. (4) In the event that the Warrants are exercised by any Warrantholder prior to the Qualification Date, the certificates evidencing the Common Shares shall bear the following legends: "UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THE SECURITIES SHALL NOT TRADE THE SECURITIES BEFORE JUNE 28, 2003. THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE LISTED ON THE TORONTO STOCK EXCHANGE; HOWEVER, THE SAID SECURITIES CAN NOT BE TRADED THROUGH THE FACILITIES OF SUCH EXCHANGE SINCE THEY ARE NOT FREELY TRANSFERABLE, AND CONSEQUENTLY ANY CERTIFICATE REPRESENTING SUCH SECURITIES IS NOT `GOOD DELIVERY' IN SETTLEMENT OF TRANSACTIONS ON THE TORONTO STOCK EXCHANGE." provided that, if at any time, in the opinion of counsel to the Company, such legends are no longer necessary or advisable under any such securities laws, or the holder of any such legended certificate, at the holder's expense, provides the Company with evidence satisfactory in form and substance to the Company (which may include an opinion of counsel satisfactory to the Company) to the effect that such legends are not required such legended certificate may thereafter be surrendered to the Company in exchange for a certificate which does not bear such legend.

Effect of Exercise of Warrants. (1) Upon compliance by the Warrantholder with the provisions a valid exercise of Warrants as provided in Section 3.15.01 hereof, the Warrant Common Shares subscribed for issuable upon the exercise of the Warrants shall be deemed to have been issued issued, and the such person or persons as are specified pursuant to whom such Warrant Shares are to be issued Section 5.01 hereof shall be deemed to have become the holder or holders of record of such Warrant Common Shares on the Exercise Date date of such valid exercise (herein called the "EXERCISE DATE") unless the stock transfer registers books of the Company for the Common Shares shall be closed by law on the date of such datevalid exercise, in which case the Warrant Shares subscribed for such securities shall be deemed to have been issued and issued, such person or persons shall be deemed to have become the holder or holders of record of such Warrant Common Shares and the Exercise Date shall be deemed to be on the date on which such stock transfer registers books are reopened. (2) next re-opened. The Warrant Agent shall as soon as practicable account to the Company with respect to Warrants exercised, and shall as soon as practicable forward to the Company (or into an account or accounts of the Company with the bank or trust company designated by the Company for that purpose), all monies received by the Warrant Agent on the subscription of Warrant Shares through Trustee will not register the exercise of Warrants. All any Warrant unless such monies and any securities or other instruments, from time to time received exercise has been approved by the Warrant AgentCompany. The Trustee will have no duty to ensure compliance with applicable securities laws on the exercise of any Warrant. Upon a valid exercise of Warrants as aforesaid, the Trustee shall be received in trust for forthwith give written notice thereof to the Warrantholders and Company. In the Company as their interests may appear and shall be segregated and kept apart by the Warrant Agent. (3) Within five Business Days following the due exercise case of a Warrant pursuant to which is exercised by a holder in accordance with the provisions of Section 3.15.01, within five business days after the Exercise Date of such Warrant, the Company shall shall: (a) cause the Transfer Agent to issue and the Warrant Agent to deliver, within such five Business Day period, to CDS through the Book-Entry Only System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise or mail be mailed to the person in whose name the Warrant Common Shares so subscribed for are to be issued, as specified in the exercise form completed on attached to the Warrant CertificateCertificate representing the Warrant exercised, at the address specified in such exercise form, a certificate or certificates for the Warrant Shares to which the Warrantholder is entitled or, therein; (b) if so specified in writing by the holdertherein, cause to be delivered to such person or persons at the office of the Trustee where such Warrant Agent where the Warrant Certificate was surrendered; or (c) if no specification as contemplated by (a) or (b) is provided, a certificate cause to be mailed to the person in whose name the Common Shares are to be issued at the address of such person last appearing on the register maintained by the Trustee pursuant hereto or as such person may otherwise notify the Trustee in writing on or prior to the Exercise Date, certificates for representing the appropriate number of Warrant Common Shares subscribed for, or any other appropriate evidence to which the Warrantholder is entitled upon exercise of the issuance Warrants so exercised, provided that no certificate shall be registered or delivered to an address in the United States unless the subscriber shall have satisfied the requirements of Warrant Section 5.01. If a time of exercise of a Warrant, there remain trading restrictions on the Common Shares issuable upon such exercise pursuant to applicable securities legislation, the Company may, upon the advice of counsel, endorse any such securities to such person or persons in respect of Warrant Shares issued under the Book-Entry Only System and, if applicable, shall cause the Warrant Agent to mail a Warrant Certificate representing any Warrants not then exercisedeffect.

Effect of Exercise of Warrants. (1) Upon compliance by 3.3.1 If the Warrantholder Warrants are duly exercised in accordance with the provisions of Section 3.13.2, the Warrant Shares subscribed for shall be deemed to have been issued and the person Person or Persons to whom such Warrant Shares are to be issued shall be deemed to have become the holder or holders of record of such Warrant Shares on the Exercise Date unless the transfer registers of the Company for the Common Shares shall be closed on such date, in which case the Warrant Shares subscribed for shall be deemed to have been issued and such person Person or Persons shall be deemed to have become the holder or holders of record of such Warrant Shares the same on the date on which such transfer registers are reopenedre-opened. (2) The Warrant Agent shall as soon as practicable account to 3.3.2 In the Company with respect to case of Warrants exercised, and shall as soon as practicable forward to the Company (or into an account or accounts of the Company that are exercised in accordance with the bank or trust company designated by the Company for that purpose)provisions of Section 3.2, all monies received by the Warrant Agent on the subscription of Warrant Shares through the exercise of Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for the Warrantholders and the Company as their interests may appear and shall be segregated and kept apart by the Warrant Agent. within three (3) Within five Business Days following after the due exercise Exercise Date of a such Warrants (the “Warrant pursuant to Section 3.1Share Delivery Date”), the Company Corporation shall cause the Transfer Agent to issue and the Warrant Agent to deliver, within such five Business Day period, to be deposited with CDS through the Book-Entry Only System the Warrant Shares to which the exercising Warrantholder is entitled pursuant or DTC or mailed to the exercise or mail to the person Person in whose name the Warrant Shares so subscribed for are to be issueddelivered, as specified in the exercise form completed on the Warrant CertificateExercise Form, at the address specified in such exercise formExercise Form, a certificate or certificates for the Warrant Shares to which the Warrantholder is entitled or, if so specified in writing by the holdersuch Exercise Form, cause to be delivered held for such Person for pick-up at the Warrant Agency, certificates representing the Warrant Shares to be issued pursuant to such person or Exercise Form, registered in such name. 3.3.3 Within five (5) Business Days following the due exercise of a Warrant in accordance with Section 3.1 and Section 3.2 and forthwith after the Expiry Time, the Warrant Agent shall deliver to the Corporation a notice setting forth the particulars of all Warrants exercised, if any, and the persons at in whose names the office Warrant Shares are to be issued (as applicable) and the addresses of such holders of the Warrant Agent where Shares. 3.3.4 If the Warrant Certificate was surrendered, a certificate or certificates for the appropriate number of Warrant Shares subscribed for, or any other appropriate evidence of the issuance of Warrant Shares Corporation fails to such person or persons in respect of Warrant Shares issued under the Book-Entry Only System and, if applicable, shall cause the Warrant Agent to mail deliver to the Holder the Warrant Shares issuable pursuant to Section 3.3.2 by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise. 3.3.5 In addition to any other rights available to a Holder, if the Corporation fails to cause the Warrant Certificate representing Agent to deliver to the Holder the Warrant Shares issuable in accordance with Section 3.3.2 pursuant to an exercise on or before the Warrant Share Delivery Date and, if after such date, the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, Common Shares to deliver in satisfaction of a sale by the Holder of the Warrant Shares that the Holder anticipated receiving upon such exercise (a “Buy-In”), then the Corporation shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the Common Shares so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Corporation was required to deliver to the Holder in connection with the exercise at issue, times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honoured (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of Common Shares that would have been issued had the Corporation timely complied with its delivery obligations under Section 3.3.2. For example, if the Holder purchases Common Shares having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of Warrant Shares with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence, the Corporation shall be required to pay to the Holder $1,000. The Holder shall provide the Corporation written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Corporation, evidence of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue any other remedies available to it under this Indenture, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Corporation’s failure to timely deliver Warrant Shares as required under Section 3.3.2 following the valid exercise of Warrants not then exercisedunder this Indenture.

Effect of Exercise of Warrants. (1) Upon compliance by the Warrantholder with the provisions of Section 3.1, the Warrant Shares subscribed for shall be deemed to have been issued and the person to whom such Warrant Shares are to be issued shall be deemed to have become the holder of record of such Warrant Shares on the Exercise Date unless the transfer registers of the Company for the Common Shares shall be closed on such date, in which case the Warrant Shares subscribed for shall be deemed to have been issued and such person shall be deemed to have become the holder of record of such Warrant Shares on the date on which such transfer registers are reopened. (2) The Warrant Agent shall as soon as practicable account to the Company with respect to Warrants exercised, and shall as soon as practicable forward to the Company (or into an account or accounts of the Company with the bank or trust company designated by the Company for that purpose), all monies received by the Warrant Agent on the subscription of Warrant Shares through the exercise of Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for the Warrantholders and the Company as their interests may appear and shall be segregated and kept apart by the Warrant Agent. (3) Within five Business Days following the due exercise of a Warrant pursuant to Section 3.1, the Company shall cause the Transfer Agent to issue and the Warrant Agent to deliver, within such five Business Day period, to CDS the Depository through the Book-Entry Only System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise or mail to the person in whose name the Warrant Shares so subscribed for are to be issued, as specified in the exercise form completed on the Warrant Certificate, at the address specified in such exercise form, a certificate or certificates for the Warrant Shares to which the Warrantholder is entitled or, if so specified in writing by the holder, cause to be delivered to such person or persons at the office of the Warrant Agent where the Warrant Certificate was surrendered, a certificate or certificates for the appropriate number of Warrant Shares subscribed for, or any other appropriate evidence of the issuance of Warrant Shares to such person or persons in respect of Warrant Shares issued under the Book-Entry Only System and, if applicable, shall cause the Warrant Agent to mail a Warrant Certificate representing any Warrants not then exercised.

Effect of Exercise of Warrants. (1) Upon compliance by the Warrantholder with the provisions of Section section 3.1, the Warrant Shares Subject Securities subscribed for shall be deemed to have been issued and the person to whom such Warrant Shares Subject Securities are to be issued shall be deemed to have become the holder of record of such Warrant Shares Subject Securities on the Exercise Date unless the transfer registers of the Company for the Common Shares shall be closed on such date, in which case the Warrant Shares Subject Securities subscribed for shall be deemed to have been issued and such person shall be deemed to have become the holder of record of such Warrant Shares Subject Securities on the date on which such transfer registers are reopened. (2) The Warrant Agent shall as soon as practicable account to the Company with respect to Warrants exercised, and shall as soon as practicable forward to the Company (or into an account or accounts of the Company with the bank or trust company designated by the Company for that purpose), all monies received by the Warrant Agent on the subscription of Warrant Shares through the exercise of Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for the Warrantholders and the Company as their interests may appear and shall be segregated and kept apart by the Warrant Agent. (3) Within five three Business Days following the due exercise of a Warrant pursuant to Section section 3.1 and forthwith after the Time of Expiry, the Warrant Agent shall deliver to the Company a notice setting forth the particulars of all Warrants exercised, if any, and the persons in whose names the Subject Securities are to be issued (as applicable) and the addresses of such holders of the Subject Securities. (3) Within five Business Days of the due exercise of a Warrant pursuant to section 3.1, the Company shall cause the Transfer Agent to issue and the Warrant Agent to deliver, within such five Business Day period, to CDS through the Book-Entry Only System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise or mail to the person in whose name the Warrant Shares Subject Securities so subscribed for are to be issued, as specified in the exercise form subscription completed on the Warrant Certificate, at the address specified in such exercise formsubscription, a certificate or certificates for the Warrant Shares Subject Securities to which the Warrantholder is entitled or, if so specified in writing by the holder, cause to be delivered to such person or persons at the office of the Warrant Agent where the Warrant Certificate was surrendered, a certificate or certificates for the appropriate number of Warrant Shares subscribed for, or any other appropriate evidence of the issuance of Warrant Shares to such person or persons in respect of Warrant Shares issued under the Book-Entry Only System and, if applicable, shall cause the Warrant Agent to mail a Warrant Certificate representing any Warrants not then exercised. (4) In the event that the Warrants are exercised by any Warrantholder prior to November 9, 2008, the certificates evidencing the Common Shares shall bear the following legend: “UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE NOVEMBER 9, 2008. WITHOUT PRIOR WRITTEN APPROVAL OF THE EXCHANGE AND COMPLIANCE WITH ALL APPLICABLE SECURITIES LEGISLATION, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE TRADED ON OR THROUGH THE FACILITIES OF THE TSX VENTURE EXCHANGE OR OTHERWISE IN CANADA OR TO OR FOR THE BENEFIT OF A CANADIAN RESIDENT UNTIL NOVEMBER 9, 2008.” provided that, if at any time, in the opinion of counsel to the Company, such legend is no longer necessary or advisable under applicable Securities Laws, or the holder of any such legended certificate, at the holder’s expense, provides the Company with evidence satisfactory in form and substance to the Company (which may include an opinion of counsel satisfactory to the Company) to the effect that such legend is not required, such legended certificate may thereafter be surrendered to the Company in exchange for a certificate that does not bear such legend.

Effect of Exercise of Warrants. (1a) Upon compliance by the Warrantholder with with, and subject to the provisions of Section section 3.1, the Warrant Shares Subject Securities subscribed for shall will be deemed to have been issued and the person to whom such Warrant Shares Subject Securities are to be issued shall will be deemed to have become the holder of record of such Warrant Shares Subject Securities on the Exercise Date unless the transfer registers of the Company for the Common Shares shall will be closed on such date, in which case the Warrant Shares Subject Securities subscribed for shall will be deemed to have been issued and such person shall will be deemed to have become the holder of record of such Warrant Shares Subject Securities on the date on which such transfer registers are reopened. (2b) The Within three Business Days following the due exercise of a Warrant pursuant to section 3.1, the Warrant Agent shall as soon as practicable account will deliver to the Company with respect the funds received in full for the Warrants exercised. (c) Within three Business Days following the due exercise of a Warrant pursuant to section 3.1 and forthwith after Time of Expiry, the Warrant Agent will deliver to the Company a notice setting forth the particulars of all Warrants exercised, if any, and shall as soon as practicable forward the persons in whose names the Subject Securities are to be issued and the Company (or into an account or accounts addresses of such holders of the Company with the bank or trust company designated by the Company for that purpose), all monies received by the Warrant Agent on the subscription of Warrant Shares through the exercise of Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for the Warrantholders and the Company as their interests may appear and shall be segregated and kept apart by the Warrant AgentSubject Securities. (3d) Within five Business Days following the due exercise of a Warrant pursuant to Section section 3.1, the Company shall cause the Transfer Agent to issue and the Warrant Agent to deliver, within such five Business Day period, to CDS through the Book-Entry Only System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise or will mail to the person in whose name the Warrant Shares Subject Securities so subscribed for are to be issued, as specified in the exercise form Subscription Form completed on in respect of the Warrant CertificateWarrants exercised, at the address specified in such exercise formSubscription Form, a certificate or certificates for respecting the Warrant Shares Subject Securities to which the Warrantholder is entitled or, if so specified in writing by the holder, cause to be delivered to such person or persons at the office of the Warrant Agent where the Warrant Certificate was surrendered, a certificate or certificates for the appropriate number of Warrant Shares subscribed for, or any other appropriate evidence of the issuance of Warrant Shares to such person or persons in respect of Warrant Shares issued under the Book-Entry Only System and, if applicable, shall cause the Warrant Agent to mail a Warrant Certificate representing any Warrants not then exercised.

Effect of Exercise of Warrants. (1a) Upon the exercise of Warrants pursuant to and in compliance by the Warrantholder with the provisions of Section 3.1this Warrant Indenture, the Warrant Shares subscribed for to be issued pursuant to the Warrants exercised shall be deemed to have been issued and the person or persons to whom such Warrant Shares are to be issued shall be deemed to have become the holder of record or holders of such Warrant Shares on as of the Exercise Date Date, unless the transfer registers of the Company for the Common Shares shall be closed on such date, in which case the Warrant Shares subscribed for shall be deemed to have been issued and such person shall be or persons deemed to have become the holder Holder or Holders of record of such Warrant Shares Shares, on the date on which such transfer registers are reopened. It is hereby understood that in order for persons to whom Warrant Shares are issued to become holders of Warrant Shares of record on the Exercise Date, beneficial holders must commence the exercise process sufficiently in advance so that the Trustee is in receipt of all items of exercise at least one Business Day prior to such Exercise Date. (2b) The Warrant Agent shall as As soon as practicable account to practicable, and in any event no later than within five Business Days after the Company Exercise Date with respect to Warrants exercised, and shall as soon as practicable forward to the Company (or into an account or accounts of the Company with the bank or trust company designated by the Company for that purpose), all monies received by the Warrant Agent on the subscription of Warrant Shares through the exercise of Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for the Warrantholders and the Company as their interests may appear and shall be segregated and kept apart by the Warrant Agent. (3) Within five Business Days following the due exercise of a Warrant pursuant to Section 3.1Warrant, the Company Trustee shall cause the Transfer Agent to issue and the Warrant Agent to deliver, within such five Business Day period, to CDS through the Book-Entry Only System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise be delivered or mail mailed to the person or persons in whose name or names the Warrant Shares so subscribed for are to be issued, as specified in the exercise form completed on the Warrant Certificate, at the address specified in such exercise form, a certificate or certificates for the Warrant Shares to which the Warrantholder is entitled registered or, if so specified in writing by the holderHolder, cause to be delivered to such person or persons at the office of the Warrant Agent Corporate Trust Office where the Warrant Certificate was surrendered, a certificate or certificates for the appropriate number of Warrant Shares subscribed for, or any other appropriate evidence of the issuance of Warrant Shares to such person or persons in respect of Warrant Shares issued under the Book-Entry Only System and, if applicable, shall cause the Warrant Agent to mail a Warrant Certificate representing any Warrants not then exercised.

Effect of Exercise of Warrants. (1) Upon the exercise of Warrants pursuant to and in compliance by the Warrantholder with the provisions of Section 3.13.2 and subject to Error! Reference source not found. and Section 3.4, the Warrant Shares subscribed for to be issued pursuant to the Warrants exercised shall be deemed to have been issued and the person or persons to whom such Warrant Shares are to be issued shall be deemed to have become the holder of record or holders of such Warrant Shares on the Exercise Date Date, provided the documents are received in good order, unless the transfer registers of the Company for the Common Shares register shall be closed on such date, in which case the Warrant Shares subscribed for shall be deemed to have been issued and such person shall be or persons deemed to have become the holder or holders of record of such Warrant Shares Shares, on the date on which such transfer registers register is reopened. It is hereby understood that in order for persons to whom Warrant Shares are reopenedto be issued, to become holders of Warrant Shares of record on the Exercise Date, beneficial holders must commence the exercise process sufficiently in advance so that the Warrant Agent is in receipt of all items of exercise at least one Business Day prior to such Exercise Date. (2) The Within three Business Days after the Exercise Date with respect to a Warrant, the Warrant Agent shall as soon as practicable account use commercially reasonable efforts to the Company with respect cause to Warrants exercised, and shall as soon as practicable forward to the Company (be delivered or into an account or accounts of the Company with the bank or trust company designated by the Company for that purpose), all monies received by the Warrant Agent on the subscription of Warrant Shares through the exercise of Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for the Warrantholders and the Company as their interests may appear and shall be segregated and kept apart by the Warrant Agent. (3) Within five Business Days following the due exercise of a Warrant pursuant to Section 3.1, the Company shall cause the Transfer Agent to issue and the Warrant Agent to deliver, within such five Business Day period, to CDS through the Book-Entry Only System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise or mail mailed to the person or persons in whose name or names the Warrant Shares so subscribed for are to be issued, as specified in the exercise form completed on the Warrant Certificate, at the address specified in such exercise form, a certificate or certificates for the Warrant Shares to which the Warrantholder is entitled registered or, if so specified in writing by the holder, cause to be delivered to such person or persons at the office of the Warrant Agent Agency where the Warrant Certificate was surrendered, a certificate or certificates for the appropriate number of Warrant Shares subscribed for, or any other appropriate evidence of the issuance of Warrant Shares to such person or persons in respect of Warrant Shares issued under the Book-Book Entry Only System and, if applicable, shall cause the Warrant Agent to mail a Warrant Certificate representing any Warrants not then exercisedRegistration System.

Effect of Exercise of Warrants. (1) Upon compliance by the Warrantholder with the provisions of Section 3.14.1, the Warrant Common Shares so subscribed for shall be deemed to have been issued and the person Person or Persons to whom such Warrant Common Shares are to be issued shall be deemed to have become the holder or holders of record of such Warrant Common Shares on the Exercise Date unless the share registers maintained by the transfer registers of the Company agent for the Common Shares shall be closed on such date, in which case the Warrant Common Shares so subscribed for shall be deemed to have been issued issued, and such person Person or Persons shall be deemed to have become the holder or holders of record of such Warrant Common Shares on the date on which such transfer registers are reopenedwere reopened and such Common Shares shall be issued at the Exercise Price in effect on the Exercise Date. To the extent the opening of the registers remains within the control of the Warrant Agent, the Company and the Warrant Agent shall cause such registers to be open on Business Days. (2) The Warrant Agent shall as soon as practicable account to the Company with respect to Warrants exercised, and shall as soon as practicable forward to the Company (or into an account or accounts of the Company with the bank or trust company designated by the Company for that purpose), all monies received by the Warrant Agent on the subscription of Warrant Shares through the exercise of Warrants. All such monies and any securities or other instruments, from time to time received by the Warrant Agent, shall be received in trust for the Warrantholders and the Company as their interests may appear and shall be segregated and kept apart by the Warrant Agent. Within three (3) Within five Business Days following the due exercise of a Warrant pursuant to Section 3.14.1, the Warrant Agent shall deliver to the Company a notice setting forth the particulars of all Warrants exercised, and the persons in whose names the Common Shares are to be issued (as applicable) and the addresses of such holders of the Common Shares. (3) Subject to subsection 4.1(3), within five (5) Business Days of the due exercise of a Warrant pursuant to Section 4.1, or within (10) Business Days of the due exercise of a Warrant if such exercise would result in a fraction of a Common Share, the Company shall cause the Transfer Agent its transfer agent to issue and the Warrant Agent to deliver, within such five Business Day period, to CDS through the Book-Entry Only System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise or mail to the person in whose name the Warrant Common Shares so subscribed for are to be issued, as specified in the exercise form subscription completed on the Warrant Certificate, at the address specified in such exercise formsubscription, a certificate or certificates for the Warrant Common Shares to which the Warrantholder is entitled or, if so specified in writing by the holder, cause to be delivered to such person or persons at the office of the Warrant Agent where the Warrant Certificate was surrendered, a certificate or certificates for the appropriate number of Warrant Shares subscribed for, or any other appropriate evidence of the issuance of Warrant Shares to such person or persons in respect of Warrant Shares issued under the Book-Entry Only System and, if applicable, shall cause the Warrant Agent to mail a Warrant Certificate representing any Warrants not then exercised. (4) If at the time of exercise of the Warrants there remain trading restrictions on the Common Shares acquired upon such exercise pursuant to applicable securities legislation or policy of any applicable regulatory body, the Company may, upon the advice of Counsel, endorse any Common Share certificates to such effect. Furthermore, the Company shall, or its Counsel shall, notify the Warrant Agent in writing of any trading restrictions on the Common Shares acquired upon such exercise pursuant to applicable securities legislation or policy of any applicable regulatory body. Unless and until advised in writing by the Company or its Counsel that a specific legend and trading restrictions apply to the Common Shares, the Warrant Agent shall be entitled to assume that no specific legend is required and that there are no trading restrictions on the Common Shares.