Common use of Method of Exercise of Warrants Clause in Contracts

Method of Exercise of Warrants. (1) The registered holder of any Warrant may exercise the rights thereby conferred on him to acquire all or any part of the Warrant Shares to which such Warrant entitles the holder, by surrendering the Warrant Certificate representing such Warrants to the Warrant Agent at any time prior to the Time of Expiry at its principal office in the City of Vancouver, British Columbia (or at such additional place or places as may be decided by the Company from time to time with the approval of the Warrant Agent), with a duly completed and executed exercise form (the “Exercise Form”) of the registered holder or his executors, administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, substantially in the form endorsed on the Warrant Certificate as Schedule “B”, specifying the number of Warrant Shares subscribed for together with a certified cheque, bank draft or money order in lawful money of Canada, payable to or to the order of the Company in an amount equal to the Exercise Price multiplied by the number of Warrant Shares subscribed for. A Warrant Certificate with the duly completed and executed Exercise Form and payment of the Exercise Price shall be deemed to be surrendered only upon personal delivery thereof to or, if sent by mail or other means of transmission, upon actual receipt thereof by the Warrant Agent. (2) The Exercise Form shall be signed by the Warrantholder, or his executors, or administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, shall specify the person(s) in whose name such Warrant Shares are to be issued, the address(es) of such person(s) and the number of Warrant Shares to be issued to each person, if more than one is so specified. If any of the Warrant Shares subscribed for are to be issued to (a) person(s) other than the Warrantholder, the signatures set out in the Exercise Form shall be guaranteed by a Canadian Schedule I chartered bank or a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program and (b) the Warrantholder shall pay to the Company or the Warrant Agent all applicable transfer or similar taxes and the Company shall not be required to issue or deliver certificates evidencing Warrant Shares unless or until such Warrantholder shall have paid to the Company or the Warrant Agent on behalf of the Company the amount of such tax or shall have established to the reasonable satisfaction of the Company that such tax has been paid or that no tax is due. (3) If, at the time of exercise of the Warrants, in accordance with the provisions of subsections 4.1(1) or 4.1(4), there are any trading restrictions on the Warrant Shares pursuant to Securities Laws or stock exchange requirements, the Company shall, on the advice of counsel, endorse any certificates or book-entry positions representing the Warrant Shares to such effect. The Warrant Agent is entitled to assume compliance with all Securities Laws unless otherwise notified in writing by the Company. (4) A Beneficial Owner of Uncertificated Warrant evidenced by a security entitlement in respect of Warrants in the Book-Based System who desires to exercise his Uncertificated Warrants, must do so by causing a CDS Participant to deliver to CDS (at its office in the City of Toronto), on behalf of the Beneficial Owner at any time prior to the Time of Expiry, a written notice of the Beneficial Owner’s intention to exercise Warrants (the “Exercise Notice”) in a manner acceptable to CDS. Forthwith upon receipt by CDS of such notice, as well as payment for the aggregate Exercise Price, CDS shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants (the “Confirmation”) in a manner acceptable to the Warrant Agent, including by electronic means through the Book-Based System. The Beneficial Owner will initiate the electronic exercise through the Book-Based System, by way of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Beneficial Owner is entitled pursuant to the exercise. Any expense associated with the preparation and delivery of Exercise Notices will be for the account of the Beneficial Owner exercising the Warrants and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the entitlement holder exercising the Warrants and/or the CDS Participant exercising the Warrants on its behalf. By causing a CDS Participant to deliver notice to CDS, a Beneficial Owner shall be deemed to have irrevocably surrendered his Warrants so exercised and appointed such CDS Participant to act as his or her exclusive settlement agent with respect to the exercise and the receipt of Warrant Shares in connection with the obligations arising from such exercise. Any notice which CDS determines to be incomplete, not in proper form or not duly executed shall for all purposes be void and of no effect and the exercise to which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a CDS Participant to exercise or to give effect to the settlement thereof in accordance with the Beneficial Owner’s instructions will not give rise to any obligations or liability on the part of the Company or Warrant Agent to the CDS Participant or the Beneficial Owner. If the Exercise Form set forth in the Warrant Certificate shall have been amended, the Company shall cause the amended Exercise Form to be forwarded to all registered Warrantholders. Exercise Forms and Confirmations must be delivered to the Warrant Agent at any time during the Warrant Agent’s actual business hours on any Business Day prior to the Expiry Time. Any Exercise Form or Confirmations received by the Warrant Agent after business hours on any Business Day other than the Expiry Date will be deemed to have been received by the Warrant Agent on the next following Business Day. Any Warrant with respect to which a Confirmation or Exercise Form is not received by the Warrant Agent before the Expiry Time shall be deemed to have expired and become void and all rights with respect to such Warrants shall terminate and be cancelled.

Method of Exercise of Warrants. (1) The registered holder of any Warrant may exercise the rights thereby conferred on him to acquire all or any part of the Warrant Shares to which such Warrant entitles the holder, by surrendering the Warrant Certificate representing such Warrants to the Warrant Agent at any time prior to the Time of Expiry at its principal office stock transfer offices in the City of VancouverCalgary, British Columbia Alberta (or at such additional place or places as may be decided by the Company from time to time with the approval of the Warrant Agent), with a duly completed and executed exercise form (the “Exercise Form”) of the registered holder or his executors, administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, substantially in the form endorsed on the Warrant Certificate as Schedule “B”, specifying the number of Warrant Shares subscribed for together with a certified cheque, bank draft or money order in lawful money of Canada, payable to or to the order of the Company in an amount equal to the Exercise Price multiplied by the number of Warrant Shares subscribed for. A Warrant Certificate with the duly completed and executed Exercise Form exercise form and payment of the Exercise Price shall be deemed to be surrendered only upon personal delivery thereof to or, if sent by mail or other means of transmission, upon actual receipt thereof by the Warrant Agent. (2) The Exercise Form Any exercise form referred to in Section 3.1(1) shall be signed by the Warrantholder, or his executors, or administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, but such exercise form need not be executed by CDS. Such exercise form shall specify the person(s) in whose name such Warrant Shares are to be issued, the address(es) of such person(s) and the number of Warrant Shares to be issued to each person, if more than one is so specified. If any of the Warrant Shares subscribed for are to be issued to (a) person(s) other than the Warrantholder, the Warrantholder shall also complete the transfer form, substantially in the form endorsed on the Warrant Certificate. The signatures set out in the Exercise Form exercise form referred to in Section 3.1(1) and the signatures set out in the transfer form shall be guaranteed by a Canadian Schedule I 1 chartered bank or a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program and (b) the Warrantholder shall pay to the Company or the Warrant Agent all applicable transfer or similar taxes and the Company shall not be required to issue or deliver certificates evidencing Warrant Shares unless or until such Warrantholder shall have paid to the Company or the Warrant Agent on behalf of the Company the amount of such tax or shall have established to the reasonable satisfaction of the Company that such tax has been paid or that no tax is due. (3) If, at the time of exercise of the Warrants, in accordance with the provisions of subsections 4.1(1) or 4.1(4Section 3.1(1), there are any trading restrictions on the Warrant Shares pursuant to applicable Securities Laws or stock exchange requirements, the Company shall, on the advice of counsel, endorse any certificates or book-entry positions representing the Warrant Shares to such effect. The Warrant Agent is entitled to assume compliance with all applicable Securities Laws unless otherwise notified in writing by the Company. (4) A Beneficial Owner of Uncertificated Warrant evidenced by a security entitlement in respect of Warrants in the Book-Based System who desires to exercise his his, her or its Uncertificated Warrants, must do so by causing a CDS Participant to deliver to CDS (at its office in the City of Toronto, Ontario), on behalf of the Beneficial Owner at any time prior to the Time of Expiry, a written notice of the Beneficial Owner’s 's intention to exercise Warrants (the “"Exercise Notice”"); provided, that a Beneficial Owner holding Uncertificated Warrants that is in the United States or that is a U.S. Person will first request the withdrawal of the Uncertificated Warrant(s) from the Book-Entry Only System and request certificated Warrant(s) in a manner acceptable to CDSexchange for such Uncertificated Warrant(s). Forthwith upon receipt by CDS of such notice, as well as payment for the aggregate Exercise Price, CDS shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants (the “"Confirmation”") in a manner acceptable to the Warrant Agent, including by electronic means through the Book-Based Entry Only System, including CDSX. The An electronic exercise of the Warrants initiated by the Beneficial Owner will initiate through a Book-Entry Only System, including CDSX, shall constitute a representation to both the Company and the Warrant Agent that the Beneficial Owner at the time of exercise of such Warrants (a) is not in the United States; (b) did not acquire the Warrants in the United States or on behalf of, or for the account or benefit of, a U.S. Person or a person in the United States; (c) is not a U.S. Person and is not exercising such Warrants on behalf of a U.S. Person or a person in the United States; and (d) did not execute or deliver the notice of the owner's intention to exercise such Warrants in the United States. If the Participant is not able to make or deliver the foregoing representation by initiating the electronic exercise of the Warrants, then such Warrants shall be withdrawn from the Book-Entry Only System, including CDSX, by the Participant and an individually registered Warrant Certificate shall be issued by the Warrant Agent to such Beneficial Owner or Participant and the exercise procedures set forth in Section 3.1(1) shall be followed. Payment representing the aggregate Exercise Price must be provided to the appropriate office of the Participant in a manner acceptable to it. A notice in form acceptable to the Participant and payment from such Beneficial Owner should be provided through the Book-Based System, Entry Only System sufficiently in advance so as to permit the Participant to deliver notice and payment to CDS and for CDS in turn to deliver notice and payment to the Warrant Agent prior to Time of Expiry. CDS will initiate the exercise by way of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based Book- Entry Only System the Warrant Shares to which the exercising Beneficial Owner is entitled pursuant to the exercise. Any expense associated with the preparation and delivery of Exercise Notices will be for the account of the Beneficial Owner exercising the Warrants and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the entitlement holder exercising the Warrants and/or the CDS Participant exercising the Warrants on its behalf. Warrants. (5) By causing a CDS Participant to deliver notice to CDS, a Beneficial Owner Warrantholder shall be deemed to have irrevocably surrendered his his, her or its Warrants so exercised and appointed such CDS Participant to act as his his, her or her its exclusive settlement agent with respect to the exercise and the receipt of Warrant Shares in connection with the obligations arising from such exercise. . (6) Any notice which CDS determines to be incomplete, not in proper form or not duly executed shall for all purposes be void and of no effect and the exercise to which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a CDS Participant to exercise or to give effect to the settlement thereof in accordance with the Beneficial Owner’s 's instructions will not give rise to any obligations or liability on the part of the Company or Warrant Agent to the CDS Participant or the Beneficial Owner. . (7) Any exercise referred to in this Section 3.1 shall require that the entire Exercise Price for the Warrant Shares subscribed for must be paid at the time of subscription and such Exercise Price and original Exercise Notice or exercise form executed by the Registered Warrantholder or the Confirmation from CDS must be received by the Warrant Agent prior to the Time of Expiry. (8) Warrants may only be exercised pursuant to this Section 3.1 by or on behalf of a Warrantholder, as applicable, who makes the certifications set forth on the exercise form substantially in the form endorsed on the Warrant Certificate. (9) If the Exercise Form exercise form set forth in the Warrant Certificate shall have been amended, the Company shall cause the amended Exercise Form exercise form to be forwarded to all registered Warrantholders. . (10) Exercise Forms forms, Exercise Notices and Confirmations must be delivered to the Warrant Agent at any time during the Warrant Agent’s 's actual business hours on any Business Day prior to the Expiry TimeTime of Expiry. Any exercise form, Exercise Form Notice or Confirmations Confirmation received by the Warrant Agent after business hours on any Business Day other than the Time of Expiry Date will be deemed to have been received by the Warrant Agent on the next following Business Day. . (11) Any Warrant with respect to which a Confirmation or Exercise Form is not received by the Warrant Agent before the Time of Expiry Time shall be deemed to have expired and become void and all rights with respect to such Warrants shall terminate and be cancelled.

Method of Exercise of Warrants. (1) The registered holder of any Warrant may exercise the rights thereby conferred on him the holder to acquire all or any part of the Warrant Shares Subject Securities to which such Warrant entitles the holder, by surrendering the Warrant Certificate representing such Warrants to the Warrant Agent at any time prior to on or before the Time of Expiry at its principal stock transfer office in the City of Vancouver, British Columbia (or at such additional place or places as may be decided by the Company from time to time with the approval of the Warrant Agent), with a duly completed and executed exercise subscription form (the “Exercise Form”) of signed by the registered holder or his executors, or administrators or other legal representative or his its attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, substantially in the form endorsed on the Warrant Certificate as set out in Schedule “B”, A” attached hereto specifying the number of Warrant Shares subscribed for together with a certified cheque, bank draft or money order in lawful money of Canada, payable to or to the order of the Company in an amount equal to the Exercise Price multiplied by the number of Warrant Shares Subject Securities subscribed for. A Warrant Certificate with the duly completed and executed Exercise Form subscription and payment of the Exercise Price shall be deemed to be surrendered only upon personal delivery thereof to or, if sent by mail or other means of transmission, upon actual receipt thereof by the Warrant Agent. (2) The Exercise Form Any subscription form referred to in subsection 3.1(1) shall be signed by the Warrantholder, or his executors, or administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, shall specify the person(s) in whose name such Warrant Shares Subject Securities are to be issued, the address(es) of such person(s) and the number of Warrant Shares Subject Securities to be issued to each person, if more than one is so specified. If any of the Warrant Shares Subject Securities subscribed for are to be issued to (a) a person(s) other than the Warrantholder, the signatures set out in the Exercise Form subscription referred to in subsection 3.1(1) shall be guaranteed by a Canadian Schedule I chartered bank or a medallion by an eligible guarantor institution with membership in an approved signature guarantee from a member of a recognized Signature Medallion Guarantee Program medallion program and (b) the Warrantholder shall pay to the Company or the Warrant Agent all applicable transfer or similar taxes and the Company shall not be required to issue or deliver certificates evidencing Warrant Shares Subject Securities unless or until such Warrantholder shall have paid to the Company or the Warrant Agent on behalf of the Company the amount of such tax or shall have established to the reasonable satisfaction of the Company that such tax has been paid or that no tax is due. (3) If, at the time of exercise of the Warrants, in accordance with the provisions of subsections 4.1(1) or 4.1(4subsection 3.1(1), there are any trading restrictions on the Warrant Shares Subject Securities pursuant to Securities Laws applicable securities legislation or stock exchange requirements, the Company shall, on the advice of counsel, endorse any certificates or book-entry positions representing the Warrant Shares Subject Securities with a legend(s) to such effect. The Warrant Agent is entitled to assume compliance with all Securities Laws applicable securities legislation unless otherwise notified in writing by the Company. (4) A Beneficial Owner In the absence of Uncertificated Warrant evidenced by a security entitlement any specification as to the person or persons in respect whose name or names the Subject Securities are to be issued upon the exercise of Warrants the Warrants, such Subject Securities shall be issued and registered in the Book-Based System who desires to exercise his Uncertificated Warrants, must do so by causing a CDS Participant to deliver to CDS (at its office in the City of Toronto), on behalf name of the Beneficial Owner at any time prior to the Time of Expiry, a written notice registered holder of the Beneficial Owner’s intention to exercise Warrants (the “Exercise Notice”) in a manner acceptable to CDS. Forthwith upon receipt by CDS of such notice, as well as payment for the aggregate Exercise Price, CDS shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants (the “Confirmation”) in a manner acceptable to the Warrant Agent, including by electronic means through the Book-Based System. The Beneficial Owner will initiate the electronic exercise through the Book-Based System, by way of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Beneficial Owner is entitled pursuant to the exercise. Any expense associated with the preparation and delivery of Exercise Notices will be for the account of the Beneficial Owner exercising the Warrants and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the entitlement holder exercising the Warrants and/or the CDS Participant exercising the Warrants on its behalf. By causing a CDS Participant to deliver notice to CDS, a Beneficial Owner shall be deemed to have irrevocably surrendered his Warrants so exercised and appointed such CDS Participant to act as his or her exclusive settlement agent with respect to the exercise and the receipt of Warrant Shares in connection with the obligations arising from such exercise. Any notice which CDS determines to be incomplete, not in proper form or not duly executed shall for all purposes be void and of no effect and the exercise to which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a CDS Participant to exercise or to give effect to the settlement thereof in accordance with the Beneficial Owner’s instructions will not give rise to any obligations or liability on the part of the Company or Warrant Agent to the CDS Participant or the Beneficial Owner. If the Exercise Form set forth in the Warrant Certificate shall have been amended, the Company shall cause the amended Exercise Form to be forwarded to all registered Warrantholders. Exercise Forms and Confirmations must be delivered to the Warrant Agent at any time during the Warrant Agent’s actual business hours on any Business Day prior to the Expiry Time. Any Exercise Form or Confirmations received by the Warrant Agent after business hours on any Business Day other than the Expiry Date will be deemed to have been received by the Warrant Agent on the next following Business Day. Any Warrant with respect to which a Confirmation or Exercise Form is not received by the Warrant Agent before the Expiry Time shall be deemed to have expired and become void and all rights with respect to such Warrants shall terminate and be cancelledWarrants.

Method of Exercise of Warrants. (1) The registered holder of any Warrant may exercise the rights thereby conferred on him to acquire all or any part of the Warrant Shares to which such Warrant entitles the holder, by surrendering the Warrant Certificate representing such Warrants to the Warrant Agent at any time prior to the Time of Expiry at its principal office stock transfer offices in the City of VancouverCalgary, British Columbia Alberta (or at such additional place or places as may be decided by the Company from time to time with the approval of the Warrant Agent), with a duly completed and executed exercise form (the “Exercise Form”) of the registered holder or his executors, administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, substantially in the form endorsed on the Warrant Certificate as Schedule “B”, specifying the number of Warrant Shares subscribed for together with a certified cheque, bank draft or money order in lawful money of Canada, payable to or to the order of the Company in an amount equal to the Exercise Price multiplied by the number of Warrant Shares subscribed for. A Warrant Certificate with the duly completed and executed Exercise Form exercise form and payment of the Exercise Price shall be deemed to be surrendered only upon personal delivery thereof to or, if sent by mail or other means of transmission, upon actual receipt thereof by the Warrant Agent. (2) The Exercise Form Any exercise form referred to in Section 3.1(1) shall be signed by the Warrantholder, or his executors, or administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, but such exercise form need not be executed by CDS. Such exercise form shall specify the person(s) in whose name such Warrant Shares are to be issued, the address(es) of such person(s) and the number of Warrant Shares to be issued to each person, if more than one is so specified. If any of the Warrant Shares subscribed for are to be issued to (a) person(s) other than the Warrantholder, the Warrantholder shall also complete the transfer form, substantially in the form endorsed on the Warrant Certificate. The signatures set out in the Exercise Form exercise form referred to in Section 3.1(1) and the signatures set out in the transfer form shall be guaranteed by a Canadian Schedule I 1 chartered bank or a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program and (b) the Warrantholder shall pay to the Company or the Warrant Agent all applicable transfer or similar taxes and the Company shall not be required to issue or deliver certificates evidencing Warrant Shares unless or until such Warrantholder shall have paid to the Company or the Warrant Agent on behalf of the Company the amount of such tax or shall have established to the reasonable satisfaction of the Company that such tax has been paid or that no tax is due. (3) If, at the time of exercise of the Warrants, in accordance with the provisions of subsections 4.1(1) or 4.1(4Section 3.1(1), there are any trading restrictions on the Warrant Shares pursuant to applicable Securities Laws or stock exchange requirements, the Company shall, on the advice of counsel, endorse any certificates or book-entry positions representing the Warrant Shares to such effect. The Warrant Agent is entitled to assume compliance with all applicable Securities Laws unless otherwise notified in writing by the Company. (4) A Beneficial Owner of Uncertificated Warrant evidenced by a security entitlement in respect of Warrants in the Book-Based System who desires to exercise his his, her or its Uncertificated Warrants, must do so by causing a CDS Participant to deliver to CDS (at its office in the City of Toronto, Ontario), on behalf of the Beneficial Owner at any time prior to the Time of Expiry, a written notice of the Beneficial Owner’s 's intention to exercise Warrants (the “"Exercise Notice”"); provided, that a Beneficial Owner holding Uncertificated Warrants that is in the United States or that is a U.S. Person will first request the withdrawal of the Uncertificated Warrant(s) from the Book-Entry Only System and request certificated Warrant(s) in a manner acceptable to CDSexchange for such Uncertificated Warrant(s). Forthwith upon receipt by CDS of such notice, as well as payment for the aggregate Exercise Price, CDS shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants (the “"Confirmation”") in a manner acceptable to the Warrant Agent, including by electronic means through the Book-Based Entry Only System, including CDSX. The An electronic exercise of the Warrants initiated by the Beneficial Owner will initiate through a Book-Entry Only System, including CDSX, shall constitute a representation to both the Company and the Warrant Agent that the Beneficial Owner at the time of exercise of such Warrants (a) is not in the United States; (b) did not acquire the Warrants in the United States or on behalf of, or for the account or benefit of, a U.S. Person or a person in the United States; (c) is not a U.S. Person and is not exercising such Warrants on behalf of a U.S. Person or a person in the United States; and (d) did not execute or deliver the notice of the owner's intention to exercise such Warrants in the United States. If the Participant is not able to make or deliver the foregoing representation by initiating the electronic exercise of the Warrants, then such Warrants shall be withdrawn from the Book-Entry Only System, including CDSX, by the Participant and an individually registered Warrant Certificate shall be issued by the Warrant Agent to such Beneficial Owner or Participant and the exercise procedures set forth in Section 3.1(1) shall be followed. Payment representing the aggregate Exercise Price must be provided to the appropriate office of the Participant in a manner acceptable to it. A notice in form acceptable to the Participant and payment from such Beneficial Owner should be provided through the Book-Based System, Entry Only System sufficiently in advance so as to permit the Participant to deliver notice and payment to CDS and for CDS in turn to deliver notice and payment to the Warrant Agent prior to Time of Expiry. CDS will initiate the exercise by way of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based Book- Entry Only System the Warrant Shares to which the exercising Beneficial Owner is entitled pursuant to the exercise. Any expense associated with the preparation and delivery of Exercise Notices will be for the account of the Beneficial Owner exercising the Warrants and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the entitlement holder exercising the Warrants and/or the CDS Participant exercising the Warrants on its behalf. Warrants. (5) By causing a CDS Participant to deliver notice to CDS, a Beneficial Owner Warrantholder shall be deemed to have irrevocably surrendered his his, her or its Warrants so exercised and appointed such CDS Participant to act as his his, her or her its exclusive settlement agent with respect to the exercise and the receipt of Warrant Shares in connection with the obligations arising from such exercise. . (6) Any notice which CDS determines to be incomplete, not in proper form or not duly executed shall for all purposes be void and of no effect and the exercise to which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a CDS Participant to exercise or to give effect to the settlement thereof in accordance with the Beneficial Owner’s 's instructions will not give rise to any obligations or liability on the part of the Company or Warrant Agent to the CDS Participant or the Beneficial Owner. . (7) Any exercise referred to in this section 3.1 shall require that the entire Exercise Price for the Warrant Shares subscribed for must be paid at the time of subscription and such Exercise Price and original Exercise Notice or exercise form executed by the Registered Warrantholder or the Confirmation from CDS must be received by the Warrant Agent prior to the Time of Expiry. (8) Warrants may only be exercised pursuant to this section 3.1 by or on behalf of a Warrantholder, as applicable, who makes the certifications set forth on the exercise form substantially in the form endorsed on the Warrant Certificate. (9) If the Exercise Form exercise form set forth in the Warrant Certificate shall have been amended, the Company shall cause the amended Exercise Form exercise form to be forwarded to all registered Warrantholders. . (10) Exercise Forms forms, Exercise Notices and Confirmations must be delivered to the Warrant Agent at any time during the Warrant Agent’s 's actual business hours on any Business Day prior to the Expiry TimeTime of Expiry. Any exercise form, Exercise Form Notice or Confirmations Confirmation received by the Warrant Agent after business hours on any Business Day other than the Time of Expiry Date will be deemed to have been received by the Warrant Agent on the next following Business Day. . (11) Any Warrant with respect to which a Confirmation or Exercise Form is not received by the Warrant Agent before the Time of Expiry Time shall be deemed to have expired and become void and all rights with respect to such Warrants shall terminate and be cancelled.

Method of Exercise of Warrants. (1) The Subject to Section 4.8, upon and subject to the provisions hereof, the registered holder of any whole Warrant may exercise the rights thereby conferred on him to acquire purchase all or any part of the Warrant Common Shares to which such Warrant entitles the holder, by surrendering the Warrant Certificate representing such Warrants to the Warrant Agent at any time prior to during the Time of Expiry Exercise Period at its principal transfer office in the City of VancouverToronto, British Columbia Ontario (or at such additional any other place or places as that may be decided designated by the Company from time to time with the approval of the Warrant Agent), with a duly completed and executed exercise subscription form (the “Exercise Form”) of the registered holder or his executors, administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, substantially in the form endorsed on attached to the Warrant Certificate as Schedule “B”, specifying the number of Warrant Common Shares subscribed for together with a certified cheque, money order or bank draft or money order in lawful money of Canada, Canada payable to or to the order of the Company at par in Toronto, Ontario in an amount equal to the Exercise Price multiplied by applicable at the number time of Warrant Shares such surrender in respect of each Common Share subscribed for. A Warrant Certificate with the duly completed and executed Exercise Form and subscription form together with the payment of the Exercise Price shall be deemed to be surrendered only upon personal delivery thereof to or, if sent by mail or other means of transmission, upon actual receipt thereof by the Warrant Agent. (2) The No Warrant represented by an Uncertificated Warrant may be exercised unless, prior to such exercise, the Warrantholder of such Warrant shall have taken all other action necessary to exercise such Warrant in accordance with this Indenture and the Internal Procedures. Notwithstanding anything to the contrary contained herein and subject to the Internal Procedures in force from time to time, a Beneficial Owner whose Warrants are represented by an Uncertificated Warrant who desires to exercise his or her Warrants must do so by causing a CDS Participant to deliver to CDS, on behalf of the Beneficial Owner, a written notice of the Beneficial Owner’s intention to exercise Warrants in a manner acceptable to CDS. Forthwith upon receipt by CDS of such notice, as well as payment in an amount equal to the product obtained by multiplying the Exercise Form Price by the number of Common Shares subscribed for, CDS shall deliver to the Warrant Agent a Confirmation. (3) Payment by a Beneficial Owner representing the Exercise Price must be provided to the appropriate office of the CDS Participant in a manner acceptable to it. A notice in form acceptable to the CDS Participant and payment from such Beneficial Owner should be provided to the CDS Participant sufficiently in advance so as to permit the CDS Participant to deliver notice and payment to CDS and for CDS in turn to deliver notice and payment to the Warrant Agent prior to Expiry Time. CDS will initiate the exercise by way of the Confirmation and forward the Exercise Price electronically to the Warrant Agent and the Warrant Agent will execute the exercise by issuing to CDS through the non-certified inventory system administered by CDS the Common Shares to which the exercising Beneficial Owner is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the Beneficial Owner exercising the Warrants and/or the CDS Participant exercising the Warrants on its behalf. (4) Notwithstanding any provisions of this Warrant Indenture, a beneficial owner may exercise his Warrants or take any actions under this Warrant Indenture in accordance with the rules and procedures of CDS. (5) Any subscription referred to in this Section 4.1 shall be signed by the Warrantholder, or his executors, or administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, shall specify the person(s) in whose name such Warrant Common Shares are to be issued, the address(es) of such person(s) and the number of Warrant Common Shares to be issued to each person, if more than one is so specified. If any of the Warrant Common Shares subscribed for are to be issued to (a) person(s) other than the Warrantholder, the signatures set out in the Exercise Form subscription referred to in subsection 4.1(1) shall be guaranteed by a major Canadian Schedule I chartered bank bank, or by a medallion signature guarantee guaranteed from a member of a recognized Signature Medallion Guarantee Program and (b) the Warrantholder shall pay to the Company or the Warrant Agent all applicable transfer or similar taxes and the Company shall not be required to issue or deliver certificates evidencing Warrant Common Shares unless or until such Warrantholder shall have paid to the Company or the Warrant Agent on behalf of the Company the amount of such tax or shall have established to the reasonable satisfaction of the Company that such tax has been paid or that no tax is due. (36) If, at the time of exercise of the Warrants, in accordance with the provisions of subsections 4.1(1) or 4.1(4subsection 3.1(1), there are any trading restrictions on the Warrant Common Shares pursuant to Securities Laws applicable securities legislation or stock exchange requirements, the Company shall, on the advice of counsel, endorse any certificates or book-entry positions representing the Warrant Common Shares to such effect. The Warrant Agent is entitled to assume compliance with all Securities Laws applicable securities legislation unless otherwise notified in writing by the Company. (4) A Beneficial Owner of Uncertificated Warrant evidenced by a security entitlement in respect of Warrants in the Book-Based System who desires to exercise his Uncertificated Warrants, must do so by causing a CDS Participant to deliver to CDS (at its office in the City of Toronto), on behalf of the Beneficial Owner at any time prior to the Time of Expiry, a written notice of the Beneficial Owner’s intention to exercise Warrants (the “Exercise Notice”) in a manner acceptable to CDS. Forthwith upon receipt by CDS of such notice, as well as payment for the aggregate Exercise Price, CDS shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants (the “Confirmation”) in a manner acceptable to the Warrant Agent, including by electronic means through the Book-Based System. The Beneficial Owner will initiate the electronic exercise through the Book-Based System, by way of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Beneficial Owner is entitled pursuant to the exercise. Any expense associated with the preparation and delivery of Exercise Notices will be for the account of the Beneficial Owner exercising the Warrants and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the entitlement holder exercising the Warrants and/or the CDS Participant exercising the Warrants on its behalf. By causing a CDS Participant to deliver notice to CDS, a Beneficial Owner shall be deemed to have irrevocably surrendered his Warrants so exercised and appointed such CDS Participant to act as his or her exclusive settlement agent with respect to the exercise and the receipt of Warrant Shares in connection with the obligations arising from such exercise. Any notice which CDS determines to be incomplete, not in proper form or not duly executed shall for all purposes be void and of no effect and the exercise to which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a CDS Participant to exercise or to give effect to the settlement thereof in accordance with the Beneficial Owner’s instructions will not give rise to any obligations or liability on the part of the Company or Warrant Agent to the CDS Participant or the Beneficial Owner. If the Exercise Form set forth in the Warrant Certificate shall have been amended, the Company shall cause the amended Exercise Form to be forwarded to all registered Warrantholders. Exercise Forms and Confirmations must be delivered to the Warrant Agent at any time during the Warrant Agent’s actual business hours on any Business Day prior to the Expiry Time. Any Exercise Form or Confirmations received by the Warrant Agent after business hours on any Business Day other than the Expiry Date will be deemed to have been received by the Warrant Agent on the next following Business Day. Any Warrant with respect to which a Confirmation or Exercise Form is not received by the Warrant Agent before the Expiry Time shall be deemed to have expired and become void and all rights with respect to such Warrants shall terminate and be cancelled.

Method of Exercise of Warrants. (1) The registered holder of any Warrant may exercise the rights thereby conferred on him to acquire all or any part of the Warrant Shares Subject Securities to which such Warrant entitles the holder, by surrendering the Warrant Certificate representing such Warrants to the Warrant Agent at any time prior to on or before the Time of Expiry at its principal office stock transfer offices in the City cities of Toronto, Ontario or Vancouver, British Columbia (or at such additional place or places as may be decided by the Company from time to time with the approval of the Warrant Agent), with (i) a duly completed and executed exercise form (the “Exercise Form”) subscription of the registered holder or his executors, or administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, substantially in the form endorsed on the Warrant Certificate as set out in Schedule “B”, A” attached hereto specifying the number of Warrant Common Shares subscribed for together with for; and (ii) a certified cheque, bank draft or money order in lawful money of Canada, payable to or to the order of the Company in an amount equal to the Exercise Price multiplied by the number of Warrant Shares Subject Securities subscribed for. A Warrant Certificate with the duly completed and executed Exercise Form subscription and payment of the Exercise Price shall be deemed to be surrendered only upon personal delivery thereof to or, if sent by mail or other means of transmission, upon actual receipt thereof by the Warrant Agent. (2) The Exercise Form Any subscription referred to in subsection 3.1(1) shall be signed by the Warrantholder, or his executors, or administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, shall specify the person(s) in whose name such Warrant Shares Subject Securities are to be issued, the address(es) of such person(s) and the number of Warrant Shares Subject Securities to be issued to each person, if more than one is so specified. If any of the Warrant Shares Subject Securities subscribed for are to be issued to (a) a person(s) other than the Warrantholder, the signatures set out in the Exercise Form subscription referred to in subsection 3.1(1) shall be guaranteed by a Canadian Schedule I chartered bank bank, a Canadian trust company or by a medallion signature guarantee guaranteed from a member of a recognized Signature Medallion Guarantee Program and (b) the Warrantholder shall pay to the Company or the Warrant Agent all applicable transfer or similar taxes and the Company shall not be required to issue or deliver certificates evidencing Warrant Shares Subject Securities unless or until such Warrantholder shall have paid to the Company or the Warrant Agent on behalf of the Company the amount of such tax or shall have established to the reasonable satisfaction of the Company that such tax has been paid or that no tax is due. (3) If, at the time of exercise of the Warrants, in accordance with the provisions of subsections 4.1(1) or 4.1(4subsection 3.1(1), there are any trading restrictions on the Warrant Shares Subject Securities pursuant to Securities Laws applicable securities legislation or stock exchange requirements, the Company shall, on the advice of counsel, endorse any certificates or book-entry positions representing the Warrant Shares Subject Securities to such effect. The Warrant Agent is entitled to assume compliance with all Securities Laws applicable securities legislation unless otherwise notified in writing by the Company. (4) A Beneficial Owner of Uncertificated Warrant evidenced by a security entitlement in respect of Warrants in the Book-Based System who desires to exercise his Uncertificated Warrants, must do so by causing a CDS Participant to deliver to CDS (at its office in the City of Toronto), on behalf of the Beneficial Owner at any time prior to the Time of Expiry, a written notice of the Beneficial Owner’s intention to exercise Warrants (the “Exercise Notice”) in a manner acceptable to CDS. Forthwith upon receipt by CDS of such notice, as well as payment for the aggregate Exercise Price, CDS shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants (the “Confirmation”) in a manner acceptable to the Warrant Agent, including by electronic means through the Book-Based System. The Beneficial Owner will initiate the electronic exercise through the Book-Based System, by way of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Beneficial Owner is entitled pursuant to the exercise. Any expense associated with the preparation and delivery of Exercise Notices will be for the account of the Beneficial Owner exercising the Warrants and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the entitlement holder exercising the Warrants and/or the CDS Participant exercising the Warrants on its behalf. By causing a CDS Participant to deliver notice to CDS, a Beneficial Owner shall be deemed to have irrevocably surrendered his Warrants so exercised and appointed such CDS Participant to act as his or her exclusive settlement agent with respect to the exercise and the receipt of Warrant Shares in connection with the obligations arising from such exercise. Any notice which CDS determines to be incomplete, not in proper form or not duly executed shall for all purposes be void and of no effect and the exercise to which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a CDS Participant to exercise or to give effect to the settlement thereof in accordance with the Beneficial Owner’s instructions will not give rise to any obligations or liability on the part of the Company or Warrant Agent to the CDS Participant or the Beneficial Owner. If the Exercise Form set forth in the Warrant Certificate shall have been amended, the Company shall cause the amended Exercise Form to be forwarded to all registered Warrantholders. Exercise Forms and Confirmations must be delivered to the Warrant Agent at any time during the Warrant Agent’s actual business hours on any Business Day prior to the Expiry Time. Any Exercise Form or Confirmations received by the Warrant Agent after business hours on any Business Day other than the Expiry Date will be deemed to have been received by the Warrant Agent on the next following Business Day. Any Warrant with respect to which a Confirmation or Exercise Form is not received by the Warrant Agent before the Expiry Time shall be deemed to have expired and become void and all rights with respect to such Warrants shall terminate and be cancelled.

Method of Exercise of Warrants. (1a) The registered Subject to Section 3.9, the holder of any Warrant may exercise the rights right evidenced thereby conferred on him such holder to acquire all or any part Common Shares by surrendering, prior to the Time of Expiry, to the Trustee at a Warrant Shares to which such Warrant entitles the holder, by surrendering Agency: (i) the Warrant Certificate representing such Warrants to the Warrant Agent at any time prior to the Time of Expiry at its principal office in the City of Vancouver, British Columbia (or at such additional place or places as may be decided by the Company from time to time with the approval of the Warrant Agent)Warrant, with a duly completed and executed exercise form (the “Exercise Form”) of the registered holder or his executors, administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory attached to the Warrant Agent, substantially in the form endorsed on the Warrant Certificate as Schedule “B”, specifying the number of Warrant Shares subscribed for together with Certificate; and (ii) a certified cheque, cheque or bank draft or money order in lawful money of Canada, payable to or to the order of the Company Corporation (or payment in an such other form as the Trustee may accept), in the amount equal to of the aggregate Exercise Price multiplied by the number of Warrant Shares subscribed forsuch Warrants being exercised. A Warrant Certificate with the duly completed and executed Exercise Form and payment of the Exercise Price exercise form referred to in this subsection 3.1(a) shall be deemed to be surrendered only upon personal delivery thereof to or, if sent by mail or other means of transmission, upon actual receipt thereof at, in each case, a Warrant Agency or such other place or places that may be designated by the Corporation with the approval of the Trustee, provided that such Warrant AgentCertificate is accompanied by the requisite payment of the aggregate Exercise Price for the Warrants represented thereby that are being exercised. (2b) The Exercise Form Any exercise form referred to in subsection 3.1(a) shall be signed by the Warrantholder, Warrantholder or his executors, or administrators or other legal representative representatives or his attorney duly appointed by an instrument in writing in (such persons being obligated to provide the form and manner Trustee at the Warrant Agency with proof satisfactory to the Trustee of his or her authority to act on behalf of the Warrantholder) and shall specify: (i) the number of Common Shares which the holder wishes to acquire (being not more than those which the holder is entitled to acquire pursuant to the Warrant Agent, shall specify Certificate(s) surrendered); (ii) the person(s) person or persons in whose name or names such Warrant Common Shares are to be issued, and if such persons are individuals, the address(esrelevant social insurance numbers; (iii) the address or addresses of such person(sperson or persons; (iv) and the number of Warrant Common Shares to be issued to each person, such person if more than one is so specified; and (v) that the Warrantholder represents, warrants and certifies as set forth in one of box A, box B or box C of the exercise form. If any of the Warrant Common Shares subscribed for are to be issued to (a) person(s) a person or persons other than the Warrantholder, the signatures set out in the Exercise Form shall be guaranteed by a Canadian Schedule I chartered bank or a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program and (b) the Warrantholder shall pay to the Company Corporation or the Warrant Agent Trustee on behalf of the Corporation, all applicable transfer or similar taxes and the Company Corporation shall not be required to issue or deliver certificates evidencing Warrant Common Shares unless or until such Warrantholder shall have paid to the Company Corporation, or the Warrant Agent Trustee on behalf of the Company Corporation, the amount of such tax or shall have established to the reasonable satisfaction of the Company Corporation that such tax has been paid or that no tax none is due. (3c) If, at the time of exercise of the Warrants, in accordance with the provisions of subsections 4.1(1) or 4.1(4), there are any trading restrictions on the Warrant Shares pursuant to Securities Laws or stock exchange requirements, the Company shall, on the advice of counsel, endorse any certificates or book-entry positions representing the Warrant Shares to such effect. The Warrant Agent is entitled to assume compliance with all Securities Laws unless otherwise notified in writing by the Company. (4) A Beneficial Owner of Uncertificated Warrant evidenced by a security entitlement in respect of Warrants in the Book-Based System who desires to exercise his Uncertificated Warrants, must do so by causing a CDS Participant to deliver to CDS (at its office in the City of Toronto), on behalf of the Beneficial Owner at any time prior to the Time of Expiry, a written notice of the Beneficial Owner’s intention to exercise Warrants (the “Exercise Notice”) in a manner acceptable to CDS. Forthwith upon receipt by CDS of such notice, as well as payment for the aggregate Exercise Price, CDS shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants (the “Confirmation”) in a manner acceptable to the Warrant Agent, including by electronic means through the Book-Based System. The Beneficial Owner will initiate the electronic exercise through the Book-Based System, by way of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Beneficial Owner is entitled pursuant to the exercise. Any expense associated with the preparation and delivery of Exercise Notices will be for the account of the Beneficial Owner exercising the Warrants and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the entitlement holder exercising the Warrants and/or the CDS Participant exercising the Warrants on its behalf. By causing a CDS Participant to deliver notice to CDS, a Beneficial Owner shall be deemed to have irrevocably surrendered his Warrants so exercised and appointed such CDS Participant to act as his or her exclusive settlement agent with respect to the exercise and the receipt of Warrant Shares in In connection with the obligations arising from exchange of Warrant Certificates and exercise of Warrants and compliance with such exercise. Any notice other terms and conditions hereof as may be required, the Corporation has appointed the principal office of the Trustee in each of Calgary and Toronto as an agency at which CDS determines to Warrant Certificates may be incomplete, not in proper form surrendered for exchange or not duly executed shall for all purposes at which Warrants may be void and of no effect exercised and the exercise to which it relates Trustee has accepted such appointment. The Corporation shall be considered for all purposes not to have been exercised thereby. A failure by a CDS Participant to exercise or to give effect notice to the settlement thereof in accordance with the Beneficial Owner’s instructions will not give rise to Trustee of any obligations or liability on the part change of the Company or Warrant Agent to the CDS Participant or the Beneficial Owner. If the Exercise Form set forth in the Warrant Certificate shall have been amended, the Company shall cause the amended Exercise Form to be forwarded to all registered Warrantholders. Exercise Forms and Confirmations must be delivered to the Warrant Agent at any time during the Warrant Agent’s actual business hours on any Business Day prior to the Expiry Time. Any Exercise Form or Confirmations received by the Warrant Agent after business hours on any Business Day other than the Expiry Date will be deemed to have been received by the Warrant Agent on the next following Business Day. Any Warrant with respect to which a Confirmation or Exercise Form is not received by the Warrant Agent before the Expiry Time shall be deemed to have expired and become void and all rights with respect to such Warrants shall terminate and be cancelledAgency.

Method of Exercise of Warrants. (1) The registered holder Subject always to the provisions of this Article 3 and compliance by both the Corporation and the Holder with applicable law, the Holder of any Warrant may exercise the rights right thereby conferred on him or her to acquire all or any part one Share (subject to adjustment pursuant to Article 4) in respect of the each Warrant Shares to which such Warrant entitles the holder, held by surrendering the Warrant Certificate representing such Warrants to the Warrant Agent at any time prior to the Time of Expiry at its principal office in Warrant Agency the City of VancouverWarrant Certificate(s) held by him or her, British Columbia together with (or at such additional place or places as may be decided by i) the Company from time to time with the approval exercise form forming part of the Warrant Agent), with a duly completed and executed exercise form Certificate (the “Exercise Form”) of duly completed and executed by the registered holder Holder or his or her executors, administrators or other legal representative representatives or his or her or their attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, substantially in the form endorsed on the Warrant Certificate as Schedule “B”, specifying the number of Warrant Shares subscribed for together with acting reasonably; and (ii) a certified cheque, bank draft or money order in lawful money of Canada, payable to or to the order of the Company Corporation in an amount equal to $11.50 per Share (the “Exercise Price Price”) multiplied by the number of Warrant Shares subscribed forfor pursuant to such Exercise Form. A Warrant Certificate with the duly completed and executed Exercise Form and payment of the applicable Exercise Price shall be deemed to be surrendered only upon personal delivery thereof to or, if sent by mail or other means of transmission, upon actual receipt thereof by by, the Warrant AgentAgent at the Warrant Agency. (2) The Exercise Form shall be signed by executed as set out in Section 3.2(1) and shall specify the Warrantholder, number of Shares which the Holder wishes to acquire (being not more than that number which he or his executors, or administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory she is entitled to acquire pursuant to the Warrant Agent, Certificate(s) so surrendered). Such Shares shall specify the person(s) in whose name such Warrant Shares are to be issued, the address(es) of such person(s) and the number of Warrant Shares to be issued to each person, if more than one is so specified. If any in the name of the Warrant Shares subscribed for are to be issued to (a) person(s) other than the Warrantholder, the signatures set out in the Exercise Form shall be guaranteed by a Canadian Schedule I chartered bank or a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program and (b) the Warrantholder shall pay to the Company or the Warrant Agent all applicable transfer or similar taxes and the Company shall not be required to issue or deliver certificates evidencing Warrant Shares unless or until such Warrantholder shall have paid to the Company or the Warrant Agent on behalf of the Company the amount of such tax or shall have established to the reasonable satisfaction of the Company that such tax has been paid or that no tax is dueHolder. (3) IfAt the election of the Holder, at the time Warrants may be exercised on a cashless basis. If so elected, such Holder may, in lieu of making a cash payment on exercise, surrender his or her Warrants and receive that number of Shares equivalent to the quotient obtained by multiplying (A) the number of Shares for which the Warrants would be exercised by (B) the difference between (i) the VWAP for the 20 Trading Days immediately prior to (but not including) the date of exercise of the Warrants and (ii) the Exercise Price, and dividing such product by the VWAP for the 20 Trading Days immediately prior to (but not including) the date of exercise. Upon receiving notice from the Warrant Agent of receipt by the Warrant Agent of an Exercise Form indicating an election for cashless exercise, the Corporation shall provide the Warrant Agent with calculations in writing confirming the number of Shares to be issued in exchange for such Warrants, . (4) In the event that a Holder has not exercised his or her Warrants in accordance with the provisions hereof prior to the Expiry Time, all Warrants then held by such Holder shall expire and be of subsections 4.1(1) or 4.1(4), there are any trading restrictions on no further force and effect as at the Warrant Shares pursuant to Securities Laws or stock exchange requirements, the Company shall, on the advice of counsel, endorse any certificates or book-entry positions representing the Warrant Shares to such effect. The Warrant Agent is entitled to assume compliance with all Securities Laws unless otherwise notified in writing by the CompanyExpiry Time. (45) If the principal transfer office of the Warrant Agent in the city where the Warrant Agency is situate is for any reason not available to act in connection with the exchange of Warrant Certificates or exercise of Warrants as contemplated by this Agreement, the Corporation and the Warrant Agent shall arrange for another office in such city to act in connection with the exchange of Warrant Certificates and exercise of Warrants and shall give notice of the change of such office to the Holders. (6) A Beneficial Owner beneficial owner of Uncertificated Warrant Warrants evidenced by a security entitlement in respect of Warrants in the Book-Based System book entry registration system who desires to exercise his Uncertificated Warrants, or her Warrants must do so by causing a CDS Book Entry Participant to deliver to CDS (at its office in the City of Toronto), Depository on behalf of the Beneficial Owner at any time prior to the Time of Expiryentitlement holder, a written notice of the Beneficial Ownerowner’s intention to exercise Warrants (the “Exercise Notice”) in a manner acceptable to CDSthe Depository. Forthwith upon receipt by CDS the Depository of such notice, as well as payment for of the aggregate Exercise PricePrice (unless such Book Entry Participant elects to exercise his or her Uncertificated Warrants on a cashless basis in accordance with Section 3.2(3), CDS which election shall be indicated in such notice delivered to the Depository), the Depository shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants (the “Confirmation”) in a manner acceptable to the Warrant Agent, including by electronic means through the Book-Based Systembook entry registration system. Such Confirmation from the Depository to the Warrant Agent shall electronically confirm that the beneficial holder of Uncertificated Warrants at the time of exercise of the Uncertificated Warrants: (a) is not in the United States; and (b) is not a U.S. Person and is not exercising the Uncertificated Warrants on behalf of a U.S. Person or a person in the United States. The Beneficial Owner Confirmation shall also indicate an election to exercise on a cashless basis, if applicable. If the Depository (i) is not able to make or deliver the foregoing Confirmation to the Warrant Agent or (ii) the beneficial owner of the Uncertificated Warrants is in the United States or exercising for the account or benefit of a U.S. Person, including without limitation Qualified Institutional Buyers that acquired Warrants in the Offering, such Uncertificated Warrants shall be removed from the book entry registration system, and an individually registered Warrant Certificate shall be issued to such beneficial holder, and the exercise procedures set forth in Section 3.2(1) shall be followed. (7) Payment representing the Exercise Price must be provided to the appropriate office of the Book Entry Participant in a manner acceptable to it. A notice in form acceptable to the Book Entry Participant and payment from such beneficial holder should be provided to the Book Entry Participant sufficiently in advance so as to permit the Book Entry Participant to deliver notice and payment to the Depository and for the Depository in turn to deliver notice and payment to the Warrant Agent prior to Expiry Time. The Depository will initiate the electronic exercise through the Book-Based System, by way of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent Agent, and the Warrant Agent will execute the exercise by issuing to CDS the Depository through the Book-Based System book entry registration system the Warrant Shares to which the exercising Beneficial Owner is entitled pursuant to the exercise. Any expense associated with the preparation and delivery of Exercise Notices will be for the account of the Beneficial Owner exercising the Warrants and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Warrantholder Holder is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the entitlement holder exercising the Warrants and/or the CDS Book Entry Participant exercising the Warrants on its behalf. By causing a CDS Participant to deliver notice to CDS, a Beneficial Owner shall be deemed to have irrevocably surrendered his Warrants so exercised and appointed such CDS Participant to act as his or her exclusive settlement agent with respect to the exercise and the receipt of Warrant Shares in connection with the obligations arising from such exercise. Any notice which CDS determines to be incomplete, not in proper form or not duly executed shall for all purposes be void and of no effect and the exercise to which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a CDS Book Entry Participant to exercise or to give effect to the settlement thereof in accordance with the Beneficial Owner’s instructions will not give rise to any obligations or liability on the part of the Company Corporation or Warrant Agent to the CDS Book Entry Participant or the Beneficial Owner. If the Exercise Form set forth in the Warrant Certificate shall have been amended, the Company shall cause the amended Exercise Form . (8) By causing a Book Entry Participant to be forwarded to all registered Warrantholders. Exercise Forms and Confirmations must be delivered deliver notice to the Warrant Agent at any time during the Warrant Agent’s actual business hours on any Business Day prior to the Expiry Time. Any Exercise Form or Confirmations received by the Warrant Agent after business hours on any Business Day other than the Expiry Date will be deemed to have been received by the Warrant Agent on the next following Business Day. Any Warrant with respect to which Depository, a Confirmation or Exercise Form is not received by the Warrant Agent before the Expiry Time holder shall be deemed to have expired irrevocably surrendered his, her or its Warrants so exercised and become void and all rights appointed such Book Entry Participant to act as his, her or its exclusive settlement agent with respect to the exercise and the receipt of Shares in connection with the obligations arising from such Warrants shall terminate and be cancelledexercise.

Method of Exercise of Warrants. (1) The registered holder Subject always to the provisions of this Article 3 and compliance by both the Corporation and the Holder with applicable law, the Holder of any Warrant may exercise the rights right thereby conferred on him to acquire all or any part one Common Share (subject to adjustment pursuant to Article 4) in respect of the each Warrant Shares to which such Warrant entitles the holder, held by surrendering the Warrant Certificate representing such Warrants to the Warrant Agent at any time prior to the Time of Expiry at its principal office in Warrant Agency the City of VancouverWarrant Certificate(s) held by him, British Columbia together with (or at such additional place or places as may be decided by i) the Company from time to time with the approval exercise form forming part of the Warrant Agent), with a duly completed and executed exercise form Certificate (the “Exercise Form”) of duly completed and executed by the registered holder Holder or his executors, administrators or other legal representative representatives or his or their attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, substantially in the form endorsed on the Warrant Certificate as Schedule “B”, specifying the number of Warrant Shares subscribed for together with acting reasonably; and (ii) a certified cheque, bank draft or money order in lawful money of Canada, payable to or to the order of the Company Corporation in an amount equal to $1.40 per Common Share (the “Exercise Price Price”) multiplied by the number of Warrant Common Shares subscribed forfor pursuant to such Exercise Form. A Warrant Certificate with the duly completed and executed Exercise Form and payment of the applicable Exercise Price shall be deemed to be surrendered only upon personal delivery thereof to or, if sent by mail or other means of transmission, upon actual receipt thereof by by, the Warrant AgentAgent at the Warrant Agency. (2) The Exercise Form shall be signed by executed as set out in subsection 3.2(1) and shall specify the Warrantholder, or his executors, or administrators or other legal representative or his attorney duly appointed by an instrument in writing in number of Common Shares which the form and manner satisfactory Holder wishes to acquire (being not more than that number which he is entitled to acquire pursuant to the Warrant Agent, Certificate(s) so surrendered). Such Common Shares shall specify the person(s) in whose name such Warrant Shares are to be issued, the address(es) of such person(s) and the number of Warrant Shares to be issued to each person, if more than one is so specified. If any in the name of the Warrant Shares subscribed for are to be issued to (a) person(s) other than the Warrantholder, the signatures set out in the Exercise Form shall be guaranteed by a Canadian Schedule I chartered bank or a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program and (b) the Warrantholder shall pay to the Company or the Warrant Agent all applicable transfer or similar taxes and the Company shall not be required to issue or deliver certificates evidencing Warrant Shares unless or until such Warrantholder shall have paid to the Company or the Warrant Agent on behalf of the Company the amount of such tax or shall have established to the reasonable satisfaction of the Company that such tax has been paid or that no tax is dueHolder. (3) If, at In the time of exercise of the Warrants, event that a Holder has not exercised his Warrants in accordance with the provisions hereof prior to the Expiry Time, all Warrants then held by such Holder shall expire and be of subsections 4.1(1) or 4.1(4), there are any trading restrictions on no further force and effect as at the Warrant Shares pursuant to Securities Laws or stock exchange requirements, the Company shall, on the advice of counsel, endorse any certificates or book-entry positions representing the Warrant Shares to such effect. The Warrant Agent is entitled to assume compliance with all Securities Laws unless otherwise notified in writing by the CompanyExpiry Time. (4) If the principal transfer office of the Warrant Agent in the city where the Warrant Agency is situate is for any reason not available to act in connection with the exchange of Warrant Certificates or exercise of Warrants as contemplated by this Indenture, the Corporation and the Warrant Agent shall arrange for another office in such city to act in connection with the exchange of Warrant Certificates and exercise of Warrants and shall give notice of the change of such office to the Holders. (5) A Beneficial Owner of Uncertificated Warrant who desires to exercise his or her non-certificated Warrants evidenced by a security entitlement in respect of Warrants in the Booka book-Based System who desires to exercise his Uncertificated Warrants, based securities registration system must do so by causing arranging through a CDS Participant to deliver to CDS (at its office in the City of Toronto), on behalf of the Beneficial Owner at any time prior to the Time of Expiry, a written notice of the Beneficial Owner’s intention to exercise Warrants (the “Exercise Notice”) in a manner acceptable to CDS. Forthwith upon receipt by CDS of such notice, as well as payment for the aggregate Exercise Price, CDS shall deliver to the Warrant Agent confirmation issuance of its intention to exercise Warrants (the “Confirmation”) in a manner acceptable to the Warrant Agent, including by electronic means through the Book-Based System. The Beneficial Owner will initiate the electronic exercise through the Book-Based System, by way of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Beneficial Owner is entitled pursuant to the exercise. Any expense associated with the preparation and delivery of Exercise Notices will be for the account of the Beneficial Owner exercising the Warrants and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the entitlement holder exercising the Warrants and/or the CDS Participant exercising the Warrants on its behalf. By causing a CDS Participant to deliver notice to CDS, a Beneficial Owner shall be deemed to have irrevocably surrendered his Warrants so exercised and appointed such CDS Participant to act as his or her exclusive settlement agent with respect to the exercise and the receipt of Warrant Shares in connection with the obligations arising from such exercise. Any notice which CDS determines to be incomplete, not in proper form or not duly executed shall for all purposes be void and of no effect and the exercise to which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a CDS Participant to exercise or to give effect to the settlement thereof in accordance with the Beneficial Owner’s instructions will not give rise to any obligations or liability on the part of the Company or Warrant Agent to the CDS Participant or the Beneficial Owner. If the Exercise Form set forth in the physical Warrant Certificate shall have been amended, the Company shall cause the amended and/or Exercise Form to be forwarded to all registered Warrantholders. Exercise Forms completed and Confirmations must be delivered to the Warrant Agent at any time during together with such other documentation as the Warrant Agent’s actual business hours on any Business Day prior to the Expiry Time. Any Exercise Form Company or Confirmations received by the Warrant Agent after business hours on any Business Day other than may reasonably require, specifying the Expiry Date will be deemed number of Common Shares subscribed for together with a certified cheque, bank draft or money order in lawful money of Canada payable to have been received or to the order of the Company at par in Toronto, Ontario in an amount equal to the Exercise Price multiplied by the Warrant Agent on the next following Business Day. Any Warrant with respect to which a Confirmation or Exercise Form is not received by the Warrant Agent before the Expiry Time shall be deemed to have expired and become void and all rights with respect to such Warrants shall terminate and be cancellednumber of Common Shares being purchased.

Method of Exercise of Warrants. (1) The registered Subject to and upon compliance with the provisions of this Article Three, the holder of any Warrant Certificate may exercise the rights thereby conferred on him to acquire all or any part right of the Warrant Shares to which such Warrant entitles the holder, purchase therein provided for by surrendering the Warrant Certificate representing such Warrants to the Warrant Agent at any time its principal transfer offices in Toronto, Ontario during normal business hours on a Business Day prior to the Time of Warrant Expiry at its principal office in the City of VancouverTime, British Columbia (or at such additional place or places as may be decided by the Company from time to time together with the approval Warrant exercise form attached to and forming part of the Warrant Agent), with a Certificate duly completed and executed exercise form (by the “Exercise Form”) of the registered holder or his executors, administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, substantially in the form endorsed on the Warrant Certificate as Schedule “B”, specifying the number of Warrant Common Shares subscribed for together with a certified cheque, bank draft or money order in lawful money of Canada, payable which the holder desires to or to the order of the Company in an amount equal to the Exercise Price multiplied by the number of Warrant Shares subscribed for. A Warrant Certificate with the duly completed and executed Exercise Form and payment of the Exercise Price shall be deemed to be surrendered only upon personal delivery thereof to or, if sent by mail or other means of transmission, upon actual receipt thereof by the Warrant Agent. (2) The Exercise Form shall be signed by the Warrantholder, or his executors, or administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, shall specify the person(s) in whose name such Warrant Shares are to be issued, the address(es) of such person(s) purchase and the number of Warrant Shares to be issued to each person, if more than one is so specified. If any of the Warrant Shares subscribed for are to be issued to (a) person(s) other than the Warrantholder, the signatures set out in the Exercise Form shall be guaranteed by a Canadian Schedule I chartered bank or a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program and (b) the Warrantholder shall pay to the Company or the Warrant Agent all Subscription Price applicable transfer or similar taxes and the Company shall not be required to issue or deliver certificates evidencing Warrant Shares unless or until such Warrantholder shall have paid to the Company or the Warrant Agent on behalf of the Company the amount of such tax or shall have established to the reasonable satisfaction of the Company that such tax has been paid or that no tax is due. (3) If, at the time of exercise of the Warrants, surrender calculated in accordance with the provisions of subsections 4.1(1this Indenture. (2) Notwithstanding any provision to the contrary contained in this Indenture, if any Common Shares issuable upon the exercise of Warrants require the maintenance of an effective Registration Statement, with respect to such Common Shares under the U.S. Securities Act, in no event shall such Common Shares be issued unless the Common Shares are registered under the U.S. Securities Act pursuant to an effective Registration Statement and the Corporation causes to be delivered to the holder a U.S. Prospectus; provided however, that if the Registration Statement ceases to be effective, prior to the Expiry Time and for so long as the Registration Statement is not effective, subject to applicable law, a holder of any Warrant may, at its option: (a) exercise such Warrants, if the holder is not a U.S. Purchaser and the holder delivers a duly completed and executed Warrant Exercise Certification certifying that the holder: (A)(1) is not in the United States; (2) is not a U.S. Person and is not exercising the Warrants for, or 4.1(4)on behalf or benefit of, there are any trading restrictions on a U.S. Person or person in the United States; (3) did not execute or deliver the Warrant Exercise Form in the United States; (4) agrees not to engage in hedging transactions with regard to the Securities prior to the expiration of the six month distribution compliance period set forth in Rule 903(b)(3) of Regulation S; (5) acknowledges that the Common Shares issuable upon exercise of the Warrants are “restricted securities” as defined in Rule 144 of the U.S. Securities Act and upon the issuance thereof, and until such time as the same is no longer required under the applicable requirements of the U.S. Securities Act or applicable U.S. state laws and regulations, the certificates representing the Common Shares will bear a restrictive legend; and (6) acknowledges that the Corporation shall refuse to register any transfer of the Securities not made in accordance with the provisions of Regulation S, pursuant to registration under the U.S. Securities Laws Act, or stock exchange requirementspursuant to an available exemption from registration under the U.S. Securities Act; and (B) neither the Corporation nor the holder has engaged in any “directed selling efforts” (as defined in Regulation S) in the United States; or (b) exercise such Warrants in a transaction that does not require registration under the U.S. Securities Act or any applicable U.S. state laws and regulations and the holder has (A) delivered a duly completed and executed Warrant Exercise Certification certifying that the holder is exercising the Warrants pursuant to such exemptions and (B) furnished to the Corporation, prior to such exercise, an opinion of counsel of recognized standing in form and substance satisfactory to the Company shall, on the advice of counsel, endorse any certificates or book-entry positions representing the Warrant Shares Corporation to such effect. (3) Unless the Warrant is exercised pursuant to an effective Registration Statement or under the conditions set forth in Section 3.02(a), the certificate representing the Common Shares issued upon exercise of the Warrant will bear legends restricting the transfer without registration under the U.S. Securities Act and applicable state securities laws and restricting transfer under the TSX-V, substantially in the form set forth below: THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY (I) TO THE COMPANY, (II) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (III) IN COMPLIANCE WITH THE EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER, OR (IV) IN COMPLIANCE WITH ANOTHER EXEMPTION FROM REGISTRATION, IN EACH CASE AFTER PROVIDING A LEGAL OPINION OR OTHER EVIDENCE SATISFACTORY TO THE COMPANY THAT SUCH TRANSFER MAY BE MADE WITHOUT REGISTRATION UNDER THE SECURITIES ACT. The Warrant Agent is entitled to assume compliance with all Securities Laws unless otherwise notified in writing by the Company.HEDGING TRANSACTIONS INVOLVING THE SECURITIES REPRESENTED HEREBY MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH U.S. SECURITIES LAWS. THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE LISTED ON THE TSX VENTURE EXCHANGE (“TSX-V”); HOWEVER, THE SAID SECURITIES CANNOT BE TRADED THROUGH THE FACILITIES OF TSX-V SINCE THEY ARE NOT FREELY TRANSFERABLE, AND CONSEQUENTLY ANY CERTIFICATE REPRESENTING SUCH SECURITIES IS NOT “GOOD DELIVERY” IN SETTLMENT OF TRANSACTIONS ON TSX-V. (4) A Beneficial Owner of Uncertificated Warrant evidenced by a security entitlement in respect If any Common Shares issuable upon the exercise of Warrants require the maintenance of a current Registration Statement, with respect to such Common Shares under the U.S. Securities Act, the Corporation shall have the authority to suspend the exercise of any or all Warrants while such registration statement is not current. Similarly, a Holder residing in a state where a required registration or governmental approval of issuance of the Common Shares is not in effect as of or has not been obtained within a reasonable time after the surrender date of the Warrant Certificate for exercise shall not be entitled to exercise Warrants, unless in the Book-Based System who desires opinion of counsel to exercise his Uncertificated Warrantsthe Corporation such registration or approval in such state shall not be required or the Corporation otherwise authorizes the issuance. In such event, must do so by causing a CDS Participant the Warrant Holder shall be entitled to deliver transfer the Warrants to CDS (at its office in others, but only prior to the City of Toronto), on behalf of Expiration Date for the Beneficial Owner Warrants being transferred. If no Registration Statement is effective at any time prior to the Time of Expirywhen any Warrant is exercised, a written notice of the Beneficial Owner’s intention to exercise Warrants (the “Exercise Notice”) in a manner acceptable to CDS. Forthwith upon receipt such Warrantholder shall be notified forthwith by CDS of such notice, as well as payment for the aggregate Exercise Price, CDS shall deliver to the Warrant Agent confirmation of its intention that such Warrantholder is entitled, at his or her option, to exercise Warrants (the “Confirmation”) in a manner acceptable to the Warrant Agent, including by electronic means through only in accordance with the Book-Based System. The Beneficial Owner will initiate the electronic exercise through the Book-Based System, by way conditions set forth in Sections 3.01(2)(a)-(b) and upon delivery of the Confirmation and forward the aggregate a Warrant Exercise Price electronically Certification to the Warrant Agent and the Warrant Agent will execute Corporation. (5) Notwithstanding that the Corporation may not have maintained a current Registration Statement in respect of Common Shares under the U.S. Securities Act, no Warrantholder (whether a U.S. Purchaser or otherwise) shall have any right to receive, and the Corporation shall be under no obligation to pay to any Warrantholder (whether a U.S. Purchaser or otherwise), any cash amount or other consideration or compensation upon exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Beneficial Owner is entitled pursuant to the exercise. Any expense associated with the preparation and delivery of Exercise Notices will be for the account of the Beneficial Owner exercising Warrants, other than as expressly provided by this Indenture, and the Corporation shall not be under any obligation to redeem or otherwise purchase any Warrants and in any circumstance; provided, however, that nothing in this clause shall limit or restrict any remedies of the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising or any Warrantholder is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account or Warrantholders in respect of the entitlement holder exercising the Warrants and/or the CDS Participant exercising the Warrants on its behalf. By causing a CDS Participant to deliver notice to CDS, a Beneficial Owner shall be deemed to have irrevocably surrendered his Warrants so exercised and appointed such CDS Participant to act as his or her exclusive settlement agent with respect to the exercise and the receipt of Warrant Shares in connection with the obligations arising from such exercise. Any notice which CDS determines to be incomplete, not in proper form or not duly executed shall for all purposes be void and of no effect and the exercise to which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a CDS Participant to exercise or to give effect to the settlement thereof in accordance with the Beneficial Owner’s instructions will not give rise to any obligations or liability on the part of the Company or Warrant Agent to the CDS Participant or the Beneficial Owner. If the Exercise Form set forth in the Warrant Certificate shall have been amended, the Company shall cause the amended Exercise Form to be forwarded to all registered Warrantholders. Exercise Forms and Confirmations must be delivered to the Warrant Agent at any time during the Warrant Agent’s actual business hours on any Business Day prior to the Expiry Time. Any Exercise Form or Confirmations received breach by the Warrant Agent after business hours on any Business Day other than the Expiry Date will be deemed to have been received by the Warrant Agent on the next following Business Day. Any Warrant with respect to which Corporation of a Confirmation representation, warranty or Exercise Form is not received by the Warrant Agent before the Expiry Time shall be deemed to have expired and become void and all rights with respect to such Warrants shall terminate and be cancelledcovenant hereunder.

Method of Exercise of Warrants. (1) The registered holder of any Warrant may exercise the rights thereby conferred on him to acquire all or any part of the Warrant Shares to which such Warrant entitles the holder, by surrendering the Warrant Certificate representing such Warrants to the Warrant Agent at any time prior to the Time of Expiry at its principal office stock transfer offices in the City of VancouverCalgary, British Columbia Alberta (or at such additional place or places as may be decided by the Company from time to time with the approval of the Warrant Agent), with a duly completed and executed exercise form (the “Exercise Form”) of the registered holder or his executors, administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, substantially in the form endorsed on the Warrant Certificate as Schedule “B”, specifying the number of Warrant Shares subscribed for together with a certified cheque, bank draft or money order in lawful money of Canada, payable to or to the order of the Company in an amount equal to the Exercise Price multiplied by the number of Warrant Shares subscribed for. A Warrant Certificate with the duly completed and executed Exercise Form exercise form and payment of the Exercise Price shall be deemed to be surrendered only upon personal delivery thereof to or, if sent by mail or other means of transmission, upon actual receipt thereof by the Warrant Agent. (2) The Exercise Form Any exercise form referred to in Section 3.1(1) shall be signed by the Warrantholder, or his executors, or administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, but such exercise form need not be executed by CDS. Such exercise form shall specify the person(s) in whose name such Warrant Shares are to be issued, the address(es) of such person(s) and the number of Warrant Shares to be issued to each person, if more than one is so specified. If any of the Warrant Shares subscribed for are to be issued to (a) person(s) other than the Warrantholder, the Warrantholder shall also complete the transfer form, substantially in the form endorsed on the Warrant Certificate. The signatures set out in the Exercise Form exercise form referred to in Section 3.1(1) and the signatures set out in the transfer form shall be guaranteed by a Canadian Schedule I 1 chartered bank or a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program and (b) the Warrantholder shall pay to the Company or the Warrant Agent all applicable transfer or similar taxes and the Company shall not be required to issue or deliver certificates evidencing Warrant Shares unless or until such Warrantholder shall have paid to the Company or the Warrant Agent on behalf of the Company the amount of such tax or shall have established to the reasonable satisfaction of the Company that such tax has been paid or that no tax is due. (3) If, at the time of exercise of the Warrants, in accordance with the provisions of subsections 4.1(1) or 4.1(4Section 3.1(1), there are any trading restrictions on the Warrant Shares pursuant to applicable Securities Laws or stock exchange requirements, the Company shall, on the advice of counsel, endorse any certificates or book-entry positions representing the Warrant Shares to such effect. The Warrant Agent is entitled to assume compliance with all applicable Securities Laws unless otherwise notified in writing by the Company. (4) A Beneficial Owner of Uncertificated Warrant evidenced by a security entitlement in respect of Warrants in the Book-Based System who desires to exercise his his, her or its Uncertificated Warrants, must do so by causing a CDS Participant to deliver to CDS (at its office in the City of Toronto, Ontario), on behalf of the Beneficial Owner at any time prior to the Time of Expiry, a written notice of the Beneficial Owner’s intention to exercise Warrants (the “Exercise Notice”); provided, that a Beneficial Owner holding Uncertificated Warrants that is in the United States or that is a U.S. Person will first request the withdrawal of the Uncertificated Warrant(s) from the Book-Entry Only System and request certificated Warrant(s) in a manner acceptable to CDSexchange for such Uncertificated Warrant(s). Forthwith upon receipt by CDS of such notice, as well as payment for the aggregate Exercise Price, CDS shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants (the “Confirmation”) in a manner acceptable to the Warrant Agent, including by electronic means through the Book-Based Entry Only System, including CDSX. The An electronic exercise of the Warrants initiated by the Beneficial Owner will initiate through a Book-Entry Only System, including CDSX, shall constitute a representation to both the Company and the Warrant Agent that the Beneficial Owner at the time of exercise of such Warrants (a) is not in the United States; (b) did not acquire the Warrants in the United States or on behalf of, or for the account or benefit of, a U.S. Person or a person in the United States; (c) is not a U.S. Person and is not exercising such Warrants on behalf of a U.S. Person or a person in the United States; and (d) did not execute or deliver the notice of the owner’s intention to exercise such Warrants in the United States. If the Participant is not able to make or deliver the foregoing representation by initiating the electronic exercise of the Warrants, then such Warrants shall be withdrawn from the Book-Entry Only System, including CDSX, by the Participant and an individually registered Warrant Certificate shall be issued by the Warrant Agent to such Beneficial Owner or Participant and the exercise procedures set forth in Section 3.1(1) shall be followed. Payment representing the aggregate Exercise Price must be provided to the appropriate office of the Participant in a manner acceptable to it. A notice in form acceptable to the Participant and payment from such Beneficial Owner should be provided through the Book-Based System, Entry Only System sufficiently in advance so as to permit the Participant to deliver notice and payment to CDS and for CDS in turn to deliver notice and payment to the Warrant Agent prior to Time of Expiry. CDS will initiate the exercise by way of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based Book- Entry Only System the Warrant Shares to which the exercising Beneficial Owner is entitled pursuant to the exercise. Any expense associated with the preparation and delivery of Exercise Notices will be for the account of the Beneficial Owner exercising the Warrants and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the entitlement holder exercising the Warrants and/or the CDS Participant exercising the Warrants on its behalf. Warrants. (5) By causing a CDS Participant to deliver notice to CDS, a Beneficial Owner Warrantholder shall be deemed to have irrevocably surrendered his his, her or its Warrants so exercised and appointed such CDS Participant to act as his his, her or her its exclusive settlement agent with respect to the exercise and the receipt of Warrant Shares in connection with the obligations arising from such exercise. . (6) Any notice which CDS determines to be incomplete, not in proper form or not duly executed shall for all purposes be void and of no force and effect and the exercise to which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a CDS Participant to exercise or to give effect to the settlement thereof in accordance with the Beneficial Owner’s instructions will not give rise to any obligations or liability on the part of the Company or Warrant Agent to the CDS Participant or the Beneficial Owner. . (7) Any exercise referred to in this Section 3.1 shall require that the entire Exercise Price for the Warrant Shares subscribed for must be paid at the time of subscription and such Exercise Price and original Exercise Notice or exercise form executed by the registered holder of any Warrant or the Confirmation from CDS must be received by the Warrant Agent prior to the Time of Expiry. (8) Warrants may only be exercised pursuant to this Section 3.1 by or on behalf of a Warrantholder, as applicable, who makes the certifications set forth on the exercise form substantially in the form endorsed on the Warrant Certificate. (9) If the Exercise Form exercise form set forth in the Warrant Certificate shall have been amended, the Company shall cause the amended Exercise Form exercise form to be forwarded to all registered Warrantholders. . (10) Exercise Forms forms, Exercise Notices and Confirmations must be delivered to the Warrant Agent at any time during the Warrant Agent’s actual business hours on any Business Day prior to the Expiry TimeTime of Expiry. Any exercise form, Exercise Form Notice or Confirmations Confirmation received by the Warrant Agent after business hours on any Business Day other than the Time of Expiry Date will be deemed to have been received by the Warrant Agent on the next following Business Day. . (11) Any Warrant with respect to which a Confirmation or Exercise Form is not received by the Warrant Agent before the Time of Expiry Time shall be deemed to have expired and become void and all rights with respect to such Warrants shall terminate and be cancelled.

Method of Exercise of Warrants. (1) The registered holder Subject always to the provisions of this Article 3 and compliance by both the Corporation and the Holder with applicable law, the Holder of any Warrant may exercise the rights right thereby conferred on him him, her or it to acquire all or any part one Share (subject to adjustment pursuant to Article 4) in respect of the each Warrant Shares to which such Warrant entitles the holder, held by surrendering the Warrant Certificate representing such Warrants to the Warrant Agent at any time prior to the Time of Expiry at its principal office in Warrant Agency the City of VancouverWarrant Certificate(s) held by him, British Columbia her or it, together with (or at such additional place or places as may be decided by i) the Company from time to time with the approval exercise form forming part of the Warrant Agent), with a duly completed and executed exercise form Certificate (the “Exercise Form”) of duly completed and executed by the registered holder Holder or his his, her or its executors, administrators or other legal representative representatives or his his, her or its attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, substantially in the form endorsed on the Warrant Certificate as Schedule “B”, specifying the number of Warrant Shares subscribed for together with acting reasonably; and (ii) a certified cheque, bank draft or money order in lawful money of Canadathe United States, payable to or to the order of the Company Corporation in an amount equal to U.S.$11.50 per Share, subject to adjustment pursuant to Article 4 (the “Exercise Price Price”) multiplied by the number of Warrant Shares subscribed forfor pursuant to such Exercise Form. A Warrant Certificate with the duly completed and executed Exercise Form and payment of the applicable Exercise Price shall be deemed to be surrendered only upon personal delivery thereof to or, if sent by mail or other means of transmission, upon actual receipt thereof by by, the Warrant AgentAgent at the Warrant Agency. (2) The Exercise Form shall be signed by executed as set out in Section 3.2(1) and shall specify the Warrantholdernumber of Shares which the Holder wishes to acquire (being not more than that number which he, she or his executors, or administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory it is entitled to acquire pursuant to the Warrant Agent, Certificate(s) so surrendered). Such Shares shall specify the person(s) in whose name such Warrant Shares are to be issued, the address(es) of such person(s) and the number of Warrant Shares to be issued to each person, if more than one is so specified. If any in the name of the Warrant Shares subscribed for are to be issued to (a) person(s) other than the Warrantholder, the signatures set out in the Exercise Form shall be guaranteed by a Canadian Schedule I chartered bank or a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program and (b) the Warrantholder shall pay to the Company or the Warrant Agent all applicable transfer or similar taxes and the Company shall not be required to issue or deliver certificates evidencing Warrant Shares unless or until such Warrantholder shall have paid to the Company or the Warrant Agent on behalf of the Company the amount of such tax or shall have established to the reasonable satisfaction of the Company that such tax has been paid or that no tax is dueHolder. (3) If, at In the time of exercise of the Warrants, event that a Holder has not exercised his or her Warrants in accordance with the provisions hereof prior to the Expiry Time, all Warrants then held by such Holder shall expire and be of subsections 4.1(1) or 4.1(4), there are any trading restrictions on no further force and effect as at the Warrant Shares pursuant to Securities Laws or stock exchange requirements, the Company shall, on the advice of counsel, endorse any certificates or book-entry positions representing the Warrant Shares to such effect. The Warrant Agent is entitled to assume compliance with all Securities Laws unless otherwise notified in writing by the CompanyExpiry Time. (4) If the principal transfer office of the Warrant Agent in the city where the Warrant Agency is situated is for any reason not available to act in connection with the exchange of Warrant Certificates or exercise of Warrants as contemplated by this Agreement, the Corporation and the Warrant Agent shall arrange for another office in such city to act in connection with the exchange of Warrant Certificates and exercise of Warrants and shall give notice of the change of such office to the Holders. (5) A Beneficial Owner beneficial owner of Uncertificated Warrant Warrants evidenced by a security entitlement in respect of Warrants in the Book-Based System book entry registration system who desires to exercise his Uncertificated Warrants, or her Warrants must do so by causing a CDS Book Entry Participant to deliver to CDS (at its office in the City of Toronto), Depository on behalf of the Beneficial Owner at any time prior to the Time of Expiryentitlement holder, a written notice of the Beneficial Ownerowner’s intention to exercise Warrants (the “Exercise Notice”) in a manner acceptable to CDSthe Depository. Forthwith upon receipt by CDS the Depository of such notice, as well as payment for of the aggregate Exercise Price, CDS the Depository shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants (the “Confirmation”) in a manner acceptable to the Warrant Agent, including by electronic means through the Book-Based Systembook entry registration system. Such Confirmation from the Depository to the Warrant Agent shall electronically confirm that the beneficial holder of Uncertificated Warrants at the time of exercise of the Uncertificated Warrants: (a) is not in the United States; and (b) is not a U.S. Person and is not exercising the Uncertificated Warrants on behalf of a U.S. Person or a person in the United States. If the Depository (i) is not able to make or deliver the foregoing Confirmation to the Warrant Agent or (ii) the beneficial owner of the Uncertificated Warrants is in the United States or exercising for the account or benefit of a U.S. Person, including without limitation Qualified Institutional Buyers that acquired Warrants in the Offering, such Uncertificated Warrants shall be removed from the book entry registration system, and an individually registered Warrant Certificate shall be issued to such beneficial holder, and the exercise procedures set forth in Section 3.2(1) shall be followed. (6) Payment representing the Exercise Price must be provided to the appropriate office of the Book Entry Participant in a manner acceptable to it. A notice in form acceptable to the Book Entry Participant and payment from such beneficial holder should be provided to the Book Entry Participant sufficiently in advance so as to permit the Book Entry Participant to deliver notice and payment to the Depository and for the Depository in turn to deliver notice and payment to the Warrant Agent prior to the Expiry Time. The Beneficial Owner Depository will initiate the electronic exercise through the Book-Based System, by way of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent Agent, and the Warrant Agent will execute the exercise by issuing causing the issuance to CDS the Depository through the Book-Based System book entry registration system of the Warrant Shares to which the exercising Beneficial Owner is entitled pursuant to the exercise. Any expense associated with the preparation and delivery of Exercise Notices will be for the account of the Beneficial Owner exercising the Warrants and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Warrantholder Holder is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the entitlement holder exercising the Warrants and/or the CDS Book Entry Participant exercising the Warrants on its behalf. By causing a CDS Participant to deliver notice to CDS, a Beneficial Owner shall be deemed to have irrevocably surrendered his Warrants so exercised and appointed such CDS Participant to act as his or her exclusive settlement agent with respect to the exercise and the receipt of Warrant Shares in connection with the obligations arising from such exercise. Any notice which CDS determines to be incomplete, not in proper form or not duly executed shall for all purposes be void and of no effect and the exercise to which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a CDS Book Entry Participant to exercise or to give effect to the settlement thereof in accordance with the Beneficial Ownerbeneficial owner’s instructions will not give rise to any obligations or liability on the part of the Company Corporation or Warrant Agent to the CDS Book Entry Participant or the Beneficial Owner. If the Exercise Form set forth in the Warrant Certificate shall have been amended, the Company shall cause the amended Exercise Form beneficial owner. (7) By causing a Book Entry Participant to be forwarded to all registered Warrantholders. Exercise Forms and Confirmations must be delivered deliver notice to the Warrant Agent at any time during the Warrant Agent’s actual business hours on any Business Day prior to the Expiry Time. Any Exercise Form or Confirmations received by the Warrant Agent after business hours on any Business Day other than the Expiry Date will be deemed to have been received by the Warrant Agent on the next following Business Day. Any Warrant with respect to which Depository, a Confirmation or Exercise Form is not received by the Warrant Agent before the Expiry Time holder shall be deemed to have expired irrevocably surrendered his, her or its Warrants so exercised and become void and all rights appointed such Book Entry Participant to act as his, her or its exclusive settlement agent with respect to the exercise and the receipt of Shares in connection with the obligations arising from such Warrants shall terminate and be cancelledexercise.

Method of Exercise of Warrants. (1) The registered holder of any Warrant may exercise the rights thereby conferred on him to acquire all or any part of the Warrant Shares to which such Warrant entitles the holder, by surrendering the Warrant Certificate representing such Warrants to the Warrant Agent at any time prior to the Time of Expiry at its principal office stock transfer offices in the City of VancouverCalgary, British Columbia Alberta (or at such additional place or places as may be decided by the Company from time to time with the approval of the Warrant Agent), with a duly completed and executed exercise form (the “Exercise Form”) of the registered holder or his executors, administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, substantially in the form endorsed on the Warrant Certificate as Schedule “B”, specifying the number of Warrant Shares subscribed for together with a certified cheque, bank draft or money order in lawful money of Canada, payable to or to the order of the Company in an amount equal to the Exercise Price multiplied by the number of Warrant Shares subscribed for. A Warrant Certificate with the duly completed and executed Exercise Form exercise form and payment of the Exercise Price shall be deemed to be surrendered only upon personal delivery thereof to or, if sent by mail or other means of transmission, upon actual receipt thereof by the Warrant Agent. (2) The Exercise Form Any exercise form referred to in Section 3.1(1) shall be signed by the Warrantholder, or his executors, or administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, but such exercise form need not be executed by CDS. Such exercise form shall specify the person(s) in whose name such Warrant Shares are to be issued, the address(es) of such person(s) and the number of Warrant Shares to be issued to each person, if more than one is so specified. If any of the Warrant Shares subscribed for are to be issued to (a) person(s) other than the Warrantholder, the Warrantholder shall also complete the transfer form, substantially in the form endorsed on the Warrant Certificate. The signatures set out in the Exercise Form exercise form referred to in Section 3.1(1) and the signatures set out in the transfer form shall be guaranteed by a Canadian Schedule I 1 chartered bank or a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program and (b) the Warrantholder shall pay to the Company or the Warrant Agent all applicable transfer or similar taxes and the Company shall not be required to issue or deliver certificates evidencing Warrant Shares unless or until such Warrantholder shall have paid to the Company or the Warrant Agent on behalf of the Company the amount of such tax or shall have established to the reasonable satisfaction of the Company that such tax has been paid or that no tax is due. (3) If, at the time of exercise of the Warrants, in accordance with the provisions of subsections 4.1(1) or 4.1(4Section 3.1(1), there are any trading restrictions on the Warrant Shares pursuant to applicable Securities Laws or stock exchange requirements, the Company shall, on the advice of counsel, endorse any certificates or book-entry positions representing the Warrant Shares to such effect. The Warrant Agent is entitled to assume compliance with all applicable Securities Laws unless otherwise notified in writing by the Company. (4) A Beneficial Owner of Uncertificated Warrant evidenced by a security entitlement in respect of Warrants in the Book-Based System who desires to exercise his his, her or its Uncertificated Warrants, must do so by causing a CDS Participant to deliver to CDS (at its office in the City of Toronto, Ontario), on behalf of the Beneficial Owner at any time prior to the Time of Expiry, a written notice of the Beneficial Owner’s 's intention to exercise Warrants (the “"Exercise Notice”"); provided, that a Beneficial Owner holding Uncertificated Warrants that is in the United States or that is a U.S. Person will first request the withdrawal of the Uncertificated Warrant(s) from the Book-Entry Only System and request certificated Warrant(s) in a manner acceptable to CDSexchange for such Uncertificated Warrant(s). Forthwith upon receipt by CDS of such notice, as well as payment for the aggregate Exercise Price, CDS shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants (the “"Confirmation”") in a manner acceptable to the Warrant Agent, including by electronic means through the Book-Based Entry Only System, including CDSX. The An electronic exercise of the Warrants initiated by the Beneficial Owner will initiate through a Book-Entry Only System, including CDSX, shall constitute a representation to both the Company and the Warrant Agent that the Beneficial Owner at the time of exercise of such Warrants (a) is not in the United States; (b) did not acquire the Warrants in the United States or on behalf of, or for the account or benefit of, a U.S. Person or a person in the United States; (c) is not a U.S. Person and is not exercising such Warrants on behalf of a U.S. Person or a person in the United States; and (d) did not execute or deliver the notice of the owner's intention to exercise such Warrants in the United States. If the Participant is not able to make or deliver the foregoing representation by initiating the electronic exercise of the Warrants, then such Warrants shall be withdrawn from the Book-Entry Only System, including CDSX, by the Participant and an individually registered Warrant Certificate shall be issued by the Warrant Agent to such Beneficial Owner or Participant and the exercise procedures set forth in Section 3.1(1) shall be followed. Payment representing the aggregate Exercise Price must be provided to the appropriate office of the Participant in a manner acceptable to it. A notice in form acceptable to the Participant and payment from such Beneficial Owner should be provided through the Book-Based System, Entry Only System sufficiently in advance so as to permit the Participant to deliver notice and payment to CDS and for CDS in turn to deliver notice and payment to the Warrant Agent prior to Time of Expiry. CDS will initiate the exercise by way of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based Book- Entry Only System the Warrant Shares to which the exercising Beneficial Owner is entitled pursuant to the exercise. Any expense associated with the preparation and delivery of Exercise Notices will be for the account of the Beneficial Owner exercising the Warrants and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the entitlement holder exercising the Warrants and/or the CDS Participant exercising the Warrants on its behalf. Warrants. (5) By causing a CDS Participant to deliver notice to CDS, a Beneficial Owner Warrantholder shall be deemed to have irrevocably surrendered his his, her or its Warrants so exercised and appointed such CDS Participant to act as his his, her or her its exclusive settlement agent with respect to the exercise and the receipt of Warrant Shares in connection with the obligations arising from such exercise. . (6) Any notice which CDS determines to be incomplete, not in proper form or not duly executed shall for all purposes be void and of no effect and the exercise to which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a CDS Participant to exercise or to give effect to the settlement thereof in accordance with the Beneficial Owner’s 's instructions will not give rise to any obligations or liability on the part of the Company or Warrant Agent to the CDS Participant or the Beneficial Owner. If . (7) All Warrants in certificated form, including Warrants required to be withdrawn from the Book-Entry Only System, including CDSX pursuant to Section 3.4(4), may not be exercised unless an exemption is available from the registration requirements of the U.S. Securities Act and applicable state securities laws, and any holder which exercises any Warrants shall provide to the Company either: (a) a written certification that such holder (a) at the time of exercise of the Warrants is not in the United States; (b) is not a U.S. Person and is not exercising the Warrants on behalf of a U.S. Person or person in the United States; (c) did not execute or deliver the exercise form for the Warrants in the United States; and (d) has in all other aspects complied with the terms of an "offshore transaction" as defined under Regulation S (which written certification shall be deemed delivered by checking Box 1 in the Exercise Form attached to the Warrant, as provided for in Schedule “A” hereof); or (b) a written certification that the holder (i) purchased the Warrants as part of the Units in the Offering; (ii) is exercising the Warrants solely for its own account or for the benefit of a U.S. Person or a person in the United States for whose account such holder acquired the Warrants as a part of the Units in the Offering and for whose account such holders exercises sole investment discretion; (iii) was and is, and any beneficial purchaser for whose account such holder acquired the Warrant and is exercising the Warrants was and is, a Qualified Institutional Buyer both on the date the Units were purchased in the Offering and on the Exercise Date; and (iv) the representations and warranties made by the holder or any beneficial purchaser, as the case may be, to the Company in such holder’s QIB Letter remain true and correct on the Exercise Date (which written certification shall be deemed delivered by checking Box 2 in the Exercise Form attached to the Warrant, as provided for in Schedule “A” hereof); or (c) a written opinion of counsel of recognized standing in form and substance satisfactory to the Company or evidence satisfactory to the Company to the effect that an exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws is available for the issuance of the Warrant Shares issuable on exercise of the Warrants. (8) No Warrant Shares will be registered or delivered to an address in the United States unless the holder of Warrants complies with the requirements of paragraph (b) or (c) of Section 3.1(7). (9) Any exercise referred to in this Section 3.1 shall require that the entire Exercise Price for the Warrant Shares subscribed for must be paid at the time of subscription and such Exercise Price and original Exercise Notice or exercise form executed by the Registered Warrantholder or the Confirmation from CDS must be received by the Warrant Agent prior to the Time of Expiry. (10) Warrants may only be exercised pursuant to this Section 3.1 by or on behalf of a Warrantholder, as applicable, who makes the certifications set forth on the exercise form substantially in the form endorsed on the Warrant Certificate. (11) If the exercise form set forth in the Warrant Certificate shall have been amended, the Company shall cause the amended Exercise Form exercise form to be forwarded to all registered Warrantholders. . (12) Exercise Forms forms, Exercise Notices and Confirmations must be delivered to the Warrant Agent at any time during the Warrant Agent’s 's actual business hours on any Business Day prior to the Expiry TimeTime of Expiry. Any exercise form, Exercise Form Notice or Confirmations Confirmation received by the Warrant Agent after business hours on any Business Day other than the Time of Expiry Date will be deemed to have been received by the Warrant Agent on the next following Business Day. . (13) Any Warrant with respect to which a Confirmation or Exercise Form is not received by the Warrant Agent before the Time of Expiry Time shall be deemed to have expired and become void and all rights with respect to such Warrants shall terminate and be cancelled.

Method of Exercise of Warrants. (1) The registered holder of any Warrant may exercise the rights thereby conferred on him to acquire all or any part of the Warrant Shares Subject Securities to which such Warrant entitles the holder, by surrendering the Warrant Certificate representing such Warrants to the Warrant Agent at any time prior to the Time of Expiry at its principal office stock transfer offices in the City of Vancouver, British Columbia or Toronto, Ontario (or at such additional place or places as may be decided by the Company from time to time with the approval of the Warrant Agent), with a duly completed and executed exercise form (the “Exercise Form”) Subscription Form of the registered holder or his executors, administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, substantially in the form endorsed on attached to the Warrant Certificate as Schedule “B”, specifying the number of Warrant Common Shares subscribed for together with a certified cheque, bank draft or money order in lawful money of Canada, payable to or to the order of the Company in an amount equal to the Exercise Price multiplied by the number of Warrant Shares Subject Securities subscribed for. A Warrant Certificate with the duly completed and executed Exercise Form subscription and payment of the Exercise Price shall be deemed to be surrendered only upon personal delivery thereof to or, if sent by mail or other means of transmission, upon actual receipt thereof by the Warrant Agent. (2) The Exercise Form Any subscription referred to in subsection 3.1(1) shall be signed by the Warrantholder, or his executors, or administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, shall specify the person(s) in whose name such Warrant Shares Subject Securities are to be issued, the address(es) of such person(s) and the number of Warrant Shares Subject Securities to be issued to each person, if more than one is so specified. If any of the Warrant Shares Subject Securities subscribed for are to be issued to (a) person(s) other than the Warrantholder, the signatures set out in the Exercise Form subscription referred to in subsection 3.1(1) shall be guaranteed by a Canadian Schedule I chartered bank bank, a Canadian trust company or by a medallion signature guarantee guaranteed from a member of a recognized Signature Medallion Guarantee Program and (b) the Warrantholder shall pay to the Company or the Warrant Agent all applicable transfer or similar taxes and the Company shall not be required to issue or deliver certificates evidencing Warrant Shares Subject Securities unless or until such Warrantholder shall have paid to the Company or the Warrant Agent on behalf of the Company the amount of such tax or shall have established to the reasonable satisfaction of the Company that such tax has been paid or that no tax is due. (3) If, at the time of exercise of the Warrants, in accordance with the provisions of subsections 4.1(1) or 4.1(4subsection 3.1(1), there are any trading restrictions on the Warrant Shares Subject Securities pursuant to Securities Laws applicable securities legislation or stock exchange requirements, the Company shall, on the advice of counsel, endorse any certificates or book-entry positions representing the Warrant Shares Subject Securities to such effect. The Warrant Agent is entitled to assume compliance with all Securities Laws applicable securities legislation unless otherwise notified in writing by the Company. (4) A Beneficial Owner of Uncertificated Warrant evidenced by a security entitlement in respect of Warrants in the Book-Based System who desires to exercise his Uncertificated Warrants, must do so by causing a CDS Participant to deliver to CDS (at its office in the City of Toronto), on behalf of the Beneficial Owner at any time prior to the Time of Expiry, a written notice of the Beneficial Owner’s intention to exercise Warrants (the “Exercise Notice”) in a manner acceptable to CDS. Forthwith upon receipt by CDS of such notice, as well as payment for the aggregate Exercise Price, CDS shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants (the “Confirmation”) in a manner acceptable to the Warrant Agent, including by electronic means through the Book-Based System. The Beneficial Owner will initiate the electronic exercise through the Book-Based System, by way of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Beneficial Owner is entitled pursuant to the exercise. Any expense associated with the preparation and delivery of Exercise Notices will be for the account of the Beneficial Owner exercising the Warrants and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the entitlement holder exercising the Warrants and/or the CDS Participant exercising the Warrants on its behalf. By causing a CDS Participant to deliver notice to CDS, a Beneficial Owner shall be deemed to have irrevocably surrendered his Warrants so exercised and appointed such CDS Participant to act as his or her exclusive settlement agent with respect to the exercise and the receipt of Warrant Shares in connection with the obligations arising from such exercise. Any notice which CDS determines to be incomplete, not in proper form or not duly executed shall for all purposes be void and of no effect and the exercise to which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a CDS Participant to exercise or to give effect to the settlement thereof in accordance with the Beneficial Owner’s instructions will not give rise to any obligations or liability on the part of the Company or Warrant Agent to the CDS Participant or the Beneficial Owner. If the Exercise Form set forth in the Warrant Certificate shall have been amended, the Company shall cause the amended Exercise Form to be forwarded to all registered Warrantholders. Exercise Forms and Confirmations must be delivered to the Warrant Agent at any time during the Warrant Agent’s actual business hours on any Business Day prior to the Expiry Time. Any Exercise Form or Confirmations received by the Warrant Agent after business hours on any Business Day other than the Expiry Date will be deemed to have been received by the Warrant Agent on the next following Business Day. Any Warrant with respect to which a Confirmation or Exercise Form is not received by the Warrant Agent before the Expiry Time shall be deemed to have expired and become void and all rights with respect to such Warrants shall terminate and be cancelled.

Method of Exercise of Warrants. (1) The registered holder Subject always to the provisions of this Article 3 and compliance by both the Corporation and the Holder with applicable law, the Holder of any Warrant may exercise the rights right thereby conferred on him to acquire all or any part one Common Share (subject to adjustment pursuant to Article 4) in respect of the each Warrant Shares to which such Warrant entitles the holder, held by surrendering the Warrant Certificate representing such Warrants to the Warrant Agent at any time prior to the Time of Expiry at its principal office in Warrant Agency the City of VancouverWarrant Certificate(s) held by him or her, British Columbia together with (or at such additional place or places as may be decided by i) the Company from time to time with the approval exercise form forming part of the Warrant Agent), with a duly completed and executed exercise form Certificate (the “Exercise Form”) of duly completed and executed by the registered holder Holder or his executors, administrators or other legal representative representatives or his or their attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, substantially in the form endorsed on the Warrant Certificate as Schedule “B”, specifying the number of Warrant Shares subscribed for together with acting reasonably; and (ii) a certified cheque, bank draft or money order in lawful money of Canada, payable to or to the order of the Company Corporation in an amount equal to $ 2.25 per Common Share (the “Exercise Price Price”) (subject to adjustment pursuant to Article 4) multiplied by the number of Warrant Common Shares subscribed forfor pursuant to such Exercise Form. A Warrant Certificate with the duly completed and executed Exercise Form and payment of the applicable Exercise Price shall be deemed to be surrendered only upon personal delivery thereof to or, if sent by mail or other means of transmission, upon actual receipt thereof by by, the Warrant AgentAgent at the Warrant Agency. (2) The Exercise Form shall be signed by executed as set out in Section 3.2(1) and shall specify the Warrantholder, number of Common Shares which the Holder wishes to acquire (being not more than that number which he or his executors, or administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory she is entitled to acquire pursuant to the Warrant Agent, Certificate(s) so surrendered). Such Common Shares shall specify the person(s) in whose name such Warrant Shares are to be issued, the address(es) of such person(s) and the number of Warrant Shares to be issued to each person, if more than one is so specified. If any in the name of the Warrant Shares subscribed for are to be issued to (a) person(s) other than the Warrantholder, the signatures set out in the Exercise Form shall be guaranteed by a Canadian Schedule I chartered bank or a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program and (b) the Warrantholder shall pay to the Company or the Warrant Agent all applicable transfer or similar taxes and the Company shall not be required to issue or deliver certificates evidencing Warrant Shares unless or until such Warrantholder shall have paid to the Company or the Warrant Agent on behalf of the Company the amount of such tax or shall have established to the reasonable satisfaction of the Company that such tax has been paid or that no tax is dueHolder. (3) If, at In the time of exercise of the Warrants, event that a Holder has not exercised his Warrants in accordance with the provisions hereof prior to the Expiry Time, all Warrants then held by such Holder shall expire and be of subsections 4.1(1) no further force and effect as at the Expiry Time. Such expiry shall be automatic with no requirement for notice or 4.1(4), there are any trading restrictions on the Warrant Shares pursuant to Securities Laws or stock exchange requirements, the Company shall, on the advice of counsel, endorse any certificates or book-entry positions representing the Warrant Shares to such effect. The Warrant Agent is entitled to assume compliance with all Securities Laws unless otherwise notified in writing by the Companyother formalities. (4) If the principal transfer office of the Warrant Agent in the city where the Warrant Agency is situate is for any reason not available to act in connection with the exchange of Warrant Certificates or exercise of Warrants as contemplated by this Indenture, the Corporation and the Warrant Agent shall arrange for another office in such city to act in connection with the exchange of Warrant Certificates and exercise of Warrants and shall give notice of the change of such office to the Holders. (5) A Beneficial Owner of Uncertificated Warrant Warrants evidenced by a security entitlement in respect of Warrants in the Book-Based System book entry registration system who desires to exercise his Uncertificated Warrants, or her Warrants must do so by causing a CDS Book Entry Only Participant to deliver to CDS (at its office in the City of Toronto), Depository on behalf of the Beneficial Owner at any time prior to the Time of Expiryentitlement holder, a written notice of the Beneficial Ownerowner’s intention to exercise Warrants (the “Exercise Notice”) in a manner acceptable to CDSthe Depository. Forthwith upon receipt by CDS the Depository of such notice, as well as payment for the aggregate Exercise Price, CDS the Depository shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants (the “Confirmation”) in a manner acceptable to the Warrant Agent, including by electronic means through the Book-Based Systembook entry registration system. (6) Payment representing the Exercise Price must be provided to the appropriate office of the Book Entry Only Participant in a manner acceptable to it. A notice in form acceptable to the Book Entry Only Participant (together with a written confirmation substantially the same as that set forth in Section 3.2(5)) and payment from such beneficial holder should be provided to the Book Entry Only Participant sufficiently in advance so as to permit the Book Entry Only Participant to deliver notice and payment to the Depository and for the Depository in turn to deliver notice and payment to the Warrant Agent prior to Expiry Time. The Beneficial Owner Depository will initiate the electronic exercise through the Book-Based System, by way of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent and the Warrant Agent will execute the exercise by issuing to CDS the Depository through the Book-Based System book entry registration system the Warrant Common Shares to which the exercising Beneficial Owner is entitled pursuant to the exercise. Any expense associated with the preparation and delivery of Exercise Notices will be for the account of the Beneficial Owner exercising the Warrants and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Warrantholder Holder is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the entitlement holder exercising the Warrants and/or the CDS Book Entry Only Participant exercising the Warrants on its behalf. By causing a CDS Participant to deliver notice to CDS, a Beneficial Owner shall be deemed to have irrevocably surrendered his Warrants so exercised and appointed such CDS Participant to act as his or her exclusive settlement agent with respect to the exercise and the receipt of Warrant Shares in connection with the obligations arising from such exercise. Any notice which CDS determines to be incomplete, not in proper form or not duly executed shall for all purposes be void and of no effect and the exercise to which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a CDS Book Entry Only Participant to exercise or to give effect to the settlement thereof in accordance with the Beneficial Owner’s instructions will not give rise to any obligations or liability on the part of the Company Corporation or Warrant Agent to the CDS Book Entry Only Participant or the Beneficial Owner. If the Exercise Form set forth in the Warrant Certificate shall have been amended, the Company shall cause the amended Exercise Form to be forwarded to all registered Warrantholders. Exercise Forms and Confirmations must be delivered to the Warrant Agent at any time during the Warrant Agent’s actual business hours on any Business Day prior to the Expiry Time. Any Exercise Form or Confirmations received by the Warrant Agent after business hours on any Business Day other than the Expiry Date will be deemed to have been received by the Warrant Agent on the next following Business Day. Any Warrant with respect to which a Confirmation or Exercise Form is not received by the Warrant Agent before the Expiry Time shall be deemed to have expired and become void and all rights with respect to such Warrants shall terminate and be cancelled.

Method of Exercise of Warrants. (1) The registered holder of any Warrant may exercise the rights thereby conferred on him to acquire all or any part of the Warrant Shares Subject Securities to which such Warrant entitles the holder, by surrendering the Warrant Certificate representing such Warrants to the Warrant Agent at any time prior to on or before the Time of Expiry at its principal stock transfer office in the City of VancouverToronto, British Columbia Ontario (or at such additional place or places as may be decided by the Company from time to time with the approval of the Warrant Agent), with (i) a duly completed and executed exercise form (the “Exercise Form”) subscription of the registered holder or his executors, administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, substantially in the form endorsed on the Warrant Certificate as Schedule “B”, specifying the number of Warrant Shares subscribed for together with a certified cheque, bank draft or money order in lawful money of Canada, payable to or to the order of the Company in an amount equal to the Exercise Price multiplied by the number of Warrant Shares subscribed for. A Warrant Certificate with the duly completed and executed Exercise Form and payment of the Exercise Price shall be deemed to be surrendered only upon personal delivery thereof to or, if sent by mail or other means of transmission, upon actual receipt thereof by the Warrant Agent. (2) The Exercise Form shall be signed by the Warrantholder, or his executors, or administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, substantially in the form set out in Schedule “A” attached hereto specifying the number of Common Shares subscribed for; and (ii) a certified cheque, bank draft or money order in lawful money of the United States, payable to or to the order of the Company in an amount equal to the Exercise Price multiplied by the number of Subject Securities subscribed for. A Warrant Certificate with the duly completed and executed subscription and payment of the Exercise Price shall be deemed to be surrendered only upon personal delivery thereof to, or if sent by mail or other means of transmission upon actual receipt thereof by, the Warrant Agent. (2) Any subscription referred to in subsection 3.1(1) shall be signed by the Warrantholder, shall specify the person(s) in whose name such Warrant Shares Subject Securities are to be issued, the address(es) of such person(s) and the number of Warrant Shares Subject Securities to be issued to each person, if more than one is so specified. If any of the Warrant Shares Subject Securities subscribed for are to be issued to (a) a person(s) other than the Warrantholder, the signatures set out in the Exercise Form subscription referred to in subsection 3.1(1) shall be guaranteed by a Canadian Schedule I chartered bank bank, a Canadian trust company or by a medallion signature guarantee guaranteed from a member of a recognized Signature Medallion Guarantee Program and (b) the Warrantholder shall pay to the Company or the Warrant Agent all applicable transfer or similar taxes and the Company shall not be required to issue or deliver certificates evidencing Warrant Shares Subject Securities unless or until such Warrantholder shall have paid to the Company or the Warrant Agent on behalf of the Company the amount of such tax or shall have established to the reasonable satisfaction of the Company that such tax has been paid or that no tax is due. (3) If, at the time of exercise of the Warrants, in accordance with the provisions of subsections 4.1(1) or 4.1(4subsection 3.1(1), there are any trading restrictions on the Warrant Shares Subject Securities pursuant to Securities Laws applicable securities legislation or stock exchange requirements, the Company shall, on the advice of counsel, endorse any certificates or book-entry positions representing the Warrant Shares Subject Securities to such effect. The Warrant Agent is entitled to assume compliance with all Securities Laws applicable securities legislation unless otherwise notified in writing by the Company. (4) A Beneficial Owner of Uncertificated Warrant evidenced by a security entitlement in respect of Warrants in the Book-Based System who desires to exercise his Uncertificated Warrants, must do so by causing a CDS Participant to deliver to CDS (at its office in the City of Toronto), on behalf of the Beneficial Owner at any time prior to the Time of Expiry, a written notice of the Beneficial Owner’s intention to exercise Warrants (the “Exercise Notice”) in a manner acceptable to CDS. Forthwith upon receipt by CDS of such notice, as well as payment for the aggregate Exercise Price, CDS shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants (the “Confirmation”) in a manner acceptable to the Warrant Agent, including by electronic means through the Book-Based System. The Beneficial Owner will initiate the electronic exercise through the Book-Based System, by way of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Beneficial Owner is entitled pursuant to the exercise. Any expense associated with the preparation and delivery of Exercise Notices will be for the account of the Beneficial Owner exercising the Warrants and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the entitlement holder exercising the Warrants and/or the CDS Participant exercising the Warrants on its behalf. By causing a CDS Participant to deliver notice to CDS, a Beneficial Owner shall be deemed to have irrevocably surrendered his Warrants so exercised and appointed such CDS Participant to act as his or her exclusive settlement agent with respect to the exercise and the receipt of Warrant Shares in connection with the obligations arising from such exercise. Any notice which CDS determines to be incomplete, not in proper form or not duly executed shall for all purposes be void and of no effect and the exercise to which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a CDS Participant to exercise or to give effect to the settlement thereof in accordance with the Beneficial Owner’s instructions will not give rise to any obligations or liability on the part of the Company or Warrant Agent to the CDS Participant or the Beneficial Owner. If the Exercise Form set forth in the Warrant Certificate shall have been amended, the Company shall cause the amended Exercise Form to be forwarded to all registered Warrantholders. Exercise Forms and Confirmations must be delivered to the Warrant Agent at any time during the Warrant Agent’s actual business hours on any Business Day prior to the Expiry Time. Any Exercise Form or Confirmations received by the Warrant Agent after business hours on any Business Day other than the Expiry Date will be deemed to have been received by the Warrant Agent on the next following Business Day. Any Warrant with respect to which a Confirmation or Exercise Form is not received by the Warrant Agent before the Expiry Time shall be deemed to have expired and become void and all rights with respect to such Warrants shall terminate and be cancelled.

Method of Exercise of Warrants. (1) The registered holder of any Warrant may exercise during the rights Exercise Period the right thereby conferred on him such holder to acquire all or any part of without further payment (except as provided in subsection 5.01(2)) the Warrant Underlying Shares to which such Warrant entitles the holder, holder by surrendering the such Warrant Certificate representing such Warrants to the Warrant Agent Trustee at any time prior to during the Time of Expiry Exercise Period at its principal stock and bond transfer office in the City of Vancouver, British Columbia Toronto (or at such additional place or places as may be decided by the Company Corporation from time to time with the approval of the Warrant Agent), Trustee) with a duly completed and executed exercise form (the “Exercise Form”) of the registered holder or his executors, administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, substantially in the form endorsed on set out in the Warrant Certificate as Schedule “B”, specifying the number of Warrant Shares subscribed for together with a certified cheque, bank draft or money order in lawful money of Canada, payable to or to the order of the Company in an amount equal to the Exercise Price multiplied by the number of Warrant Shares subscribed forcertificate. A Warrant Certificate with the duly completed and executed Exercise Form and payment of the Exercise Price exercise form shall be deemed to be surrendered only upon personal delivery thereof to orto, or if sent by mail or other means of transmission, transmission upon actual receipt thereof by by, the Warrant AgentTrustee. (2) The Exercise Form Any exercise form referred to in subsection 5.01(1) shall be signed by the Warrantholder, or his executors, or administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, shall specify the person(s) in whose name such Warrant Shares are to be issued, the address(es) of such person(s) and the number of Warrant Shares to be issued to each person, if more than one is so specified. If any of the Warrant Underlying Shares subscribed for issuable upon the exercise of Warrants by a holder are to be issued to (a) person(s) a person or persons other than the Warrantholder, the signatures set out in the Exercise Form exercise form referred to in subsection 5.01(1) shall be guaranteed by a Canadian Schedule I chartered bank bank, a Canadian trust company or a medallion signature guarantee from a member firm of a recognized Signature Medallion Guarantee Program The Toronto Stock Exchange and (b) the Warrantholder shall pay to the Company Corporation or the Warrant Agent Trustee all applicable transfer or similar taxes and the Company Corporation shall not be required to issue or deliver certificates evidencing Warrant Underlying Shares unless or until such Warrantholder shall have paid to the Company Corporation or the Warrant Agent Trustee on behalf of the Company Corporation the amount of such tax or shall have established to the reasonable satisfaction of the Company Corporation that such tax has been paid or that no such tax is due. (3) If, at the time of exercise of the Warrants, in accordance with the provisions of subsections 4.1(1) or 4.1(4), there are any trading restrictions on the Warrant Shares pursuant to Securities Laws or stock exchange requirements, the Company shall, on the advice of counsel, endorse any certificates or book-entry positions representing the Warrant Shares to such effect. The Warrant Agent is entitled to assume compliance with all Securities Laws unless otherwise notified in writing by the Company. (4) A Beneficial Owner of Uncertificated Warrant evidenced by a security entitlement in respect of Warrants in the Book-Based System who desires to exercise his Uncertificated Warrants, must do so by causing a CDS Participant to deliver to CDS (at its office in the City of Toronto), on behalf of the Beneficial Owner at any time prior to the Time of Expiry, a written notice of the Beneficial Owner’s intention to exercise Warrants (the “Exercise Notice”) in a manner acceptable to CDS. Forthwith upon receipt by CDS of such notice, as well as payment for the aggregate Exercise Price, CDS shall deliver form attached to the Warrant Agent confirmation of its intention certificate shall be completed to specify the person or persons in whose name or names the Underlying Shares to be issued upon exercise Warrants (the “Confirmation”) in a manner acceptable are to the Warrant Agentbe registered, including by electronic means through the Book-Based System. The Beneficial Owner will initiate the electronic exercise through the Book-Based System, by way of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent such person's or persons' address or addresses and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant number of Underlying Shares to which the exercising Beneficial Owner be issued to each person if more than one is entitled pursuant to the exercise. Any expense associated with the preparation and delivery of Exercise Notices will be for the account of the Beneficial Owner exercising the Warrants and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the entitlement holder exercising the Warrants and/or the CDS Participant exercising the Warrants on its behalf. By causing a CDS Participant to deliver notice to CDS, a Beneficial Owner shall be deemed to have irrevocably surrendered his Warrants so exercised and appointed such CDS Participant to act as his or her exclusive settlement agent with respect to the exercise and the receipt of Warrant Shares in connection with the obligations arising from such exercise. Any notice which CDS determines to be incomplete, not in proper form or not duly executed shall for all purposes be void and of no effect and the exercise to which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a CDS Participant to exercise or to give effect to the settlement thereof in accordance with the Beneficial Owner’s instructions will not give rise to any obligations or liability on the part of the Company or Warrant Agent to the CDS Participant or the Beneficial Owner. If the Exercise Form set forth in the Warrant Certificate shall have been amended, the Company shall cause the amended Exercise Form to be forwarded to all registered Warrantholders. Exercise Forms and Confirmations must be delivered to the Warrant Agent at any time during the Warrant Agent’s actual business hours on any Business Day prior to the Expiry Time. Any Exercise Form or Confirmations received by the Warrant Agent after business hours on any Business Day other than the Expiry Date will be deemed to have been received by the Warrant Agent on the next following Business Day. Any Warrant with respect to which a Confirmation or Exercise Form is not received by the Warrant Agent before the Expiry Time shall be deemed to have expired and become void and all rights with respect to such Warrants shall terminate and be cancelledspecified.

Method of Exercise of Warrants. (1) The registered holder Subject always to the provisions of this Article 3 and compliance by both the Corporation and the Holder with applicable law, the Holder of any Warrant may exercise the rights right thereby conferred on him or her to acquire all or any part one Share (subject to adjustment pursuant to Article 4) in respect of the each Warrant Shares to which such Warrant entitles the holder, held by surrendering the Warrant Certificate representing such Warrants to the Warrant Agent at any time prior to the Time of Expiry at its principal office in Warrant Agency the City of VancouverWarrant Certificate(s) held by him or her, British Columbia together with (or at such additional place or places as may be decided by i) the Company from time to time with the approval exercise form forming part of the Warrant Agent), with a duly completed and executed exercise form Certificate (the “Exercise Form”) of duly completed and executed by the registered holder Holder or his or her executors, administrators or other legal representative representatives or his or her or their attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, substantially in the form endorsed on the Warrant Certificate as Schedule “B”, specifying the number of Warrant Shares subscribed for together with acting reasonably; and (ii) a certified cheque, bank draft or money order in lawful money of Canada, payable to or to the order of the Company Corporation in an amount equal to $11.50 per Share (the “Exercise Price Price”) multiplied by the number of Warrant Shares subscribed forfor pursuant to such Exercise Form. A Warrant Certificate with the duly completed and executed Exercise Form and payment of the applicable Exercise Price shall be deemed to be surrendered only upon personal delivery thereof to or, if sent by mail or other means of transmission, upon actual receipt thereof by by, the Warrant AgentAgent at the Warrant Agency. (2) The Exercise Form shall be signed by executed as set out in Section 3.2(1) and shall specify the Warrantholder, number of Shares which the Holder wishes to acquire (being not more than that number which he or his executors, or administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory she is entitled to acquire pursuant to the Warrant Agent, Certificate(s) so surrendered). Such Shares shall specify the person(s) in whose name such Warrant Shares are to be issued, the address(es) of such person(s) and the number of Warrant Shares to be issued to each person, if more than one is so specified. If any in the name of the Warrant Shares subscribed for are to be issued to (a) person(s) other than the Warrantholder, the signatures set out in the Exercise Form shall be guaranteed by a Canadian Schedule I chartered bank or a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program and (b) the Warrantholder shall pay to the Company or the Warrant Agent all applicable transfer or similar taxes and the Company shall not be required to issue or deliver certificates evidencing Warrant Shares unless or until such Warrantholder shall have paid to the Company or the Warrant Agent on behalf of the Company the amount of such tax or shall have established to the reasonable satisfaction of the Company that such tax has been paid or that no tax is dueHolder. (3) If, at In the time of exercise of the Warrants, event that a Holder has not exercised his or her Warrants in accordance with the provisions hereof prior to the Expiry Time, all Warrants then held by such Holder shall expire and be of subsections 4.1(1) or 4.1(4), there are any trading restrictions on no further force and effect as at the Warrant Shares pursuant to Securities Laws or stock exchange requirements, the Company shall, on the advice of counsel, endorse any certificates or book-entry positions representing the Warrant Shares to such effect. The Warrant Agent is entitled to assume compliance with all Securities Laws unless otherwise notified in writing by the CompanyExpiry Time. (4) If the principal transfer office of the Warrant Agent in the city where the Warrant Agency is situate is for any reason not available to act in connection with the exchange of Warrant Certificates or exercise of Warrants as contemplated by this Agreement, the Corporation and the Warrant Agent shall arrange for another office in such city to act in connection with the exchange of Warrant Certificates and exercise of Warrants and shall give notice of the change of such office to the Holders. (5) A Beneficial Owner beneficial owner of Uncertificated Warrant Warrants evidenced by a security entitlement in respect of Warrants in the Book-Based System book entry registration system who desires to exercise his Uncertificated Warrants, or her Warrants must do so by causing a CDS Book Entry Participant to deliver to CDS (at its office in the City of Toronto), Depository on behalf of the Beneficial Owner at any time prior to the Time of Expiryentitlement holder, a written notice of the Beneficial Ownerowner’s intention to exercise Warrants (the “Exercise Notice”) in a manner acceptable to CDSthe Depository. Forthwith upon receipt by CDS the Depository of such notice, as well as payment for of the aggregate Exercise Price, CDS the Depository shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants (the “Confirmation”) in a manner acceptable to the Warrant Agent, including by electronic means through the Book-Based Systembook entry registration system. Such Confirmation from the Depository to the Warrant Agent shall electronically confirm that the beneficial holder of Uncertificated Warrants at the time of exercise of the Uncertificated Warrants: (a) is not in the United States; and (b) is not a U.S. Person and is not exercising the Uncertificated Warrants on behalf of a U.S. Person or a person in the United States. If the Depository (i) is not able to make or deliver the foregoing Confirmation to the Warrant Agent or (ii) the beneficial owner of the Uncertificated Warrants is in the United States or exercising for the account or benefit of a U.S. Person, including without limitation Qualified Institutional Buyers that acquired Warrants in the Offering, such Uncertificated Warrants shall be removed from the book entry registration system, and an individually registered Warrant Certificate shall be issued to such beneficial holder, and the exercise procedures set forth in Section 3.2(1) shall be followed. (6) Payment representing the Exercise Price must be provided to the appropriate office of the Book Entry Participant in a manner acceptable to it. A notice in form acceptable to the Book Entry Participant and payment from such beneficial holder should be provided to the Book Entry Participant sufficiently in advance so as to permit the Book Entry Participant to deliver notice and payment to the Depository and for the Depository in turn to deliver notice and payment to the Warrant Agent prior to Expiry Time. The Beneficial Owner Depository will initiate the electronic exercise through the Book-Based System, by way of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent Agent, and the Warrant Agent will execute the exercise by issuing to CDS the Depository through the Book-Based System book entry registration system the Warrant Shares to which the exercising Beneficial Owner is entitled pursuant to the exercise. Any expense associated with the preparation and delivery of Exercise Notices will be for the account of the Beneficial Owner exercising the Warrants and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Warrantholder Holder is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the entitlement holder exercising the Warrants and/or the CDS Book Entry Participant exercising the Warrants on its behalf. By causing a CDS Participant to deliver notice to CDS, a Beneficial Owner shall be deemed to have irrevocably surrendered his Warrants so exercised and appointed such CDS Participant to act as his or her exclusive settlement agent with respect to the exercise and the receipt of Warrant Shares in connection with the obligations arising from such exercise. Any notice which CDS determines to be incomplete, not in proper form or not duly executed shall for all purposes be void and of no effect and the exercise to which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a CDS Book Entry Participant to exercise or to give effect to the settlement thereof in accordance with the Beneficial Owner’s instructions will not give rise to any obligations or liability on the part of the Company Corporation or Warrant Agent to the CDS Book Entry Participant or the Beneficial Owner. If the Exercise Form set forth in the Warrant Certificate shall have been amended, the Company shall cause the amended Exercise Form . (7) By causing a Book Entry Participant to be forwarded to all registered Warrantholders. Exercise Forms and Confirmations must be delivered deliver notice to the Warrant Agent at any time during the Warrant Agent’s actual business hours on any Business Day prior to the Expiry Time. Any Exercise Form or Confirmations received by the Warrant Agent after business hours on any Business Day other than the Expiry Date will be deemed to have been received by the Warrant Agent on the next following Business Day. Any Warrant with respect to which Depository, a Confirmation or Exercise Form is not received by the Warrant Agent before the Expiry Time holder shall be deemed to have expired irrevocably surrendered his, her or its Warrants so exercised and become void and all rights appointed such Book Entry Participant to act as his, her or its exclusive settlement agent with respect to the exercise and the receipt of Shares in connection with the obligations arising from such Warrants shall terminate and be cancelledexercise.

Method of Exercise of Warrants. (1a) The registered holder of any Warrant that is not in the form of a Global Warrant may exercise the rights right evidenced thereby conferred on him such holder to acquire all or any part Common Shares by surrendering, prior to the Time of Expiry, to the Trustee at a Warrant Shares to which such Warrant entitles the holder, by surrendering Agency: (i) the Warrant Certificate representing such Warrants to the Warrant Agent at any time prior to the Time of Expiry at its principal office in the City of Vancouver, British Columbia (or at such additional place or places as may be decided by the Company from time to time with the approval of the Warrant Agent)Warrant, with a duly completed and executed exercise form (the “Exercise Form”) of the registered holder or his executors, administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory attached to the Warrant Agent, substantially in the form endorsed on the Warrant Certificate as Schedule “B”, specifying the number of Warrant Shares subscribed for together with Certificate; and (ii) a certified cheque, cheque or bank draft or money order in lawful money of Canada, payable to or to the order of the Company Corporation (or payment in an such other form as the Trustee may accept), in the amount equal to of the aggregate Exercise Price multiplied by the number of Warrant Shares subscribed for. such Warrants being exercised. A Warrant Certificate with the duly completed and executed Exercise Form and payment of the Exercise Price exercise form referred to in this subsection 3.1(a) shall be deemed to be surrendered only upon personal delivery thereof to or, if sent by mail or other means of transmission, upon actual receipt thereof at, in each case, a Warrant Agency or such other place or places that may be designated by the Corporation with the approval of the Trustee, provided that such Warrant AgentCertificate is accompanied by the requisite payment of the aggregate Exercise Price for the Warrants represented thereby that are being exercised. (2b) The Exercise Form Any exercise form referred to in subsection 3.1(a) shall be signed by the Warrantholder, Warrantholder or his executors, or administrators or other legal representative representatives or his attorney duly appointed by an instrument in writing in (such persons being obligated to provide the form and manner Trustee at the Warrant Agency with proof satisfactory to the Trustee of his or her authority to act on behalf of the Warrantholder) and shall specify: (i) the number of Common Shares which the holder wishes to acquire (being not more than those which the holder is entitled to acquire pursuant to the Warrant Agent, shall specify Certificate(s) surrendered); (ii) the person(s) person or persons in whose name or names such Warrant Common Shares are to be issued, and if such persons are individuals, the address(esrelevant social insurance numbers; (iii) the address or addresses of such person(sperson or persons; and (iv) and the number of Warrant Common Shares to be issued to each person, such person if more than one is so specified. If any of the Warrant Common Shares subscribed for are to be issued to (a) person(s) a person or persons other than the Warrantholder, the signatures set out in the Exercise Form shall be guaranteed by a Canadian Schedule I chartered bank or a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program and (b) the Warrantholder shall pay to the Company Corporation or the Warrant Agent Trustee on behalf of the Corporation, all applicable transfer or similar taxes and the Company Corporation shall not be required to issue or deliver certificates evidencing Warrant Common Shares unless or until such Warrantholder shall have paid to the Company Corporation, or the Warrant Agent Trustee on behalf of the Company Corporation, the amount of such tax or shall have established to the reasonable satisfaction of the Company Corporation that such tax has been paid or that no tax none is due. (3c) If, at In connection with the time exchange of Warrant Certificates and exercise of Warrants and compliance with such other terms and conditions hereof as may be required, the Corporation has appointed the principal office of the Trustee or its agent in each of the cities of Calgary, Vancouver and Toronto as an agency at which Warrant Certificates may be surrendered for exchange or at which Warrants may be exercised and the Trustee has accepted such appointment. The Corporation shall give notice to the Trustee of any change of the Warrant Agency. (d) Anything herein to the contrary notwithstanding, in the case of Global Warrants, exercise notices may be delivered and such Warrants may be surrendered for exercise in accordance with the provisions of subsections 4.1(1) or 4.1(4), there are any trading restrictions on the Warrant Shares pursuant to Securities Laws or stock exchange requirements, the Company shall, on the advice of counsel, endorse any certificates or book-entry positions representing the Warrant Shares to such effect. The Warrant Agent is entitled to assume compliance with all Securities Laws unless otherwise notified in writing by the CompanyApplicable Procedures. (4) A Beneficial Owner of Uncertificated Warrant evidenced by a security entitlement in respect of Warrants in the Book-Based System who desires to exercise his Uncertificated Warrants, must do so by causing a CDS Participant to deliver to CDS (at its office in the City of Toronto), on behalf of the Beneficial Owner at any time prior to the Time of Expiry, a written notice of the Beneficial Owner’s intention to exercise Warrants (the “Exercise Notice”) in a manner acceptable to CDS. Forthwith upon receipt by CDS of such notice, as well as payment for the aggregate Exercise Price, CDS shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants (the “Confirmation”) in a manner acceptable to the Warrant Agent, including by electronic means through the Book-Based System. The Beneficial Owner will initiate the electronic exercise through the Book-Based System, by way of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Beneficial Owner is entitled pursuant to the exercise. Any expense associated with the preparation and delivery of Exercise Notices will be for the account of the Beneficial Owner exercising the Warrants and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the entitlement holder exercising the Warrants and/or the CDS Participant exercising the Warrants on its behalf. By causing a CDS Participant to deliver notice to CDS, a Beneficial Owner shall be deemed to have irrevocably surrendered his Warrants so exercised and appointed such CDS Participant to act as his or her exclusive settlement agent with respect to the exercise and the receipt of Warrant Shares in connection with the obligations arising from such exercise. Any notice which CDS determines to be incomplete, not in proper form or not duly executed shall for all purposes be void and of no effect and the exercise to which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a CDS Participant to exercise or to give effect to the settlement thereof in accordance with the Beneficial Owner’s instructions will not give rise to any obligations or liability on the part of the Company or Warrant Agent to the CDS Participant or the Beneficial Owner. If the Exercise Form set forth in the Warrant Certificate shall have been amended, the Company shall cause the amended Exercise Form to be forwarded to all registered Warrantholders. Exercise Forms and Confirmations must be delivered to the Warrant Agent at any time during the Warrant Agent’s actual business hours on any Business Day prior to the Expiry Time. Any Exercise Form or Confirmations received by the Warrant Agent after business hours on any Business Day other than the Expiry Date will be deemed to have been received by the Warrant Agent on the next following Business Day. Any Warrant with respect to which a Confirmation or Exercise Form is not received by the Warrant Agent before the Expiry Time shall be deemed to have expired and become void and all rights with respect to such Warrants shall terminate and be cancelled.

Method of Exercise of Warrants. (1) The registered holder Subject always to the provisions of this Article 3 and compliance by both the Corporation and the Holder with applicable law, the Holder of any Warrant may exercise the rights right thereby conferred on him to acquire all or any part one Common Share (subject to adjustment pursuant to Article 4) in respect of the each Warrant Shares to which such Warrant entitles the holder, held by surrendering the Warrant Certificate representing such Warrants to the Warrant Agent at any time prior to the Time of Expiry at its principal office Warrant Agency the Warrant Certificate(s) held by him, together with (a) the exercise form substantially in the City form of Vancouver, British Columbia (or at such additional place or places as may be decided by the Company from time to time with the approval that forming part of the Warrant Agent), with a duly completed and executed exercise form Certificate (the “Exercise Form”) of duly completed and executed by the registered holder Holder or his executors, administrators or other legal representative representatives or his or their attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, substantially in the form endorsed on the Warrant Certificate as Schedule “B”, specifying the number of Warrant Shares subscribed for together with acting reasonably; and (b) a certified cheque, bank draft or money order in lawful money of Canada, payable to or to the order of the Company Corporation in an amount equal to $1.50 per Common Share (the “Exercise Price Price”) multiplied by the number of Warrant Common Shares subscribed forfor pursuant to such Exercise Form. A Warrant Certificate with the duly completed and executed Exercise Form and payment of the applicable Exercise Price shall be deemed to be surrendered only upon personal delivery thereof to or, if sent by mail or other means of transmission, upon actual receipt thereof by by, the Warrant AgentAgent at the Warrant Agency. (2) The Exercise Form shall be signed by executed as set out in Subsection 3.2(1) and shall specify the Warrantholder, or his executors, or administrators or other legal representative or his attorney duly appointed by an instrument in writing in number of Common Shares which the form and manner satisfactory Holder wishes to acquire (being not more than that number which he is entitled to acquire pursuant to the Warrant Agent, Certificate(s) so surrendered). Such Common Shares shall specify be issued and registered in the person(sname of such Person or Persons (including the Holder) in whose name or names the Holder in the Exercise Form specifies such Warrant Common Shares are to be issuedissued and registered, along with the address(es) address or addresses of such person(s) Persons and the number of Warrant Common Shares to be issued to each person, such Person if more than one Person is so specified. If any of the Warrant Common Shares subscribed for are to be issued to (a) person(s) a Person or Persons other than the WarrantholderHolder, the signatures set out in Holder shall also comply with the Exercise Form shall be guaranteed by a Canadian Schedule I chartered bank or a medallion signature guarantee from a member provisions of a recognized Signature Medallion Guarantee Program Section 2.9 hereof together with such other reasonable requirements as the Warrant Agent and/or the Corporation may prescribe, and (b) the Warrantholder shall pay to the Company Corporation, or the Warrant Agent on behalf of the Corporation, all applicable transfer or similar taxes and the Company Corporation shall not be required to issue or deliver certificates evidencing Warrant Common Shares unless or until such Warrantholder Holder shall have paid to the Company Corporation, or the Warrant Agent on behalf of the Company Corporation, the amount of such tax taxes or shall have established to the reasonable satisfaction of the Company Corporation that such tax has taxes have been paid or that no tax is taxes are due. (3) If, at In the time of exercise of the Warrants, event that a Holder has not exercised his Warrants in accordance with the provisions hereof prior to the Expiry Time, all Warrants then held by such Holder shall expire and be of subsections 4.1(1) or 4.1(4), there are any trading restrictions on no further force and effect as at the Warrant Shares pursuant to Securities Laws or stock exchange requirements, the Company shall, on the advice of counsel, endorse any certificates or book-entry positions representing the Warrant Shares to such effect. The Warrant Agent is entitled to assume compliance with all Securities Laws unless otherwise notified in writing by the CompanyExpiry Time. (4) If the principal transfer office of the Warrant Agent in the city where the Warrant Agency is situated is for any reason not available to act in connection with the exchange of Warrant Certificates or exercise of Warrants as contemplated by this Indenture, the Corporation and the Warrant Agent shall arrange for another office in such city to act in connection with the exchange of Warrant Certificates and exercise of Warrants and shall give notice of the change of such office to the Holders. (5) A Beneficial Owner of Uncertificated Warrant Warrants evidenced by a security entitlement in respect of Warrants in the Book-Based System book entry registration system who desires to exercise his Uncertificated Warrants, or her Warrants must do so by causing a CDS Book Entry Only Participant to deliver to CDS (at its office in the City of Toronto), Depository on behalf of the Beneficial Owner at any time prior to the Time of Expiryentitlement holder, a written notice of the Beneficial Ownerowner’s intention to exercise Warrants (the “Exercise Notice”) in a manner acceptable to CDSthe Depository. Forthwith upon receipt by CDS the Depository of such notice, as well as payment for the aggregate Exercise Price, CDS the Depository shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants (the “Confirmation”) in a manner acceptable to the Warrant Agent, including by electronic means through the Book-Based Systembook entry registration system. Such Confirmation from the Depository to the Warrant Agent shall include or be accompanied by a written confirmation that the beneficial holder of Uncertificated Warrants at the time of exercise of the Uncertificated Warrants (a) is not in the United States; (b) is not a U.S. Person and is not exercising the Uncertificated Warrants on behalf of a U.S. Person or a person in the United States; and (c) did not execute or deliver the notice of the owner’s intention to exercise Uncertificated Warrants in the United States. If the Depository is not able to make or deliver the foregoing confirmation to the Warrant Agent, such Uncertificated Warrants shall be removed from the book entry registration system, and an individually registered Warrant Certificate shall be issued to such beneficial holder and the exercise procedures set forth in Section 3.2(1) shall be followed. (6) Payment representing the Exercise Price must be provided to the appropriate office of the Book Entry Only Participant in a manner acceptable to it. A notice in form acceptable to the Book Entry Only Participant (together with a written confirmation substantially the same as that set forth in Section 3.2(5)) and payment from such beneficial holder should be provided to the Book Entry Only Participant sufficiently in advance so as to permit the Book Entry Only Participant to deliver notice and payment to the Depository and for the Depository in turn to deliver notice and payment to the Warrant Agent prior to Expiry Time. The Beneficial Owner Depository will initiate the electronic exercise through the Book-Based System, by way of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent and the Warrant Agent will execute the exercise by issuing to CDS the Depository through the Book-Based System book entry registration system the Warrant Common Shares to which the exercising Beneficial Owner is entitled pursuant to the exercise. Any expense associated with the preparation and delivery of Exercise Notices will be for the account of the Beneficial Owner exercising the Warrants and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Warrantholder Holder is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the entitlement holder exercising the Warrants and/or the CDS Book Entry Only Participant exercising the Warrants on its behalf. . (7) By causing a CDS Participant to deliver notice to CDSthe Depository, a Beneficial Owner beneficial owner shall be deemed to have irrevocably surrendered his his, her or its Warrants so exercised and appointed such CDS Participant to act as his his, her or her its exclusive settlement agent with respect to the exercise and the receipt of Warrant Common Shares in connection with the obligations arising from such exercise. . (8) Any notice which CDS the Depository determines to be incomplete, not in proper form or not duly executed shall for all purposes be void and of no effect and the exercise to which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a CDS Participant to exercise or to give effect to the settlement thereof in accordance with the Beneficial Ownerbeneficial owner’s instructions will not give rise to any obligations or liability on the part of the Company Corporation or Warrant Agent to the CDS Participant or the Beneficial Owner. If the Exercise Form set forth in the Warrant Certificate shall have been amended, the Company shall cause the amended Exercise Form to be forwarded to all registered Warrantholders. Exercise Forms and Confirmations must be delivered to the Warrant Agent at any time during the Warrant Agent’s actual business hours on any Business Day prior to the Expiry Time. Any Exercise Form or Confirmations received by the Warrant Agent after business hours on any Business Day other than the Expiry Date will be deemed to have been received by the Warrant Agent on the next following Business Day. Any Warrant with respect to which a Confirmation or Exercise Form is not received by the Warrant Agent before the Expiry Time shall be deemed to have expired and become void and all rights with respect to such Warrants shall terminate and be cancelledbeneficial owner.

Method of Exercise of Warrants. (1) The registered holder of any Warrant may exercise the rights thereby conferred on him to acquire all or any part of the Warrant Shares to which such Warrant entitles the holder, by surrendering the Warrant Certificate representing such Warrants to the Warrant Agent at any time prior to the Time of Expiry at its principal office in the City of Vancouver, British Columbia (or at such additional place or places as may be decided by the Company from time to time with the approval of the Warrant Agent)Agency, with a duly completed and executed exercise form (the “Exercise Form”) of the registered holder or his executors, administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, substantially in the form endorsed on the Warrant Certificate as Schedule “B”, specifying the number of Warrant Shares subscribed for together with a certified cheque, bank draft or money order in lawful money of Canadathe United States, payable to or to the order of the Company Corporation in an amount equal to the Exercise Price multiplied by the number of Warrant Shares subscribed for. A Warrant Certificate with the duly completed and executed Exercise Form and payment of the Exercise Price shall be deemed to be surrendered only upon personal delivery thereof to or, if sent by mail or other means of transmission, upon actual receipt thereof by the Warrant Agent. (2) The Exercise Form shall be signed by the Warrantholder, or his executors, or administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, shall specify the person(s) in whose name such Warrant Shares are to be issued, the address(es) of such person(s) and the number of Warrant Shares to be issued to each person, if more than one is so specified. If any of the Warrant Shares subscribed for are to be issued to (a) person(s) other than the Warrantholder, the signatures set out in the Exercise Form shall be guaranteed by a Canadian Schedule I chartered bank or a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program and (b) the Warrantholder shall pay to the Company Corporation or the Warrant Agent all applicable transfer or similar taxes and the Company Corporation shall not be required to issue or deliver certificates evidencing Warrant Shares unless or until such Warrantholder shall have paid to the Company Corporation or the Warrant Agent on behalf of the Company Corporation the amount of such tax or shall have established to the reasonable satisfaction of the Company Corporation that such tax has been paid or that no tax is due. (3) If, at the time of exercise of the Warrants, in accordance with the provisions of subsections 4.1(1) or 4.1(1)or 4.1(4), there are any trading restrictions on the Warrant Shares pursuant to Securities Laws or stock exchange requirements, the Company Corporation shall, on the advice of counsel, endorse any certificates or book-entry positions representing the Warrant Shares to such effect. The Warrant Agent is entitled to assume compliance with all Securities Laws unless otherwise notified in writing by the CompanyCorporation. (4) A Beneficial Owner of Uncertificated Warrant evidenced by a security entitlement in respect of Warrants in the Book-Based System who desires to exercise his Uncertificated Warrants, must do so by causing a CDS Depository Participant to deliver to CDS the Depository (at its office in the City of Toronto), on behalf of the Beneficial Owner at any time prior to the Time of Expiry, a written notice of the Beneficial Owner’s intention to exercise Warrants (the “Exercise Notice”) in a manner acceptable to CDSthe Depository. Forthwith upon receipt by CDS the Depository of such notice, as well as payment for the aggregate Exercise Price, CDS the Depository shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants (the “Confirmation”) in a manner acceptable to the Warrant Agent, including by electronic means through the Book-Based System. The Beneficial Owner will initiate the electronic exercise through the Book-Based System, by way of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent and the Warrant Agent will execute the exercise by issuing to CDS the Depository through the Book-Based System the Warrant Shares to which the exercising Beneficial Owner is entitled pursuant to the exercise. Any expense associated with the preparation and delivery of Exercise Notices will be for the account of the Beneficial Owner exercising the Warrants and the Warrant Agent will execute the exercise by issuing to CDS the Depository through the Book-Based System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the entitlement holder exercising the Warrants and/or the CDS Depository Participant exercising the Warrants on its behalf. Issuance of Warrant Shares shall be made without charge to the Holder for any expense or fee of the Warrant Agent and transfer agent in respect of the issuance of such Warrant Shares, which expenses and fees shall be paid by the Corporation. Solely for purposes of Canadian Universal Market Rules and Regulation SHO, the Beneficial Owner shall be deemed to have exercised Warrants upon the delivery to its Depository Participant of irrevocable instructions to exercise the Warrants and pay their exercise price. (5) By causing a CDS Depository Participant to deliver notice to CDSthe Depository, a Beneficial Owner shall be deemed to have irrevocably surrendered his Warrants so exercised and appointed such CDS Depository Participant to act as his or her exclusive settlement agent with respect to the exercise and the receipt of Warrant Shares in connection with the obligations arising from such exercise. Any notice which CDS the Depository determines to be incomplete, not in proper form or not duly executed shall for all purposes be void and of no effect and the exercise to which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a CDS Depository Participant to exercise or to give effect to the settlement thereof in accordance with the Beneficial Owner’s instructions will not give rise to any obligations or liability on the part of the Company Corporation or Warrant Agent to the CDS Depository Participant or the Beneficial Owner. If the Exercise Form set forth in the Warrant Certificate shall have been amended, the Company Corporation shall cause the amended Exercise Form to be forwarded to all registered Warrantholders. Exercise Forms and Confirmations must be delivered to the Warrant Agent at any time during the Warrant Agent’s actual business hours on any Business Day prior to the Expiry Time. Any Exercise Form or Confirmations received by the Warrant Agent after business hours on any Business Day other than the Expiry Date will be deemed to have been received by the Warrant Agent on the next following Business Day. Any Warrant with respect to which a Confirmation or Exercise Form is not received by the Warrant Agent before the Expiry Time shall be deemed to have expired and become void and all rights with respect to such Warrants shall terminate and be cancelled.

Method of Exercise of Warrants. (1a) The registered Subject to Section 3.1(b), the holder of any Warrant may during the Exercise Period exercise the rights right thereby conferred on him such holder to acquire all or any part of purchase the Warrant Shares Underlying Securities to which such Warrant entitles the holder, by surrendering the Warrant Certificate certificate representing such Warrants Warrant to the Warrant Agent Trustee at any time prior to during the Time of Expiry Exercise Period at its principal office in the City of VancouverToronto, British Columbia Ontario or at the principal office of the U.S. Agent in the Borough of Manhattan, City of New York, New York (or at such additional place or places as may be decided by the Company from time to time with the approval of the Warrant AgentTrustee), with with: (i) a duly completed and executed exercise form (the “Exercise Form”) of the registered holder or his executors, administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, substantially in the form endorsed set out on the Warrant Certificate as Schedule “B”, specifying the number of Warrant Shares subscribed for together with Certificate; and (ii) a certified cheque, bank draft or money order in lawful money of Canada, payable at par to or to the order of the Company Agnico-Eagle Mines Limited in an amount equal to the Exercise Price multiplied by the number of Warrant Shares Underlying Securities subscribed for. A Warrant Certificate with the duly completed and executed Exercise Form and payment of the Exercise Price exercise form shall be deemed to be surrendered only upon personal delivery thereof to orto, or if sent by mail or other means of transmission, transmission upon actual receipt thereof by, the Trustee. If the holder subscribes for a lesser number of Underlying Securities than the aggregate number of Underlying Securities then issuable pursuant to the exercise of the Warrants represented by the Warrant AgentCertificate surrendered, the holder shall be entitled to receive a further Warrant Certificate in respect of the Warrants represented by the Warrant Certificates that have not been exercised. Any such surrender for exercise shall be irrevocable. (2b) The Exercise Form Notwithstanding any provision to the contrary contained in this Indenture, no U.S. Person or person holding such Warrant for the account of a U.S. Person shall exercise any Warrant at any time when no Registration Statement is effective. If no Registration Statement is effective, all Warrants held by U.S. Persons or persons holding such Warrants for the account of U.S. Persons shall immediately cease to be exercisable for so long as the Registration Statement is not effective and such Warrants are held by U.S. Persons or persons holding such Warrants for the account of U.S. Persons. If no Registration Statement is effective at any time when any Warrant is exercised, as a condition of the exercise of such Warrant the Company may require that the holder of such Warrant provide such evidence that it is not a U.S. Person or person holding such Warrant for the account of a U.S. Person as the Company shall reasonably request; provided that if the Company, acting reasonably, is not satisfied in such circumstance that the holder is not a U.S. Person or person holding such Warrant for the account of a U.S. Person, such Warrantholder shall be notified forthwith by the Trustee that such Warrantholder is entitled, at his or her option, to redeem his or her Warrant, in whole or in part, in accordance with Section 3.4. (c) Any exercise form referred to in Section 3.1(a) shall be signed by the Warrantholder, or his executors, or administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form Warrantholder and manner satisfactory to the Warrant Agent, shall specify the person(s) person or persons in whose name such Warrant Shares or names the Underlying Securities to be issued upon exercise are to be issuedregistered, the address(es) of such person(s) person's or persons' address or addresses and the number of Warrant Shares Underlying Securities to be issued to each person, person if more than one is so specified. If any of the Warrant Shares subscribed for Underlying Securities issuable upon the exercise of Warrants by a holder are to be issued to (a) person(s) a person or persons other than the Warrantholder, the signatures signature(s) set out in the Exercise Form exercise form referred to in Section 3.1(a) shall be guaranteed by a Canadian Schedule I chartered bank or a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program an Eligible Institution, and (b) the Warrantholder shall pay to the Company or the Warrant Agent Trustee all applicable transfer or similar taxes and the Company shall not be required to issue or deliver certificates evidencing Warrant Shares Underlying Securities unless or until such Warrantholder shall have paid to the Company or the Warrant Agent Trustee on behalf of the Company the amount of such tax or shall have established to the reasonable satisfaction of the Company that such tax has been paid or that no tax is due. No such Underlying Securities shall be issued to any U.S. Person at any time when the Registration Statement is not effective, and during such period such U.S. Person shall be entitled to the redemption right set out in Section 3.4. (3d) If, at the time of exercise Any Warrantholder may elect to make payment of the WarrantsExercise Price pursuant to Section 3.1(a) in Canadian dollars. In such an event, the Exercise Price payable by such Warrantholder shall be the Canadian dollar equivalent of the Exercise Price payable in accordance with the provisions of subsections 4.1(1) or 4.1(4), there are any trading restrictions Canadian dollars based on the Warrant Shares pursuant to Securities Laws or stock exchange requirements, the Company shall, Exchange Rate on the advice Business Day immediately preceding the date on which the relevant Warrant is exercised, rounded to the nearest tenth of counsel, endorse any certificates or book-entry positions representing a cent. At the Warrant Shares to such effect. The Warrant Agent is entitled to assume compliance with all Securities Laws unless otherwise notified in writing by the Company. (4) A Beneficial Owner of Uncertificated Warrant evidenced by a security entitlement in respect of Warrants in the Book-Based System who desires to exercise his Uncertificated Warrants, must do so by causing a CDS Participant to deliver to CDS (at its office in the City of Toronto), on behalf request of the Beneficial Owner at any time prior to the Time of Expiry, a written notice of the Beneficial Owner’s intention to exercise Warrants (the “Exercise Notice”) in a manner acceptable to CDS. Forthwith upon receipt by CDS of such notice, as well as payment for the aggregate Exercise Price, CDS shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants (the “Confirmation”) in a manner acceptable to the Warrant Agent, including by electronic means through the Book-Based System. The Beneficial Owner will initiate the electronic exercise through the Book-Based System, by way of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Beneficial Owner is entitled pursuant to the exercise. Any expense associated with the preparation and delivery of Exercise Notices will be for the account of the Beneficial Owner exercising the Warrants and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the entitlement holder exercising the Warrants and/or the CDS Participant exercising the Warrants on its behalf. By causing a CDS Participant to deliver notice to CDS, a Beneficial Owner shall be deemed to have irrevocably surrendered his Warrants so exercised and appointed such CDS Participant to act as his or her exclusive settlement agent with respect to the exercise and the receipt of Warrant Shares in connection with the obligations arising from such exercise. Any notice which CDS determines to be incomplete, not in proper form or not duly executed shall for all purposes be void and of no effect and the exercise to which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a CDS Participant to exercise or to give effect to the settlement thereof in accordance with the Beneficial Owner’s instructions will not give rise to any obligations or liability on the part of the Company or Warrant Agent to the CDS Participant or the Beneficial Owner. If the Exercise Form set forth in the Warrant Certificate shall have been amendedTrustee, the Company shall cause the amended Exercise Form to be forwarded to all registered Warrantholders. Exercise Forms and Confirmations must be delivered provide a certificate to the Warrant Agent at any time during Trustee setting out the Warrant Agent’s actual business hours on any Business Day prior to the Expiry Time. Any Exercise Form or Confirmations received by the Warrant Agent after business hours on any Business Day other than the Expiry Date will be deemed to have been received by the Warrant Agent on the next following Business Day. Any Warrant with respect to which a Confirmation or Exercise Form is not received by the Warrant Agent before the Expiry Time shall be deemed to have expired and become void and all rights with respect to such Warrants shall terminate and be cancelledapplicable Exchange Rate.

Method of Exercise of Warrants. (1a) The registered holder of any Warrant Certificate may exercise the rights right thereby conferred on him to acquire all or any part of the Warrant purchase Common Shares to which such Warrant entitles the holder, by surrendering the Warrant Certificate representing such Warrants to the Warrant Agent at any time prior to during the Time of Expiry Exercise Period at its principal office in the City of Vancouver, British Columbia (or Toronto, Ontario or at such additional any other place or places as that may be decided designated by the Company from time to time Corporation with the approval of the Warrant Agent): (i) the Warrant Certificate, with a duly completed and executed exercise Subscription Form, which form (the “Exercise Form”) of the registered holder or his executors, administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, substantially in the form endorsed on the Warrant Certificate is attached hereto as Schedule “B”; and (ii) subject to exercise of Warrants in accordance with Section 4.2, specifying the number of Warrant Shares subscribed for together with a certified cheque, money order or bank draft or money order in lawful money of Canada, Canada payable to or to the order of the Company Corporation in an amount equal to the Exercise Price multiplied by applicable at the number time of Warrant Shares such surrender in respect of each Common Share subscribed for. A Warrant Certificate with the duly completed and executed Exercise Subscription Form and together, if applicable, with the payment of the Exercise Price aforesaid shall be deemed to be surrendered only upon personal delivery thereof to the Warrant Agent at its office set forth above, or, if sent by mail or other means of transmissionovernight courier, upon actual receipt thereof by the Warrant AgentAgent at its principal office in Vancouver, British Columbia or Toronto, Ontario. (2b) The Exercise Form Any subscription referred to in this Section 4.1 shall be signed by the Warrantholder, or his executors, or administrators or other legal representative or his attorney duly appointed by an instrument in writing in Warrantholder and shall specify: (i) the form and manner satisfactory number of Common Shares which the holder desires to purchase (being not more than those which he is entitled to purchase pursuant to the Warrant Agent, shall specify Certificate(s) surrendered); (ii) the person(s) Person or Persons in whose name such Warrant or names the Common Shares are to be issued, ; (iii) the address(es) address or addresses of such person(sPerson or Persons; (iv) and the number of Warrant Common Shares to be issued to each person, Person if more than one Person is so specified. If any of , provided that the Warrant Warrantholder shall only be entitled to direct its entitlement to the Common Shares subscribed for in a manner permitted by applicable securities legislation; and (v) a completed transfer form, in the form attached hereto as Schedule “C”, if Common Shares are to be issued to (a) person(s) someone other than the Warrantholder, the signatures set out in the Exercise Form shall be guaranteed by a Canadian Schedule I chartered bank or a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program and (b) the Warrantholder shall pay to the Company or the Warrant Agent all applicable transfer or similar taxes and the Company shall not be required to issue or deliver certificates evidencing Warrant Shares unless or until such Warrantholder shall have paid to the Company or the Warrant Agent on behalf of the Company the amount of such tax or shall have established to the reasonable satisfaction of the Company that such tax has been paid or that no tax is due. (3) If, at the time of exercise of the Warrants, in accordance with the provisions of subsections 4.1(1) or 4.1(4), there are any trading restrictions on the Warrant Shares pursuant to Securities Laws or stock exchange requirements, the Company shall, on the advice of counsel, endorse any certificates or book-entry positions representing the Warrant Shares to such effect. The Warrant Agent is entitled to assume compliance with all Securities Laws unless otherwise notified in writing by the Company. (4c) A Beneficial Owner of Uncertificated who desires, and is permitted under this Warrant evidenced by a security entitlement in respect of Indenture, to exercise Warrants in pursuant to the Book-Based System who desires to exercise his Uncertificated Warrants, must shall do so in accordance with the procedures established by causing CDS and the Corporation, from time to time. Such procedures shall initially be that a Beneficial Owner shall cause a CDS Participant to deliver to CDS (at its office in the City of Vancouver or the City of Toronto), on behalf of the such Beneficial Owner at any time prior to the Time of ExpiryOwner, a written notice of the such Beneficial Owner’s intention to exercise Warrants (and the “Exercise Notice”) in a manner acceptable to CDS. Forthwith upon receipt by CDS of such notice, as well as payment Price for the aggregate Exercise Price, Common Shares being purchased. CDS shall initiate the exercise of Warrants and shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants (the a “Confirmation”) in a manner acceptable to the Warrant Agent, including by electronic means through a book-based registration system, including CDSX, and forward in full the Book-Based System. The Beneficial Owner will initiate the electronic exercise through the Book-Based System, by way Exercise Price of the Confirmation and forward the aggregate Exercise Price Common Shares being purchased electronically to the Warrant Agent and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System to the Warrant Agent, following receipt of which the Warrant Agent shall execute the exercise of such Warrants by issuing to CDS the Common Shares to which the exercising Beneficial Owner is entitled pursuant to such exercise of Warrants through the exerciseBook-Based System. Any expense associated with the preparation and delivery of Exercise Notices will the notice of intention to exercise Warrants and payment therefor shall be for the account of the Beneficial Owner exercising Warrants. Payment representing the aggregate Exercise Price must be provided to the appropriate office of the CDS Participant in a manner acceptable to it. A notice in form acceptable to the CDS Participant and payment from such Beneficial Owner should be provided to the CDS Participant sufficiently in advance so as to permit the CDS Participant to deliver notice and payment to the Depository and for the Depository in turn to deliver notice and payment to the Warrant Agent prior to Expiry Time. An electronic exercise of the Warrants initiated by the CDS Participant through a book based registration system, including CDSX, shall constitute a representation to both the Corporation and the Warrant Agent will that the beneficial owner at the time of exercise of such Warrants (a) is not in the United States; (b) is not a U.S. Person and is not exercising such Warrants on behalf of a U.S. Person or a person in the United States; and (c) did not execute or deliver the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account notice of the entitlement holder exercising owner’s intention to exercise such Warrants in the Warrants and/or United States. If the CDS Participant exercising is not able to make or deliver the foregoing representation by initiating the electronic exercise of the Warrants, then such Warrants on its behalf. shall be withdrawn from the book based registration system, including CDSX by the CDS Participant and an individually registered Warrant Certificate shall be issued by the Warrant Agent to such Beneficial Owner or CDS Participant and the exercise procedures set forth in Section 4.1(a)(b) shall be followed. (d) By causing a CDS Participant to deliver the notice of intention to exercise Warrants to CDS, a Beneficial Owner shall be deemed to have irrevocably surrendered his Warrants so exercised and appointed such CDS Participant to act as his or her such Beneficial Owner’s exclusive settlement agent with respect to the exercise and the receipt of Warrant Common Shares in connection with the obligations arising from such exercise. . (e) Any notice which of intention to exercise Warrants that CDS determines to be incomplete, not in proper form or form, not duly executed shall or which is not accompanied by payment in full of the Exercise Price of the Common Shares being purchased shall, for all purposes purposes, be void and of no effect and the exercise to which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a CDS Participant to exercise or to give effect to the settlement thereof in accordance with the Beneficial Owner’s instructions will not give rise to any obligations or liability on the part of the Company Corporation or the Warrant Agent to the CDS Participant or the Beneficial Owner. If For greater certainty, any exercise of Warrants pursuant to this Section 4.1, subject to Section 4.2, must be accompanied by payment in full of the Exercise Form set forth in Price for the Common Shares being purchased and must be received by the Warrant Certificate Agent prior to the Time of Expiry. (f) Any exercise form or Subscription Form referred to in this Section 4.1 shall have been amendedbe signed by the Registered Warrantholder, or its executors or administrators or other legal representatives or an attorney of the Company shall cause Registered Warrantholder, duly appointed by an instrument in writing satisfactory to the amended Exercise Form to Warrant Agent but such exercise form need not be forwarded to all registered Warrantholders. Exercise executed by the Depository. (g) Subscription Forms and Confirmations must be delivered to the Warrant Agent at any time during the Warrant Agent’s actual business hours on any Business Day prior to the Expiry Time. Any Exercise Subscription Form or Confirmations received by the Warrant Agent after business hours on any Business Day other than the Time of Expiry Date will be deemed to have been received by the Warrant Agent on the next following Business Day. . (h) Any Warrant with respect to which a Confirmation or Exercise Form is not received by the Warrant Agent before the Time of Expiry Time shall be deemed to have expired and become void and all rights with respect to such Warrants shall terminate and be cancelled.

Method of Exercise of Warrants. (1) The registered holder of any Warrant may exercise the rights thereby conferred on him them to acquire all or any part of the Warrant Shares to which such Warrant entitles the holder, by surrendering the Warrant Certificate representing such Warrants to the Warrant Agent at any time prior to the Time of Expiry at its principal office corporate trust offices in the City of Vancouver, British Columbia (or at such additional place or places as may be decided by the Company from time to time with the approval of the Warrant Agent), with a duly completed and executed exercise form (the “Exercise Form”) of the registered holder or his their executors, administrators or other legal representative or his their attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, substantially in the form endorsed on the Warrant Certificate as Schedule “B”, specifying the number of Warrant Shares subscribed for together with a certified cheque, bank draft or money order in lawful money of Canada, payable to or to the order of the Company in an amount equal to the Exercise Price multiplied by the number of Warrant Shares subscribed for. A Warrant Certificate with the duly completed and executed Exercise Form exercise form and payment of the Exercise Price shall be deemed to be surrendered only upon personal delivery thereof to or, if sent by mail or other means of transmission, upon actual receipt thereof by the Warrant Agent. (2) The Exercise Form Any exercise form referred to in subsection 3.2(1) shall be signed by the Warrantholder, or his their executors, or administrators or other legal representative or his their attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, ; and shall specify the person(s) in whose name such Warrant Shares are to be issued, the address(es) of such person(s) and the number of Warrant Shares to be issued to each person, if more than one is so specified, but such Exercise Notice need not be executed by CDS. If any of the Warrant Shares subscribed for are to be issued to to (a) person(s) other than the Warrantholder, the signatures set out in the Exercise Form exercise form referred to in subsection 3.2(1) shall be guaranteed by a participating Canadian Schedule I chartered bank or a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program Program, and (b) the Warrantholder shall pay to the Company or the Warrant Agent all applicable transfer or similar taxes and the Company shall not be required to issue or deliver certificates evidencing Warrant Shares unless or until such Warrantholder shall have paid to the Company or the Warrant Agent on behalf of the Company the amount of such tax or shall have established to the reasonable satisfaction of the Company that such tax has been paid or that no tax is due. (3) In addition to completing the exercise form referred to in subsection 3.2(1), a U.S. Warrantholder must (a) provide a completed and executed U.S. Purchaser Letter or Qualified Institutional Buyer Letter or (b) an opinion of counsel of recognized standing in form and substance reasonably satisfactory to the Company and the Warrant Agent that the exercise is exempt from the registration requirements of applicable securities laws of any state of the United States and the U.S. Securities Act. (4) A Registered Warrantholder of Uncertificated Warrants evidenced by a security entitlement in respect of Warrants must complete the exercise form referred to in subsection 2.2(4) and deliver the such executed exercise form and a certified cheque, bank draft or money order payable to or to the order of the Company for the aggregate Exercise Price to the Warrant Agent at its principal corporate trust offices in the City of Vancouver, British Columbia (or at such additional place or places as may be decided by the Company from time to time with the approval of the Warrant Agent). The Uncertificated Warrants shall be deemed to be surrendered upon receipt of such exercise form and aggregate Exercise Price or, if such documents are sent by mail or other means of transmission, upon actual receipt thereof by the Warrant Agent at the office referred to above. (5) If, at the time of exercise of the Warrants, in accordance with the provisions of subsections 4.1(1) or 4.1(4subsection 3.2(1), there are any trading restrictions on the Warrant Shares pursuant to Securities Laws or stock exchange requirements, the Company shall, on the advice of counsel, endorse any certificates or book-entry positions representing the Warrant Shares to such effect. The Warrant Agent is entitled to assume compliance with all Securities Laws unless otherwise notified in writing by the Company. (46) A Beneficial Owner of Uncertificated Warrant evidenced by a security entitlement in respect of Warrants in the Book-Based System who desires to exercise his their Uncertificated Warrants, must do so by causing a CDS Participant to deliver to CDS (at its office in the City of Toronto), on behalf of the Beneficial Owner at any time prior to the Time of Expiry, a written notice of the Beneficial Owner’s intention to exercise Warrants (the “Exercise Notice”) in a manner acceptable to CDS). Forthwith upon receipt by CDS of such notice, as well as payment for the aggregate Exercise Price, CDS shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants (the “Confirmation”) in a manner acceptable to the Warrant Agent, including by electronic means through the Book-Based System. The Beneficial Owner CDS will initiate the electronic exercise through the Book-Based System, by way of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent and the Warrant Agent will execute the exercise by issuing causing the issuance to CDS through the Book-Based System of the Warrant Shares to which the exercising Beneficial Owner is entitled pursuant to the exercise. Any expense associated with the preparation and delivery of Exercise Notices will be for the account of the Beneficial Owner exercising the Warrants. (7) An electronic exercise of the Warrants initiated by the CDS Participant through a book- based registration system, including the Book-Based System, shall constitute a representation to both the Company and the Warrant Agent: (a) that the Beneficial Owner at the time of exercise of such Warrants: (i) is not in the United States, (ii) is not a U.S. Person and is not exercising such Warrants on behalf of a U.S. Person or a person in the United States, and (iii) did not execute or deliver the notice of the owner’s intention to exercise such Warrants in the United States; or (b) that the Beneficial Owner has provided to, and the Company and the Warrant Agent is in receipt of, a legal opinion satisfactory to each of them that the exercise of the Warrants and issuance of Common Shares upon such exercise is exempt from the registration requirements of the U.S. Securities Act and, in which case: (i) an electronic exercise of the Warrants initiated by the book entry participant through a book-based registration system, including the Book-Based System, shall constitute a representation to both the Company and the Warrant Agent that following the exercise of such Warrants, the Beneficial Owner, together with any person or company acting jointly or in concert with the Beneficial Owner, will not in the aggregate beneficially own, or exercise control or direction over that number of Common Shares which is greater than 9.9% of the total issued and outstanding Common Shares, immediately after giving effect to such exercise on a partially- diluted basis; and (ii) if the CDS Participant is not able to make or deliver the foregoing representations by initiating the electronic exercise of the Warrants, then such Warrants shall be withdrawn from the book-based registration system, including the Book-Based System by the CDS Participant and an individually registered Warrant Certificate shall be issued by the Warrant Agent to such Beneficial Owner or CDS Participant and the exercise procedures set forth in subsection 3.2(1) shall be followed. (8) Payment representing the aggregate Exercise Price must be provided to the appropriate office of the CDS Participant in a manner acceptable to it. A notice in form acceptable to the CDS Participant and payment from such Beneficial Owner should be provided to the CDS Participant sufficiently in advance so as to permit the CDS Participant to deliver notice and payment to CDS and for CDS in turn to deliver notice and payment to the Warrant Agent prior to the Time of Expiry. CDS will initiate the exercise by way of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based Entry System the Warrant Common Shares to which the exercising Warrantholder is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the entitlement holder exercising the Warrants and/or the CDS Participant exercising the Warrants on its behalf. . (9) By causing a CDS Participant to deliver notice to CDS, a Beneficial Owner shall be deemed to have irrevocably surrendered his their Warrants so exercised and appointed such CDS Participant to act as his or her their exclusive settlement agent with respect to the exercise and the receipt of Warrant Shares in connection with the obligations arising from such exercise. . (10) Any notice which CDS determines to be incomplete, not in proper form or not duly executed shall for all purposes be void and of no effect and the exercise to which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a CDS Participant to exercise or to give effect to the settlement thereof in accordance with the Beneficial Owner’s instructions will not give rise to any obligations or liability on the part of the Company or Warrant Agent to the CDS Participant or the Beneficial Owner. . (11) Any exercise referred to in this Section 3.2 shall require that the entire Exercise Price for Warrant Shares subscribed for be paid at the time of subscription and such Exercise Price and original Exercise Notice executed by the Registered Warrantholder or the Confirmation from CDS must be received by the Warrant Agent prior to the Time of Expiry. (12) Warrants may only be exercised pursuant to this Section 3.2 by or on behalf of a Registered Warrantholder, as applicable, who makes the certifications set forth on the Exercise Notice set out in Schedule “B” or as provided herein. (13) If the form of Exercise Form Notice set forth in the Warrant Certificate shall have been amended, the Company shall cause the amended Exercise Form Notice to be forwarded to all registered Registered Warrantholders. . (14) Exercise Forms Notices and Confirmations must be delivered to the Warrant Agent at any time during the Warrant Agent’s actual business hours on any Business Day prior to the Expiry TimeTime of Expiry. Any Exercise Form Notice or Confirmations received by the Warrant Agent after business hours on any Business Day other than the Time of Expiry Date will be deemed to have been received by the Warrant Agent on the next following Business Day. . (15) Any Warrant with respect to which a Confirmation or Exercise Form Notice is not received by the Warrant Agent before the Time of Expiry Time shall be deemed to have expired and become void and all rights with respect to such Warrants shall terminate and be cancelled.

Method of Exercise of Warrants. (1) The registered holder of any Warrant may exercise the rights thereby conferred on him to acquire all or any part of the Warrant Shares to which such Warrant entitles the holder, by surrendering the Warrant Certificate representing such Warrants to the Warrant Agent at any time prior to the Time of Expiry at its principal office in the City of VancouverToronto, British Columbia Ontario (or at such additional place or places as may be decided by the Company from time to time with the approval of the Warrant Agent), with a duly completed and executed exercise form (the “Exercise Form”) of the registered holder or his executors, administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, substantially in the form endorsed on the Warrant Certificate as Schedule “B”, specifying the number of Warrant Shares subscribed for together with a certified cheque, bank draft or money order in lawful money of Canada, payable to or to the order of the Company in an amount equal to the Exercise Price multiplied by the number of Warrant Shares subscribed for. A Warrant Certificate with the duly completed and executed Exercise Form exercise form and payment of the Exercise Price shall be deemed to be surrendered only upon personal delivery thereof to or, if sent by mail or other means of transmission, upon actual receipt thereof by the Warrant Agent. (2) The Exercise Form Any exercise form referred to in subsection 4.1(1) shall be signed by the Warrantholder, or his executors, or administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, shall specify the person(s) in whose name such Warrant Shares are to be issued, the address(es) of such person(s) and the number of Warrant Shares to be issued to each person, if more than one is so specified. If any of the Warrant Shares subscribed for are to be issued to to (a) person(s) other than the Warrantholder, the signatures set out in the Exercise Form exercise form referred to in subsection 4.1(1) shall be guaranteed by a Canadian Schedule I chartered bank or a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program and (b) the Warrantholder shall pay to the Company or the Warrant Agent all applicable transfer or similar taxes and the Company shall not be required to issue or deliver certificates evidencing Warrant Shares unless or until such Warrantholder shall have paid to the Company or the Warrant Agent on behalf of the Company the amount of such tax or shall have established to the reasonable satisfaction of the Company that such tax has been paid or that no tax is due. (3) If, at the time of exercise of the Warrants, in accordance with the provisions of subsections 4.1(1) or 4.1(4(4), there are any trading restrictions on the Warrant Shares pursuant to Securities Laws or stock exchange requirements, the Company shall, on the advice of counsel, endorse any certificates or book-entry positions representing the Warrant Shares to such effect. The Warrant Agent is entitled to assume compliance with all Securities Laws unless otherwise notified in writing by the Company. (4) A Beneficial Owner of Uncertificated Warrant evidenced by a security entitlement in respect of Warrants in the Book-Based System who desires to exercise his Uncertificated Warrants, must do so by causing a CDS Participant to deliver to CDS (at its office in the City of Toronto), on behalf of the Beneficial Owner at any time prior to the Time of Expiry, a written notice of the Beneficial Owner’s intention to exercise Warrants (the “Exercise Notice”) in a manner acceptable to CDS). Forthwith upon receipt by CDS of such notice, as well as payment for the aggregate Exercise Price, CDS shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants (the “Confirmation”) in a manner acceptable to the Warrant Agent, including by electronic means through the Book-Book- Based System. The Beneficial Owner CDS will initiate the electronic exercise through the Book-Based System, by way of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Beneficial Owner is entitled pursuant to the exercise. Any expense associated with the preparation and delivery of Exercise Notices will be for the account of the Beneficial Owner exercising the Warrants and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the entitlement holder exercising the Warrants and/or the CDS Participant exercising the Warrants on its behalfWarrants. By causing a CDS Participant to deliver notice to CDS, a Beneficial Owner shall be deemed to have irrevocably surrendered his Warrants so exercised and appointed such CDS Participant to act as his or her exclusive settlement agent with respect to the exercise and the receipt of Warrant Shares in connection with the obligations arising from such exercise. Any notice which CDS determines to be incomplete, not in proper form or not duly executed shall for all purposes be void and of no effect and the exercise to which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a CDS Participant to exercise or to give effect to the settlement thereof in accordance with the Beneficial Owner’s instructions will not give rise to any obligations or liability on the part of the Company or Warrant Agent to the CDS Participant or the Beneficial Owner. If the Exercise Form set forth in the Warrant Certificate shall have been amended, the Company shall cause the amended Exercise Form to be forwarded to all registered Warrantholders. Exercise Forms and Confirmations must be delivered to the Warrant Agent at any time during the Warrant Agent’s actual business hours on any Business Day prior to the Expiry Time. Any Exercise Form or Confirmations received by the Warrant Agent after business hours on any Business Day other than the Expiry Date will be deemed to have been received by the Warrant Agent on the next following Business Day. Any Warrant with respect to which a Confirmation or Exercise Form is not received by the Warrant Agent before the Expiry Time shall be deemed to have expired and become void and all rights with respect to such Warrants shall terminate and be cancelled.

Method of Exercise of Warrants. (1) The registered holder of any Warrant may exercise the rights thereby conferred on him to acquire all or any part of the Warrant Shares to which such Warrant entitles the holder, by surrendering the Warrant Certificate representing such Warrants to the Warrant Agent at any time prior to the Time of Expiry at its principal office in the City of Vancouver, British Columbia (or at such additional place or places as may be decided by the Company from time to time with the approval of the Warrant Agent)Agency, with a duly completed and executed exercise form (the “Exercise Form”) of the registered holder or his executors, administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, substantially in the form endorsed on the Warrant Certificate as Schedule “B”, specifying the number of Warrant Shares subscribed for together with a certified cheque, bank draft or money order in lawful money of Canadathe United States, payable to or to the order of the Company Corporation in an amount equal to the Exercise Price multiplied by the number of Warrant Shares subscribed for. A Warrant Certificate with the duly completed and executed Exercise Form and payment of the Exercise Price shall be deemed to be surrendered only upon personal delivery thereof to or, if sent by mail or other means of transmission, upon actual receipt thereof by the Warrant Agent. (2) The Exercise Form shall be signed by the Warrantholder, or his executors, or administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, shall specify the person(s) in whose name such Warrant Shares are to be issued, the address(es) of such person(s) and the number of Warrant Shares to be issued to each person, if more than one is so specified. If any of the Warrant Shares subscribed for are to be issued to (a) person(s) other than the Warrantholder, the signatures set out in the Exercise Form shall be guaranteed by a Canadian Schedule I chartered bank or a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program and (b) the Warrantholder shall pay to the Company Corporation or the Warrant Agent all applicable transfer or similar taxes and the Company Corporation shall not be required to issue or deliver certificates evidencing Warrant Shares unless or until such Warrantholder shall have paid to the Company Corporation or the Warrant Agent on behalf of the Company Corporation the amount of such tax or shall have established to the reasonable satisfaction of the Company Corporation that such tax has been paid or that no tax is due. (3) If, at the time of exercise of the Warrants, in accordance with the provisions of subsections 4.1(1) or 4.1(1)or 4.1(4), there are any trading restrictions on the Warrant Shares pursuant to Securities Laws or stock exchange requirements, the Company Corporation shall, on the advice of counsel, endorse any certificates or book-entry positions representing the Warrant Shares to such effect. The Warrant Agent is entitled to assume compliance with all Securities Laws unless otherwise notified in writing by the CompanyCorporation. (4) A Beneficial Owner of Uncertificated Warrant evidenced by a security entitlement in respect of Warrants in the Book-Based System who desires to exercise his Uncertificated Warrants, must do so by causing a CDS Depository Participant to deliver to CDS the Depository (at its office in the City of Montréal and Toronto, or New York, as applicable), on behalf of the Beneficial Owner at any time prior to the Time of Expiry, a written notice of the Beneficial Owner’s intention to exercise Warrants (the “Exercise Notice”) in a manner acceptable to CDSthe Depository. Forthwith upon receipt by CDS the Depository of such notice, as well as payment for the aggregate Exercise Price, CDS the Depository shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants (the “Confirmation”) in a manner acceptable to the Warrant Agent, including by electronic means through the Book-Based System. The Beneficial Owner will initiate the electronic exercise through the Book-Based System, by way of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent and the Warrant Agent will execute the exercise by issuing to CDS the Depository through the Book-Based System the Warrant Shares to which the exercising Beneficial Owner is entitled pursuant to the exercise. Any expense associated with the preparation and delivery of Exercise Notices will be for the account of the Beneficial Owner exercising the Warrants and the Warrant Agent will execute the exercise by issuing to CDS the Depository through the Book-Based System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the entitlement holder exercising the Warrants and/or the CDS Depository Participant exercising the Warrants on its behalf. Issuance of Warrant Shares shall be made without charge to the Holder for any expense or fee of the Warrant Agent and transfer agent in respect of the issuance of such Warrant Shares, which expenses and fees shall be paid by the Corporation. Solely for purposes of Canadian Universal Market Rules and Regulation SHO, the Beneficial Owner shall be deemed to have exercised Warrants upon the delivery to its Depository Participant of irrevocable instructions to exercise the Warrants and pay their exercise price. (5) By causing a CDS Depository Participant to deliver notice to CDSthe Depository, a Beneficial Owner shall be deemed to have irrevocably surrendered his Warrants so exercised and appointed such CDS Depository Participant to act as his or her exclusive settlement agent with respect to the exercise and the receipt of Warrant Shares in connection with the obligations arising from such exercise. Any notice which CDS the Depository determines to be incomplete, not in proper form or not duly executed shall for all purposes be void and of no effect and the exercise to which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a CDS Depository Participant to exercise or to give effect to the settlement thereof in accordance with the Beneficial Owner’s instructions will not give rise to any obligations or liability on the part of the Company Corporation or Warrant Agent to the CDS Depository Participant or the Beneficial Owner. If the Exercise Form set forth in the Warrant Certificate shall have been amended, the Company Corporation shall cause the amended Exercise Form to be forwarded to all registered Warrantholders. Exercise Forms and Confirmations must be delivered to the Warrant Agent at any time during the Warrant Agent’s actual business hours on any Business Day prior to the Expiry Time. Any Exercise Form or Confirmations received by the Warrant Agent after business hours on any Business Day other than the Expiry Date will be deemed to have been received by the Warrant Agent on the next following Business Day. Any Warrant with respect to which a Confirmation or Exercise Form is not received by the Warrant Agent before the Expiry Time shall be deemed to have expired and become void and all rights with respect to such Warrants shall terminate and be cancelled.

Method of Exercise of Warrants. (1) The registered holder Subject always to the provisions of this Article 3 and compliance by both the Corporation and the Holder with applicable law, the Holder of any Warrant may exercise the rights right thereby conferred on him him, her or it to acquire all or any part one Share (subject to adjustment pursuant to Article 4) in respect of the each Warrant Shares to which such Warrant entitles the holder, held by surrendering the Warrant Certificate representing such Warrants to the Warrant Agent at any time prior to the Time of Expiry at its principal office in Warrant Agency the City of VancouverWarrant Certificate(s) held by him, British Columbia her or it, together with (or at such additional place or places as may be decided by i) the Company from time to time with the approval exercise form forming part of the Warrant Agent), with a duly completed and executed exercise form Certificate (the “Exercise Form”) of duly completed and executed by the registered holder Holder or his his, her or its executors, administrators or other legal representative representatives or his his, her or its attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, substantially in the form endorsed on the Warrant Certificate as Schedule “B”, specifying the number of Warrant Shares subscribed for together with acting reasonably; and (ii) a certified cheque, bank draft or money order in lawful money of Canadathe United States, payable to or to the order of the Company Corporation in an amount equal to U.S.$11.50 per Share, subject to adjustment pursuant to Article 4 or on a cashless basis at the election of the Holder (the “Exercise Price Price”) multiplied by the number of Warrant Shares subscribed forfor pursuant to such Exercise Form. A Warrant Certificate with the duly completed and executed Exercise Form and payment of the applicable Exercise Price shall be deemed to be surrendered only upon personal delivery thereof to or, if sent by mail or other means of transmission, upon actual receipt thereof by by, the Warrant AgentAgent at the Warrant Agency. (2) The Exercise Form shall be signed by executed as set out in Section 3.2(1) and shall specify the Warrantholdernumber of Shares which the Holder wishes to acquire (being not more than that number which he, she or his executors, or administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory it is entitled to acquire pursuant to the Warrant Agent, shall specify the person(sCertificate(s) in whose name such Warrant Shares are to be issued, the address(es) of such person(s) and the number of Warrant Shares to be issued to each person, if more than one is so specified. If any of the Warrant Shares subscribed for are to be issued to (a) person(s) other than the Warrantholder, the signatures set out in the Exercise Form shall be guaranteed by a Canadian Schedule I chartered bank or a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program and (b) the Warrantholder shall pay to the Company or the Warrant Agent all applicable transfer or similar taxes and the Company shall not be required to issue or deliver certificates evidencing Warrant Shares unless or until such Warrantholder shall have paid to the Company or the Warrant Agent on behalf of the Company the amount of such tax or shall have established to the reasonable satisfaction of the Company that such tax has been paid or that no tax is duesurrendered). (3) IfAll holders will have the option to exercise the Warrants, at in whole or in part, on a cashless basis. If so elected by a holder, such holder shall, in lieu of making a cash payment on exercise, surrender his or her Warrants and receive that number of Shares equivalent to the time quotient obtained by multiplying (A) the number of Shares for which the Warrants would be exercised by (B) the difference between, if positive, (i) the VWAP of the Shares for the 20 Trading Days immediately prior to (but not including) the date of exercise of the WarrantsWarrants and (ii) the Exercise Price, and dividing such product by the VWAP for the 20 Trading Days immediately prior to (but not including) the date of exercise. If a holder elects cashless exercise, the Corporation shall provide the Warrant Agent with calculations in writing confirming the number of Shares to be issued in exchange for such Warrants and the Warrant Agent may rely solely on such calculations provided. (4) In the event that a Holder has not exercised his or her Warrants in accordance with the provisions hereof prior to the Expiry Time, all Warrants then held by such Holder shall expire and be of subsections 4.1(1) or 4.1(4), there are any trading restrictions on no further force and effect as at the Warrant Shares pursuant to Securities Laws or stock exchange requirements, the Company shall, on the advice of counsel, endorse any certificates or book-entry positions representing the Warrant Shares to such effect. The Warrant Agent is entitled to assume compliance with all Securities Laws unless otherwise notified in writing by the CompanyExpiry Time. (45) If the principal transfer office of the Warrant Agent in the city where the Warrant Agency is situated is for any reason not available to act in connection with the exchange of Warrant Certificates or exercise of Warrants as contemplated by this Agreement, the Corporation and the Warrant Agent shall arrange for another office in such city to act in connection with the exchange of Warrant Certificates and exercise of Warrants and shall give notice of the change of such office to the Holders. (6) A Beneficial Owner beneficial owner of Uncertificated Warrant Warrants evidenced by a security entitlement in respect of Warrants in the Book-Based System book entry registration system who desires to exercise his Uncertificated Warrants, or her Warrants must do so by causing a CDS Book Entry Participant to deliver to CDS (at its office in the City of Toronto), Depository on behalf of the Beneficial Owner at any time prior to the Time of Expiryentitlement holder, a written notice of the Beneficial Ownerowner’s intention to exercise Warrants (the “Exercise Notice”) in a manner acceptable to CDSthe Depository. Forthwith upon receipt by CDS the Depository of such notice, as well as payment for of the aggregate Exercise PricePrice (unless such Book Entry Participant elects to exercise his or her Uncertificated Warrants on a cashless basis in accordance with Section 3.2(3), CDS which election shall be indicated in such notice delivered to the Depository), the Depository shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants (the “Confirmation”) in a manner acceptable to the Warrant Agent, including by electronic means through the Book-Based Systembook entry registration system. Such Confirmation from the Depository to the Warrant Agent shall electronically confirm that the beneficial holder of Uncertificated Warrants at the time of exercise of the Uncertificated Warrants: (a) is not in the United States; and (b) is not a U.S. Person and is not exercising the Uncertificated Warrants on behalf of a U.S. Person or a person in the United States. If the Depository (i) is not able to make or deliver the foregoing Confirmation to the Warrant Agent or (ii) the beneficial owner of the Uncertificated Warrants is in the United States or exercising for the account or benefit of a U.S. Person, including without limitation Qualified Institutional Buyers that acquired Warrants in the Offering, such Uncertificated Warrants shall be removed from the book entry registration system, and an individually registered Warrant Certificate shall be issued to such beneficial holder, and the exercise procedures set forth in Section 3.2(1) shall be followed. (7) If exercising the Warrants on a cash exercise, payment representing the Exercise Price must be provided to the appropriate office of the Book Entry Participant in a manner acceptable to it. A notice in form acceptable to the Book Entry Participant and payment from such beneficial holder should be provided to the Book Entry Participant sufficiently in advance so as to permit the Book Entry Participant to deliver notice and payment to the Depository and for the Depository in turn to deliver notice and payment to the Warrant Agent prior to the Expiry Time. The Beneficial Owner Depository will initiate the electronic exercise through the Book-Based System, by way of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent Agent, and the Warrant Agent will execute the exercise by issuing causing the issuance to CDS the Depository through the Book-Based System book entry registration system of the Warrant Shares to which the exercising Beneficial Owner is entitled pursuant to the exercise. Any expense associated with the preparation and delivery of Exercise Notices will be for the account of the Beneficial Owner exercising the Warrants and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Warrantholder Holder is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the entitlement holder exercising the Warrants and/or the CDS Book Entry Participant exercising the Warrants on its behalf. By causing a CDS Participant to deliver notice to CDS, a Beneficial Owner shall be deemed to have irrevocably surrendered his Warrants so exercised and appointed such CDS Participant to act as his or her exclusive settlement agent with respect to the exercise and the receipt of Warrant Shares in connection with the obligations arising from such exercise. Any notice which CDS determines to be incomplete, not in proper form or not duly executed shall for all purposes be void and of no effect and the exercise to which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a CDS Book Entry Participant to exercise or to give effect to the settlement thereof in accordance with the Beneficial Ownerbeneficial owner’s instructions will not give rise to any obligations or liability on the part of the Company Corporation or Warrant Agent to the CDS Book Entry Participant or the Beneficial Owner. If the Exercise Form set forth in the Warrant Certificate shall have been amended, the Company shall cause the amended Exercise Form beneficial owner. (8) By causing a Book Entry Participant to be forwarded to all registered Warrantholders. Exercise Forms and Confirmations must be delivered deliver notice to the Warrant Agent at any time during the Warrant Agent’s actual business hours on any Business Day prior to the Expiry Time. Any Exercise Form or Confirmations received by the Warrant Agent after business hours on any Business Day other than the Expiry Date will be deemed to have been received by the Warrant Agent on the next following Business Day. Any Warrant with respect to which Depository, a Confirmation or Exercise Form is not received by the Warrant Agent before the Expiry Time holder shall be deemed to have expired irrevocably surrendered his, her or its Warrants so exercised and become void and all rights appointed such Book Entry Participant to act as his, her or its exclusive settlement agent with respect to the exercise and the receipt of Shares in connection with the obligations arising from such Warrants shall terminate and be cancelledexercise.

Method of Exercise of Warrants. (1) 3.1.1 The registered holder of any Warrant may exercise the rights thereby right conferred on him such holder to acquire all or any part of Common Shares by surrendering, after the Issue Date and prior to the Expiry Time, to the Warrant Shares to which such Warrant entitles the holderAgency, by surrendering (i) the Warrant Certificate representing such Warrants to the Warrant Agent at any time prior to the Time of Expiry at its principal office in the City of Vancouver, British Columbia (or at such additional place or places as may be decided by the Company from time to time with the approval of the Warrant Agent)Warrant, with a duly completed and executed exercise form (the “Warrant Exercise Form”; and (ii) of the registered holder or his executors, administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, substantially in the form endorsed on the Warrant Certificate as Schedule “B”, specifying the number of Warrant Shares subscribed for together with a certified cheque, bank draft or money order or bank draft, in lawful money of Canada, Canada payable to or to the order of the Company Corporation at par in the city where the Warrant Agency is located in an amount equal to the Exercise Price multiplied by the number of Warrant Common Shares subscribed for. In accordance with Section 2.14, if Warrants are exercised through CDS, the payment of such exercise will be done electronically by CDS to the Warrant Agent. The Warrant Agent will, within five (5) days, send such payment to the Corporation.‌‌‌ A Warrant Certificate with the duly completed and executed Warrant Exercise Form and payment of the Exercise Price referred to in this subsection 3.1.1 shall be deemed to be surrendered only upon personal delivery thereof to or, if sent by mail or other means of transmission, upon actual receipt thereof at, in each case, the Warrant Agency, provided that such Warrant Certificate is accompanied by the requisite certified cheque, bank draft or money order payable to the Corporation in the amount of the aggregate Exercise Price for the Warrants represented thereby that are being exercised.‌ 3.1.2 Any Warrant Agent. (2) The Exercise Form referred to in subsection 3.1.1 shall be signed by the Warrantholder, or his executors, or administrators or other legal representative or his attorney duly appointed by an instrument in writing in Warrantholder and shall specify: (a) the form and manner satisfactory number of Common Shares which the holder wishes to acquire (being not more than those which the holder is entitled to acquire pursuant to the Warrant Agent, shall specify Certificate(s) surrendered); (b) the person(s) person or persons in whose name or names such Warrant Common Shares are to be issued; (c) the address or addresses of such person or persons; (d) if an individual, the address(es) social insurance number of such person(sperson or persons; and (e) and the number of Warrant Common Shares to be issued to each person, such person if more than one is so specified. If any of the Warrant Common Shares subscribed for are to be issued to (a) person(s) and registered in the name or names of a person or persons other than the Warrantholder, the signatures set out in the Exercise Form shall be guaranteed by a Canadian Schedule I chartered bank or a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program and (b) the Warrantholder shall pay to the Company Corporation or the Warrant Agent Agency on behalf of the Corporation, all applicable transfer or similar taxes and the Company Corporation shall not be required to issue or deliver certificates evidencing Warrant Common Shares unless or until such Warrantholder shall have paid to the Company Corporation, or the Warrant Agent Agency on behalf of the Company Corporation, the amount of such tax or shall have established to the reasonable satisfaction of the Company Corporation that such tax has been paid or that no tax is due. (3) If, at 3.1.3 In connection with the time exchange of Warrant Certificates and exercise of Warrants and compliance with such other terms and conditions hereof as may be required, the WarrantsCorporation has appointed the principal offices of the Warrant Agent in Toronto as the Warrant Agency at which Warrant Certificates may be surrendered for exchange, in accordance transfer or repurchase or at which Warrants may be exercised and the Warrant Agent has accepted such appointment. The Corporation may from time to time designate alternate or additional places as a Warrant Agency upon notice to and consent of the Warrant Agent of any change of any Warrant Agency. The Corporation shall give notice to Warrantholders of any change of a Warrant Agency. 3.1.4 Subject to and upon compliance with the provisions terms of subsections 4.1(1) or 4.1(4)Article 3, there are any trading restrictions on the Warrant Shares pursuant to Securities Laws or stock exchange requirements, the Company shall, on the advice of counsel, endorse any certificates or book-entry positions representing the Warrant Shares to such effect. The Warrant Agent is entitled to assume compliance with all Securities Laws unless otherwise notified in writing by the Company. (4) A Beneficial Owner a beneficial holder of Uncertificated Warrant Warrants evidenced by a security entitlement in respect of Warrants in the Book-Based System who desires to book entry registration system may exercise his Uncertificated Warrants, must do so the right of purchase by causing a CDS Book Entry Only Participant to deliver to CDS (at its office in the City of Toronto), Depository on behalf of the Beneficial Owner at any time prior to the Time of Expiryentitlement holder, a written notice of the Beneficial Ownerowner’s intention to exercise the Warrants (the “Exercise Notice”) in a manner acceptable to CDSthe Depository. Forthwith upon receipt by CDS the Depository of such notice, as well as payment for the aggregate Exercise Price, CDS the Depository shall deliver to the Warrant Agent confirmation an NCI Letter of Instruction confirming its intention to exercise Warrants (the “Confirmation”) in a manner reasonably acceptable to the Warrant Agent, including by electronic means through the Book-Based Systembook entry registration system. 3.1.5 Payment representing the aggregate Exercise Price must be provided to the appropriate office of the Book Entry Only Participant in a manner acceptable to it. A notice in form acceptable to the Book Entry Only Participant and payment from such beneficial holder should be provided to the Book Entry Only Participant sufficiently in advance so as to permit the Book Entry Only Participant to deliver notice and payment to the Depository and for the Depository in turn to deliver notice and payment to the Warrant Agent prior to the Expiry Time. The Beneficial Owner Depository will initiate the electronic exercise through the Book-Based System, by way of the Confirmation NCI Letter of Instruction and will forward the aggregate Exercise Price electronically to the Warrant Agent and the Warrant Agent will execute the exercise by issuing to CDS the Depository through the Book-Based System book entry registration system the Warrant Shares to which the exercising Beneficial Owner is entitled pursuant to the exercise. Any expense associated with the preparation and delivery of Exercise Notices will be for the account of the Beneficial Owner exercising the Warrants and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Common Shares to which the exercising Warrantholder is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the entitlement holder exercising the Warrants and/or the CDS Book Entry Only Participant exercising the Warrants on its behalf. . 3.1.6 By causing a CDS Book Entry Only Participant to deliver notice to CDSthe Depository, a Beneficial Owner Warrantholder shall be deemed to have irrevocably surrendered his or her Warrants so exercised and appointed such CDS Book Entry Only Participant to act as his or her exclusive settlement agent with respect to the exercise and the receipt of Warrant Shares in connection with the obligations arising from such exercise. . 3.1.7 Any notice which CDS the Depository determines to be incomplete, not in proper form form, or not duly executed shall for all purposes be void and of no effect and the exercise to which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a CDS Book Entry Only Participant to exercise or to give effect to the settlement thereof in accordance with the Beneficial OwnerWarrant holder’s instructions will not give rise to any obligations or liability on the part of the Company Corporation or Warrant Agent to the CDS Book Entry Only Participant or the Beneficial Owner. If Warrantholder. 3.1.8 Any exercise form or other NCI Letter of Instruction referred to in Article 3 shall be signed by the Exercise Form set forth registered Warrantholder, or its executors or administrators or other legal representatives or an attorney of the registered Warrantholder, duly appointed by an instrument in the Warrant Certificate shall have been amended, the Company shall cause the amended Exercise Form to be forwarded to all registered Warrantholders. Exercise Forms and Confirmations must be delivered writing satisfactory to the Warrant Agent but such exercise form need not be executed by the Depository. 3.1.9 Any exercise referred to in Section 3.1 shall require that the entire Exercise Price for Common Shares subscribed must be paid at any the time during of subscription and such Exercise Price and original exercise form or other NCI Letter of Instruction executed by the registered Warrantholder or the Depository must be received by the Warrant Agent’s actual business hours on any Business Day Agent prior to the Expiry Time. 3.1.10 A beneficial owner of Warrants issued in non-certificated form who desires to exercise his or her Warrants must do so by causing a CDS participant to deliver to the Depository on behalf of the entitlement holder, notice of the owner’s intention to exercise Warrants in a manner acceptable to the Depository. Forthwith upon receipt by the Depository of such notice, as well as payment for the Exercise Price, the Depository shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants in a manner acceptable to the Warrant Agent, including by electronic means through the book based registration system. An electronic exercise of the Warrants initiated by the CDS participant through the book based registration system shall constitute a representation to both the Company and the Warrant Agent that the beneficial owner at the time of exercise of such Warrants (i) is not in the United States; (ii) is not a U.S. Person and is not exercising such Warrants on behalf of a U.S. Person or a Person in the United States; and (iii) did not execute or deliver the notice of the owner’s intention to exercise such Warrants in the United States. If the Participant is not able to make or deliver the foregoing representation by initiating the electronic exercise of the Warrants, then such Warrants shall be removed from the book based registration system and an individually registered Warrant Certificate shall be issued to such beneficial owner or CDS participant and the exercise procedures set forth in Section 3.1 shall be followed. Any Exercise Form expense associated with the preparation and delivery of Warrant Certificates and/or Warrant subscription forms will be for the account of the beneficial owner exercising such Warrants. 3.1.11 It is understood and agreed by the parties hereto that, unless the Warrant Agent is otherwise in a position to perform electronic exercises, in every instance where Warrants held in an electronic position through the Depository are to be exercised, in whole or Confirmations received in part, such Warrants being exercised shall not be certificated, and it shall be sufficient for the Warrant Agent to exercise such Warrants upon receiving either the attached exercise form executed by the Depository or an NCI Letter of Instruction in a form agreed upon by the Warrant Agent after business hours on any Business Day and the Depository, or such other than form that they may require from time to time along with a certified cheque, bank draft or money order payable to the Expiry Date will be deemed Corporation in lawful money of Canada payable to have been received or to the order of the Company at par in Toronto, Ontario in an amount equal to the Exercise Price multiplied by the Warrant Agent on the next following Business Day. Any Warrant with respect to which a Confirmation or Exercise Form is not received by the Warrant Agent before the Expiry Time shall be deemed to have expired and become void and all rights with respect to such Warrants shall terminate and be cancellednumber of shares being purchased.

Method of Exercise of Warrants. (1) The registered holder of any Warrant may exercise the rights thereby conferred on him the holder to acquire all or any part of the Warrant Shares Subject Securities to which such Warrant entitles the holder, by surrendering the Warrant Certificate representing such Warrants to the Warrant Agent at any time prior to on or before the Time of Expiry at its principal stock transfer office in the City of Vancouver, British Columbia or Toronto, Ontario (or at such additional place or places as may be decided by the Company from time to time with the approval of the Warrant Agent), with a duly completed and executed exercise form (the “Exercise Form”) subscription of the registered holder or his executors, or administrators or other legal representative or his its attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, substantially in the form endorsed on the Warrant Certificate as set out in Schedule “B”, A” attached hereto specifying the number of Warrant Shares subscribed for together with a certified cheque, bank draft or money order in lawful money of Canada, payable to or to the order of the Company in an amount equal to the Exercise Price multiplied by the number of Warrant Shares Subject Securities subscribed for. A Warrant Certificate with the duly completed and executed Exercise Form subscription and payment of the Exercise Price shall be deemed to be surrendered only upon personal delivery thereof to or, if sent by mail or other means of transmission, upon actual receipt thereof by the Warrant Agent. (2) The Exercise Form Any subscription referred to in subsection 3.1(1) shall be signed by the Warrantholder, or his executors, or administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, shall specify the person(s) in whose name such Warrant Shares Subject Securities are to be issued, the address(es) of such person(s) and the number of Warrant Shares Subject Securities to be issued to each person, if more than one is so specified. If any of the Warrant Shares Subject Securities subscribed for are to be issued to (a) a person(s) other than the Warrantholder, the signatures set out in the Exercise Form subscription referred to in subsection 3.1(1) shall be guaranteed by a Schedule 1 Canadian Schedule I chartered bank or a by an eligible guarantor institution with membership in an approved signature medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program program and (b) the Warrantholder shall pay to the Company or the Warrant Agent all applicable transfer or similar taxes and the Company shall not be required to issue or deliver certificates evidencing Warrant Shares Subject Securities unless or until such Warrantholder shall have paid to the Company or the Warrant Agent on behalf of the Company the amount of such tax or shall have established to the reasonable satisfaction of the Company that such tax has been paid or that no tax is due. (3) If, at the time of exercise of the Warrants, in accordance with the provisions of subsections 4.1(1) or 4.1(4subsection 3.1(1), there are any trading restrictions on the Warrant Shares Subject Securities pursuant to Securities Laws applicable securities legislation or stock exchange requirements, the Company shall, on the advice of counsel, endorse any certificates or book-entry positions representing the Warrant Shares Subject Securities with a legend(s) to such effect. The Warrant Agent is entitled to assume compliance with all Securities Laws applicable securities legislation unless otherwise notified in writing by the Company. (4) A Beneficial Owner In the absence of Uncertificated Warrant evidenced by a security entitlement any specification as to the person or persons in respect whose name or names the Subject Securities are to be issued upon the exercise of Warrants the Warrants, such Subject Securities shall be issued and registered in the Book-Based System who desires to exercise his Uncertificated Warrants, must do so by causing a CDS Participant to deliver to CDS (at its office in the City of Toronto), on behalf name of the Beneficial Owner at any time prior to the Time of Expiry, a written notice registered holder of the Beneficial Owner’s intention to exercise Warrants (the “Exercise Notice”) in a manner acceptable to CDS. Forthwith upon receipt by CDS of such notice, as well as payment for the aggregate Exercise Price, CDS shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants (the “Confirmation”) in a manner acceptable to the Warrant Agent, including by electronic means through the Book-Based System. The Beneficial Owner will initiate the electronic exercise through the Book-Based System, by way of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Beneficial Owner is entitled pursuant to the exercise. Any expense associated with the preparation and delivery of Exercise Notices will be for the account of the Beneficial Owner exercising the Warrants and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the entitlement holder exercising the Warrants and/or the CDS Participant exercising the Warrants on its behalf. By causing a CDS Participant to deliver notice to CDS, a Beneficial Owner shall be deemed to have irrevocably surrendered his Warrants so exercised and appointed such CDS Participant to act as his or her exclusive settlement agent with respect to the exercise and the receipt of Warrant Shares in connection with the obligations arising from such exercise. Any notice which CDS determines to be incomplete, not in proper form or not duly executed shall for all purposes be void and of no effect and the exercise to which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a CDS Participant to exercise or to give effect to the settlement thereof in accordance with the Beneficial Owner’s instructions will not give rise to any obligations or liability on the part of the Company or Warrant Agent to the CDS Participant or the Beneficial Owner. If the Exercise Form set forth in the Warrant Certificate shall have been amended, the Company shall cause the amended Exercise Form to be forwarded to all registered Warrantholders. Exercise Forms and Confirmations must be delivered to the Warrant Agent at any time during the Warrant Agent’s actual business hours on any Business Day prior to the Expiry Time. Any Exercise Form or Confirmations received by the Warrant Agent after business hours on any Business Day other than the Expiry Date will be deemed to have been received by the Warrant Agent on the next following Business Day. Any Warrant with respect to which a Confirmation or Exercise Form is not received by the Warrant Agent before the Expiry Time shall be deemed to have expired and become void and all rights with respect to such Warrants shall terminate and be cancelledWarrants.

Method of Exercise of Warrants. (1a) The registered holder of any Warrant A Warrantholder may during the Exercise Period exercise the rights right thereby conferred on him such holder to acquire all or any part of purchase the Warrant Shares Underlying Securities to which such Warrant entitles the holder, by surrendering the Warrant Certificate certificate representing such Warrants Warrant to the Warrant Agent Trustee at any time prior to during the Time of Expiry Exercise Period at its principal stock and bond transfer office in the City of Vancouver, British Columbia Toronto (or at such additional place or places as may be decided by the Company Corporation from time to time with the approval of the Warrant Agent), with Trustee) with: (i) a duly completed and executed exercise form (the “Exercise Form”) of the registered holder or his executors, administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, substantially in the form endorsed set out on the Warrant Certificate as Schedule “B”, specifying the number of Warrant Shares subscribed for together with ; and (ii) a certified cheque, bank draft or money order in lawful money of Canada, payable to or at par to the order of Hemosol Inc. in the Company in an amount equal to of the Exercise Price multiplied by aggregate exercise price of the number Common Shares issuable on exercise of Warrant Shares subscribed forthe holder's Warrants. A certificate representing such Warrant Certificate with the duly completed and executed Exercise Form and payment of the Exercise Price exercise form shall be deemed to be surrendered only upon personal delivery thereof to orto, or if sent by mail or other means of transmission, transmission upon actual receipt thereof by by, the Trustee. If the Warrantholder subscribes for a lesser number of Underlying Securities than the number of shares referred to in the holder's Warrant Agentcertificate, the holder shall be entitled to receive a new Warrant certificate in respect of the balance of the Warrants in respect of Underlying Securities referred to in the surrendered Warrant certificate but not subscribed for. (2b) The Exercise Form Any exercise form referred to in section 3.1(a) shall be signed by the Warrantholder, or his executors, or administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, shall specify the person(s) in whose name such Warrant Shares are to be issued, the address(es) of such person(s) and the number of Warrant Shares to be issued to each person, if more than one is so specified. If any of the Warrant Shares subscribed for Underlying Securities issuable upon the exercise of Warrants by a holder are to be issued to (a) person(s) a person or persons other than the Warrantholder, the signatures set out in the Exercise Form exercise form referred to in section 3.1(a) shall be guaranteed by a Schedule A chartered bank, a Canadian Schedule I chartered bank trust company or a medallion signature guarantee from a member of a recognized Signature the Medallion Guarantee Program and (b) the Warrantholder shall pay to the Company Corporation or the Warrant Agent Trustee all applicable transfer or similar taxes and the Company Corporation shall not be required to issue or deliver certificates evidencing Warrant Shares Underlying Securities unless or until such Warrantholder shall have paid to the Company Corporation or the Warrant Agent Trustee on behalf of the Company Corporation the amount of such tax or shall have established to the reasonable satisfaction of the Company Corporation that such tax has been paid or that no tax is due. (3) If, at the time of exercise of the Warrants, in accordance with the provisions of subsections 4.1(1) or 4.1(4), there are any trading restrictions on the Warrant Shares pursuant to Securities Laws or stock exchange requirements, the Company shall, on the advice of counsel, endorse any certificates or book-entry positions representing the Warrant Shares to such effect. The Warrant Agent is entitled exercise form shall be completed to assume compliance with all specify the person or persons in whose name or names the Underlying Securities Laws unless otherwise notified in writing by the Company. (4) A Beneficial Owner of Uncertificated Warrant evidenced by a security entitlement in respect of Warrants in the Book-Based System who desires to be issued upon exercise his Uncertificated Warrantsare to be registered, must do so by causing a CDS Participant to deliver to CDS (at its office in the City of Toronto), on behalf of the Beneficial Owner at any time prior to the Time of Expiry, a written notice of the Beneficial Owner’s intention to exercise Warrants (the “Exercise Notice”) in a manner acceptable to CDS. Forthwith upon receipt by CDS of such notice, as well as payment for the aggregate Exercise Price, CDS shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants (the “Confirmation”) in a manner acceptable to the Warrant Agent, including by electronic means through the Book-Based System. The Beneficial Owner will initiate the electronic exercise through the Book-Based System, by way of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent person's or persons' address or addresses and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Beneficial Owner is entitled pursuant to the exercise. Any expense associated with the preparation and delivery number of Exercise Notices will be for the account of the Beneficial Owner exercising the Warrants and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the entitlement holder exercising the Warrants and/or the CDS Participant exercising the Warrants on its behalf. By causing a CDS Participant to deliver notice to CDS, a Beneficial Owner shall be deemed to have irrevocably surrendered his Warrants so exercised and appointed such CDS Participant to act as his or her exclusive settlement agent with respect to the exercise and the receipt of Warrant Shares in connection with the obligations arising from such exercise. Any notice which CDS determines Underlying Securities to be incomplete, not in proper form or not duly executed shall for all purposes be void and of no effect and the exercise issued to which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a CDS Participant to exercise or to give effect to the settlement thereof in accordance with the Beneficial Owner’s instructions will not give rise to any obligations or liability on the part of the Company or Warrant Agent to the CDS Participant or the Beneficial Owner. If the Exercise Form set forth in the Warrant Certificate shall have been amended, the Company shall cause the amended Exercise Form to be forwarded to all registered Warrantholders. Exercise Forms and Confirmations must be delivered to the Warrant Agent at any time during the Warrant Agent’s actual business hours on any Business Day prior to the Expiry Time. Any Exercise Form or Confirmations received by the Warrant Agent after business hours on any Business Day other each person if more than the Expiry Date will be deemed to have been received by the Warrant Agent on the next following Business Day. Any Warrant with respect to which a Confirmation or Exercise Form one is not received by the Warrant Agent before the Expiry Time shall be deemed to have expired and become void and all rights with respect to such Warrants shall terminate and be cancelledso specified.

Method of Exercise of Warrants. (1) The registered holder of any Warrant may exercise the rights thereby conferred on him to acquire all or any part of the Warrant Shares Subject Securities to which such Warrant entitles the holder, by surrendering the Warrant Certificate representing such Warrants to the Warrant Agent at any time prior to the Time of Expiry at its principal office stock transfer offices in the City of VancouverToronto, British Columbia Ontario (or at such additional place or places as may be decided by the Company from time to time with the approval of the Warrant Agent), with a duly completed and executed exercise form (the “Exercise Form”) subscription of the registered holder or his executors, administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, substantially in the form endorsed on attached to the Warrant Certificate as Schedule “B”, specifying the number of Warrant Shares Subject Securities subscribed for together with a certified cheque, bank draft or money order in lawful money of Canada, payable to or to the order of the Company in an amount equal to the Exercise Price multiplied by the number of Warrant Shares Subject Securities subscribed for. A Warrant Certificate with the duly completed and executed Exercise Form subscription and payment of the Exercise Price shall be deemed to be surrendered only upon personal delivery thereof to or, if sent by mail or other means of transmission, upon actual receipt thereof by the Warrant Agent. (2) The Exercise Form shall be signed by the Warrantholder, or his executors, or administrators or other legal representative or his attorney duly appointed A beneficial owner of Warrants represented by an instrument in writing in the form and manner satisfactory to the Warrant Agent, shall specify the person(s) in whose name such Warrant Shares are to be issued, the address(es) of such person(s) and the number of Warrant Shares to be issued to each person, if more than one is so specified. If any of the Warrant Shares subscribed for are to be issued to (a) person(s) other than the Warrantholder, the signatures set out in the Exercise Form shall be guaranteed by a Canadian Schedule I chartered bank or a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program and (b) the Warrantholder shall pay to the Company or the Warrant Agent all applicable transfer or similar taxes and the Company shall not be required to issue or deliver certificates evidencing Warrant Shares unless or until such Warrantholder shall have paid to the Company or the Warrant Agent on behalf of the Company the amount of such tax or shall have established to the reasonable satisfaction of the Company that such tax has been paid or that no tax is due. (3) If, at the time of exercise of the Warrants, in accordance with the provisions of subsections 4.1(1) or 4.1(4), there are any trading restrictions on the Warrant Shares pursuant to Securities Laws or stock exchange requirements, the Company shall, on the advice of counsel, endorse any certificates or book-entry positions representing the Warrant Shares to such effect. The Warrant Agent is entitled to assume compliance with all Securities Laws unless otherwise notified in writing by the Company. (4) A Beneficial Owner of Uncertificated Warrant evidenced by a security entitlement in respect of Warrants in the Book-Based System NCI deposit who desires to exercise his Uncertificated Warrants, or her Warrants must do so by causing a CDS Participant to deliver to CDS (at its office in the City of Toronto), on behalf of the Beneficial Owner at any time prior to the Time of Expirybeneficial owner, a written notice of the Beneficial Ownerowner’s intention to exercise Warrants (the “Exercise Notice”) in a manner acceptable to CDS). Any expense associated with the preparation and delivery of such Exercise Notice will be for the account of the beneficial owner exercising the exercise privilege. Forthwith upon receipt by CDS of such notice, as well as payment for the aggregate Exercise Price, CDS shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants (the “Confirmation”) in a manner acceptable to the Warrant Agent, including by electronic means through the Bookbook-Based Systembased system of CDS. The Beneficial Owner CDS will initiate the electronic exercise through the Book-Based System, by way of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent and the Warrant Agent will execute the exercise by issuing to CDS through the Bookbook-Based System based system of CDS the Warrant Shares Subject Securities to which the exercising Beneficial Owner beneficial owner of Warrants is entitled pursuant to the exercise. Any expense associated with the preparation and delivery of Exercise Notices will be for the account of the Beneficial Owner exercising the Warrants and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the entitlement holder exercising the Warrants and/or the CDS Participant exercising the Warrants on its behalf. By causing a CDS Participant to deliver notice to CDS, a Beneficial Owner beneficial owner of Warrants shall be deemed to have irrevocably surrendered his or her Warrants so exercised and appointed such CDS Participant to act as his or her exclusive settlement agent with respect to the exercise and the receipt of Warrant Shares Subject Securities in connection with the obligations arising from such exercise. Any notice which CDS determines to be incomplete, not in proper form or not duly executed shall for all purposes be void and of no effect and the exercise to which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a CDS Participant to exercise or to give effect to the settlement thereof in accordance with the Beneficial Ownerbeneficial owner’s instructions will not give rise to any obligations or liability on the part of the Company or Warrant Agent to the CDS Participant or the Beneficial Ownerbeneficial owner. (3) Any subscription referred to in subsection 3.1(1) shall be signed by the Warrantholder, shall specify the person(s) in whose name such Subject Securities are to be issued, the address(es) of such person(s) and the number of Subject Securities to be issued to each person, if more than one is so specified. If any of the Exercise Form Subject Securities subscribed for are to be issued to (a) person(s) other than the Warrantholder, the signatures set forth out in the subscription referred to in subsection 3.1(1) shall be guaranteed by a Canadian Schedule 1 chartered bank or by a medallion signature guaranteed from a member of a recognized Signature Medallion Guarantee Program and the Warrantholder shall pay to the Company or the Warrant Certificate shall have been amended, Agent all applicable transfer or similar taxes and the Company shall cause the amended Exercise Form not be required to be forwarded to all registered Warrantholders. Exercise Forms and Confirmations must be delivered issue or deliver certificates evidencing Subject Securities unless or until such Warrantholder shall have paid to the Warrant Agent at any time during the Warrant Agent’s actual business hours on any Business Day prior to the Expiry Time. Any Exercise Form Company or Confirmations received by the Warrant Agent after business hours on any Business Day other than the Expiry Date will be deemed to have been received by the Warrant Agent on behalf of the next following Business DayCompany the amount of such tax or shall have established to the satisfaction of the Company that such tax has been paid or that no tax is due. (4) If, at the time of exercise of the Warrants, in accordance with the provisions of subsection 3.1(1), there are any trading restrictions on the Subject Securities pursuant to applicable securities legislation or stock exchange requirements, the Company shall, on the advice of counsel, endorse any certificates representing the Subject Securities to such effect. Any The Warrant Agent is entitled to assume compliance with respect to which a Confirmation or Exercise Form is not received all applicable securities legislation unless otherwise notified in writing by the Warrant Agent before the Expiry Time shall be deemed to have expired and become void and all rights with respect to such Warrants shall terminate and be cancelledCompany.

Method of Exercise of Warrants. (1) The registered holder of any Warrant may exercise the rights thereby conferred on him to acquire all or any part of the Warrant Shares Subject Securities to which such Warrant entitles the holder, by surrendering the Warrant Certificate representing such Warrants to the Warrant Agent at any time prior to on or before the Time of Expiry at its principal office stock transfer offices in the City cities of Toronto, Ontario or Vancouver, British Columbia (or at such additional place or places as may be decided by the Company from time to time with the approval of the Warrant Agent), with (i) a duly completed and executed exercise form (the “Exercise Form”) subscription of the registered holder or his executors, or administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, substantially in the form endorsed on the Warrant Certificate as set out in Schedule “B”, "A" attached hereto specifying the number of Warrant Common Shares subscribed for together with for; and (ii) a certified cheque, bank draft or money order in lawful money of Canada, payable to or to the order of the Company in an amount equal to the Exercise Price multiplied by the number of Warrant Shares Subject Securities subscribed for. A Warrant Certificate with the duly completed and executed Exercise Form subscription and payment of the Exercise Price shall be deemed to be surrendered only upon personal delivery thereof to or, if sent by mail or other means of transmission, upon actual receipt thereof by the Warrant Agent. (2) The Exercise Form Any subscription referred to in subsection 3.1(1) shall be signed by the Warrantholder, or his executors, or administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, shall specify the person(s) in whose name such Warrant Shares Subject Securities are to be issued, the address(es) of such person(s) and the number of Warrant Shares Subject Securities to be issued to each person, if more than one is so specified. If any of the Warrant Shares Subject Securities subscribed for are to be issued to (a) a person(s) other than the Warrantholder, the signatures set out in the Exercise Form subscription referred to in subsection 3.1(1) shall be guaranteed by a Canadian Schedule I chartered bank bank, a Canadian trust company or by a medallion signature guarantee guaranteed from a member of a recognized Signature Medallion Guarantee Program and (b) the Warrantholder shall pay to the Company or the Warrant Agent all applicable transfer or similar taxes and the Company shall not be required to issue or deliver certificates evidencing Warrant Shares Subject Securities unless or until such Warrantholder shall have paid to the Company or the Warrant Agent on behalf of the Company the amount of such tax or shall have established to the reasonable satisfaction of the Company that such tax has been paid or that no tax is due. (3) If, at the time of exercise of the Warrants, in accordance with the provisions of subsections 4.1(1) or 4.1(4subsection 3.1(1), there are any trading restrictions on the Warrant Shares Subject Securities pursuant to Securities Laws applicable securities legislation or stock exchange requirements, the Company shall, on the advice of counsel, endorse any certificates or book-entry positions representing the Warrant Shares Subject Securities to such effect. The Warrant Agent is entitled to assume compliance with all Securities Laws applicable securities legislation unless otherwise notified in writing by the Company. (4) A Beneficial Owner of Uncertificated Warrant evidenced by a security entitlement in respect of Warrants in the Book-Based System who desires to exercise his Uncertificated Warrants, must do so by causing a CDS Participant to deliver to CDS (at its office in the City of Toronto), on behalf of the Beneficial Owner at any time prior to the Time of Expiry, a written notice of the Beneficial Owner’s intention to exercise Warrants (the “Exercise Notice”) in a manner acceptable to CDS. Forthwith upon receipt by CDS of such notice, as well as payment for the aggregate Exercise Price, CDS shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants (the “Confirmation”) in a manner acceptable to the Warrant Agent, including by electronic means through the Book-Based System. The Beneficial Owner will initiate the electronic exercise through the Book-Based System, by way of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Beneficial Owner is entitled pursuant to the exercise. Any expense associated with the preparation and delivery of Exercise Notices will be for the account of the Beneficial Owner exercising the Warrants and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the entitlement holder exercising the Warrants and/or the CDS Participant exercising the Warrants on its behalf. By causing a CDS Participant to deliver notice to CDS, a Beneficial Owner shall be deemed to have irrevocably surrendered his Warrants so exercised and appointed such CDS Participant to act as his or her exclusive settlement agent with respect to the exercise and the receipt of Warrant Shares in connection with the obligations arising from such exercise. Any notice which CDS determines to be incomplete, not in proper form or not duly executed shall for all purposes be void and of no effect and the exercise to which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a CDS Participant to exercise or to give effect to the settlement thereof in accordance with the Beneficial Owner’s instructions will not give rise to any obligations or liability on the part of the Company or Warrant Agent to the CDS Participant or the Beneficial Owner. If the Exercise Form set forth in the Warrant Certificate shall have been amended, the Company shall cause the amended Exercise Form to be forwarded to all registered Warrantholders. Exercise Forms and Confirmations must be delivered to the Warrant Agent at any time during the Warrant Agent’s actual business hours on any Business Day prior to the Expiry Time. Any Exercise Form or Confirmations received by the Warrant Agent after business hours on any Business Day other than the Expiry Date will be deemed to have been received by the Warrant Agent on the next following Business Day. Any Warrant with respect to which a Confirmation or Exercise Form is not received by the Warrant Agent before the Expiry Time shall be deemed to have expired and become void and all rights with respect to such Warrants shall terminate and be cancelled.

Method of Exercise of Warrants. (1) The Subject to Section 4.8, upon and subject to the provisions hereof, the registered holder of any Warrant may exercise the rights thereby conferred on him to acquire purchase all or any part of the Warrant Common Shares to which such Warrant entitles the holder, by surrendering the Warrant Certificate representing such Warrants to the Warrant Agent at any time prior to during the Time of Expiry Exercise Period at its principal transfer office in the City of VancouverToronto, British Columbia Ontario (or at such additional any other place or places as that may be decided designated by the Company from time to time with the approval of the Warrant Agent), with a duly completed and executed exercise form (the “Exercise Form”) notice of the registered holder or his executors, administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, substantially in the form endorsed on attached to the Warrant Certificate as Schedule “B”, specifying the number of Warrant Common Shares subscribed for together with a certified cheque, money order or bank draft or money order in lawful money of Canada, Canada payable to or to the order of the Company at par in Toronto, Ontario in an amount equal to the Exercise Price multiplied by applicable at the number time of Warrant Shares such surrender in respect of each Common Share subscribed for. A Warrant Certificate with the duly completed and executed Exercise Form and exercise notice together with the payment of the Exercise Price shall be deemed to be surrendered only upon personal delivery thereof to or, if sent by mail or other means of transmission, upon actual receipt thereof by the Warrant Agent. (2) The No Warrant represented by an Uncertificated Warrant may be exercised unless, prior to such exercise, the Warrantholder of such Warrant shall have taken all other action necessary to exercise such Warrant in accordance with this Indenture and the Internal Procedures. Notwithstanding anything to the contrary contained herein and subject to the Internal Procedures in force from time to time, a Beneficial Owner whose Warrants are represented by an Uncertificated Warrant who desires to exercise his or her Warrants must do so by causing a CDS Participant to deliver to CDS, on behalf of the Beneficial Owner, a written notice of the Beneficial Owner’s intention to exercise Warrants in a manner acceptable to CDS. Forthwith upon receipt by CDS of such notice, as well as payment in an amount equal to the product obtained by multiplying the Exercise Form Price by the number of Common Shares subscribed for, CDS shall deliver to the Warrant Agent a Confirmation. (3) Payment by a Beneficial Owner representing an amount equal to the product obtained by multiplying the Exercise Price by the number of Common Shares subscribed for must be provided to the appropriate office of the CDS Participant in a manner acceptable to it. A notice in form acceptable to the CDS Participant and payment from such Beneficial Owner should be provided to the CDS Participant sufficiently in advance so as to permit the CDS Participant to deliver notice and payment to CDS and for CDS in turn to deliver notice and payment to the Warrant Agent prior to Expiry Time. CDS will initiate the exercise by way of the Confirmation and forward the Exercise Price electronically to the Warrant Agent and the Warrant Agent will execute the exercise by issuing to CDS through the non- certified inventory system administered by CDS the Common Shares to which the exercising Beneficial Owner is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the Beneficial Owner exercising the Warrants and/or the CDS Participant exercising the Warrants on its behalf. (4) Notwithstanding any provisions of this Warrant Indenture, a beneficial owner may exercise his Warrants or take any actions under this Warrant Indenture in accordance with the rules and procedures of CDS. (5) Any subscription referred to in this Section 4.1 shall be signed by the Warrantholder, or his executors, or administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, shall specify the person(s) in whose name such Warrant Common Shares are to be issued, the address(es) of such person(s) and the number of Warrant Common Shares to be issued to each person, if more than one is so specified. If any of the Warrant Common Shares subscribed for are to be issued to (a) person(s) other than the Warrantholder, the signatures set out in the Exercise Form subscription referred to in subsection 4.1(1) shall be guaranteed by a major Canadian Schedule I chartered bank bank, or by a medallion signature guarantee guaranteed from a member of a recognized Signature Medallion Guarantee Program and (b) the Warrantholder shall pay to the Company or the Warrant Agent all applicable transfer or similar taxes and the Company shall not be required to issue or deliver certificates evidencing Warrant Common Shares unless or until such Warrantholder shall have paid to the Company or the Warrant Agent on behalf of the Company the amount of such tax or shall have established to the reasonable satisfaction of the Company that such tax has been paid or that no tax is due. (36) If, at the time of exercise of the Warrants, in accordance with the provisions of subsections 4.1(1) or 4.1(4subsection 3.1(1), there are any trading restrictions on the Warrant Common Shares pursuant to Securities Laws applicable securities legislation or stock exchange requirements, the Company shall, on the advice of counselCounsel, endorse any certificates or book-entry positions representing the Warrant Common Shares to such effect. The Warrant Agent is entitled to assume compliance with all Securities Laws applicable securities legislation unless otherwise notified in writing by the Company. (4) A Beneficial Owner of Uncertificated Warrant evidenced by a security entitlement in respect of Warrants in the Book-Based System who desires to exercise his Uncertificated Warrants, must do so by causing a CDS Participant to deliver to CDS (at its office in the City of Toronto), on behalf of the Beneficial Owner at any time prior to the Time of Expiry, a written notice of the Beneficial Owner’s intention to exercise Warrants (the “Exercise Notice”) in a manner acceptable to CDS. Forthwith upon receipt by CDS of such notice, as well as payment for the aggregate Exercise Price, CDS shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants (the “Confirmation”) in a manner acceptable to the Warrant Agent, including by electronic means through the Book-Based System. The Beneficial Owner will initiate the electronic exercise through the Book-Based System, by way of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Beneficial Owner is entitled pursuant to the exercise. Any expense associated with the preparation and delivery of Exercise Notices will be for the account of the Beneficial Owner exercising the Warrants and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the entitlement holder exercising the Warrants and/or the CDS Participant exercising the Warrants on its behalf. By causing a CDS Participant to deliver notice to CDS, a Beneficial Owner shall be deemed to have irrevocably surrendered his Warrants so exercised and appointed such CDS Participant to act as his or her exclusive settlement agent with respect to the exercise and the receipt of Warrant Shares in connection with the obligations arising from such exercise. Any notice which CDS determines to be incomplete, not in proper form or not duly executed shall for all purposes be void and of no effect and the exercise to which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a CDS Participant to exercise or to give effect to the settlement thereof in accordance with the Beneficial Owner’s instructions will not give rise to any obligations or liability on the part of the Company or Warrant Agent to the CDS Participant or the Beneficial Owner. If the Exercise Form set forth in the Warrant Certificate shall have been amended, the Company shall cause the amended Exercise Form to be forwarded to all registered Warrantholders. Exercise Forms and Confirmations must be delivered to the Warrant Agent at any time during the Warrant Agent’s actual business hours on any Business Day prior to the Expiry Time. Any Exercise Form or Confirmations received by the Warrant Agent after business hours on any Business Day other than the Expiry Date will be deemed to have been received by the Warrant Agent on the next following Business Day. Any Warrant with respect to which a Confirmation or Exercise Form is not received by the Warrant Agent before the Expiry Time shall be deemed to have expired and become void and all rights with respect to such Warrants shall terminate and be cancelled.

Method of Exercise of Warrants. (1a) The registered Subject to Section 3.1(b), the holder of any Warrant may during the Exercise Period exercise the rights right thereby conferred on him such holder to acquire all or any part of purchase the Warrant Shares Underlying Securities to which such Warrant entitles the holder, by surrendering the Warrant Certificate certificate representing such Warrants Warrant to the Warrant Agent Trustee at any time prior to during the Time of Expiry Exercise Period at its principal office in the City of VancouverToronto, British Columbia Ontario or at the principal office of the U.S. Agent in the City of Golden, Colorado (or at such additional place or places as may be decided by the Company from time to time with the approval of the Warrant AgentTrustee), with with: (i) a duly completed and executed exercise form (the “Exercise Form”) of the registered holder or his executors, administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, substantially in the form endorsed set out on the Warrant Certificate and a Warrant Exercise Certification if no Registration Statement is available (in the form attached hereto as Schedule “B”, specifying the number of Warrant Shares subscribed for together with ); and (ii) a certified cheque, bank draft or money order in lawful money of Canada, payable at par to or to the order of the Company Gryphon Gold Corporation in an amount equal to the Exercise Price multiplied by the number of Warrant Shares Underlying Securities subscribed for. A Warrant Certificate with the duly completed and executed Exercise Form and payment of the Exercise Price exercise form shall be deemed to be surrendered only upon personal delivery thereof to orto, or if sent by mail or other means of transmission, transmission upon actual receipt thereof by, the Trustee. If the holder subscribes for a lesser number of Underlying Securities than the aggregate number of Underlying Securities then issuable pursuant to the exercise of the Warrants represented by the Warrant AgentCertificate surrendered, the holder shall be entitled to receive a further Warrant Certificate in respect of the Warrants represented by the Warrant Certificates that have not been exercised. Any such surrender for exercise shall be irrevocable. (b) Notwithstanding any provision to the contrary contained in this Indenture, if the Company advises the Trustee in writing that the issuance of Common Shares upon the exercise of Warrants requires the maintenance of an effective Registration Statement, with respect to such Shares under the 1933 Act, in no event shall such Common Shares be issued unless the Common Shares are registered under the 1933 Act pursuant to an effective Registration Statement and the Company causes to be delivered to the holder a U.S. Prospectus; provided, however, that if the Registration Statement ceases to be effective, prior to the Expiry Time and for so long as the Registration Statement is not effective, subject to applicable law, a holder of any Warrant may only exercise the right to purchase Underlying Securities in the circumstances noted below: (i) exercise such Warrants, if the holder is not a U.S. Purchaser and the holder delivers a duly completed and executed Warrant Exercise Certification (in the form attached hereto as Schedule B) certifying that the holder: (A)(1) is not in the United States; (2) The is not a U.S. Person and is not exercising the Warrants for, or on behalf or benefit of, a U.S. Person or person in the United States; (3) did not execute or deliver the Warrant Exercise Form in the United States; (4) agrees not to engage in hedging transactions with regard to the Securities prior to the expiration of the one-year distribution compliance period set forth in Rule 903(b)(3) of Regulation S; (5) acknowledges that the Common Shares issuable upon exercise of the Warrants are "restricted securities" as defined in Rule 144 of the 1933 Act and upon the issuance thereof, and until such time as the same is no longer required under the applicable requirements of the 1933 Act or applicable U.S. state laws and regulations, the certificates representing the Common Shares will bear a restrictive legend; and (6) acknowledges that the Company shall refuse to register any transfer of the Securities not made in accordance with the provisions of Regulation S, pursuant to registration under the 1933 Act, or pursuant to an available exemption from registration under the 1933 Act; and (B) neither the Corporation nor the holder has engaged in any "directed selling efforts" (as defined in Regulation S) in the United States; or (ii) exercise such Warrants in a transaction that does not require registration under the 1933 Act or any applicable U.S. state laws and regulations and the holder has (A) delivered a duly completed and executed Warrant Exercise Certification (in the form attached hereto as Schedule B) certifying that the holder is exercising the Warrants pursuant to such exemptions and (B) furnished to the Company, prior to such exercise, an opinion of counsel of recognized standing in form and substance satisfactory to the Company to such effect; or (iii) if (A) the Current Market Price of one Common Share is greater than the Exercise Price (at the date of calculation as set forth below) and (B) a Registration Statement is not then effective, in lieu of exercising the Warrants by payment of cash, a holder may exercise such Warrants to receive the number of Common Shares determined in accordance with the formula set out below (and no more) by surrendering the certificate representing such Warrant to the company at its principal office with a copy to the trustee at its principal office in the City of Toronto, Ontario or at the principal office of the U.S. Agent in the City of Golden, Colorado (or at such additional place or places as may be decided by the Company from time to time with the approval of the Trustee), with a duly completed and executed Warrant Exercise Certification (in the form attached hereto as Schedule B) electing to exercise the Warrant without payment of the Exercise Price in cash (also referred to as a "cashless" exercise). Upon such election, the Company shall issue to the holder a number of Common Shares computed using the following formula: X = Y (B-A) ------- B Where X = the number of Common Shares to be issued to the holder. Y = the number of Common Shares purchasable upon exercise of all of the Warrant or, if only a portion of the Warrant is being exercised, the portion of the Warrant being exercised. A = the Exercise Price. B = the Current Market Price of one Common Share. The Company shall deliver to the Trustee a certificate setting out the calculation of the number of Common Shares to be issued to any holder within three(3) Business Days of a "cashless" exercise pursuant to this Section 3.1(b)(iii). No fractional shares shall be issued. If the holder exercises the right provided for in this Section 3.1(b)(iii) in respect of a lesser number of Warrants than the aggregate number of Warrants represented by the Warrant Certificate surrendered, the holder shall be entitled to receive a further Warrant Certificate in respect of the Warrants represented by the Warrant Certificates that have not been exercised. Any such surrender for cashless exercise shall be irrevocable. (c) Unless the Warrant is exercised pursuant to an effective Registration Statement or under the conditions set forth in Section 3.1(b)(iii), the certificate representing the Common Shares is issued upon exercise of the Warrant will bear legends restricting the transfer without registration under the U.S. Securities Act and applicable state securities laws and restricting transfer under the Toronto Stock Exchange, substantially in the form set forth below: THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY (I) TO THE COMPANY, (II) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (III) IN COMPLIANCE WITH THE EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER, OR (IV) IN COMPLIANCE WITH ANOTHER EXEMPTION FROM REGISTRATION, IN EACH CASE AFTER PROVIDING A LEGAL OPINION OR OTHER EVIDENCE SATISFACTORY TO THE COMPANY THAT SUCH TRANSFER MAY BE MADE WITHOUT REGISTRATION UNDER THE SECURITIES ACT. HEDGING TRANSACTIONS INVOLVING THE SECURITIES REPRESENTED HEREBY MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH U.S. SECURITIES LAWS. THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE LISTED ON THE TORONTO STOCK EXCHANGE ("TSX"); HOWEVER, THE SAID SECURITIES CANNOT BE TRADED THROUGH THE FACILITIES OF TSX SINCE THEY ARE NOT FREELY TRANSFERABLE, AND CONSEQUENTLY ANY CERTIFICATE REPRESENTING SUCH SECURITIES IS NOT "GOOD DELIVERY" IN SETTLMENT OF TRANSACTIONS ON TSX. (d) If any Common Shares issuable upon the exercise of Warrants require the maintenance of a current Registration Statement, with respect to such Shares under the 1933 Act, the Company shall have the authority to suspend the exercise of any or all Warrants while such registration statement is not current. Similarly, a Holder residing in a state where a required registration or governmental approval of issuance of the Shares is not in effect as of or has not been obtained within a reasonable time after the surrender date of the Warrant Certificate for exercise shall not be entitled to exercise Warrants, unless in the opinion of counsel to the Company such registration or approval in such state shall not be required or the Company otherwise authorizes the issuance. In such event, the Warrant Holder shall be entitled to transfer the Warrants to others, but only prior to the Expiration Date for the Warrants being transferred. If no Registration Statement is effective at any time when any Warrant is exercised, such Warrantholder shall be notified forthwith by the Trustee that such Warrantholder is entitled, at his or her option, to exercise the Warrant only in accordance with the conditions set forth in Sections 3.1(b)(i)-(iii) and upon delivery of a Warrant Exercise Certification (in the form attached hereto as Schedule B) to the Trustee and the Company. (e) Any exercise form referred to in Section 3.1(a) shall be signed by the Warrantholder, or his executors, or administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form Warrantholder and manner satisfactory to the Warrant Agent, shall specify the person(s) person or persons in whose name such Warrant Shares or names the Underlying Securities to be issued upon exercise are to be issuedregistered, the address(es) of such person(s) person's or persons' address or addresses and the number of Warrant Shares Underlying Securities to be issued to each person, person if more than one is so specified. If any of the Warrant Shares subscribed for Underlying Securities issuable upon the exercise of Warrants by a holder are to be issued to (a) person(s) a person or persons other than the Warrantholder, the signatures signature(s) set out in the Exercise Form exercise form referred to in Section 3.1(a) shall be guaranteed by a Canadian Schedule I chartered bank or a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program an Eligible Institution, and (b) the Warrantholder shall pay to the Company or the Warrant Agent Trustee all applicable transfer or similar taxes and the Company shall not be required to issue or deliver certificates evidencing Warrant Shares Underlying Securities unless or until such Warrantholder shall have paid to the Company or the Warrant Agent Trustee on behalf of the Company the amount of such tax or shall have established to the reasonable satisfaction of the Company that such tax has been paid or that no tax is due. (3f) IfAny Warrantholder may elect to make payment of the Exercise Price pursuant to Section 3.1(a) in United States dollars. In such an event, at the time Exercise Price payable by such Warrantholder shall be the United States dollar equivalent of the Exercise Price payable in United States dollars based on the Exchange Rate on the Business Day immediately preceding the date on which the relevant Warrant is exercised, rounded to the nearest tenth of a cent. At the request of the Trustee, the Company shall provide a certificate to the Trustee setting out the applicable Exchange Rate. (g) Notwithstanding that the Company may not have maintained a current Registration Statement in respect of Shares under the 1933 Act, no Warrantholder (whether a U.S. Purchaser or otherwise) shall have any right to receive, and the Company shall be under no obligation to pay to any Warrantholder (whether a U.S. Purchaser or otherwise), any cash amount or other consideration or compensation upon exercise of the Warrants, in accordance with the provisions of subsections 4.1(1) or 4.1(4)other than as expressly provided by this Indenture, there are any trading restrictions on the Warrant Shares pursuant to Securities Laws or stock exchange requirements, and the Company shallshall not be under any obligation to redeem or otherwise purchase any Warrants in any circumstance; provided, on however, that nothing in this clause shall limit or restrict any remedies of the advice of counsel, endorse Trustee or any certificates Warrantholder or book-entry positions representing the Warrant Shares to such effect. The Warrant Agent is entitled to assume compliance with all Securities Laws unless otherwise notified in writing by the Company. (4) A Beneficial Owner of Uncertificated Warrant evidenced by a security entitlement Warrantholders in respect of Warrants in a breach by the Book-Based System who desires to exercise his Uncertificated WarrantsCompany of a representation, must do so by causing a CDS Participant to deliver to CDS (at its office in the City of Toronto), on behalf of the Beneficial Owner at any time prior to the Time of Expiry, a written notice of the Beneficial Owner’s intention to exercise Warrants (the “Exercise Notice”) in a manner acceptable to CDS. Forthwith upon receipt by CDS of such notice, as well as payment for the aggregate Exercise Price, CDS shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants (the “Confirmation”) in a manner acceptable to the Warrant Agentwarranty or covenant hereunder, including by electronic means through without limitation the Book-Based System. The Beneficial Owner will initiate the electronic exercise through the Book-Based System, by way covenant in Section 4.1(i) of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Beneficial Owner is entitled pursuant to the exercise. Any expense associated with the preparation and delivery of Exercise Notices will be for the account of the Beneficial Owner exercising the Warrants and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the entitlement holder exercising the Warrants and/or the CDS Participant exercising the Warrants on its behalf. By causing a CDS Participant to deliver notice to CDS, a Beneficial Owner shall be deemed to have irrevocably surrendered his Warrants so exercised and appointed such CDS Participant to act as his or her exclusive settlement agent with respect to the exercise and the receipt of Warrant Shares in connection with the obligations arising from such exercise. Any notice which CDS determines to be incomplete, not in proper form or not duly executed shall for all purposes be void and of no effect and the exercise to which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a CDS Participant to exercise or to give effect to the settlement thereof in accordance with the Beneficial Owner’s instructions will not give rise to any obligations or liability on the part of the Company or Warrant Agent to the CDS Participant or the Beneficial Owner. If the Exercise Form set forth in the Warrant Certificate shall have been amended, the Company shall cause the amended Exercise Form to be forwarded to all registered Warrantholders. Exercise Forms and Confirmations must be delivered to the Warrant Agent at any time during the Warrant Agent’s actual business hours on any Business Day prior to the Expiry Time. Any Exercise Form or Confirmations received by the Warrant Agent after business hours on any Business Day other than the Expiry Date will be deemed to have been received by the Warrant Agent on the next following Business Day. Any Warrant with respect to which a Confirmation or Exercise Form is not received by the Warrant Agent before the Expiry Time shall be deemed to have expired and become void and all rights with respect to such Warrants shall terminate and be cancelledthis Indenture.

Method of Exercise of Warrants. (1) The registered holder of any Warrant may exercise the rights thereby conferred on him the holder to acquire all or any part of the Warrant Shares Subject Securities to which such Warrant entitles the holder, by surrendering the Warrant Certificate representing such Warrants to the Warrant Agent at any time prior to on or before the Time of Expiry at its principal stock transfer office in the City of VancouverToronto, British Columbia Ontario (or at such additional place or places as may be decided by the Company from time to time with the approval of the Warrant Agent), with a duly completed and executed exercise form (the “Exercise Form”) subscription of the registered holder or his executors, or administrators or other legal representative or his its attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, substantially in the form endorsed on the Warrant Certificate as set out in Schedule “B”, A” attached hereto specifying the number of Warrant Shares subscribed for together with a certified cheque, bank draft or money order in lawful money of Canada, payable to or to the order of the Company in an amount equal to the Exercise Price multiplied by the number of Warrant Shares Subject Securities subscribed for. A Warrant Certificate with the duly completed and executed Exercise Form subscription and payment of the Exercise Price shall be deemed to be surrendered only upon personal delivery thereof to or, if sent by mail or other means of transmission, upon actual receipt thereof by the Warrant Agent. (2) The Exercise Form Any subscription referred to in subsection 3.1(1) shall be signed by the Warrantholder, or his executors, or administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, shall specify the person(s) in whose name such Warrant Shares Subject Securities are to be issued, the address(es) of such person(s) and the number of Warrant Shares Subject Securities to be issued to each person, if more than one is so specified. If any of the Warrant Shares Subject Securities subscribed for are to be issued to (a) a person(s) other than the Warrantholder, the signatures set out in the Exercise Form subscription referred to in subsection 3.1(1) shall be guaranteed by a Schedule 1 Canadian Schedule I chartered bank or a by an eligible guarantor institution with membership in an approved signature medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program program and (b) the Warrantholder shall pay to the Company or the Warrant Agent all applicable transfer or similar taxes and the Company shall not be required to issue or deliver certificates evidencing Warrant Shares Subject Securities unless or until such Warrantholder shall have paid to the Company or the Warrant Agent on behalf of the Company the amount of such tax or shall have established to the reasonable satisfaction of the Company that such tax has been paid or that no tax is due. (3) If, at the time of exercise of the Warrants, in accordance with the provisions of subsections 4.1(1) or 4.1(4subsection 3.1(1), there are any trading restrictions on the Warrant Shares Subject Securities pursuant to Securities Laws applicable securities legislation or stock exchange requirements, the Company shall, on the advice of counsel, endorse any certificates or book-entry positions representing the Warrant Shares Subject Securities with a legend(s) to such effect. The Warrant Agent is entitled to assume compliance with all Securities Laws applicable securities legislation unless otherwise notified in writing by the Company. (4) A Beneficial Owner In the absence of Uncertificated Warrant evidenced by a security entitlement any specification as to the person or persons in respect whose name or names the Subject Securities are to be issued upon the exercise of Warrants the Warrants, such Subject Securities shall be issued and registered in the Book-Based System who desires to exercise his Uncertificated Warrants, must do so by causing a CDS Participant to deliver to CDS (at its office in the City of Toronto), on behalf name of the Beneficial Owner at any time prior to the Time of Expiry, a written notice registered holder of the Beneficial Owner’s intention to exercise Warrants (the “Exercise Notice”) in a manner acceptable to CDS. Forthwith upon receipt by CDS of such notice, as well as payment for the aggregate Exercise Price, CDS shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants (the “Confirmation”) in a manner acceptable to the Warrant Agent, including by electronic means through the Book-Based System. The Beneficial Owner will initiate the electronic exercise through the Book-Based System, by way of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Beneficial Owner is entitled pursuant to the exercise. Any expense associated with the preparation and delivery of Exercise Notices will be for the account of the Beneficial Owner exercising the Warrants and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the entitlement holder exercising the Warrants and/or the CDS Participant exercising the Warrants on its behalf. By causing a CDS Participant to deliver notice to CDS, a Beneficial Owner shall be deemed to have irrevocably surrendered his Warrants so exercised and appointed such CDS Participant to act as his or her exclusive settlement agent with respect to the exercise and the receipt of Warrant Shares in connection with the obligations arising from such exercise. Any notice which CDS determines to be incomplete, not in proper form or not duly executed shall for all purposes be void and of no effect and the exercise to which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a CDS Participant to exercise or to give effect to the settlement thereof in accordance with the Beneficial Owner’s instructions will not give rise to any obligations or liability on the part of the Company or Warrant Agent to the CDS Participant or the Beneficial Owner. If the Exercise Form set forth in the Warrant Certificate shall have been amended, the Company shall cause the amended Exercise Form to be forwarded to all registered Warrantholders. Exercise Forms and Confirmations must be delivered to the Warrant Agent at any time during the Warrant Agent’s actual business hours on any Business Day prior to the Expiry Time. Any Exercise Form or Confirmations received by the Warrant Agent after business hours on any Business Day other than the Expiry Date will be deemed to have been received by the Warrant Agent on the next following Business Day. Any Warrant with respect to which a Confirmation or Exercise Form is not received by the Warrant Agent before the Expiry Time shall be deemed to have expired and become void and all rights with respect to such Warrants shall terminate and be cancelledWarrants.

Method of Exercise of Warrants. (1a) The registered holder of any Warrant Certificate may exercise the rights right thereby conferred on him to acquire all or any part of the Warrant purchase Common Shares to which such Warrant entitles the holder, by surrendering the Warrant Certificate representing such Warrants to the Warrant Agent during the Exercise Period at its office in Toronto, Ontario or New York City, New York or at any time prior to the Time of Expiry at its principal office in the City of Vancouver, British Columbia (or at such additional other place or places as that may be decided designated by the Company from time to time Corporation with the approval of the Warrant Agent): (i) the Warrant Certificate, with a duly completed and executed Subscription Form; and (ii) subject to exercise form (the “Exercise Form”) of the registered holder or his executorsWarrants in accordance with Section 4.2, administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, substantially in the form endorsed on the Warrant Certificate as Schedule “B”, specifying the number of Warrant Shares subscribed for together with a certified cheque, money order or bank draft or money order in lawful money of Canada, the United States payable to or to the order of the Company Warrant Agent in an amount equal to the Exercise Price multiplied by applicable at the number time of Warrant Shares such surrender in respect of each Common Share subscribed for. A Warrant Certificate with the duly completed and executed Exercise Subscription Form and together, if applicable, with the payment of the Exercise Price aforesaid shall be deemed to be surrendered only upon personal delivery thereof to the Warrant Agent at its office set forth above, or, if sent by mail or other means of transmissionovernight courier, upon actual receipt thereof by the Warrant AgentAgent at its principal office in Toronto, Ontario. (2b) The Exercise Form Any subscription referred to in this Section 4.1 shall be signed by the Warrantholder, or his executors, or administrators or other legal representative or his attorney duly appointed by an instrument in writing in Warrantholder and shall specify: (i) the form and manner satisfactory number of Common Shares which the holder desires to purchase (being not more than those which he is entitled to purchase pursuant to the Warrant Agent, shall specify Certificate(s) surrendered); (ii) the person(s) Person or Persons in whose name such Warrant or names the Common Shares are to be issued, ; (iii) the address(es) address or addresses of such person(sPerson or Persons; (iv) and the number of Warrant Common Shares to be issued to each person, Person if more than one Person is so specified. If any of , provided that the Warrant Warrantholder shall only be entitled to direct its entitlement to the Common Shares subscribed for in a manner permitted by applicable securities legislation; and (v) a completed transfer form if Common Shares are to be issued to (a) person(s) someone other than the Warrantholder, the signatures set out in the Exercise Form shall be guaranteed by a Canadian Schedule I chartered bank or a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program and (b) the Warrantholder shall pay to the Company or the Warrant Agent all applicable transfer or similar taxes and the Company shall not be required to issue or deliver certificates evidencing Warrant Shares unless or until such Warrantholder shall have paid to the Company or the Warrant Agent on behalf of the Company the amount of such tax or shall have established to the reasonable satisfaction of the Company that such tax has been paid or that no tax is due. (3) If, at the time of exercise of the Warrants, in accordance with the provisions of subsections 4.1(1) or 4.1(4), there are any trading restrictions on the Warrant Shares pursuant to Securities Laws or stock exchange requirements, the Company shall, on the advice of counsel, endorse any certificates or book-entry positions representing the Warrant Shares to such effect. The Warrant Agent is entitled to assume compliance with all Securities Laws unless otherwise notified in writing by the Company. (4c) A Beneficial Owner of Uncertificated who desires, and is permitted under this Warrant evidenced by a security entitlement in respect of Indenture, to exercise Warrants in pursuant to the Book-Based System who desires to exercise his Uncertificated Warrants, must shall do so in accordance with the procedures established by causing CDS or DTC, as Depositories and the Corporation, from time to time. Such procedures shall initially be that a CDS Beneficial Owner shall cause a Depository Participant to deliver to CDS either Depository (at its office in the City of Torontotheir office), on behalf of the such Beneficial Owner at any time prior to the Time of ExpiryOwner, a written notice of the such Beneficial Owner’s intention to exercise Warrants (and the “Exercise Notice”) in a manner acceptable to CDS. Forthwith upon receipt by CDS of such notice, as well as payment Price for the aggregate Exercise Price, CDS shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants (the “Confirmation”) in a manner acceptable to the Warrant Agent, including by electronic means through the Book-Based SystemCommon Shares being purchased. The Beneficial Owner will Depository shall initiate the electronic exercise through of Warrants and forward in full the Book-Based System, by way Exercise Price of the Confirmation and forward the aggregate Exercise Price Common Shares being purchased electronically to the Warrant Agent and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System to the Warrant Agent, following receipt of which the Warrant Agent shall execute the exercise of such Warrants by issuing to the Depository the Common Shares to which the exercising Beneficial Owner is entitled pursuant to such exercise of Warrants through the exerciseBook-Based System. Any expense associated with the preparation and delivery of Exercise Notices will the notice of intention to exercise Warrants and payment therefor shall be for the account of the Beneficial Owner exercising the Warrants and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the entitlement holder exercising the Warrants and/or the CDS Participant exercising the Warrants on its behalf. Warrants. (d) By causing a CDS Depository Participant to deliver the notice of intention to CDSexercise Warrants to the Depository, a Beneficial Owner shall be deemed to have irrevocably surrendered his Warrants so exercised and appointed such CDS Depository Participant to act as his or her such Beneficial Owner’s exclusive settlement agent with respect to the exercise and the receipt of Warrant Common Shares in connection with the obligations arising from such exercise. . (e) Any notice which CDS of intention to exercise Warrants that the Depository determines to be incomplete, not in proper form or form, not duly executed shall or which is not accompanied by payment in full of the Exercise Price of the Common Shares being purchased shall, for all purposes purposes, be void and of no effect and the exercise to which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a CDS Depository Participant to exercise or to give effect to the settlement thereof in accordance with the Beneficial Owner’s instructions will not give rise to any obligations or liability on the part of the Company or Warrant Agent Corporation to the CDS Depository Participant or the Beneficial Owner. If For greater certainty, any exercise of Warrants pursuant to this Section 4.1, subject to Section 4.2, must be accompanied by payment in full of the Exercise Form set forth in Price for the Warrant Certificate shall have been amended, the Company shall cause the amended Exercise Form to be forwarded to all registered Warrantholders. Exercise Forms Common Shares being purchased and Confirmations must be delivered to the Warrant Agent at any time during the Warrant Agent’s actual business hours on any Business Day prior to the Expiry Time. Any Exercise Form or Confirmations received by the Warrant Agent after business hours on any Business Day other than prior to the Expiry Date will be Time of Expiry. (f) A holder of Warrants represented by an electronic position in the Book-Based System or the BEO System may submit an informational Subscription Form to the Corporation via facsimile or email and upon the Corporation’s receipt or deemed to have been received by the Warrant Agent on the next following Business Day. Any Warrant with respect to which a Confirmation or Exercise Form is not received by the Warrant Agent before the Expiry Time receipt of such notice, such beneficial owner shall be deemed to have expired and become void and all rights with respect the holder of record of the Common Shares solely for purposes of Rule 200 under Commission Regulation SHO so long as such beneficial owner also causes its broker, bank or other nominee to such Warrants shall terminate and be cancelledsubmit a Subscription Form by way of an electronic notice through the Depository within one Trading Day of delivery of the informational Subscription Form.

Method of Exercise of Warrants. (1) The registered holder of any Warrant Warrantholder may exercise the rights thereby conferred on him them to acquire all or any part of the Warrant Shares to which such Warrant entitles the holder, by surrendering the Warrant Certificate representing such Warrants to the Warrant Agent at any time prior to the Time of Expiry at its principal office stock transfer offices in the City of VancouverToronto, British Columbia Ontario (or at such additional place or places as may be decided by the Company from time to time with the approval of the Warrant Agent), with a duly completed and executed exercise form (the “Exercise Form”) of the registered holder or his executors, administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, substantially in the form endorsed on the Warrant Certificate as Schedule “B”, specifying the number of Warrant Shares subscribed for together with a certified cheque, bank draft or money order in lawful money of Canada, payable to or to the order of the Company in an amount equal to the Exercise Price multiplied by the number of Warrant Shares subscribed for. A Warrant Certificate with the duly completed and executed Exercise Form exercise form and payment of the Exercise Price shall be deemed to be surrendered only upon personal delivery thereof to or, if sent by mail or other means of transmission, upon actual receipt thereof by the Warrant Agent. (2) The Exercise Form Any exercise form referred to in subsection 3.1(1) shall be signed by the Warrantholder, or his executors, or administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, shall specify the person(s) in whose name such Warrant Shares are to be issued, the address(es) of such person(s) and the number of Warrant Shares to be issued to each person, if more than one is so specified. If any of the Warrant Shares subscribed for are to be issued to (a) person(s) other than the Warrantholder, the signatures set out in the Exercise Form exercise form referred to in subsection 3.1(1) shall be guaranteed by a Canadian Schedule I 1 chartered bank or a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program and (b) the Warrantholder shall pay to the Company or the Warrant Agent all applicable transfer or similar taxes and the Company shall not be required to issue or deliver certificates evidencing Warrant Shares unless or until such Warrantholder shall have paid to the Company or the Warrant Agent on behalf of the Company the amount of such tax or shall have established to the reasonable satisfaction of the Company that such tax has been paid or that no tax is due. (3) If, at the time of exercise of the Warrants, in accordance with the provisions of subsections 4.1(1) or 4.1(4subsection 3.1(1), there are any trading restrictions on the Warrant Shares pursuant to Securities Laws applicable securities legislation or stock exchange requirements, the Company shall, on the advice of counsel, endorse any certificates or book-entry positions representing the Warrant Shares to such effect. The Warrant Agent is entitled to assume compliance with all Securities Laws applicable securities legislation unless otherwise notified in writing by the Company. (4) A Beneficial Owner of Uncertificated Warrant evidenced by a security entitlement in respect of Warrants in the Book-Based System who desires to exercise his Uncertificated Warrants, must do so by causing a CDS Participant to deliver to CDS (at its office in the City of Toronto), on behalf of the Beneficial Owner at any time prior to the Time of Expiry, a written notice of the Beneficial Owner’s 's intention to exercise Warrants (the “"Exercise Notice”) in a manner acceptable to CDS"). Forthwith upon receipt by CDS of such notice, as well as payment for the aggregate Exercise Price, CDS shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants (the “"Confirmation”") in a manner acceptable to the Warrant Agent, including by electronic means through the Book-Based Entry Only System. The Beneficial Owner CDS will initiate the electronic exercise through the Book-Based System, by way of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based Entry Only System the Warrant Shares to which the exercising Beneficial Owner is entitled pursuant to the exercise. Any expense associated with the preparation and delivery of Exercise Notices will be for the account of the Beneficial Owner exercising the Warrants. (5) An electronic exercise of the Uncertificated Warrants initiated by the Book-Entry Only Participant through the Book-Entry Only System shall constitute a representation to both the Company and the Warrant Agent will that the beneficial holder at the time of exercise of such Uncertificated Warrants (a) is not in the United States; (b) is not a U.S. Person and is not exercising such Uncertificated Warrants on behalf of a U.S. Person or a person in the United States; and (c) did not execute or deliver the Exercise Notice of the owner's intention to exercise by issuing to CDS through such Uncertificated Warrants in the United States. If the Book-Based System Entry Only Participant is not able to make or deliver the foregoing representation by initiating the electronic exercise of the Uncertificated Warrants, then such Warrants shall be withdrawn from the Book-Entry Only System, by the Book-Entry Only Participant and an individually registered Warrant Certificate shall be issued by the Warrant Shares Agent to such beneficial owner or Book-Entry Only Participant, which the exercising Warrantholder is entitled pursuant to the exercise. Any expense associated certificate shall be impressed with the appropriate legends, and the exercise process will procedures set forth in Section 3.7 shall be for the account of the entitlement holder exercising the Warrants and/or the CDS Participant exercising the Warrants on its behalf. followed. (6) By causing a CDS Participant to deliver notice to CDS, a Beneficial Owner shall be deemed to have irrevocably surrendered his Warrants so exercised and appointed such CDS Participant to act as his or her exclusive settlement agent with respect to the exercise and the receipt of Warrant Shares in connection with the obligations arising from such exercise. . (7) Any notice which CDS determines to be incomplete, not in proper form or not duly executed shall for all purposes be void and of no effect and the exercise to which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a CDS Participant to exercise or to give effect to the settlement thereof in accordance with the Beneficial Owner’s 's instructions will not give rise to any obligations or liability on the part of the Company or Warrant Agent to the CDS Participant or the Beneficial Owner. If the Exercise Form set forth in the Warrant Certificate shall have been amended, the Company shall cause the amended Exercise Form to be forwarded to all registered Warrantholders. Exercise Forms and Confirmations must be delivered to the Warrant Agent at any time during the Warrant Agent’s actual business hours on any Business Day prior to the Expiry Time. Any Exercise Form or Confirmations received by the Warrant Agent after business hours on any Business Day other than the Expiry Date will be deemed to have been received by the Warrant Agent on the next following Business Day. Any Warrant with respect to which a Confirmation or Exercise Form is not received by the Warrant Agent before the Expiry Time shall be deemed to have expired and become void and all rights with respect to such Warrants shall terminate and be cancelled.

Method of Exercise of Warrants. (1) The registered Each Warrant may be exercised by the holder thereof at any time on or after the Date of Issue, but not after the Warrant Expiry Time, upon the terms and subject to the conditions set forth herein. (2) Subject to and upon compliance with the provisions of this Article, the holder of any Warrant Certificate may exercise the rights thereby conferred on him to acquire all or any part right of the Warrant Shares to which such Warrant entitles the holder, purchase therein provided for by surrendering the Warrant Certificate representing such Warrants to the Warrant Agent at any time prior to the Time of Expiry at its principal transfer office in the City of Vancouver, British Columbia (Vancouver or Toronto or at such additional place or places as may be decided designated by the Company from time to time with the approval of the Warrant Agent)Agent during normal business hours on a Business Day at that place prior to the Warrant Expiry Time, together with a the Warrant Exercise Form attached to the Warrant Certificate duly completed and executed exercise form (by the “Exercise Form”) of the registered holder or his executors, administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, substantially in the form endorsed on the Warrant Certificate as Schedule “B”, specifying for the number of Warrant Shares which the holder desires to purchase and the Exercise Price applicable at the time of the surrender calculated in accordance with the provisions of this Indenture. The Exercise Price for Shares subscribed for together with a under Warrants shall be paid by certified cheque, bank draft or money order in lawful money of Canada, payable to or to the order of the Company in an amount equal to Warrant Agent at par at the Exercise Price multiplied by city where the number of Warrant Shares subscribed for. A Warrant Certificate with is surrendered. Surrender of a Warrant Certificate and the duly completed and executed Warrant Exercise Form and payment of the Exercise Price will be deemed to have been effected, and Warrants shall be deemed to be surrendered have been exercised, only upon on personal delivery thereof to orto, or if sent by mail or other means of transmission, upon transmission on actual receipt thereof by, the Warrant Agent at one of the offices specified in this section. (3) The Warrantholder may, at its option, exchange this Warrant on a cashless basis, in whole or in part (a "Warrant Exchange"), into the number of Warrant Shares determined in accordance with this Section 3.1(3), by surrendering the Warrant Certificate at the principal office of the Company or at the office of its stock transfer agent, accompanied by a notice stating such Warrantholder's intent to effect such exchange, the number of Shares issuable on exercise of the Warrants (the "Warrant Shares") to be exchanged and the date on which the Warrantholder requests that such Warrant Exchange occur (the "Notice of Exchange"). The Warrant Exchange shall take place on the later of the date specified in the Notice of Exchange and the date the Notice of Exchange is received by the Company or its stock transfer agent (the "Exchange Date"). Upon receipt of a Notice of Exchange, the Company shall direct the Warrant Agent, in writing, to issue the Common Shares to be issued pursuant to the Notice of Exchange and the Warrant Agent shall be entitled to rely on such direction without further independent inquiry. Warrant Certificates for the Shares issuable upon such Warrant Exchange and, if applicable, a new warrant of like tenor evidencing the balance of the Shares remaining subject to such Warrant, shall be issued as of the Exchange Date and delivered to the Warrantholder as soon as is reasonably practicable following the Exchange Date. In connection with any Warrant Exchange, a Warrant shall represent the right to subscribe for and acquire the number of Warrant Shares (rounded to the next highest integer) equal to (i) the number of Warrant Shares specified by the Warrantholder in its Notice of Exchange (the "Total Number") less (ii) the number of Warrant Shares equal to the quotient obtained by dividing (a) the product of the Total Number and the existing Exercise Price by (B) the current market value of a Common Share. Current market value shall be as determined below using the U.S./Canadian noon exchange rate published by the Federal Reserve of New York on the date of the Notice of Exchange (if necessary), but in no event less than zero: (a) If the Common Shares are listed on the Exchange or any US national securities exchange or admitted to unlisted trading privileges on such exchange or listed for trading on the Nasdaq National Market, the current market value shall be the last reported sale price of the Common Shares on such exchange or market on the date of the Notice of Exchange or if no such sale is made on such day, the average closing bid and asked prices for such day on such exchange or market; (b) If the Common Shares are not so listed or admitted to unlisted trading privileges, but are traded on the Nasdaq SmallCap Market, the current market value shall be the closing price on the date of the Notice of Exchange on such market and if the Common Shares are not so traded, the current market value shall be the mean of the last reported bid and asked prices reported by the National Quotation Bureau, Inc. on the last business day prior to such date; or (c) If the Common Shares are not so listed or admitted to unlisted trading privileges and bid and asked prices are not so reported, the current market value shall be an amount, not less than book value thereof as at the end of the most recent fiscal year of the Company ending prior to the date of the Notice of Exchange, determined in such reasonable manner as may be prescribed by the Board of Directors of the Company. (24) The Every Warrant Exercise Form shall be signed by the Warrantholder, or his executors, or administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to holder of the Warrant AgentCertificate who desires to exercise in whole or in part the right of purchase therein provided for, shall specify the person(s) number of Shares that the subscriber wishes to purchase (being not more than he is entitled to purchase), the person or persons in whose name such Warrant or names the Shares which the subscriber desires to purchase are to be issued, the address(es) of such person(s) issued and his or their address or addresses and the number of Warrant Shares to be issued to each such person, if more than one is so specified. If any , the form shall have one of the boxes in section (5) of the Warrant Exercise Form checked, and shall be substantially in the form set out in the Warrant Certificate. (5) If any Shares subscribed for are to be issued to (a) person(s) a person or persons other than the Warrantholder, the signatures set out in the Exercise Form shall be guaranteed by a Canadian Schedule I chartered bank or a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program and (b) the Warrantholder shall must pay to the Company or to the Warrant Agent on his behalf an amount equal to all applicable transfer taxes or similar taxes other government charges, and the Company shall will not be required to issue or deliver certificates any certificate evidencing Warrant any Shares unless or until such Warrantholder shall have that amount has been so paid to the Company or the Warrant Agent on behalf of the Company the amount of such tax or shall have Warrantholder has established to the reasonable satisfaction of the Company that such tax has the taxes and charges have been paid or that no tax is duetaxes or charges are owing. (36) IfNo exercise of any Warrants shall be effective, and no certificate representing Shares shall be issued pursuant to the exercise of Warrants, unless: (a) the holder represents in writing that it is not in the United States or a U.S. Person, is not exercising the Warrants on behalf of a U.S. Person, and did not execute or deliver the Warrant Exercise Form in the United States; (b) the holder represents in writing that it is an Original U.S. Purchaser, that each of the representations and warranties made at the time of subscription for the purchase of Units remains true and correct as of the date of the exercise of the Warrants, in accordance with the provisions of subsections 4.1(1) or 4.1(4), there are any trading restrictions on Warrants and that it is exercising the Warrant Shares pursuant to Securities Laws or stock exchange requirements, the Company shall, on the advice of counsel, endorse any certificates or book-entry positions representing the Warrant Shares to such effect. The Warrant Agent is entitled to assume compliance with all Securities Laws unless otherwise notified in writing by the Company. (4) A Beneficial Owner of Uncertificated Warrant evidenced by a security entitlement in respect of Warrants in the Book-Based System who desires to exercise his Uncertificated Warrants, must do so by causing a CDS Participant to deliver to CDS (at its office in the City of Toronto), on own behalf of the Beneficial Owner at any time prior to the Time of Expiry, a written notice of the Beneficial Owner’s intention to exercise Warrants (the “Exercise Notice”) in a manner acceptable to CDS. Forthwith upon receipt by CDS of such notice, as well as payment for the aggregate Exercise Price, CDS shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants (the “Confirmation”) in a manner acceptable to the Warrant Agent, including by electronic means through the Book-Based System. The Beneficial Owner will initiate the electronic exercise through the Book-Based System, by way of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Beneficial Owner is entitled pursuant to the exercise. Any expense associated with the preparation and delivery of Exercise Notices will be not for the account or benefit of any other person; or (c) the Beneficial Owner exercising the Warrants holder provides an opinion of counsel of recognized standing in form and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Warrantholder is entitled pursuant substance satisfactory to the exercise. Any expense associated with the exercise process will be for the account of the entitlement holder exercising the Warrants and/or the CDS Participant exercising the Warrants on its behalf. By causing a CDS Participant to deliver notice to CDS, a Beneficial Owner shall be deemed to have irrevocably surrendered his Warrants so exercised and appointed such CDS Participant to act as his or her exclusive settlement agent with respect Company to the exercise effect that registration under the U.S. Securities Act and the receipt of Warrant applicable state securities laws is not required. The certificates representing any Shares issued in connection with the obligations arising from such exercise. Any notice which CDS determines exercise of Warrants pursuant to be incomplete, not in proper form clause (b) or not duly executed (c) of this Section 3.1(6) shall for all purposes be void and of no effect and bear the exercise to which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a CDS Participant to exercise or to give effect to the settlement thereof in accordance with the Beneficial Owner’s instructions will not give rise to any obligations or liability on the part of the Company or Warrant Agent to the CDS Participant or the Beneficial Owner. If the Exercise Form legend set forth in the Warrant Certificate Section 2.15(2) of this Indenture. No certificates for Shares shall have been amended, the Company shall cause the amended Exercise Form to be forwarded to all registered Warrantholders. Exercise Forms and Confirmations must be or delivered to an address in the Warrant Agent at any time during United States unless the Warrant Agent’s actual business hours on any Business Day prior to the Expiry Time. Any Exercise Form holder complies with clause (b) or Confirmations received by the Warrant Agent after business hours on any Business Day other than the Expiry Date will be deemed to have been received by the Warrant Agent on the next following Business Day. Any Warrant with respect to which a Confirmation or Exercise Form is not received by the Warrant Agent before the Expiry Time shall be deemed to have expired and become void and all rights with respect to such Warrants shall terminate and be cancelled(c) of this Section 3.1(6).

Method of Exercise of Warrants. (1) The Subject to Section 4.8, upon and subject to the provisions hereof, the registered holder of any Warrant may exercise the rights thereby conferred on him to acquire purchase all or any part of the Warrant Common Shares to which such Warrant entitles the holder, by surrendering the Warrant Certificate representing such Warrants to the Warrant Agent at any time prior to during the Time of Expiry Exercise Period at its principal transfer office in the City of VancouverToronto, British Columbia Ontario (or at such additional any other place or places as that may be decided designated by the Company from time to time with the approval of the Warrant Agent), with a duly completed and executed exercise subscription form (the “Exercise Form”) of the registered holder or his executors, administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, substantially in the form endorsed on attached to the Warrant Certificate as Schedule “B”, specifying the number of Warrant Common Shares subscribed for together with a certified cheque, money order or bank draft or money order in lawful money of Canada, Canada payable to or to the order of the Company at par in Toronto, Ontario in an amount equal to the Exercise Price multiplied by applicable at the number time of Warrant Shares such surrender in respect of each Common Share subscribed for. A Warrant Certificate with the duly completed and executed Exercise Form and subscription form together with the payment of the Exercise Price shall be deemed to be surrendered only upon personal delivery thereof to or, if sent by mail or other means of transmission, upon actual receipt thereof by the Warrant Agent. (2) The No Warrant represented by an Uncertificated Warrant may be exercised unless, prior to such exercise, the Warrantholder of such Warrant shall have taken all other action necessary to exercise such Warrant in accordance with this Indenture and the Internal Procedures. Notwithstanding anything to the contrary contained herein and subject to the Internal Procedures in force from time to time, a Beneficial Owner whose Warrants are represented by an Uncertificated Warrant who desires to exercise his or her Warrants must do so by causing a CDS Participant to deliver to CDS, on behalf of the Beneficial Owner, a written notice of the Beneficial Owner’s intention to exercise Warrants in a manner acceptable to CDS. Forthwith upon receipt by CDS of such notice, as well as payment in an amount equal to the product obtained by multiplying the Exercise Form Price by the number of Common Shares subscribed for, CDS shall deliver to the Warrant Agent a Confirmation. An electronic exercise of Uncertificated Warrants initiated by the CDS Participant shall constitute a representation to both the Company and the Warrant Agent that the beneficial owner at the time of exercise of such Warrants (a) is not in the United States; (b) is not a U.S. Person and is not exercising such Warrants on behalf of a U. S. Person or a person in the United States; (c) did not acquire the Warrants in the United States or on behalf of, or for the account or benefit of a U.S. Person or a person in the United States; (d) did not receive an offer to exercise the Warrant in the United States; (e) did not execute or deliver the notice of the owner’s intention to exercise such Warrants in the United States; and (f) has, in all other respects, complied with the terms of Regulation S under the U.S. Securities Act in connection with such exercise. If the CDS Participant is not able to make or deliver the foregoing representations by initiating the electronic exercise of the Uncertificated Warrants, then such Uncertificated Warrants shall be withdrawn from the book based registration system, by the CDS Participant and an individually registered Warrant Certificate shall be issued by the Warrant Agent to such Beneficial Owner or CDS Participant and the exercise procedures set forth in Section 4.1(1) shall be followed. (3) Payment by a Beneficial Owner representing the Exercise Price must be provided to the appropriate office of the CDS Participant in a manner acceptable to it. A notice in form acceptable to the CDS Participant and payment from such Beneficial Owner should be provided to the CDS Participant sufficiently in advance so as to permit the CDS Participant to deliver notice and payment to CDS and for CDS in turn to deliver notice and payment to the Warrant Agent prior to Expiry Time. CDS will initiate the exercise by way of the Confirmation and forward the Exercise Price electronically to the Warrant Agent and the Warrant Agent will execute the exercise by issuing to CDS through the non-certified inventory system administered by CDS the Common Shares to which the exercising Beneficial Owner is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the Beneficial Owner exercising the Warrants and/or the CDS Participant exercising the Warrants on its behalf. (4) Notwithstanding any provisions of this Warrant Indenture, a beneficial owner may exercise his Warrants or take any actions under this Warrant Indenture in accordance with the rules and procedures of CDS. (5) Any subscription referred to in this Section 4.1 shall be signed by the Warrantholder, or his executors, or administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, shall specify the person(s) in whose name such Warrant Common Shares are to be issued, the address(es) of such person(s) and the number of Warrant Common Shares to be issued to each person, if more than one is so specified. If any of the Warrant Common Shares subscribed for are to be issued to (a) person(s) other than the Warrantholder, the signatures set out in the Exercise Form subscription referred to in subsection 4.1(1) shall be guaranteed by a major Canadian Schedule I chartered bank bank, or by a medallion signature guarantee guaranteed from a member of a recognized Signature Medallion Guarantee Program and (b) the Warrantholder shall pay to the Company or the Warrant Agent all applicable transfer or similar taxes and the Company shall not be required to issue or deliver certificates evidencing Warrant Common Shares unless or until such Warrantholder shall have paid to the Company or the Warrant Agent on behalf of the Company the amount of such tax or shall have established to the reasonable satisfaction of the Company that such tax has been paid or that no tax is due. (36) If, at the time of exercise of the Warrants, in accordance with the provisions of subsections 4.1(1) or 4.1(4subsection 3.1(1), there are any trading restrictions on the Warrant Common Shares pursuant to Securities Laws applicable securities legislation or stock exchange requirements, the Company shall, on the advice of counsel, endorse any certificates or book-entry positions representing the Warrant Common Shares to such effect. The Warrant Agent is entitled to assume compliance with all Securities Laws applicable securities legislation unless otherwise notified in writing by the Company. (4) A Beneficial Owner of Uncertificated Warrant evidenced by a security entitlement in respect of Warrants in the Book-Based System who desires to exercise his Uncertificated Warrants, must do so by causing a CDS Participant to deliver to CDS (at its office in the City of Toronto), on behalf of the Beneficial Owner at any time prior to the Time of Expiry, a written notice of the Beneficial Owner’s intention to exercise Warrants (the “Exercise Notice”) in a manner acceptable to CDS. Forthwith upon receipt by CDS of such notice, as well as payment for the aggregate Exercise Price, CDS shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants (the “Confirmation”) in a manner acceptable to the Warrant Agent, including by electronic means through the Book-Based System. The Beneficial Owner will initiate the electronic exercise through the Book-Based System, by way of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Beneficial Owner is entitled pursuant to the exercise. Any expense associated with the preparation and delivery of Exercise Notices will be for the account of the Beneficial Owner exercising the Warrants and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the entitlement holder exercising the Warrants and/or the CDS Participant exercising the Warrants on its behalf. By causing a CDS Participant to deliver notice to CDS, a Beneficial Owner shall be deemed to have irrevocably surrendered his Warrants so exercised and appointed such CDS Participant to act as his or her exclusive settlement agent with respect to the exercise and the receipt of Warrant Shares in connection with the obligations arising from such exercise. Any notice which CDS determines to be incomplete, not in proper form or not duly executed shall for all purposes be void and of no effect and the exercise to which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a CDS Participant to exercise or to give effect to the settlement thereof in accordance with the Beneficial Owner’s instructions will not give rise to any obligations or liability on the part of the Company or Warrant Agent to the CDS Participant or the Beneficial Owner. If the Exercise Form set forth in the Warrant Certificate shall have been amended, the Company shall cause the amended Exercise Form to be forwarded to all registered Warrantholders. Exercise Forms and Confirmations must be delivered to the Warrant Agent at any time during the Warrant Agent’s actual business hours on any Business Day prior to the Expiry Time. Any Exercise Form or Confirmations received by the Warrant Agent after business hours on any Business Day other than the Expiry Date will be deemed to have been received by the Warrant Agent on the next following Business Day. Any Warrant with respect to which a Confirmation or Exercise Form is not received by the Warrant Agent before the Expiry Time shall be deemed to have expired and become void and all rights with respect to such Warrants shall terminate and be cancelled.

Method of Exercise of Warrants. (1) The registered 4.1.1 Subject to subsection 4.1.2 the holder of any Warrant may exercise the rights thereby conferred on him to acquire all or any part of the Warrant Shares to which such Warrant entitles the holdermay, by surrendering the Warrant Certificate representing such Warrants to the Warrant Agent at any time prior to the Time of Expiry Expiry, exercise the right thereby conferred on him to acquire Common Shares by: (a) surrendering to the Trustee at its principal transfer office in either of the City cities of Vancouver, British Columbia ([or Toronto, Ontario] or at such additional any other place or places as that may be decided designated by the Company from time to time with the approval of the Trustee, a certificate or certificates representing one Warrant Agent)for each Common Share to be acquired, with a duly completed and executed exercise form (or, if the “Exercise Form”) Exchange Number has been adjusted as provided for in Article 5, that number of Warrants, which, when multiplied by the registered holder or his executorsExchange Number, administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, substantially in the form endorsed on the Warrant Certificate as Schedule “B”, specifying equals the number of Warrant Common Shares subscribed for together with to be acquired; (b) delivering to the Trustee a certified cheque, cheque or recognized bank draft or money order in lawful money of Canada, payable to or to the order of the Company in an amount equal to for the Exercise Subscription Price multiplied by for the number of Warrant Common Shares subscribed for. A Warrant Certificate with to be acquired; and (c) delivering to the Trustee a duly completed and executed Exercise Form exercise form as attached to the Warrant Certificates, together with, if required by subsection 4.1.2 the opinion of counsel described therein, and payment of the Exercise Price Warrants shall only be deemed to be have been surrendered only upon personal delivery thereof to orto, or if sent by mail or other means of transmission, transmission upon actual receipt thereof by by, the Warrant AgentTrustee at one of the offices specified in this subsection. (2) 4.1.2 The Exercise Form Common Shares issuable upon exercise of the Warrants have not been registered under the U.S. Securities Act or the securities laws of any state. The Warrants may not be exercised in the United States or by or for the account or benefit of, or for resale to, a U.S. person or a person in the United States, nor shall certificates for Common Shares be registered at or delivered to an address in the United States unless the Common Shares are registered under the U.S. Securities Act and all applicable state securities laws or exemptions from registration are available, and an opinion of counsel to such effect, addressed to the Company and the Trustee and satisfactory to the Company, is delivered in connection with the exercise, provided that a person who was an Original U.S. Purchaser of Special Warrants may exercise Warrants issued upon exercise of those Special Warrants without providing an opinion of counsel. 4.1.3 Any exercise form referred to in subsection 4.1.1 shall be signed by the Warrantholder, Warrantholder or his executors, executors or administrators or other legal representative representatives or his an attorney of the Warrantholder duly appointed by an instrument in writing in the form and manner satisfactory to the Trustee. The exercise form included in the Warrant Agent, Certificate shall be completed to specify the person(s) number of Common Shares to be acquired, the person or persons in whose name such Warrant or names the Common Shares are to be issued, the address(es) of such person(s) his or their address or addresses and the number of Warrant Common Shares to be issued to each person, person if more than one is so specified. If any of the Warrant Common Shares subscribed for to be acquired are to be issued to (a) person(s) a person or persons other than the Warrantholder, the signatures set out in the Exercise Form shall be guaranteed by a Canadian Schedule I chartered bank or a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program and (b) the Warrantholder shall pay to the Company Trustee or the Warrant Agent to its agent all applicable exigible transfer taxes or similar taxes and the Company shall not be governmental or other charges required to issue or deliver certificates evidencing Warrant Shares unless or until such Warrantholder shall have be paid to the Company or the Warrant Agent on behalf in respect of the Company the amount of such tax or shall have established to the reasonable satisfaction transfer of the Company that such tax has been paid Warrants or that no tax is dueCommon Shares. (3) 4.1.4 Certificates representing Common Shares issuable upon exercise of Warrants bearing the legend set out in subsection 2.3.3 shall also bear the legend set out in subsection 2.3. 4.1.5 If, at the time of exercise of the Warrants, in accordance with the provisions of subsections 4.1(1) or 4.1(4), there are any trading remain additional restrictions on resale under applicable securities legislation on the Warrant Common Shares pursuant to Securities Laws or stock exchange requirementsacquired, the Company shallCompany, may, on the advice of counsel, endorse any the certificates or book-entry positions representing the Warrant Common Shares to such effect. The Warrant Agent is entitled to assume compliance with all Securities Laws unless otherwise notified in writing by the Company. (4) A Beneficial Owner of Uncertificated Warrant evidenced by a security entitlement in respect of Warrants in the Book-Based System who desires to exercise his Uncertificated Warrants, must do so by causing a CDS Participant to deliver to CDS (at its office in the City of Toronto), on behalf of the Beneficial Owner at any time prior to the Time of Expiry, a written notice of the Beneficial Owner’s intention to exercise Warrants (the “Exercise Notice”) in a manner acceptable to CDS. Forthwith upon receipt by CDS of such notice, as well as payment for the aggregate Exercise Price, CDS shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants (the “Confirmation”) in a manner acceptable to the Warrant Agent, including by electronic means through the Book-Based System. The Beneficial Owner will initiate the electronic exercise through the Book-Based System, by way of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Beneficial Owner is entitled pursuant to the exercise. Any expense associated with the preparation and delivery of Exercise Notices will be for the account of the Beneficial Owner exercising the Warrants and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the entitlement holder exercising the Warrants and/or the CDS Participant exercising the Warrants on its behalf. By causing a CDS Participant to deliver notice to CDS, a Beneficial Owner shall be deemed to have irrevocably surrendered his Warrants so exercised and appointed such CDS Participant to act as his or her exclusive settlement agent with respect to the exercise and the receipt of Warrant Shares in connection with the obligations arising from such exercise. Any notice which CDS determines to be incomplete, not in proper form or not duly executed shall for all purposes be void and of no effect and the exercise to which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a CDS Participant to exercise or to give effect to the settlement thereof in accordance with the Beneficial Owner’s instructions will not give rise to any obligations or liability on the part of the Company or Warrant Agent to the CDS Participant or the Beneficial Owner. If the Exercise Form set forth in the Warrant Certificate shall have been amended, the Company shall cause the amended Exercise Form to be forwarded to all registered Warrantholders. Exercise Forms and Confirmations must be delivered to the Warrant Agent at any time during the Warrant Agent’s actual business hours on any Business Day prior to the Expiry Time. Any Exercise Form or Confirmations received by the Warrant Agent after business hours on any Business Day other than the Expiry Date will be deemed to have been received by the Warrant Agent on the next following Business Day. Any Warrant with respect to which a Confirmation or Exercise Form is not received by the Warrant Agent before the Expiry Time shall be deemed to have expired and become void and all rights with respect to such Warrants shall terminate and be cancelledthose restrictions.

Method of Exercise of Warrants. (1a) The registered Each Warrant may be exercised by the holder thereof at any time on or after the Date of Issue, but not after the Warrant Expiry Time, upon the terms and subject to the conditions set forth herein. (b) Subject to and upon compliance with the provisions of this Article, the holder of any Warrant Certificate may exercise the rights thereby conferred on him to acquire all or any part right of the Warrant Shares to which such Warrant entitles the holder, purchase therein provided for by surrendering the Warrant Certificate representing such Warrants to the Warrant Agent at any time prior to the Time of Expiry at its principal office in the City of Vancouver, British Columbia (Warrant Agency or at such additional place or places as may be decided designated by the Company Corporation from time to time with the approval of the Warrant Agent following the provision of notice to the Warrant Agent and the Warrantholders (by or through the Warrant Agent)) during normal business hours on a Business Day at that place prior to the Warrant Expiry Time, together with a the Warrant exercise form attached to the Warrant Certificate duly completed and executed exercise form (by the “Exercise Form”) of the registered holder or his executors, administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, substantially in the form endorsed on the Warrant Certificate as Schedule “B”, specifying for the number of Warrant Common Shares which the holder desires to purchase and the Exercise Price applicable at the time of the surrender calculated in accordance with the provisions of this Indenture. The Exercise Price for Common Shares subscribed for together with a under Warrants shall be paid by certified cheque, bank draft or money order in lawful money of Canada, payable to or to the order of the Company in an amount equal to Corporation at par at the Exercise Price multiplied by city where the number of Warrant Shares subscribed for. A Warrant Certificate with is surrendered. Surrender of a Warrant Certificate and the duly completed and executed Exercise Form Warrant exercise form and payment of the Exercise Price will be deemed to have been effected, and Warrants shall be deemed to be surrendered have been exercised, only upon on personal delivery thereof to orto, or if sent by mail or other means of transmission, upon transmission on actual receipt thereof by by, the Warrant AgentAgent at the Warrant Agency. (2c) The Exercise Form Every Warrant exercise form shall be signed by the Warrantholder, or his executors, or administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to holder of the Warrant Agent, Certificate who desires to exercise in whole or in part the right of purchase therein provided for; shall specify the person(s) number of Common Shares that the subscriber wishes to purchase (being not more than he is entitled to purchase), the person or persons in whose name such Warrant or names the Common Shares which the subscriber desires to purchase are to be issued, the address(es) of such person(s) issued and his or their address or addresses and the number of Warrant Common Shares to be issued to each such person, if more than the form shall have one is so specified. If any of the boxes in section (3) of the Warrant exercise form checked; and shall be substantially in the form set out in the Warrant Certificate. (d) If any Common Shares subscribed for are to be issued to (a) person(s) a person or persons other than the Warrantholder, the signatures set out in the Exercise Form shall be guaranteed by a Canadian Schedule I chartered bank or a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program and (b) the Warrantholder shall must pay to the Company Corporation or to the Warrant Agent on his behalf an amount equal to all applicable transfer taxes or similar taxes other government charges, and the Company shall Corporation will not be required to issue or deliver certificates any certificate evidencing Warrant any Common Shares unless or until such Warrantholder shall have that amount has been so paid to the Company or the Warrant Agent on behalf of the Company the amount of such tax or shall have Warrantholder has established to the reasonable satisfaction of the Company Corporation that such tax has the taxes and charges have been paid or that no tax is duetaxes or charges are owing. (3e) IfThe Warrant Agent shall not register any exercise of Warrants if it has reason to believe that the holder is a U.S. Person, is in the United States or is acquiring the Common Shares evidenced thereby for the account or benefit of a U.S. Person or a person in the United States, if the Corporation has provided written instructions to the Warrant Agent prior to such exercise to the effect that the Corporation believes such exercise would not comply with the U.S. Securities Act or applicable state securities laws. (f) Any holder which exercises Warrants shall provide to the Warrant Agent either: (i) a written certification that the holder (i) at the time of exercise of the Warrants, in accordance with the provisions of subsections 4.1(1) or 4.1(4), there are any trading restrictions on the Warrant Shares pursuant to Securities Laws or stock exchange requirements, the Company shall, on the advice of counsel, endorse any certificates or book-entry positions representing the Warrant Shares to such effect. The Warrant Agent Warrants is entitled to assume compliance with all Securities Laws unless otherwise notified in writing by the Company. (4) A Beneficial Owner of Uncertificated Warrant evidenced by a security entitlement in respect of Warrants not in the Book-Based System who desires to exercise his Uncertificated Warrants, must do so by causing United States; (ii) is not a CDS Participant to deliver to CDS (at its office in the City of Toronto), on behalf of the Beneficial Owner at any time prior to the Time of Expiry, a written notice of the Beneficial Owner’s intention to exercise Warrants (the “Exercise Notice”) in a manner acceptable to CDS. Forthwith upon receipt by CDS of such notice, as well as payment for the aggregate Exercise Price, CDS shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants (the “Confirmation”) in a manner acceptable to the Warrant Agent, including by electronic means through the Book-Based System. The Beneficial Owner will initiate the electronic exercise through the Book-Based System, by way of the Confirmation U.S. Person and forward the aggregate Exercise Price electronically to the Warrant Agent and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Beneficial Owner is entitled pursuant to the exercise. Any expense associated with the preparation and delivery of Exercise Notices will be for the account of the Beneficial Owner exercising the Warrants and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the entitlement holder exercising the Warrants and/or the CDS Participant not exercising the Warrants on its behalf. By causing behalf of a CDS Participant to U.S. Person or a person in the United States; and (iii) did not exercise or deliver notice to CDS, the exercise form for the Warrants in the United States; or (ii) a Beneficial Owner shall be deemed to have irrevocably surrendered his Warrants so exercised written opinion of counsel of recognized standing in form and appointed such CDS Participant to act as his or her exclusive settlement agent with respect substance satisfactory to the Corporation to the effect that the exercise is pursuant to an effective registration statement under the U.S. Securities Act, or that an exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws is available for the receipt issuance of Warrant the Common Shares issuable on exercise of the Warrants. The certificates representing any Common Shares issued in connection with the obligations arising from such exercise. Any notice which CDS determines exercise of Warrants pursuant to be incomplete, not in proper form or not duly executed clause (ii) of this Section 3.1(f) shall for all purposes be void and of no effect and bear the exercise to which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a CDS Participant to exercise or to give effect to the settlement thereof in accordance with the Beneficial Owner’s instructions will not give rise to any obligations or liability on the part of the Company or Warrant Agent to the CDS Participant or the Beneficial Owner. If the Exercise Form legend set forth in Section 2.15(c) of this Indenture unless the Warrant Certificate exercise is pursuant to an effective registration statement under the U.S. Securities Act. Certificates representing Common Shares issued in connection with the exercise of Warrants pursuant to clause (i) of this Section 3.1(f) shall have been amended, not bear the Company legend set forth in Section 2.15(c) unless it is required by Section 2.15(d). No certificates for Common Shares shall cause the amended Exercise Form to be forwarded to all registered Warrantholders. Exercise Forms and Confirmations must be or delivered to an address in the Warrant Agent at any time during United States unless the Warrant Agent’s actual business hours on any Business Day prior to the Expiry Time. Any Exercise Form or Confirmations received by the Warrant Agent after business hours on any Business Day other than the Expiry Date will be deemed to have been received by the Warrant Agent on the next following Business Day. Any Warrant holder complies with respect to which a Confirmation or Exercise Form is not received by the Warrant Agent before the Expiry Time shall be deemed to have expired and become void and all rights with respect to such Warrants shall terminate and be cancelledclause (ii) of this Section 3.1(f).

Method of Exercise of Warrants. (1a) The registered holder of any Warrant represented by a Warrant Certificate or DRS Advice may exercise the rights thereby conferred on him such holder to acquire all or any part of the Warrant Shares to which such Warrant entitles the holder, by surrendering the Warrant Certificate representing such Warrants delivering to the Warrant Agent at any time prior to the Time of Expiry at its principal office in the City of VancouverToronto, British Columbia Ontario (or at such additional place or places as may be decided by the Company from time to time with the approval of the Warrant Agent), with a duly completed and executed exercise form (the “"Exercise Form”") of the registered holder or his executors, administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, substantially in the form endorsed on the Warrant Certificate as Schedule “B”Certificate, specifying the number of Warrant Shares subscribed for together with a wire payment, certified cheque, bank draft or money order in lawful money of Canada, payable to or to the order of the Company in an amount equal to the Exercise Price multiplied by the number of Warrant Shares subscribed for. A , along with, in the case of a Warrant represented by a Warrant Certificate, the Warrant Certificate with the representing such Warrants. The duly completed and executed Exercise Form (along with the Warrant Certificate, if applicable) and payment of the aggregate Exercise Price shall be deemed to be surrendered delivered and/or surrendered, as applicable, only upon personal delivery thereof to or, if sent by mail or other means of transmission, upon actual receipt thereof by the Warrant Agent. (2b) The Exercise Form shall be signed by the Warrantholder, or his executors, or administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, shall specify the person(s) in whose name such Warrant Shares are to be issued, the address(es) of such person(s) and the number of Warrant Shares to be issued to each person, if more than one is so specified. If any of the Warrant Shares subscribed for are to be issued to (ai) person(s) other than the Warrantholder, the signatures set out in the Exercise Form shall be guaranteed by a Canadian Schedule I chartered bank or a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program and (bii) the Warrantholder shall pay to the Company or the Warrant Agent all applicable transfer or similar taxes and the Company shall not be required to issue or deliver certificates evidencing Warrant Shares unless or until such Warrantholder shall have paid to the Company or the Warrant Agent on behalf of the Company the amount of such tax or shall have established to the reasonable satisfaction of the Company that such tax has been paid or that no tax is due. (3c) If, at the time of exercise of the Warrants, in accordance with the provisions of subsections 4.1(14.1(a) or 4.1(44.1(d), there are any trading restrictions on the Warrant Shares pursuant to Securities Laws applicable laws (including securities laws) or stock exchange requirements, the Company shall, on the advice of counsel, endorse any certificates or book-entry positions representing the Warrant Shares to such effect. The Warrant Agent is entitled to assume compliance with all Securities Laws unless otherwise notified in writing by the Company. (4d) A Beneficial Owner of an Uncertificated Warrant evidenced by a security entitlement in respect of Warrants in the Book-Based System who desires to exercise his Uncertificated Warrants, must do so by causing a CDS Participant to deliver to CDS (at its office in the City of Toronto, Ontario), on behalf of the Beneficial Owner at any time prior to the Time of ExpiryOwner, a written notice of the Beneficial Owner’s 's intention to exercise Warrants (the “"Exercise Notice”") in a manner acceptable to CDSCDS with sufficient time to permit CDS to deliver the Confirmation in advance of the Time of Expiry. Forthwith upon receipt by CDS of such notice, as well as payment for the aggregate Exercise Price, CDS shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants (the “"Confirmation”") in a manner acceptable to the Warrant Agent, including by electronic means through the Book-Based System. The Beneficial Owner will initiate the electronic exercise through the Book-Based System, by way of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Beneficial Owner is entitled pursuant to the exercise. Any expense associated with the preparation and delivery of Exercise Notices exercise process will be for the account of the Beneficial Owner exercising the Warrants and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the entitlement holder exercising the Warrants and/or the CDS Participant exercising the Warrants on its behalf. By causing a CDS Participant to deliver notice to CDS, a Beneficial Owner shall be deemed to have irrevocably surrendered his Warrants so exercised and appointed such CDS Participant to act as his or her exclusive settlement agent with respect to the exercise and the receipt of Warrant Shares in connection with the obligations arising from such exercise. Any notice which CDS determines to be incomplete, not in proper form or not duly executed shall for all purposes be void and of no effect and the exercise to which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a CDS Participant to exercise or to give effect to the settlement thereof in accordance with the Beneficial Owner’s 's instructions will not give rise to any obligations or liability on the part of the Company or Warrant Agent to the CDS Participant or the Beneficial Owner. If the Exercise Form set forth in the Warrant Certificate shall have been amended, the Company shall cause the amended Exercise Form to be forwarded to all registered Warrantholders. Exercise Forms and Confirmations must be delivered to the Warrant Agent at any time during the Warrant Agent’s 's actual business hours on any Business Day prior to the Expiry TimeTime of Expiry. Any Exercise Form or Confirmations Confirmation received by the Warrant Agent after business hours on any Business Day other than the date upon which the Time of Expiry Date occurs will be deemed to have been received by the Warrant Agent on the next following Business Day. Any Warrant with respect to which a Confirmation or Exercise Form is not received by the Warrant Agent before the Time of Expiry Time shall be deemed to have expired and become void and all rights with respect to such Warrants shall terminate and be cancelled. Neither the Company nor the Warrant Agent shall be responsible for the failure of a Warrantholder to deliver an Exercise Form, or for the failure of CDS to deliver a Confirmation, prior to the Time of Expiry.

Method of Exercise of Warrants. (1a) The Subject to Sections 3.1(b) and 3.1(c), the registered holder of any Warrant may exercise the rights thereby conferred on him to acquire all or any part of the Warrant Shares Subject Securities to which such Warrant entitles the holder, by surrendering the Warrant Certificate representing such Warrants to the Warrant Agent at any time prior to the Time of Expiry at its principal office in the City of Vancouver, Province of British Columbia (or at such additional place or places as may be decided by the Company Corporation from time to time with the approval of the Warrant Agent), with with: (i) a duly completed and executed exercise form (the “Exercise Form”) of the registered holder or his executors, or administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, substantially in the form endorsed on the Warrant Certificate as set out in Schedule “A” or Schedule “B”, specifying as applicable, for the number of Warrant Shares Subject Securities subscribed for together with for; and (ii) a certified cheque, bank draft or money order in lawful money of Canada, payable to or to the order of the Company Warrant Agent in an amount equal to the Warrant Exercise Price multiplied by the number of Warrant Shares Subject Securities subscribed for. A Warrant Certificate with the duly completed and executed Exercise Form exercise form and payment of the aggregate Warrant Exercise Price shall be deemed to be surrendered only upon personal delivery thereof to or, if sent by mail or other means of transmission, upon actual receipt thereof by the Warrant Agent. (2) The Exercise Form shall be signed by the Warrantholder, or his executors, or administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, shall specify the person(s) in whose name such Warrant Shares are to be issued, the address(es) of such person(s) and the number of Warrant Shares to be issued to each person, if more than one is so specified. If any of the Warrant Shares subscribed for are to be issued to (a) person(s) other than the Warrantholder, the signatures set out in the Exercise Form shall be guaranteed by a Canadian Schedule I chartered bank or a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program and (b) the Warrantholder shall pay to the Company or the Warrant Agent all applicable transfer or similar taxes and the Company shall not be required to issue or deliver certificates evidencing Warrant Shares unless or until such Warrantholder shall have paid to the Company or the Warrant Agent on behalf of the Company the amount of such tax or shall have established to the reasonable satisfaction of the Company that such tax has been paid or that no tax is due. (3) If, at the time of exercise of the Warrants, in accordance with the provisions of subsections 4.1(1) or 4.1(4), there are any trading restrictions on the Warrant Shares pursuant to Securities Laws or stock exchange requirements, the Company shall, on the advice of counsel, endorse any certificates or book-entry positions representing the Warrant Shares to such effect. The Warrant Agent is entitled to assume compliance with all Securities Laws unless otherwise notified in writing by the Company. (4) A Beneficial Owner of Uncertificated Warrant evidenced by a security entitlement in respect beneficial owner of Warrants in the Book-Based System who desires to exercise his Uncertificated Warrants, or her Warrants must do so by causing a CDS Participant to deliver to CDS (at its office in the City of TorontoVancouver), on behalf of the Beneficial Owner at any time prior to the Time of Expirybeneficial owner, a written notice of the Beneficial Ownerowner’s intention to exercise Warrants (the “Exercise Notice”) in a manner acceptable to CDS. Forthwith upon receipt by CDS of such notice, as well as payment for the aggregate Exercise Price, CDS shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants (the “Confirmation”) in a manner acceptable to the Warrant Agent, including by electronic means through the Book-Based System. The Beneficial Owner will initiate the electronic exercise through the Book-Based System, by way of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Beneficial Owner is entitled pursuant to the exercise). Any expense associated with the preparation and delivery of such Exercise Notices Notice will be for the account of the Beneficial Owner beneficial owner exercising such Warrants. (c) Any exercise form referred to in subsection 3.1(a) shall be signed by the Warrants Warrantholder, shall specify the person(s) in whose name such Subject Securities are to be delivered or issued, the address of such person(s) and the number of Subject Securities to be delivered to each person (not being more than those which the Warrantholder is entitled to acquire pursuant to the Warrant Certificate), if more than one is so specified. If any of the Subject Securities subscribed for are to be delivered or issued to a person(s) other than the Warrantholder, the signatures set out in the subscription referred to in subsection 3.1(a) shall be guaranteed by a Canadian chartered bank, or by a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program and the Warrantholder shall pay to the Corporation or the Warrant Agent will execute all applicable transfer or similar taxes (if any) and the exercise by issuing Corporation shall not be required to CDS through issue or deliver certificates evidencing Subject Securities unless or until such Warrantholder shall have paid to the Book-Based System Corporation or the Warrant Shares to which Agent on behalf of the exercising Warrantholder is entitled pursuant Corporation the amount of such tax or shall have established to the exercise. Any expense associated with the exercise process will be for the account satisfaction of the entitlement holder exercising Corporation that such tax has been paid or that no tax is due. (d) Warrants may not be exercised unless either: (i) the Warrantholder certifies that (i) at the time of exercise of the Warrants and/or it is not in the CDS Participant United States; (ii) at the time of exercise of the Warrants it is not a U.S. Person, and is not exercising the Warrants on its behalf. By causing behalf of a CDS Participant person in the United States or a U.S. Person; and (iii) it did not execute or deliver the exercise form for the Warrants in the United States, unless the person executing the certification on behalf of the Warrantholder is a person described in Rule 902(k)(2) of Regulation S; (ii) the Warrantholder certifies that it (i) purchased the Warrants in the Secondary Offering of units by the Corporation comprised of Common Shares and Warrants on April 8, 2011 and (ii) has provided an executed letter to deliver notice to CDSthe Warrant Agent, substantially in the form attached hereto as Schedule “C”, a Beneficial Owner shall be deemed to have irrevocably surrendered his Warrants so exercised and appointed such CDS Participant to act copy of which is available upon request from the Warrant Agent or the Corporation; or (iii) the Warrantholder is a professional fiduciary organized, incorporated, or (if an individual) resident in the United States that is purchasing the securities on behalf of a discretionary account or similar account (other than an estate or trust) held for the benefit or account of a non-U.S. person (within the meaning of Regulation S under the U.S. Securities Act of 1933, as his or her exclusive settlement agent with respect to the exercise amended); and the receipt of Warrant Shares in connection with the obligations arising from such exercise. Any notice which CDS determines to be incomplete, not in proper form or not duly executed shall for all purposes be void and of no effect and the exercise to which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a CDS Participant to exercise or to give effect to the settlement thereof in accordance with the Beneficial Owner’s instructions will not give rise to any obligations or liability on the part of the Company or Warrant Agent to the CDS Participant or the Beneficial Owner. If the Exercise Form set forth in the Warrant Certificate shall have been amended, the Company shall cause the amended Exercise Form to be forwarded to all registered Warrantholders. Exercise Forms and Confirmations must be delivered Corporation has confirmed to the Warrant Agent at any time during its satisfaction that the Warrant Agent’s actual business hours on any Business Day prior to the Expiry Time. Any Exercise Form or Confirmations received by provisions of this subsection 3.1(d) have been complied with; the Warrant Agent after business hours on any Business Day other than the Expiry Date will be deemed to have been received by the Warrant Agent on the next following Business Day. Any Warrant with respect to which a Confirmation or Exercise Form is not received by the Warrant Agent before the Expiry Time shall be deemed entitled to have expired and become void and all rights with respect rely upon such confirmation. (e) Fractional Common Shares or cash or other consideration in lieu thereof shall not be issued, delivered or otherwise provided for upon the exercise of one or more of the Warrants under any circumstances; including any adjustment provided for in section 2.13 hereof. If any fraction of a Common Share would otherwise be deliverable or issuable, the number of Common Shares so delivered or issued shall be rounded down to such Warrants shall terminate and be cancelledthe nearest whole Common Share without compensation therefor.

Method of Exercise of Warrants. (1a) The registered holder of any Warrant may exercise the rights right evidenced thereby conferred on him such holder to acquire all or any part of the Warrant purchase Shares to which such Warrant entitles the holderby surrendering, by surrendering the Warrant Certificate representing such Warrants to the Warrant Agent at any time prior to the Time of Expiry at its principal office in the City of VancouverExpiry, British Columbia (or at such additional place or places as may be decided by the Company from time to time with the approval of the Warrant Agent)Agency: (a) the Warrant Certificate, with a duly completed and executed exercise form (the “Exercise Form”) of the registered holder or his executors, administrators or other legal representative or his attorney duly appointed by an instrument subscription in writing in substantially the form and manner satisfactory to the Warrant Agentset out in Article 10; and (b) cash, substantially in the form endorsed on the Warrant Certificate as Schedule “B”, specifying the number of Warrant Shares subscribed for together with a certified cheque, bank draft or money order order, or such other method of payment as the Trustee, in its discretion, shall accept, in lawful money of Canada, Canada payable to or to the order of the Company Trustee at par in an amount equal to the City of Calgary where such Warrant is surrendered for the Exercise Price multiplied by with respect to the number of Warrant Shares subscribed for. A Warrant Certificate with the duly completed and executed Exercise Form and subscription referred to in Section 3.1(a)(i), together with the payment of the Exercise Price subscription price of the Shares subscribed for and referred to in Section 3.1(a)(ii), shall be deemed to be surrendered only upon personal delivery thereof to or, if sent by mail or other means of transmission, upon actual receipt thereof by the at, in each case, any Warrant AgentAgency provided for in Section 3.1(c) where surrendered. (2b) The Exercise Form Any subscription referred to in Section 3.1(a) shall be signed by the Warrantholder, or his executors, or administrators or other legal representative or his attorney duly appointed by an instrument in writing in Warrantholder and shall specify the form and manner satisfactory number of Shares which the holder desires to purchase (being not more than those which the holder is entitled to purchase pursuant to the Warrant AgentCertificate(s) surrendered), shall specify the person(s) person or persons in whose name or names such Warrant Shares are to be issued, the address(es) of such person(s) and the number of Warrant mailing address for the Shares to be issued to each person, if more than one is so specifiedissued. If any of the Warrant Shares subscribed for are to be issued to (a) person(s) a person or persons other than the Warrantholder, the signatures set out in the Exercise Form shall be guaranteed by a Canadian Schedule I chartered bank or a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program and (b) the Warrantholder shall pay to the Company Corporation or the Warrant Agent Agency on behalf of the Corporation, all applicable transfer or similar taxes and the Company Corporation shall not be required to issue or deliver certificates evidencing Warrant Shares unless or until such Warrantholder shall have paid to the Company Corporation or the Warrant Agent Agency on behalf of the Company Corporation the amount of such tax or shall have established to the reasonable satisfaction of the Company Corporation that such tax has been paid or that no tax is due. (3c) If, at the time of exercise of the Warrants, in accordance In connection with the provisions exchange of subsections 4.1(1) or 4.1(4), there are any trading restrictions on the Warrant Shares pursuant to Securities Laws or stock exchange requirements, the Company shall, on the advice of counsel, endorse any certificates or book-entry positions representing the Warrant Shares to such effect. The Warrant Agent is entitled to assume compliance with all Securities Laws unless otherwise notified in writing by the Company. (4) A Beneficial Owner of Uncertificated Warrant evidenced by a security entitlement in respect of Warrants in the Book-Based System who desires to exercise his Uncertificated Warrants, must do so by causing a CDS Participant to deliver to CDS (at its office in the City of Toronto), on behalf of the Beneficial Owner at any time prior to the Time of Expiry, a written notice of the Beneficial Owner’s intention to exercise Warrants (the “Exercise Notice”) in a manner acceptable to CDS. Forthwith upon receipt by CDS of such notice, as well as payment for the aggregate Exercise Price, CDS shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants (the “Confirmation”) in a manner acceptable to the Warrant Agent, including by electronic means through the Book-Based System. The Beneficial Owner will initiate the electronic exercise through the Book-Based System, by way of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Beneficial Owner is entitled pursuant to the exercise. Any expense associated with the preparation and delivery of Exercise Notices will be for the account of the Beneficial Owner exercising the Warrants and the Warrant Agent will execute exercise of Warrants and compliance with such other terms and conditions hereof as may be required, the exercise by issuing to CDS through the Book-Based System Corporation shall provide for the Warrant Shares to Agency in Calgary and at any other place or places which may be designated by the exercising Warrantholder is entitled pursuant Corporation (with the approval of the Trustee, acting reasonably) at which Warrant Certificates may be surrendered for exchange or Warrants exercised. The Corporation shall give notice to the exercise. Any expense associated with the exercise process will be for the account Trustee of the entitlement holder exercising the Warrants and/or the CDS Participant exercising the Warrants on its behalf. By causing a CDS Participant to deliver notice to CDS, a Beneficial Owner shall be deemed to have irrevocably surrendered his Warrants so exercised and appointed such CDS Participant to act as his or her exclusive settlement agent with respect to the exercise and the receipt any change of Warrant Shares in connection with the obligations arising from such exercise. Any notice which CDS determines to be incomplete, not in proper form or not duly executed shall for all purposes be void and of no effect and the exercise to which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a CDS Participant to exercise or to give effect to the settlement thereof in accordance with the Beneficial Owner’s instructions will not give rise to any obligations or liability on the part of the Company or Warrant Agent to the CDS Participant or the Beneficial Owner. If the Exercise Form set forth in the Warrant Certificate shall have been amended, the Company shall cause the amended Exercise Form to be forwarded to all registered Warrantholders. Exercise Forms and Confirmations must be delivered to the Warrant Agent at any time during the Warrant Agent’s actual business hours on any Business Day prior to the Expiry Time. Any Exercise Form or Confirmations received by the Warrant Agent after business hours on any Business Day other than the Expiry Date will be deemed to have been received by the Warrant Agent on the next following Business Day. Any Warrant with respect to which a Confirmation or Exercise Form is not received by the Warrant Agent before the Expiry Time shall be deemed to have expired and become void and all rights with respect to such Warrants shall terminate and be cancelledAgency.

Method of Exercise of Warrants. (1) The registered holder Subject always to the provisions of this Article 3 and compliance by both the Corporation and the Holder with applicable law, the Holder of any Warrant may exercise the rights right thereby conferred on him to acquire all or any part one Common Share (subject to adjustment pursuant to Article 4) in respect of the each Warrant Shares to which such Warrant entitles the holder, held by surrendering the Warrant Certificate representing such Warrants to the Warrant Agent at any time prior to the Time of Expiry at its principal office in Warrant Agency the City of VancouverWarrant Certificate(s) held by him, British Columbia together with (or at such additional place or places as may be decided by i) the Company from time to time with the approval exercise form forming part of the Warrant Agent), with a duly completed and executed exercise form Certificate (the “Exercise Form”) of duly completed and executed by the registered holder Holder or his executors, administrators or other legal representative representatives or his or their attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, substantially in the form endorsed on the Warrant Certificate as Schedule “B”, specifying the number of Warrant Shares subscribed for together with acting reasonably; and (ii) a certified cheque, bank draft or money order in lawful money of Canada, payable to or to the order of the Company Corporation in an amount equal to $1.40 per Common Share (the “Exercise Price Price”) multiplied by the number of Warrant Common Shares subscribed forfor pursuant to such Exercise Form. A Warrant Certificate with the duly completed and executed Exercise Form and payment of the applicable Exercise Price shall be deemed to be surrendered only upon personal delivery thereof to or, if sent by mail or other means of transmission, upon actual receipt thereof by by, the Warrant AgentAgent at the Warrant Agency. (2) The Exercise Form shall be signed by executed as set out in subsection 3.2(1) and shall specify the Warrantholder, or his executors, or administrators or other legal representative or his attorney duly appointed by an instrument in writing in number of Common Shares which the form and manner satisfactory Holder wishes to acquire (being not more than that number which he is entitled to acquire pursuant to the Warrant Agent, Certificate(s) so surrendered). Such Common Shares shall specify the person(s) in whose name such Warrant Shares are to be issued, the address(es) of such person(s) and the number of Warrant Shares to be issued to each person, if more than one is so specified. If any in the name of the Warrant Shares subscribed for are to be issued to (a) person(s) other than the Warrantholder, the signatures set out in the Exercise Form shall be guaranteed by a Canadian Schedule I chartered bank or a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program and (b) the Warrantholder shall pay to the Company or the Warrant Agent all applicable transfer or similar taxes and the Company shall not be required to issue or deliver certificates evidencing Warrant Shares unless or until such Warrantholder shall have paid to the Company or the Warrant Agent on behalf of the Company the amount of such tax or shall have established to the reasonable satisfaction of the Company that such tax has been paid or that no tax is dueHolder. (3) If, at In the time of exercise of the Warrants, event that a Holder has not exercised his Warrants in accordance with the provisions prior to the Expiry Time, all Warrants then held by such Holder shall expire and be of subsections 4.1(1) or 4.1(4), there are any trading restrictions on no force and effect as at the Warrant Shares pursuant to Securities Laws or stock exchange requirements, the Company shall, on the advice of counsel, endorse any certificates or book-entry positions representing the Warrant Shares to such effect. The Warrant Agent is entitled to assume compliance with all Securities Laws unless otherwise notified in writing by the CompanyExpiry Time. (4) If the principal transfer office of the Warrant Agent in the city where the Warrant Agency situate is for any reason not available to act in connection with the exchange of Warrant Certificates or exercise of Warrants as contemplated by this Indenture, the Corporation and Warrant Agent shall arrange for another office in such city to act in connection with the exchange of Warrant Certificates and exercise of Warrants and shall give notice of the change of office to the Holders. (5) A Beneficial Owner of Uncertificated Warrant who desires to exercise his or her non-certificated Warrants evidenced by a security entitlement in respect of Warrants in the Booka book-Based System who desires to exercise his Uncertificated Warrants, based securities registration system must do so by causing arranging through a CDS Participant to deliver to CDS (at its office in the City of Toronto), on behalf of the Beneficial Owner at any time prior to the Time of Expiry, a written notice of the Beneficial Owner’s intention to exercise Warrants (the “Exercise Notice”) in a manner acceptable to CDS. Forthwith upon receipt by CDS of such notice, as well as payment for the aggregate Exercise Price, CDS shall deliver to the Warrant Agent confirmation issuance of its intention to exercise Warrants (the “Confirmation”) in a manner acceptable to the Warrant Agent, including by electronic means through the Book-Based System. The Beneficial Owner will initiate the electronic exercise through the Book-Based System, by way of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Beneficial Owner is entitled pursuant to the exercise. Any expense associated with the preparation and delivery of Exercise Notices will be for the account of the Beneficial Owner exercising the Warrants and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the entitlement holder exercising the Warrants and/or the CDS Participant exercising the Warrants on its behalf. By causing a CDS Participant to deliver notice to CDS, a Beneficial Owner shall be deemed to have irrevocably surrendered his Warrants so exercised and appointed such CDS Participant to act as his or her exclusive settlement agent with respect to the exercise and the receipt of Warrant Shares in connection with the obligations arising from such exercise. Any notice which CDS determines to be incomplete, not in proper form or not duly executed shall for all purposes be void and of no effect and the exercise to which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a CDS Participant to exercise or to give effect to the settlement thereof in accordance with the Beneficial Owner’s instructions will not give rise to any obligations or liability on the part of the Company or Warrant Agent to the CDS Participant or the Beneficial Owner. If the Exercise Form set forth in the physical Warrant Certificate shall have been amended, the Company shall cause the amended Exercise Form to be forwarded to all registered Warrantholders. Exercise Forms completed and Confirmations must be delivered to the Warrant Agent at any time during together with such documentation as the Warrant Agent’s actual business hours on any Business Day prior to the Expiry Time. Any Exercise Form Company or Confirmations received by the Warrant Agent after business hours on any Business Day other than may reasonably require, specifying number of Common Shares subscribed for together with a certified cheque, bank draft or order in lawful money of Canada payable to or to the Expiry Date will be deemed order of the Company at par in Toronto, Ontario in an amount equal to have been received the Exercise Price multiplied by the Warrant Agent on the next following Business Day. Any Warrant with respect to which a Confirmation or Exercise Form is not received by the Warrant Agent before the Expiry Time shall be deemed to have expired and become void and all rights with respect to such Warrants shall terminate and be cancellednumber of Common being purchased.

Method of Exercise of Warrants. (1a) The registered holder of any Warrant may exercise the rights right evidenced thereby conferred on him such holder to acquire all or any part of the Warrant Common Shares to which such Warrant entitles the holderby surrendering, by surrendering the Warrant Certificate representing such Warrants to the Warrant Agent at any time prior to the Time of Expiry at its principal office in or the City Accelerated Time of VancouverExpiry, British Columbia (or at such additional place or places as may be decided by the Company from time applicable, to time with the approval of the Warrant Agent)Agent at a Warrant Agency the Warrant Certificate representing such Warrant, with a duly completed and executed exercise form (in the “Exercise Form”) form attached to the Warrant Certificate. Promptly upon the receipt of a duly completed and executed exercise form, the Warrant Agent will deliver a notice to the Corporation of the registered holder exercise and the Corporation will provide the Warrant Agent with confirmation of the number of Common Shares to be issued in accordance with Section 2.1 (b) Any exercise form referred to in subsection 3.1(a) shall be signed by the Warrantholder or his executors, administrators or other legal representative representatives or his attorney duly appointed by an instrument in writing in (such persons being obligated to provide the form and manner Warrant Agent at the Warrant Agency with proof satisfactory to the Warrant Agent, substantially in Agent of his or her authority to act on behalf of the form endorsed on the Warrant Certificate as Schedule “B”, specifying Warrantholder) and shall specify: (i) the number of Warrant Shares subscribed for together with a certified cheque, bank draft or money order in lawful money of Canada, payable Warrants which the holder wishes to or to the order of the Company in an amount equal to the Exercise Price multiplied by the number of Warrant Shares subscribed for. A Warrant Certificate with the duly completed and executed Exercise Form and payment of the Exercise Price shall be deemed to be surrendered only upon personal delivery thereof to or, if sent by mail or other means of transmission, upon actual receipt thereof exercise (being not more than those which are represented by the Warrant Agent.Certificate(s) surrendered); (2ii) The Exercise Form shall be signed by the Warrantholder, person or his executors, or administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, shall specify the person(s) persons in whose name or names such Warrant Common Shares are to be issued, and if such persons are individuals, the address(esrelevant social insurance numbers; (iii) the address or addresses of such person(sperson or persons; and (iv) and the number of Warrant Shares Warrants to be issued to exercised by each person, such person if more than one is so specified. If any of the Warrant Common Shares subscribed for are to be issued to (a) person(s) a person or persons other than the Warrantholder, the signatures set out in the Exercise Form shall be guaranteed by a Canadian Schedule I chartered bank or a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program and (b) the Warrantholder shall pay to the Company Corporation or the Warrant Agent on behalf of the Corporation, all applicable transfer or similar taxes and the Company Corporation shall not be required to issue or deliver certificates evidencing Warrant Common Shares unless or until such Warrantholder shall have paid to the Company Corporation, or the Warrant Agent on behalf of the Company Corporation, the amount of such tax or shall have established to the reasonable satisfaction of the Company Corporation that such tax has been paid or that no tax none is due. (3c) If, at In connection with the time exchange of Warrant Certificates and exercise of Warrants and compliance with such other terms and conditions hereof as may be required, the Warrants, in accordance with Corporation has appointed the provisions principal office of subsections 4.1(1) or 4.1(4), there are any trading restrictions on the Warrant Shares pursuant to Securities Laws Agent in Calgary and Toronto as an agency at which Warrant Certificates may be surrendered for exchange or stock exchange requirements, the Company shall, on the advice of counsel, endorse any certificates or book-entry positions representing at which Warrants may be exercised and the Warrant Shares to Agent has accepted such effectappointment. The Warrant Agent is entitled to assume compliance with all Securities Laws unless otherwise notified in writing by the Company. (4) A Beneficial Owner of Uncertificated Warrant evidenced by a security entitlement in respect of Warrants in the Book-Based System who desires to exercise his Uncertificated Warrants, must do so by causing a CDS Participant to deliver to CDS (at its office in the City of Toronto), on behalf of the Beneficial Owner at any time prior to the Time of Expiry, a written Corporation shall give notice of the Beneficial Owner’s intention to exercise Warrants (the “Exercise Notice”) in a manner acceptable to CDS. Forthwith upon receipt by CDS of such notice, as well as payment for the aggregate Exercise Price, CDS shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants (the “Confirmation”) in a manner acceptable to any change of the Warrant Agent, including by electronic means through the Book-Based System. The Beneficial Owner will initiate the electronic exercise through the Book-Based System, by way of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Beneficial Owner is entitled pursuant to the exercise. Any expense associated with the preparation and delivery of Exercise Notices will be for the account of the Beneficial Owner exercising the Warrants and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the entitlement holder exercising the Warrants and/or the CDS Participant exercising the Warrants on its behalf. By causing a CDS Participant to deliver notice to CDS, a Beneficial Owner shall be deemed to have irrevocably surrendered his Warrants so exercised and appointed such CDS Participant to act as his or her exclusive settlement agent with respect to the exercise and the receipt of Warrant Shares in connection with the obligations arising from such exercise. Any notice which CDS determines to be incomplete, not in proper form or not duly executed shall for all purposes be void and of no effect and the exercise to which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a CDS Participant to exercise or to give effect to the settlement thereof in accordance with the Beneficial Owner’s instructions will not give rise to any obligations or liability on the part of the Company or Warrant Agent to the CDS Participant or the Beneficial Owner. If the Exercise Form set forth in the Warrant Certificate shall have been amended, the Company shall cause the amended Exercise Form to be forwarded to all registered Warrantholders. Exercise Forms and Confirmations must be delivered to the Warrant Agent at any time during the Warrant Agent’s actual business hours on any Business Day prior to the Expiry Time. Any Exercise Form or Confirmations received by the Warrant Agent after business hours on any Business Day other than the Expiry Date will be deemed to have been received by the Warrant Agent on the next following Business Day. Any Warrant with respect to which a Confirmation or Exercise Form is not received by the Warrant Agent before the Expiry Time shall be deemed to have expired and become void and all rights with respect to such Warrants shall terminate and be cancelledAgency.

Method of Exercise of Warrants. ‌ (1) The registered holder of any Warrant may exercise the rights thereby conferred on him to acquire all or any part of the Warrant Shares to which such Warrant entitles the holder, by surrendering the Warrant Certificate representing such Warrants to the Warrant Agent at any time prior to the Time of Expiry at its principal office stock transfer offices in the City of Vancouver, British Columbia (or at such additional place or places as may be decided by the Company from time to time with the approval of the Warrant Agent), with a duly completed and executed exercise form (the “Exercise Form”) of the registered holder or his executors, administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, substantially in the form endorsed on the Warrant Certificate as Schedule “B”, specifying the number of Warrant Shares subscribed for together with a certified cheque, bank draft or money order in lawful money of Canada, payable to or to the order of the Company in an amount equal to the Exercise Price multiplied by the number of Warrant Shares subscribed for. A Warrant Certificate with the duly completed and executed Exercise Form exercise form and payment of the Exercise Price Price‌ shall be deemed to be surrendered only upon personal delivery thereof to or, if sent by mail or other means of transmission, upon actual receipt thereof by the Warrant Agent. For clarity, a Warrant exercise shall only be processed once the documents have been received in good order (without errors) by the Warrant Agent. If such documents are received with errors, they will be processed as of the date that they are received in good order by the Transfer Agent and that will be the day used as the date of issuance of the Warrant Shares on Company’s share register and the day used for the decrease on the Warrant register. (2) The Exercise Form Any exercise form referred to in subsection 3.1(1) shall be signed by the Warrantholder, or his executors, or administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, shall specify the person(s) in whose name such Warrant Shares are to be issued, the address(es) of such person(s) and the number of Warrant Shares to be issued to each person, if more than one is so specified. If any of the Warrant Shares subscribed for are to be issued to (a) person(s) other than the Warrantholder, the signatures set out in the Exercise Form exercise form referred to in subsection 3.1(1) shall be guaranteed by a Canadian Schedule I 1 chartered bank or a medallion signature guarantee guaranteed from a member of a recognized Signature Medallion Guarantee Program and (b) the Warrantholder shall pay to the Company or the Warrant Agent all applicable transfer or similar taxes and the Company shall not be required to issue or deliver certificates evidencing Warrant Shares unless or until such Warrantholder shall have paid to the Company or the Warrant Agent on behalf of the Company the amount of such tax or shall have established to the reasonable satisfaction of the Company that such tax has been paid or that no tax is due. (3) If, at the time of exercise of the Warrants, in accordance with the provisions of subsections 4.1(1) or 4.1(4subsection 3.1(1), there are any trading restrictions on the Warrant Shares pursuant to Securities Laws applicable securities legislation or stock exchange requirements, the Company shall, on the advice of counsel, endorse any certificates or book-entry positions representing the Warrant Shares to such effect. The Warrant Agent is entitled to assume compliance with all Securities Laws applicable securities legislation unless otherwise notified in writing by the Company. (4) A Beneficial Owner of Uncertificated Warrant evidenced by a security entitlement in respect of Warrants in the Book-Based System who desires to exercise his or her Uncertificated Warrants, must do so by causing a complying with the internal procedures of CDS Participant to deliver to CDS (at its office in the City of Toronto), on behalf of the Beneficial Owner at any time prior to the Time of Expiry, a written notice of the Beneficial Owner’s intention to exercise Warrants (the “Exercise Notice”) in a manner acceptable to CDS). Forthwith upon receipt by CDS of such notice, as well as payment for the aggregate Exercise Price, CDS shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants (the “Confirmation”) in a manner acceptable to the Warrant Agent, including by electronic means through the Book-Based Entry Only System. The Beneficial Owner CDS will initiate the electronic exercise through the Book-Based System, by way of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based Entry Only System the Warrant Shares to which the exercising Beneficial Owner Warrantholder is entitled pursuant to the exercise. Any expense associated with the preparation and delivery of Exercise Notices will be for the account of the Beneficial Owner exercising the Warrants.‌ (5) An electronic exercise of the Warrants through the Book-Entry Only System, shall constitute a representation to both the Company and the Warrant Agent will that the beneficial owner at the time of exercise of such Warrants (a) is not in the United States; (b) is not a U.S. Person and is not exercising such Warrants on behalf of a U.S. Person or a person in the United States; (c) did not acquire the Warrants in the United States or on behalf of, or for the account or benefit of a U.S. Person or a person in the United States; (d) did not receive an offer to exercise the Warrant in the United States; (e) did not execute or deliver the notice of the owner’s intention to exercise such Warrants in the United States; and (f) has, in all other respects, complied with the terms of Regulation S under the U.S. Securities Act in connection with such exercise. If the CDS Participant is not able to make or deliver the foregoing representation by issuing to CDS through initiating the electronic exercise of the Warrants, then such Warrants shall be withdrawn from the Book-Based System Entry Only System, and an individually registered Warrant Certificate shall be issued by the Warrant Shares Agent to which the exercising Warrantholder is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the entitlement holder exercising the Warrants and/or such Beneficial Owner or the CDS Participant exercising and the Warrants on its behalf. exercise procedures set forth in Section 3.1(1) shall be followed. (6) By causing a CDS Participant to deliver notice to CDS, a Beneficial Owner Warrantholder shall be deemed to have irrevocably surrendered his or her Warrants so exercised and appointed such CDS Participant to act as his or her exclusive settlement agent with respect to the exercise and the receipt of Warrant Shares in connection with the obligations arising from such exercise. . (7) Any notice which CDS determines to be incomplete, not in proper form or not duly executed shall for all purposes be void and of no effect and the exercise to which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a CDS Participant to exercise or to give effect to the settlement thereof in accordance with the Beneficial OwnerWarrantholder’s instructions will not give rise to any obligations or liability on the part of the Company or Warrant Agent to the CDS Participant or the Beneficial Owner. If the Exercise Form set forth in the Warrant Certificate shall have been amended, the Company shall cause the amended Exercise Form to be forwarded to all registered Warrantholders. Exercise Forms and Confirmations must be delivered to the Warrant Agent at any time during the Warrant Agent’s actual business hours on any Business Day prior to the Expiry Time. Any Exercise Form or Confirmations received by the Warrant Agent after business hours on any Business Day other than the Expiry Date will be deemed to have been received by the Warrant Agent on the next following Business Day. Any Warrant with respect to which a Confirmation or Exercise Form is not received by the Warrant Agent before the Expiry Time shall be deemed to have expired and become void and all rights with respect to such Warrants shall terminate and be cancelledWarrantholder.

Method of Exercise of Warrants. (1a) The registered Subject to subsection 3.1(d) and section 3.5, a holder of any Warrant Warrants may exercise the rights thereby conferred on him to acquire all or any part of the Warrant Shares Subject Securities to which such Warrant entitles the holder, by surrendering the Warrant Certificate representing such Warrants to the Warrant Agent at any time prior to on or before the Time of Expiry during regular business hours at its principal office offices in the City city of Vancouver, British Columbia (or at such additional place or places as may be decided by the Company from time to time with the approval of the Warrant Agent), with with: (i) a duly completed and executed exercise form Subscription Form; and (the “Exercise Form”ii) of the registered holder or his executors, administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, substantially in the form endorsed on the Warrant Certificate as Schedule “B”, specifying the number of Warrant Shares subscribed for together with a certified cheque, bank draft or money order in lawful money of Canada, Canada payable to or to the order of the Company in an amount equal to the Warrant Exercise Price multiplied by the number of Warrant Shares Subject Securities subscribed for. A Warrant Certificate with the duly completed and executed Exercise Subscription Form and payment of the Warrant Exercise Price shall will be deemed to be surrendered only upon personal delivery thereof to or, if sent by mail or other means of transmission, upon actual receipt thereof by the Warrant Agent. (2b) The Exercise Form shall Any subscription referred to in subsection 3.1(a) will be signed by the Warrantholder, or his executors, or administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, shall will specify the person(s) in whose name such Warrant Shares Subject Securities are to be issued, the address(es) of such person(s) and the number of Warrant Shares Subject Securities to be issued to each person, if more than one person is so specified. If any of the Warrant Shares Subject Securities subscribed for are to be issued to (a) a person(s) other than the Warrantholder, the signatures set out in the Exercise Form shall subscription referred to in subsection 3.1(a) will be guaranteed by a Canadian Schedule I chartered bank or a medallion eligible guarantor institution with membership in an approved signature guarantee from a member of a recognized Signature Medallion Guarantee Program medallion program and (b) the Warrantholder shall will pay to the Company or the Warrant Agent all applicable transfer or similar taxes and the Company shall will not be required to issue or deliver certificates evidencing Warrant Shares Subject Securities unless or until such Warrantholder shall will have paid to the Company or the Warrant Agent on behalf of the Company the amount of such tax or shall will have established to the reasonable satisfaction of the Company that such tax has been paid or that no tax is due. (3c) If, If at the time of exercise of the Warrants, in accordance with the provisions of subsections 4.1(1) or 4.1(4subsection 3.1(a), there are any trading restrictions on the Warrant Shares Subject Securities pursuant to Securities Laws applicable securities legislation or stock exchange requirements, the Company shall, on may upon the advice of counsel, counsel endorse any certificates or book-entry positions representing the Warrant Shares Subject Securities to such effect. The . (d) Warrants may not be exercised and the Subject Securities to be delivered upon such exercise may not be issued or delivered unless: (i) the Warrants are exercised outside the United States and not by or on behalf of any U.S. Persons, the holder makes the representations set forth in box 1 of the Subscription Form, and the Subject Securities are not requested to be delivered and are not delivered to any address in the United States; (ii) the Warrants are exercised by the original holder of a Warrant Certificate impressed with the legend set forth in subsection 2.2(c) and the holder makes the representations set forth in box 3 of the Subscription Form; or (iii) the holder delivers an opinion of counsel to the effect that the exercise of the Warrants by the holder and the issuance of Subject Securities to be delivered upon exercise thereof are not subject to the registration requirements of the 1933 Act or the securities laws of any state of the United States, and the Company has provided written confirmation to the Warrant Agent to the effect that such opinion is entitled in form and substance satisfactory to assume compliance with all Securities Laws unless otherwise notified in writing by the Company. (4e) A Beneficial Owner of Uncertificated Warrant evidenced by a security entitlement in respect Certificates representing Subject Securities issued upon the exercise of Warrants in the Book-Based System who desires to exercise his Uncertificated Warrants, must do so by causing a CDS Participant to deliver to CDS (at its office in the City of Toronto), on behalf of the Beneficial Owner at any time prior to the Time of Expiry, a written notice of the Beneficial Owner’s intention to exercise Warrants (the “Exercise Notice”) in a manner acceptable to CDS. Forthwith upon receipt by CDS of such notice, as well as payment for the aggregate Exercise Price, CDS shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants (the “Confirmation”) in a manner acceptable to the Warrant Agent, including by electronic means through the Book-Based System. The Beneficial Owner will initiate the electronic exercise through the Book-Based System, by way of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Beneficial Owner is entitled pursuant to subsections 3.1(d)(ii) or (iii) shall bear the exercise. Any expense associated with the preparation and delivery of Exercise Notices will be for the account of the Beneficial Owner exercising the Warrants and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the entitlement holder exercising the Warrants and/or the CDS Participant exercising the Warrants on its behalf. By causing a CDS Participant to deliver notice to CDS, a Beneficial Owner shall be deemed to have irrevocably surrendered his Warrants so exercised and appointed such CDS Participant to act as his or her exclusive settlement agent with respect to the exercise and the receipt of Warrant Shares in connection with the obligations arising from such exercise. Any notice which CDS determines to be incomplete, not in proper form or not duly executed shall for all purposes be void and of no effect and the exercise to which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a CDS Participant to exercise or to give effect to the settlement thereof in accordance with the Beneficial Owner’s instructions will not give rise to any obligations or liability on the part of the Company or Warrant Agent to the CDS Participant or the Beneficial Owner. If the Exercise Form set forth in the Warrant Certificate shall have been amended, the Company shall cause the amended Exercise Form to be forwarded to all registered Warrantholders. Exercise Forms and Confirmations must be delivered to the Warrant Agent at any time during the Warrant Agent’s actual business hours on any Business Day prior to the Expiry Time. Any Exercise Form or Confirmations received by the Warrant Agent after business hours on any Business Day other than the Expiry Date will be deemed to have been received by the Warrant Agent on the next following Business Day. Any Warrant with respect to which a Confirmation or Exercise Form is not received by the Warrant Agent before the Expiry Time shall be deemed to have expired and become void and all rights with respect to such Warrants shall terminate and be cancelled.legends:

Method of Exercise of Warrants. (1) The registered holder of any Warrant may Warrants may, during the Exercise Period, exercise the rights right thereby conferred on him to acquire all or any part of the Warrant Shares to which such Warrant entitles the holder, by surrendering the Warrant Certificate representing such Warrants to the Warrant Agent at any time prior to the Time of Expiry Trustee at its principal transfer office in the City Cities of VancouverVancouver or Toronto, British Columbia (or at such additional any other place or places as that may be decided designated by the Company from time to time Corporation with the approval of the Trustee, or to the Co-transfer Agent at its principal transfer office designated by the Corporation, a Warrant Agent)Certificate or Warrant Certificates representing the Warrants held by such holder that are to be exercised, with together with: (i) a duly completed and executed exercise form (the “Exercise Form”) of the registered holder or his executors, administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory set out in Appendix ”A” to the Warrant Agent, substantially in the form endorsed on the Warrant Certificate as Schedule “B”, specifying the number of Warrant Shares subscribed for together with A” hereto; and (ii) a certified cheque, bank draft or money order in lawful money of Canada, the United States payable to or to the order of the Company Corporation in an amount equal to the Exercise Price multiplied by the number of Warrant Shares subscribed for. A Warrant Certificate with the duly completed and executed Exercise Form and payment of the Exercise Price The Warrants shall only be deemed to be have been surrendered only upon personal delivery thereof to orto, or if sent by mail or other means of transmission, transmission upon actual receipt thereof by by, the Warrant Trustee or the Co-transfer Agent at the office specified in this section. Any such exercise shall be subject to the holder providing such assurances and executing such documents as may, in the reasonable opinion of the Corporation or the Trustee or the Co-transfer Agent, be required to ensure compliance with all applicable securities legislation. (2) The Exercise Form Any exercise form delivered pursuant to subsection 4.2(1) shall be signed by the Warrantholder or the Warrantholder, or his executors, ’s executors or administrators or other legal representative representatives or his an attorney of the Warrantholder duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Trustee or the Co-transfer Agent, as the case may be. The exercise form attached to the Warrant Certificate shall specify the person(s) number of Warrants being exercised, the person or persons in whose name such Warrant or names the Shares to be issued upon exercise are to be issued, the address(es) of such person(s) person’s or persons’ address or addresses and the number of Warrant Shares to be issued to each person, person if more than one is so specified. If any of the Warrant Shares subscribed for to be acquired are to be issued to (a) person(s) a person or persons other than the Warrantholder, the signatures set out in the Exercise Form shall be guaranteed by a Canadian Schedule I chartered bank or a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program and (b) the Warrantholder shall pay to the Company Trustee or to its agent all exigible transfer taxes or governmental or other charges required to be paid in respect of the Warrant Agent all applicable transfer or similar taxes of the Shares and the Company shall Corporation will not be required to issue or deliver certificates any certificate evidencing Warrant any Shares unless or until such Warrantholder shall have that amount has been so paid to the Company or the Warrant Agent on behalf of the Company the amount of such tax or shall have Warrantholder has established to the reasonable satisfaction of the Company Corporation that such tax has the taxes and charges have been paid or that no tax is duetaxes or charges are owing. (3) If, If at the time of exercise of the Warrants, in accordance with the provisions of subsections 4.1(1) or 4.1(4), Warrants there are any trading remain restrictions on the Warrant Shares pursuant to resale under applicable Securities Laws or stock exchange requirementson the Shares acquired, the Company shallCorporation may, on the advice of counsel, endorse any the certificates or book-entry positions representing the Warrant Shares to such effect. The Warrant Agent is entitled to assume compliance with all Securities Laws unless otherwise notified in writing by the Company. (4) A Beneficial Owner of Uncertificated Warrant evidenced by a security entitlement in respect of and Warrants in the Book-Based System who desires to exercise his Uncertificated Warrants, must do so by causing a CDS Participant to deliver to CDS (at its office in the City of Toronto), on behalf of the Beneficial Owner at any time prior to the Time of Expiry, a written notice of the Beneficial Owner’s intention to exercise Warrants (the “Exercise Notice”) in a manner acceptable to CDS. Forthwith upon receipt by CDS of such notice, as well as payment for the aggregate Exercise Price, CDS shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants (the “Confirmation”) in a manner acceptable to the Warrant Agent, including by electronic means through the Book-Based System. The Beneficial Owner will initiate the electronic exercise through the Book-Based System, by way of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Beneficial Owner is entitled pursuant to the exercise. Any expense associated with the preparation and delivery of Exercise Notices will be for the account of the Beneficial Owner exercising the Warrants and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the entitlement holder exercising the Warrants and/or the CDS Participant exercising the Warrants on its behalf. By causing a CDS Participant to deliver notice to CDS, a Beneficial Owner shall be deemed to have irrevocably surrendered his Warrants so exercised and appointed such CDS Participant to act as his or her exclusive settlement agent with respect to the exercise and the receipt of Warrant Shares in connection with the obligations arising from such exercise. Any notice which CDS determines to be incomplete, not in proper form or not duly executed shall for all purposes be void and of no effect and the exercise to which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a CDS Participant to exercise or to give effect to the settlement thereof in accordance with the Beneficial Owner’s instructions will not give rise to any obligations or liability on the part of the Company or Warrant Agent to the CDS Participant or the Beneficial Owner. If the Exercise Form set forth in the Warrant Certificate shall have been amended, the Company shall cause the amended Exercise Form to be forwarded to all registered Warrantholders. Exercise Forms and Confirmations must be delivered to the Warrant Agent at any time during the Warrant Agent’s actual business hours on any Business Day prior to the Expiry Time. Any Exercise Form or Confirmations received by the Warrant Agent after business hours on any Business Day other than the Expiry Date will be deemed to have been received by the Warrant Agent on the next following Business Day. Any Warrant with respect to which a Confirmation or Exercise Form is not received by the Warrant Agent before the Expiry Time shall be deemed to have expired and become void and all rights with respect to such Warrants shall terminate and be cancelledthose restrictions.

Method of Exercise of Warrants. (1) The registered holder of any Warrant may exercise Forthwith after the rights thereby conferred on him to acquire all or any part execution and delivery by the parties thereto of the Warrant Shares to which such Warrant entitles the holder, by surrendering the Warrant Certificate representing such Warrants to the Warrant Agent at any time Purchase Agreement and not more than 48 hours prior to the Time date of Expiry the Closing stipulated in section 3.1 of the Purchase Agreement, the Company will give a written notice to the Trustee at its principal office in Vancouver that the City A Warrants will be deemed to be exercised at the Class A Warrant Exercise Time. Provided the completion of Vancouverthe transactions contemplated by the Purchase Agreement occurs on the date of the Closing stipulated in section 3.1 of the Purchase Agreement, British Columbia (the A Warrants shall be deemed to be exercised by the holder at the Class A Warrant Exercise Time without any further action on the part of the holder. Any such deemed exercise shall be subject to the holder providing such assurances and executing such documents as may, in the reasonable opinion of the Company or the Trustee, be required to ensure compliance with applicable securities legislation. The Trustee shall only issue a certificate or certificates representing the Shares issuable upon the exercise of the A Warrants after the Warrantholder has surrendered the Warrant Certificate or Warrant Certificates representing all of the A Warrants to the Trustee at its principal transfer office in the city of Vancouver or at such additional any other place or places as that may be decided designated by the Company from time to time with the approval of the Trustee, or to the Co-Transfer Agent at its principal transfer office designated by the Company, during normal business hours on a business day at that place following the Class A Warrant Agent), Exercise Time together with a duly completed and executed exercise form (the “Exercise Form”) of the registered holder attached to such Warrant Certificate or his executorsWarrant Certificates, administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form set out in Schedule "D" attached hereto. Subject to and manner satisfactory to upon compliance with the Warrant Agentprovisions of this Article Four and Article Five, substantially in the form endorsed on holder of the Warrant Certificate as Schedule “B”, specifying or Warrant Certificates representing the number B Warrants may exercise the right to acquire all of the Shares therein provided for by surrendering the Warrant Shares subscribed for together with a certified cheque, bank draft Certificate or money order in lawful money of Canada, payable to or Warrant Certificates to the order Trustee at its principal transfer office in the city of Vancouver or at any other place or places that may be designated by the Company in an amount equal to with the Exercise Price multiplied by the number Surrender of Warrant Shares subscribed for. A a Warrant Certificate and the exercise form in accordance with the duly completed subsections 4.4(2) and executed Exercise Form and payment of the Exercise Price shall (3) will be deemed to be surrendered have been effected only upon on personal delivery thereof to or, if sent by mail or other means of transmission, upon transmission on actual receipt thereof thereof, by the Warrant Agent. Trustee or the Co-transfer Agent at the office specified in subsections 4.4(2) and (23). Any exercise form referred to in subsections 4.4(2) The Exercise Form and (3) shall be signed by a duly authorized officer of the Warrantholder, or his executors, or administrators Warrantholder or other legal representative or his an attorney of the Warrantholder duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Trustee or the Co-transfer Agent, as the case may be. The exercise form attached to the Warrant Certificate shall specify the person(s) person or persons in whose name such Warrant or names the Shares which the holder desires to acquire are to be issued, the address(es) of such person(s) issued and his or their address or addresses and the number of Warrant Shares to be issued to each such person, if more than one is so specified. If any of the Warrant Shares subscribed for are to be issued to (a) person(s) a person or persons other than the Warrantholder, the signatures set out in the Exercise Form shall be guaranteed by a Canadian Schedule I chartered bank or a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program and (b) the Warrantholder shall pay to the Company Trustee or to its agent all exigible transfer taxes or governmental or other charges required to be paid in respect of the Warrant Agent all applicable transfer or similar taxes of the Shares and the Company shall will not be required to issue or deliver certificates any certificate evidencing Warrant any Shares unless or until such Warrantholder shall have that amount has been so paid to the Company or the Warrant Agent on behalf of the Company the amount of such tax or shall have Warrantholder has established to the reasonable satisfaction of the Company that such tax has the taxes and charges have been paid or that no tax is due. taxes or charges are owing. Unless box B has been checked on the exercise form referred to in subsections 4.4(2) and (3), (i) B Warrants may not be exercised within the United States or by or on behalf of any U.S. Person, (ii) no Shares shall be issued to any person who has an address in the United States on the exercise form and (iii) no Shares issued upon exercise of Warrants will be delivered to any address in the United States. In the event that any Warrant Certificate or Warrant Certificates have been delivered to the Trustee pursuant to subsection 4.4(2) or (3) and box B has been checked on the accompanying exercise form, then the Trustee shall cause the certificates representing the Shares issued upon exercise of any such Warrants to be affixed with the following legend (the "U.S. Legend"): "THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"). THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE COMPANY THAT SUCH SECURITIES MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY (A) TO THE COMPANY, (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE SECURITIES ACT OR (C) INSIDE THE UNITED STATES IN ACCORDANCE WITH (1) CERTAIN PROCEDURES SATISFACTORY TO THE COMPANY OR (2) RULE 144 UNDER THE SECURITIES ACT, IF AVAILABLE. provided, that if any such Share is being sold or transferred in compliance with Rule 904 of Regulation S, the U.S. Legend may be removed by providing a declaration to the Trustee substantially in the form set forth in Schedule C attached hereto, and provided further that if any such Share is being sold in compliance with Rule 144 under the U.S. Securities Act, the U.S. Legend may be removed by delivery to the Trustee of an opinion of counsel, of recognized standing reasonably satisfactory to the Company, to the effect that such legend is no longer required under the applicable requirements of the U.S. Securities Act or state securities laws. In the event that the A Warrants are exercised in accordance with subsection 4.4(1), the Trustee shall cause the certificates representing the Shares issued upon exercise of any such Warrants to be affixed with the U.S. Legend. If, at the time of exercise of the Warrants, in accordance with the provisions of subsections 4.1(1) or 4.1(4), there are any trading remain restrictions on resale under applicable securities legislation in respect of the Warrant Shares pursuant to Securities Laws or stock exchange requirementsissuable upon exercise of the Warrants, the Company shallmay, on the advice of counsel, endorse any certificates or book-entry positions the certificate representing the Shares with respect to those restrictions. Effect of the Exercise of Warrants Upon exercise of a Warrant in accordance with section 4.4 and subject to sections 4.6, 4.8, 4.9 and 5.4, the holder of the Warrants shall be entitled without further payment therefor to receive from the Company the number of Shares that is equal to such effect. The Warrant Agent is entitled to assume compliance with all Securities Laws unless otherwise notified in writing the number of Warrants exercised or deemed exercised multiplied by the Company. (4) A Beneficial Owner of Uncertificated Warrant evidenced by a security entitlement Exchange Number in respect of Warrants in effect at the Book-Based System who desires to exercise his Uncertificated Warrants, must do so by causing a CDS Participant to deliver to CDS (at its office in the City of Toronto), on behalf date of the Beneficial Owner at any time prior to the Time exercise or deemed exercise of Expiry, a written notice of the Beneficial Owner’s intention to exercise Warrants (the “Exercise Notice”) in a manner acceptable to CDS. Forthwith upon receipt by CDS of such notice, as well as payment for the aggregate Exercise Price, CDS shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants (the “Confirmation”) in a manner acceptable to the Warrant Agent, including by electronic means through the Book-Based System. The Beneficial Owner will initiate the electronic exercise through the Book-Based System, by way of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Beneficial Owner is entitled pursuant to the exercise. Any expense associated with the preparation and delivery of Exercise Notices will be for the account of the Beneficial Owner exercising the Warrants and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the entitlement holder exercising the Warrants and/or the CDS Participant exercising the Warrants on its behalf. By causing a CDS Participant to deliver notice to CDS, a Beneficial Owner shall be deemed to have irrevocably surrendered his Warrants so exercised and appointed such CDS Participant to act as his or her exclusive settlement agent with respect to the exercise and the receipt of Warrant Shares in connection with the obligations arising from such exercise. Any notice which CDS determines to be incomplete, not in proper form or not duly executed shall for all purposes be void and of no effect and the exercise to which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a CDS Participant to exercise or to give effect to the settlement thereof in accordance with the Beneficial Owner’s instructions will not give rise to any obligations or liability on the part of the Company or Warrant Agent to the CDS Participant or the Beneficial Owner. If the Exercise Form set forth in the Warrant Certificate shall have been amended, the Company shall cause the amended Exercise Form holder thereof to be forwarded entered forthwith on its register of shareholders as the holder of the Shares to all registered Warrantholdersbe issued to such holder or, in the case of B Warrants, to the person or persons in whose name or names the Shares are to be issued as specified in the exercise form. Exercise Forms The number of Shares to be issued to such person or persons shall be so issued and Confirmations must such person or persons shall become the shareholder or shareholders of record of those Shares with effect from the date on which the Warrant is exercised unless the register of the Company shall be closed on that date, in which case the Shares so subscribed for shall be deemed to be issued and the person or persons shall be deemed to become the shareholder or shareholders of record of the Shares on the date on which the register is reopened and the Shares shall be issued on the later date. Upon the exercise or deemed exercise of the Warrants as aforesaid the Company shall, without charge therefor except as provided in subsection 4.4(5), forthwith cause to be delivered to the Warrant Agent at any time during Trustee, as agent for the Warrant Agent’s actual business hours on any Business Day prior to person or persons in whose name or names the Expiry Time. Any Exercise Form or Confirmations received by the Warrant Agent after business hours on any Business Day other than the Expiry Date will be deemed to have been received by the Warrant Agent on the next following Business Day. Any Warrant with respect to which a Confirmation or Exercise Form is not received by the Warrant Agent before the Expiry Time shall be deemed to have expired and become void and all rights with respect to such Warrants shall terminate and be cancelled.Shares are

Method of Exercise of Warrants. (1) a. The registered holder of any Warrant may exercise the rights thereby right conferred on him such holder to acquire all or any part of Common Shares by surrendering, after the Issue Date and prior to the Expiry Time, to the Warrant Shares to which such Warrant entitles the holderAgency, by surrendering the Warrant Certificate representing such Warrants to the Warrant Agent at any time prior to the Time of Expiry at its principal office in the City of Vancouver, British Columbia (or at such additional place or places as may be decided by the Company from time to time with the approval of the Warrant Agent)Warrant, with a duly completed and executed exercise form (the “Warrant Exercise Form”) of the registered holder or his executors, administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, substantially in the form endorsed on the Warrant Certificate as Schedule “B”, specifying the number of Warrant Shares subscribed for together with a certified cheque, cheque or bank draft or money order in lawful money of Canada, Canada payable to the Corporation or to the order of the Company Trustee at par in the city where the Warrant Agency is located in an amount equal to the Exercise Price multiplied by the number of Warrant Common Shares subscribed for. A Warrant Certificate with the duly completed and executed Warrant Exercise Form and payment of the Exercise Price referred to in this subsection 3.1(a) shall be deemed to be surrendered only upon personal delivery thereof to or, if sent by mail or other means of transmission, upon actual receipt thereof at, in each case, the Warrant Agency, provided that such Warrant Certificate is accompanied by the Warrant Agentrequisite certified cheque, bank draft or money order in the amount of the aggregate Exercise Price for the Warrants represented thereby that are being exercised. (2) The b. Any Warrant Exercise Form referred to in subsection 3.1(a) shall be signed by the Warrantholder, or his executors, or administrators or other legal representative or his attorney duly appointed by an instrument in writing in Warrantholder and shall specify: (i) the form and manner satisfactory number of Common Shares which the holder wishes to acquire (being not more than those which the holder is entitled to acquire pursuant to the Warrant Agent, shall specify Certificate(s) surrendered); (ii) the person(s) person or persons in whose name or names such Warrant Common Shares are to be issued; (iii) the address or addresses of such person or persons; (iv) if an individual, the address(es) social insurance number of such person(sperson or persons; and (v) and the number of Warrant Common Shares to be issued to each person, such person if more than one is so specified. If any of the Warrant Common Shares subscribed for are to be issued to (a) person(s) a person or persons other than the Warrantholder, the signatures set out in the Exercise Form shall be guaranteed by a Canadian Schedule I chartered bank or a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program and (b) the Warrantholder shall pay to the Company Corporation or the Warrant Agent Agency on behalf of the Corporation, all applicable transfer or similar taxes and the Company Corporation shall not be required to issue or deliver certificates evidencing Warrant Common Shares unless or until such Warrantholder shall have paid to the Company Corporation, or the Warrant Agent Agency on behalf of the Company Corporation, the amount of such tax or shall have established to the reasonable satisfaction of the Company Corporation that such tax has been paid or that no tax is due. (3) If, at c. Warrants may not be exercised in the time United States or by or on behalf of exercise a U.S. Person unless the offer of the Warrants, in accordance with the provisions of subsections 4.1(1) or 4.1(4), there are any trading restrictions on the Warrant Common Shares pursuant to the Warrants is registered under the U.S. Securities Laws Act and applicable state securities laws or stock exchange requirementsan exemption is available. No exercise of any Warrant shall be effective, and no certificate representing Common Shares shall be issued pursuant to the exercise of Warrants, unless, in addition to the foregoing, the Company shallWarrantholder represents, on warrants and certifies to the advice of counsel, endorse any certificates or book-entry positions representing Corporation and to the Warrant Shares to such effect. The Warrant Agent is entitled to assume compliance with all Securities Laws unless otherwise notified in writing by the Company.Trustee that: (4i) A Beneficial Owner of Uncertificated Warrant evidenced by a security entitlement in respect of Warrants it is not in the Book-Based System who desires to exercise his Uncertificated Warrants, must do so by causing United States or a CDS Participant to deliver to CDS (at its office in U.S. Person and is not exercising the City of Toronto), Warrants on behalf of a U.S. Person or a person in the Beneficial Owner at any time prior to the Time of ExpiryUnited States, a written notice of the Beneficial Owner’s intention to exercise Warrants (the “Exercise Notice”) in a manner acceptable to CDS. Forthwith upon receipt by CDS of such notice, as well as payment for the aggregate Exercise Price, CDS shall and did not execute or deliver to the Warrant Agent confirmation Exercise Form in the United States; or (ii) it (i) originally purchased the Warrants on its own behalf or on behalf of its intention to exercise Warrants a beneficial purchaser (a “Beneficial Purchaser”), directly from the “Confirmation”) in a manner acceptable to the Warrant Agent, including by electronic means through the Book-Based System. The Beneficial Owner will initiate the electronic exercise through the Book-Based System, by way of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Beneficial Owner is entitled Corporation pursuant to the exercise. Any expense associated with Corporation’s offering of units comprised of Common Shares and Warrants at a time when the preparation holder was and delivery of Exercise Notices will be any Beneficial Purchaser was an accredited investor, as defined in Rule 501(a) under the U.S. Securities Act (“Accredited Investor”); (ii) is exercising the Warrants solely for its own account or for the account of the Beneficial Owner exercising the Warrants Purchaser, if any, and not on behalf of any other person; and (iii) is, and the Warrant Agent will execute Beneficial Purchaser, if any, is, an Accredited Investor on the exercise by issuing to CDS through the Book-Based System date of completing the Warrant Shares to which Exercise Form. (iii) an exemption from registration under the exercising Warrantholder U.S. Securities Act and any applicable state securities law is entitled pursuant available, and attached to the exercise. Any expense associated with the exercise process will be for the account Warrant Exercise Form is an opinion of the entitlement holder exercising the Warrants and/or the CDS Participant exercising the Warrants on its behalf. By causing a CDS Participant counsel to deliver notice to CDSsuch effect, a Beneficial Owner shall be deemed to have irrevocably surrendered his Warrants so exercised and appointed such CDS Participant to act as his or her exclusive settlement agent with respect to the exercise and the receipt it being understood that any opinion of Warrant Shares counsel tendered in connection with the obligations arising from such exercise. Any notice which CDS determines to exercise of the Warrants must be incomplete, not in proper form or not duly executed shall for all purposes be void and of no effect and the exercise to which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a CDS Participant to exercise or to give effect substance satisfactory to the settlement thereof in accordance with the Beneficial Owner’s instructions will not give rise to Corporation. The certificate representing any obligations or liability on the part Common Shares issuable upon exercise of the Company or Warrant Agent to Warrants where the CDS Participant or Warrantholder does not provide the Beneficial Owner. If the Exercise Form representations set forth in subsection 3.1(c)(i) shall bear the legend set forth in Section 3.7 of this Indenture. No certificate for Common Shares issuable upon exercise of a Warrant shall be registered or delivered to an address in the United States unless the Warrantholder shall have complied with subsections 3.1(c)(ii) or (iii) and, in the case of subsection 3.1(c)(iii), the Corporation has confirmed in writing to the Trustee that the opinion of counsel is satisfactory to the Corporation. d. In connection with the exchange of Warrant Certificates and exercise of Warrants and compliance with such other terms and conditions hereof as may be required, the Corporation has appointed the principal office of the Trustee in Calgary as the Warrant Certificate shall have been amendedAgency at which Warrant Certificates may be surrendered for exchange, transfer or repurchase or at which Warrants may be exercised and the Company shall cause Trustee has accepted such appointment. The Corporation may from time to time designate alternate or additional places as a Warrant Agency upon notice to and consent of the amended Exercise Form to be forwarded to all registered Warrantholders. Exercise Forms and Confirmations must be delivered to the Trustee of any change of any Warrant Agent at any time during the Warrant Agent’s actual business hours on any Business Day prior to the Expiry Time. Any Exercise Form or Confirmations received by the Warrant Agent after business hours on any Business Day other than the Expiry Date will be deemed to have been received by the Warrant Agent on the next following Business Day. Any Warrant with respect to which a Confirmation or Exercise Form is not received by the Warrant Agent before the Expiry Time shall be deemed to have expired and become void and all rights with respect to such Warrants shall terminate and be cancelledAgency.

Method of Exercise of Warrants. (1) The registered holder of any Warrant may Certificate may, during the Exercise Period, exercise the rights right thereby conferred on him to acquire all or any part of the Warrant Shares to which such Warrant entitles the holder, by surrendering the Warrant Certificate representing such Warrants to the Warrant Agent at any time prior to the Time of Expiry Trustee at its principal transfer office in the City Cities of VancouverVancouver or Toronto, British Columbia (or at such additional any other place or places as that may be decided designated by the Company from time to time Corporation with the approval of the Trustee, or to the Co-transfer Agent at its principal transfer office designated by the Corporation, a Warrant Agent)Certificate or Warrant Certificates representing the Warrants held by such holder that are to be exercised, with together with: (i) a duly completed and executed exercise form (the “Exercise Form”) of the registered holder or his executors, administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory set out in Appendix “A” to the Warrant Agent, substantially in the form endorsed on the Warrant Certificate as Schedule “B”, specifying the number of Warrant Shares subscribed for together with A” hereto; and (ii) a certified cheque, bank draft or draft, money order or wire transfer in lawful money of Canada, the United States payable to or to the order of the Company Corporation in an amount equal to the then current Exercise Price multiplied by the number of Warrant Shares subscribed forWarrants being exercised. A Warrant Certificate with the duly completed and executed Exercise Form and payment of the Exercise Price The Warrants shall only be deemed to be have been surrendered only upon personal delivery thereof to orto, or if sent by mail or other means of transmission, transmission upon actual receipt thereof by by, the Warrant Trustee or the Co-transfer Agent at the office specified in this section. Any such exercise shall be subject to the holder providing such assurances and executing such documents as may, in the reasonable opinion of the Corporation or the Trustee or the Co-transfer Agent, be required to ensure compliance with all applicable securities legislation. (2) The Exercise Form Any exercise form delivered pursuant to subsection 4.1(1) shall be signed by the Warrantholder or the Warrantholder, or his executors, ’s executors or administrators or other legal representative representatives or his an attorney of the Warrantholder duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Trustee or the Co-transfer Agent, as the case may be. The exercise form attached to the Warrant Certificate shall specify the person(s) number of Warrants being exercised, the person or persons in whose name such Warrant or names the Shares to be issued upon exercise are to be issued, the address(es) of such person(s) person’s or persons’ address or addresses and the number of Warrant Shares to be issued to each person, person if more than one is so specified. If any of the Warrant Shares subscribed for to be acquired are to be issued to (a) person(s) a person or persons other than the Warrantholder, the signatures set out in the Exercise Form exercise form referred to in subsection 4.1(1) shall be guaranteed by a Canadian Schedule I chartered bank or bank, a medallion signature guarantee from major Canadian trust company, a member of the medallion guarantee program, a recognized member of the Stock Exchanges Medallion Program (SEMP) or a member of the New York Stock Exchange Inc. Medallion Signature Medallion Guarantee Program and (b) MSP). If any of the Shares to be acquired are to be issued to a person or persons other than the Warrantholder, the Warrantholder shall pay to the Company Trustee or to its agent all exigible transfer taxes or governmental or other charges required to be paid in respect of the Warrant Agent all applicable transfer or similar taxes of the Shares and the Company shall Corporation will not be required to issue or deliver certificates any certificate evidencing Warrant any Shares unless or until such Warrantholder shall have that amount has been so paid to the Company or the Warrant Agent on behalf of the Company the amount of such tax or shall have Warrantholder has established to the reasonable satisfaction of the Company Corporation that such tax has the taxes and charges have been paid or that no tax is duetaxes or charges are owing. (3) If, If at the time of exercise of the Warrants, in accordance with the provisions of subsections 4.1(1) or 4.1(4), Warrants there are any trading remain restrictions on the Warrant Shares pursuant to resale under applicable Securities Laws or stock exchange requirementson the Shares acquired, the Company shallCorporation may, on the advice of counsel, endorse any the certificates or book-entry positions representing the Warrant Shares and Warrants with respect to such effect. The Warrant Agent is entitled to assume compliance with all Securities Laws unless otherwise notified in writing by the Companythose restrictions. (4) A Beneficial Owner The Trustee shall record the particulars of Uncertificated Warrant evidenced by a security entitlement in respect the Warrants exercised which particulars shall include the names and addresses of Warrants in the Book-Based System persons who desires to exercise his Uncertificated Warrantsbecome holders of Shares, must do so by causing a CDS Participant to deliver to CDS (at its office in the City of Toronto)if any, on behalf exercise, the Exercise Date and the Exercise Price. Within five business days of each Exercise Date, the Beneficial Owner at any time prior Trustee shall provide such particulars in writing to the Time of Expiry, a written notice of the Beneficial Owner’s intention to exercise Warrants (the “Exercise Notice”) in a manner acceptable to CDS. Forthwith upon receipt by CDS of such notice, as well as payment for the aggregate Exercise Price, CDS shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants (the “Confirmation”) in a manner acceptable to the Warrant Agent, including by electronic means through the Book-Based System. The Beneficial Owner will initiate the electronic exercise through the Book-Based System, by way of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent Corporation and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Beneficial Owner is entitled pursuant to the exercise. Any expense associated with the preparation and delivery of Exercise Notices will be for the account of the Beneficial Owner exercising the Warrants and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the entitlement holder exercising the Warrants and/or the CDS Participant exercising the Warrants on its behalf. By causing a CDS Participant to deliver notice to CDS, a Beneficial Owner shall be deemed to have irrevocably surrendered his Warrants so exercised and appointed such CDS Participant to act as his or her exclusive settlement agent with respect to the exercise and the receipt of Warrant Shares in connection with the obligations arising from such exercise. Any notice which CDS determines to be incomplete, not in proper form or not duly executed shall for all purposes be void and of no effect and the exercise to which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a CDS Participant to exercise or to give effect to the settlement thereof in accordance with the Beneficial Owner’s instructions will not give rise to any obligations or liability on the part of the Company or Warrant Agent to the CDS Participant or the Beneficial Owner. If the Exercise Form set forth in the Warrant Certificate shall have been amended, the Company shall cause the amended Exercise Form to be forwarded to all registered Warrantholders. Exercise Forms and Confirmations must be delivered to the Warrant Agent at any time during the Warrant Transfer Agent’s actual business hours on any Business Day prior to the Expiry Time. Any Exercise Form or Confirmations received by the Warrant Agent after business hours on any Business Day other than the Expiry Date will be deemed to have been received by the Warrant Agent on the next following Business Day. Any Warrant with respect to which a Confirmation or Exercise Form is not received by the Warrant Agent before the Expiry Time shall be deemed to have expired and become void and all rights with respect to such Warrants shall terminate and be cancelled. (5) U.S. Securities Law Matters

Method of Exercise of Warrants. (1) The registered holder of any Warrant may exercise the rights thereby conferred on him to acquire all or any part of the Warrant Shares to which such Warrant entitles the holder, by surrendering the Warrant Certificate representing such Warrants to the Warrant Agent at any time prior to the Time of Expiry at its principal office offices in the City of VancouverCalgary, British Columbia Alberta (or at such additional place or places as may be decided by the Company from time to time with the approval of the Warrant Agent), with a duly completed and executed exercise form (the “Exercise Form”) of the registered holder or his executors, administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, substantially in the form endorsed on the Warrant Certificate as Schedule “B”, specifying the number of Warrant Shares subscribed for together with a certified cheque, bank draft or money order in lawful money of Canada, payable to or to the order of the Company in an amount equal to the Exercise Price multiplied by the number of Warrant Shares subscribed for. A Warrant Certificate with the duly completed and executed Exercise Form exercise form and payment of the Exercise Price shall be deemed to be surrendered only upon personal delivery thereof to or, if sent by mail or other means of transmission, upon actual receipt thereof by the Warrant Agent. (2) The Exercise Form Any exercise form referred to in Section 3.1(1) shall be signed by the Warrantholder, or his executors, or administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, but such exercise form need not be executed by the Depository. Such exercise form shall specify the person(s) in whose name such Warrant Shares are to be issued, the address(es) of such person(s) and the number of Warrant Shares to be issued to each person, if more than one is so specified. If any of the Warrant Shares subscribed for are to be issued to (a) person(s) other than the Warrantholder, the Warrantholder shall also complete the transfer form, substantially in the form endorsed on the Warrant Certificate, and the signatures set out in the Exercise Form exercise form referred to in Section 3.1(1) and the signatures set out in the transfer form shall be guaranteed by a Canadian Schedule I 1 chartered bank or a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program and (b) the Warrantholder shall pay to the Company or the Warrant Agent all applicable transfer or similar taxes and the Company shall not be required to issue or deliver certificates evidencing Warrant Shares unless or until such Warrantholder shall have paid to the Company or the Warrant Agent on behalf of the Company the amount of such tax or shall have established to the reasonable satisfaction of the Company that such tax has been paid or that no tax is due. (3) If, at the time of exercise of the Warrants, in accordance with the provisions of subsections 4.1(1) or 4.1(4Section 3.1(1), there are any trading restrictions on the Warrant Shares pursuant to Securities Laws applicable securities legislation or stock exchange requirements, the Company shall, on the advice of counsel, endorse any certificates or book-entry positions representing the Warrant Shares to such effect. The Warrant Agent is entitled to assume compliance with all Securities Laws applicable securities legislation unless otherwise notified in writing by the Company. (4) A Beneficial Owner of Uncertificated Warrant evidenced by a security entitlement in respect of Warrants in the Book-Based System who desires to exercise his Uncertificated Warrants, must do so by causing a CDS Participant to deliver to CDS (at its office in the City of Toronto)Depository, on behalf of the Beneficial Owner at any time prior to the Time of Expiry, a written notice of the Beneficial Owner’s intention to exercise Warrants (the “Exercise Notice”) in a manner acceptable to CDS). Forthwith upon receipt by CDS the Depository of such notice, as well as payment for the aggregate Exercise Price, CDS the Depository shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants (the “Confirmation”) in a manner acceptable to the Warrant Agent, including by electronic means through the Book-Based Entry Only System, including the clearing and settlement system currently utilized by CDS or DTC and their respective participants. The Payment representing the aggregate Exercise Price must be provided to the appropriate office of the Participant in a manner acceptable to it. A notice in form acceptable to the Participant and payment from such Beneficial Owner will initiate the electronic exercise should be provided through the Book-Based System, Entry Only System sufficiently in advance so as to permit the Participant to deliver notice and payment to the Depository and for the Depository in turn to deliver notice and payment to the Warrant Agent prior to Time of Expiry. The Depository will initiate the exercise by way of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent and the Warrant Agent will execute the exercise by issuing to CDS the Depository through the Book-Based Entry Only System the Warrant Shares to which the exercising Beneficial Owner is entitled pursuant to the exercise. Any expense associated with the preparation and delivery of Exercise Notices will be for the account of the Beneficial Owner exercising the Warrants and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the entitlement holder exercising the Warrants and/or the CDS Participant exercising the Warrants on its behalf. Warrants. (5) By causing a CDS Participant to deliver notice to CDSthe Depository, a Beneficial Owner Warrantholder shall be deemed to have irrevocably surrendered his Warrants so exercised and appointed such CDS Participant to act as his or her exclusive settlement agent with respect to the exercise and the receipt of Warrant Shares in connection with the obligations arising from such exercise. . (6) Any notice which CDS the Depository determines to be incomplete, not in proper form or not duly executed shall for all purposes be void and of no effect and the exercise to which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a CDS Participant to exercise or to give effect to the settlement thereof in accordance with the Beneficial Owner’s instructions will not give rise to any obligations or liability on the part of the Company or Warrant Agent to the CDS Participant or the Beneficial Owner. . (7) Any exercise referred to in this Section 3.1 shall require that the entire Exercise Price for the Warrant Shares subscribed for must be paid at the time of subscription and such Exercise Price and original Exercise Notice or exercise form executed by the Registered Warrantholder or the Confirmation from the Depository must be received by the Warrant Agent prior to the Time of Expiry. (8) Warrants may only be exercised pursuant to this Section 3.1 by or on behalf of a Warrantholder, as applicable, who makes the certifications set forth on the exercise form substantially in the form endorsed on the Warrant Certificate. (9) If the Exercise Form exercise form set forth in the Warrant Certificate shall have been amended, the Company shall cause the amended Exercise Form exercise form to be forwarded to all registered Warrantholders. . (10) Exercise Forms forms, Exercise Notices and Confirmations must be delivered to the Warrant Agent at any time during the Warrant Agent’s actual business hours on any Business Day prior to the Expiry TimeTime of Expiry. Any exercise form, Exercise Form Notice or Confirmations Confirmation received by the Warrant Agent after business hours on any Business Day other than the Time of Expiry Date will be deemed to have been received by the Warrant Agent on the next following Business Day. . (11) Any Warrant with respect to which a Confirmation or Exercise Form is not received by the Warrant Agent before the Time of Expiry Time shall be deemed to have expired and become void and all rights with respect to such Warrants shall terminate and be cancelled. (12) Notwithstanding any provision to the contrary contained in this Indenture, no Warrantholder may exercise any Warrant at any time when the Registration Statement registering the Warrant Shares under the U.S. Securities Act is not effective, unless an exemption from the registration requirements is available and such holder provides evidence of the availability of such exemption satisfactory to the Company and to the Warrant Agent. The Company shall give notice to the Warrant Agent in accordance with Section 4.1(11) if at any time the Registration Statement is not effective. (13) Notwithstanding Section 3.1(12), if at any time following the issuance of the Warrants, provided there is no effective registration statement registering, or no current prospectus available for the resale of the Warrant Shares by the Warrantholder, then the Warrants may also be exercised at the Warrantholder’s election, in whole or in part, at such time by means of a “cashless exercise” in which the Warrantholder shall be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A)], where: (A) = as applicable, the VWAP on the trading day immediately preceding the date of the applicable exercise notice if such exercise notice is (1) both executed and delivered pursuant to Section 3.1(1) hereof on a day that is not a trading day or (2) both executed and delivered pursuant to Section 3.1(1) hereof on a trading day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(68) of Regulation NMS promulgated under the applicable federal U.S. securities laws) on such trading day, (ii) at the option of the Warrantholder either (y) the VWAP on the trading day immediately preceding the date of the applicable exercise notice or (z) the bid price of the Common Shares on the Nasdaq Capital Market (or such other exchange on which the Common Shares are listed) as reported by Bloomberg L.P. (“Bloomberg”) as of the time of the Warrantholders execution of the applicable exercise notice if such exercise notice is executed during “regular trading hours” on a trading day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular trading hours” on a trading day) pursuant to Section 3.1(1) hereof or (3) the VWAP on the date of the applicable exercise notice if the date of such exercise notice is a trading day and such exercise notice is both executed and delivered pursuant to Section 3.1(1) hereof after the close of “regular trading hours” on such Trading Day; (B) = the Exercise Price of the Warrant, as adjusted; and

Method of Exercise of Warrants. (1) The registered holder of any Warrant may exercise the rights thereby conferred on him to acquire all or any part of the Warrant Shares Subject Securities to which such Warrant entitles the holder, by surrendering the Warrant Certificate representing such Warrants to the Warrant Agent at any time prior to the Time of Expiry at its principal office stock transfer offices in the City of Vancouver, British Columbia or Toronto, Ontario (or at such additional place or places as may be decided by the Company from time to time with the approval of the Warrant Agent), with a duly completed and executed exercise form (the “Exercise Form”) subscription of the registered holder or his executors, administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, substantially in the form endorsed on attached to the Warrant Certificate as Schedule “B”, specifying the number of Warrant Common Shares subscribed for together with a certified cheque, bank draft or money order in lawful money of Canada, payable to or to the order of the Company in an amount equal to the Exercise Price multiplied by the number of Warrant Shares Subject Securities subscribed for. A Warrant Certificate with the duly completed and executed Exercise Form subscription and payment of the Exercise Price shall be deemed to be surrendered only upon personal delivery thereof to or, if sent by mail or other means of transmission, upon actual receipt thereof by the Warrant Agent. (2) The Exercise Form Any subscription referred to in subsection 3.1(1) shall be signed by the Warrantholder, or his executors, or administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, shall specify the person(s) in whose name such Warrant Shares Subject Securities are to be issued, the address(es) of such person(s) and the number of Warrant Shares Subject Securities to be issued to each person, if more than one is so specified. If any of the Warrant Shares Subject Securities subscribed for are to be issued to (a) person(s) other than the Warrantholder, the signatures set out in the Exercise Form subscription referred to in subsection 3.1(1) shall be guaranteed by a Canadian Schedule I chartered bank bank, a Canadian trust company or by a medallion signature guarantee guaranteed from a member of a recognized Signature Medallion Guarantee Program and (b) the Warrantholder shall pay to the Company or the Warrant Agent all applicable transfer or similar taxes and the Company shall not be required to issue or deliver certificates evidencing Warrant Shares Subject Securities unless or until such Warrantholder shall have paid to the Company or the Warrant Agent on behalf of the Company the amount of such tax or shall have established to the reasonable satisfaction of the Company that such tax has been paid or that no tax is due. (3) If, at the time of exercise of the Warrants, in accordance with the provisions of subsections 4.1(1) or 4.1(4subsection 3.1(1), there are any trading restrictions on the Warrant Shares Subject Securities pursuant to Securities Laws applicable securities legislation or stock exchange requirements, the Company shall, on the advice of counsel, endorse any certificates or book-entry positions representing the Warrant Shares Subject Securities to such effect. The Warrant Agent is entitled to assume compliance with all Securities Laws applicable securities legislation unless otherwise notified in writing by the Company. (4) A Beneficial Owner of Uncertificated Warrant evidenced by a security entitlement in respect of Warrants in the Book-Based System who desires to exercise his Uncertificated Warrants, must do so by causing a CDS Participant to deliver to CDS (at its office in the City of Toronto), on behalf of the Beneficial Owner at any time prior to the Time of Expiry, a written notice of the Beneficial Owner’s intention to exercise Warrants (the “Exercise Notice”) in a manner acceptable to CDS. Forthwith upon receipt by CDS of such notice, as well as payment for the aggregate Exercise Price, CDS shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants (the “Confirmation”) in a manner acceptable to the Warrant Agent, including by electronic means through the Book-Based System. The Beneficial Owner will initiate the electronic exercise through the Book-Based System, by way of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Beneficial Owner is entitled pursuant to the exercise. Any expense associated with the preparation and delivery of Exercise Notices will be for the account of the Beneficial Owner exercising the Warrants and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the entitlement holder exercising the Warrants and/or the CDS Participant exercising the Warrants on its behalf. By causing a CDS Participant to deliver notice to CDS, a Beneficial Owner shall be deemed to have irrevocably surrendered his Warrants so exercised and appointed such CDS Participant to act as his or her exclusive settlement agent with respect to the exercise and the receipt of Warrant Shares in connection with the obligations arising from such exercise. Any notice which CDS determines to be incomplete, not in proper form or not duly executed shall for all purposes be void and of no effect and the exercise to which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a CDS Participant to exercise or to give effect to the settlement thereof in accordance with the Beneficial Owner’s instructions will not give rise to any obligations or liability on the part of the Company or Warrant Agent to the CDS Participant or the Beneficial Owner. If the Exercise Form set forth in the Warrant Certificate shall have been amended, the Company shall cause the amended Exercise Form to be forwarded to all registered Warrantholders. Exercise Forms and Confirmations must be delivered to the Warrant Agent at any time during the Warrant Agent’s actual business hours on any Business Day prior to the Expiry Time. Any Exercise Form or Confirmations received by the Warrant Agent after business hours on any Business Day other than the Expiry Date will be deemed to have been received by the Warrant Agent on the next following Business Day. Any Warrant with respect to which a Confirmation or Exercise Form is not received by the Warrant Agent before the Expiry Time shall be deemed to have expired and become void and all rights with respect to such Warrants shall terminate and be cancelled.

Method of Exercise of Warrants. (1) The registered holder These Warrants may be exercised by the delivery of any Warrant may exercise the rights thereby conferred on him to acquire all or any part of this Certificate, along with the Warrant Shares to which such Warrant entitles Exercise Form attached hereto as Exhibit "A" duly executed by the holder, by surrendering the Warrant Certificate representing such Warrants to the Warrant Agent at any time prior to the Time of Expiry Company at its principal office in the City of Vancouveroffice, British Columbia (or at such additional place or places as may be decided accompanied by the Company from time to time with the approval of the Warrant Agent), with a duly completed and executed exercise form (the “Exercise Form”) of the registered holder or his executors, administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, substantially in the form endorsed on the Warrant Certificate as Schedule “B”, specifying the number of Warrant Shares subscribed for together with a certified cheque, bank draft or money order in lawful money of Canada, payable to or to the order of the Company in an amount equal to the Exercise Price multiplied by the number of Warrant Shares subscribed for. A Warrant Certificate with the duly completed and executed Exercise Form and payment of the Exercise Price for the number of shares of Common Stock specified. The Warrants may be exercised for less than the full number of shares of Common Stock called for hereby by delivery of this Certificate in the manner and at the place provided above, accompanied by payment for the number of shares of Common Stock being purchased. If the Warrants should be exercised in part only, the Company shall, upon surrender of this Certificate for cancellation, execute and deliver a new Certificate evidencing the right of the holder to purchase the balance of the shares purchasable hereunder. Upon receipt by the Company of this Certificate at the principal office of the Company, in proper form for exercise, accompanied by the full Exercise Price in cash or certified or bank cashier's check, the holder shall be deemed to be surrendered only the holder of record of the shares of Common Stock issuable upon personal delivery thereof such exercise, notwithstanding that the stock transfer books of the Company shall then be closed or that certificates representing such Common Stock shall not then be actually delivered to orthe holder. As soon as practicable after the exercise of these Warrants in whole or in part and, if sent by mail or other means of transmissionin any event, upon actual receipt thereof by within ten days thereafter, the Warrant Agent. (2) The Exercise Form shall Company at its expense will cause to be signed by the Warrantholder, or his executors, or administrators or other legal representative or his attorney duly appointed by an instrument in writing issued in the form name of and manner satisfactory delivered to the Warrant Agent, shall specify the person(s) in whose name such Warrant Shares are to be issued, the address(es) of such person(s) and holder a certificate or certificates for the number of Warrant Shares to be issued to each person, if more than one is so specified. If any fully paid and nonassessable shares of the Warrant Shares subscribed for are to be issued to Common Sock (a) person(s) other than the Warrantholder, the signatures set out in the Exercise Form shall be guaranteed by and a Canadian Schedule I chartered bank or a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program and (b) the Warrantholder shall pay to the Company or the Warrant Agent all applicable transfer or similar taxes and the Company shall not be required to issue or deliver certificates evidencing Warrant Shares unless or until such Warrantholder shall have paid to the Company or the Warrant Agent on behalf of the Company the amount of such tax or shall have established to the reasonable satisfaction of the Company that such tax has been paid or that no tax is due. (3) If, at the time of exercise of the Warrants, in accordance with the provisions of subsections 4.1(1) or 4.1(4), there are any trading restrictions on the Warrant Shares pursuant to Securities Laws or stock exchange requirements, the Company shall, on the advice of counsel, endorse any certificates or book-entry positions certificate representing the Warrant Shares to such effect. The Warrant Agent is entitled to assume compliance with all Securities Laws unless otherwise notified in writing by the Company. (4balance of any unexercised Warrants) A Beneficial Owner of Uncertificated Warrant evidenced by a security entitlement in respect of Warrants in the Book-Based System who desires to exercise his Uncertificated Warrants, must do so by causing a CDS Participant to deliver to CDS (at its office in the City of Toronto), on behalf of the Beneficial Owner at any time prior to the Time of Expiry, a written notice of the Beneficial Owner’s intention to exercise Warrants (the “Exercise Notice”) in a manner acceptable to CDS. Forthwith upon receipt by CDS of such notice, as well as payment for the aggregate Exercise Price, CDS shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants (the “Confirmation”) in a manner acceptable to the Warrant Agent, including by electronic means through the Book-Based System. The Beneficial Owner will initiate the electronic exercise through the Book-Based System, by way of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Beneficial Owner is entitled pursuant to the exercise. Any expense associated with the preparation and delivery of Exercise Notices will be for the account of the Beneficial Owner exercising the Warrants and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the entitlement holder exercising the Warrants and/or the CDS Participant exercising the Warrants on its behalf. By causing a CDS Participant to deliver notice to CDS, a Beneficial Owner shall be deemed to have irrevocably surrendered his Warrants so exercised and appointed such CDS Participant to act as his or her exclusive settlement agent with respect to the exercise and the receipt of Warrant Shares in connection with the obligations arising from entitled upon such exercise. Any notice which CDS determines to be incomplete, not in proper form or not duly executed shall Each certificate for all purposes be void and shares of no effect and the exercise to which it relates Common Stock so delivered shall be considered for all purposes not to have been exercised thereby. A failure in such denominations as may be requested by a CDS Participant to exercise or to give effect to the settlement thereof holder and shall be registered in accordance with the Beneficial Owner’s instructions will not give rise to any obligations or liability on the part name of the Company holder or Warrant Agent to such other name as the CDS Participant or the Beneficial Owner. If the Exercise Form set forth in the Warrant Certificate shall have been amended, the Company shall cause the amended Exercise Form to be forwarded to all registered Warrantholders. Exercise Forms and Confirmations must be delivered to the Warrant Agent at any time during the Warrant Agent’s actual business hours on any Business Day prior to the Expiry Time. Any Exercise Form or Confirmations received by the Warrant Agent after business hours on any Business Day other than the Expiry Date will be deemed to have been received by the Warrant Agent on the next following Business Day. Any Warrant with respect to which a Confirmation or Exercise Form is not received by the Warrant Agent before the Expiry Time shall be deemed to have expired and become void and all rights with respect to such Warrants shall terminate and be cancelledholder may designate.

Method of Exercise of Warrants. (1) The registered holder of any Warrant may exercise the rights thereby conferred on him to acquire all or any part of the Warrant Shares to which such Warrant entitles the holder, by surrendering the Warrant Certificate representing such Warrants to the Warrant Agent at any time prior to the Time of Expiry at its principal office stock transfer offices in the City of VancouverCalgary, British Columbia Alberta (or at such additional place or places as may be decided by the Company from time to time with the approval of the Warrant Agent), with a duly completed and executed exercise form (the “Exercise Form”) of the registered holder or his executors, administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, substantially in the form endorsed on the Warrant Certificate as Schedule “B”, specifying the number of Warrant Shares subscribed for together with a certified cheque, bank draft or money order in lawful money of Canada, payable to or to the order of the Company in an amount equal to the Exercise Price multiplied by the number of Warrant Shares subscribed for. A Warrant Certificate with the duly completed and executed Exercise Form exercise form and payment of the Exercise Price shall be deemed to be surrendered only upon personal delivery thereof to or, if sent by mail or other means of transmission, upon actual receipt thereof by the Warrant Agent. (2) The Exercise Form Any exercise form referred to in Section 3.1(1) shall be signed by the Warrantholder, or his executors, or administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, but such exercise form need not be executed by CDS. Such exercise form shall specify the person(s) in whose name such Warrant Shares are to be issued, the address(es) of such person(s) and the number of Warrant Shares to be issued to each person, if more than one is so specified. If any of the Warrant Shares subscribed for are to be issued to (a) person(s) other than the Warrantholder, the Warrantholder shall also complete the transfer form, substantially in the form endorsed on the Warrant Certificate. The signatures set out in the Exercise Form exercise form referred to in Section 3.1(1) and the signatures set out in the transfer form shall be guaranteed by a Canadian Schedule I 1 chartered bank or a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program and (b) the Warrantholder shall pay to the Company or the Warrant Agent all applicable transfer or similar taxes and the Company shall not be required to issue or deliver certificates evidencing Warrant Shares unless or until such Warrantholder shall have paid to the Company or the Warrant Agent on behalf of the Company the amount of such tax or shall have established to the reasonable satisfaction of the Company that such tax has been paid or that no tax is due. (3) If, at the time of exercise of the Warrants, in accordance with the provisions of subsections 4.1(1) or 4.1(4Section 3.1(1), there are any trading restrictions on the Warrant Shares pursuant to Securities Laws applicable securities legislation or stock exchange requirements, the Company shall, on the advice of counselCounsel, endorse any certificates or book-entry positions representing the Warrant Shares to such effect. The Warrant Agent is entitled to assume compliance with all Securities Laws applicable securities legislation unless otherwise notified in writing by the Company. (4) A Beneficial Owner of Uncertificated Warrant evidenced by a security entitlement in respect of Warrants in the Book-Based System who desires to exercise his Uncertificated Warrants, must do so by causing a CDS Participant to deliver to CDS (at its office in the City of Toronto, Ontario), on behalf of the Beneficial Owner at any time prior to the Time of Expiry, a written notice of the Beneficial Owner’s 's intention to exercise Warrants (the “"Exercise Notice”"); provided, that a Beneficial Owner holding Uncertificated Warrants that is in the United States or that is a U.S. Person will first request the withdrawal of the Uncertificated Warrant(s) from the Book-Entry Only System and request certificated Warrant(s) in a manner acceptable to CDSexchange for such Uncertificated Warrant(s). Forthwith upon receipt by CDS of such notice, as well as payment for the aggregate Exercise Price, CDS shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants (the “"Confirmation”") in a manner acceptable to the Warrant Agent, including by electronic means through the Book-Based Entry Only System, including CDSX. The An electronic exercise of the Warrants initiated by the Beneficial Owner will initiate through a Book-Entry Only System, including CDSX, shall constitute a representation to both the Company and the Warrant Agent that the Beneficial Owner at the time of exercise of such Warrants (a) is not in the United States; (b) did not acquire the Warrants in the United States or on behalf of, or for the account or benefit of, a U.S. Person or a person in the United States; (c) is not a U.S. Person and is not exercising such Warrants on behalf of a U.S. Person or a person in the United States; and (d) did not execute or deliver the notice of the owner's intention to exercise such Warrants in the United States. If the Participant is not able to make or deliver the foregoing representation by initiating the electronic exercise of the Warrants, then such Warrants shall be withdrawn from the Book-Entry Only System, including CDSX, by the Participant and an individually registered Warrant Certificate shall be issued by the Warrant Agent to such Beneficial Owner or Participant and the exercise procedures set forth in Section 3.1(1) shall be followed. Payment representing the aggregate Exercise Price must be provided to the appropriate office of the Participant in a manner acceptable to it. A notice in form acceptable to the Participant and payment from such Beneficial Owner should be provided through the Book-Based System, Entry Only System sufficiently in advance so as to permit the Participant to deliver notice and payment to CDS and for CDS in turn to deliver notice and payment to the Warrant Agent prior to Time of Expiry. CDS will initiate the exercise by way of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based Entry Only System the Warrant Shares to which the exercising Beneficial Owner is entitled pursuant to the exercise. Any expense associated with the preparation and delivery of Exercise Notices will be for the account of the Beneficial Owner exercising the Warrants and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the entitlement holder exercising the Warrants and/or the CDS Participant exercising the Warrants on its behalf. Warrants. (5) By causing a CDS Participant to deliver notice to CDS, a Beneficial Owner Warrantholder shall be deemed to have irrevocably surrendered his Warrants so exercised and appointed such CDS Participant to act as his or her exclusive settlement agent with respect to the exercise and the receipt of Warrant Shares in connection with the obligations arising from such exercise. . (6) Any notice which CDS determines to be incomplete, not in proper form or not duly executed shall for all purposes be void and of no effect and the exercise to which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a CDS Participant to exercise or to give effect to the settlement thereof in accordance with the Beneficial Owner’s 's instructions will not give rise to any obligations or liability on the part of the Company or Warrant Agent to the CDS Participant or the Beneficial Owner. . (7) Any exercise referred to in this Section 3.1 shall require that the entire Exercise Price for the Warrant Shares subscribed for must be paid at the time of subscription and such Exercise Price and original Exercise Notice or exercise form executed by the Registered Warrantholder or the Confirmation from CDS must be received by the Warrant Agent prior to the Time of Expiry. (8) Warrants may only be exercised pursuant to this Section 3.1 by or on behalf of a Warrantholder, as applicable, who makes the certifications set forth on the exercise form substantially in the form endorsed on the Warrant Certificate. (9) If the Exercise Form exercise form set forth in the Warrant Certificate shall have been amended, the Company shall cause the amended Exercise Form exercise form to be forwarded to all registered Warrantholders. . (10) Exercise Forms forms, Exercise Notices and Confirmations must be delivered to the Warrant Agent at any time during the Warrant Agent’s 's actual business hours on any Business Day prior to the Expiry TimeTime of Expiry. Any exercise form, Exercise Form Notice or Confirmations Confirmation received by the Warrant Agent after business hours on any Business Day other than the Time of Expiry Date will be deemed to have been received by the Warrant Agent on the next following Business Day. . (11) Any Warrant with respect to which a Confirmation or Exercise Form is not received by the Warrant Agent before the Time of Expiry Time shall be deemed to have expired and become void and all rights with respect to such Warrants shall terminate and be cancelled.

Method of Exercise of Warrants. (1a) The registered holder of any Warrant may exercise the rights right thereby conferred on him such holder to acquire all or any part of the Warrant Common Shares to which such Warrant entitles the holderby surrendering, by surrendering the Warrant Certificate representing such Warrants to the Warrant Agent at any time prior to the Time of Expiry Expiry, to the Trustee at its principal office in the City of Vancouver, British Columbia (or at such additional place or places as may be decided by the Company from time to time with the approval of the Warrant Agent), Agency the Warrant Certificate with a duly completed and executed exercise form (the “Exercise Form”) of the registered holder or his executors, administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory as attached to the Warrant Agent, substantially in the form endorsed on the Warrant Certificate as Schedule “B”, specifying the number of Warrant Shares subscribed for together with and cash or a certified cheque, bank draft or money order in lawful money of Canada, Canada payable to or to the order of the Company or the Trustee in an amount equal to the Exercise Price multiplied by the number of Warrant Common Shares subscribed forto be acquired. A Warrant Certificate with the duly completed and executed Exercise Form and payment of the Exercise Price exercise form referred to in this subsection 3.2(a) shall be deemed to be surrendered only upon personal delivery thereof to or, if sent by mail or other means of transmission, upon actual receipt thereof by at, in each case, the Warrant AgentAgency. (2b) The Exercise Form Any exercise form referred to in subsection 3.2(a) shall be signed by the Warrantholder, or his executors, or administrators or other legal representative or his attorney duly appointed by an instrument in writing in Warrantholder and shall specify the form and manner satisfactory number of Common Shares which the holder desires to acquire (being not more than those which the holder is entitled to acquire pursuant to the Warrant AgentCertificate(s) surrendered), shall specify the person(s) person or persons in whose name or names such Warrant Common Shares are to be issued, the address(es) address or addresses of such person(s) persons and the number of Warrant Common Shares to be issued to each person, such person if more than one is so specified. If any of the Warrant Common Shares subscribed for are to be issued to (a) person(s) a person or persons other than the Warrantholder, the signatures set out in the Exercise Form shall be guaranteed by a Canadian Schedule I chartered bank or a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program and : (bi) the Warrantholder shall pay to the Company or the Warrant Agent Trustee on behalf of the Company, all applicable transfer or similar taxes and the Company shall not be required to issue or deliver certificates evidencing Warrant Common Shares unless or until such Warrantholder shall have paid to the Company Company, or the Warrant Agent Trustee on behalf of the Company Company, the amount of such tax or shall have established to the reasonable satisfaction of the Company that such tax has been paid or that no tax is due; and (ii) the signature of the Warrantholder on the exercise form will be guaranteed by a Canadian Schedule "A" chartered bank or trust company or by a member of an acceptable Medallion Guarantee Program. (3c) If, at Notwithstanding any provision to the time of exercise of the Warrants, contrary herein or contained in accordance with the provisions of subsections 4.1(1) or 4.1(4), there are any trading restrictions on the Warrant Shares pursuant to Securities Laws or stock exchange requirements, the Company shallCertificates, on the advice exercise of counsel, endorse any certificates or book-entry positions representing the Warrant Shares to such effect. The Warrant Agent is entitled to assume compliance with all Securities Laws unless otherwise notified in writing by the Company. (4) A Beneficial Owner of Uncertificated Warrant evidenced by a security entitlement in respect of Warrants in the Book-Based System who desires to exercise his Uncertificated Warrants, must do so by causing a CDS Participant to deliver to CDS (at its office in the City of Toronto), on behalf of the Beneficial Owner at any time prior to the Time of Expiry, a written notice of the Beneficial Owner’s intention to exercise Warrants (the “Exercise Notice”) in a manner acceptable to CDS. Forthwith upon receipt by CDS of such notice, as well as payment for the aggregate Exercise Price, CDS shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants (the “Confirmation”) in a manner acceptable to the Warrant Agent, including by electronic means through the Book-Based System. The Beneficial Owner will initiate the electronic exercise through the Book-Based System, by way of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Common Shares to which the exercising Beneficial Owner is entitled pursuant to the exercise. Any expense associated with the preparation and delivery of Exercise Notices will be for the account of the Beneficial Owner exercising the Warrants and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the entitlement holder exercising the Warrants and/or the CDS Participant exercising the Warrants on its behalf. By causing a CDS Participant to deliver notice to CDS, a Beneficial Owner shall be deemed to have irrevocably surrendered his Warrants so exercised and appointed such CDS Participant to act as his or her exclusive settlement agent with respect to the exercise and the receipt of Warrant Shares in connection with the obligations arising from such exercise. Any notice which CDS determines to be incomplete, not in proper form or not duly executed shall for all purposes be void and of no effect and the exercise to which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a CDS Participant to exercise or to give effect to the settlement thereof in accordance with the Beneficial Owner’s instructions will not give rise be issued to any obligations a person whose address is in, or liability on the part of whom the Company or Warrant Agent the Trustee has reason to believe is a citizen or national or resident of, the CDS Participant United States of America, its territories and possessions except pursuant to a registration statement under the United States Securities Act of 1933 and in compliance with applicable securities laws of various States or the Beneficial Owner. If the Exercise Form set forth pursuant to an exemption available from registration and such Common Shares may not be offered or sold directly or indirectly in the Warrant Certificate shall have been amendedUnited States of America or its territories or possession or to a national or resident thereof, or any partnership, corporation or other entity organized or incorporated under the Company shall cause laws of the amended Exercise Form to be forwarded to all registered Warrantholders. Exercise Forms and Confirmations must be delivered to the Warrant Agent at any time United States during the Warrant Agent’s actual business hours on any Business Day prior to the Expiry Time. Any Exercise Form or Confirmations received by the Warrant Agent after business hours on any Business Day other than the Expiry Date will be deemed to have been received by the Warrant Agent 90 day period commencing on the next following Business Day. Any Warrant with respect to which a Confirmation or Exercise Form is not received by the Warrant Agent before the Expiry Time shall be deemed to have expired and become void and all rights with respect to exercise of such Warrants shall terminate except pursuant to a registration statement under the United States Securities Act of 1933 and be cancelledin compliance with applicable securities laws of various States or pursuant to an exemption available from such registration.

Method of Exercise of Warrants. (1a) The registered Subject to subsection 3.1(d) and section 3.5, a holder of any Warrant Warrants may exercise the rights thereby conferred on him to acquire all or any part of the Warrant Shares Subject Securities to which such Warrant entitles the holder, by surrendering the Warrant Certificate representing such Warrants to the Warrant Agent at any time prior to on or before the Time of Expiry during regular business hours at its principal office offices in the City cities of Vancouver, British Columbia Vancouver or Toronto (or at such additional place or places as may be decided by the Company from time to time with the approval of the Warrant Agent), with with: (i) a duly completed and executed exercise form Subscription Form; and (the “Exercise Form”ii) of the registered holder or his executors, administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, substantially in the form endorsed on the Warrant Certificate as Schedule “B”, specifying the number of Warrant Shares subscribed for together with a certified cheque, bank draft or money order in lawful money of Canada, Canada payable to or to the order of the Company in an amount equal to the Warrant Exercise Price multiplied by the number of Warrant Shares Subject Securities subscribed for. A Warrant Certificate with the duly completed and executed Exercise Subscription Form and payment of the Warrant Exercise Price shall will be deemed to be surrendered only upon personal delivery thereof to or, if sent by mail or other means of transmission, upon actual receipt thereof by the Warrant Agent. (2b) The Exercise Form shall Any subscription referred to in subsection 3.1(a) will be signed by the Warrantholder, or his executors, or administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, shall will specify the person(s) in whose name such Warrant Shares Subject Securities are to be issued, the address(es) of such person(s) and the number of Warrant Shares Subject Securities to be issued to each person, if more than one person is so specified. If any of the Warrant Shares Subject Securities subscribed for are to be issued to (a) a person(s) other than the Warrantholder, the signatures set out in the Exercise Form shall subscription referred to in subsection 3.1(a) will be guaranteed by a Canadian Schedule I chartered bank or bank, a medallion signature guarantee from major Canadian trust company, a member of the medallion guarantee program, a recognized member of the Stock Exchanges Medallion Program (SEMP) or a member of the New York Stock Exchange Inc. Medallion Signature Medallion Guarantee Program (MSP) and (b) the Warrantholder shall will pay to the Company or the Warrant Agent all applicable transfer or similar taxes and the Company shall will not be required to issue or deliver certificates evidencing Warrant Shares Subject Securities unless or until such Warrantholder shall will have paid to the Company or the Warrant Agent on behalf of the Company the amount of such tax or shall will have established to the reasonable satisfaction of the Company that such tax has been paid or that no tax is due. (3c) If, If at the time of exercise of the Warrants, in accordance with the provisions of subsections 4.1(1) or 4.1(4subsection 3.1(a), there are any trading restrictions on the Warrant Shares Subject Securities pursuant to Securities Laws applicable securities legislation or stock exchange requirements, the Company shall, on may upon the advice of counsel, endorse any certificates or book-entry positions representing the Warrant Shares Subject Securities to such effect. The Warrant Agent is entitled to assume compliance with all Securities Laws unless otherwise notified in writing by the Company. (4d) A Beneficial Owner of Uncertificated Warrant evidenced by a security entitlement in respect of The Warrants may not be exercised in the Book-Based System who desires to exercise his Uncertificated Warrants, must do so United States or by causing a CDS Participant to deliver to CDS (at its office in the City of Toronto), or on behalf of a U.S. Person, unless an exemption from registration is available under the Beneficial Owner at U.S. Securities Act and any time prior applicable state securities laws and the Corporation has received an opinion of counsel to such effect in form and substance satisfactory to the Time of Expiry, Corporation; provided that a written notice holder who is an institutional "accredited investor" that satisfies one of the Beneficial Owner’s intention criteria set forth in Rule 501(a)(1), (2), (3) or (7) of Regulation D at the time of exercise of this Warrant and that purchased units ("Units"), with each Unit comprised of one common share and one Warrant, in the Corporation's private placement of Units in the United States and to U.S. Persons will not be required to deliver an opinion of counsel in connection with the exercise of Warrants that are a part of those Units. (e) Unless otherwise required by United States federal or state securities laws, only those certificates representing Common Shares originally issued to a U.S. Person or a person in the “Exercise Notice”) United States or a person for the account or benefit of a U.S. Person or a person in a manner acceptable to CDS. Forthwith upon receipt by CDS of such noticethe United States, as well as payment all certificates issued in exchange for or in substitution of the aggregate Exercise Priceforegoing securities, CDS shall deliver will bear a legend to the Warrant Agent confirmation of its intention to exercise Warrants following effect: "THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"), OR THE LAWS OF ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE COMPANY THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE COMPANY, (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE LOCAL LAWS AND REGULATIONS, (C) IN COMPLIANCE WITH THE EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY RULE 144 OR RULE 144A THEREUNDER, IF AVAILABLE, AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS OR (D) IN ANOTHER TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS AFTER THE SELLER FURNISHES TO THE COMPANY AN OPINION OF COUNSEL OF RECOGNIZED STANDING IN FORM AND SUBSTANCE SATISFACTORY TO THE COMPANY TO SUCH EFFECT. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE "GOOD DELIVERY" IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA. IF, AT ANY TIME THE COMPANY IS A "FOREIGN ISSUER" AS DEFINED IN REGULATION S UNDER THE U.S. SECURITIES ACT, THESE SECURITIES ARE BEING SOLD IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT, A NEW CERTIFICATE BEARING NO LEGEND, DELIVERY OF WHICH WILL CONSTITUTE "GOOD DELIVERY," MAY BE OBTAINED FROM THE COMPANY'S TRANSFER AGENT UPON DELIVERY OF THIS CERTIFICATE AND A DULY EXECUTED DECLARATION, IN A FORM SATISFACTORY TO THE COMPANY AND ITS TRANSFER AGENT, TO THE EFFECT THAT THE SALE OF THE SECURITIES REPRESENTED HEREBY IS BEING MADE IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT." provided, that if, at the “Confirmation”) time the Company is a "foreign issuer" as defined in a manner acceptable to the Warrant AgentRegulation S, including by electronic means through the Book-Based System. The Beneficial Owner will initiate the electronic exercise through the Book-Based System, by way of the Confirmation and forward the aggregate Exercise Price electronically to the Warrant Agent and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Beneficial Owner is entitled pursuant to the exercise. Any expense associated with the preparation and delivery of Exercise Notices will be for the account of the Beneficial Owner exercising the Warrants and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the entitlement holder exercising the Warrants and/or the CDS Participant exercising the Warrants on its behalf. By causing a CDS Participant to deliver notice to CDS, a Beneficial Owner shall be deemed to have irrevocably surrendered his Warrants so exercised and appointed such CDS Participant to act as his or her exclusive settlement agent with respect to the exercise and the receipt of Warrant Shares in connection with the obligations arising from such exercise. Any notice which CDS determines to be incomplete, not in proper form or not duly executed shall for all purposes be void and of no effect and the exercise to which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a CDS Participant to exercise or to give effect to the settlement thereof securities are being sold in accordance with the Beneficial Owner’s instructions will not give rise requirements of Rule 904 of Regulation S, as referred to above, and in compliance with local laws and regulations, the legend may be removed by providing a declaration to the Company and the Company's transfer agent for such securities, in the form attached hereto as Schedule "B" (or as the Company may prescribe from time to time); notwithstanding the foregoing, the Company's transfer agent may impose additional requirements for the removal of legends from securities sold in accordance with Rule 904 of Regulation S in the future; and provided further, that, if any obligations or liability on the part of such securities are being sold pursuant to Rule 144 of the Company or Warrant Agent U.S. Securities Act, the legend may be removed by delivery to the CDS Participant or Company and the Beneficial Owner. If the Exercise Form set forth Company's transfer agent of an opinion of counsel of recognized standing in the Warrant Certificate shall have been amended, form and substance satisfactory to the Company shall cause the amended Exercise Form to be forwarded to all registered Warrantholders. Exercise Forms and Confirmations must be delivered to the Warrant Agent at any time during effect that the Warrant Agent’s actual business hours on any Business Day prior to legend is no longer required under applicable requirements of the Expiry Time. Any Exercise Form U.S. Securities Act or Confirmations received by the Warrant Agent after business hours on any Business Day other than the Expiry Date will be deemed to have been received by the Warrant Agent on the next following Business Day. Any Warrant with respect to which a Confirmation or Exercise Form is not received by the Warrant Agent before the Expiry Time shall be deemed to have expired and become void and all rights with respect to such Warrants shall terminate and be cancelledstate securities laws.

Method of Exercise of Warrants. (1a) The registered Subject to Section 4.8, the holder of any Warrant Certificate may exercise the rights right thereby conferred on him to acquire all or any part of the Warrant purchase Common Shares to which such Warrant entitles the holder, by surrendering the Warrant Certificate representing such Warrants to the Warrant Agent during the Exercise Period at its office in Toronto, Ontario or at any time prior to the Time of Expiry at its principal office in the City of Vancouver, British Columbia (or at such additional other place or places as that may be decided designated by the Company from time to time Corporation with the approval of the Warrant Agent): (i) the Warrant Certificate, with a duly completed and executed exercise form Subscription Form; and (the “Exercise Form”ii) of the registered holder or his executors, administrators or other legal representative or his attorney duly appointed by an instrument in writing in the form and manner satisfactory to the Warrant Agent, substantially in the form endorsed on the Warrant Certificate as Schedule “B”, specifying the number of Warrant Shares subscribed for together with a certified cheque, money order or bank draft or money order in lawful money of Canada, Canada payable to or to the order of the CIBC Mellon Trust Company in an amount equal to the Exercise Price multiplied by applicable at the number time of Warrant Shares such surrender in respect of each Common Share subscribed for. A Warrant Certificate with the duly completed and executed Exercise Subscription Form and together with the payment of the Exercise Price aforesaid shall be deemed to be surrendered only upon personal delivery thereof to the Warrant Agent at either of its office set forth above, or, if sent by mail or other means of transmissionovernight courier, upon actual receipt thereof by the Warrant AgentAgent at its principal office in Toronto, Ontario. (2b) The Exercise Form Any subscription referred to in this Section 4.1 shall be signed by the Warrantholder, or his executors, or administrators or other legal representative or his attorney duly appointed by an instrument in writing in Warrantholder and shall specify: (i) the form and manner satisfactory number of Common Shares which the holder desires to purchase (being not more than those which he is entitled to purchase pursuant to the Warrant Agent, shall specify Certificate(s) surrendered); (ii) the person(s) Person or Persons in whose name such Warrant or names the Common Shares are to be issued, ; (iii) the address(es) address or addresses of such person(sPerson or Persons; (iv) and the number of Warrant Common Shares to be issued to each person, Person if more than one Person is so specified. If any of , provided that the Warrant Warrantholder shall only be entitled to direct its entitlement to the Common Shares subscribed for in a manner permitted by applicable securities legislation; and (v) a completed transfer form if Common Shares are to be issued to (a) person(s) someone other than the Warrantholder, the signatures set out in the Exercise Form shall be guaranteed by a Canadian Schedule I chartered bank or a medallion signature guarantee from a member of a recognized Signature Medallion Guarantee Program and (b) the Warrantholder shall pay to the Company or the Warrant Agent all applicable transfer or similar taxes and the Company shall not be required to issue or deliver certificates evidencing Warrant Shares unless or until such Warrantholder shall have paid to the Company or the Warrant Agent on behalf of the Company the amount of such tax or shall have established to the reasonable satisfaction of the Company that such tax has been paid or that no tax is due. (3) If, at the time of exercise of the Warrants, in accordance with the provisions of subsections 4.1(1) or 4.1(4), there are any trading restrictions on the Warrant Shares pursuant to Securities Laws or stock exchange requirements, the Company shall, on the advice of counsel, endorse any certificates or book-entry positions representing the Warrant Shares to such effect. The Warrant Agent is entitled to assume compliance with all Securities Laws unless otherwise notified in writing by the Company. (4c) A Beneficial Owner of Uncertificated Warrant evidenced by Owner, other than a security entitlement in respect of U.S. Person, who desires to exercise Warrants in pursuant to the Book-Based System who desires to exercise his Uncertificated Warrants, must shall do so in accordance with the procedures established by causing CDS and the Corporation, from time to time. Such procedures shall initially be that a Beneficial Owner shall cause a CDS Participant to deliver to CDS (at its office in the City of Toronto), on behalf of the such Beneficial Owner at any time prior to the Time of ExpiryOwner, a written notice of the such Beneficial Owner’s intention to exercise Warrants (and the “Exercise Notice”) in a manner acceptable to CDS. Forthwith upon receipt by CDS of such notice, as well as payment Price for the aggregate Exercise Price, Common Shares being purchased. CDS shall deliver to the Warrant Agent confirmation of its intention to exercise Warrants (the “Confirmation”) in a manner acceptable to the Warrant Agent, including by electronic means through the Book-Based System. The Beneficial Owner will initiate the electronic exercise through of Warrants and forward in full the Book-Based System, by way Exercise Price of the Confirmation and forward the aggregate Exercise Price Common Shares being purchased electronically to the Warrant Agent and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System to the Warrant Agent, following receipt of which the Warrant Agent shall execute the exercise of such Warrants by issuing to CDS the Common Shares to which the exercising Beneficial Owner is entitled pursuant to such exercise of Warrants through the exerciseBook-Based System. Any expense associated with the preparation and delivery of Exercise Notices will the notice of intention to exercise Warrants and payment therefor shall be for the account of the Beneficial Owner exercising the Warrants and the Warrant Agent will execute the exercise by issuing to CDS through the Book-Based System the Warrant Shares to which the exercising Warrantholder is entitled pursuant to the exercise. Any expense associated with the exercise process will be for the account of the entitlement holder exercising the Warrants and/or the CDS Participant exercising the Warrants on its behalf. Warrants. (d) By causing a CDS Participant to deliver the notice of intention to exercise Warrants to CDS pursuant to Section 4.1(c), a Beneficial Owner shall be deemed to not be a U.S. Person. (e) By causing a CDS Participant to deliver the notice of intention to exercise Warrants to CDS, a Beneficial Owner shall be deemed to have irrevocably surrendered his Warrants so exercised and appointed such CDS Participant to act as his or her such Beneficial Owner’s exclusive settlement agent with respect to the exercise and the receipt of Warrant Common Shares in connection with the obligations arising from such exercise. . (f) Any notice which of intention to exercise Warrants that CDS determines to be incomplete, not in proper form or form, not duly executed shall or which is not accompanied by payment in full of the Exercise Price of the Common Shares being purchased shall, for all purposes purposes, be void and of no effect and the exercise to which it relates shall be considered for all purposes not to have been exercised thereby. A failure by a CDS Participant to exercise or to give effect to the settlement thereof in accordance with the Beneficial Owner’s instructions will not give rise to any obligations or liability on the part of the Company or Warrant Agent Corporation to the CDS Participant or the Beneficial Owner. If For greater certainty, any exercise of Warrants pursuant to this Section 4.1 must be accompanied by payment in full of the Exercise Form set forth in Price for the Warrant Certificate shall have been amended, the Company shall cause the amended Exercise Form to be forwarded to all registered Warrantholders. Exercise Forms Common Shares being purchased and Confirmations must be delivered to the Warrant Agent at any time during the Warrant Agent’s actual business hours on any Business Day prior to the Expiry Time. Any Exercise Form or Confirmations received by the Warrant Agent after business hours on any Business Day other than prior to the Expiry Date will be deemed to have been received by the Warrant Agent on the next following Business Day. Any Warrant with respect to which a Confirmation or Exercise Form is not received by the Warrant Agent before the Expiry Time shall be deemed to have expired and become void and all rights with respect to such Warrants shall terminate and be cancelledof Expiry.