[XxXXXXXX XXXXXXXX LETTERHEAD]
August 19, 1999
Imax Corporation
0000 Xxxxxxxx Xxxxx
Xxxxxxxxxxx, Xxxxxxx
X0X 0X0
Dear Sirs:
Re: Imax Corporation ("Imax")- Additional
Shares Issuable under Share Option Agreement
(The "Agreement") with Xxxxxxx Xxxxxxxx
------------------------------------------------------
We have acted as counsel for Imax in connection with the
possible issuance of up to 381,744 common shares (the "Shares") which may be
issued by Imax pursuant to the exercise of an option (the "Option") granted
under the Agreement.
Our opinion expressed herein is limited to matters governed by
the laws of the Province of Ontario and the laws of Canada applicable therein.
We are of the opinion that the Shares to be issued pursuant to
the exercise of the Option have been duly authorized and upon receipt by Imax of
the exercise price per share in full payment of the issue price of each Share
issuable upon the exercise of the Option, the Shares will have been validly
issued as fully paid and non-assessable shares of Imax.
This opinion is solely for your benefit and is not to be
relied upon for any purpose other than the offering of the Shares or by any
other person.
Yours very truly,
/s/ XxXxxxxx Xxxxxxxx
